# EDGAR Filing Document

**Accession Number:** 0001378536
**File Stem:** 0001378536-26-000025
**Filing Date:** 2026-4
**Character Count:** 1082170
**Document Hash:** c907c43d4510650568b684a6d5f7f7e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001378536-26-000025.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001378536-26-000025

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 25

**FILED AS OF DATE**: 20260413

**DATE AS OF CHANGE**: 20260413

**EFFECTIVENESS DATE**: 20260501

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EAIC VARIABLE CONTRACT ACCOUNT A
- **CENTRAL INDEX KEY:** 0001378536

**ORGANIZATION NAME:**
- **EIN:** 061050034

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21988
- **FILM NUMBER:** 26858231

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** (877)778-2100

**MAIL ADDRESS:**
- **STREET 1:** 8515 E ORCHARD ROAD
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 08111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRIAC VARIABLE CONTRACT ACCOUNT A
- **DATE OF NAME CHANGE:** 20061214

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Prudential Retirement Insurance & Annuity CO
- **DATE OF NAME CHANGE:** 20061018
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EAIC VARIABLE CONTRACT ACCOUNT A
- **CENTRAL INDEX KEY:** 0001378536

**ORGANIZATION NAME:**
- **EIN:** 061050034

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-139334
- **FILM NUMBER:** 26858230

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** (877)778-2100

**MAIL ADDRESS:**
- **STREET 1:** 8515 E ORCHARD ROAD
- **CITY:** GREENWOOD VILLAGE
- **STATE:** CO
- **ZIP:** 08111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRIAC VARIABLE CONTRACT ACCOUNT A
- **DATE OF NAME CHANGE:** 20061214

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Prudential Retirement Insurance & Annuity CO
- **DATE OF NAME CHANGE:** 20061018

## Series and Classes Contracts Data

### EAIC VARIABLE CONTRACT ACCOUNT A (Series ID: S000015836)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000043523 | Empower Retirement Security Annuity I    |  |
| C000247030 | Empower Retirement Security Annuity VIII |  |

?xml version='1.0' encoding='ASCII'? ck0001378536-20260413

**As filed with the Securities and Exchange Commissions on April 13, 2026 1933 ACT REGISTRATION NO. 333-139334 1940 ACT REGISTRATION NO. 811-21988**

**SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549** 

**FORM N-4 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933&nbsp;&nbsp;&nbsp;&nbsp;**☒

**Pre-Effective Amendment No. Post-Effective Amendment No. 33 AND REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940&nbsp;&nbsp;&nbsp;&nbsp;** ☒

**Post-Effective Amendment No. 123** (Check Appropriate Box Or Boxes)

**EAIC VARIABLE CONTRACT ACCOUNT A** (Exact Name of Registrant)

**EMPOWER ANNUITY INSURANCE COMPANY** (Name of Depositor)

**280 Trumbull Street Hartford, Connecticut 06103 (860) 534-2000** (Address and telephone number of Depositor's principal executive offices)

**Olga Zhivnitskaya Counsel Empower Annuity Insurance Company 280 Trumbull Street Hartford, Connecticut 06103** (Name and address of agent for service)

**It is proposed that this filing will become effective (check appropriate box):** 

☐&nbsp;&nbsp;&nbsp;&nbsp;immediately upon filing pursuant to paragraph (b) of Rule 485

☒&nbsp;&nbsp;&nbsp;&nbsp;on May 1, 2026 pursuant to paragraph (b) of Rule 485

☐&nbsp;&nbsp;&nbsp;&nbsp;60 days after filing pursuant to paragraph (a) of Rule 485

☐&nbsp;&nbsp;&nbsp;&nbsp;on May 1, 2026 pursuant to paragraph (a) of Rule 485

------

**EMPOWER RETIREMENT SECURITY ANNUITY I**

**PROSPECTUS: May 1, 2026**

This prospectus describes the Empower Retirement Security Annuity I, a flexible premium deferred annuity (the "Annuity" or "Contract") offered by Empower Annuity Insurance Company ("Empower," the "Company," "we," "our" or "us") and the EAIC Variable Contract Account A. Depending on the state you live in, the Contract may be offered as an individual annuity contract or as an interest in a group annuity. When offered as an interest in a group annuity, "Contract" or "Annuity" also means any certificate providing rights and benefits to a person designated in the certificate. Your rights and benefits do not vary based on the form of the Contract; in other words, your rights do not vary whether you have an individual annuity contract or a certificate under a group annuity. The Contract or certain of its investment options or features may not be available in all states. Various rights and benefits may differ between states to meet applicable laws and regulations.

Effective June 2, 2014, the Contract was closed to additional Purchase Payments for both existing Contract Owners and new Contract Owners. Therefore, although certain distributions from tax-favored retirement plans may continue to be used to purchase this Contract after June 2, 2014, no further or additional Purchase Payments may be made to this Contract once the Contract is in force regardless of the date it was originally purchased.

The Contract is sold exclusively to fund Individual Retirement Accounts ("IRAs"), within the meaning of Section 408(a) of the Internal Revenue Code of 1986, as amended (the "Code"), that are for the benefit of Participants electing a direct rollover from certain retirement plans funded with an Empower group annuity that provides for the transfer to this contract of the IncomeFlex Select guaranteed withdrawal benefit the Participant has under the Retirement Plan. We may require that the custodian of the IRA be our designated affiliate. If you have more than one Retirement Plan IncomeFlex Select Benefit, we may limit your ability to transfer and combine the guaranteed values associated with multiple Retirement Plan IncomeFlex Select Benefits. The Contract allows you to invest in Variable Investment Options as described in Appendix A.

You should know that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The contract is a complex investment vehicle and involves risks, including potential loss of principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Withdrawals could result in taxes and tax penalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Excess Withdrawals will permanently reduce or eliminate your guaranteed benefits under the Contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The issuer's obligations under the contract are subject to its financial strength and claims-paying ability.

If you are a new investor in the Contract, you may cancel your Contract within 10 days (or longer in some states) of receiving it without paying fees or penalties. Upon cancellation, you will receive either a full refund of your Purchase Payments or your total Contract Value. You should review this prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.

**PLEASE READ THIS PROSPECTUS** 

**This prospectus describes important features of the Contract and what you should consider before purchasing it**. Please read this prospectus before purchasing the Contract and keep it for future reference. The current prospectuses for the underlying mutual fund portfolios contain important information about the mutual funds. When you invest in a Variable Investment Option, you should read the underlying mutual fund prospectus and keep it for future reference.

In compliance with United States law, Empower will deliver this prospectus to Contract Owners that currently reside outside the United States.

**THE SEC HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. INVESTMENT IN A VARIABLE ANNUITY CONTRACT IS SUBJECT TO RISK, INCLUDING THE POSSIBLE LOSS OF YOUR MONEY. AN INVESTMENT IN THE CONTRACT IS NOT A BANK DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.**

**Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.**

---

| |
|:---|
| **FOR FURTHER INFORMATION CALL 1-855-756-4738 OR VISIT: WWW.EMPOWER.COM** |
| Prospectus Dated: May 1, 2026 |
| Statement of Additional Information Dated: May 1, 2026 |

---

------

**TABLE OF CONTENTS**

<u>Section</u> <u>Page</u>

---

| | |
|:---|:---|
| **[GLOSSARY](#i6ca352e6366b4805b59915fc2776f404)** | **[1](#i6ca352e6366b4805b59915fc2776f404)** |
| **[OVERVIEW OF THE CONTRACT](#i2f208d69b9154179ac4cffcaaa130040)** | **[4](#i2f208d69b9154179ac4cffcaaa130040)** |
| **[IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT](#i253c0a76763b46e0a61d027b338d396d)** | **[6](#i253c0a76763b46e0a61d027b338d396d)** |
| **[FEE TABLE](#if7637b6952c144f0821081b0cbdd38bd)** | **[10](#if7637b6952c144f0821081b0cbdd38bd)** |
| **[SECTION 1: WHAT IS THE EMPOWER RETIREMENT SECURITY ANNUITY I?](#i02668a6a8df54a3cb60a4c882e18f11d)** | **[12](#i02668a6a8df54a3cb60a4c882e18f11d)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SHORT TERM CANCELLATION RIGHT OR "FREE LOOK"](#i04a36884a7b44694a70528fe6a7d1dd5) | [12](#i04a36884a7b44694a70528fe6a7d1dd5) |
| **[SECTION 2: WHAT ARE THE PRINCIPAL RISKS OF INVESTING IN THE CONTRACT?](#i582d922d72694235aa1b948b74427d23)** | **[14](#i582d922d72694235aa1b948b74427d23)** |
| **[SECTION 3: WHAT ARE THE BENEFITS AVAILABLE UNDER THE CONTRACT?](#i481505ec848e436f895d1f84b54b30f2)** | **[16](#i481505ec848e436f895d1f84b54b30f2)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BENEFITS AVAILABLE UNDER THE CONTRACT](#i1a23fe3526484a19a9cfa8477fd04977) | [16](#i1a23fe3526484a19a9cfa8477fd04977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CALCULATION OF THE DEATH BENEFIT](#i41d80d7571404753a67ecb390db8445c) | [16](#i41d80d7571404753a67ecb390db8445c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PAYOUT OPTIONS](#ifca8382f0e574f64818969815944b58c) | [16](#ifca8382f0e574f64818969815944b58c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BENEFICIARY](#if3f8548eed3a46228d675f12e0dbba24) | [18](#if3f8548eed3a46228d675f12e0dbba24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[NCOMEFLEX SELECT BENEFIT](#i1d0c00f4d45e4acdb1badb790404dd2a) | [18](#i1d0c00f4d45e4acdb1badb790404dd2a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TRANSFER OF RETIREMENT PLAN GUARANTEED VALUES](#i07f3c11fd63b46d4b8d47513fac94fc1) | [18](#i07f3c11fd63b46d4b8d47513fac94fc1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PROTECTED INCOME BASE](#i99cfc5d4bf074de3a7e95020f1e5e9d2) | [19](#i99cfc5d4bf074de3a7e95020f1e5e9d2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ROLL-UP VALUE](#i3631fa90cb0c4eb180f0ae455e3d4774) | [19](#i3631fa90cb0c4eb180f0ae455e3d4774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[HIGHEST BIRTHDAY VALUE](#i20bb2a0b47fe4d838c3b6d6ddca2e173) | [20](#i20bb2a0b47fe4d838c3b6d6ddca2e173) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ANNUAL GUARANTEED WITHDRAWAL AMOUNT](#i13cf910c18c245218a1057236a33d72c) | [20](#i13cf910c18c245218a1057236a33d72c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[LOCK-IN DATE ELECTED IN RETIREMENT PLAN](#i831ae267a02645109c3b45d69f9a82dc) | [20](#i831ae267a02645109c3b45d69f9a82dc) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[LOCK-IN DATE NOT ELECTED IN RETIREMENT PLAN](#i3e3486a92e93495f8916cd3eff5334ad) | [21](#i3e3486a92e93495f8916cd3eff5334ad) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[INCOMEFLEX SELECT SPOUSAL BENEFIT](#i12f4484fa4c1414aab49c750658b5614) | [22](#i12f4484fa4c1414aab49c750658b5614) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[INCOMEFLEX SELECT SPOUSAL BENEFIT – PARTICIPANT DEATH PRIOR TO LOCK-IN DATE (SPOUSAL STEP-IN BENEFIT)](#i7a8049ec5e464f1fadf50227876ef6f8) | [23](#i7a8049ec5e464f1fadf50227876ef6f8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[WITHDRAWALS UNDER THE INCOMEFLEX SELECT BENEFIT](#ib0bc1a6d6ec443c9abefdab1dda1e9a7) | [24](#ib0bc1a6d6ec443c9abefdab1dda1e9a7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[EXCESS WITHDRAWALS – REQUIRED MINIMUM DISTRIBUTIONS](#i82349efb5b224d8d8641a59e62809a86) | [25](#i82349efb5b224d8d8641a59e62809a86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[STEP-UP – INCREASE OF ANNUAL GUARANTEED WITHDRAWAL AMOUNT](#i6e830b49b0f4467182204dfd2a3ab5e9) | [26](#i6e830b49b0f4467182204dfd2a3ab5e9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BENEFITS UNDER THE INCOMEFLEX SELECT BENEFIT](#i37d2b9039aee4808a3459488977d467e) | [26](#i37d2b9039aee4808a3459488977d467e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[MULTIPLE RETIREMENT PLANS – TRANSFER OF GUARANTEED VALUES](#i34e457a644304baebb95b3bf30ff7502) | [26](#i34e457a644304baebb95b3bf30ff7502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[OTHER IMPORTANT CONSIDERATIONS](#ifed17d839fce49c18758c6f0fbdf2d1f) | [28](#ifed17d839fce49c18758c6f0fbdf2d1f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TERMINATION OF THE INCOMEFLEX SELECT BENEFIT AND WAITING PERIOD](#i93ee5357e72449b5b470dec685045e86) | [28](#i93ee5357e72449b5b470dec685045e86) |
| **[SECTION 4: HOW CAN I PURCHASE THE EMPOWER RETIREMENT SECURITY ANNUITY I?](#i8e75ec0ab88c494ca4d76b2342d8d866)** | **[29](#i8e75ec0ab88c494ca4d76b2342d8d866)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PURCHASE PAYMENTS](#iadc68797df3144b587a599bfc2662f77) | [29](#iadc68797df3144b587a599bfc2662f77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[AGE RESTRICTIONS](#ieec8a5cc3ed04c0c99eba51b7f5193ad) | [29](#ieec8a5cc3ed04c0c99eba51b7f5193ad) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ALLOCATION OF PURCHASE PAYMENTS](#ide204ba4109140858266a92469c14734) | [29](#ide204ba4109140858266a92469c14734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CALCULATING CONTRACT VALUE](#i769063409c3346648e3f84afe15529ec) | [29](#i769063409c3346648e3f84afe15529ec) |
| **[SECTION 5: WHAT ARE THE EXPENSES ASSOCIATED WITH THE EMPOWER RETIREMENT SECURITY ANNUITY I?](#i9739b75fba274d06952dc6cf35f72633)** | **[31](#i9739b75fba274d06952dc6cf35f72633)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CHARGES IN GENERAL](#i8e7da4ad3dba49e5a9940b2dcfb1bc30) | [31](#i8e7da4ad3dba49e5a9940b2dcfb1bc30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ADMINISTRATIVE EXPENSE](#ie971400fbfee40cc95977ebef35a226a) | [31](#ie971400fbfee40cc95977ebef35a226a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[BASE CONTRACT EXPENSE](#ia8096d64fc444151a526ac8b2488d4cc) | [31](#ia8096d64fc444151a526ac8b2488d4cc) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TAXES ATTRIBUTABLE TO PREMIUM](#i8a4f2bc5d5a042e5930d71d43d70b4b5) | [32](#i8a4f2bc5d5a042e5930d71d43d70b4b5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TRANSFER FEE](#iba0f0ec03a7c4a86ad5eb84d97ba8055) | [32](#iba0f0ec03a7c4a86ad5eb84d97ba8055) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[COMPANY TAXES](#ica09c2d65dae4079b899cfeb066fdf76) | [32](#ica09c2d65dae4079b899cfeb066fdf76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[UNDERLYING MUTUAL FUND FEES](#i3ac9cad0e994413f9e18ee09c5011bce) | [32](#i3ac9cad0e994413f9e18ee09c5011bce) |
| **[SECTION 6: HOW CAN I ACCESS MY MONEY?](#id1814c148d0344d793584d880662d3cc)** | **[33](#id1814c148d0344d793584d880662d3cc)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[WITHDRAWALS DURING THE ACCUMULATION PHASE](#i501219b2f4e84bafb15ad3c4abe5b337) | [33](#i501219b2f4e84bafb15ad3c4abe5b337) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[AUTOMATED WITHDRAWALS](#iea8bbde6943e4ce7a4cdf4e840bf1e1e) | [33](#iea8bbde6943e4ce7a4cdf4e840bf1e1e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SUSPENSION OF PAYMENTS OR TRANSFERS](#i0b25cccdbeca45908563f253b2d6088a) | [33](#i0b25cccdbeca45908563f253b2d6088a) |
| **[SECTION 7: WHAT INVESTMENT OPTIONS CAN I CHOOSE?](#i543f2146cdb24ee4a5bf5cad49d49197)** | **[34](#i543f2146cdb24ee4a5bf5cad49d49197)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[VARIABLE INVESTMENT OPTIONS](#iafaf4f9d628b46019bda3fcd37e3291c) | [34](#iafaf4f9d628b46019bda3fcd37e3291c) |

---

i

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PAYMENTS MADE TO EMPOWER](#ia419f8b929494c1d93748f908bffe735) | [35](#ia419f8b929494c1d93748f908bffe735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TRANSFERS AMONG OPTIONS](#ibaa09532d5c84f52b6e8ab86666cf0ae) | [35](#ibaa09532d5c84f52b6e8ab86666cf0ae) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[REDEMPTION FEES AND ABUSIVE TRADING PRACTICES](#i9ace69fe60024726b0fdb88bb47395ac) | [35](#i9ace69fe60024726b0fdb88bb47395ac) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SCHEDULED TRANSACTIONS](#i68d8fd356a024f68a34a8a2d0bcea4fb) | [36](#i68d8fd356a024f68a34a8a2d0bcea4fb) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[VOTING RIGHTS](#i820f0a4526e54f7d842ac43bddb86ca7) | [37](#i820f0a4526e54f7d842ac43bddb86ca7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SUBSTITUTION](#ib1833fa875f142e8b14bb3d2acb77ec8) | [37](#ib1833fa875f142e8b14bb3d2acb77ec8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[REPORTS TO YOU](#i1b1bdb09ee484bb487f5c096ca817bd4) | [37](#i1b1bdb09ee484bb487f5c096ca817bd4) |
| **[SECTION 8: WHAT KIND OF PAYMENTS WILL I RECEIVE DURING THE ANNUITY PHASE? (ANNUITIZATION)](#i52d6f2be5aa74d8691a877c8270f9b29)** | **[38](#i52d6f2be5aa74d8691a877c8270f9b29)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[PAYMENT PROVISIONS](#ibdd78db4d3f8483e838168cb178992c1) | [38](#ibdd78db4d3f8483e838168cb178992c1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[TAX CONSIDERATIONS](#ib0f3b95c8deb4329843e34749a0f4053) | [38](#ib0f3b95c8deb4329843e34749a0f4053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[HOW WE DETERMINE ANNUITY PAYMENTS](#ia67e58ab678744bc91cf945a24ac0e39) | [38](#ia67e58ab678744bc91cf945a24ac0e39) |
| **[SECTION 9: WHAT ARE THE TAX CONSIDERATIONS ASSOCIATED WITH THE EMPOWER RETIREMENT SECURITY ANNUITY I?](#i3d31f03a083c49e0830af5da06cea075)** | **[40](#i3d31f03a083c49e0830af5da06cea075)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CONTRACTS HELD BY TAX FAVORED PLANS](#i7b5e830a6f3945d9a925fe0abfc65b2c) | [40](#i7b5e830a6f3945d9a925fe0abfc65b2c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[REQUIRED MINIMUM DISTRIBUTION PROVISIONS AND PAYMENT OPTION](#i35d892d9a9b246abb95cc742422c80f5) | [41](#i35d892d9a9b246abb95cc742422c80f5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CHARITABLE IRA DISTRIBUTIONS](#ia9cd9c8c5c8d4c52a2506ee0733fe4b2) | [41](#ia9cd9c8c5c8d4c52a2506ee0733fe4b2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[REQUIRED DISTRIBUTIONS UPON YOUR DEATH FOR QUALIFIED ANNUITY CONTRACTS](#ic5aabd4bdace4d95b3e13d60b7d1c3bf) | [41](#ic5aabd4bdace4d95b3e13d60b7d1c3bf) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ADDITIONAL TAX FOR EARLY DISTRIBUTIONS](#ic51cd0966d494196a8da093a08ea788b) | [43](#ic51cd0966d494196a8da093a08ea788b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[WITHHOLDING](#i849197697ffb4b3b85dbaeb483b53887) | [43](#i849197697ffb4b3b85dbaeb483b53887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CARES ACT IMPACTS](#i7021a202a2b24b62adb122c5ba86cf52) | [43](#i7021a202a2b24b62adb122c5ba86cf52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ERISA DISCLOSURE/REQUIREMENTS](#ie4bf707d5d25400eb78ee387654183d5) | [44](#ie4bf707d5d25400eb78ee387654183d5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ADDITIONAL CONSIDERATIONS](#i2ff9b7cce099474fa848a90732ab6b33) | [44](#i2ff9b7cce099474fa848a90732ab6b33) |
| **[SECTION 10: OTHER INFORMATION](#i026c88a9848c4453af7bc76e39ec4bbb)** | **[45](#i026c88a9848c4453af7bc76e39ec4bbb)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SALE AND DISTRIBUTION OF THE CONTRACT](#i71b12d848f75487ba1d4397d992a3388) | [45](#i71b12d848f75487ba1d4397d992a3388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[FINANCIAL STATEMENTS](#i652f140e51d34a5aa9ae00d6dc2492f1) | [45](#i652f140e51d34a5aa9ae00d6dc2492f1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[LEGAL PROCEEDINGS](#i025b2a9376674a7db53d732a05e66ab2) | [45](#i025b2a9376674a7db53d732a05e66ab2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ASSIGNMENT](#i9601310349bf4cc98706225247f10ab8) | [46](#i9601310349bf4cc98706225247f10ab8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ADDITIONAL INFORMATION](#ib7c0c72bbfc24175837df3d24779187c) | [46](#ib7c0c72bbfc24175837df3d24779187c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[HOW TO CONTACT US](#id2f6b61c6fde4e7482871f0287f0f77c) | [46](#id2f6b61c6fde4e7482871f0287f0f77c) |

---

---

| | |
|:---|:---|
| **APPENDIX A: PORTFOLIOS AVAILABLE UNDER THE CONTRACT**  | **<u>[APP A-1](#if46d8b1da765443bbf048a3deff39b02_262)</u>** |

---

ii

------

**GLOSSARY**

We have tried to make this prospectus as easy to read and understand as possible. By the nature of the Contract, however, certain technical words or terms are unavoidable. We have identified the following as some of these words or terms. Certain terms within this prospectus are described within the text where they appear. Not all of the descriptions of those terms are repeated in this Glossary of terms. The defined terms set out in this prospectus also appear in and apply to the related Statement of Additional Information ("SAI").

**Accumulation Phase:** The period that begins with the Contract Date and ends on your Annuity Date, or earlier, if the Contract is terminated through a full withdrawal or payment of a Death Benefit.

**Accumulation Unit and Accumulation Unit Value:** We credit you with Accumulation Units for each Sub-account in which you invest. The value of these Accumulation Units (the "Accumulation Unit Value") may change each Business Day to reflect the investment results of the Sub-accounts, as well as the Base Contract Expenses. The number of Accumulation Units credited to you in any Sub-account is determined by dividing the amount of each Purchase Payment made by you to that Sub-account by the applicable Accumulation Unit Value for the Business Day on which the Purchase Payment is credited. We will reduce the number of Accumulation Units credited to you under any Sub-account by the number of Accumulation Units canceled as a result of any transfer or withdrawal by you from that Sub-account.

**Adjusted Contract Value:** When you begin receiving Annuity Payments, the value of your Contract minus any charge we impose for premium taxes.

**Annual Guaranteed Withdrawal Amount:** Under the terms of the IncomeFlex Select Benefit, an amount that you may withdraw each Withdrawal Period as long as the Participant lives (if the optional IncomeFlex Select Spousal Benefit is elected, then until the last to die of the Participant and spouse). The Annual Guaranteed Withdrawal Amount is set initially as a percentage of the Protected Income Base, but will be adjusted to reflect subsequent Purchase Payments, Excess Withdrawals and any Step-Up. If you locked-in your Annual Guaranteed Withdrawal Amount in your Retirement Plan, the initial Annual Guaranteed Withdrawal Amount for this Annuity will be the Retirement Plan Annual Guaranteed Withdrawal Amount. We may refer to this amount as the "Lifetime Annual Withdrawal Amount" in materials other than this prospectus. Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.

**Annuitant:** The person whose life determines the amount of Annuity Payments that will be paid.

**Annuity Date:** The date you elect to begin Annuity Payments (annuitization).

**Annuity Option:** An option under the Contract that defines the frequency and duration of Annuity Payments. See Section 8, "What Kind Of Payments Will I Receive During The Annuity Phase? (Annuitization)"

**Annuity Payment:** Each payment made on or after your Annuity Date in accordance with the Annuity Option you select. Annuity Payments are not considered to be withdrawals for any purposes, including withdrawals under the IncomeFlex Select Benefit. For more information about guaranteed withdrawals, see "Withdrawals Under The IncomeFlex Select Benefit" in Section 3, "What Are The Benefits Available Under The Contract?"

**Annuity Phase:** The period that begins with the Annuity Date and ends when there are no further Annuity Payments due under the Annuity Option you select.

**Base Contract Expense:** The Base Contract Expense, also referred to as the Base Contract fee in certain parts of this prospectus, is comprised of two parts: the IncomeFlex Select Benefit and the mortality and expense fee.

**Beneficiary:** The person(s) or entity you have chosen to receive the Death Benefit.

**Birthday:** Each anniversary of the Participant's date of birth. If this date is not a Business Day, then the Birthday will be the last Business Day immediately preceding the anniversary of the Participant's date of birth.

**Business Day:** A day on which the New York Stock Exchange is open for business. A Business Day ends as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern Time). Our Business Day may close earlier than 4:00 p.m. Eastern Time if regular trading on the New York Stock Exchange closes early.

**Code:** The Internal Revenue Code of 1986, as amended from time to time and the regulations promulgated thereunder.

**Contract Date:** The date we accept your initial Purchase Payment and all necessary paperwork in Good Order at the Empower Care Center. Contract anniversaries are measured from the Contract Date. A Contract year starts on the Contract Date or on a Contract anniversary.

**Contract Owner, Owner or You:** The person entitled to the ownership rights under the Contract. With an annuity issued as a certificate under a group annuity contract, the person to whom the certificate is issued evidencing his or her rights and benefits in the certificate.

------

**Contract Value:** The total value of your Contract, equal to the sum of the values of your investment in each investment option you have chosen. Your Contract Value will go up or down based on the performance of the investment option, as well as contributions or withdrawals to the investment option. This applies in both the Accumulation Phase and Withdrawal Period.

**Death Benefit:** If a Death Benefit is payable, the Beneficiary you designate will receive the Contract Value. See Section 3, "What Are The Benefits Available Under The Contract?"

**Eligible Investment:** The investment options offered under a Retirement Plan when used to receive the guarantees of the Retirement Plan IncomeFlex Select Benefit.

**Empower Care Center:** Empower Care Center, 8515 East Orchard Road, Greenwood Village, CO 80111. The phone number is (855) 756-4738. Empower's website is www.empower.com.

**Excess Withdrawal:** Any withdrawal in a Withdrawal Period in excess of the Annual Guaranteed Withdrawal Amount. Each Excess Withdrawal reduces your Protected Income Base and thus your Annual Guaranteed Withdrawal Amount in the same proportion as the Contract Value was reduced by the Excess Withdrawal. See Section 3, "What Are The Benefits Available Under The Contract?"

**Good Order:** Sufficiently clear instruction received by the Empower Care Center (or via the appropriate Empower address, telephone number, fax number or website if the item is a type we accept by those means) on a Business Day before the close of business which utilizes the applicable forms, and reflects the necessary signatures and dates required to ensure there is no need to exercise any discretion to follow such instruction. Good Order requires receipt of confirmation and all necessary information to ensure the instruction is permitted under and in compliance with the applicable retirement arrangement. Instructions that are not in Good Order will be effective on the Business Day that Good Order is determined. Instructions received on a day that is not a Business Day or after the close of a Business Day will be deemed to have been received on the next Business Day.

**Guaranteed Withdrawal Percentage:** The percentage of the Protected Income Base used to determine the Annual Guaranteed Withdrawal Amount. This percentage equals 5% if you attained age 65 at the time you lock in your guaranteed withdrawals, or 4% if you did not attain age 65. If you elect the Spousal Benefit, then the age of the younger of you and your spouse would be used to determine this percentage. See Section 3, "What Are The Benefits Available Under The Contract?"

**Highest Birthday Value:** For purposes of determining the Protected Income Base, the initial Highest Birthday Value is the adjusted Retirement Plan Highest Birthday Value on the Contract Date, and thereafter the greater of (a) the initial Highest Birthday Value, and (b) the highest Contract Value attained on each Birthday until the earlier of the Lock-In Date or the Participant attains (or would have attained) age 70. This value is adjusted for withdrawals and subsequent Purchase Payments. See Section 3, "What Are The Benefits Available Under The Contract?" Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.

**IncomeFlex Select Benefit:** A standard feature of the Contract that guarantees your ability to withdraw a percentage of an initial notional value called the Protected Income Base for your life if certain conditions are satisfied. A charge for this guarantee is deducted from the value of your investment options.

**IncomeFlex Select Spousal Benefit or Spousal Benefit:** An optional version of the IncomeFlex Select Benefit that, if elected and certain conditions are satisfied, extends guaranteed withdrawals until the last to die of you and your spouse. An additional charge for this optional guarantee is deducted from the value of your investment options.

**Individual Retirement Account ("IRA"):** Individual Retirement Account within the meaning of Section 408(a) of the Code. We may require that the custodian of the IRA funded by the Contract be our designated affiliate. This Contract is issued as a nonqualified annuity. In order for it to be used for an IRA, the Contract must be issued to a custodial account established as an IRA.

**Lock-In Date:** The date you elect to lock in your Annual Guaranteed Withdrawal Amount under this Annuity. You must attain age 55 to select a Lock-In Date (both you and your spouse must attain age 55 to select a Lock-In Date for the IncomeFlex Select Spousal Benefit).

**Participant:** A Participant in a Retirement Plan who has a Retirement Plan IncomeFlex Select Benefit.

**Protected Income Base:** The Protected Income Base is used to determine the Annual Guaranteed Withdrawal Amount. Your Protected Income Base is equal to the greatest of: (A) the Roll-Up Value; (B) the Highest Birthday Value; and (C) the Contract Value when you lock in your Annual Guaranteed Withdrawal Amount (that is, the Contract Value on the Business Day prior to the Lock-In Date). We may refer to this amount as the "Income Base" in materials other than this prospectus.

**Purchase Payment:** The amount of money you pay us to purchase the Contract. Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.

------

**Retirement Plan:** An employment based Retirement Plan funded with an Empower group annuity that permits you to transfer to this Contract your Retirement Plan IncomeFlex Select Benefit.

**Retirement Plan Annual Guaranteed Withdrawal Amount:** Your Annual Guaranteed Withdrawal Amount as determined under the Retirement Plan IncomeFlex Select Benefit. This could be adjusted as described later in this prospectus.

**Retirement Plan Guaranteed Withdrawal Percentage:** The percentage of the Retirement Plan Protected Income Base used to determine the Retirement Plan Annual Guaranteed Withdrawal Amount. This percentage equals 5% if you attained age 65 at the time you locked in your guaranteed withdrawals, or 4% if you did not attain age 65. If you elected the Spousal Benefit, then the age of the younger of you and your spouse would be used to determine this percentage.

**Retirement Plan Highest Birthday Value:** The Highest Birthday Value as determined under the Retirement Plan IncomeFlex Select Benefit. This could be adjusted as described later in this prospectus.

**Retirement Plan Lock-In Date:** The guaranteed withdrawal lock-in date as determined under the Retirement Plan IncomeFlex Select Benefit.

**Retirement Plan Protected Income Base:** The Protected Income Base as determined under the Retirement Plan IncomeFlex Select Benefit. This could be adjusted as described later in this prospectus.

**Retirement Plan IncomeFlex Select Benefit:** The IncomeFlex Select guaranteed withdrawal benefit as offered through a Retirement Plan.

**Retirement Plan IncomeFlex Select Spousal Benefit:** The IncomeFlex Select Spousal Benefit as offered through a Retirement Plan.

**Retirement Plan Roll-Up Value:** The Roll-Up Value as determined under the Retirement Plan IncomeFlex Select Benefit. This could be adjusted as described later in this prospectus.

**Roll-Up Value:** For purposes of determining the Protected Income Base, the adjusted Retirement Plan Roll-Up Value on the date the rollover transaction is executed, growing 5% per year, plus subsequent Purchase Payments growing 5% per year, until the Participant attains (or would have attained) age 70. This value is adjusted for withdrawals. Please see Section 3, "What Are The Benefits Available Under The Contract?" We may refer to this value as the "Guaranteed Income Growth Value" in materials other than this prospectus. Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.

**Separate Account:** Purchase Payments allocated to the Variable Investment Options are held by us in a separate account called EAIC Variable Contract Account A. The Separate Account is set apart from all of the general assets of Empower.

**Status:** For purposes of determining the transfer of guaranteed values from multiple Retirement Plans to this Annuity, your Status is based upon the age and Spousal Benefit election applicable to each Retirement Plan or Contract.

**Step-Up Value:** 5% of the Contract Value (4% of the Contract Value if your Guaranteed Withdrawal Percentage is 4%) as of the last Business Day immediately prior to each of the Participant's Birthdays following the Lock-In Date.

**Sub-account:** A Variable Investment Option offered under EAIC Variable Contract Account A, the assets of which are invested in shares of the corresponding portfolio.

**Tax Deferral:** This is a way to increase your assets without currently being taxed. Generally, you do not pay taxes on your Contract earnings until you take money out of your Contract. You should be aware that this Annuity generally will be held in a tax favored plan (an IRA), which already provides Tax Deferral regardless of whether it invests in annuity contracts. See Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity I?"

**Variable Investment Option:** When you choose a Variable Investment Option, we purchase shares of the underlying mutual fund that are held as an investment for that option. We hold these shares in the Separate Account. The division of the Separate Account of Empower that invests in a particular mutual fund is referred to in your Contract as a Sub-account.

**Withdrawal Period:** Each year beginning on the Participant's Birthday and ending on the last day preceding the next Birthday. We may refer to this period as "Birthday Year" in materials other than this prospectus.

------

**OVERVIEW OF THE CONTRACT** 

The Empower Retirement Security Annuity I is a Contract between you, the Owner, and us, the insurance company. We only offer the Contract as a rollover option for Participants who have a IncomeFlex Select Benefit in connection with a Retirement Plan. The Contract allows you to invest assets contributed to a custodial IRA in the Contract, which provides Variable Investment Options, certain withdrawal and annuity benefits and a Death Benefit. The Contract is intended for retirement savings or other long-term investment purposes. This Contract is specifically designed for those concerned they may outlive their retirement income and it is priced accordingly. If you have short term investment needs that you expect this annuity to support, this product is not for you. If you are not concerned you may outlive your savings, you may want to consider if this product suits your needs solely based on its other investment and insurance feature.

Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.

The Contract, like all deferred annuity contracts, has two phases: the Accumulation Phase and the Annuity Phase. During the Accumulation Phase, any earnings grow on a tax-deferred basis and are generally taxed as income only when you make withdrawals, including withdrawals under the IncomeFlex Select Benefit. The Annuity Phase starts if you begin receiving Annuity Payments from your Contract. The amount of money you are able to accumulate in your Contract during the Accumulation Phase will help determine the amount you will receive during the Annuity Phase. Other factors will affect the amount of your payments, such as age and the payout option you select.

During the Annuity Phase, commonly called "annuitization," you may choose from several Annuity Options, including guaranteed payments for life. You are not required to annuitize your Contract. However, once you begin receiving regular Annuity Payments, you generally cannot change your payment plan.

Once you annuitized your Contract Value, your decision is irreversible. The impacts of this decision are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Your Contract Value is no longer available to you to allocate among investment options or make further withdrawals. Instead you will be paid a stream of annuity payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You generally cannot change the payment stream you chose once it has begun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Both the IncomeFlex Select Benefit and the Death Benefit terminate upon annuitization.

Note that during the Accumulation Phase, the IncomeFlex Select Benefit (discussed in Section 3, "What Are The Benefits Available Under The Contract?") also provides guaranteed minimum income protection for your life in the form of guaranteed withdrawals. These guaranteed withdrawals do not require annuitization.

You can invest your money in the Variable Investment Options available under the Contract, which offer the opportunity for a favorable return that can increase your Contract Value. However, favorable returns are NOT guaranteed. It is possible, due to market changes, that your Contract Value may decrease. **For more information about each Variable Investment Option, please refer to "Appendix A: Portfolios Available Under The Contract" later in this prospectus.** 

If the Owner dies before the Annuity Phase of the Contract begins, the person(s) or entity chosen as Beneficiary generally will receive the Contract Value. In addition, a surviving spouse may be eligible to continue this Contract and the IncomeFlex Select Spousal Benefit. See Section 3, "What Are The Benefits Available Under The Contract?"

The IncomeFlex Select Benefit guarantees your ability to withdraw a designated amount from the Contract annually, subject to our rules regarding the timing and amount of withdrawals. This Annual Guaranteed Withdrawal Amount is equal to a percentage of a notional value (called the "Protected Income Base"), regardless of the impact of market performance on your actual Contract Value. This benefit is designed to provide an annual withdrawal amount for life. You must attain age 55 before starting IncomeFlex Select Benefit guaranteed withdrawals (both you and your spouse must attain age 55 to begin guaranteed withdrawals with the Spousal Benefit).

The IncomeFlex Select Benefit is a standard feature of the Contract that applies to the Annuitant automatically. The Spousal Benefit is optional and may be elected for an additional charge. If you elect the Spousal Benefit, you may not change your mind, and your Annual Guaranteed Withdrawal Amount will be less than if you had not elected it. For additional information about the fees for the IncomeFlex Select Benefit, see "Fee Table" and Section 5, "What Are The Expenses Associated With The Empower Retirement Security Annuity I?"

We may amend the Contract as permitted by law. For example, we may add new features to the Contract. Subject to applicable law, we will determine whether or not to make such Contract amendments available to Contracts that already have been issued.

------

If permissible under applicable state law, you may cancel the Contract and request a refund within a certain period of time known as the "free look" period. The free look period is generally 10 days from the date you begin participation under the Contract, but may be longer, depending on applicable state law. Concurrent with the applicable free look period provided by state law, the Code provides a seven day "revocation period" when you purchase this Contract and establish an IRA. See Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity I?"

During the applicable free look period, you can request a refund by returning the Contract either to the representative who sold it to you, or to the Empower Care Center address shown in "How To Contact Us" in Section 10, "Other Information" later in this prospectus. Generally, you will bear the investment risk during the free look period and will receive a refund equal to your Contract Value, plus the amount of any fees or other charges applied and less applicable federal and state income tax withholding, as of the date you stopped participation in the Contract. If applicable state law or the Code requires the return of your Purchase Payments, we will return the greater of the Contract Value, as described above, or the amount of your total Purchase Payments, less applicable federal and state income tax withholding.

------

**IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT**

---

| | | | |
|:---|:---|:---|:---|
| **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** |
| **Are There Charges or Adjustments for Early Withdrawals?** | There are no fees for early withdrawals and you are not prohibited from making early withdrawals. | There are no fees for early withdrawals and you are not prohibited from making early withdrawals. | There are no fees for early withdrawals and you are not prohibited from making early withdrawals. |
| **Are There Transaction Charges?** | Charges may be applied to a transaction if state or local premium taxes are assessed. Charges may be applied to transfers (if more than 12 in a Contract year).<br>For more information about transaction charges, please refer to <u>[Section](#if46d8b1da765443bbf048a3deff39b02_115)[5](#if46d8b1da765443bbf048a3deff39b02_115)[, "What Are The Expenses Associated With The](#if46d8b1da765443bbf048a3deff39b02_115)[Empower](#if46d8b1da765443bbf048a3deff39b02_115)[Retirement Security Annuity](#if46d8b1da765443bbf048a3deff39b02_115)[I](#if46d8b1da765443bbf048a3deff39b02_115)[?"](#if46d8b1da765443bbf048a3deff39b02_115)</u> later in this prospectus. | Charges may be applied to a transaction if state or local premium taxes are assessed. Charges may be applied to transfers (if more than 12 in a Contract year).<br>For more information about transaction charges, please refer to <u>[Section](#if46d8b1da765443bbf048a3deff39b02_115)[5](#if46d8b1da765443bbf048a3deff39b02_115)[, "What Are The Expenses Associated With The](#if46d8b1da765443bbf048a3deff39b02_115)[Empower](#if46d8b1da765443bbf048a3deff39b02_115)[Retirement Security Annuity](#if46d8b1da765443bbf048a3deff39b02_115)[I](#if46d8b1da765443bbf048a3deff39b02_115)[?"](#if46d8b1da765443bbf048a3deff39b02_115)</u> later in this prospectus. | Charges may be applied to a transaction if state or local premium taxes are assessed. Charges may be applied to transfers (if more than 12 in a Contract year).<br>For more information about transaction charges, please refer to <u>[Section](#if46d8b1da765443bbf048a3deff39b02_115)[5](#if46d8b1da765443bbf048a3deff39b02_115)[, "What Are The Expenses Associated With The](#if46d8b1da765443bbf048a3deff39b02_115)[Empower](#if46d8b1da765443bbf048a3deff39b02_115)[Retirement Security Annuity](#if46d8b1da765443bbf048a3deff39b02_115)[I](#if46d8b1da765443bbf048a3deff39b02_115)[?"](#if46d8b1da765443bbf048a3deff39b02_115)</u> later in this prospectus. |
| **Are There Ongoing Fees and Expenses?** | <br>The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract for information about the specific fees you will pay each year based on the options you have elected. | <br>The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract for information about the specific fees you will pay each year based on the options you have elected. | <br>The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract for information about the specific fees you will pay each year based on the options you have elected. |
|  | **Annual Fee** | **Minimum** | **Maximum** |
|  | Base Contract <sup>1</sup> | 0.95% | 3.05% |
|  | Investment Options (Portfolio Fees and Expenses) | 0.94% | 1.18% |
|  | Optional Benefits For An Additional Charge <sup>2</sup>  | 0.50% | 0.60% |
|  | *1 The Base Contract fee includes the fee for the IncomeFlex Select Benefit and the mortality and expense fee.* | *1 The Base Contract fee includes the fee for the IncomeFlex Select Benefit and the mortality and expense fee.* | *1 The Base Contract fee includes the fee for the IncomeFlex Select Benefit and the mortality and expense fee.* |
|  | *2 The Optional Benefit is the Optional Spousal Benefit.* | *2 The Optional Benefit is the Optional Spousal Benefit.* | *2 The Optional Benefit is the Optional Spousal Benefit.* |
|  | For more information about the IncomeFlex Select Benefit and the Optional Spousal Benefit, please refer to <u>[Section](#if46d8b1da765443bbf048a3deff39b02_34)[3](#if46d8b1da765443bbf048a3deff39b02_34)[, "What Are The Benefits Available Under The Contract?"](#if46d8b1da765443bbf048a3deff39b02_34)</u> later in this prospectus. | For more information about the IncomeFlex Select Benefit and the Optional Spousal Benefit, please refer to <u>[Section](#if46d8b1da765443bbf048a3deff39b02_34)[3](#if46d8b1da765443bbf048a3deff39b02_34)[, "What Are The Benefits Available Under The Contract?"](#if46d8b1da765443bbf048a3deff39b02_34)</u> later in this prospectus. | For more information about the IncomeFlex Select Benefit and the Optional Spousal Benefit, please refer to <u>[Section](#if46d8b1da765443bbf048a3deff39b02_34)[3](#if46d8b1da765443bbf048a3deff39b02_34)[, "What Are The Benefits Available Under The Contract?"](#if46d8b1da765443bbf048a3deff39b02_34)</u> later in this prospectus. |
|  | To help you understand the cost of investing in the Contract, the following table shows the lowest and highest costs you could pay based on the minimum and maximum charges allowable under the Contract.  | To help you understand the cost of investing in the Contract, the following table shows the lowest and highest costs you could pay based on the minimum and maximum charges allowable under the Contract.  | To help you understand the cost of investing in the Contract, the following table shows the lowest and highest costs you could pay based on the minimum and maximum charges allowable under the Contract.  |
|  | **Lowest Annual Cost**<br>**$1,699** | **Highest Annual Cost**<br>**$3,923** | **Highest Annual Cost**<br>**$3,923** |
|  | Assumes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment of $100,000<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5% annual appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Least expensive combination of Base Contract fee and portfolio fees and expenses<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No optional benefits<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No sales charges<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No additional purchase payments, transfers or withdrawals | Assumes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment of $100,000<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5% annual appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most expensive combination of Base Contract fee, optional benefits and portfolio fees and expenses<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No sales charges<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No additional purchase payments, transfers or withdrawals | Assumes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment of $100,000<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5% annual appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most expensive combination of Base Contract fee, optional benefits and portfolio fees and expenses<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No sales charges<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No additional purchase payments, transfers or withdrawals |
|  | For more information about ongoing fees and expenses, please refer to <u>[Section](#if46d8b1da765443bbf048a3deff39b02_115)[5](#if46d8b1da765443bbf048a3deff39b02_115)[, "What Are The Expenses Associated With The](#if46d8b1da765443bbf048a3deff39b02_115)[Empower](#if46d8b1da765443bbf048a3deff39b02_115)[Retirement](#if46d8b1da765443bbf048a3deff39b02_115)[Security Annuity I](#if46d8b1da765443bbf048a3deff39b02_115)[?"](#if46d8b1da765443bbf048a3deff39b02_115)</u> later in this prospectus. | For more information about ongoing fees and expenses, please refer to <u>[Section](#if46d8b1da765443bbf048a3deff39b02_115)[5](#if46d8b1da765443bbf048a3deff39b02_115)[, "What Are The Expenses Associated With The](#if46d8b1da765443bbf048a3deff39b02_115)[Empower](#if46d8b1da765443bbf048a3deff39b02_115)[Retirement](#if46d8b1da765443bbf048a3deff39b02_115)[Security Annuity I](#if46d8b1da765443bbf048a3deff39b02_115)[?"](#if46d8b1da765443bbf048a3deff39b02_115)</u> later in this prospectus. | For more information about ongoing fees and expenses, please refer to <u>[Section](#if46d8b1da765443bbf048a3deff39b02_115)[5](#if46d8b1da765443bbf048a3deff39b02_115)[, "What Are The Expenses Associated With The](#if46d8b1da765443bbf048a3deff39b02_115)[Empower](#if46d8b1da765443bbf048a3deff39b02_115)[Retirement](#if46d8b1da765443bbf048a3deff39b02_115)[Security Annuity I](#if46d8b1da765443bbf048a3deff39b02_115)[?"](#if46d8b1da765443bbf048a3deff39b02_115)</u> later in this prospectus. |
| **RISKS** | **RISKS** | **RISKS** | **RISKS** |

---

------

---

| | |
|:---|:---|
| **Is There a Risk of Loss from Poor Performance?** | The Contract is subject to the risk of loss. You could lose some or all of your Contract Value.<br>For more information about the risk of loss, please refer to <u>[Section 2, "What Are The Principal Risks Of Investing In The Contract?"](#if46d8b1da765443bbf048a3deff39b02_31)</u> later in this prospectus. |
| **Is This a Short-Term Investment?** | The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Contract is designed to provide benefits on a long-term basis. This product is also specifically designed (and priced) for those concerned they may outlive their income. Consequently, you should not use the Contract as a short-term investment or savings vehicle. Because of the long-term nature of the Contract, you should consider whether investing purchase payments in the Contract is consistent with the purpose for which the investment is being considered.<br>For more information about the risk profile of the Contract, please refer to <u>[Section 2, "What Are The Principal Risks Of Investing In The Contract?"](#if46d8b1da765443bbf048a3deff39b02_31)</u> later in this prospectus. |
| **What Are the Risks Associated with Investment Options?** | An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract, each of which has its own unique risks. You should review the investment options before making an investment decision. <br>For more information about the risks associated with the investment options, please refer to <u>[Section 2, "What Are The Principal Risks Of Investing In The Contract?"](#if46d8b1da765443bbf048a3deff39b02_31)</u> later in this prospectus. For tax implications associated with withdrawals, please refer to "Tax Implications" section of this table. |
| **What Are the Risks Related to the Insurance Company?** | An investment in the Contract is subject to the risks related to Empower Annuity Insurance Company. Any obligations, guarantees, or benefits are subject to the claims-paying ability of Empower Annuity Insurance Company. More information about Empower Annuity Insurance Company is available upon request. Such requests can be made toll-free at (855) 756-4738.<br>For more information about insurance company risks, please refer to <u>[Section 2, "What Are The Principal Risks Of Investing In The Contract?"](#if46d8b1da765443bbf048a3deff39b02_31)</u> later in this prospectus. |
| **RESTRICTIONS** | **RESTRICTIONS** |
| **Are There Restrictions on the Investment Options?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the Contract Accumulation Phase, you may make up to 12 transfers each Contract year without charge. If you make more than 12 transfers in one Contract year, you may be charged up to $30 for each additional transfer.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Sub-Account investing in the AST Multi-Asset Diversified Plus Portfolio\* (Formerly AST Academic Strategies Asset Allocation Portfolio) is closed to new investors.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We reserve the right to close the Contract to new investors at any time. We may also close a Sub-account to new investors or stop accepting contributions from existing investors to any or all Sub-accounts at any time.<br>For more information about investment and transfer restrictions, please refer to <u>[Section](#if46d8b1da765443bbf048a3deff39b02_115)[5](#if46d8b1da765443bbf048a3deff39b02_115)[, "What Are The Expenses Associated With The](#if46d8b1da765443bbf048a3deff39b02_115)[Empower](#if46d8b1da765443bbf048a3deff39b02_115)[Retirement Security Annuity I](#if46d8b1da765443bbf048a3deff39b02_115)[?"](#if46d8b1da765443bbf048a3deff39b02_115)</u> later in this prospectus. |

---

------

---

| | |
|:---|:---|
| **Are There any Restrictions on Contract Benefits?** | This Contract provides a standard guaranteed income benefit at a cost deducted from your Contract Value with an optional Spousal Benefit. You should know that:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Once you "lock in" your Annual Guaranteed Withdrawal Amount, taking withdrawals over that amount will permanently reduce the Annual Guaranteed Withdrawal Amount and possibly terminate the benefit without value.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Once you "lock in" your IncomeFlex Select Benefit and elect the Spousal Benefit, your choice is irrevocable. An additional charge for the optional Spousal Benefit is deducted from the value of your investment options.<br>For more information about the IncomeFlex Select Benefit and the Spousal Benefit, please refer to <u>[Section](#if46d8b1da765443bbf048a3deff39b02_34)[3](#if46d8b1da765443bbf048a3deff39b02_34)[, "What Are The Benefits Available Under The Contract?"](#if46d8b1da765443bbf048a3deff39b02_34)</u> later in this prospectus. |
| **TAXES** | **TAXES** |
| **What Are the Contract's Tax Implications?** | You should consult a qualified tax adviser to determine the tax implications of an investment in and payments received under the Contract. Generally, withdrawals (either as a lump sum or as regular payments) are taxed as ordinary income, and may be subject to tax penalties. Depending on your plan type you, you may be charged different fees for early withdrawals or be prohibited from making early withdrawals. The effect of federal taxation depends largely upon the type of retirement plan, so we can provide only a generalized description.<br>You generally may withdraw money at any time during the Accumulation Phase. You may, however, be subject to income tax. If you make a withdrawal prior to age 59<sup>1</sup>/2, you also may be subject to a 10% additional tax.<br>You should consult with your tax adviser for more specific information about the tax treatment of your plan withdrawals.<br>For more information about tax implications, please refer to <u>[Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity I](#if46d8b1da765443bbf048a3deff39b02_208)[?"](#if46d8b1da765443bbf048a3deff39b02_208)</u> later in this prospectus. |
| **CONFLICTS OF INTEREST** | **CONFLICTS OF INTEREST** |
| **How Are Investment Professionals Compensated?** | While we generally do not pay commissions for the sales of the Contract, some investment professionals may receive compensation for selling the Contract to investors under legacy distribution agreements with the Company. Such compensation (commissions, overrides, and expense reimbursement allowances) may continue to be paid to broker-dealers that are registered under the Securities Exchange Act of 1934 and/or entities that are exempt from such registration (firms) under these legacy agreements for past sales. Additionally, should an investment professional voluntarily approach the Company with a prospect, the Company would be obligated to pay a commission under these legacy agreements. These investment professionals may have an incentive to sell you one product over another because some products pay higher commissions than others. The investment professional will receive all or a portion of the compensation, depending on the practice of the firm.<br>For more information about compensation, please refer to <u>[Section 10, "Other Information"](#if46d8b1da765443bbf048a3deff39b02_244)</u> later in this prospectus. |

---

------

---

| | |
|:---|:---|
| **Should I Exchange My Contract?** | Some investment professionals may have a financial incentive to offer you an annuity in place of the one you already own. You should only exchange your contract if you determine after comparing the features, fees, and risks of both contracts, that it is preferable to purchase the new contract, rather than continue to own your existing contract. You should consider that you will permanently lose your guaranteed benefits by exchanging from this Contract to another.<br>For more information about exchanges, and the tax risks associated with an exchange, please refer to <u>[Section 9, "What Are The Tax Considerations Associated With The](#if46d8b1da765443bbf048a3deff39b02_208)[Empower](#if46d8b1da765443bbf048a3deff39b02_208)[Retirement](#if46d8b1da765443bbf048a3deff39b02_208)[Security Annuity I](#if46d8b1da765443bbf048a3deff39b02_208)[?"](#if46d8b1da765443bbf048a3deff39b02_208)</u> later in this prospectus. |

---

------

**FEE TABLE** 

**The following tables describe the fees and expenses you will pay when buying, owning, and surrendering or making withdrawals from the Contract. Please refer to your Contract for information about the specific fees you will pay each year based on the options you have elected.**

**The first table describes the fees and expenses you will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract, or transfer Contract Value between investment options. State premium taxes may also be deducted. For more information about those fees and maximum charges, see Section 5, "What Are The Expenses Associated With The Empower Retirement Security Annuity I?" later in this prospectus.** 

---

| | | |
|:---|:---|:---|
| **TRANSACTION EXPENSES** | **TRANSACTION EXPENSES** | **TRANSACTION EXPENSES** |
| | **Current** | **Maximum** |
| **Sales Charge Imposed on Purchases** |  |  |
| **Contingent Deferred Sales Charge** (as a percentage of purchase payments or amount) |  |  |
| **Transfer Fee** <sup>1</sup> | $0 | $30 |
| **Charge For Premium Tax Imposed On Us By Certain States/Jurisdictions** <sup>2</sup> (as a percentage of Contract Value) | N/A <sup>2</sup> | 3.5% |

---

*1Currently, we do not impose a transfer fee. As shown in the table, we may begin to charge a transfer fee up to a maximum of $30 for each transfer after 12 in a Contract year.* 

*2Current taxes in a given state can range from 0% to 3.5%, depending on your state of jurisdiction. For additional information see "Taxes Attributable to Premium" in Section 5, "What Are The Expenses Associated With The Empower Retirement Security Annuity I?"* 

**The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including portfolio fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.** 

**ANNUAL CONTRACT EXPENSES**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **<u>Base IncomeFlex Select Benefit</u>** | **<u>Base IncomeFlex Select Benefit</u>** | **<u>With Optional IncomeFlex Select Spousal Benefit</u>** | **<u>With Optional IncomeFlex Select Spousal Benefit</u>** |
| | **Current Charge** | **Maximum Charge** | **Current Charge** | **Maximum Charge** |
| **Administrative Expenses** | $0 | $150 | $0 | $150 |
| **Base Contract Expenses** <sup>1, 2</sup>  | 0.95% | 3.05% | 0.95% | 3.05% |
| **Optional Benefit Expenses** <sup>1, 3</sup>  | - | - | 0.50% | 0.60% |

---

*1Percentages noted above are percentages of daily net assets of the Contract Value.* 

*2Base Contract Expenses include the fee for the IncomeFlex Select Benefit and the mortality and expense fee.* 

*3The Optional Benefit is the Optional Spousal Benefit.*

**The next item shows the minimum and maximum total operating expenses charged by the Variable Investment Options that you may pay periodically during the time that you own the Contract. For a complete list of Variable Investment Options available under the Contract, including their annual expenses, please refer to "Appendix A: Portfolios Available Under the Contract" later in this prospectus.** 

---

| | | |
|:---|:---|:---|
| **ANNUAL PORTFOLIO COMPANY EXPENSES** | **ANNUAL PORTFOLIO COMPANY EXPENSES** | **ANNUAL PORTFOLIO COMPANY EXPENSES** |
| | **Minimum** | **Maximum** |
| **Annual Portfolio Company Expenses** | 0.94% | 1.18% |
| (expenses that are deducted from portfolio assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) | (expenses that are deducted from portfolio assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) | (expenses that are deducted from portfolio assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) |

---

------

**<u>EXAMPLE</u>**

**This Example is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include transaction expenses, annual Contract expenses, and annual portfolio company expenses.** 

**The Example assumes that you invest $100,000 in the Contract for the time periods indicated. The Example also assumes that your investment has a 5% return each year and assumes the most expensive combination of annual Contract expenses and optional benefits available for an additional charge. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Yr.** | **3 Yrs.** | **5 Yrs.** | **10 Yrs.** |
| If you surrender your Contract at the end of the applicable time period:&nbsp;&nbsp;&nbsp;&nbsp; | $5101 | $15287 | $25454 | $50783 |
| If you annuitize at the end of the applicable time period: | $5101 | $15287 | $25454 | $50783 |
| If you do *not* surrender your Contract: | $5101 | $15287 | $25454 | $50783 |

---

------

**SECTION 1: WHAT IS THE EMPOWER RETIREMENT SECURITY ANNUITY I?** 

The Empower Retirement Security Annuity I is a variable annuity contract issued by Empower, with its principal place of business located at 280 Trumbull Street, Hartford, CT 06103. Empower is solely responsible for its obligations under Empower Retirement Security Annuity I, and there are no support agreements from third parties relating to the capitalization of Empower.

You may invest in the Separate Account. The Separate Account is divided into Sub-accounts called Variable Investment Options. Contract Value allocated to a Variable Investment Option will vary based on the investment experience of the corresponding Portfolio Company in which the Variable Investment Option invests. This means that your Contract Value will fluctuate. While it is possible for your Contract Value to increase based on this investment performance, there is a risk your Contract Value will decrease and, while not likely, it is possible that you may lose the entire amount invested.

The income, gains and losses credited to, or charged against, the Separate Account reflect the Separate Accounts' own investment experience and not the investment experience of Empower's other assets. The assets of the Separate Account may not be used to pay any liabilities required of Empower, other than the liabilities required under the terms of the Contract.

Under your Contract, in exchange for your payment to us, we promise to pay you a guaranteed stream of payments upon annuitization that can begin any time after the first Contract anniversary. Your Annuity is in the Accumulation Phase until you decide to begin receiving these Annuity Payments. Annuity Payments are made on or after your Annuity Date in accordance with the Annuity Option you select. The date you elect to begin receiving Annuity Payments is the Annuity Date. On the Annuity Date, your Contract switches to the Annuity Phase. The Contract also permits you to make guaranteed withdrawals during the Accumulation Phase. See Section 3, "What Are The Benefits Available Under The Contract?" for further details. These withdrawals are different than Annuity Payments.

**Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.** 

Tax Deferral means that you are not taxed on earnings or appreciation on the assets in your Contract until you withdraw money from your Contract. This Annuity is offered exclusively to fund certain IRAs, which generally provide Tax Deferral without investing in an annuity contract. In other words, you need not purchase this Contract to gain the preferential tax treatment provided by your IRA. Therefore, before purchasing this Annuity, you should consider whether its features and benefits beyond Tax Deferral, including the income and Death Benefits, meet your needs and goals. You should consider the relative features, benefits and costs of this Annuity compared with any other investments or benefits available through your Retirement Plan or elsewhere.

The Empower Retirement Security Annuity I is a variable annuity contract. This means that during the Accumulation Phase, you can allocate your assets among the available Variable Investment Options. The amount of money you are able to accumulate in your Contract during the Accumulation Phase depends upon the investment performance of the underlying mutual fund associated with that Variable Investment Option. Because the underlying mutual funds' portfolios fluctuate in value depending upon market conditions, your Contract Value (the total value of your Contract, equal to the sum of the values of your investment in each investment option) can either increase or decrease. This is important, since the amount of the Annuity Payments you receive during the Annuity Phase depends upon the value of your Contract at the time you begin receiving payments.

You are the Owner of the Contract or you have ownership rights in the group annuity contract in which this product is offered, as the individual for whom the IRA, has been established. You have all of the decision-making rights under the Contract. You will also be the Annuitant. The Owner is the person who receives the Annuity Payments when the Annuity Phase begins. The Annuitant is also the person whose life is used to determine the amount of these payments and how long (if applicable) the payments will continue once the Annuity Phase begins. On or after the Annuity Date, the Annuitant may not be changed.

The Beneficiary is the person(s) or entity you designate to receive any Death Benefit. Subject to any restrictions imposed by the Code, you may change the Beneficiary any time prior to the Annuity Date by making a written request to us. The optional IncomeFlex Select Spousal Benefit requires your spouse to be both your spouse and sole Beneficiary when you elect the benefit and when you die. See Section 3, "What Are The Benefits Available Under The Contract?"

**SHORT TERM CANCELLATION RIGHT OR "FREE LOOK"** 

------

If you are not satisfied with your Contract, you may cancel the Contract and request a refund within a certain period of time known as the "free look" period. The free look period is generally 10 days from the date you begin participation under the Contract. If state law requires, the free look period may be longer. Concurrent with the applicable free look period provided by state law, the Code provides a seven day "revocation period" when you purchase this Contract and establish an IRA. See Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity I?"

To exercise this cancellation right, you can request a refund by returning the Contract either to the representative who sold it to you, or to the Empower Care Center at the address shown in "How To Contact Us" in Section 10, "Other Information" later in this prospectus. Generally, you will bear the investment risk during the free look period and will receive a refund equal to your Contract Value, plus the amount of any fees or other charges applied and less applicable federal and state income tax withholding, as of the date you stopped participation in the Contract. If applicable state law or the Code requires the return of your Purchase Payments, we will return the greater of the Contract Value, as described above, or the amount of your total Purchase Payments, less applicable federal and state income tax withholding.

------

**SECTION 2: WHAT ARE THE PRINCIPAL RISKS OF INVESTING IN THE CONTRACT?** 

The risks identified below are the principal risks of investing in the Contract. The Contract may be subject to additional risks other than those identified and described in this prospectus.

**Risks Associated with Variable Investment Options.** You take all the investment risk for amounts allocated to the Sub-accounts, which invest in portfolios. If the Sub-accounts you select increase in value, then your Contract Value goes up; if they decrease in value, your Contract Value goes down. How much your Contract Value goes up or down depends on the performance of the portfolios in which your Sub-accounts invest. While unlikely, it is possible to lose your entire investment in the Sub-account. We do not guarantee the investment results of any portfolio. An investment in the Contract is subject to the risk of poor investment performance, and the value of your investment can vary depending on the performance of the selected portfolio(s), each of which has its own unique risks. You should review the prospectus for each portfolio before making an investment decision. Further, we reserve the right to close the Contract to new investors at any time. We may also close a Sub-account to new investors or stop accepting contributions from existing investors to any or all Sub-accounts at any time.

**Insurance Company Risk**. No company other than Empower has any legal responsibility to pay amounts that Empower owes under the Contract. You should look to the financial strength of Empower for its claims-paying ability. Empower is also subject to risks related to disasters and other events, such as storms, earthquakes, fires, outbreaks of infectious diseases (such as COVID-19), utility failures, terrorist acts, including cybersecurity attacks, political and social developments, and military and governmental actions. These risks are often collectively referred to as "business continuity" risks. These events could adversely affect Empower and our ability to conduct business and process transactions. Although Empower has business continuity plans, it is possible that the plans may not operate as intended or required and that Empower may not be able to provide required services, process transactions, deliver documents or calculate values. It is also possible that service levels may decline as a result of such events.

**The IncomeFlex Select Benefit**. This Contract provides a standard guaranteed income benefit with an optional Spousal Benefit at a cost deducted from your Contract Value.

You should know that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Once you "lock in" your Annual Guaranteed Withdrawal Amount, taking withdrawals over that amount will permanently reduce the Annual Guaranteed Withdrawal Amount and possibly terminate the benefit without value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Once you "lock in" your IncomeFlex Select Benefit and elect the Spousal Benefit, your choice is irrevocable. An additional charge for the optional Spousal Benefit is deducted from the value of your investment options.

**Annuitization**. Once you annuitized your Contract Value, your decision is irreversible. The impacts of this decision are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Your Contract Value is no longer available to you to allocate among investment options or make further withdrawals. Instead, you will be paid a stream of annuity payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You generally cannot change the payment stream you chose once it has begun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Both the IncomeFlex Select Benefit and the Death Benefit terminate upon annuitization.

**Possible Adverse Tax Consequences.** The tax considerations associated with the Contract vary and can be complicated. The tax considerations discussed in this prospectus are general in nature and describe only federal income tax law. We generally do not describe state, local, foreign or other federal tax laws. The effect of federal taxation depends largely upon the type of retirement plan, so we can provide only a generalized description. Additionally, in contrast to many variable annuities, because this Contract can invest in a fund available to the general public, if the Contract is not issued or purchased through a tax qualified plan, the taxes on gains may not be deferred. Before making a Purchase Payment or taking other action related to your Contract, you should consult with a qualified tax adviser for complete information and advice.

**Risk of Loss of or Reductions to Benefits.** If you take certain actions under your Contract, such as surrendering your Contract or taking excess withdrawals under the terms of the IncomeFlex Select Benefit, you may lose or reduce the value of that benefit. For more information about the IncomeFlex Select Benefit, please refer to "IncomeFlex Select Benefit" in Section 3, "What Are The Benefits Available Under The Contract?" later in this prospectus.

------

**Not a Short-Term Investment.** The Contract is not a short-term investment vehicle and is not an appropriate investment for an investor who needs ready access to cash. The Contract is designed to provide benefits on a long-term basis, including the benefits of the IncomeFlex Select Benefit. Consequently, you should not use the Contract as a short-term investment or savings vehicle or if you do not seek the benefits provided by the IncomeFlex Select Benefit. Because of the long-term nature of the Contract, you should consider whether investing Purchase Payments in the Contract is consistent with the purpose for which the investment is being considered.

**Risk of Loss.** All investments have risks to some degree and it is possible that you could lose money by investing in the Contract. An investment in the Contract is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

------

**SECTION 3: WHAT ARE THE BENEFITS AVAILABLE UNDER THE CONTRACT?** 

**BENEFITS AVAILABLE UNDER THE CONTRACT** 

The following table summarizes information about the benefits available under the Contract.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NAME OF BENEFIT** | **PURPOSE** | **STANDARD OR OPTIONAL** | **ANNUAL FEES** | **ANNUAL FEES** | **RESTRICTIONS/ LIMITATIONS** |  |  |  |  |  |  |
| **NAME OF BENEFIT** | **PURPOSE** | **STANDARD OR OPTIONAL** | **Current** | **Maximum** | **RESTRICTIONS/ LIMITATIONS** |  |  |  |  |  |  |
| **Death Benefit** | Provides protection for your beneficiary(ies) by ensuring that they do not receive less than your Contract Value. | Standard | $0 | $0 |  |  |  |  |  |  |  |
| **Death Benefit** | Provides protection for your beneficiary(ies) by ensuring that they do not receive less than your Contract Value. | Standard | $0 | $0 |  | **IncomeFlex Select Benefit (also referred to as the Base Contract Expense)** | Once locked in, guarantees your ability to withdraw an Annual Guaranteed Withdrawal Amount, even if your Contract Value is reduced to zero. | Standard | 0.95% <sup>1</sup> | 1.45% <sup>1</sup> | If your Contract Value is reduced to zero because of excess withdrawals, you will not receive any further payments.<br>Additionally, excess withdrawals reduce the amount of your Annual Guaranteed Withdrawal Amount permanently. |
| **Optional Benefit** <sup>2</sup> | Designed to provide an Annual Guaranteed Withdrawal Amount until the last to die of you and your spouse. | Optional | 0.50% <sup>1</sup> | 0.60% <sup>1</sup> | Results in a lesser Annual Guaranteed Withdrawal Amount.<br>Once elected, the Spousal Benefit may not be revoked.<br>Excess withdrawal rules noted above apply. | **IncomeFlex Select Benefit (also referred to as the Base Contract Expense)** | Once locked in, guarantees your ability to withdraw an Annual Guaranteed Withdrawal Amount, even if your Contract Value is reduced to zero. | Standard | 0.95% <sup>1</sup> | 1.45% <sup>1</sup> | If your Contract Value is reduced to zero because of excess withdrawals, you will not receive any further payments.<br>Additionally, excess withdrawals reduce the amount of your Annual Guaranteed Withdrawal Amount permanently. |
| **Optional Benefit** <sup>2</sup> | Designed to provide an Annual Guaranteed Withdrawal Amount until the last to die of you and your spouse. | Optional | 0.50% <sup>1</sup> | 0.60% <sup>1</sup> | Results in a lesser Annual Guaranteed Withdrawal Amount.<br>Once elected, the Spousal Benefit may not be revoked.<br>Excess withdrawal rules noted above apply. |  |  |  |  |  |  |

---

*1Percentage of daily net assets of the Contract Value.*

*2The Optional Benefit is the Optional Spousal Benefit.*

**CALCULATION OF THE DEATH BENEFIT** 

If the Owner dies during the accumulation period, after we receive the appropriate proof of death and any other needed documentation in Good Order ("due proof of death"), your Beneficiary will receive the Contract Value as of the date we receive due proof of death in Good Order. We require due proof of death to be submitted promptly.

**PAYOUT OPTIONS** 

------

The Code provides for alternative Death Benefit payment options when a contract is used as an IRA or other "qualified investment" that requires minimum distributions. Upon your death under an IRA or other "qualified investment," the designated Beneficiary may generally elect to continue the Contract and receive required minimum distributions under the Contract, instead of receiving the Death Benefit in a single payment. The available payment options will depend on whether you die before the date required minimum distributions under the Code were to begin, whether you have named a designated Beneficiary and whether the Beneficiary is your surviving spouse. With respect to the Death Benefits paid under a contract issued to an IRA, if we do not receive instructions on where to send the payment within five years of the date of death, the funds will be escheated in accordance with applicable state law. For other plan types, we will follow the plan sponsor's direction.

NOTE THAT A SURVIVING SPOUSE MAY BE ELIGIBLE TO CONTINUE THIS CONTRACT AND THE INCOMEFLEX SELECT SPOUSAL BENEFIT. Also, if you elected to receive required minimum distributions under a systematic minimum distribution option, this program is discontinued upon receipt of notification of death. The final required minimum distribution must be distributed prior to establishing a beneficiary payment option for the balance of the Contract. See Section 3, "What Are The Benefits Available Under The Contract?"

Upon receipt of due proof of death in Good Order, we will pay the Beneficiary the Death Benefit.

The Beneficiary may, within 60 days of providing due proof of death, choose to take the Death Benefit under one of several Death Benefit payout options listed below.

Choice 1: Lump sum payment of the Death Benefit. If the Beneficiary does not choose a payout option within 60 days, the Beneficiary will receive this payout option. Payment as a transfer to another IRA titled as an inherited IRA would also be included in this payout option.

Choice 2: The payment of the entire Death Benefit by December 31 of the calendar year that contains the 10th anniversary of the date of death of the Owner.

Choice 3: Payment of the Death Benefit under an annuity or annuity settlement option over the lifetime of the Beneficiary or over a period not extending beyond the life expectancy of the Beneficiary with distribution beginning by December 31 of the year following the year of death of the Owner. This payout option is available if you have named a designated beneficiary who meets the requirements for an "eligible designated beneficiary" ("EDB"). A designated beneficiary is any individual designated as a beneficiary by the employee or IRA owner. An EDB is any designated beneficiary who is (1) your surviving spouse, (2) your minor child, (3) disabled, (4) chronically ill, or (5) an individual not more than 10 years younger than you. An individual's status as an EDB is determined on the date of your death.

If death occurs before a designated Beneficiary is named and before the date required minimum distributions must begin under the Code, then Choice 3 is not a permitted payout option under the Code and you may only choose Choice 1 or Choice 2, modified to be paid out by December 31 of the calendar year that contains the 5th anniversary of the date of the death of the Owner.

If death occurs before a designated Beneficiary is named and after the date required minimum distributions must begin under the Code, the Death Benefit must be paid out at least as rapidly as under the method then in effect. For Contracts where multiple Beneficiaries have been named and at least one of the Beneficiaries does not qualify as a designated Beneficiary under the Code, and the account has not been divided into separate accounts by December 31 of the year following the year of death, such Contract is deemed to have no designated Beneficiary.

A Beneficiary has the flexibility to take out more each year than mandated under the required minimum distribution rules.

If the Beneficiary is the spouse of the Owner at the time of the Owner's death, then the Contract will continue and the spouse will become the Owner. The spouse may, within 60 days of providing due proof of death, elect to take the Death Benefit under any of the payout options described above. In addition, the spouse can choose to defer payments until the IRA Owner would have reached age 72 or can change title to the account to the spouse's name.

The tax consequences to the Beneficiary vary among the three Death Benefit payout options. See Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity I?"

Any portion of the Death Benefit not payable to a named Beneficiary must be paid out by December 31 of the calendar year that contains the 5th anniversary of the date of the Owner's death.

------

A Beneficiary who elects to have a fixed-dollar annuity purchased for him may choose from among the available forms of annuity. See Section 8, "What Kind Of Payments Will I Receive During The Annuity Phase? (Annuitization)." The Beneficiary may elect to purchase an annuity immediately or at a future date. If an election includes systematic withdrawals, the Beneficiary will have the right to terminate such withdrawals and receive the remaining balance in cash (or effect an annuity with it), or to change the frequency, size or duration of such withdrawals, subject to the minimum distribution rules. See Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity I?" If the Beneficiary fails to make any election within any time limit prescribed by or for the Retirement Plan that covered the Participant, within seven days after the expiration of that time limit, we will make one lump sum cash payment to the Beneficiary. A specific Contract may provide that an annuity or other form of distribution is payable to the Beneficiary if the Beneficiary fails to make an election.

For as long as the Beneficiary remains invested in the Contract, all applicable fees and charges will continue to be assessed, including the annual charge for the IncomeFlex Select Benefit.

**BENEFICIARY** 

The Beneficiary is the person(s) or entity you name to receive any Death Benefit. The Beneficiary is named at the time the Contract is issued, unless you change it at a later date. A change of Beneficiary will take effect on the date you request, provided that we receive the request in Good Order. Unless an irrevocable Beneficiary has been named, during the Accumulation Phase you can change the Beneficiary at any time before the Owner dies. The Beneficiary designation during the Accumulation Period is not applicable to the Annuity Phase unless you have indicated otherwise, or we determine that applicable law requires that we continue a designation. It is critical you keep your Beneficiary information up to date. If we cannot locate your Beneficiary, we may be required under state law to pay the benefit to someone else, like your estate, or possibly escheat the benefit to your state of residence depending on the circumstances and applicable federal law.

The optional IncomeFlex Select Spousal Benefit requires your spouse or civil union partner to be both your spouse or civil union partner and sole Beneficiary of the Annuity and the IRA it funds, when you elect the benefit and when you die. See Section 3, "What Are The Benefits Available Under The Contract?" For more information on the tax treatment of spouses and civil union partners, see Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity I?"

I**NCOMEFLEX SELECT BENEFIT** 

The IncomeFlex Select Benefit is a standard feature of the Contract that guarantees your ability to annually withdraw certain amounts that we specify under this Contract. If you do not take more withdrawals than those specified amounts each year, and your Contract Value is reduced to zero, either by making these withdrawals according to their terms or due to poor market performance, we will continue to make those annual payments to you for as long as you live.

Here is how it works: We determine the amount you can withdraw by calculating an initial notional value (called the "Protected Income Base"). You are allowed to take a withdrawal equal to a percentage of the Protected Income Base, regardless of the impact of market performance on your Contract Value (subject to our rules regarding the timing and amount of withdrawals). There are two options – one is the base benefit designed to provide an annual withdrawal amount for your life and the other is a Spousal Benefit designed to provide the same annual withdrawal amount until the last to die of you and your spouse. The Protected Income Base can increase, but it can also decrease if you withdraw more than your Annual Guaranteed Withdrawal Amount.

The base IncomeFlex Select Benefit and its daily charge apply to the Contract automatically. It cannot be terminated without ending your Contract. When deciding to purchase this Contract, you should consider the costs and benefits of this feature. Generally, this benefit may be appropriate if you intend to make periodic withdrawals from your Contract and wish to ensure that adverse market performance will not affect your ability to receive annual payments. You are not required to make withdrawals. Although you are not required to make withdrawals, you should consider that this product (including costs) is specifically designed for a person who has a need for guaranteed withdrawal or annuity benefits.

The IncomeFlex Select Spousal Benefit is optional. You may elect this benefit when you lock in your Annual Guaranteed Withdrawal Amount. There is an additional daily charge for this benefit, which applies only after the Lock-In Date. Once elected, the Spousal Benefit may not be revoked, and the additional daily charge will continue until your Contract ends, even if your spouse dies before you or is otherwise ineligible for the Spousal Benefit due to divorce or Beneficiary changes. For more information on the tax treatment of spouses and civil union partners, see Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity I?"

The IncomeFlex Select Benefit is subject to certain restrictions described below.

**TRANSFER OF RETIREMENT PLAN GUARANTEED VALUES** 

------

This Contract is sold exclusively as a rollover option to Participants who have a IncomeFlex Select Benefit in connection with a Retirement Plan. This Contract is designed to accept the transfer of certain Retirement Plan IncomeFlex Select Benefit guaranteed values in connection with a direct rollover of assets to an IRA. In connection with the rollover transaction, each guaranteed value described below will begin with a value equal to the corresponding Retirement Plan guaranteed value, assuming a transfer of all Retirement Plan account assets invested in Eligible Investments. If less than 100% of assets invested in Eligible Investments are rolled over to the Contract, then the initial guaranteed values described below will be reduced proportionately.

If you have more than one Retirement Plan IncomeFlex Select Benefit, we may limit your ability to transfer and combine the guaranteed values associated with multiple Retirement Plan IncomeFlex Select Benefits under this Annuity.

If you purchase this Contract prior to your Retirement Plan Lock-In Date, then your Retirement Plan Roll-Up and Highest Birthday Values will be used to determine your initial Roll-Up Value, Highest Birthday Value, and Protected Income Base under this Contract. You also can choose whether to elect the IncomeFlex Select Spousal Benefit at the time you lock in your Annual Guaranteed Withdrawal Amount under this Contract.

If you purchase this Contract on or after your Retirement Plan Lock-In Date, then your Retirement Plan Annual Guaranteed Withdrawal Amount will be used to determine your initial Annual Guaranteed Withdrawal Amount under this Contract. Your guaranteed withdrawals will be available immediately, and you will not establish a Roll-Up Value, Highest Birthday Value or Protected Income Base under this Contract. If you elected the Retirement Plan IncomeFlex Select Spousal Benefit, then you will automatically receive and be charged for the IncomeFlex Select Spousal Benefit under this Contract. If you purchase this Contract on or after your Retirement Plan Lock-In Date, then you may not add or remove the Spousal Benefit upon or after purchasing this Contract.

This section continues with a description of the basic elements of the IncomeFlex Select Benefit, including the Protected Income Base, Roll-Up Value, Highest Birthday Value and Annual Guaranteed Withdrawal Amount. Then this section describes and provides examples of how these elements apply in situations where you locked in your IncomeFlex Select Benefit in your Retirement Plan before purchasing this Contract. Next, this section explains how the elements apply when you lock in the benefit after purchasing this Contract. Finally, this section covers withdrawals, the optional Spousal Benefit, Step-Ups and other special considerations with the IncomeFlex Select Benefit.

**PROTECTED INCOME BASE** 

The Protected Income Base is a notional value used to determine the Annual Guaranteed Withdrawal Amount. The Protected Income Base has no cash value. You cannot withdraw your Protected Income Base from the Contract. You may only withdraw your Contract Value.

Your Protected Income Base is equal to the greatest of: (A) the Roll-Up Value; (B) the Highest Birthday Value; or (C) the Contract Value when you lock in your Annual Guaranteed Withdrawal Amount (that is, the Contract Value on the Business Day prior to the Lock-In Date). In no event shall the Protected Income Base exceed $5,000,000. We reserve the right to increase this maximum.

**ROLL-UP VALUE** 

The initial Roll-Up Value is determined by your Retirement Plan Roll-Up Value. If this Contract is purchased with 100% of the assets invested in Eligible Investments, then the initial Roll-Up Value equals the Retirement Plan Roll-Up Value on the date the rollover transaction is executed. If this Contract is purchased with less than 100% of the assets invested in the Eligible Investments, then the initial Roll-Up Value shall be reduced proportionately. For example, if this Contract is purchased with 60% of the assets invested in Eligible Investments, then the initial Roll-Up Value will be 60% of the Retirement Plan Roll-Up Value on the date the rollover transaction is executed. Your initial Roll-Up Value may be lower than the market value of assets transferred to purchase this Contract, and therefore your initial Roll-Up Value may be lower than your initial Contract Value.

Unless limited by state law, the Roll-Up Value will then equal the initial Roll-Up Value growing 5% per year, plus the amount of any subsequent Purchase Payments growing at 5% per year from the application of the Purchase Payment to your Contract, until the earlier of the date the Retirement Plan Participant (the "Participant") attains (or would have attained) age 70 or the Lock-In Date. The Roll-Up Value is also increased by the amount of Purchase Payments made after the Participant attains (or would have attained) age 70 and before the Lock-In Date.

**Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.** 

Withdrawals prior to the Lock-In Date reduce your Roll-Up Value proportionately. Each withdrawal reduces the Roll-Up Value by the percentage equivalent of the ratio of (a) the amount of the withdrawal, to (b) the Contract Value (before the Contract Value is reduced by the amount of the withdrawal).

**Example – Proportional Reduction of Roll-Up Value** 

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Contract Value: | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Withdrawal: | $10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Ratio of withdrawal to Contract Value ($10,000 / $100,000): | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Roll-Up Value: | $120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Roll-Up Value reduced by 10% , or | $12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Adjusted Roll-Up Value: | $108000 |

---

**HIGHEST BIRTHDAY VALUE** 

The initial Highest Birthday Value is determined by your Retirement Plan Highest Birthday Value. If this Contract is purchased with 100% of the assets invested in Eligible Investments, then the initial Highest Birthday Value equals the Retirement Plan Highest Birthday Value on the date the rollover transaction is executed. If this Contract is purchased with less than 100% of the assets invested in the Eligible Investments, then the initial Highest Birthday Value shall be reduced proportionately. For example, if this Contract is purchased with 60% of the assets invested in Eligible Investments, then the initial Highest Birthday Value will be 60% of the Retirement Plan Highest Birthday Value on the date the rollover transaction is executed. Your initial Highest Birthday Value may be lower than the market value of assets transferred to purchase this Contract, and therefore your initial Highest Birthday Value may be lower than your initial Contract Value.

The Highest Birthday Value will then equal the greater of the initial Highest Birthday Value and the highest Contract Value attained on each of the Participant's Birthdays, until the earlier of the date the Participant attains (or would have attained) age 70 or the Lock-In Date. Until the Lock-In Date, the Highest Birthday Value attained is also increased by the amount of subsequent Purchase Payments made.

**Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.** 

Withdrawals prior to the Lock-In Date reduce your Highest Birthday Value proportionately. Each withdrawal reduces the Highest Birthday Value by the percentage equivalent of the ratio of (a) the amount of the withdrawal, to (b) the Contract Value (before the Contract Value is reduced by the amount of the withdrawal).

**Example – Proportional Reduction of Highest Birthday Value** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Contract Value: | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Withdrawal amount: | $10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Ratio of withdrawal to Contract Value ($10,000 / $100,000): | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Highest Birthday Value: | $120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Highest Birthday Value reduced by 10%, or | $12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Adjusted Highest Birthday Value: | $108000 |

---

**ANNUAL GUARANTEED WITHDRAWAL AMOUNT** 

The Annual Guaranteed Withdrawal Amount is the amount we guarantee that you may withdraw from the Contract each Withdrawal Period for your life, regardless of the impact of market performance on your Contract Value. The Annual Guaranteed Withdrawal Amount is subject to our rules regarding the timing and amount of withdrawals. In no event shall the Annual Guaranteed Withdrawal Amount under this Contract exceed $250,000. We reserve the right to increase this maximum.

You may not lock in an Annual Guaranteed Withdrawal Amount that is less than $800. Therefore, your Protected Income Base must equal $16,000 or more to lock in guaranteed withdrawals ($20,000 or more if your Guaranteed Withdrawal Percentage is 4%). Before purchasing the Contract, you should consider the description of Protected Income Base above to determine your ability to lock in guaranteed withdrawals. Your ability to lock in the IncomeFlex Select Benefit is subject to certain conditions, and thus is not guaranteed.

**LOCK-IN DATE ELECTED IN RETIREMENT PLAN** 

------

If your Retirement Plan Lock-In Date was elected before purchasing this contract, then your Retirement Plan Annual Guaranteed Withdrawal Amount will be used to determine your initial Annual Guaranteed Withdrawal Amount under this Contract. If you purchase this Contract with 100% of the assets invested in Eligible Investments, then the initial Annual Guaranteed Withdrawal Amount equals the Retirement Plan Annual Guaranteed Withdrawal Amount on the date the rollover transaction is executed. If you purchase this Contract with less than 100% of the assets invested in the Eligible Investments, then the initial Annual Guaranteed Withdrawal Amount shall be reduced proportionately. For example, if this Contract is purchased with 60% of the assets invested in Eligible Investments, then the initial Annual Guaranteed Withdrawal Amount will be 60% of the Retirement Plan Annual Guaranteed Withdrawal Amount on the date the rollover transaction is executed. The Annual Guaranteed Withdrawal Amount available between the date the Contract is issued and the end of the current Withdrawal Period will be reduced by guaranteed withdrawals made in the Retirement Plan during the same Withdrawal Period. In other words, guaranteed withdrawals made in the plan during the Withdrawal Period you purchase the Contract will count toward your guaranteed withdrawals under the Contract (adjusted in the manner described above if this Contract is purchased with less than 100% of assets invested in Eligible Investments).

Effective June 2, 2014, the Annuity was closed to additional Purchase Payments. When we accepted additional Purchase Payments, you could have increased your Annual Guaranteed Withdrawal Amount by making additional Purchase Payments (subsequent to the initial Purchase Payment). The amount of the increase would have been equal to the Guaranteed Withdrawal Percentage established on your Lock-In Date applied to any additional Purchase Payments. We would have added the increase to your Annual Guaranteed Withdrawal Amount on the day you made the Purchase Payment, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the initial Withdrawal Period when the Contract is issued, any increase to the Annual Guaranteed Withdrawal Amount available between the date of the Purchase Payment and the Participant's next Birthday would have been prorated by the ratio of (i) the number of days remaining in the Withdrawal Period and (ii) 365 days. In other words, the increase to the Annual Guaranteed Withdrawal Amount during the initial Withdrawal Period would have been reduced proportionately for the partial year remaining after the Purchase Payment was made. This adjustment in the initial Withdrawal Period would not have reduced the Annual Guaranteed Withdrawal Amount in future Withdrawal Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If the Purchase Payment was made after a withdrawal in a Withdrawal Period in excess of the Annual Guaranteed Withdrawal Amount, (an "Excess Withdrawal"), then the increase would not have applied until the next Withdrawal Period. In other words, once an Excess Withdrawal occurred in a Withdrawal Period, all additional withdrawals in that Withdrawal Period would have been Excess Withdrawals, even if additional Purchase Payments were made. For information about Excess Withdrawals, see "Withdrawals Under The IncomeFlex Select Benefit" later in this section.

Your Annual Guaranteed Withdrawal Amount may also increase for Step-Ups (described below under "Step-Up – Increase of Annual Guaranteed Withdrawal Amount").

**LOCK-IN DATE NOT ELECTED IN RETIREMENT PLAN** 

If your Retirement Plan Lock-In Date was not elected before purchasing this contract, then your initial Annual Guaranteed Withdrawal Amount under this Contract will be determined when you choose to lock in your guaranteed withdrawals (the "Lock-In Date"). You must attain age 55 to elect a Lock-In Date. If you have attained age 65, then your initial Annual Guaranteed Withdrawal Amount will equal 5% of the Protected Income Base (4% of the Protected Income Base if you have not attained age 65), as of the Business Day prior to your Lock-In Date. The Protected Income Base is equal to the greatest of: (A) the Roll-Up Value; (B) the Highest Birthday Value; and (C) the Contract Value as of the Business Day prior to the Lock-In Date. If your Lock-In Date is not on the Participant's Birthday, then the Annual Guaranteed Withdrawal Amount available between the Lock-In Date and the Participant's next Birthday will be prorated by the ratio of (i) the number of days remaining in the Withdrawal Period and (ii) 365 days. In other words, the Annual Guaranteed Withdrawal Amount during the Withdrawal Period you lock in guaranteed withdrawals will be reduced proportionately if that year is a partial year. This adjustment in the first Withdrawal Period will not reduce the Annual Guaranteed Withdrawal Amount in future Withdrawal Periods.

Effective June 2, 2014, the Annuity was closed to additional Purchase Payments. When we accepted additional Purchase Payments, you could have increased your Annual Guaranteed Withdrawal Amount by making subsequent Purchase Payments after your Lock-In Date. The increase would have been equal to the Guaranteed Withdrawal Percentage established on your Lock-in Date applied to any additional Purchase Payments. We would have added the increase to your Annual Guaranteed Withdrawal Amount on the day you made the Purchase Payment, subject to the following:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the Withdrawal Period you locked in guaranteed withdrawals, any increase to the Annual Guaranteed Withdrawal Amount available between the date of the Purchase Payment and the Participant's next Birthday would have been prorated by the ratio of (i) the number of days remaining in the Withdrawal Period and (ii) 365 days. In other words, the increase to the Annual Guaranteed Withdrawal Amount during the Withdrawal Period you locked in guaranteed withdrawals would have been reduced proportionately for the partial year remaining after the Purchase Payment was made. This adjustment in the initial Withdrawal Period would not have reduced the Annual Guaranteed Withdrawal Amount in future Withdrawal Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If the Purchase Payment was made after an Excess Withdrawal occurred in any Withdrawal Period, then the increase would not have applied until the next Withdrawal Period. In other words, once an Excess Withdrawal occurred in a Withdrawal Period, all additional withdrawals in that Withdrawal Period would have been Excess Withdrawals, even if additional Purchase Payments were made.

Your Annual Guaranteed Withdrawal Amount may also increase for Step-Ups (described below under "Step-Up – Increase of Annual Guaranteed Withdrawal Amount"). If you wish to elect the optional IncomeFlex Select Spousal Benefit, then the Annual Guaranteed Withdrawal Amount availability (minimum age of 55), initial amount, and increases due to subsequent Purchase Payments (4% or 5%), will all be based on the age of the younger of you and your spouse.

**Example – Calculation of Annual Guaranteed Withdrawal Amount – Participant Age 65+** 

---

| | | |
|:---|:---|:---|
| Participant age: | 66 |  |
| Contract Value as of Business Day prior to Lock-In Date: | $80000 |  |
| Highest Birthday Value (HBV): | $100000 |  |
| Roll-Up Value: | $94000 |  |
| Protected Income Base (on Lock-In Date): | $100000 | &nbsp;&nbsp;&nbsp;(greatest of Contract Value, HBV, and Roll-Up Value) |
| Annual Guaranteed Withdrawal Amount: | $5000 | &nbsp;&nbsp;&nbsp;(5% of Protected Income Base) |

---

Future Purchase Payments: For each dollar of future Purchase Payments, the Annual Guaranteed Withdrawal Amount increases $0.05 (or 5% of Purchase Payment). For example, a $1,000 Purchase Payment would increase the Annual Guaranteed Withdrawal Amount by $50, to $5,050.

**Example – Calculation of Annual Guaranteed Withdrawal Amount – Participant Not Age 65** 

---

| | | |
|:---|:---|:---|
| Participant age: | 58 |  |
| Contract Value as of Business Day prior to Lock-In Date: | $80000 |  |
| Highest Birthday Value (HBV): | $100000 |  |
| Roll-Up Value: | $94000 |  |
| Protected Income Base (on Lock-In Date): | $100000 | &nbsp;&nbsp;&nbsp;(greatest of Contract Value, HBV, and Roll-Up Value) |
| Annual Guaranteed Withdrawal Amount: | $4000 | &nbsp;&nbsp;&nbsp;(4% of Protected Income Base) |

---

Future Purchase Payments: For each dollar of future Purchase Payments, Annual Guaranteed Withdrawal Amount increases $0.04 (or 4% of Purchase Payment). For example, a $1,000 Purchase Payment would increase the Annual Guaranteed Withdrawal Amount by $40, to $4,040.

**Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.** 

**INCOMEFLEX SELECT SPOUSAL BENEFIT** 

With the optional IncomeFlex Select Spousal Benefit, the Annual Guaranteed Withdrawal Amount continues to be available until the later death of you and your spouse. You make an irrevocable choice whether or not to elect the Spousal Benefit at the Lock-In Date. The Spousal Benefit extends only to the person you are legally married to on the Lock-In Date. Before you can make this election, you must provide us with due proof of marriage and your spouse's date of birth in a form acceptable to us. You may not add or remove the Spousal Benefit after the Lock-In Date. For more information on the tax treatment of spouses and civil union partners, see Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity I?"

------

Both you and your spouse must attain age 55 to lock in your guaranteed withdrawals with the Spousal Benefit. The age of the younger spouse is used to determine the amount of the Annual Guaranteed Withdrawal Amount. Therefore, the Annual Guaranteed Withdrawal Amount will equal 5% of the Protected Income Base if the younger spouse has attained age 65, or 4% of the Protected Income Base if the younger spouse is under age 65.

There is an additional charge for the Spousal Benefit. This additional charge begins on the Lock-In Date and continues until the last to die of you and your spouse.

The Spousal Benefit requires the same person to be both your spouse and sole Beneficiary of this Contract and the IRA it funds when you elect the benefit and when you die. Once elected, the Spousal Benefit may not be "transferred" to a new spouse due to divorce, your spouse's death or any other reason. The Spousal Benefit is irrevocable and once elected the additional charge will continue to apply until your Contract ends.

After your death, the IncomeFlex Select Spousal Benefit will continue to be paid until the death of your surviving spouse. Effective June 2, 2014, the Annuity was closed to additional Purchase Payments. Prior to that date, you (during your lifetime) and your surviving spouse (after your death) were able to make additional Purchase Payments subject to the Guaranteed Withdrawal Percentage on the Lock-In Date. Any additional Purchase Payments made by you or your surviving spouse would have increased the Annual Guaranteed Withdrawal Amount by the applicable Guaranteed Withdrawal Percentage applied to the additional Purchase Payment.

**Example – Calculation of Annual Guaranteed Withdrawal Amount with Spousal Benefit – Younger Spouse Not Age 65** 

---

| | | |
|:---|:---|:---|
| Participant age: | 66 |  |
| Spouse age: | 64 |  |
| Contract Value as of Business Day prior to Lock-In Date: | $80000 |  |
| Highest Birthday Value (HBV): | $100000 |  |
| Roll-Up Value: | $94000 |  |
| Protected Income Base (Lock-In Date): | $100000 | &nbsp;&nbsp;&nbsp;(greatest of Contract Value, HBV, and Roll-Up) |
| Annual Guaranteed Withdrawal Amount: | $4000 | &nbsp;&nbsp;&nbsp;(4% of Protected Income Base) |

---

Future Purchase Payments: For each dollar of future Purchase Payments, Annual Guaranteed Withdrawal Amount increases $0.04 (or 4% of Purchase Payment). For example, a $1,000 Purchase Payment would increase the Annual Guaranteed Withdrawal Amount by $40, to $4,040.

**Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.** 

**INCOMEFLEX SELECT SPOUSAL BENEFIT – PARTICIPANT DEATH PRIOR TO LOCK-IN DATE (SPOUSAL STEP-IN BENEFIT)** 

If a Participant purchases this Contract and dies before the Lock-In Date, then his or her surviving spouse may continue this Contract and the IncomeFlex Select Benefit to the extent permitted by the Code and subject to the conditions listed below.

If, prior to purchasing this Contract, a Participant died after signing up for the Retirement Plan IncomeFlex Select Benefit and before the Retirement Plan Lock-In Date, then his or her surviving spouse may have continued the IncomeFlex Select Benefit to the extent permitted by the Retirement Plan and the Code. The surviving spouse may roll over assets invested in Eligible Investments to this Contract to the same extent as the Participant, and will receive the same transfer of IncomeFlex guarantees that would have been available to the Participant, including the adjusted Highest Birthday and Roll-Up Values, subject to the conditions listed below.

Continuation of the IncomeFlex Select Benefit under this Contract is subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Participant's Birthday will be used to determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Roll-Up and Highest Birthday Values under this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Withdrawal Period for Annual Guaranteed Withdrawal Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability and amount of Step-Ups.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•At the Lock-In Date, the age of the surviving spouse will be used to determine the availability and amount of the Annual Guaranteed Withdrawal Amount, as well as increases due to subsequent Purchase Payments. Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The charge for the base IncomeFlex Select Benefit will apply until the Lock-In Date. After the Lock-In Date, the additional charge for the Spousal Benefit will apply until the Contract ends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If the surviving spouse remarries, he or she may not extend the Annual Guaranteed Withdrawal Amount for the life of a new spouse.

**WITHDRAWALS UNDER THE INCOMEFLEX SELECT BENEFIT** 

The IncomeFlex Select Benefit guarantees, provided certain conditions are met, your ability to withdraw from the Contract an amount equal to the Annual Guaranteed Withdrawal Amount each Withdrawal Period for your lifetime (or the lifetimes of you and your spouse, if the Spousal Benefit is elected). With the optional Spousal Benefit, the Annual Guaranteed Withdrawal Amount continues to be available until the later death of you and your spouse or civil union partner. You make an irrevocable choice whether or not to elect the Spousal Benefit at the Lock-In Date.

The IncomeFlex Select Benefit does not limit your ability to request withdrawals that exceed the Annual Guaranteed Withdrawal Amount. However, you should carefully consider any withdrawal that negatively affects the Annual Guaranteed Withdrawal Amount given the costs associated with this Benefit.

If, cumulatively, you withdraw an amount less than the Annual Guaranteed Withdrawal Amount in any Withdrawal Period, the unused portion will expire and will not carry-over to subsequent Withdrawal Periods. If your cumulative withdrawals in a Withdrawal Period are less than or equal to the Annual Guaranteed Withdrawal Amount, then the withdrawals will not reduce your Annual Guaranteed Withdrawal Amount in subsequent Withdrawal Periods.

Cumulative withdrawals in a Withdrawal Period that are in excess of the Annual Guaranteed Withdrawal Amount are considered Excess Withdrawals. If you make Excess Withdrawals, then your Annual Guaranteed Withdrawal Amount in subsequent years will be reduced proportionately (except with regard to certain required minimum distributions described below under "Excess Withdrawals – Required Minimum Distributions"). This means your Annual Guaranteed Withdrawal Amount will be reduced by a percentage determined by the ratio of: (a) the amount of the Excess Withdrawal, to (b) the Contract Value immediately prior to such withdrawal (see examples of this calculation below). We will determine whether you have made an Excess Withdrawal at the time of each withdrawal. Therefore, a subsequent increase in the Annual Guaranteed Withdrawal Amount will not offset the effect of an earlier Excess Withdrawal.

**Examples – Impact of Withdrawals on Annual Guaranteed Withdrawal Amount** 

The examples below assume the following (the values set forth are purely hypothetical and do not reflect charges):

---

| | |
|:---|:---|
| Withdrawal Period: | May 6, 2024 through May 3, 2025 |
| Annual Guaranteed Withdrawal Amount: | $10000 |
| Contract Value on June 10, 2024 (date of first withdrawal) | $160000 |
| Contract Value on July 11, 2024 (date of second withdrawal) | $150000 |

---

**Example 1 - Not an Excess Withdrawal (Amounts less than or equal to Annual Guaranteed Withdrawal Amount)** 

If $9,000 is withdrawn on June 10, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Remaining Annual Guaranteed Withdrawal Amount for current Withdrawal Period = $10,000 – $9,000 = $1,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Withdrawal Amount for future Withdrawal Periods remains $10,000

If an additional $1,000 is withdrawn on July 11, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Remaining Annual Guaranteed Withdrawal Amount for current Withdrawal Period = $1,000 – $1,000 = $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods remains $10,000

**Example 2 - An Excess Withdrawal (Amount exceeds Annual Guaranteed Withdrawal Amount)** 

If $9,000 is withdrawn on June 10, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Remaining Annual Guaranteed Withdrawal Amount for current Withdrawal Period = $10,000 – $9,000 = $1,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods remains $10,000

If an additional $11,000 is withdrawn on July 11, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Amount of Excess Withdrawal (withdrawal amount in excess of remaining Annual Guaranteed Withdrawal Amount) = $11,000 – $1,000 = $10,000

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Remaining Annual Guaranteed Withdrawal Amount for current Withdrawal Period = $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contract Value immediately prior to Excess Withdrawal = $150,000 (July 11 Contract Value) – $1,000 (guaranteed portion of July 11 withdrawal) = $149,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Amount of reduction to Annual Guaranteed Withdrawal Amount = Excess Withdrawal ÷ Contract Value before Excess Withdrawal × Annual Withdrawal Amount = ($10,000 ÷ $149,000) × ($10,000) = $671.14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods = $10,000 – $671.14 = $9,328.86

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contract Value immediately after the Excess Withdrawal = $149,000 – $10,000 = $139,000

**EXCESS WITHDRAWALS – REQUIRED MINIMUM DISTRIBUTIONS** 

You may be required to withdraw more than your Annual Guaranteed Withdrawal Amount to satisfy required minimum distribution requirements under the Code ("RMD Requirements"). These withdrawals will not be treated as Excess Withdrawals, subject to the requirements that follow. As of the last Business Day in each calendar year (each the "RMD Calculation Date"), we will determine the amount you would need to take as a withdrawal to comply with the RMD Requirements during the next calendar year (each the "RMD Payment Year"). This determination is based solely on the sum of the Contract Value and the actuarial value of our guarantees under the IncomeFlex Select Benefit on the RMD Calculation Date.

If the required minimum distribution ("RMD") amount determined using these assumptions exceeds the Annual Guaranteed Withdrawal Amount on the RMD Calculation Date, then the difference between such RMD amount and the Annual Guaranteed Withdrawal Amount shall be the "RMD Value." Withdrawals taken in the RMD Payment Year, that would otherwise be Excess Withdrawals, shall be treated as Excess Withdrawals only to the extent they exceed the sum of the Annual Guaranteed Withdrawal Amount and the RMD Value. Any RMD Value remaining at the end of each RMD Payment Year shall expire and not increase the RMD Value in any subsequent RMD Payment Year.

**Example – Treatment of Withdrawals Related to Required Minimum Distributions** 

---

| | |
|:---|:---|
| Withdrawal Period | May 6, 2024 through May 5, 2025 |
| Contract Value on April 11, 2024 | $160000 |
| Contract Value on May 6, 2024 | $146000 |
| Annual Guaranteed Withdrawal Amount | $10000 |
| Required Minimum Distribution Amount | $14,000 (for calendar year 2024) |
| RMD Value | $4,000 (for calendar year 2024) |

---

**Example 1 - Not an Excess Withdrawal (Withdrawal of the Annual Guaranteed Withdrawal Amount plus the RMD Value)** 

If $14,000 is withdrawn on April 11, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$10,000 applied against the Remaining Guaranteed Withdrawal Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$4,000 applied against the RMD Value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contract Value = $160,000 – $14,000 = $146,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods remains $10,000

If an additional $10,000 is withdrawn on May 6, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Remaining Annual Guaranteed Withdrawal Amount for the current year = $10,000 – $10,000 = $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods remains $10,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contract Value = $146,000 – $10,000 = $136,000

**Example 2 - An Excess Withdrawal (Withdrawal of an Amount Greater than the Annual Guaranteed Withdrawal Amount plus the RMD Value)** 

If $20,000 is withdrawn on April 11, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$10,000 applied against the Remaining Guaranteed Withdrawal Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$4,000 applied against the RMD Value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$6,000 counts as an Excess Withdrawal

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reduction of Annual Guaranteed Withdrawal Amount = Excess Withdrawal ÷ Contract Value before Excess Withdrawal × Annual Guaranteed Withdrawal Amount = $6,000 ÷ $146,000 × $10,000 = $410.96

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods = $10,000 – $410.96 = $9,589.04

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contract Value = $160,000 – $20,000 = $140,000

**STEP-UP – INCREASE OF ANNUAL GUARANTEED WITHDRAWAL AMOUNT** 

The Annual Guaranteed Withdrawal Amount may increase if, due to positive market performance, your Step-Up Value is greater than your Annual Guaranteed Withdrawal Amount.

The Step-Up Value is determined annually and equals 5% of your Contract Value on the last Business Day immediately before the Participant's Birthday (4% of Contract Value if you did not attain age 65 on your Lock-In Date, or, if you elected the Spousal Benefit, either you and your spouse did not attain age 65 on your Lock-In Date). If the Step-Up Value is greater than your Annual Guaranteed Withdrawal Amount, then you are eligible to increase your Annual Guaranteed Withdrawal Amount to equal the Step-Up Value.

With each Step-Up, we increase the Annual Guaranteed Withdrawal Amount to be equal to the Step-Up Value. Any increase will be added to your Annual Guaranteed Withdrawal Amount on the day the Step-Up is effective.

The Step-Up will occur automatically unless the charge for the IncomeFlex Select Benefit has increased.

If we have increased the charges for the IncomeFlex Select Benefit, then you must choose whether or not to accept the Step-Up. If you do, then the current higher charges will apply to your entire Contract Value following a Step-Up.

If accepting the Step-Up will increase your IncomeFlex charges, then we will provide you with 90 days notice that you are eligible for the Step-Up and that the Step-Up will increase your charges. Unless you notify us in writing by the end of the 90 day period that you reject the Step-Up, the Step-Up and resulting increase in charges will be considered accepted. Any such increase in IncomeFlex charges would be subject to the maximum charge limit set forth in the "Fee Table." If you reject a Step-Up, your rejection will be effective for that year only. You will be eligible for future Step-Ups beginning with the last Business Day immediately before your next Birthday.

**Example – Step-Up Calculation** 

---

| | | |
|:---|:---|:---|
| Birthday | &nbsp;&nbsp;May 6  | &nbsp;&nbsp;May 6  |
| Annual Guaranteed Withdrawal Amount | $| 4000 |
| Contract Value as of May 6, 2024 | $| 100000 |
| Guaranteed Withdrawal Percentage | 5% | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Step-Up Value = $100,000 × 5% = $5,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Step-Up Value > Annual Guaranteed Withdrawal Amount ($5,000 > $4,000)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods = $5,000

**BENEFITS UNDER THE INCOMEFLEX SELECT BENEFIT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If your Contract Value equals zero and your Annual Guaranteed Withdrawal Amount is greater than zero, we will pay you the Annual Guaranteed Withdrawal Amount in monthly withdrawal payments, unless you request another payment frequency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Effective June 2, 2014, the Annuity was closed to additional Purchase Payments. Prior to that date, when the Contract Value equaled zero, we no longer accepted additional Purchase Payments under the Contract.

**MULTIPLE RETIREMENT PLANS – TRANSFER OF GUARANTEED VALUES** 

If you participate in more than one Retirement Plan and have more than one Retirement Plan IncomeFlex Select Benefit, the guaranteed values associated with the multiple benefits may be rolled over and combined into a single IncomeFlex Select Benefit under this Annuity, as described below. If the IncomeFlex Select Benefits under your Retirement Plans have the same Statuses and elections, the guaranteed values under your Retirement Plans will be transferred and combined into a single contract under an IRA, as described in Example 1 below. For purposes of determining the transfer of guaranteed values from multiple Retirement Plans to the Annuity, your Status is based upon the age and Spousal Benefit election applicable to each Retirement Plan or Contract. If you locked-in your Annual Guaranteed Withdrawal Amount in your Retirement Plan and elected the Retirement Plan Spousal Benefit, the spousal benefit under each Retirement Plan Spousal Benefit must cover the same spouse in order for the guaranteed values to transfer and combine under this Annuity.

------

If your Statuses and elections are not the same between two or more Retirement Plans, you may roll over the guaranteed values associated with one Retirement Plan IncomeFlex Select Benefit. The Contract Value of the assets remaining in the other Retirement Plan(s) may remain in the Retirement Plan with the associated guaranteed values applicable to that plan.

You may roll over funds and establish only one IRA funded by this Annuity. If you have two or more Retirement Plan IncomeFlex Select Benefits, and your Statuses and election differ, you will not be able to combine those Contract Values under this Annuity.

The example below describes how guaranteed values associated with multiple Retirement Plan IncomeFlex Select Benefits may be transferred to this Annuity.

The Guaranteed Withdrawal Percentages used in the examples below are based upon your age or the age of the younger of you and your spouse, if you elect the Spousal Benefit as described in the chart below. Your Withdrawal Percentage at Lock-In will be based on the younger of you or your spouse if the Spousal Benefit is elected. Multiple benefits may be combined and transferred to this Annuity but may only be used to establish one IRA funded by this Annuity.

---

| | |
|:---|:---|
| Age at Lock-In<br>(using age of younger spouse) | Withdrawal Percentage |
| 55-64 | 4.00% |
| 65+ | 5.00% |

---

If you are a resident of New York (as determined on the date you purchased the IFX Select IRA product) and you purchased the IFX Select IRA product on or after January 1, 2024, then the following Guaranteed Withdrawal Percentage schedule applies to you:

Age at Lock-In

(using age of younger spouse) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawal Percentage

55-64 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%

65-69 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%

70-74&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%

75-79 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%

80-84 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35%

85-89&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%

90-94&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.85%

95+&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95%

**Example 1 – Transferring Multiple Retirement Plan Benefits** 

Rolling Over and Combining Retirement Plan IncomeFlex Select Benefits into one Contract

---

| | | | |
|:---|:---|:---|:---|
| **Participant Status & Elections** | **Retirement Plan I** | **Retirement Plan II** | **Values Under <br>this Annuity** |
| Lock-In Date Elected | &nbsp;&nbsp;Yes (age 65) | &nbsp;&nbsp;Yes (age 69) | &nbsp;&nbsp;Yes |
| Spousal Benefit Elected | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| Guaranteed Withdrawal % | &nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;5.00% | &nbsp;&nbsp;&nbsp;5.00% |
| Contract Value | &nbsp;&nbsp;&nbsp;$25000 | &nbsp;&nbsp;&nbsp;$75000 | &nbsp;&nbsp;&nbsp;$100000 |
| Income Base | &nbsp;&nbsp;&nbsp;$30000 | &nbsp;&nbsp;&nbsp;$100000 | &nbsp;&nbsp;&nbsp;$130000 |
| Annual Guaranteed Withdrawal Amount | &nbsp;&nbsp;&nbsp;$1500 | &nbsp;&nbsp;&nbsp;$5000 | &nbsp;&nbsp;&nbsp;$6500 |

---

This example presumes that the Participant locked-in with the Spousal Benefit in both Retirement Plans and elected the same person as the spousal Beneficiary under both. If the spouse identified as the spousal Beneficiary under both Retirement Plan Spousal Benefits had not been the same, the guarantees would not roll over and combine under this Annuity.

------

**OTHER IMPORTANT CONSIDERATIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Withdrawals made while the IncomeFlex Select Benefit is in effect will be treated, for tax purposes, in the same way as any other withdrawals under the Contract. The IncomeFlex Select Benefit does not directly affect the Contract Value or surrender value, but any withdrawal will decrease the Contract Value by the amount of the withdrawal. If you surrender your Contract, you will receive the current Contract Value, not the Protected Income Base or Annual Guaranteed Withdrawal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The IncomeFlex Select Benefit is a standard feature of the Contract that guarantees your ability to withdraw amounts equal to a percentage of a notional income base. The IncomeFlex Select Benefit may not be appropriate for you if you are interested in maximizing the potential for long-term accumulation and tax deferral, rather than taking current withdrawals and ensuring a stream of income for life.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We impose a charge for the IncomeFlex Select Benefit, which you will begin paying as soon as you buy the Contract, even if you do not begin taking withdrawals for many years, or ever. We will not refund the charges you have paid if you choose never to take any withdrawals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You should consider carefully when to begin taking your Annual Guaranteed Withdrawal Amount withdrawals under the IncomeFlex Select Benefit. If you begin taking withdrawals as soon as the benefit allows, you may maximize the time during which you may take withdrawals due to longer life expectancy (although in general, the younger you are, the lower the Guaranteed Withdrawal Percentage that is applied to the Income Base).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Note that withdrawals are taken from your own Contract Value – we are only required to start using our own money to pay you the Annual Guaranteed Withdrawal Amount when and if your Contract Value is reduced to zero (so long as Excess Withdrawals have not reduced your Annual Guaranteed Withdrawal Amount to zero).

**TERMINATION OF THE INCOMEFLEX SELECT BENEFIT AND WAITING PERIOD** 

You may terminate the IncomeFlex Select Benefit by surrendering your Contract. If you terminate the IncomeFlex Select Benefit, any guarantee provided by the benefit will end as of the date the termination is effective.

The IncomeFlex Select Benefit terminates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon your surrender of the Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon your death (or the death of you and your spouse, if the Spousal Benefit was elected);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon a change in ownership of the Contract that changes the tax identification number of the Contract Owner other than in connection with a IncomeFlex Select Spousal Benefit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon your election to begin receiving Annuity Payments.

We cease imposing the charge for the IncomeFlex Select Benefit upon the effective date of the benefit termination for the events described above.

While you may terminate the IncomeFlex Select Benefit at any time, we may not terminate the benefit other than in the circumstances listed above. **However, to the extent permitted by applicable law, we may stop offering the IncomeFlex Select Benefit by refusing new Purchase Payments, or we may increase related charges for new Purchase Payments and Step-Up transactions at any time in the future. Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.** 

Currently, if you terminate the IncomeFlex Select Benefit, you will only be permitted to re-elect the benefit in another of our contracts after 90 calendar days from the date the benefit was last terminated.

------

**SECTION 4: HOW CAN I PURCHASE THE EMPOWER RETIREMENT SECURITY ANNUITY I?** 

**PURCHASE PAYMENTS** 

The initial Purchase Payment is the amount of money you give us to purchase the Contract. You must get our prior approval for any initial Purchase Payment of $1 million or more, unless we are prohibited under applicable state law from insisting on such prior approval. To the extent permitted by law, we reserve the right to cease accepting new Purchase Payments under the Contract at any time. Any decision on our part to cease accepting new Purchase Payments will be done on a non-discriminatory basis. Effective June 2, 2014, the Annuity was closed to additional Purchase Payments. When we accepted them, you were able to make additional Purchase Payments, with some restrictions, of no less than $50 at any time during the Accumulation Phase.

Currently, you must get our prior approval to make maximum aggregate Purchase Payments in excess of $2 million unless we are prohibited under applicable state law from insisting on such prior approval. We limit the maximum total Purchase Payments in any Contract year other than the first to $1 million absent our prior approval. Depending on applicable state law, other limits may apply. This Contract is issued as a nonqualified annuity. In order for it to be used to fund an IRA, the Contract must be issued to a custodial account established as an IRA.

Effective June 2, 2014, we discontinued accepting additional Purchase Payments. However, when we accepted them we reserved the right to suspend them during the 90 day period following an Excess Withdrawal or any withdrawal before the Lock-In Date.

**AGE RESTRICTIONS** 

Absent our prior approval, the following age restrictions apply to purchases of the Contract. As of the Contract Date, you must be (1) age 50 or older, and (2) age 85 or younger.

**ALLOCATION OF PURCHASE PAYMENTS** 

When you purchase a Contract, we will allocate your Purchase Payment among the variable options based on the percentages you choose. The percentage of your allocation to a particular investment option can range in whole percentages from 0% to 100%.

Effective June 2, 2014, the Annuity was closed to additional Purchase Payments. When we allowed them, we allocated an additional Purchase Payment in the same way as your most recent Purchase Payment unless you told us otherwise.

We will allocate your initial Purchase Payment to the Separate Account within two Business Days after we receive the Purchase Payment in Good Order at the Empower Care Center. If it is not received in Good Order, we may either return the Purchase Payment immediately, or retain it, generally for no more than two Business Days, but not to exceed five Business Days, while we try to reach you to obtain the necessary information. If we are unable to do so successfully, we will return the Purchase Payment to you within five Business Days. Once we obtain the required information, we will invest the Purchase Payment and issue the Contract within two Business Days. With respect to your initial Purchase Payment that is pending investment in the Separate Account, we may hold the amount temporarily in a suspense account, and may earn interest on such amount. You will not be credited with interest during that period.

At our discretion, we may give initial Purchase Payments (as well as transfers) received in Good Order by certain broker-dealers prior to the close of a Business Day the same treatment as they would have received had they been received at the same time at the Empower Care Center. Any such arrangements would be governed by the terms and conditions of a written agreement between us and the broker-dealer.

**CALCULATING CONTRACT VALUE** 

The value of your Contract will go up or down depending on the investment performance of the Variable Investment Options. To determine the value of your Contract, we use a unit of measure called an Accumulation Unit. An Accumulation Unit works like a share of a mutual fund.

Every day we determine the value of an Accumulation Unit for the Variable Investment Options. We do this by:

1)Adding up the total amount of money allocated to a specific investment option;

2)Subtracting from that amount, insurance charges and any other applicable charges such as for taxes; and

3)Dividing this amount by the number of outstanding Accumulation Units.

------

When you make a Purchase Payment to a Variable Investment Option, we credit your Contract with Accumulation Units of the Sub-account for the investment options you choose. The number of Accumulation Units credited to your Contract is determined by dividing the amount of the Purchase Payment allocated to an investment option by the Accumulation Unit Value of the Accumulation Unit for that investment option. We calculate the Accumulation Unit Value for the investment option after the New York Stock Exchange closes each day and then credit your Contract.

When you make a withdrawal to a Variable Investment Option, we debit your Contract with Accumulation Units of the Sub-account for the investment options you choose. The number of Accumulation Units debited to your Contract is determined by dividing the amount of the withdrawal allocated to an investment option by the Accumulation Unit Value of the Accumulation Unit for that investment option. We calculate the Accumulation Unit Value for the investment option after the New York Stock Exchange closes each day and then debit your Contract. The value of the Accumulation Units can increase, decrease, or remain the same from day to day.

**Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.** 

------

**SECTION 5: WHAT ARE THE EXPENSES ASSOCIATED WITH THE EMPOWER RETIREMENT SECURITY ANNUITY I?** 

There are charges and other expenses associated with the Contract that reduce the return on your investment. These charges and expenses are described below.

**CHARGES IN GENERAL** 

This section describes the types of charges you may pay while you own this Contract, including the current and maximum allowable charges under the Contract. The current charges may vary by plan, and can be changed. Although a particular current charge can increase or decrease, it can never exceed the maximum charge amount. Additionally, the Company is not prohibited from increasing a charge (up to the maximum charge), simply because a particular charge is currently set at zero.

The charges under the Contracts are designed to cover, in the aggregate, our direct and indirect costs of selling, administering and providing benefits under the Contracts. They are also designed, in the aggregate, to compensate us for the risks of loss we assume pursuant to the Contracts. If, as we expect, the charges that we collect from the Contracts exceed our total costs in connection with the Contracts, we will earn a profit. Otherwise, we will incur a loss. The rates of certain of our charges have been set with reference to estimates of the amount of specific types of expenses or risks that we will incur. In most cases, this prospectus identifies such expenses or risks in the name of the charge; however, the fact that any charge bears the name of, or is designed primarily to defray a particular expense or risk does not mean that the amount we collect from that charge will never be more than the amount of such expense or risk. Nor does it mean that we may not also be compensated for such expense or risk out of any other charges we are permitted to deduct by the terms of the Contract.

**ADMINISTRATIVE EXPENSE** 

We have the right to deduct an administrative expense to cover certain administrative costs, like the cost of printing and mailing your certificate to you and other administrative expenses. We may impose a fee of up to $150 per year for administrative expenses. The current administrative expense is zero. However, we may begin to impose or increase this fee up to $150 at any time, but we have no current intention to do so. The fee will be deducted from the Contract's Variable Investment Option, and if the Contract offers more than one option, then proportionately from each option.

The current administrative expense equals, on an annual basis, the following:

---

| | | |
|:---|:---|:---|
| | **Current** | **Maximum** |
| **Administrative Expense** | $0 | $150 |

---

**BASE CONTRACT EXPENSE** 

In addition to the current administrative expense, we make a daily deduction for the charges associated with the Base Contract Expense. The Base Contract Expense is comprised of two parts: the IncomeFlex Select Benefit (0.95% Current and 1.45% Maximum) and the mortality and expense fee (0% Current and 1.60% Maximum).

The charge for the optional IncomeFlex Select Spousal Benefit is in addition to the charge for the base IncomeFlex Select Benefit. We impose a current annual charge of 0.95% for the base IncomeFlex Select Benefit, which we have the right to increase up to 1.45%, but we have no current intention to do so. If you elect the optional IncomeFlex Select Spousal Benefit, then we impose an additional current annual charge of 0.50%, resulting in the current total annual charge of 1.45%.We have the right to increase the optional IncomeFlex Select Spousal Benefit charge up to 0.60%, but we have no current intention to do so. We will give you written notice before increasing these charges. Any increase in these IncomeFlex charges would apply only to new Purchase Payments and Step-Up transactions after the effective date of the increase. Please see "Step-Up-Increase Of Annual Guaranteed Withdrawal Amount" in Section 3, "What Are The Benefits Available Under The Contract?"

The mortality and expense fee covers our expenses for mortality and expense risk, administration, marketing and distribution. The mortality risk portion of the charge is for assuming the risk that the Annuitant(s) will live longer than expected based on our life expectancy tables. When this happens, we pay a greater number of Annuity Payments. The expense risk portion of the charge is for assuming the risk that the current charges will be insufficient in the future to cover the cost of administering the Contract. The administrative expense portion of the charge compensates us for the expenses associated with the administration of the Contract. This includes preparing and issuing the Contract; establishing and maintaining Contract records; preparation of confirmations and annual reports; personnel costs; legal and accounting fees; filing fees; and systems costs.

------

The IncomeFlex Select Benefit charge compensates us for the risk associated with our promise to pay lifetime income benefits, under the conditions described in this prospectus, even if your Accumulation Unit Value is reduced to zero.

If the charges under the Contract are not sufficient to cover our expenses, then we will bear the loss. We do, however, expect to profit from these charges. Any profits made from these charges may be used by us to pay for the costs of distributing the Contracts.

**TAXES ATTRIBUTABLE TO PREMIUM** 

There may be federal, state and local premium based taxes applicable to your Purchase Payment. We are responsible for the payment of these taxes and may make a deduction from the value of the Contract to pay some or all of these taxes. It is our current practice not to deduct a charge for the federal tax associated with deferred acquisition costs paid by us that are based on premium received. However, we reserve the right to charge the Contract Owner in the future for any such tax associated with deferred acquisition costs and any federal, state or local income, excise, business or any other type of tax measured by the amount of premium received by us.

**TRANSFER FEE** 

You can make up to 12 free transfers every Contract year. We measure a Contract year from the date we issue your Contract (Contract Date). If you make more than 12 transfers in a Contract year, we may deduct a transfer fee of up to a maximum of $30 per transfer. Currently, we waive this fee. If we begin to impose this fee, we will deduct the transfer fee pro-rata from the investment options from which the transfer is made.

**COMPANY TAXES** 

In calculating our corporate income tax liability, we may derive certain corporate income tax benefits associated with the investment of company assets, including Separate Account assets, which are treated as company assets under applicable income tax law. These benefits reduce our overall corporate income tax liability. Under current law, such benefits include foreign tax credits and corporate dividend received deductions. We do not pass these tax benefits through to holders of the Separate Account Annuity Contracts because (i) the Contract Owners are not the owners of the assets generating these benefits under applicable income tax law and (ii) as described above, we do not currently include company income taxes in the tax charges you pay under the Contract. We reserve the right to change these tax practices.

**UNDERLYING MUTUAL FUND FEES** 

When you allocate a Purchase Payment or a transfer to the Variable Investment Options, we in turn invest in shares of a corresponding underlying mutual fund. Those funds charge fees and incur operating expenses that are in addition to the Contract-related fees described in this section. The current maximum operating expense of 1.18% is the expense for the AST Multi-Asset Diversified Plus Portfolio formerly known as AST Academic Strategies Asset Allocation Portfolio, however, the Sub-Account investing in this portfolio is closed to new investments. If this portfolio's expenses were not reflected, then the current maximum operating expense would be 0.98%.

For certain funds, expenses may be reduced pursuant to expense waivers and comparable arrangements. In general, these expense waivers and comparable arrangements are not guaranteed, and may be terminated at any time.

For additional information about these fund fees, please consult the prospectus for each fund.

------

**SECTION 6: HOW CAN I ACCESS MY MONEY?** 

You can access your money by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Making a withdrawal (either partial or complete); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Choosing to receive Annuity Payments during the Annuity Phase (annuitization). Please see Section 8, "What Kind Of Payments Will I Receive During The Annuity Phase? (Annuitization)"

**WITHDRAWALS DURING THE ACCUMULATION PHASE** 

When you make a full withdrawal, you will receive the value of your Contract minus any applicable fees. We will calculate the value of your Contract and charges, if any, as of the date we receive your request in Good Order at the Empower Care Center. All withdrawals, including ones made after you have locked in your IncomeFlex Select Benefit reduce your Contract Value. For information on how withdrawals impact your IncomeFlex Select Benefit, please see Section 3, "What Are The Benefits Available Under The Contract?"

Participants may request withdrawal requests through Empower's website, www.empower.com. In addition Participants may make withdrawal requests toll-free at (855) 756-4738 during our normal business hours, Monday - Friday between 7 a.m. - 9 p.m. Central Time, and Saturdays between 8 a.m - 4:30 p.m. Central Time, excluding holidays and days on which the New York Stock Exchange or Empower is closed for business (including emergency closings).

Participants may also complete a paper form to provide to Empower when requesting a distribution or loan, should the plan allow. Participants can obtain the paper form by calling (855) 756-4738. Participants can then send the completed form to the following address or fax it to (866) 633-5212: 8515 East Orchard Road, Greenwood Village, CO 80111. All requests will be processed on the Business Day they are received in Good Order.

Unless you specify otherwise, in writing, any partial withdrawal will be made proportionately from all of the Variable Investment Options you have selected. The minimum amount that may be withdrawn is $250 or, if less the Contract Value. We currently waive this minimum. We may begin to impose this minimum at any time in the future. We will generally pay the withdrawal amount, less any required tax withholding, within seven days after we receive a withdrawal request in Good Order.

**Income taxes, tax penalties and certain restrictions also may apply to any withdrawal you make. For a more complete explanation, see Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity I?"** 

**AUTOMATED WITHDRAWALS** 

We offer an automated withdrawal feature. This feature enables you to receive periodic withdrawals in monthly, quarterly, semiannual or annual intervals. We will price your withdrawals received in Good Order at the end of the Business Day at the intervals you specify. We will continue at these intervals until you tell us otherwise. You can make withdrawals from any designated investment option or proportionally from all investment options. The minimum automated withdrawal amount you can make generally is $250. We currently waive this minimum. We may begin to impose this minimum at any time in the future.

**Income taxes, tax penalties and certain restrictions may apply to automated withdrawals. For a more complete explanation, see Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity I?"** 

**SUSPENSION OF PAYMENTS OR TRANSFERS** 

The Securities and Exchange Commission (SEC) may require us to suspend or postpone payments made in connection with withdrawals or transfers for any period when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The New York Stock Exchange is closed (other than customary weekend and holiday closings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Trading on the New York Stock Exchange is restricted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An emergency exists, as determined by the SEC, during which sales and redemptions of shares of the underlying mutual funds are not feasible or we cannot reasonably value the Accumulation Units; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The SEC, by order, permits suspension or postponement of payments for the protection of Owners.

------

**SECTION 7: WHAT INVESTMENT OPTIONS CAN I CHOOSE?** 

The Contract gives you the choice of allocating your Purchase Payments to any of three Variable Investment Options. The Variable Investment Options invest in selected portfolios of the Advanced Series Trust, which is a mutual fund. The Advanced Series Trust sells shares to both variable annuity and variable life insurance separate accounts of different insurance companies, which could create the kinds of conflicts that are described in more detail in the current prospectus for the underlying mutual fund. The current prospectuses for the Advanced Series Trust portfolios available in your Contract also contain important information about each of the underlying mutual funds in which your Variable Investment Options invest. There are deductions from and expenses paid out of the assets of the portfolios that are described in the prospectuses for these portfolios.

The Variable Investment Options that you select, among those that are permitted, are your choice. We do not provide investment advice, nor do we recommend any particular Variable Investment Option. Please consult with a qualified investment professional if you wish to obtain investment advice. You bear the investment risk for amounts allocated to the Variable Investment Options.

The Contract includes the AST Multi-Asset Diversified Plus Portfolio, AST Balanced Asset Allocation Portfolio, AST Aggressive Asset Allocation Portfolio, and AST Preservation Asset Allocation Portfolio, of the Advanced Series Trust ("AST"), as Variable Investment Options. Those Variable Investment Options are included in other variable annuity contracts offering certain optional living benefits that utilize a predetermined mathematical formula (the "formula") to manage the guarantees offered in connection with those optional benefits. The formula monitors each contract owner's account value daily and, if necessary, will systematically transfer amounts among investment options. **You should be aware that the operation of the formula in those other variable annuity contracts may result in large-scale asset flows into and out of the underlying AST portfolios that are available with your Contract. These asset flows could adversely impact the underlying AST portfolios, including their risk profile, expenses and performance.** Because transfers to and from the Sub-accounts can be frequent and the amount transferred can vary from day to day, any of the underlying AST portfolios in the Contract could experience the following effects, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)a portfolio's investment performance could be adversely affected by requiring a sub-adviser to purchase and sell securities at inopportune times or by otherwise limiting the sub-adviser's ability to fully implement the portfolio's investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the sub-adviser may be required to hold a larger portion of assets in highly liquid securities than it otherwise would hold, which could adversely affect performance if the highly liquid securities underperform other securities (e.g., equities) that otherwise would have been held; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a portfolio may experience higher turnover than it would have experienced without the formula, which could result in higher operating expense ratios and higher transaction costs for the portfolio compared to other similar funds.

The efficient operation of the asset flows among AST portfolios triggered by the formula depends on active and liquid markets. If market liquidity is strained, the asset flows may not operate as intended. For example, it is possible that illiquid markets or other market stress could cause delays in the transfer of cash from one portfolio to another portfolio, which in turn could adversely impact performance.

Before you allocate to any of the AST portfolios available under the Contract, you should consider the potential effects on the portfolios that are the result of the operation of the formula in the variable annuity contracts that are unrelated to this Contract.

When you invest in a Variable Investment Option funded by a mutual fund, you should read the mutual fund prospectus and keep it for future reference. For additional copies of the current underlying fund prospectuses please call (855) 756-4738 or write us at Empower Care Center, 8515 East Orchard Road, Greenwood Village, CO 80111.

**Effective June 2, 2014, the Annuity was closed to additional Purchase Payments.** 

**VARIABLE INVESTMENT OPTIONS** 

Each Variable Investment Option is a Sub-account that invests exclusively in a single portfolio. Please refer to "Appendix A: Portfolios Available Under The Contract" later in this prospectus for certain information regarding each portfolio, including (i) its name, (ii) its type (e.g. money market fund, bond fund, balanced fund, etc.) or a brief statement concerning its investment objectives, (iii) its investment adviser and any sub-adviser, (iv) current expenses and (v) performance. There is no guarantee that any portfolio will meet its investment objective. Each portfolio has issued a prospectus that contains more detailed information about the portfolio. The prospectuses for the portfolios can be requested by writing us at Empower Care Center, 8515 East Orchard Road, Greenwood Village, CO 80111. You can also request this information at no cost by calling (855) 756-4738.

------

This Contract offers only portfolios co-managed by AST Investment Services, Inc. and PGIM Investments LLC. Empower receives fees and payments from the portfolios. Empower has selected the portfolios for inclusion as investment options under this Contract in Empower's role as the issuer of this Contract, and Empower does not provide investment advice or recommend any particular portfolio.

A fund or portfolio may have a similar name or an investment objective and investment policies resembling those of a mutual fund managed by the same investment adviser that is sold directly to the public. Despite such similarities, there can be no assurance that the investment performance of any such fund or portfolio will resemble that of the publicly available mutual fund.

**PAYMENTS MADE TO EMPOWER** 

Respecting this Contract, Empower has entered into an agreement with the underlying portfolios and/or the investment advisers to the underlying portfolios, to provide administrative and support services to the portfolios. Pursuant to the terms of this agreement, Empower receives a total fee of up to 0.07% annually of the average assets allocated to the portfolios under the Contract, as compensation for providing those services. These agreements, including the fees paid and services provided, can vary for each underlying mutual fund whose portfolios are offered as Sub-accounts. We may profit from these payments. The funds for these payments come from, in whole or in part, the assets of the portfolio itself and/or the assets of the portfolio's investment adviser. The existence of these payments tends to increase the overall cost of investing in the underlying portfolios. Through your indirect investment in the underlying portfolios, you indirectly bear the costs of these fees (see underlying funds' prospectuses for more information).

As noted previously in the Annual Portfolio Company Expenses table, we also receive Rule 12b-1 fees from some underlying portfolios which compensate, Empower Financial Services, Inc., for distribution and administrative services (including record keeping services and the mailing of prospectuses and reports to Contract Owners invested in the underlying portfolios). These fees are paid by the underlying portfolio out of each underlying portfolio's assets and are therefore borne by Contract Owners.

In addition, the investment adviser, sub-adviser or distributor of the underlying portfolios may also compensate us by providing reimbursement or paying directly for, among other things, marketing and/or administrative services and/or other services they provide in connection with variable annuity contracts. These services may include, but are not limited to: co-sponsoring various meetings and seminars attended by broker-dealer firms' registered representatives, plan sponsors and participants, and creating marketing material discussing variable annuity contracts and the available options. The amounts paid depend on the nature of the meetings, the number of meetings attended by the adviser, sub-adviser, or distributor, the number of participants and attendees at the meetings, the costs expected to be incurred, and the level of the adviser's, sub-adviser's or distributor's participation. These payments or reimbursements may not be offered by all advisers, sub-advisers, or distributors, and the amounts of such payments may vary between and among each adviser, sub-adviser, and distributor depending on their respective participation.

**TRANSFERS AMONG OPTIONS** 

Subject to certain restrictions, you can transfer money among the Variable Investment Options. All transfers are subject to the terms and conditions set forth in this prospectus and the prospectus for each underlying portfolio. A transfer of money among the Variable Investment Options is not considered an additional Purchase Payment. The minimum transfer amount is the lesser of $250 or the total amount in the investment option from which the transfer is to be made. Currently, we waive this minimum transfer amount. We have the right to begin imposing this minimum transfer amount for any future transfers.

In general, your transfer request may be made by telephone, electronically, or otherwise in paper form to the Empower Care Center. We have procedures in place to confirm that instructions received by telephone or electronically are genuine. We will not be liable for following telephone or electronic instructions that we reasonably believe to be genuine. Your transfer request will take effect at the end of the Business Day on which it was received in Good Order by us, or by certain entities that we have specifically designated. Good Order includes receipt of all necessary information to ensure the transfer is permitted under and in compliance with the applicable retirement arrangement. Transfer requests that are not in Good Order will be valued on the Business Day that Good Order is determined. Transfer requests received after the close of the Business Day will take effect at the end of the next Business Day.

During the Contract Accumulation Phase, you can make up to 12 transfers each Contract year, among the investment options, without charge. If you make more than 12 transfers in one Contract year, you may be charged up to $30 for each additional transfer. For purposes of the 12 free transfers per year that we allow, we will treat multiple transfers that are submitted on the same Business Day as a single transfer. Currently, we waive this transfer charge. We have the right to begin imposing this charge for any future transfers.

**REDEMPTION FEES AND ABUSIVE TRADING PRACTICES** 

------

The practice of making frequent transfers among Variable Investment Options in response to short-term fluctuations in markets, sometimes called "market timing" or "excessive trading," can make it very difficult for a portfolio manager to manage an underlying portfolio investment . Frequent transfers may cause the fund to hold more cash than otherwise necessary, disrupt management strategies, increase transaction costs or affect performance. For these reasons, the Contract was not designed for persons who make programmed, large or frequent transfers.

We consider "market timing" or "excessive trading" to be one or more trades into and out of (or out of and into) the same Variable Investment Option within a rolling 30 day period. Automatic or system-driven transactions, such as contributions or loan repayments by payroll deduction, regularly scheduled or periodic distributions, or periodic rebalancing through an automatic rebalancing program do not constitute prohibited excessive trading and will not be subject to these criteria.

In light of the risks posed by "market timing" or "excessive trading", we monitor transactions in an effort to identify such trading practices. We reserve the right to limit the number of your transfers in any year, and to take the other actions discussed below. We also reserve the right to refuse any transfer request if: (a) we believe that market timing (as we define it) has occurred; or (b) we are informed by an underlying portfolio that transfers in its shares must be restricted under its policies and procedures concerning excessive trading.

The ability of Empower to monitor for frequent trading is limited for Contracts under which Empower does not provide the Participant record keeping. In those cases, another entity maintains the individual records and submits to Empower only aggregate orders combining the transactions of many Participants. Therefore, Empower may be unable to monitor investments by individual investors. Under SEC rules, an underlying fund may ask us to identify third party administrators that hold individual Participant records and we are obligated to use our best efforts to identify whether or not the third party administrator is deemed an indirect intermediary.

In furtherance of our general authority to restrict transfers as described above, and without limiting other actions we may take in the future, we have adopted the following specific procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Warning</u>. Upon identification of activity that meets the market-timing criteria. Empower will warn you at the time of trade. If applicable, the plan will be notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Restriction</u>. A second incidence of activity meeting the market timing criteria will trigger a trade restriction, prohibiting you from investing in the Variable Investment Option for thirty (30) days. We reserve the right to extend the trade restriction incrementally if the behavior recurs during the six-month period immediately following the initial restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Action by an Underlying Fund</u>. A portfolio may have adopted its own policies and procedures with respect to excessive trading, and we reserve the right to enforce these policies and procedures. The prospectus for the portfolio describes any such policies and procedures. Under federal securities regulations, we are required to: (1) enter into a written agreement with each portfolio or its principal underwriter that obligates us to provide to the portfolio promptly upon request certain information about the trading activity of individual investors, and (2) execute instructions from the portfolio to restrict or prohibit further purchases or transfers by specific investors who violate the excessive trading policies established by the portfolio. We reserve the right to impose any such restriction at the fund level, and all Participants under a particular Contract would be impacted. In addition, you should be aware that some portfolios may receive "omnibus" purchase and redemption orders from other insurance companies or intermediaries such as retirement plans. The omnibus orders reflect the aggregation and netting of multiple orders from individual owners of variable insurance contracts and/or individual retirement plan participants. The omnibus nature of these orders may limit the portfolios in their ability to apply their excessive trading policies and procedures. In addition, the other insurance companies and/or retirement plans may have different policies and procedures or may not have any such policies and procedures because of contractual limitations. For these reasons, we cannot guarantee that the portfolios (and thus investors) will not be harmed by transfer activity relating to other insurance companies and/or retirement plans that may invest in the portfolios. Please refer to each underlying portfolio's fund prospectus for more information on their market timing and excessive trading policies.

A portfolio also may assess a short-term trading fee in connection with a transfer out of the Variable Investment Option investing in that portfolio that occurs within a certain number of days following the date of allocation to the Variable Investment Option. Each portfolio determines the amount of the short term trading fee and when the fee is imposed. The fee is retained by or paid to the portfolio and is not retained by us. The fee will be deducted from your Contract Value.

Although our transfer restrictions are designed to prevent excessive transfers, they are not capable of preventing every potential occurrence of excessive transfer activity.

**SCHEDULED TRANSACTIONS** 

------

Scheduled transactions include systematic withdrawals, systematic investments, required minimum distributions, substantially equal periodic payments under Section 72(t) of the Code and Annuity Payments. Generally, scheduled transactions in Good Order are valued as of the date they are scheduled, unless the scheduled day is not a Business Day. In that case, the transaction will be valued on the next Business Day, unless (with respect to required minimum distributions, substantially equal periodic payments under Section 72(t) of the Code, and Annuity Payments only), the next Business Day falls in the subsequent calendar year, in which case the transaction will be valued on the prior Business Day.

**VOTING RIGHTS** 

As stated above, all of the assets held in the Sub-accounts of the Separate Account are invested in shares of the corresponding portfolios. Empower is the legal owner of those shares. As such, Empower has the right to vote on any matter voted on at any shareholders meetings of the portfolios. However, as required by law, Empower votes the shares of the portfolios at any regular and special shareholders meetings the portfolios are required to hold in accordance with voting instructions received from investors. For purposes of voting rights, the investor is the person for whom the IRA was established.

The funds may not hold annual shareholders meetings when not required to do so under the laws of the state of their incorporation or the Investment Company Act of 1940. Fund shares for which no timely instructions from investors are received, and any shares owned directly or indirectly by Empower, are voted in the same proportion as shares in the respective portfolio for which instructions are received. This voting procedure is sometimes referred to as "mirror voting" because, as indicated in the immediately preceding sentence, we mirror the votes that are actually cast, rather than decide on our own how to vote. In addition, because all the shares of a given mutual fund portfolio held within the Separate Account are legally owned by us, we intend to vote all of such shares when that underlying portfolio seeks a vote of its shareholders. As such, all such shares will be counted towards whether there is a quorum at the underlying portfolio's shareholder meeting and towards the ultimate outcome of the vote. Thus, under "mirror voting," it is possible that the votes of a small percentage of investors who actually vote will determine the ultimate outcome. Should the applicable federal securities laws or regulations, or their current interpretation, change so as to permit Empower to vote shares of the portfolios in its own right, it may elect to do so.

Generally, investors may give voting instructions on matters that would be changes in fundamental policies and any matter requiring a vote of the shareholders of the portfolios. With respect to approval of the investment advisory agreement or any change in a portfolio's fundamental investment policy, investors participating in such portfolios will vote separately on the matter, as required by applicable securities laws.

The number of portfolio shares for which an investor may give instructions is determined by dividing the portion of the value of the Separate Account derived from participation in a Sub-account, by the value of one share in the corresponding portfolio of the applicable fund. The number of votes for which the investor may give us instructions is determined as of the record date chosen by the Board of the applicable fund. We furnish the investor with proper forms and proxies to enable the investor to give these instructions. We reserve the right to modify the manner in which the weight to be given to voting instructions is calculated where such a change is necessary to comply with current federal regulations or interpretations of those regulations.

Empower may, if required by state insurance regulations, disregard voting instructions if such instructions would require shares to be voted so as to cause a change in the sub-classification or investment objectives of one or more of the funds' portfolios, or to approve or disapprove an investment advisory contract for a portfolio. If we do disregard voting instructions, we will advise of that action and our reasons for such action in the next annual or semi-annual report.

**SUBSTITUTION** 

We may substitute one or more of the underlying mutual funds used by the Variable Investment Options. We would not do this without the approval of the SEC and any necessary state insurance departments. Moreover, any such substituted fund will have substantially similar investment objectives to those of the applicable AST portfolio. You will be given specific notice in advance of any substitution we intend to make. We may also cease to allow investments in existing funds.

**REPORTS TO YOU** 

We will send you, at least annually, reports showing as of a specified date the amounts credited to you in the Sub-accounts of the EAIC Variable Contract Account A. We will also send annual and semi-annual reports for the applicable underlying portfolios.

------

**SECTION 8: WHAT KIND OF PAYMENTS WILL I RECEIVE DURING THE ANNUITY PHASE? (ANNUITIZATION)** 

**PAYMENT PROVISIONS** 

If you so choose, you may annuitize some or all of your Adjusted Contract Value and can begin taking Annuity Payments, any time after the first Contract anniversary. We make the income plans described below available at any time before the Annuity Date. Annuity Options under the Contract define the frequency and duration of Annuity Payments. During the Annuity Phase, all of the Annuity Options under this Contract are fixed Annuity Options. This means that your participation in the Variable Investment Options ends on the Annuity Date. Generally, once the Annuity Payments begin, the Annuity Option cannot be changed and you cannot make withdrawals or surrender the Contract. We reserve the right to change the following annuity options in the future.

IN ADDITION TO THE ANNUITY OPTIONS DISCUSSED IN THIS SECTION, PLEASE NOTE THAT THE INCOMEFLEX SELECT BENEFIT OFFERS GUARANTEED INCOME IN THE FORM OF GUARANTEED WITHDRAWALS. THIS SECTION DOES NOT DESCRIBE THE INCOMEFLEX SELECT BENEFIT, WHICH IS NOT AN ANNUITY OPTION. PLEASE SEE SECTION 3, "WHAT ARE THE BENEFITS AVAILABLE UNDER THE CONTRACT?" OF THIS PROSPECTUS FOR ADDITIONAL INFORMATION ABOUT THE INCOMEFLEX SELECT BENEFIT.

Option 1: Annuity Payments For A Period Certain

Under this option, we will make equal payments for the period chosen, up to 25 years (but not to exceed life expectancy). We will make the Annuity Payments monthly, or if You choose, quarterly, semiannually, or annually, for the period certain. If the Annuitant dies during the Annuity Phase, payments will continue to the Beneficiary for the remainder of the period certain.

Option 2: Life Income Annuity Option With 10 Years Period Certain

Under this option, we will make Annuity Payments monthly, quarterly, semiannually, or annually as long as the Annuitant is alive. If the Annuitant dies before we have made 10 years' worth of payments, we will continue to pay the Beneficiary the remaining payments of the 10 year period.

Other Annuity Options

We currently offer a variety of other Annuity Options not described above. At the time Annuity Payments are chosen, we may make available to you any of the fixed Annuity Options that are offered at your Annuity Date.

**TAX CONSIDERATIONS** 

Your Contract will be held in a custodial account established as an IRA eligible for favorable tax treatment under the Code. Therefore, you should consider the required minimum distribution provisions of the Code when selecting your Annuity Option.

**HOW WE DETERMINE ANNUITY PAYMENTS** 

Generally speaking, the Annuity Phase of the Contract involves our distributing to you in increments the value that you have accumulated. We make these incremental payments either over a specified time period (e.g., 15 years) (period certain annuities) or for the duration of the life of the Annuitant (and possibly co-annuitant) (life annuities). Certain assumptions are common to both period certain and life annuities. In each type, we assume that the value you apply at the outset toward your Annuity Payments earns interest throughout the payout period. If our current annuity purchase rates on the Annuity Date are more favorable to you than the guaranteed rates stated below, we will make payments based on those more favorable rates.

Assumptions that we use for period certain and life annuities differ, as detailed in the following overview:

**Period Certain Annuities** 

Generally speaking, in determining the amount of each Annuity Payment under a period certain annuity, we start with the Adjusted Contract Value and add interest assumed to be earned over the period certain. Using the interest in effect, we determine the benefit that can be supported during the guaranteed period such that the present value of the benefit payments equals the accumulated account balance. The life expectancy of the Annuitant and co-annuitant are relevant to this calculation only in that we will not allow you to select a period certain that exceeds life expectancy.

**Life Annuities** 

------

More variables affect our calculation of life Annuity Payments. Most importantly, we make several assumptions about the Annuitant's or co-annuitant's life expectancy. As stated above, we will pay you the more favorable benefit between that determined by applying current assumptions and that determined by applying minimum guarantee assumptions, which is referred to as the guaranteed annuity benefit.

Below are the minimum guarantee assumptions, subject to the requirements of state insurance law, that we use to determine the guaranteed annuity benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•2% Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•8.25% Factor (A percentage if applied to the annuitized account balance would reflect an amount that may cover the expected cost to the Company for administering the payments.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•1950 Male Group Annuity Valuation Table, with age setback of 4.8 years plus one-fifth of the number of years from 1895 to the Annuitant's year of birth

In addition, certain states may require the use of assumptions that produce a more favorable benefit. When these requirements apply, the more favorable benefit will be paid.

------

**SECTION 9: WHAT ARE THE TAX CONSIDERATIONS ASSOCIATED WITH THE EMPOWER RETIREMENT SECURITY ANNUITY I?** 

The following discussion is general in nature and describes only federal income tax law (not state or other tax laws). It is based on current law and interpretations, which may change. It is not intended as tax advice. You should consult a qualified tax adviser for complete information and advice. The discussion includes a description of certain spousal rights under the Contract and under tax-qualified plans.

This Contract will be purchased by a custodial IRA, which can hold other permissible assets other than the Contract. This Contract is currently not available for Roth IRA or other tax favored plans. The terms and administration of the trust or custodial account in accordance with the laws and regulations are the responsibility of the applicable trustee or custodian.

**CONTRACTS HELD BY TAX FAVORED PLANS** 

The following discussion covers annuity contracts held under tax favored Retirement Plans.

Currently, the Contract will be purchased for use in connection with IRAs, which are subject to Section 408(a) of the Code. This Contract is issued as a nonqualified annuity. In order for it to be used for an IRA, the Contract must be issued to a custodial account established as an IRA. This description assumes that you have satisfied the requirements for eligibility for these accounts.

You should be aware that tax favored plans such as IRAs generally provide Tax Deferral regardless of whether they invest in annuity contracts. This means that when a tax favored plan invests in an annuity contract, it generally does not result in any additional Tax Deferral benefits.

*IRAs.* When you purchase this Contract for use in an IRA, we will provide you with a copy of the prospectus and Contract. If the IRA is being established at the same time you purchase the Contract, an "IRA Disclosure Statement," containing information about eligibility, contribution limits, tax particulars, and other IRA information will be delivered to you separately. In addition to this information (some of which is summarized below), the Code requires that you have a "revocation period" of seven days following receipt of the IRA Disclosure Statement to cancel the IRA funded by the Contract and receive a refund equal to the amount of your Purchase Payments. The revocation period runs concurrent with any free look period required by State law. During this "revocation period," you can cancel the Contract by notifying us in writing, and you will receive a refund equal to the greater of your Purchase Payments or the Contract Value (as of the date you surrendered your Contract), less any applicable federal and state income tax withholding. After the revocation period ends, you may still cancel the Contract during the remaining free look period. See "Short Term Cancellation Right or 'Free Look'" in Section 1, "What Is The Empower Retirement Security Annuity I?" Please note this does not apply if you are not establishing an IRA at the same time you purchase the Contract.

*Contribution Limits/Rollovers.* Because of the way the Contract is designed, you may only purchase a Contract for an IRA in connection with a "rollover" of amounts from a qualified Retirement Plan (see cover page of prospectus). For 2026 the limit is $7,500. The contribution amount is indexed for inflation. The tax law also provides for a catch-up provision for individuals who are age 50 and above, allowing these individuals an additional $1,100 contribution each year. Under this Contract, no additional contributions are permitted.

The "rollover" rules under the Code are fairly technical; however, an individual (or his or her surviving spouse) may generally "roll over" certain distributions from tax favored Retirement Plans (either directly or within 60 days from the date of these distributions) if he or she meets the requirements for distribution. If you terminated employment and had an outstanding loan from your employer plan, any outstanding loan balance not paid back under plan rules after termination of employment becomes taxable in the year of default. Under the Tax Cuts and Jobs Act, for defaults related to termination of employment after 2017, an individual has until the due date of that year's return (including extensions) to roll over the outstanding loan amount to an IRA or qualified employer plan.

Non-spouse beneficiaries can also roll over distributions from a tax favored Retirement Plan into an inherited IRA. Currently this Contract is not available to fund inherited IRAs. An individual can only make an IRA to IRA rollover if the individual has not made a rollover involving any IRAs owned by the individual in the prior 12 months. An IRA transfer is a tax-free trustee-to-trustee "transfer" from one IRA account to another. IRA transfers are not subject to this 12 month rule.

*Late Rollover Self-Certification.* You may be able to apply a rollover contribution to your IRA or qualified retirement plan after the 60 day deadline through a self-certification procedure established by the IRS. Please consult your tax or legal adviser regarding your eligibility to use this self-certification procedure. As indicated in this IRS guidance, we, as a financial institution, are not required to accept your self-certification for waiver of the 60 day deadline.

------

*Distributions.* Usually, the full amount of any distribution from an IRA (including a distribution from this Contract) which is not a rollover is taxable. As taxable income, these distributions are subject to the general income tax withholding rules described earlier. In addition to this normal tax liability, you may also be liable for the following, depending on your actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A 10% early withdrawal additional tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Liability for "prohibited transactions" if you, for example, borrow against the value of an IRA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Failure to take a minimum distribution.

Cost basis for a tax-favored retirement plan is provided only in limited circumstances, such as for nondeductible contributions to a traditional IRA. We do not track cost basis for IRAs, which is the responsibility of the Owner.

**REQUIRED MINIMUM DISTRIBUTION PROVISIONS AND PAYMENT OPTION** 

When you hold the Contract under an IRA (or other tax favored plan), IRS required minimum distribution provisions must be satisfied. This means that generally payments must start by April 1 of the year after the year you reach age 72 (or age 73 shall apply to distributions required to be made after December 31, 2022 for individuals who attain age 72 after such date) and must be made for each year thereafter. The amount of the payment from the IRA must at least equal the minimum required under the IRS rules. Several choices are available for calculating the minimum amount. More information on the mechanics of this calculation is available on request. Please contact us a reasonable time before the IRS deadline so that a timely distribution is made. Please note that there is a 50% tax penalty on the amount of any minimum distribution not made in a timely manner.

To determine the amount of any required minimum distributions the value of the Contract will be calculated based on the sum of the Contract Value and the actuarial value of any additional Death Benefits and benefits under the Contract. As a result, if amounts are distributed from the Contract to satisfy the required minimum distribution rules, the amount distributed may be larger than if the calculation were based on the Contract Value only, which may in turn result in an earlier (but not before the required beginning date) distribution of amounts under the Contract and an increased amount of taxable income distributed to the Contract Owner, and a reduction of Death Benefits and the benefits of the IncomeFlex Select Benefit.

You can use the minimum distribution option to satisfy the IRS required minimum distribution rules for this Contract without either beginning Annuity Payments or surrendering the Contract. We will distribute to you this required minimum distribution amount, less any other partial withdrawals that you made during the year. Although the IRS rules determine the required amount to be distributed from your IRA each year, certain payment alternatives are still available to you. If you own more than one IRA, you can choose to satisfy your minimum distribution requirement for each of your IRAs by withdrawing that amount from any of your IRAs. Similarly, if the IRA that includes the Contract has other investments, you can choose to satisfy your minimum distribution requirement from those investments.

**CHARITABLE IRA DISTRIBUTIONS**

Certain qualified IRA distributions used for charitable purposes are eligible for an exclusion from gross income, up to $100,000, for otherwise taxable IRA distributions from a traditional or Roth IRA. A one-time election of up to $50,000 for qualified charitable distributions to certain split-interest entities is also permitted. These amounts will be indexed for inflation for taxable years beginning after 2023. A qualified charitable distribution is a distribution that is made (1) directly by the IRA trustee to certain qualified charitable organizations and (2) on or after the date the IRA owner attains age 70 ½. Distributions that are excluded from income under this provision are not taken into account in determining the individual's deductions, if any, for charitable contributions. Effective 2020, the amount of your qualified charitable distributions that are excluded from income for a tax year is reduced (but not below zero) by the excess of: (1) the total amount of your IRA deductions allowed for all tax years ending on or after the date you attain age 70 ½; over (2) the total amount of reductions for all tax years preceding the current tax year.

The IRS has indicated that an IRA trustee is not responsible for determining whether a distribution to a charity is one that satisfies the requirements of the charitable giving incentive. Consistent with the applicable IRS instructions, we report these distributions as normal IRA distributions on Form 1099-R. Individuals are responsible for reflecting the distributions as charitable IRA distributions on their personal tax returns.

**REQUIRED DISTRIBUTIONS UPON YOUR DEATH FOR QUALIFIED ANNUITY CONTRACTS**

Upon your death under an IRA, Roth IRA, 403(b) or other employer sponsored plan, any remaining interest must be distributed in accordance with federal income tax requirements. For an employee, IRA owner, or beneficiary who died prior to January 1, 2020, please consult your tax adviser regarding the applicable post-death distribution requirements.

------

The information provided below applies to an employee, IRA owner, or beneficiary who died after January 1, 2020. In addition, if you are an employee under a governmental plan, such as a section 403(b) plan of a public school or a governmental 457(b) plan, this new law applies if you die after 2021. In addition, if your plan is maintained pursuant to one or more collective bargaining agreements, this new law generally applies if you die after 2021 (unless the collective bargaining agreements terminate earlier).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *D*eath before your required beginning date. If you die before your required beginning date, and you have a designated beneficiary, any remaining interest must be distributed within 10 years after your death, unless the designated beneficiary is an "eligible designated beneficiary" ("EDB") or some other exception applies. A designated beneficiary is any individual designated as a beneficiary by the employee or IRA owner. An EDB is any designated beneficiary who is (1) your surviving spouse, (2) your minor child, (3) disabled, (4) chronically ill, or (5) an individual not more than 10 years younger than you. An individual's status as an EDB is determined on the date of your death. An EDB (other than a minor child) can generally stretch distributions over their life or life expectancy if payments begin within one year of your death and continuing over the EDB's remaining life expectancy after the EDB's death. However, all amounts must be fully distributed by the end of the year containing the 10th anniversary of the EDB's death. Special rules apply to minors and Beneficiaries that are not individuals. Additional special rules apply to surviving spouses, see "Spousal Continuation" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Deaths on or after your required beginning date. In general, if you die on or after your required beginning date, and you have a designated beneficiary who is not an EDB, any remaining interest in your Qualified Annuity must continue to be distributed over the longer of your remaining life expectancy and your designated beneficiary's life expectancy (or more rapidly), but all amounts must be distributed within 10 years of your death. If your Beneficiary is an EDB (other than a minor child), distributions must continue over the longer of your remaining life expectancy and the EDB's life expectancy (or more rapidly), but all amounts must be distributed within 10 years of the EDB's death. Special rules apply to EDBs who are minors, EDBs who are older than the Owner, and Beneficiaries that are not individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annuity payments. If you commence taking distributions in the form of an annuity that can continue after your death, such as in the form of a joint and survivor annuity or an annuity with a guaranteed period of more than 10 years, any distributions after your death that are scheduled to be made beyond the applicable distribution period imposed under the new law might need to be commuted at the end of that period (or otherwise modified after your death if permitted under federal tax law and by Empower) in order to comply with the post-death distribution requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other rules. The post-death distribution requirements do not apply if the employee or IRA owner elected annuity payments that comply with prior law commenced prior to December 20, 2019. Also, even if annuity payments have not commenced prior to December 20, 2019, the above requirements generally do not apply to an immediate annuity contract or a deferred income annuity contract (including a qualifying lifetime annuity contract, or "QLAC") purchased prior to that date, if you have made an irrevocable election before that date as to the method and amount of the annuity.

If your beneficiary is not an individual, such as a charity, your estate, or a trust, any remaining interest after your death generally must be distributed under law in accordance with the 5-year rule or the at-least-as-rapidly rule, as applicable (but not the lifetime payout rule). You may wish to consult a professional tax adviser about the federal income tax consequences of your beneficiary designations.

In addition, these post-death distribution requirements generally do not apply if the employee or IRA owner died prior to January 1, 2020. However, if the designated beneficiary of the deceased employee or IRA owner dies after January 1, 2020, and the designated beneficiary had elected the lifetime payout rule or was under the at-least-as rapidly, rule, any remaining interest must be distributed within 10 years of the designated beneficiary's death. Hence, this 10-year rule will apply to (1) a contract issued prior to 2020 which continues to be held by a designated beneficiary of an employee or IRA owner who died prior to 2020, and (2) an inherited IRA issued after 2019 to the designated beneficiary of an employee or IRA owner who died prior to 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Spousal continuation. If your beneficiary is your spouse, your surviving spouse can delay the application of the post-death distribution requirements until after your surviving spouse's death by transferring the remaining interest tax-free to your surviving spouse's own IRA, or by treating your IRA as your surviving spouse's own IRA, subject to the new rules under the regulations.

------

The post-death distribution requirements are complex and unclear in numerous respects. Treasury has issued proposed regulations that may impact these required minimum distribution requirements in the future. We reserve the right to make changes in order to comply with the proposed regulations, or once final regulations are published. Any such changes will apply uniformly to affected Owners or Beneficiaries and will be made with such notice to affected Owners or Beneficiaries as is feasible under the circumstances. In addition, the manner in which these requirements will apply will depend on your particular facts and circumstances. You may wish to consult a professional tax adviser for tax advice as to your particular situation.

Unless payments are being made in the form of an annuity, a Beneficiary has the flexibility to take out more each year than mandated under the required minimum distribution rules.

Until withdrawn, amounts in a qualified annuity contract continue to be tax deferred. Amounts withdrawn each year, including amounts that are required to be withdrawn under the required minimum distribution rules, are subject to tax. You may wish to consult a professional tax adviser for tax advice as to your particular situation.

**ADDITIONAL TAX FOR EARLY DISTRIBUTIONS** 

You may owe a 10% additional tax on the taxable part of distributions received from an IRA.

Amounts are not subject to this additional tax if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount is paid on or after you reach age 59 <sup>1</sup>/2 or die;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•generally the amount received is attributable to your becoming disabled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount paid or received is in the form of substantially equal payments not less frequently than annually (Please note that substantially equal payments must continue until the later of reaching age 59 <sup>1</sup>/2 or five years. Modification of payments or additional contributions to the Annuity during that time period will generally result in retroactive application of the 10% additional tax).

Other exceptions to this tax may apply. You should consult your tax adviser for further details.

**WITHHOLDING** 

Unless you elect otherwise, we will withhold federal income tax from the taxable portion of such distribution at an appropriate percentage. The rate of withholding on Annuity Payments where no mandatory withholding is required is determined on the basis of the withholding certificate that you file with us. If you do not file a certificate, we will automatically withhold federal taxes on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For any Annuity Payments not subject to mandatory withholding, you will have taxes withheld under the applicable default withholding rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For all other distributions, we will withhold at a 10% rate.

We will provide you with forms and instructions concerning the right to elect that no amount be withheld from payments in the ordinary course. However, you should know that, in any event, you are liable for payment of federal income taxes on the taxable portion of the distributions, and you should consult with your tax adviser to find out more information on your potential liability if you fail to pay such taxes.

If no U.S. taxpayer identification number is provided, no election out of withholding will be allowed, and we will automatically withhold using the default withholding rules. We will provide you with forms and instructions concerning the right to elect that no amount be withheld from payments in the ordinary course. However, you should know that, in any event, you are liable for payment of federal income taxes on the taxable portion of the distributions, and you should consult with your tax adviser to find out more information on your potential liability if you fail to pay such taxes. If you are a U.S. person (which includes a resident alien) and you request a payment be delivered outside the U.S., we are required to withhold income tax. There may be additional state income tax withholding requirements.

**CARES ACT IMPACTS**

In 2020, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. This law includes provisions that impact Individual Retirement Annuities (IRAs), Roth IRAs and employer sponsored qualified retirement plans, including a 2020 Required Minimum Distribution waiver, plan loan relief and special rules that applied to coronavirus related distributions. While most provisions applied only to 2020, certain items impact future years as well.

------

*Repayments of Coronavirus Related Distributions:* Relief was provided for "coronavirus-related distributions" (as defined by federal tax law) from qualified plans and IRAs made at any time on or after January 1, 2020 and before December 31, 2020. Coronavirus related distributions are permitted to be recontributed to a plan or IRA within three years. The recontribution is generally treated as a direct trustee-to-trustee transfer within 60 days of the distribution. Please note that recontributions to certain plans or IRAs may not be allowed based on plan or contract restrictions. The distribution must have come from an "eligible retirement plan" within the meaning of Code section 402(c)(8)(B), i.e., an IRA, 401(a) plan, 403(a) plan, 403(b) plan, or governmental 457(b) plan. The relief was limited to aggregate distributions of $100,000.

**ERISA DISCLOSURE/REQUIREMENTS** 

ERISA (the "Employee Retirement Income Security Act of 1974") and the Code prevent a fiduciary and other "parties in interest" with respect to a plan (and, for these purposes, an IRA would also constitute a "plan") from receiving any benefit from any party dealing with the plan, as a result of the sale of the Contract. Administrative exemptions under ERISA generally permit the sale of insurance/annuity products to plans, provided that certain information is disclosed to the person purchasing the Contract. This information has to do primarily with the fees, charges, discounts and other costs related to the Contract, as well as any commissions paid to any agent selling the Contract.

Information about any applicable fees, charges, discounts, penalties or adjustments may be found in Section 5, "What Are The Expenses Associated With The Empower Retirement Security Annuity I?" Information about sales of the Contract may be found in Section 10, "Other Information." In addition, other relevant information required by the exemptions is contained in the Contract and accompanying documentation. Please consult your tax adviser if you have any additional questions.

**ADDITIONAL CONSIDERATIONS**

**Reporting and Withholding for Escheated Amounts**

Internal Revenue Service Rulings 2018-17 and 2020-24 provide that an amount transferred from an IRA or 401(a) qualified retirement plan to a state's unclaimed property fund is subject to federal withholding at the time of transfer. The amount transferred is also subject to federal reporting. Consistent with these Rulings, we will withhold federal and state income taxes and report to the applicable Owner or Beneficiary as required by law when amounts are transferred to a state's unclaimed property fund.

**Civil Unions and Domestic Partnerships**

U.S. Treasury Department regulations provide that for federal tax purposes, the term "spouse" does not include individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, or other similar formal relationship that is not denominated as a marriage under the laws of the state where the relationship was entered into, regardless of domicile. As a result, if a Beneficiary of a deceased Owner and the Owner were parties to such a relationship, the Beneficiary will be required by federal tax law to take distributions from the Contract in the manner applicable to non-spouse Beneficiaries and will not be able to continue the Contract.

Please consult with your tax or legal adviser before electing the Spousal Benefit for a domestic partner or civil union partner.

------

**SECTION 10: OTHER INFORMATION** 

**SALE AND DISTRIBUTION OF THE CONTRACT** 

Effective March 15, 2024 Empower Financial Services, Inc. ("EFSI") is the distributor and principal underwriter of the securities offered through this prospectus. EFSI was organized in 1984 under Delaware law, is registered as a broker-dealer under the Securities Exchange Act of 1934 (Exchange Act) and is a member of the Financial Industry Regulatory Authority (FINRA). EFSI's principal business address is 8515 East Orchard Road, Greenwood Village, Colorado 80111.

The Contract is offered on a continuous basis. EFSI may enter into distribution agreements with broker-dealers who are registered under the Exchange Act and with entities that may offer the Contract but are exempt from registration (firms). Applications for the Contract may be solicited by registered representatives of those firms. Such representatives will also be our appointed insurance agents under state insurance law. In addition, EFSI may offer the Contract directly to potential purchasers.

Prior to March 15, 2024, Prudential Investment Management Services LLC (PIMS), an indirect, wholly-owned subsidiary of Prudential Financial Inc., was the distributor and principal underwriter of the securities offered through this prospectus, PIMS was organized in 1996 under Delaware law, is registered as a broker and dealer under the Exchange Act, and is a member of FINRA. PIMS' principal business address is 655 Broad Street, 19th Floor, Newark, New Jersey 07102.

Commissions may be paid to firms on sales of the Contract according to one or more schedules. The individual representative would receive a portion of the compensation, depending on the practice of his or her firm. Any commission would be generally based on a percentage of Purchase Payments, up to a maximum of 8%.

We may also provide compensation to the distributing firm for providing ongoing service to you in relation to the Contract. Commissions and other compensation paid in relation to the Contract do not result in any additional charge to you or to the Separate Account not described in this prospectus.

In addition, in an effort to promote the sale of our products (which may include the placement of Empower, affiliates of Empower and/or the Contract on a preferred or recommended company or product list and/or access to the firm's registered representatives), we or our affiliates, including EFSI, may enter into compensation arrangements with certain broker-dealer firms with respect to certain or all registered representatives of such firms under which such firms may receive separate compensation or reimbursement for, among other things, training of sales personnel and/or marketing and/or administrative services and/or other services they provide to us or our affiliates. These services may include, but are not limited to: educating customers of the firm on the Contract's features; conducting due diligence and analysis; providing office access, operations and systems support; holding seminars intended to educate registered representatives and make them more knowledgeable about the Contract; providing a dedicated marketing coordinator; providing priority sales desk support; and providing expedited marketing compliance approval to EFSI. A list of firms that EFSI paid pursuant to such arrangements, if any, related to the sale of variable annuities, is provided in the SAI which is available upon request.

To the extent permitted by FINRA rules and other applicable laws and regulations, EFSI may pay or allow other promotional incentives or payments in the form of cash or non-cash compensation. These arrangements may not be offered to all firms and the terms of such arrangements may differ between firms.

You should note that firms and individual registered representatives and branch managers within some firms participating in one of these compensation arrangements might receive greater compensation for selling the Contract than for selling a different contract that is not eligible for these compensation arrangements. While compensation is generally taken into account as an expense in considering the charges applicable to a contract product, any such compensation will be paid by us or EFSI and will not result in any additional charge to you. Overall compensation paid to the distributing firm does not exceed, based on actuarial assumptions, 8% of the total Purchase Payments made. Your registered representative can provide you with more information about the compensation arrangements that apply upon the sale of the Contract.

In addition, we or our affiliates may provide such compensation, payments and/or incentives to firms arising out of the marketing, sale and/or servicing of variable annuities or life insurance offered by different Empower business units.

**FINANCIAL STATEMENTS**

The financial statements of the Company and the Separate Account are included in the SAI. For a free copy of the SAI, contact the Empower Care Center by calling (855) 756-4738, or writing to Empower Care Center, 8515 East Orchard Road, Greenwood Village, CO 80111.

**LEGAL PROCEEDINGS** 

------

Empower is subject to legal and regulatory actions in the ordinary course of our business. Pending legal and regulatory actions include proceedings specific to Empower and proceedings generally applicable to business practices in the industry in which we operate. Empower may be subject to class action lawsuits and other litigation involving a variety of issues and allegations involving sales practices, claims payments and procedures, premium charges, policy servicing and breach of fiduciary duty to customers. Empower may also be subject to litigation arising out of its general business activities, such as its investments, contracts, leases and labor and employment relationships, including claims of discrimination and harassment, and could be exposed to claims or litigation concerning certain business or process patents. In addition, Empower, along with other participants in the businesses in which it engages, may be subject from time to time to investigations, examinations and inquiries, in some cases industry-wide, concerning issues or matters upon which such regulators have determined to focus.

Empower's litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. In some of Empower's pending legal and regulatory actions, parties are seeking large and/or indeterminate amounts, including punitive or exemplary damages. It is possible that Empower's results of operations or cash flow in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flow for such period. In light of the unpredictability of Empower's litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on Empower's financial position.

Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on: the Separate Account; the ability of EFSI to perform its contract with the Separate Account; or Empower's ability to meet its obligations under the Contracts.

**ASSIGNMENT** 

This Contract must be used to fund an IRA, and therefore you generally may not assign the Contract during your lifetime. In all cases, the Contracts cannot be assigned without our written consent.

**ADDITIONAL INFORMATION** 

Empower has filed a registration statement with the SEC under the Securities Act of 1933, relating to the offering described in this prospectus. This prospectus does not include all of the information set forth in the registration statement. Certain portions have been omitted pursuant to the rules and regulations of the SEC. You may obtain the omitted information, however, from the SEC's principal office in Washington, D.C., upon payment of a prescribed fee.

The SAI is available from Empower without charge. The addresses and telephone numbers are set forth on the cover page of this prospectus.

**HOW TO CONTACT US** 

You can contact the Empower Care Center by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•calling (855) 756-4738 during our normal business hours, Monday-Friday between 7 a.m. - 9 p.m. Central Time, and Saturdays between 8 a.m - 4:30 p.m. Central Time, to speak with a customer service representative, or 24 hours per day to access our telephone automated response system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•writing to us via regular or express mail at 8515 East Orchard Road, Greenwood Village, CO 80111. NOTE: Failure to send mail to the proper address may result in a delay in our receiving and processing your request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accessing information via internet website at www.empower.com.

You can obtain account information by calling our automated response system and at www.empower.com. Our customer service representatives are also available during business hours to provide you with information about your account. You can request certain transactions through our telephone voice response system, our internet website or through a customer service representative. You can authorize a third party, including your attorney-in-fact acting pursuant to a power of attorney, to access your account information and perform certain transactions on your account, after the necessary legal documentation has been provided. We require that you or your representative provide proper identification before performing transactions over the telephone or through our internet website. This may include a Personal Identification Number (PIN). You may establish or change your PIN by calling our automated response system.

------

Transactions requested via telephone are recorded. To the extent permitted by law, we will not be responsible for any claim, loss, liability or expense in connection with a transaction requested by telephone or other electronic means if we acted on such transaction instructions after following reasonable procedures to identify those persons authorized to perform transactions on your Annuity using verification methods which may include a request for your Social Security number, PIN or other form of electronic identification. We may be liable for losses due to unauthorized or fraudulent instructions if we did not follow such procedures. Empower does not guarantee access to telephonic, facsimile, internet or any other electronic information or that we will be able to accept transaction instructions via such means at all times. Nor, due to circumstances beyond our control, can we provide any assurances as to the delivery of transaction instructions submitted to us by regular and/or express mail. Regular and/or express mail (if operational) will be the only means by which we will accept transaction instructions when telephonic, facsimile, internet or any other electronic means are unavailable or delayed. Empower reserves the right to limit, restrict or terminate telephonic, facsimile, internet or any other electronic transaction privileges at any time.

------

**APPENDIX A: PORTFOLIOS AVAILABLE UNDER THE CONTRACT**

The following is a list of portfolios available under the Contract. More information about the portfolios is available in the prospectuses for the portfolios, which may be amended from time to time. The prospectuses for the portfolios can be requested by writing us at Empower Care Center, 8515 East Orchard Road, Greenwood Village, CO 80111. You can also request this information at no cost by calling (855) 756-4738.

The current expenses and performance information below reflects fee and expenses of the portfolios, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each portfolio's past performance is not necessarily an indication of future performance.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PORTFOLIO TYPE/INVESTMENT OBJECTIVE** | **PORTFOLIO NAME<br>AND ADVISER/SUBADVISER** | **CURRENT EXPENSES** | **CURRENT EXPENSES** | **AVERAGE ANNUAL TOTAL RETURNS**<br>**(as of December 31, 2025)** | **AVERAGE ANNUAL TOTAL RETURNS**<br>**(as of December 31, 2025)** | **AVERAGE ANNUAL TOTAL RETURNS**<br>**(as of December 31, 2025)** | **AVERAGE ANNUAL TOTAL RETURNS**<br>**(as of December 31, 2025)** | **AVERAGE ANNUAL TOTAL RETURNS**<br>**(as of December 31, 2025)** | **AVERAGE ANNUAL TOTAL RETURNS**<br>**(as of December 31, 2025)** |
| **PORTFOLIO TYPE/INVESTMENT OBJECTIVE** | **PORTFOLIO NAME<br>AND ADVISER/SUBADVISER** | **CURRENT EXPENSES** | **CURRENT EXPENSES** | **1 YEAR** | **1 YEAR** | **5 YEARS** | **5 YEARS** | **10 YEARS** | **10 YEARS** |
| Asset Allocation<br>Seeks to obtain the highest potential total return consistent with its specified level of risk tolerance. | AST Aggressive Asset Allocation Portfolio\* (Formerly AST Capital Growth Asset Allocation Portfolio) | 0.86 | % | 16.17 | % | 8.81 | % | 9.59 | % |
| Asset Allocation<br>Seeks to obtain the highest potential total return consistent with its specified level of risk tolerance. | Adviser: AST Investment Services, Inc.;PGIM Investments LLC; | 0.86 | % | 16.17 | % | 8.81 | % | 9.59 | % |
| Asset Allocation<br>Seeks to obtain the highest potential total return consistent with its specified level of risk tolerance. | Subadviser: J.P. Morgan Investment Management, Inc.;PGIM Fixed Income;PGIM Quantitative Solutions LLC;Jennison Associates LLC;Putnam Investment Management,LLC; | 0.86 | % | 16.17 | % | 8.81 | % | 9.59 | % |
| Asset Allocation<br>Seeks to obtain the highest potential total return consistent with its specified level of risk tolerance. | AST Balanced Asset Allocation Portfolio\* | 0.87 | % | 14.35 | % | 6.96 | % | 8.05 | % |
| Asset Allocation<br>Seeks to obtain the highest potential total return consistent with its specified level of risk tolerance. | Adviser: PGIM Investments LLC; AST Investment Services, Inc. | 0.87 | % | 14.35 | % | 6.96 | % | 8.05 | % |
| Asset Allocation<br>Seeks to obtain the highest potential total return consistent with its specified level of risk tolerance. | Subadviser: J.P. Morgan Investment Management, Inc.;PGIM Fixed Income;PGIM Quantitative Solutions LLC;Jennison Associates;Putnam Investment Management, LLC; | 0.87 | % | 14.35 | % | 6.96 | % | 8.05 | % |
| Asset Allocation<br>Seeks long-term capital appreciation. | AST Multi-Asset Diversified Plus Portfolio\* (Formerly AST Academic Strategies Asset Allocation Portfolio) (The Sub-Account investing in this portfolio is closed to new investors) | 1.13 | % | 13.55 | % | 5.58 | % | 5.73 | % |
| Asset Allocation<br>Seeks long-term capital appreciation. | Adviser: AST Investment Services, Inc.;PGIM Investments LLC; | 1.13 | % | 13.55 | % | 5.58 | % | 5.73 | % |
| Asset Allocation<br>Seeks long-term capital appreciation. | Subadviser: J.P. Morgan Investment Management, Inc.;PGIM Fixed Income\*\*;PGIM Quantitative Solutions LLC;PGIM Real Estate\*\*\*;Jennison Associates LLC;Putnam Investment Management, LLC; | 1.13 | % | 13.55 | % | 5.58 | % | 5.73 | % |
| Asset Allocation<br>Seeks to obtain the highest potential total return consistent with its specified level of risk tolerance. | AST Preservation Asset Allocation Portfolio\* | 0.89 | % | 11.33 | % | 3.76 | % | 5.45 | % |
| Asset Allocation<br>Seeks to obtain the highest potential total return consistent with its specified level of risk tolerance. | Adviser: AST Investment Services, Inc.;PGIM Investments LLC; | 0.89 | % | 11.33 | % | 3.76 | % | 5.45 | % |
| Asset Allocation<br>Seeks to obtain the highest potential total return consistent with its specified level of risk tolerance. | Subadviser: J.P. Morgan Investment Management, Inc.;PGIM Fixed Income;PGIM Quantitative Solutions LLC;Jennison Associates LLC;Putnam Investment Management,LLC; | 0.89 | % | 11.33 | % | 3.76 | % | 5.45 | % |

---

APP A-1

------

*\* This portfolio is subject to an expense reimbursement or fee waiver arrangement. As a result, this portfolio's annual expenses reflect temporary expense reductions. See the portfolio prospectus for additional information.*

*\*\* PGIM Fixed Income is a business unit of PGIM, Inc. PGIM Limited, an indirect wholly-owned subsidiary of PGIM, Inc., serves as a sub-subadviser to the Portfolio.*

*\*\*\* PGIM Real Estate is a business unit of PGIM, Inc.*

APP A-2

------

Empower Care Center

8515 East Orchard Road

Greenwood Village, CO 80111

This prospectus describes the important features of the Contract and provides information about Empower Annuity Insurance Company ("Empower," the "Company," "we," "our," or "us") and the EAIC Variable Contract Account A (the "Separate Account"). We have filed with the Securities and Exchange Commission ("SEC") a Statement of Additional Information ("SAI") that includes additional information about the Contract, Empower and the Separate Account. The SAI is incorporated by reference into this prospectus. The SAI is available from us, without charge, upon request. To request a copy of the SAI, to ask about your Contract, or to make other investor inquiries, please call (855) 756-4738. We file periodic reports and other information about the Contract and the Separate Account as required under the federal securities laws. Those reports and other information about us are available on the SEC's website at http://www.sec.gov, and copies of reports and other information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov

Ed. 05-2026 EDGAR CONTRACT IDENTIFIER:C000043523

------

**EMPOWER RETIREMENT SECURITY ANNUITY VIII**

**PROSPECTUS: May 1, 2026**

This prospectus describes the Empower Retirement Security Annuity VIII, a flexible premium deferred annuity (the "Annuity" or "Contract") offered by Empower Annuity Insurance Company ("Empower" the "Company," "we," "our" or "us") and the EAIC Variable Contract Account A. Depending on the state you live in, the Contract may be offered as an individual annuity contract or as an interest in a group annuity. When offered as an interest in a group annuity, "Contract" or "Annuity" also means any certificate providing rights and benefits to a person designated in the certificate. Your rights and benefits do not vary based on the form of the Contract; in other words, your rights do not vary whether you have an individual annuity contract or a certificate under a group annuity. The Contract or certain of its investment options or features may not be available in all states. Various rights and benefits may differ between states to meet applicable laws and regulations.

The Contract is sold exclusively to fund Individual Retirement Accounts within the meaning of Section 408(a) ("IRA") and Section 408A ("Roth IRA") of the Internal Revenue Code of 1986, as amended (the "Code"), that are for the benefit of Participants electing a direct rollover from certain retirement plans funded with an Empower group annuity that provides for the transfer to this contract of the IncomeFlex Select guaranteed withdrawal benefit the Participant has under the Retirement Plan. We may require that the custodian of the IRA be our designated affiliate. If you have more than one Retirement Plan IncomeFlex Select Benefit, we may limit your ability to transfer and combine the guaranteed values associated with multiple Retirement Plan IncomeFlex Select Benefits. The Contract allows you to invest in Variable Investment Options as described in Appendix A.

You should know that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The contract is a complex investment vehicle and involves risks, including potential loss of principal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Withdrawals could result in taxes and tax penalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Excess Withdrawals will permanently reduce or eliminate your guaranteed benefits under the Contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The issuer's obligations under the contract are subject to its financial strength and claims-paying ability.

If you are a new investor in the Contract, you may cancel your Contract within 10 days (or longer in some states) of receiving it without paying fees or penalties. Upon cancellation, you will receive either a full refund of your Purchase Payments or your total Contract Value. You should review this prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.

**PLEASE READ THIS PROSPECTUS** 

**This prospectus describes important features of the Contract and what you should consider before purchasing it.** Please read this prospectus before purchasing the Contract and keep it for future reference. The current prospectuses for the underlying mutual fund portfolios contain important information about the mutual funds. When you invest in a Variable Investment Option, you should read the underlying mutual fund prospectus and keep it for future reference.

In compliance with United States law, Empower will deliver this prospectus to Contract Owners that currently reside outside the United States.

**THE SEC HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. INVESTMENT IN A VARIABLE ANNUITY CONTRACT IS SUBJECT TO RISK, INCLUDING THE POSSIBLE LOSS OF YOUR MONEY. AN INVESTMENT IN THE CONTRACT IS NOT A BANK DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.**

**Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at Investor.gov.** 

---

| |
|:---|
| **FOR FURTHER INFORMATION CALL 1-855-756-4738 OR VISIT: WWW.EMPOWER.COM** |
| Prospectus Dated: May 1, 2026 |
| Statement of Additional Information Dated: May 1, 2026 |

---

------

**Table of Contents**

<u>Section</u> <u>Page</u>

---

| | |
|:---|:---|
| **[Glossary](#i78ed794ccc8e424e9716e13cbdecf004)** | **[4](#i78ed794ccc8e424e9716e13cbdecf004)** |
| **[Overview of the Contract](#i7b33dbc794414531844363097219327e)** | **[8](#i7b33dbc794414531844363097219327e)** |
| **[Important Information You Should Consider About the Contract](#i3a2be91bbb654ce78a8987f1f792ef36)** | **[10](#i3a2be91bbb654ce78a8987f1f792ef36)** |
| **[Fee Table](#ic211757915554074929c8442a536cb21)** | **[13](#ic211757915554074929c8442a536cb21)** |
| **[Section 1: What is the Empower Retirement Security Annuity VIII?](#i92dc9479c0574bc59edfb9988833feaa)** | **[14](#i92dc9479c0574bc59edfb9988833feaa)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Short Term Cancellation Right or "Free Look"](#i60b113627b8c4bf1991da670afb4b607) | [15](#i60b113627b8c4bf1991da670afb4b607) |
| **[Section 2: What are the Principal Risks of Investing in the Contract?](#i5547b4a6bccb497bb336784a66775687)** | **[16](#i5547b4a6bccb497bb336784a66775687)** |
| **[Section 3: What are the Benefits Available Under the Contract?](#i8f6971eac83a41bf829c13f1834f87c0)** | **[18](#i8f6971eac83a41bf829c13f1834f87c0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Calculation of the Death Benefit](#i5750d41f48714fd3931fb4ef3cea8c03) | [18](#i5750d41f48714fd3931fb4ef3cea8c03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Payout Options](#i2595b27eb30243d793685eeddf1f9c7b) | [18](#i2595b27eb30243d793685eeddf1f9c7b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Beneficiary](#ib6901a8097c64ddf9daed1bfa97bf8dd) | [19](#ib6901a8097c64ddf9daed1bfa97bf8dd) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[IncomeFlex Select Benefit](#i951749ddeee24ee2bf44451282c8fd52) | [20](#i951749ddeee24ee2bf44451282c8fd52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Transfer of Retirement Plan Guaranteed Values](#i3619967178274a8bb90e9ca83605fdac) | [20](#i3619967178274a8bb90e9ca83605fdac) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Roll-Up Value](#ib9f2d2543521442fabeb959bf4a3791a) | [21](#ib9f2d2543521442fabeb959bf4a3791a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Highest Birthday Value](#i0ccddb574cd2448da1d6d778287bc359) | [21](#i0ccddb574cd2448da1d6d778287bc359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Annual Guaranteed Withdrawal amount](#iacc5a94a7c0d46d4aa7c40f6addcb215) | [22](#iacc5a94a7c0d46d4aa7c40f6addcb215) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Lock-In Date Elected In Retirement Plan](#ica50f42e4b2046e7a4542092c48ea75e) | [22](#ica50f42e4b2046e7a4542092c48ea75e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Lock-In Date Not Elected In Retirement Plan](#i7906225c22b340ca82460ead90b96a79) | [22](#i7906225c22b340ca82460ead90b96a79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[IncomeFlex Select Spousal Benefit](#i184cc81f0e6b438bb1b90d43948cc7d4) | [23](#i184cc81f0e6b438bb1b90d43948cc7d4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[IncomeFlex Select Spousal Benefit — Participant Death Prior to Lock-In Date (Spousal Step-In Benefit)](#icc1df831d36d43e783f3ee9fcfd0d4f4) | [24](#icc1df831d36d43e783f3ee9fcfd0d4f4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Withdrawals Under the IncomeFlex Select Benefit](#i2867665204294b1b84b1b35c411a3b14) | [24](#i2867665204294b1b84b1b35c411a3b14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Excess Withdrawals - Required Minimum Distributions](#i19311e9c1a7e4694bb7e7cfd0551a132) | [25](#i19311e9c1a7e4694bb7e7cfd0551a132) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Step-Up — Increase of Annual Guaranteed Withdrawal Amount](#i20d77ec3768341fd9668ea0c53218edb) | [26](#i20d77ec3768341fd9668ea0c53218edb) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Benefits Under the IncomeFlex Select Benefit](#i294e2f205269460e9f0349c26304812f) | [27](#i294e2f205269460e9f0349c26304812f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Multiple Retirement Plans — Transfer of Guaranteed Values](#id04418c643d04a9895cadacc74f93a35) | [27](#id04418c643d04a9895cadacc74f93a35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Other Important Considerations](#ic3d905ba7e614dac947c9c556601fb44) | [28](#ic3d905ba7e614dac947c9c556601fb44) |
| **[Section 4: How Can I Purchase the Empower Retirement Security Annuity VIII?](#i9cf6943c36f741cbaf6dcd6ba907d563)** | **[30](#i9cf6943c36f741cbaf6dcd6ba907d563)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Purchase Payments](#if34544cc6ca0433a865cc5552a11390d) | [30](#if34544cc6ca0433a865cc5552a11390d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Allocation of Purchase Payments](#i5bbb2258b72447bfb66a11fd8de74fbe) | [30](#i5bbb2258b72447bfb66a11fd8de74fbe) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Calculating Contract Value](#i9c7814d6a8e3466fa4a45f9ef2bc7668) | [30](#i9c7814d6a8e3466fa4a45f9ef2bc7668) |
| **[Section 5: What are the Expenses Associated with the Empower Retirement Security Annuity VIII?](#i4b513b9e78b4424697494ba0db39754f)** | **[32](#i4b513b9e78b4424697494ba0db39754f)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Charges in General](#i807edff2e0f14be6ba1d1fc5dbdf1077) | [32](#i807edff2e0f14be6ba1d1fc5dbdf1077) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Base Contract Expense](#iebb686e6e66142d7954fcf8a4328b13c) | [32](#iebb686e6e66142d7954fcf8a4328b13c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Taxes Attributable to Premium](#i8f7d511b5ab249f6a50a5bda4f355f35) | [32](#i8f7d511b5ab249f6a50a5bda4f355f35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Company Taxes](#i474694c0f9c94118a4a0cc3c8206ae36) | [32](#i474694c0f9c94118a4a0cc3c8206ae36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Underlying Mutual Fund Fees](#i37390f8337c84926b40518e55ef5e391) | [33](#i37390f8337c84926b40518e55ef5e391) |
| **[Section 6: How Can I Access My Money](#iaa7027a476b54603b244a1078d7e94d8)** | **[34](#iaa7027a476b54603b244a1078d7e94d8)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Withdrawals During the Accumulation Phase](#i51fac0bdaad74fcaaa43220701e6bb7e) | [34](#i51fac0bdaad74fcaaa43220701e6bb7e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Automated Withdrawals](#i1aa74ab8c341490d8469f3516da206c7) | [34](#i1aa74ab8c341490d8469f3516da206c7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Suspension of Payments or Transfers](#i71b7ed8ef5d045c19b1cc98dab31b1ff) | [34](#i71b7ed8ef5d045c19b1cc98dab31b1ff) |
| **[Section 7: What Investment Options Can I Choose?](#i85a9d4d56bd74bc1a458a7b929325e46)** | **[35](#i85a9d4d56bd74bc1a458a7b929325e46)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Variable Investment Options](#i7f4fff45dc4f4015a0bc45266c3e1765) | [35](#i7f4fff45dc4f4015a0bc45266c3e1765) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Payments Made to Empower](#if938c7edec7a44c9ba67f902bb39da63) | [35](#if938c7edec7a44c9ba67f902bb39da63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Transfers Among Options](#i1eabe6220d9f4c0e8b641ad756038ca3) | [36](#i1eabe6220d9f4c0e8b641ad756038ca3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Redemption Fees and Abusive Trading Practices](#i8161b49054744b0796f67b6a2d6a560c) | [36](#i8161b49054744b0796f67b6a2d6a560c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Scheduled Transactions](#i466be9daef5b433191d110df19aa7b85) | [37](#i466be9daef5b433191d110df19aa7b85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Voting Rights](#idcacad9a1f57491eb0ce34508ba758a1) | [37](#idcacad9a1f57491eb0ce34508ba758a1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Substitution](#i175357d797fb4d44b4d2d919a04b3e40) | [38](#i175357d797fb4d44b4d2d919a04b3e40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reports to You](#i708483965b584b35a39e1a65da7569b9) | [38](#i708483965b584b35a39e1a65da7569b9) |

---

------

---

| | |
|:---|:---|
| **[Section 8: What Kind of Payments Will I Receive During the Annuity Phase? (Annuitization)](#i5da366153c42493fb5a2afda4b64cf0e)** | **[39](#i5da366153c42493fb5a2afda4b64cf0e)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Payment Provisions](#i3bebf0d7390349c7b7623441623f60ff) | [39](#i3bebf0d7390349c7b7623441623f60ff) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Tax Considerations](#i5d9032fbd26544559709511ca31f9bb6) | [39](#i5d9032fbd26544559709511ca31f9bb6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[How We Determine Annuity Payments](#i21026b1da1eb4e1889f1c0b23ad2dda2) | [39](#i21026b1da1eb4e1889f1c0b23ad2dda2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Period Certain Annuities](#i32fc7e946ae747cfbde8678221c45152) | [39](#i32fc7e946ae747cfbde8678221c45152) |
| **[Section 9: What are the Tax Considerations Associated with the Empower Retirement Security Annuity VIII?](#i8f3c1725c55c4c278306b24a6b8d017a)** | **[41](#i8f3c1725c55c4c278306b24a6b8d017a)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Contracts Held By Tax Favored Plans](#i3dd77cd4187144c89d8da147b549aaca) | [41](#i3dd77cd4187144c89d8da147b549aaca) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Required Minimum Distribution Provisions and Payment Option](#i32bc9e1a28d343c1ab0164c83e150efd) | [42](#i32bc9e1a28d343c1ab0164c83e150efd) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Charitable IRA Distributions](#i2ce6dce0e3594746b22c880638f417e0) | [42](#i2ce6dce0e3594746b22c880638f417e0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Required Distributions Upon your Death For Qualified Annuity Contracts](#i7800b7c66a934aed9a5ca001a8e771df) | [42](#i7800b7c66a934aed9a5ca001a8e771df) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Tax for Early Distributions](#iad205386b8ec418d89f3dd2c2c9f259d) | [44](#iad205386b8ec418d89f3dd2c2c9f259d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Withholding](#i9c60cbf961754850a700120325e3875c) | [44](#i9c60cbf961754850a700120325e3875c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[CARES Act Impacts](#ia23a1e2f7ee14e17adcbd532b4ff63ae) | [44](#ia23a1e2f7ee14e17adcbd532b4ff63ae) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ERISA Disclosures/Requirements](#ie3f585bbd60a4707a9a6d5cf352a8dcf) | [45](#ie3f585bbd60a4707a9a6d5cf352a8dcf) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Considerations](#i8be46d071cca4a359086e80d1d597c18) | [45](#i8be46d071cca4a359086e80d1d597c18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reporting and Withholding for Escheated Amounts](#i6f973e0d96af497eac338acc2d21e9a4) | [45](#i6f973e0d96af497eac338acc2d21e9a4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Civil Unions and Domestic Partnerships](#ie4b2451d9761452b970a122ef72f5c7f) | [45](#ie4b2451d9761452b970a122ef72f5c7f) |
| **[Section 10: Other Information](#i2bb09c537d7e4c91ad9a6512eb999bc1)** | **[46](#i2bb09c537d7e4c91ad9a6512eb999bc1)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Sale and Distribution of the Contract](#i66fd8b982ff047ac92f8ef93d0852923) | [46](#i66fd8b982ff047ac92f8ef93d0852923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#ia7bb534257f04a8c8bb7990f396e4d7f) | [46](#ia7bb534257f04a8c8bb7990f396e4d7f) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Legal Proceedings](#i68c71164dd774b599d2c332a4e01d4dd) | [46](#i68c71164dd774b599d2c332a4e01d4dd) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Assignment](#iaac7563c9838495990d57b3b703860b5) | [47](#iaac7563c9838495990d57b3b703860b5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Additional Information](#i874d41199b1e420f8cef114ae4013950) | [47](#i874d41199b1e420f8cef114ae4013950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[How to Contact Us](#if773a56012494455922499754975fa17) | [47](#if773a56012494455922499754975fa17) |

---

---

| | |
|:---|:---|
| **[Appendix A: Portfolios Available Under the Contract](#ibc5876a4902b4f6e95f8678935343157_1514)** | **[APP-1](#ibc5876a4902b4f6e95f8678935343157_1514)** |

---

------

**Glossary**

We have tried to make this prospectus as easy to read and understand as possible. By the nature of the Contract, however, certain technical words or terms are unavoidable. We have identified the following as some of these words or terms. Certain terms within this prospectus are described within the text where they appear. Not all of the descriptions of those terms are repeated in this Glossary of terms. The defined terms set out in this prospectus also appear in and apply to the related Statement of Additional Information ("SAI").

**Accumulation Phase:** The period that begins with the Contract Date and ends on your Annuity Date, or earlier, if the Contract is terminated through a full withdrawal or payment of a Death Benefit.

**Accumulation Unit and Accumulation Unit Value:** We credit you with Accumulation Units for each Sub-account in which you invest. The value of these Accumulation Units (the "Accumulation Unit Value") may change each Business Day to reflect the investment results of the Sub-accounts, as well as the Base Contract Expenses. The number of Accumulation Units credited to you in any Sub-account is determined by dividing the amount of each Purchase Payment made by you to that Sub-account by the applicable Accumulation Unit Value for the Business Day on which the Purchase Payment is credited. We will reduce the number of Accumulation Units credited to you under any Sub-account by the number of Accumulation Units canceled as a result of any transfer or withdrawal by you from that Sub-account.

**Annual Guaranteed Withdrawal Amount:** Under the terms of the IncomeFlex Select Benefit, an amount that you may withdraw each Withdrawal Period as long as the Participant lives (if the optional IncomeFlex Select Spousal Benefit is elected, then until the last to die of the Participant and spouse). The Annual Guaranteed Withdrawal Amount is set initially as a percentage of the Protected Income Base, but will be adjusted to reflect Excess Withdrawals and any Step-Up. If you locked-in your Annual Guaranteed Withdrawal Amount in your Retirement Plan, the initial Annual Guaranteed Withdrawal Amount for this Annuity will be the Retirement Plan Annual Guaranteed Withdrawal Amount. We may refer to this amount as the "Lifetime Annual Withdrawal Amount" in materials other than this prospectus.

**Annuitant:** The person whose life determines the amount of Annuity Payments that will be paid.

**Annuity Date:** The date you elect to begin Annuity Payments (annuitization).

**Annuity Option:** An option under the Contract that defines the frequency and duration of Annuity Payments. See Section 8, "What Kind Of Payments Will I Receive During The Annuity Phase? (Annuitization)"

**Annuity Payment:** Each payment made on or after your Annuity Date in accordance with the Annuity Option you select. Annuity Payments are not considered to be withdrawals for any purposes, including withdrawals under the IncomeFlex Select Benefit. For more information about guaranteed withdrawals, see "Withdrawals Under The IncomeFlex Select Benefit" in Section 3, "What Are The Benefits Available Under The Contract?"

**Annuity Phase:** The period that begins with the Annuity Date and ends when there are no further Annuity Payments due under the Annuity Option you select.

**Base Contract Expense:** The Base Contract Expense, also referred to as the Base Contract fee in certain parts of this prospectus, is comprised of two parts: the IncomeFlex Select Benefit and the mortality and expense fee.

**Beneficiary:** The person(s) or entity you have chosen to receive the Death Benefit.

**Birthday:** Each anniversary of the Participant's date of birth. If this date is not a Business Day, then the Birthday will be the last Business Day immediately preceding the anniversary of the Participant's date of birth.

**Business Day:** A day on which the New York Stock Exchange is open for business. A Business Day ends as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern Time). Our Business Day may close earlier than 4:00 p.m. Eastern Time if regular trading on the New York Stock Exchange closes early.

**Code:** The Internal Revenue Code of 1986, as amended from time to time and the regulations promulgated thereunder.

**Contract Date:** The date we accept your Purchase Payment and all necessary paperwork in Good Order at the Empower Care Center. Contract anniversaries are measured from the Contract Date. A Contract year starts on the Contract Date or on a Contract anniversary.

**Contract Owner, Owner or You:** The person entitled to the ownership rights under the Contract. With an annuity issued as a certificate under a group annuity contract, the person to whom the certificate is issued evidencing his or her rights and benefits in the certificate.

------

**Contract Value:** The total value of your Contract, equal to the sum of the values of your investment in each investment option you have chosen. Your Contract Value will go up or down based on the performance of the investment option, as well as contributions or withdrawals to the investment option. This applies in both the Accumulation Phase and Withdrawal Period.

**Death Benefit:** If a Death Benefit is payable, the Beneficiary you designate will receive the Contract Value. See Section 3, "What Are The Benefits Available Under The Contract?"

**Eligible Investment:** The investment options offered under a Retirement Plan when used to receive the guarantees of the Retirement Plan IncomeFlex Select Benefit.

**Empower Care Center:** Empower Care Center, 8515 East Orchard Road, Greenwood Village, CO 80111. The phone number is (855) 756-4738. Empower's website is www.empower.com.

**Excess Withdrawal:** Any withdrawal in a Withdrawal Period in excess of the Annual Guaranteed Withdrawal Amount. Each Excess Withdrawal reduces your Protected Income Base and thus your Annual Guaranteed Withdrawal Amount in the same proportion as the Contract Value was reduced by the Excess Withdrawal. See Section 3, "What Are The Benefits Available Under The Contract?"

**Good Order:** Sufficiently clear instruction received by the Empower Care Center (or via the appropriate Empower address, telephone number, fax number or website if the item is a type we accept by those means) on a Business Day before the close of business which utilizes the applicable forms, and reflects the necessary signatures and dates required to ensure there is no need to exercise any discretion to follow such instruction. Good Order requires receipt of confirmation and all necessary information to ensure the instruction is permitted under and in compliance with the applicable retirement arrangement. Instructions that are not in Good Order will be effective on the Business Day that Good Order is determined. Instructions received on a day that is not a Business Day or after the close of a Business Day will be deemed to have been received on the next Business Day.

**Guaranteed Withdrawal Percentage:** The percentage of the Protected Income Base used to determine the Annual Guaranteed Withdrawal Amount. This percentage equals 5% if you attained age 65 at the time you lock in your guaranteed withdrawals, or 4% if you did not attain age 65. If you elect the Spousal Benefit, then the age of the younger of you and your spouse would be used to determine this percentage. See Section 3, "What Are The Benefits Available Under The Contract?"

**Highest Birthday Value:** For purposes of determining the Protected Income Base, the initial Highest Birthday Value is the adjusted Retirement Plan Highest Birthday Value on the Contract Date, and thereafter the greater of (a) the initial Highest Birthday Value, and (b) the highest Contract Value attained on each Birthday until the earlier of the Lock-In Date or the Participant attains (or would have attained) age 70. This value is adjusted for withdrawals . See Section 3, "What Are The Benefits Available Under The Contract?"

**IncomeFlex Select Benefit:** A standard feature of the Contract that guarantees your ability to withdraw a percentage of an initial notional value called the Protected Income Base for your life if certain conditions are satisfied. A charge for this guarantee is deducted from the value of your investment options.

**IncomeFlex Select Spousal Benefit or Spousal Benefit:** An optional version of the IncomeFlex Select Benefit that, if elected and certain conditions are satisfied, extends guaranteed withdrawals until the last to die of you and your spouse. An additional charge for this optional guarantee is deducted from the value of your investment options. Individual Retirement Account ("IRA"): Individual Retirement Account within the meaning of Section 408(a) of the Code. We may require that the custodian of the IRA funded by the Contract be our designated affiliate. This Contract is issued as a nonqualified annuity. In order for it to be used for an IRA, the Contract must be issued to a custodial account established as an IRA.

**Lock-In Date:** The date you elect to lock in your Annual Guaranteed Withdrawal Amount under this Annuity. You must attain age 55 to select a Lock-In Date (both you and your spouse must attain age 55 to select a Lock-In Date for the IncomeFlex Select Spousal Benefit).

**Participant:** A Participant in a Retirement Plan who has a Retirement Plan IncomeFlex Select Benefit.

**Protected Income Base:** The Protected Income Base is used to determine the Annual Guaranteed Withdrawal Amount. Your Protected Income Base is equal to the greatest of: (A) the Roll-Up Value; (B) the Highest Birthday Value; and (C) the Contract Value when you lock in your Annual Guaranteed Withdrawal Amount (that is, the Contract Value on the Business Day prior to the Lock-In Date). We may refer to this amount as the "Income Base" in materials other than this prospectus.

------

**Purchase Payment:** Your Purchase Payment consists of the portion of your account value being transferred from your IncomeFlex Select account in your Retirement Plan's IncomeFlex Select group annuity contract to this IRA version of IncomeFlex Select. This Purchase Payment is a one-time payment and may only be made during the window in which your Retirement Plan and the law provides. Once that window has closed, no one may make Purchase Payments to this IRA. This Annuity does not allow additional Purchase Payments after the rollover is completed.

**Retirement Plan:** An employment-based Retirement Plan funded with an Empower group annuity that permits you to transfer to this Contract your Retirement Plan IncomeFlex Select Benefit.

**Retirement Plan Annual Guaranteed Withdrawal Amount:** Your Annual Guaranteed Withdrawal Amount as determined under the Retirement Plan IncomeFlex Select Benefit. This could be adjusted as described later in this prospectus.

**Retirement Plan Guaranteed Withdrawal Percentage:** The percentage of the Retirement Plan Protected Income Base used to determine the Retirement Plan Annual Guaranteed Withdrawal Amount. This percentage equals 5% if you attained age 65 at the time you locked in your guaranteed withdrawals, or 4% if you did not attain age 65. If you elected the Spousal Benefit, then the age of the younger of you and your spouse would be used to determine this percentage.

**Retirement Plan Highest Birthday Value:** The Highest Birthday Value as determined under the Retirement Plan IncomeFlex Select Benefit. This could be adjusted as described later in this prospectus.

**Retirement Plan Lock-In Date:** The guaranteed withdrawal lock-in date as determined under the Retirement Plan IncomeFlex Select Benefit.

**Retirement Plan Protected Income Base:** The Protected Income Base as determined under the Retirement Plan IncomeFlex Select Benefit. This could be adjusted as described later in this prospectus.

**Retirement Plan IncomeFlex Select Benefit:** The IncomeFlex Select guaranteed withdrawal benefit as offered through a Retirement Plan.

**Retirement Plan IncomeFlex Select Spousal Benefit:** The IncomeFlex Select Spousal Benefit as offered through a Retirement Plan.

**Retirement Plan Roll-Up Value:** The Roll-Up Value as determined under the Retirement Plan IncomeFlex Select Benefit. This could be adjusted as described later in this prospectus.

**Roll-Up Value:** For purposes of determining the Protected Income Base, the adjusted Retirement Plan Roll-Up Value on the date the rollover transaction is executed, growing 5% per year until the Participant attains (or would have attained) age 70. This value is adjusted for withdrawals. Please see Section 3, "What Are The Benefits Available Under The Contract?" We may refer to this value as the "Guaranteed Income Growth Value" in materials other than this prospectus.

**Roth Individual Retirement Account ("Roth IRA"):** A tax qualified retirement investment under Section 408A of the Code, as amended, which is invested in the Variable Investment Option used to provide our guarantees under this Annuity. Such contract is subject to eligibility requirements, contribution limits and other tax particulars as specified in the Code. This Contract is issued as a nonqualified annuity. In order for it to be used for a Roth IRA, the Contract must be issued to a custodial account established as a Roth IRA. Conversion from IRA to Roth IRA is not allowed under this Contract.

**Separate Account:** Purchase Payments allocated to the Variable Investment Options are held by us in a separate account called EAIC Variable Contract Account A. The Separate Account is set apart from all of the general assets of Empower.

**Status:** For purposes of determining the transfer of guaranteed values from multiple Retirement Plans to this Annuity, your Status is based upon the age and Spousal Benefit election applicable to each Retirement Plan or Contract.

**Step-Up Value:** 5% of the Contract Value (4% of the Contract Value if your Guaranteed Withdrawal Percentage is 4%) as of the last Business Day immediately prior to each of the Participant's Birthdays following the Lock-In Date.

**Sub-account:** A Variable Investment Option offered under EAIC Variable Contract Account A, the assets of which are invested in shares of the corresponding portfolio.

**Tax Deferral:** This is a way to increase your assets without currently being taxed. Generally, you do not pay taxes on your Contract earnings until you take money out of your Contract. You should be aware that this Annuity generally will be held in a tax favored plan (an IRA), which already provides Tax Deferral regardless of whether it invests in annuity contracts. See Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?"

**Variable Investment Option:** When you choose a Variable Investment Option, we purchase shares of the underlying mutual fund that are held as an investment for that option. We hold these shares in the Separate Account. The division of the Separate Account of Empower that invests in a particular mutual fund is referred to in your Contract as a Sub-account.

------

**Withdrawal Period:** Each year beginning on the Participant's Birthday and ending on the last day preceding the next Birthday. We may refer to this period as "Birthday Year" in materials other than this prospectus.

------

**Overview of the Contract**

The Empower Retirement Security Annuity VIII is a Contract between you, the Owner, and us, the insurance company. We only offer the Contract as a rollover option for Participants who have a IncomeFlex Select Benefit in connection with a Retirement Plan. The Contract allows you to invest assets contributed to a custodial IRA in the Contract, which provides Variable Investment Options, certain withdrawal and annuity benefits and a Death Benefit. The Contract is intended for retirement savings or other long-term investment purposes. This Contract is specifically designed for those concerned they may outlive their retirement income and it is priced accordingly. If you have short term investment needs that you expect this annuity to support, this product is not for you. If you are not concerned you may outlive your savings, you may want to consider if this product suits your needs solely based on its other investment and insurance features.

The Contract, like all deferred annuity contracts, has two phases: the Accumulation Phase and the Annuity Phase. During the Accumulation Phase, any earnings grow on a tax-deferred basis and are generally taxed as income only when you make withdrawals, including withdrawals under the IncomeFlex Select Benefit. The Annuity Phase starts if you begin receiving Annuity Payments from your Contract. The amount of money you are able to accumulate in your Contract during the Accumulation Phase will help determine the amount you will receive during the Annuity Phase. Other factors will affect the amount of your payments, such as age and the payout option you select.

During the Annuity Phase, commonly called "annuitization," you may choose from several Annuity Options, including guaranteed payments for life. You are not required to annuitize your Contract. However, once you begin receiving regular Annuity Payments, you generally cannot change your payment plan.

Once you have annuitized your Contract Value, your decision is irreversible. The impacts of this decision are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Your Contract Value is no longer available to you to allocate among investment options or make further withdrawals. Instead, you will be paid a stream of annuity payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You generally cannot change the payment stream you chose once it has begun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Both the IncomeFlex Select Benefit and the Death Benefit terminate upon annuitization.

Note that during the Accumulation Phase, the IncomeFlex Select Benefit (discussed in Section 3, "What Are The Benefits Available Under The Contract?") also provides guaranteed minimum income protection for your life in the form of guaranteed withdrawals. These guaranteed withdrawals do not require annuitization.

You can invest your money in the Variable Investment Options available under the Contract, which offer the opportunity for a favorable return that can increase your Contract Value. However, favorable returns are NOT guaranteed. It is possible, due to market changes, that your Contract Value may decrease. **For more information about each Variable Investment Option, please refer to "Appendix A: Portfolios Available Under The Contract" later in this prospectus.** 

If the Owner dies before the Annuity Phase of the Contract begins, the person(s) or entity chosen as Beneficiary generally will receive the Contract Value. In addition, a surviving spouse may be eligible to continue this Contract and the IncomeFlex Select Spousal Benefit. See Section 3, "What Are The Benefits Available Under The Contract?"

The IncomeFlex Select Benefit guarantees your ability to withdraw a designated amount from the Contract annually, subject to our rules regarding the timing and amount of withdrawals. This Annual Guaranteed Withdrawal Amount is equal to a percentage of a notional value (called the "Protected Income Base"), regardless of the impact of market performance on your actual Contract Value. This benefit is designed to provide an annual withdrawal amount for life. You must attain age 55 before starting IncomeFlex Select Benefit guaranteed withdrawals (both you and your spouse must attain age 55 to begin guaranteed withdrawals with the Spousal Benefit).

The IncomeFlex Select Benefit is a standard feature of the Contract that applies to the Annuitant automatically. The Spousal Benefit is optional and may be elected for an additional charge. If you elect the Spousal Benefit, you may not change your mind, and your Annual Guaranteed Withdrawal Amount will be less than if you had not elected it. For additional information about the fees for the IncomeFlex Select Benefit, see "Fee Table" and Section 5, "What Are The Expenses Associated With The Empower Retirement Security Annuity VIII?"

We may amend the Contract as permitted by law. For example, we may add new features to the Contract. Subject to applicable law, we will determine whether or not to make such Contract amendments available to Contracts that already have been issued.

If permissible under applicable state law, you may cancel the Contract and request a refund within a certain period of time known as the "free look" period. The free look period is generally 10 days from the date you begin participation under the Contract, but may be longer, depending on applicable state law. Concurrent with the applicable free look period provided by state law, the Code provides a seven day "revocation period" when you purchase this Contract and establish an IRA. See Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?"

------

During the applicable free look period, you can request a refund by returning the Contract either to the representative who sold it to you, or to the Empower Care Center address shown in "How To Contact Us" in Section 10, "Other Information" later in this prospectus. Generally, you will bear the investment risk during the free look period and will receive a refund equal to your Contract Value, plus the amount of any fees or other charges applied and less applicable federal and state income tax withholding, as of the date you stopped participation in the Contract. If applicable state law or the Code requires the return of your Purchase Payments, we will return the greater of the Contract Value, as described above, or the amount of your total Purchase Payments, less applicable federal and state income tax withholding.

------

**Important Information You Should Consider About the Contract**

---

| | | | |
|:---|:---|:---|:---|
| **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** |
| **Are There Charges or Adjustments for Early**<br>**Withdrawals?** | There are no fees for early withdrawals and you are not prohibited from making early withdrawals. | There are no fees for early withdrawals and you are not prohibited from making early withdrawals. | There are no fees for early withdrawals and you are not prohibited from making early withdrawals. |
| **Are There Transaction Charges?** | There are no transaction charges and the company will not pass a premium tax on to investors. | There are no transaction charges and the company will not pass a premium tax on to investors. | There are no transaction charges and the company will not pass a premium tax on to investors. |
| **Are There Ongoing Fees and Expenses?** | The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract for information about the specific fees you will pay each year based on the options you have elected. | The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract for information about the specific fees you will pay each year based on the options you have elected. | The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract for information about the specific fees you will pay each year based on the options you have elected. |
|  | **Annual Fee** | **Minimum** | **Maximum** |
|  | Base Contract<sup>1</sup> | 0.85% | 1.45% |
|  | Investment Options<br>(Portfolio Fees and Expenses) | 0.10% | 0.59% |
|  | Optional Benefits For An Additional Charge<sup>2</sup> | 0.50% | 0.60% |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *The Base Contract fee includes the fee for the IncomeFlex Select Benefit and the mortality and expense fee.*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *The Base Contract fee includes the fee for the IncomeFlex Select Benefit and the mortality and expense fee.*  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *The Base Contract fee includes the fee for the IncomeFlex Select Benefit and the mortality and expense fee.*  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup> *The Optional Benefit is the Optional Spousal Benefit.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup> *The Optional Benefit is the Optional Spousal Benefit.* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup> *The Optional Benefit is the Optional Spousal Benefit.* |
|  | For more information about the IncomeFlex Select Benefit and the Optional Spousal Benefit, please refer to [Section 3, "What Are The Benefits Available Under The Contract?"](#ibc5876a4902b4f6e95f8678935343157_239) later in this prospectus. | For more information about the IncomeFlex Select Benefit and the Optional Spousal Benefit, please refer to [Section 3, "What Are The Benefits Available Under The Contract?"](#ibc5876a4902b4f6e95f8678935343157_239) later in this prospectus. | For more information about the IncomeFlex Select Benefit and the Optional Spousal Benefit, please refer to [Section 3, "What Are The Benefits Available Under The Contract?"](#ibc5876a4902b4f6e95f8678935343157_239) later in this prospectus. |
|  | To help you understand the cost of investing in the Contract, the following table shows the lowest and highest costs you could pay based on the minimum and maximum charges allowable under the Contract. | To help you understand the cost of investing in the Contract, the following table shows the lowest and highest costs you could pay based on the minimum and maximum charges allowable under the Contract. | To help you understand the cost of investing in the Contract, the following table shows the lowest and highest costs you could pay based on the minimum and maximum charges allowable under the Contract. |
|  | **Lowest Annual Cost:**<br>**$890** | **Highest Annual Cost:**<br>**$2,298** | **Highest Annual Cost:**<br>**$2,298** |
|  | Assumes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment of $100,000<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5% annual appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Least expensive combination of Base Contract fee and portfolio fees and expenses<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No optional benefits<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No sales charges<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No additional purchase payments, transfers or withdrawals | Assumes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment of $100,000<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5% annual appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most expensive combination of Base Contract fee, optional benefits and portfolio fees and expenses<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No sales charges<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No additional purchase payments, transfers or withdrawals | Assumes:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment of $100,000<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5% annual appreciation<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most expensive combination of Base Contract fee, optional benefits and portfolio fees and expenses<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No sales charges<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No additional purchase payments, transfers or withdrawals |
|  | For more information about ongoing fees and expenses, please refer to [Section 5,](#ibc5876a4902b4f6e95f8678935343157_678)["What Are The Expenses Associated With The Empower Retirement Security Annuity VIII?"](#ibc5876a4902b4f6e95f8678935343157_678) later in this prospectus. | For more information about ongoing fees and expenses, please refer to [Section 5,](#ibc5876a4902b4f6e95f8678935343157_678)["What Are The Expenses Associated With The Empower Retirement Security Annuity VIII?"](#ibc5876a4902b4f6e95f8678935343157_678) later in this prospectus. | For more information about ongoing fees and expenses, please refer to [Section 5,](#ibc5876a4902b4f6e95f8678935343157_678)["What Are The Expenses Associated With The Empower Retirement Security Annuity VIII?"](#ibc5876a4902b4f6e95f8678935343157_678) later in this prospectus. |
| **RISKS** | **RISKS** | **RISKS** | **RISKS** |
| **Is There a Risk of Loss from Poor Performance?** | The Contract is subject to the risk of loss. You could lose some or all of your Contract Value.<br>For more information about the risk of loss, please refer to [Section 2, "What Are The Principal Risks Of Investing In The Contract?"](#ibc5876a4902b4f6e95f8678935343157_218) later in this prospectus. | The Contract is subject to the risk of loss. You could lose some or all of your Contract Value.<br>For more information about the risk of loss, please refer to [Section 2, "What Are The Principal Risks Of Investing In The Contract?"](#ibc5876a4902b4f6e95f8678935343157_218) later in this prospectus. | The Contract is subject to the risk of loss. You could lose some or all of your Contract Value.<br>For more information about the risk of loss, please refer to [Section 2, "What Are The Principal Risks Of Investing In The Contract?"](#ibc5876a4902b4f6e95f8678935343157_218) later in this prospectus. |

---

------

---

| | |
|:---|:---|
| **Is This a Short-Term Investment?** | The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Contract is designed to provide benefits on a long-term basis. This product is also specifically designed (and priced) for those concerned they may outlive their income. Consequently, you should not use the Contract as a short-term investment or savings vehicle. Because of the long-term nature of the Contract, you should consider whether investing purchase payments in the Contract is consistent with the purpose for which the investment is being considered.<br>For more information about the risk profile of the Contract, please refer to [Section 2, "What Are The Principal Risks Of Investing In The Contract?"](#ibc5876a4902b4f6e95f8678935343157_218) later in this prospectus. |
| **What Are the Risks Associated with**<br>**Investment Options?** | An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract, each of which has its own unique risks. You should review the investment options before making an investment decision. <br>For more information about the risks associated with the investment options, please refer to [Section 2, "What Are The Principal Risks Of Investing In The Contract?"](#ibc5876a4902b4f6e95f8678935343157_218) later in this prospectus. For tax implications associated with withdrawals, please refer to "Tax Implications" section of this table. |
| **What Are the Risks Related to the Insurance Company?**  | An investment in the Contract is subject to the risks related to Empower Annuity Insurance Company. Any obligations, guarantees, or benefits are subject to the claims-paying ability of Empower Annuity Insurance Company. More information about Empower Annuity Insurance Company is available upon request. Such requests can be made toll-free at (855) 756-4738.<br>For more information about insurance company risks, please refer to [Section 2, "What Are The Principal Risks Of Investing In The Contract?"](#ibc5876a4902b4f6e95f8678935343157_218) later in this prospectus. |
| **RESTRICTIONS** | **RESTRICTIONS** |
| **Are There Restrictions on the Investments?**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the Contract Accumulation Phase, you may make transfers each Contract year without charge.<br>We reserve the right to close the Contract to new investors at any time. We may also close a Sub-account to new investors or stop accepting contributions from existing investors to any or all Sub-accounts at any time.<br>For more information about investment and transfer restrictions, please refer to [Section 5, "What Are The Expenses Associated With The Empower Retirement Security Annuity VIII?"](#ibc5876a4902b4f6e95f8678935343157_678) later in this prospectus. |
| **Are There any Restrictions on Contract Benefits?** | This Contract provides a standard guaranteed income benefit at a cost deducted from your Contract Value with an optional Spousal Benefit. You should know that:<br>• Once you "lock in" your Annual Guaranteed Withdrawal Amount, taking withdrawals over that amount will permanently reduce the Annual Guaranteed Withdrawal Amount and possibly terminate the benefit without value.<br>• Once you "lock in" your IncomeFlex Select Benefit and elect the Spousal Benefit, your choice is irrevocable. An additional charge for the optional Spousal Benefit is deducted from the value of your investment options.<br>For more information about the IncomeFlex Select Benefit and the [Spousal Benefit, please refer to Section 3, "What Are The Benefits Available Under The Contract?"](#ibc5876a4902b4f6e95f8678935343157_239) later in this prospectus. |
| **TAXES** | **TAXES** |

---

------

---

| | |
|:---|:---|
| **What Are the Contract's Tax Implications?** | You should consult a qualified tax adviser to determine the tax implications of an investment in and payments received under the Contract. Generally, withdrawals (either as a lump sum or as regular payments) are taxed as ordinary income, and may be subject to tax penalties. Depending on your plan type you, you may be charged different fees for early withdrawals or be prohibited from making early withdrawals. The effect of federal taxation depends largely upon the type of retirement plan, so we can provide only a generalized description.<br>You generally may withdraw money at any time during the Accumulation Phase. You may, however, be subject to income tax. If you make a withdrawal prior to age 59<sup>1</sup>/2, you also may be subject to a 10% additional tax.<br>You should consult with your tax adviser for more specific information about the tax treatment of your plan withdrawals.<br>For more information about tax implications, please refer to [Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?"](#ibc5876a4902b4f6e95f8678935343157_1236) later in this prospectus. |
| **CONFLICTS OF INTEREST** | **CONFLICTS OF INTEREST** |
| **How Are Investment Professionals Compensated?** | While we generally do not pay commissions for the sales of the Contract, some investment professionals may receive compensation for selling the Contract to investors under legacy distribution agreements with the Company. Such compensation (commissions, overrides, and expense reimbursement allowances) may continue to be paid to broker-dealers that are registered under the Securities Exchange Act of 1934 and/or entities that are exempt from such registration (firms) under these legacy agreements for past sales. Additionally, should an investment professional voluntarily approach the Company with a prospect, the Company would be obligated to pay a commission under these legacy agreements. These investment professionals may have an incentive to sell you one product over another because some products pay higher commissions than others. The investment professional will receive all or a portion of the compensation, depending on the practice of the firm.<br>For more information about compensation, please refer to [Section 10, "Other Information"](#ibc5876a4902b4f6e95f8678935343157_1347) later in this prospectus. |
| **Should I Exchange My Contract?** | Some investment professionals may have a financial incentive to offer you an annuity in place of the one you already own. You should only exchange your contract if you determine after comparing the features, fees, and risks of both contracts, that it is preferable to purchase the new contract, rather than continue to own your existing contract. You should consider that you will permanently lose your guaranteed benefits by exchanging from this Contract to another.<br>For more information about exchanges, and the tax risks associated with an exchange, please refer to [Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?"](#ibc5876a4902b4f6e95f8678935343157_1236) later in this prospectus. |

---

------

**Fee Table**

**The following tables describe the fees and expenses you will pay when buying, owning, and surrendering or making withdrawals from the Contract. Please refer to your Contract for information about the specific fees you will pay each year based on the options you have elected.** 

**The first table describes the fees and expenses you will pay at the time that you buy the Contract, surrender or make withdrawals from the Contract, or transfer Contract Value between investment options. For more information about those fees and maximum charges, see Section 5, "What Are The Expenses Associated With The Empower Retirement Security Annuity VIII?" later in this prospectus.** 

---

| | | |
|:---|:---|:---|
| **Transaction Expenses** | **Current** | **Maximum** |
| Sales Charge Imposed on Purchases |  |  |
| Contingent Deferred Sales Charge (as a percentage of purchase payments or amount) |  |  |
| Transfer Fee | $0 | $0 |
| Charge For Premium Tax Imposed On Us By Certain States/Jurisdictions <sup>2</sup> (as a percentage of Contract Value) | N/A | N/A |

---

**The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including portfolio fees and expenses). If you choose to purchase an optional benefit, you will pay additional charges, as shown below.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Contract Expenses** | **Base IncomeFlex<br>Select Benefit** | **Base IncomeFlex<br>Select Benefit** | **With Optional<br>IncomeFlex Select<br>Spousal Benefit** | **With Optional<br>IncomeFlex Select<br>Spousal Benefit** |
| | **Current Charge** | **Maximum**<br>**Charge** | **Current Charge** | **Maximum Charge** |
| Administrative Expenses | $0 | $0 | $0 | $0 |
| Base Contract Expenses<sup>1, 2</sup> | 0.85% | 1.45% | 0.85% | 1.45% |
| Optional Benefit Expenses<sup>1, 3</sup> | —% | —% | 0.50% | 0.60% |

---

*(1)Percentages noted above are percentages of daily net assets of the Contract Value.*

*(2)Base Contract Expenses include the fee for the IncomeFlex Select Benefit and the mortality and expense fee.*

*(3)The Optional Benefit is the Optional Spousal Benefit.*

**The next item shows the minimum and maximum total operating expenses charged by the Variable Investment Options that you may pay periodically during the time that you own the Contract. For a complete list of Variable Investment Options available under the Contract, including their annual expenses, please refer to "Appendix A: Portfolios Available Under the Contract" later in this prospectus.** 

---

| | | |
|:---|:---|:---|
| **Annual Portfolio Company Expenses** | **Minimum** | **Maximum** |
| (expenses that are deducted from portfolio assets, including management fees, distribution and/or service (12b-1) fees, and other expenses) | 0.10% | 0.59% |

---

**EXAMPLE** 

**This Example is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include transaction expenses, annual Contract expenses, and annual portfolio company expenses.** 

**The Example assumes that you invest $100,000 in the Contract for the time periods indicated. The Example also assumes that your investment has a 5% return each year and assumes the most expensive combination of annual Contract expenses and optional benefits available for an additional charge. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 Yr.** | **3 Yrs.** | **5 Yrs.** | **10 Yrs.** |
| If you surrender your Contract at the end of the applicable time period: | $2706 | $8306 | $14165 | $30031 |
| If you annuitize at the end of the applicable time period: | $2706 | $8306 | $14165 | $30031 |
| If you do not surrender your Contract: | $2706 | $8306 | $14165 | $30031 |

---

------

**Section 1: What is the Empower Retirement Security Annuity VIII?** 

The Empower Retirement Security Annuity VIII is a variable annuity contract issued by Empower, with its principal place of business located at 280 Trumbull Street, Hartford, CT 06103. Empower is solely responsible for its obligations under Empower Retirement Security Annuity VIII, and there are no support agreements from third parties relating to the capitalization of Empower.

Empower Retirement Security Annuity VIII is only available to participants who actively participated in your Retirement Plan's IncomeFlex Select group annuity contract who want to transfer or "roll over" their group annuity IncomeFlex Select account value to the IRA version of their Retirement Plan's group annuity contract, Empower Retirement Security Annuity VIII. Your Retirement Plan will notify you of the window in which you may make this transfer. This window is determined by the Retirement Plan rules as well as federal tax laws. Once that window is closed, you may not roll over into this product any longer.

You may invest in the Separate Account. The Separate Account is divided into Sub-accounts called Variable Investment Options. Contract Value allocated to a Variable Investment Option will vary based on the investment experience of the corresponding Portfolio Company in which the Variable Investment Option invests. This means that your Contract Value will fluctuate. While it is possible for your Contract Value to increase based on this investment performance, there is a risk your Contract Value will decrease and, while not likely, it is possible that you may lose the entire amount invested.

The income, gains and losses credited to, or charged against, the Separate Account reflect the Separate Accounts' own investment experience and not the investment experience of Empower's other assets. The assets of the Separate Account may not be used to pay any liabilities required of Empower, other than the liabilities required under the terms of the Contract.

Under your Contract, in exchange for your payment to us, we promise to pay you a guaranteed stream of payments upon annuitization that can begin any time after the first Contract anniversary. Your Annuity is in the Accumulation Phase until you decide to begin receiving these Annuity Payments. Annuity Payments are made on or after your Annuity Date in accordance with the Annuity Option you select. The date you elect to begin receiving Annuity Payments is the Annuity Date. On the Annuity Date, your Contract switches to the Annuity Phase. The Contract also permits you to make guaranteed withdrawals during the Accumulation Phase. See Section 3, "What Are The Benefits Available Under The Contract?" for further details. These withdrawals are different than Annuity Payments.

Tax Deferral means that you are not taxed on earnings or appreciation on the assets in your Contract until you withdraw money from your Contract. This Annuity is offered exclusively to fund certain IRAs, which generally provide Tax Deferral without investing in an annuity contract. In other words, you need not purchase this Contract to gain the preferential tax treatment provided by your IRA. Therefore, before purchasing this Annuity, you should consider whether its features and benefits beyond Tax Deferral, including the income and Death Benefits, meet your needs and goals. You should consider the relative features, benefits and costs of this Annuity compared with any other investments or benefits available through your Retirement Plan or elsewhere.

The Empower Retirement Security Annuity VIII is a variable annuity contract. This means that during the Accumulation Phase, you can allocate your assets among the available Variable Investment Options. The amount of money you are able to accumulate in your Contract during the Accumulation Phase depends upon the investment performance of the underlying mutual fund associated with that Variable Investment Option. Because the underlying mutual funds' portfolios fluctuate in value depending upon market conditions, your Contract Value (the total value of your Contract, equal to the sum of the values of your investment in each investment option) can either increase or decrease. This is important, since the amount of the Annuity Payments you receive during the Annuity Phase depends upon the value of your Contract at the time you begin receiving payments.

You are the Owner of the Contract or you have ownership rights in the group annuity contract in which this product is offered, as the individual for whom the IRA, has been established. You have all of the decision-making rights under the Contract. You will also be the Annuitant. The Owner is the person who receives the Annuity Payments when the Annuity Phase begins. The Annuitant is also the person whose life is used to determine the amount of these payments and how long (if applicable) the payments will continue once the Annuity Phase begins. On or after the Annuity Date, the Annuitant may not be changed.

The Beneficiary is the person(s) or entity you designate to receive any Death Benefit. Subject to any restrictions imposed by the Code, you may change the Beneficiary any time prior to the Annuity Date by making a written request to us. The optional IncomeFlex Select Spousal Benefit requires your spouse to be both your spouse and sole Beneficiary when you elect the benefit and when you die. See Section 3, "What Are The Benefits Available Under The Contract?"

------

**Short Term Cancellation Right or "Free Look"** 

If you are not satisfied with your Contract, you may cancel the Contract and request a refund within a certain period of time known as the "free look" period. The free look period is generally 10 days from the date you begin participation under the Contract. If state law requires, the free look period may be longer. Concurrent with the applicable free look period provided by state law, the Code provides a seven day "revocation period" when you purchase this Contract and establish an IRA. See Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?"

To exercise this cancellation right, you can request a refund by returning the Contract either to the representative who sold it to you, or to the Empower Care Center at the address shown in "How To Contact Us" in Section 10, "Other Information" later in this prospectus. Generally, you will bear the investment risk during the free look period and will receive a refund equal to your Contract Value, plus the amount of any fees or other charges applied and less applicable federal and state income tax withholding, as of the date you stopped participation in the Contract. If applicable state law or the Code requires the return of your Purchase Payments, we will return the greater of the Contract Value, as described above, or the amount of your total Purchase Payments, less applicable federal and state income tax withholding.

------

**Section 2: What are the Principal Risks of Investing in the Contract?** 

The risks identified below are the principal risks of investing in the Contract. The Contract may be subject to additional risks other than those identified and described in this prospectus.

Risks Associated with Variable Investment Options. You take all the investment risk for amounts allocated to the Sub-accounts, which invest in portfolios. If the Sub-accounts you select increase in value, then your Contract Value goes up; if they decrease in value, your Contract Value goes down. How much your Contract Value goes up or down depends on the performance of the portfolios in which your Sub-accounts invest. While unlikely, it is possible to lose your entire investment in the Sub-account. We do not guarantee the investment results of any portfolio. An investment in the Contract is subject to the risk of poor investment performance, and the value of your investment can vary depending on the performance of the selected portfolio(s), each of which has its own unique risks. You should review the prospectus for each portfolio before making an investment decision. Further, we reserve the right to close the Contract to new investors at any time. We may also close a Sub-account to new investors or stop accepting contributions from existing investors to any or all Sub-accounts at any time.

Insurance Company Risk. No company other than Empower has any legal responsibility to pay amounts that Empower owes under the Contract. You should look to the financial strength of Empower for its claims-paying ability. Empower is also subject to risks related to disasters and other events, such as storms, earthquakes, fires, outbreaks of infectious diseases (such as COVID-19), utility failures, terrorist acts, including cybersecurity attacks, political and social developments, and military and governmental actions. These risks are often collectively referred to as "business continuity" risks. These events could adversely affect Empower and our ability to conduct business and process transactions. Although Empower has business continuity plans, it is possible that the plans may not operate as intended or required and that Empower may not be able to provide required services, process transactions, deliver documents or calculate values. It is also possible that service levels may decline as a result of such events.

The IncomeFlex Select Benefit. This Contract provides a standard guaranteed income benefit with an optional Spousal Benefit at a cost deducted from your Contract Value.

You should know that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Once you "lock in" your Annual Guaranteed Withdrawal Amount, taking withdrawals over that amount will permanently reduce the Annual Guaranteed Withdrawal Amount and possibly terminate the benefit without value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Once you "lock in" your IncomeFlex Select Benefit and elect the Spousal Benefit, your choice is irrevocable. An additional charge for the optional Spousal Benefit is deducted from the value of your investment options.

**Annuitization**. Once you have annuitized your Contract Value, your decision is irreversible. The impacts of this decision are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Your Contract Value is no longer available to you to allocate among investment options or make further withdrawals. Instead, you will be paid a stream of annuity payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You generally cannot change the payment stream you chose once it has begun.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Both the IncomeFlex Select Benefit and the Death Benefit terminate upon annuitization.

**Possible Adverse Tax Consequences.** The tax considerations associated with the Contract vary and can be complicated. The tax considerations discussed in this prospectus are general in nature and describe only federal income tax law. We generally do not describe state, local, foreign or other federal tax laws. The effect of federal taxation depends largely upon the type of retirement plan, so we can provide only a generalized description. Additionally, in contrast to many variable annuities, because this Contract can invest in a fund available to the general public, if the Contract is not issued or purchased through a tax qualified plan, the taxes on gains may not be deferred. Before making a Purchase Payment or taking other action related to your Contract, you should consult with a qualified tax adviser for complete information and advice.

**Risk of Loss of or Reductions to Benefits**. If you take certain actions under your Contract, such as surrendering your Contract or taking excess withdrawals under the terms of the IncomeFlex Select Benefit, you may lose or reduce the value of that benefit. For more information about the IncomeFlex Select Benefit, please refer to "IncomeFlex Select Benefit" in Section 3, "What Are The Benefits Available Under The Contract?" later in this prospectus.

------

**Not a Short-Term Investment.** The Contract is not a short-term investment vehicle and is not an appropriate investment for an investor who needs ready access to cash. The Contract is designed to provide benefits on a long-term basis, including the benefits of the IncomeFlex Select Benefit. Consequently, you should not use the Contract as a short-term investment or savings vehicle or if you do not seek the benefits provided by the IncomeFlex Select Benefit. Because of the long-term nature of the Contract, you should consider whether investing Purchase Payments in the Contract is consistent with the purpose for which the investment is being considered.

**Risk of Loss**. All investments have risks to some degree and it is possible that you could lose money by investing in the Contract. An investment in the Contract is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

------

**Section 3: What are the Benefits Available Under the Contract?** 

**Benefits Available Under the Contract**

The following table summarizes information about the benefits available under the Contract.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Benefit** | **Purpose** | **Standard or Optional** | **Annual Fees** | **Annual Fees** | **Restrictions/Limitations** |
| **Name of Benefit** | **Purpose** | **Standard or Optional** | **Current** | **Maximum** | **Restrictions/Limitations** |
| **Death Benefit** | Provides protection for your beneficiary(ies) by ensuring that they do not receive less than your Contract Value. | Standard | $0 | $0 |  |
| **IncomeFlex Select Benefit (also referred to as the Base Contract Expense)** | Once locked in, guarantees your ability to withdraw an Annual Guaranteed Withdrawal Amount, even if your Contract Value is reduced to zero. | Standard | 0.85%<sup>1</sup> | 1.45%<sup>1</sup> | If your Contract Value is reduced to zero because of excess withdrawals, you will not receive any further payments.<br>Additionally, excess withdrawals reduce the amount of your Annual Guaranteed Withdrawal Amount permanently. |
| **Optional Benefit**<sup>2</sup> | Designed to provide an Annual Guaranteed Withdrawal Amount until the last to die of you and your spouse. | Optional | 0.50%<sup>1</sup> | 0.60%<sup>1</sup> | Results in a lesser Annual Guaranteed Withdrawal Amount.<br>Once elected, the Spousal Benefit may not be revoked.<br>Excess withdrawal rules noted above apply. |

---

*(1)Percentage of daily net assets of the Contract Value.* 

*(2)The Optional Benefit is the Optional Spousal Benefit.* 

**Calculation of the Death Benefit**

If the Owner dies during the accumulation period, after we receive the appropriate proof of death and any other needed documentation in Good Order ("due proof of death"), your Beneficiary will receive the Contract Value as of the date we receive due proof of death in Good Order. We require due proof of death to be submitted promptly.

**Payout Options**

The Code provides for alternative Death Benefit payment options when a contract is used as an IRA or other "qualified investment" that requires minimum distributions. Upon your death under an IRA or other "qualified investment," the designated Beneficiary may generally elect to continue the Contract and receive required minimum distributions under the Contract, instead of receiving the Death Benefit in a single payment. The available payment options will depend on whether you die before the date required minimum distributions under the Code were to begin, whether you have named a designated Beneficiary and whether the Beneficiary is your surviving spouse. With respect to the Death Benefits paid under a contract issued to an IRA, if we do not receive instructions on where to send the payment within five years of the date of death, the funds will be escheated in accordance with applicable state law. For other plan types, we will follow the plan sponsor's direction.

------

NOTE THAT A SURVIVING SPOUSE MAY BE ELIGIBLE TO CONTINUE THIS CONTRACT AND THE INCOMEFLEX SELECT SPOUSAL BENEFIT. Also, if you elected to receive required minimum distributions under a systematic minimum distribution option, this program is discontinued upon receipt of notification of death. The final required minimum distribution must be distributed prior to establishing a beneficiary payment option for the balance of the Contract. See Section 3, "What Are The Benefits Available Under The Contract?"

Upon receipt of due proof of death in Good Order, we will pay the Beneficiary the Death Benefit.

The Beneficiary may, within 60 days of providing due proof of death, choose to take the Death Benefit under one of several Death Benefit payout options listed below.

Choice 1: Lump sum payment of the Death Benefit. If the Beneficiary does not choose a payout option within 60 days, the Beneficiary will receive this payout option. Payment as a transfer to another IRA titled as an inherited IRA would also be included in this payout option.

Choice 2<u>: The payment of the entire Death Benefit by December 31 of the calendar year that contains the 10th anniversary of the date of death of the Owner.</u> 

Choice 3: Payment of the Death Benefit under an annuity or annuity settlement option over the lifetime of the Beneficiary or over a period not extending beyond the life expectancy of the Beneficiary with distribution beginning by December 31 of the year following the year of death of the Owner. This payout option is available if you have named a designated beneficiary who meets the requirements for an "eligible designated beneficiary" ("EDB"). A designated beneficiary is any individual designated as a beneficiary by the employee or IRA owner. An EDB is any designated beneficiary who is (1) your surviving spouse, (2) your minor child, (3) disabled, (4) chronically ill, or (5) an individual not more than 10 years younger than you. An individual's status as an EDB is determined on the date of your death.

If death occurs before a designated Beneficiary is named and before the date required minimum distributions must begin under the Code, then Choice 3 is not a permitted payout option under the Code and you may only choose Choice 1 or Choice 2, modified to be paid out by December 31 of the calendar year that contains the 5th anniversary of the date of the death of the Owner.

If death occurs before a designated Beneficiary is named and after the date required minimum distributions must begin under the Code, the Death Benefit must be paid out at least as rapidly as under the method then in effect. For Contracts where multiple Beneficiaries have been named and at least one of the Beneficiaries does not qualify as a designated Beneficiary under the Code, and the account has not been divided into separate accounts by December 31 of the year following the year of death, such Contract is deemed to have no designated Beneficiary.

A Beneficiary has the flexibility to take out more each year than mandated under the required minimum distribution rules.

If the Beneficiary is the spouse of the Owner at the time of the Owner's death, then the Contract will continue and the spouse will become the Owner. The spouse may, within 60 days of providing due proof of death, elect to take the Death Benefit under any of the payout options described above. In addition, the spouse can choose to defer payments until the IRA Owner would have reached age 72 or can change title to the account to the spouse's name.

The tax consequences to the Beneficiary vary among the three Death Benefit payout options. See Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?"

Any portion of the Death Benefit not payable to a named Beneficiary must be paid out by December 31 of the calendar year that contains the 5th anniversary of the date of the Owner's death.

A Beneficiary who elects to have a fixed-dollar annuity purchased for him may choose from among the available forms of annuity. See Section 8, "What Kind Of Payments Will I Receive During The Annuity Phase? (Annuitization)." The Beneficiary may elect to purchase an annuity immediately or at a future date. If an election includes systematic withdrawals, the Beneficiary will have the right to terminate such withdrawals and receive the remaining balance in cash (or effect an annuity with it), or to change the frequency, size or duration of such withdrawals, subject to the minimum distribution rules. See Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?" If the Beneficiary fails to make any election within any time limit prescribed by or for the Retirement Plan that covered the Participant, within seven days after the expiration of that time limit, we will make one lump sum cash payment to the Beneficiary. A specific Contract may provide that an annuity or other form of distribution is payable to the Beneficiary if the Beneficiary fails to make an election.

For as long as the Beneficiary remains invested in the Contract, all applicable fees and charges will continue to be assessed, including the annual charge for the IncomeFlex Select Benefit.

**Beneficiary**

------

The Beneficiary is the person(s) or entity you name to receive any Death Benefit. The Beneficiary is named at the time the Contract is issued, unless you change it at a later date. A change of Beneficiary will take effect on the date you request, provided that we receive the request in Good Order. Unless an irrevocable Beneficiary has been named, during the Accumulation Phase you can change the Beneficiary at any time before the Owner dies. The Beneficiary designation during the Accumulation Period is not applicable to the Annuity Phase unless you have indicated otherwise, or we determine that applicable law requires that we continue a designation. It is critical you keep your Beneficiary information up to date. If we cannot locate your Beneficiary, we may be required under state law to pay the benefit to someone else, like your estate, or possibly escheat the benefit to your state of residence depending on the circumstances and applicable federal law.

The optional IncomeFlex Select Spousal Benefit requires your spouse or civil union partner to be both your spouse or civil union partner and sole Beneficiary of the Annuity and the IRA it funds, when you elect the benefit and when you die. See Section 3, "What Are The Benefits Available Under The Contract?" For more information on the tax treatment of spouses and civil union partners, see Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?"

**IncomeFlex Select Benefit**

The IncomeFlex Select Benefit is a standard feature of the Contract that guarantees your ability to annually withdraw certain amounts that we specify under this Contract. If you do not take more withdrawals than those specified amounts each year, and your Contract Value is reduced to zero, either by making these withdrawals according to their terms or due to poor market performance, we will continue to make those annual payments to you for as long as you live.

Here is how it works: We determine the amount you can withdraw by calculating an initial notional value (called the "Protected Income Base"). You are allowed to take a withdrawal equal to a percentage of the Protected Income Base, regardless of the impact of market performance on your Contract Value (subject to our rules regarding the timing and amount of withdrawals). There are two options—one is the base benefit designed to provide an annual withdrawal amount for your life and the other is a Spousal Benefit designed to provide the same annual withdrawal amount until the last to die of you and your spouse. The Protected Income Base can increase, but it can also decrease if you withdraw more than your Annual Guaranteed Withdrawal Amount.

The base IncomeFlex Select Benefit and its daily charge apply to the Contract automatically. It cannot be terminated without ending your Contract. When deciding to purchase this Contract, you should consider the costs and benefits of this feature. Generally, this benefit may be appropriate if you intend to make periodic withdrawals from your Contract and wish to ensure that adverse market performance will not affect your ability to receive annual payments. You are not required to make withdrawals. Although you are not required to make withdrawals, you should consider that this product (including costs) is specifically designed for a person who has a need for guaranteed withdrawal or annuity benefits.

Additionally, there is no minimum initial contribution amount for ERSA VIII and there is no minimum balance to lock in your benefit. Smaller balances will provide for smaller Guaranteed Withdrawal Amounts. For example, locking in your benefit with an income base of $16,000 at age 65 or greater will only guarantee a payment of $800 per year or approximately $66 a month. You should carefully consider the fees you are paying in light of the amount of Guaranteed Withdrawal Benefit you are eligible to receive based on your current balance prior to investing.

The IncomeFlex Select Spousal Benefit is optional. You may elect this benefit when you lock in your Annual Guaranteed Withdrawal Amount. There is an additional daily charge for this benefit, which applies only after the Lock-In Date. Once elected, the Spousal Benefit may not be revoked, and the additional daily charge will continue until your Contract ends, even if your spouse dies before you or is otherwise ineligible for the Spousal Benefit due to divorce or Beneficiary changes. For more information on the tax treatment of spouses and civil union partners, see Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?"

The IncomeFlex Select Benefit is subject to certain restrictions described below.

**Transfer of Retirement Plan Guaranteed Values**

This Contract is sold exclusively as a rollover option to Participants who have a IncomeFlex Select Benefit in connection with a Retirement Plan. This Contract is designed to accept the transfer of certain Retirement Plan IncomeFlex Select Benefit guaranteed values in connection with a direct rollover of assets to an IRA. In connection with the rollover transaction, each guaranteed value described below will begin with a value equal to the corresponding values in your IncomeFlex Select group annuity contract. If less than 100% of assets invested in Eligible Investments are rolled over to the Contract, then the initial guaranteed values described below will be reduced proportionately.

If you have more than one Retirement Plan IncomeFlex Select Benefit, we may limit your ability to transfer and combine the guaranteed values associated with multiple Retirement Plan IncomeFlex Select Benefits under this Annuity.

------

If you purchase this Contract prior to your Retirement Plan Lock-In Date, then your Retirement Plan Roll-Up and Highest Birthday Values will be used to determine your initial Roll-Up Value, Highest Birthday Value, and Protected Income Base under this Contract. You also can choose whether to elect the IncomeFlex Select Spousal Benefit at the time you lock in your Annual Guaranteed Withdrawal Amount under this Contract.

If you purchase this Contract on or after your Retirement Plan Lock-In Date, then your Retirement Plan Annual Guaranteed Withdrawal Amount will be used to determine your initial Annual Guaranteed Withdrawal Amount under this Contract. Your guaranteed withdrawals will be available immediately, and you will not establish a Roll-Up Value, Highest Birthday Value or Protected Income Base under this Contract. If you elected the Retirement Plan IncomeFlex Select Spousal Benefit, then you will automatically receive and be charged for the IncomeFlex Select Spousal Benefit under this Contract. If you purchase this Contract on or after your Retirement Plan Lock-In Date, then you may not add or remove the Spousal Benefit upon or after purchasing this Contract.

This section continues with a description of the basic elements of the IncomeFlex Select Benefit, including the Protected Income Base, Roll-Up Value, Highest Birthday Value and Annual Guaranteed Withdrawal Amount. Then this section describes and provides examples of how these elements apply in situations where you locked in your IncomeFlex Select Benefit in your Retirement Plan before purchasing this Contract. Next, this section explains how the elements apply when you lock in the benefit after purchasing this Contract. Finally, this section covers withdrawals, the optional Spousal Benefit, Step-Ups and other special considerations with the IncomeFlex Select Benefit.

**Protected Income Base**

The Protected Income Base is a notional value used to determine the Annual Guaranteed Withdrawal Amount. The Protected Income Base has no cash value. You cannot withdraw your Protected Income Base from the Contract. You may only withdraw your Contract Value.

Your Protected Income Base is equal to the greatest of: (A) the Roll-Up Value; (B) the Highest Birthday Value; or (C) the Contract Value when you lock in your Annual Guaranteed Withdrawal Amount (that is, the Contract Value on the Business Day prior to the Lock-In Date). In no event shall the Protected Income Base exceed $5,000,000. We reserve the right to increase this maximum.

**Roll-Up Value**

The initial Roll-Up Value is determined by your Retirement Plan Roll-Up Value. If this Contract is purchased with 100% of the assets invested in Eligible Investments, then the initial Roll-Up Value equals the Retirement Plan Roll-Up Value on the date the rollover transaction is executed. If this Contract is purchased with less than 100% of the assets invested in the Eligible Investments, then the initial Roll-Up Value shall be reduced proportionately. For example, if this Contract is purchased with 60% of the assets invested in Eligible Investments, then the initial Roll-Up Value will be 60% of the Retirement Plan Roll-Up Value on the date the rollover transaction is executed. Your initial Roll-Up Value may be lower than the market value of assets transferred to purchase this Contract, and therefore your initial Roll-Up Value may be lower than your initial Contract Value.

Unless limited by state law, the Roll-Up Value will then equal the initial Roll-Up Value growing 5% per year from the application of the Purchase Payment to your Contract, until the earlier of the date the Retirement Plan Participant (the "Participant") attains (or would have attained) age 70 or the Lock-In Date.

Withdrawals prior to the Lock-In Date reduce your Roll-Up Value proportionately. Each withdrawal reduces the Roll-Up Value by the percentage equivalent of the ratio of (a) the amount of the withdrawal, to (b) the Contract Value (before the Contract Value is reduced by the amount of the withdrawal).

**Example—Proportional Reduction of Roll-Up Value** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contract Value: | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Withdrawal: | $10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ratio of withdrawal to Contract Value ($10,000 / $100,000): | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Roll-Up Value: | $120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Roll-Up Value reduced by 10%, or | $12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Roll-Up Value: | $108000 |

---

**Highest Birthday Value**

------

The initial Highest Birthday Value is determined by your Retirement Plan Highest Birthday Value. If this Contract is purchased with 100% of the assets invested in Eligible Investments, then the initial Highest Birthday Value equals the Retirement Plan Highest Birthday Value on the date the rollover transaction is executed. If this Contract is purchased with less than 100% of the assets invested in the Eligible Investments, then the initial Highest Birthday Value shall be reduced proportionately. For example, if this Contract is purchased with 60% of the assets invested in Eligible Investments, then the initial Highest Birthday Value will be 60% of the Retirement Plan Highest Birthday Value on the date the rollover transaction is executed. Your initial Highest Birthday Value may be lower than the market value of assets transferred to purchase this Contract, and therefore your initial Highest Birthday Value may be lower than your initial Contract Value.

The Highest Birthday Value will then equal the greater of the initial Highest Birthday Value and the highest Contract Value attained on each of the Participant's Birthdays, until the earlier of the date the Participant attains (or would have attained) age 70 or the Lock-In Date.

Withdrawals prior to the Lock-In Date reduce your Highest Birthday Value proportionately. Each withdrawal reduces the Highest Birthday Value by the percentage equivalent of the ratio of (a) the amount of the withdrawal, to (b) the Contract Value (before the Contract Value is reduced by the amount of the withdrawal).

**Example—Proportional Reduction of Highest Birthday Value** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contract Value: | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Withdrawal amount: | $10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ratio of withdrawal to Contract Value ($10,000 / $100,000): | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highest Birthday Value: | $120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Highest Birthday Value reduced by 10%, or | $12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Highest Birthday Value: | $108000 |

---

**Annual Guaranteed Withdrawal amount**

The Annual Guaranteed Withdrawal Amount is the amount we guarantee that you may withdraw from the Contract each Withdrawal Period for your life, regardless of the impact of market performance on your Contract Value. The Annual Guaranteed Withdrawal Amount is subject to our rules regarding the timing and amount of withdrawals. In no event shall the Annual Guaranteed Withdrawal Amount under this Contract exceed $250,000. We reserve the right to increase this maximum.

You may not lock in an Annual Guaranteed Withdrawal Amount that is less than $800. Therefore, your Protected Income Base must equal $16,000 or more to lock in guaranteed withdrawals ($20,000 or more if your Guaranteed Withdrawal Percentage is 4%). Before purchasing the Contract, you should consider the description of Protected Income Base above to determine your ability to lock in guaranteed withdrawals. Your ability to lock in the IncomeFlex Select Benefit is subject to certain conditions, and thus is not guaranteed.

**Lock-In Date Elected In Retirement Plan** 

If your Retirement Plan Lock-In Date was elected before purchasing this contract, then your Retirement Plan Annual Guaranteed Withdrawal Amount will be used to determine your initial Annual Guaranteed Withdrawal Amount under this Contract. If you purchase this Contract with 100% of the assets invested in Eligible Investments, then the initial Annual Guaranteed Withdrawal Amount equals the Retirement Plan Annual Guaranteed Withdrawal Amount on the date the rollover transaction is executed. If you purchase this Contract with less than 100% of the assets invested in the Eligible Investments, then the initial Annual Guaranteed Withdrawal Amount shall be reduced proportionately. For example, if this Contract is purchased with 60% of the assets invested in Eligible Investments, then the initial Annual Guaranteed Withdrawal Amount will be 60% of the Retirement Plan Annual Guaranteed Withdrawal Amount on the date the rollover transaction is executed. The Annual Guaranteed Withdrawal Amount available between the date the Contract is issued and the end of the current Withdrawal Period will be reduced by guaranteed withdrawals made in the Retirement Plan during the same Withdrawal Period. In other words, guaranteed withdrawals made in the plan during the Withdrawal Period you purchase the Contract will count toward your guaranteed withdrawals under the Contract (adjusted in the manner described above if this Contract is purchased with less than 100% of assets invested in Eligible Investments).

Your Annual Guaranteed Withdrawal Amount may increase for Step-Ups (described below under "Step-Up – Increase of Annual Guaranteed Withdrawal Amount").

**Lock-In Date Not Elected In Retirement Plan** 

------

If your Retirement Plan Lock-In Date was not elected before purchasing this contract, then your initial Annual Guaranteed Withdrawal Amount under this Contract will be determined when you choose to lock in your guaranteed withdrawals (the "Lock-In Date"). You must attain at least age 55 to elect a Lock-In Date. If you have attained age 65, then your initial Annual Guaranteed Withdrawal Amount will equal 5% of the Protected Income Base (4% of the Protected Income Base if you have not attained age 65), as of the Business Day prior to your Lock-In Date. The Protected Income Base is equal to the greatest of: (A) the Roll-Up Value; (B) the Highest Birthday Value; and (C) the Contract Value as of the Business Day prior to the Lock-In Date. If your Lock-In Date is not on the Participant's Birthday, then the Annual Guaranteed Withdrawal Amount available between the Lock-In Date and the Participant's next Birthday will be prorated by the ratio of (i) the number of days remaining in the Withdrawal Period and (ii) 365 days. In other words, the Annual Guaranteed Withdrawal Amount during the Withdrawal Period you lock in guaranteed withdrawals will be reduced proportionately if that year is a partial year. This adjustment in the first Withdrawal Period will not reduce the Annual Guaranteed Withdrawal Amount in future Withdrawal Periods.

Your Annual Guaranteed Withdrawal Amount may increase for Step-Ups (described below under "Step-Up—Increase of Annual Guaranteed Withdrawal Amount"). If you wish to elect the optional IncomeFlex Select Spousal Benefit, then the Annual Guaranteed Withdrawal Amount availability (minimum age of 55) and the Annual Guaranteed Withdrawal Amount will be based on the age of the younger of you and your spouse.

**Example—Calculation of Annual Guaranteed Withdrawal Amount—Participant Age 65+** 

---

| | | |
|:---|:---|:---|
| **Participant age:** | 66 |  |
| **Contract Value as of Business Day prior to Lock-In Date:** | $80000 |  |
| **Highest Birthday Value (HBV):** | $100000 |  |
| **Roll-Up Value:** | $94000 |  |
| **Protected Income Base (on Lock-In Date):** | $100000 | (greatest of Contract Value, HBV, and Roll-Up Value) |
| **Annual Guaranteed Withdrawal Amount:** | $5000 | (5% of Protected Income Base) |

---

**Example—Calculation of Annual Guaranteed Withdrawal Amount—Participant Not Age 65** 

---

| | | |
|:---|:---|:---|
| **Participant age:** | 58 |  |
| **Contract Value as of Business Day prior to Lock-In Date:** | $80000 |  |
| **Highest Birthday Value (HBV):** | $100000 |  |
| **Roll-Up Value:** | $94000 |  |
| **Protected Income Base (on Lock-In Date):** | $100000 | (greatest of Contract Value, HBV, and Roll-Up Value) |
| **Annual Guaranteed Withdrawal Amount:** | $4000 | (4% of Protected Income Base) |

---

**IncomeFlex Select Spousal Benefit** 

With the optional IncomeFlex Select Spousal Benefit, the Annual Guaranteed Withdrawal Amount continues to be available until the later death of you and your spouse. You make an irrevocable choice whether or not to elect the Spousal Benefit at the Lock-In Date. The Spousal Benefit extends only to the person you are legally married to on the Lock-In Date. Before you can make this election, you must provide us with due proof of marriage and your spouse's date of birth in a form acceptable to us. You may not add or remove the Spousal Benefit after the Lock-In Date. For more information on the tax treatment of spouses and civil union partners, see Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?"

Both you and your spouse must attain at least age 55 to lock in your guaranteed withdrawals with the Spousal Benefit. The age of the younger spouse is used to determine the amount of the Annual Guaranteed Withdrawal Amount. Therefore, the Annual Guaranteed Withdrawal Amount will equal 5% of the Protected Income Base if the younger spouse has attained age 65, or 4% of the Protected Income Base if the younger spouse is under age 65.

There is an additional charge for the Spousal Benefit. This additional charge begins on the Lock-In Date and continues until the last to die of you and your spouse.

The Spousal Benefit requires the same person to be both your spouse and sole Beneficiary of this Contract and the IRA it funds when you elect the benefit and when you die. Once elected, the Spousal Benefit may not be "transferred" to a new spouse due to divorce, your spouse's death or any other reason. The Spousal Benefit is irrevocable and once elected the additional charge will continue to apply until your Contract ends.

------

After your death, the IncomeFlex Select Spousal Benefit will continue to be paid until the death of your surviving spouse.

**Example—Calculation of Annual Guaranteed Withdrawal Amount with Spousal Benefit—Younger Spouse Not Age 65** 

---

| | | |
|:---|:---|:---|
| **Participant age:** | 66 |  |
| **Spouse age:** | 64 |  |
| **Contract Value as of Business Day prior to Lock-In Date:** | $80000 |  |
| **Highest Birthday Value (HBV):** | $100000 |  |
| **Roll-Up Value:** | $94000 |  |
| **Protected Income Base (Lock-In Date):** | $100000 | (greatest of Contract Value, HBV, and Roll-Up) |
| **Annual Guaranteed Withdrawal Amount:** | $4000 | (4% of Protected Income Base) |

---

**IncomeFlex Select Spousal Benefit — Participant Death Prior to Lock-In Date (Spousal Step-In Benefit)** 

If a Participant purchases this Contract and dies before the Lock-In Date, then his or her surviving spouse may continue this Contract and the IncomeFlex Select Benefit to the extent permitted by the Code and subject to the conditions listed below.

If, prior to purchasing this Contract, a Participant died after signing up for the Retirement Plan IncomeFlex Select Benefit and before the Retirement Plan Lock-In Date, then his or her surviving spouse may have continued the IncomeFlex Select Benefit to the extent permitted by the Retirement Plan and the Code. The surviving spouse may roll over assets invested in Eligible Investments to this Contract to the same extent as the Participant, and will receive the same transfer of IncomeFlex guarantees that would have been available to the Participant, including the adjusted Highest Birthday and Roll-Up Values, subject to the conditions listed below.

Continuation of the IncomeFlex Select Benefit under this Contract is subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Participant's Birthday will be used to determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Roll-Up and Highest Birthday Values under this Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Withdrawal Period for Annual Guaranteed Withdrawal Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the availability and amount of Step-Ups.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•At the Lock-In Date, the age of the surviving spouse will be used to determine the availability and amount of the Annual Guaranteed Withdrawal Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The charge for the base IncomeFlex Select Benefit will apply until the Lock-In Date. After the Lock-In Date, the additional charge for the Spousal Benefit will apply until the Contract ends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•If the surviving spouse remarries, he or she may not extend the Annual Guaranteed Withdrawal Amount for the life of a new spouse.

**Withdrawals Under the IncomeFlex Select Benefit** 

The IncomeFlex Select Benefit guarantees, provided certain conditions are met, your ability to withdraw from the Contract an amount equal to the Annual Guaranteed Withdrawal Amount each Withdrawal Period for your lifetime (or the lifetimes of you and your spouse, if the Spousal Benefit is elected). With the optional Spousal Benefit, the Annual Guaranteed Withdrawal Amount continues to be available until the later death of you and your spouse or civil union partner. You make an irrevocable choice whether or not to elect the Spousal Benefit at the Lock-In Date.

The IncomeFlex Select Benefit does not limit your ability to request withdrawals that exceed the Annual Guaranteed Withdrawal Amount. However, you should carefully consider any withdrawal that negatively affects the Annual Guaranteed Withdrawal Amount given the costs associated with this Benefit.

If, cumulatively, you withdraw an amount less than the Annual Guaranteed Withdrawal Amount in any Withdrawal Period, the unused portion will expire and will not carry-over to subsequent Withdrawal Periods. If your cumulative withdrawals in a Withdrawal Period are less than or equal to the Annual Guaranteed Withdrawal Amount, then the withdrawals will not reduce your Annual Guaranteed Withdrawal Amount in subsequent Withdrawal Periods.

------

Cumulative withdrawals in a Withdrawal Period that are in excess of the Annual Guaranteed Withdrawal Amount are considered Excess Withdrawals. If you make Excess Withdrawals, then your Annual Guaranteed Withdrawal Amount in subsequent years will be reduced proportionately (except with regard to certain required minimum distributions described below under "Excess Withdrawals—Required Minimum Distributions"). This means your Annual Guaranteed Withdrawal Amount will be reduced by a percentage determined by the ratio of: (a) the amount of the Excess Withdrawal, to (b) the Contract Value immediately prior to such withdrawal (see examples of this calculation below). We will determine whether you have made an Excess Withdrawal at the time of each withdrawal. Therefore, a subsequent increase in the Annual Guaranteed Withdrawal Amount will not offset the effect of an earlier Excess Withdrawal.

**Examples—Impact of Withdrawals on Annual Guaranteed Withdrawal Amount** 

The examples below assume the following (the values set forth are purely hypothetical and do not reflect charges):

---

| | |
|:---|:---|
| **Withdrawal Period:** | May 6, 2024 through May 5, 2025 |
| **Annual Guaranteed Withdrawal Amount:** | $10000 |
| **Contract Value on June 10, 2024 (date of first withdrawal)** | $160000 |
| **Contract Value on July 11, 2024 (date of second withdrawal)** | $150000 |

---

**Example 1—Not an Excess Withdrawal (Amounts less than or equal to Annual Guaranteed Withdrawal Amount)** 

If $9,000 is withdrawn on June 10, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Remaining Annual Guaranteed Withdrawal Amount for current Withdrawal Period = $10,000 – $9,000 = $1,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Withdrawal Amount for future Withdrawal Periods remains $10,000

If an additional $1,000 is withdrawn on July 11, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Remaining Annual Guaranteed Withdrawal Amount for current Withdrawal Period = $1,000 – $1,000 = $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods remains $10,000

**Example 2—An Excess Withdrawal (Amount exceeds Annual Guaranteed Withdrawal Amount)** 

If $9,000 is withdrawn on June 10, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Remaining Annual Guaranteed Withdrawal Amount for current Withdrawal Period = $10,000 – $9,000 = $1,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods remains $10,000

If an additional $11,000 is withdrawn on July 11, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Amount of Excess Withdrawal (withdrawal amount in excess of remaining Annual Guaranteed Withdrawal Amount) = $11,000 – $1,000 = $10,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Remaining Annual Guaranteed Withdrawal Amount for current Withdrawal Period = $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contract Value immediately prior to Excess Withdrawal = $150,000 (July 11 Contract Value) – $1,000 (guaranteed portion of July 11 withdrawal) = $149,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Amount of reduction to Annual Guaranteed Withdrawal Amount = Excess Withdrawal ÷ Contract Value before Excess Withdrawal × Annual Withdrawal Amount = ($10,000 ÷ $149,000) × ($10,000) = $671.14

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods = $10,000 – $671.14 = $9,328.86

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contract Value immediately after the Excess Withdrawal = $149,000 – $10,000 = $139,000

**Excess Withdrawals - Required Minimum Distributions** 

You may be required to withdraw more than your Annual Guaranteed Withdrawal Amount to satisfy required minimum distribution requirements under the Code ("RMD Requirements"). These withdrawals will not be treated as Excess Withdrawals, subject to the requirements that follow. As of the last Business Day in each calendar year (each the "RMD Calculation Date"), we will determine the amount you would need to take as a withdrawal to comply with the RMD Requirements during the next calendar year (each the "RMD Payment Year"). This determination is based solely on the sum of the Contract Value and the actuarial value of our guarantees under the IncomeFlex Select Benefit on the RMD Calculation Date.

------

If the required minimum distribution ("RMD") amount determined using these assumptions exceeds the Annual Guaranteed Withdrawal Amount on the RMD Calculation Date, then the difference between such RMD amount and the Annual Guaranteed Withdrawal Amount shall be the "RMD Value." Withdrawals taken in the RMD Payment Year, that would otherwise be Excess Withdrawals, shall be treated as Excess Withdrawals only to the extent they exceed the sum of the Annual Guaranteed Withdrawal Amount and the RMD Value. Any RMD Value remaining at the end of each RMD Payment Year shall expire and not increase the RMD Value in any subsequent RMD Payment Year.

**Example—Treatment of Withdrawals Related to Required Minimum Distributions** 

---

| | |
|:---|:---|
| **Withdrawal Period** | May 6, 2024 through May 5, 2025 |
| **Contract Value on April 11, 2024** | $160000 |
| **Contract Value on May 6, 2024** | $146000 |
| **Annual Guaranteed Withdrawal Amount** | $10000 |
| **Required Minimum Distribution Amount** | $14,000 (for calendar year 2024) |
| **RMD Value** | $4,000 (for calendar year 2024) |

---

**Example 1—Not an Excess Withdrawal (Withdrawal of the Annual Guaranteed Withdrawal Amount plus the RMD Value)** 

If $14,000 is withdrawn on April 11, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$10,000 applied against the Remaining Guaranteed Withdrawal Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$4,000 applied against the RMD Value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contract Value = $160,000 – $14,000 = $146,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods remains $10,000

If an additional $10,000 is withdrawn on May 6, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Remaining Annual Guaranteed Withdrawal Amount for the current year = $10,000 – $10,000 = $0

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods remains $10,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contract Value = $146,000 – $10,000 = $136,000

**Example 2—An Excess Withdrawal (Withdrawal of an Amount Greater than the Annual Guaranteed Withdrawal Amount plus the RMD Value)** 

If $20,000 is withdrawn on April 11, 2024, then the following values would result:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$10,000 applied against the Remaining Guaranteed Withdrawal Amount

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$4,000 applied against the RMD Value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•$6,000 counts as an Excess Withdrawal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reduction of Annual Guaranteed Withdrawal Amount = Excess Withdrawal ÷ Contract Value before Excess Withdrawal × Annual Guaranteed Withdrawal Amount = $6,000 ÷ $146,000 × $10,000 = $410.96

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods = $10,000 – $410.96 = $9,589.04

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Contract Value = $160,000 – $20,000 = $140,000

**Step-Up — Increase of Annual Guaranteed Withdrawal Amount** 

The Annual Guaranteed Withdrawal Amount may increase if, due to positive market performance, your Step-Up Value is greater than your Annual Guaranteed Withdrawal Amount.

The Step-Up Value is determined annually and equals 5% of your Contract Value on the last Business Day immediately before the Participant's Birthday (4% of Contract Value if you did not attain age 65 on your Lock-In Date, or, if you elected the Spousal Benefit, either you and your spouse did not attain age 65 on your Lock-In Date). If the Step-Up Value is greater than your Annual Guaranteed Withdrawal Amount, then you are eligible to increase your Annual Guaranteed Withdrawal Amount to equal the Step-Up Value.

With each Step-Up, we increase the Annual Guaranteed Withdrawal Amount to be equal to the Step-Up Value. Any increase will be added to your Annual Guaranteed Withdrawal Amount on the day the Step-Up is effective.

The Step-Up will occur automatically unless the charge for the IncomeFlex Select Benefit has increased.

------

If we have increased the charges for the IncomeFlex Select Benefit, then you must choose whether or not to accept the Step-Up. If you do, then the current higher charges will apply to your entire Contract Value following a Step-Up.

If accepting the Step-Up will increase your IncomeFlex charges, then we will provide you with 90 days notice that you are eligible for the Step-Up and that the Step-Up will increase your charges. Unless you notify us in writing by the end of the 90 day period that you reject the Step-Up, the Step-Up and resulting increase in charges will be considered accepted. Any such increase in IncomeFlex charges would be subject to the maximum charge limit set forth in the "Fee Table." If you reject a Step-Up, your rejection will be effective for that year only. You will be eligible for future Step-Ups beginning with the last Business Day immediately before your next Birthday.

**Example—Step-Up Calculation**

---

| | |
|:---|:---|
| **Birthday** | May 6&nbsp;&nbsp;&nbsp;&nbsp; |
| **Annual Guaranteed Withdrawal Amount** | $4000 |
| **Contract Value as of May 6, 2024** | $100000 |
| **Guaranteed Withdrawal Percentage** | 5% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Step-Up Value = $100,000 × 5% = $5,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Step-Up Value > Annual Guaranteed Withdrawal Amount ($5,000 > $4,000)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Annual Guaranteed Withdrawal Amount for future Withdrawal Periods = $5,000

**Benefits Under the IncomeFlex Select Benefit** 

If your Contract Value equals zero and your Annual Guaranteed Withdrawal Amount is greater than zero, we will pay you the Annual Guaranteed Withdrawal Amount in monthly withdrawal payments, unless you request another payment frequency.

**Multiple Retirement Plans — Transfer of Guaranteed Values** 

If you participate in more than one Retirement Plan and have more than one Retirement Plan IncomeFlex Select Benefit, the guaranteed values associated with the multiple benefits may be rolled over and combined into a single IncomeFlex Select Benefit under this Annuity, as described below. If the IncomeFlex Select Benefits under your Retirement Plans have the same Statuses and elections, the guaranteed values under your Retirement Plans will be transferred and combined into a single contract under an IRA, as described in Example 1 below. For purposes of determining the transfer of guaranteed values from multiple Retirement Plans to the Annuity, your Status is based upon the age and Spousal Benefit election applicable to each Retirement Plan or Contract. If you locked-in your Annual Guaranteed Withdrawal Amount in your Retirement Plan and elected the Retirement Plan Spousal Benefit, the spousal benefit under each Retirement Plan Spousal Benefit must cover the same spouse in order for the guaranteed values to transfer and combine under this Annuity.

If your Statuses and elections are not the same between two or more Retirement Plans, you may roll over the guaranteed values associated with one Retirement Plan IncomeFlex Select Benefit. The Contract Value of the assets remaining in the other Retirement Plan(s) may remain in the Retirement Plan with the associated guaranteed values applicable to that plan.

You may roll over funds and establish only one IRA funded by this Annuity. If you have two or more Retirement Plan IncomeFlex Select Benefits, and your Statuses and election differ, you will not be able to combine those Contract Values under this Annuity.

The example below describes how guaranteed values associated with multiple Retirement Plan IncomeFlex Select Benefits may be transferred to this Annuity.

The Guaranteed Withdrawal Percentages used in the examples below are based upon your age or the age of the younger of you and your spouse, if you elect the Spousal Benefit as described in the chart below. Your Withdrawal Percentage at Lock-In will be based on the younger of you or your spouse if the Spousal Benefit is elected. Multiple benefits may be combined and transferred to this Annuity but may only be used to establish one IRA funded by this Annuity.

---

| | |
|:---|:---|
| **Age at Lock-In**<br>**(using age of younger spouse)** | **Withdrawal Percentage** |
| 55-64 | 4.00% |
| 65+ | 5.00% |

---

------

If you are a resident of New York (as determined on the date you purchased the IFX Select IRA product) and you purchased the IFX Select IRA product on or after January 1, 2024, then the following Guaranteed Withdrawal Percentage schedule applies to you:

---

| | |
|:---|:---|
| **Age at Lock-In**<br>**(using age of younger spouse)** | **Withdrawal Percentage** |
| 55-64 | 4.00% |
| 65-69 | 5.00% |
| 70-74 | 5.35% |
| 75-79 | 5.80% |
| 80-84 | 6.35% |
| 85-89 | 7.00% |
| 90-94 | 7.85% |
| 95+ | 8.95% |

---

**Example 1—Transferring Multiple Retirement Plan Benefits** 

**Rolling Over and Combining Retirement Plan IncomeFlex Select Benefits into one Contract**

---

| | | | |
|:---|:---|:---|:---|
| **Participant Status & Elections** | **Retirement Plan I** | **Retirement Plan II** | **Values Under**<br>**this Annuity** |
| Lock-In Date Elected | Yes (age 65) | Yes (age 69) | Yes |
| Spousal Benefit Elected | Yes | Yes | Yes |
| Guaranteed Withdrawal % | 5.00% | 5.00% | 5.00% |
| Contract Value | $25000 | $75000 | $100000 |
| Income Base | $30000 | $100000 | $130000 |
| Annual Guaranteed Withdrawal Amount | $1500 | $5000 | $6500 |

---

This example presumes that the Participant locked-in with the Spousal Benefit in both Retirement Plans and elected the same person as the spousal Beneficiary under both. If the spouse identified as the spousal Beneficiary under both Retirement Plan Spousal Benefits had not been the same, the guarantees would not roll over and combine under this Annuity.

**Other Important Considerations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Withdrawals made while the IncomeFlex Select Benefit is in effect will be treated, for tax purposes, in the same way as any other withdrawals under the Contract. The IncomeFlex Select Benefit does not directly affect the Contract Value or surrender value, but any withdrawal will decrease the Contract Value by the amount of the withdrawal. **If you surrender your Contract, you will receive the current Contract Value, not the Protected Income Base or Annual Guaranteed Withdrawal Amount.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The IncomeFlex Select Benefit is a standard feature of the Contract that guarantees your ability to withdraw amounts equal to a percentage of a notional income base. The IncomeFlex Select Benefit may not be appropriate for you if you are interested in maximizing the potential for long-term accumulation and tax deferral, rather than taking current withdrawals and ensuring a stream of income for life.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•We impose a charge for the IncomeFlex Select Benefit, which you will begin paying as soon as you buy the Contract, even if you do not begin taking withdrawals for many years, or ever. We will not refund the charges you have paid if you choose never to take any withdrawals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You should consider carefully when to begin taking your Annual Guaranteed Withdrawal Amount withdrawals under the IncomeFlex Select Benefit. If you begin taking withdrawals as soon as the benefit allows, you may maximize the time during which you may take withdrawals due to longer life expectancy (although in general, the younger you are, the lower the Guaranteed Withdrawal Percentage that is applied to the Income Base).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Note that withdrawals are taken from your own Contract Value – we are only required to start using our own money to pay you the Annual Guaranteed Withdrawal Amount when and if your Contract Value is reduced to zero (so long as Excess Withdrawals have not reduced your Annual Guaranteed Withdrawal Amount to zero).

**Termination of the IncomeFlex Select Benefit and Waiting Period** 

You may terminate the IncomeFlex Select Benefit by surrendering your Contract. If you terminate the IncomeFlex Select Benefit, any guarantee provided by the benefit will end as of the date the termination is effective.

------

The IncomeFlex Select Benefit terminates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon your surrender of the Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon your death (or the death of you and your spouse, if the Spousal Benefit was elected);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon a change in ownership of the Contract that changes the tax identification number of the Contract Owner other than in connection with a IncomeFlex Select Spousal Benefit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•upon your election to begin receiving Annuity Payments.

We cease imposing the charge for the IncomeFlex Select Benefit upon the effective date of the benefit termination for the events described above.

While you may terminate the IncomeFlex Select Benefit at any time, we may not terminate the benefit other than in the circumstances listed above.

Currently, if you terminate the IncomeFlex Select Benefit, you will not be permitted to re-elect or reinstate the benefit in this contract or in any other of our contracts.

------

**Section 4: How Can I Purchase the Empower Retirement Security Annuity VIII?** 

**Purchase Payments**

The Purchase Payment is the amount of money you give us to purchase the Contract. You must get our prior approval for any Purchase Payment of $1 million or more, unless we are prohibited under applicable state law from insisting on such prior approval.

There is no minimum initial contribution amount to purchase ERSA VIII and there is no minimum balance to lock in your benefit. Smaller balances will provide for smaller Guaranteed Withdrawal Amounts. For example, locking in your benefit with an income base of $16,000 at age 65 or greater will only guarantee a payment of $800 per year or approximately $66 a month. You should carefully consider the fees you are paying in light of the amount of Guaranteed Withdrawal Benefit you are eligible to receive based on your current balance prior to investing.

Currently, you must get our prior approval to make maximum aggregate Purchase Payments in excess of $2 million unless we are prohibited under applicable state law from insisting on such prior approval. We limit the maximum total Purchase Payments in any Contract year other than the first to $1 million absent our prior approval. Depending on applicable state law, other limits may apply. This Contract is issued as a nonqualified annuity. In order for it to be used to fund an IRA, the Contract must be issued to a custodial account established as an IRA.

**Allocation of Purchase Payments** 

When you purchase a Contract, we will allocate your Purchase Payment among the variable options based on the percentages you choose. The percentage of your allocation to a particular investment option can range in whole percentages from 0% to 100%.

We will allocate your Purchase Payment to the Separate Account within two Business Days after we receive the Purchase Payment in Good Order at the Empower Care Center. If it is not received in Good Order, we may either return the Purchase Payment immediately, or retain it, generally for no more than two Business Days, but not to exceed five Business Days, while we try to reach you to obtain the necessary information. If we are unable to do so successfully, we will return the Purchase Payment to you within five Business Days. Once we obtain the required information, we will invest the Purchase Payment and issue the Contract within two Business Days. With respect to your Purchase Payment that is pending investment in the Separate Account, we may hold the amount temporarily in a suspense account, and may earn interest on such amount. You will not be credited with interest during that period.

At our discretion, we may give Purchase Payments (as well as transfers) received in Good Order by certain broker-dealers prior to the close of a Business Day the same treatment as they would have received had they been received at the same time at the Empower Care Center. Any such arrangements would be governed by the terms and conditions of a written agreement between us and the broker-dealer.

**Calculating Contract Value** 

The value of your Contract will go up or down depending on the investment performance of the Variable Investment Options. To determine the value of your Contract, we use a unit of measure called an Accumulation Unit. An Accumulation Unit works like a share of a mutual fund.

Every day we determine the value of an Accumulation Unit for the Variable Investment Options. We do this by:

1)Adding up the total amount of money allocated to a specific investment option;

2)Subtracting from that amount, insurance charges and any other applicable charges such as for taxes; and

3)Dividing this amount by the number of outstanding Accumulation Units.

When you make a Purchase Payment to a Variable Investment Option, we credit your Contract with Accumulation Units of the Sub-account for the investment options you choose. The number of Accumulation Units credited to your Contract is determined by dividing the amount of the Purchase Payment allocated to an investment option by the Accumulation Unit Value of the Accumulation Unit for that investment option. We calculate the Accumulation Unit Value for the investment option after the New York Stock Exchange closes each day and then credit your Contract.

------

When you make a withdrawal to a Variable Investment Option, we debit your Contract with Accumulation Units of the Sub-account for the investment options you choose. The number of Accumulation Units debited to your Contract is determined by dividing the amount of the withdrawal allocated to an investment option by the Accumulation Unit Value of the Accumulation Unit for that investment option. We calculate the Accumulation Unit Value for the investment option after the New York Stock Exchange closes each day and then debit your Contract. The value of the Accumulation Units can increase, decrease, or remain the same from day to day.

------

**Section 5: What are the Expenses Associated with the Empower Retirement Security Annuity VIII?**

There are charges and other expenses associated with the Contract that reduce the return on your investment. These charges and expenses are described below.

**Charges in General** 

This section describes the types of charges you may pay while you own this Contract, including the current and maximum allowable charges under the Contract. The current charges may vary by plan, and can be changed. Although a particular current charge can increase or decrease, it can never exceed the maximum charge amount. Additionally, the Company is not prohibited from increasing a charge (up to the maximum charge), simply because a particular charge is currently set at zero.

The charges under the Contracts are designed to cover, in the aggregate, our direct and indirect costs of selling, administering and providing benefits under the Contracts. They are also designed, in the aggregate, to compensate us for the risks of loss we assume pursuant to the Contracts. If, as we expect, the charges that we collect from the Contracts exceed our total costs in connection with the Contracts, we will earn a profit. Otherwise, we will incur a loss. The rates of certain of our charges have been set with reference to estimates of the amount of specific types of expenses or risks that we will incur. In most cases, this prospectus identifies such expenses or risks in the name of the charge; however, the fact that any charge bears the name of, or is designed primarily to defray a particular expense or risk does not mean that the amount we collect from that charge will never be more than the amount of such expense or risk. Nor does it mean that we may not also be compensated for such expense or risk out of any other charges we are permitted to deduct by the terms of the Contract.

**Base Contract Expense** 

We make a daily deduction for the charges associated with the Base Contract Expense. The Base Contract Expense is comprised of two parts: the IncomeFlex Select Benefit (0.85% Current and 1.45% Maximum) and the mortality and expense fee (0% Current and 0% Maximum).

The charge for the optional IncomeFlex Select Spousal Benefit is in addition to the charge for the base IncomeFlex Select Benefit. We impose a current annual charge of 0.85% for the base IncomeFlex Select Benefit, which we have the right to increase up to 1.45%, but we have no current intention to do so. If you elect the optional IncomeFlex Select Spousal Benefit, then we impose an additional current annual charge of 0.50%, resulting in the current total annual charge of 1.35%. We have the right to increase the optional IncomeFlex Select Spousal Benefit charge up to 0.60%, but we have no current intention to do so. We will give you written notice before increasing these charges. Any increase in these IncomeFlex charges would apply only to Step-Up transactions after the effective date of the increase. Please see "Step-Up-Increase Of Annual Guaranteed Withdrawal Amount" in Section 3, "What Are The Benefits Available Under The Contract?"

The mortality and expense fee covers our expenses for mortality and expense risk, administration, marketing and distribution. The mortality risk portion of the charge is for assuming the risk that the Annuitant(s) will live longer than expected based on our life expectancy tables. When this happens, we pay a greater number of Annuity Payments. The expense risk portion of the charge is for assuming the risk that the current charges will be insufficient in the future to cover the cost of administering the Contract. The administrative expense portion of the charge compensates us for the expenses associated with the administration of the Contract. This includes preparing and issuing the Contract; establishing and maintaining Contract records; preparation of confirmations and annual reports; personnel costs; legal and accounting fees; filing fees; and systems costs.

The IncomeFlex Select Benefit charge compensates us for the risk associated with our promise to pay lifetime income benefits, under the conditions described in this prospectus, even if your Accumulation Unit Value is reduced to zero.

If the charges under the Contract are not sufficient to cover our expenses, then we will bear the loss. We do, however, expect to profit from these charges. Any profits made from these charges may be used by us to pay for the costs of distributing the Contracts.

**Taxes Attributable to Premium** 

There may be federal, state and local premium based taxes applicable to your Purchase Payment. We are responsible for the payment of these taxes and will not make a deduction from the value of the Contract to pay some or all of these taxes.

**Company Taxes** 

------

In calculating our corporate income tax liability, we may derive certain corporate income tax benefits associated with the investment of company assets, including Separate Account assets, which are treated as company assets under applicable income tax law. These benefits reduce our overall corporate income tax liability. Under current law, such benefits include foreign tax credits and corporate dividend received deductions. We do not pass these tax benefits through to holders of the Separate Account Annuity Contracts because (i) the Contract Owners are not the owners of the assets generating these benefits under applicable income tax law and (ii) as described above, we do not currently include company income taxes in the tax charges you pay under the Contract. We reserve the right to change these tax practices.

**Underlying Mutual Fund Fees**

When you rollover your account value in your group annuity contract to ERSA VIII and allocate that money to the Variable Investment Options, we in turn invest in shares of a corresponding underlying mutual fund. Those funds charge fees and incur operating expenses that are in addition to the Contract-related fees described in this section. The current maximum operating expense of 0.55% is the expense for the Fidelity Asset Manager<sup>®</sup> 70% fund.

For certain funds, expenses may be reduced pursuant to expense waivers and comparable arrangements. In general, these expense waivers and comparable arrangements are not guaranteed, and may be terminated at any time.

For additional information about these fund fees, please consult the prospectus for each fund.

------

**Section 6: How Can I Access My Money** 

You can access your money by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Making a withdrawal (either partial or complete); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Choosing to receive Annuity Payments during the Annuity Phase (annuitization). Please see Section 8, "What Kind Of Payments Will I Receive During The Annuity Phase? (Annuitization)"

**Withdrawals During the Accumulation Phase** 

When you make a full withdrawal, you will receive the value of your Contract minus any applicable fees. We will calculate the value of your Contract and charges, if any, as of the date we receive your request in Good Order at the Empower Care Center. All withdrawals, including ones made after you have locked in your IncomeFlex Select Benefit reduce your Contract Value. For information on how withdrawals impact your IncomeFlex Select Benefit, please see Section 3, "What Are The Benefits Available Under The Contract?"

Participants may request withdrawal requests through Empower's website, www.empower.com. In addition, Participants may make withdrawal requests toll-free at (855) 756-4738 during our normal business hours, Monday-Friday between 7 a.m. - 9 p.m. Central Time, and Saturdays between 8 a.m - 4:30 p.m. Central Time, excluding holidays and days on which the New York Stock Exchange or Empower is closed for business (including emergency closings).

Participants may also complete a paper form to provide to Empower when requesting a distribution or loan, should the plan allow. Participants can obtain the paper form by calling (855) 755-4738. Participants can then send the completed form to the following address or fax it to (866) 633-5212: 8515 East Orchard Road, Greenwood Village, CO 80111. All requests will be processed on the Business Day they are received in Good Order.

Unless you specify otherwise, in writing, any partial withdrawal will be made proportionately from all of the Variable Investment Options you have selected. The minimum amount that may be withdrawn is $250 or, if less the Contract Value. We currently waive this minimum. We may begin to impose this minimum at any time in the future. We will generally pay the withdrawal amount, less any required tax withholding, within seven days after we receive a withdrawal request in Good Order.

**Income taxes, tax penalties and certain restrictions also may apply to any withdrawal you make. For a more complete explanation, see Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?"** 

**Automated Withdrawals** 

We offer an automated withdrawal feature. This feature enables you to receive periodic withdrawals in monthly, quarterly, semiannual or annual intervals. We will price your withdrawals received in Good Order at the end of the Business Day at the intervals you specify. We will continue at these intervals until you tell us otherwise. You can make withdrawals from any designated investment option or proportionally from all investment options. The minimum automated withdrawal amount you can make generally is $250. We currently waive this minimum. We may begin to impose this minimum at any time in the future.

**Income taxes, tax penalties and certain restrictions may apply to automated withdrawals. For a more complete explanation, see Section 9, "What Are The Tax Considerations Associated With The Empower Retirement Security Annuity VIII?"** 

**Suspension of Payments or Transfers** 

The Securities and Exchange Commission (SEC) may require us to suspend or postpone payments made in connection with withdrawals or transfers for any period when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The New York Stock Exchange is closed (other than customary weekend and holiday closings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Trading on the New York Stock Exchange is restricted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An emergency exists, as determined by the SEC, during which sales and redemptions of shares of the underlying mutual funds are not feasible or we cannot reasonably value the Accumulation Units; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The SEC, by order, permits suspension or postponement of payments for the protection of Owners.

------

**Section 7: What Investment Options Can I Choose?** 

The Contract gives you the choice of allocating your Purchase Payments to any of the Variable Investment Options. The Variable Investment Options invest in selected portfolios of the Vanguard LifeStrategy<sup>®</sup> Funds and the Fidelity Advisor Asset Manager<sup>®</sup> Funds, which may sell shares to both variable annuity and variable life insurance separate accounts of different insurance companies, which could create the kinds of conflicts that are described in more detail in the current prospectuses for the underlying mutual funds. The current prospectuses for the portfolios available in your Contract also contain important information about each of the underlying mutual funds in which your Variable Investment Options invest. There are deductions from and expenses paid out of the assets of the portfolios that are described in the prospectuses for these portfolios.

The Variable Investment Options that you select, among those that are permitted, are your choice. We do not provide investment advice, nor do we recommend any particular Variable Investment Option. Please consult with a qualified investment professional if you wish to obtain investment advice. You bear the investment risk for amounts allocated to the Variable Investment Options.

The Contract includes the following funds as Variable Investment Options: Vanguard LifeStrategy Conservative Growth Fund, Vanguard LifeStrategy Moderate Growth Fund, Fidelity Asset Manager<sup>®</sup> 30%, Fidelity Asset Manager<sup>®</sup> 50%, and Fidelity Asset Manager<sup>®</sup> 70%.

When you invest in a Variable Investment Option funded by a mutual fund, you should read the mutual fund prospectus and keep it for future reference. For additional copies of the current underlying fund prospectuses please call (855) 756-4738 or write us at Empower Care Center, 8515 East Orchard Road, Greenwood Village, CO 80111.

**Variable Investment Options** 

Each Variable Investment Option is a Sub-account that invests exclusively in a single portfolio. Please refer to "Appendix A: Portfolios Available Under The Contract" later in this prospectus for certain information regarding each portfolio, including (i) its name, (ii) its type (e.g. money market fund, bond fund, balanced fund, etc.) or a brief statement concerning its investment objectives, (iii) its investment adviser and any sub-adviser, (iv) current expenses and (v) performance. There is no guarantee that any portfolio will meet its investment objective. Each portfolio has issued a prospectus that contains more detailed information about the portfolio. The prospectuses for the portfolios can be requested by writing us at Empower Care Center, 8515 East Orchard Road, Greenwood Village, CO 80111. You can also request this information at no cost by calling (855) 756-4738.

Empower receives fees and payments from the portfolios. Empower has selected the portfolios for inclusion as investment options under this Contract in Empower's role as the issuer of this Contract. Empower does not provide investment advice or recommend any particular portfolio.

A fund or portfolio may have a similar name or an investment objective and investment policies resembling those of a mutual fund managed by the same investment adviser that is sold directly to the public. Despite such similarities, there can be no assurance that the investment performance of any such fund or portfolio will resemble that of the publicly available mutual fund.

**Payments Made to Empower** 

Respecting this Contract, Empower has entered into an agreement with the underlying portfolios, and/or the investment advisers to the underlying portfolios, to provide administrative and support services to the portfolios. These agreements, including the fees paid and services provided, can vary for each underlying mutual fund whose portfolios are offered as Sub-accounts. We may profit from these payments. The funds for these payments come from, in whole or in part, the assets of the portfolio itself and/or the assets of the portfolio's investment adviser. The existence of these payments tends to increase the overall cost of investing in the underlying portfolios. Through your indirect investment in the underlying portfolios, you indirectly bear the costs of these fees (see underlying funds' prospectuses for more information).

As noted previously in the Annual Portfolio Company Expenses table, we also receive Rule 12b-1 fees from some underlying portfolios which compensate, Empower Financial Services, Inc., for distribution and administrative services (including record keeping services and the mailing of prospectuses and reports to Contract Owners invested in the underlying portfolios). These fees are paid by the underlying portfolio out of each underlying portfolio's assets and are therefore borne by Contract Owners.

------

In addition, the investment adviser, sub-adviser or distributor of the underlying portfolios may also compensate us by providing reimbursement or paying directly for, among other things, marketing and/or administrative services and/or other services they provide in connection with variable annuity contracts. These services may include, but are not limited to: co-sponsoring various meetings and seminars attended by broker-dealer firms' registered representatives, plan sponsors and participants, and creating marketing material discussing variable annuity contracts and the available options. The amounts paid depend on the nature of the meetings, the number of meetings attended by the adviser, sub-adviser, or distributor, the number of participants and attendees at the meetings, the costs expected to be incurred, and the level of the adviser's, sub-adviser's or distributor's participation. These payments or reimbursements may not be offered by all advisers, sub-advisers, or distributors, and the amounts of such payments may vary between and among each adviser, sub-adviser, and distributor depending on their respective participation.

**Transfers Among Options** 

Subject to certain restrictions, you can transfer money among the Variable Investment Options. All transfers are subject to the terms and conditions set forth in this prospectus and the prospectus for each underlying portfolio. A transfer of money among the Variable Investment Options is not considered an additional Purchase Payment. The minimum transfer amount is the lesser of $250 or the total amount in the investment option from which the transfer is to be made. Currently, we waive this minimum transfer amount. We have the right to begin imposing this minimum transfer amount for any future transfers.

In general, your transfer request may be made by telephone, electronically, or otherwise in paper form to the Empower Care Center. We have procedures in place to confirm that instructions received by telephone or electronically are genuine. We will not be liable for following telephone or electronic instructions that we reasonably believe to be genuine. Your transfer request will take effect at the end of the Business Day on which it was received in Good Order by us, or by certain entities that we have specifically designated. Good Order includes receipt of all necessary information to ensure the transfer is permitted under and in compliance with the applicable retirement arrangement. Transfer requests that are not in Good Order will be valued on the Business Day that Good Order is determined. Transfer requests received after the close of the Business Day will take effect at the end of the next Business Day.

**Redemption Fees and Abusive Trading Practices**

The practice of making frequent transfers among Variable Investment Options in response to short-term fluctuations in markets, sometimes called "market timing" or "excessive trading," can make it very difficult for a portfolio manager to manage an underlying portfolio investment. Frequent transfers may cause the fund to hold more cash than otherwise necessary, disrupt management strategies, increase transaction costs or affect performance. For these reasons, the Contract was not designed for persons who make programmed, large or frequent transfers.

We consider "market timing" or "excessive trading" to be one or more trades into and out of (or out of and into) the same Variable Investment Option within a rolling 30-day period. Automatic or system-driven transactions, such as contributions or loan repayments by payroll deduction, regularly scheduled or periodic distributions, or periodic rebalancing through an automatic rebalancing program do not constitute prohibited excessive trading and will not be subject to these criteria.

In light of the risks posed by "market timing" or "excessive trading", we monitor transactions in an effort to identify such trading practices. Further, we have agreed with the managers of the underlying portfolios to implement their specific Frequent Trading Policy as described in their fund prospectus documents. In doing so, we reserve the right to limit the number of your transfers in any year, and to take the other actions discussed below. We also reserve the right to refuse any transfer request if: (a) we believe that market timing (as we define it) has occurred; or (b) we are informed by an underlying portfolio that transfers in its shares must be restricted under its policies and procedures concerning excessive trading.

The ability of Empower to monitor for frequent trading is limited for Contracts under which Empower does not provide the Participant record keeping. In those cases, another entity maintains the individual records and submits to Empower only aggregate orders combining the transactions of many Participants. Therefore, Empower may be unable to monitor investments by individual investors. Under SEC rules, an underlying fund may ask us to identify third party administrators that hold individual Participant records and we are obligated to use our best efforts to identify whether or not the third party administrator is deemed an indirect intermediary.

In furtherance of our general authority to restrict transfers as described above, and without limiting other actions we may take in the future, we have adopted the following specific procedures:

<u>Warning</u>. Upon identification of activity that meets the market-timing criteria. Empower will warn you at the time of trade. If applicable, the plan will be notified.

------

<u>Restriction</u>. A second incidence of activity meeting the market timing criteria will trigger a trade restriction, prohibiting you from investing in the Variable Investment Option for thirty (30) days. We reserve the right to extend the trade restriction incrementally if the behavior recurs during the six-month period immediately following the initial restriction.

<u>Action by an Underlying Fund.</u> A portfolio may have adopted its own policies and procedures with respect to excessive trading, and we reserve the right to enforce these policies and procedures.The prospectus for the portfolio describes any such policies and procedures. Under federal securities regulations, we are required to: (1) enter into a written agreement with each portfolio or its principal underwriter that obligates us to provide to the portfolio promptly upon request certain information about the trading activity of individual investors, and (2) execute instructions from the portfolio to restrict or prohibit further purchases or transfers by specific investors who violate the excessive trading policies established by the portfolio. We reserve the right to impose any such restriction at the fund level, and all Participants under a particular Contract would be impacted. In addition, you should be aware that some portfolios may receive "omnibus" purchase and redemption orders from other insurance companies or intermediaries such as retirement plans. The omnibus orders reflect the aggregation and netting of multiple orders from individual owners of variable insurance contracts and/or individual retirement plan participants. The omnibus nature of these orders may limit the portfolios in their ability to apply their excessive trading policies and procedures. In addition, the other insurance companies and/or retirement plans may have different policies and procedures or may not have any such policies and procedures because of contractual limitations. For these reasons, we cannot guarantee that the portfolios (and thus investors Owners) will not be harmed by transfer activity relating to other insurance companies and/or retirement plans that may invest in the portfolios. Please refer to each underlying portfolio's fund prospectus for more information on their market timing and excessive trading policies.

A portfolio also may assess a short-term trading fee in connection with a transfer out of the Variable Investment Option investing in that portfolio that occurs within a certain number of days following the date of allocation to the Variable Investment Option. Each portfolio determines the amount of the short-term trading fee and when the fee is imposed. The fee is retained by or paid to the portfolio and is not retained by us. The fee will be deducted from your Contract Value.

Although our transfer restrictions are designed to prevent excessive transfers, they are not capable of preventing every potential occurrence of excessive transfer activity.

**Scheduled Transactions** 

Scheduled transactions include systematic withdrawals, systematic investments, required minimum distributions, substantially equal periodic payments under Section 72(t) of the Code and Annuity Payments. Generally, scheduled transactions in Good Order are valued as of the date they are scheduled, unless the scheduled day is not a Business Day. In that case, the transaction will be valued on the next Business Day, unless (with respect to required minimum distributions, substantially equal periodic payments under Section 72(t) of the Code, and Annuity Payments only), the next Business Day falls in the subsequent calendar year, in which case the transaction will be valued on the prior Business Day.

**Voting Rights** 

As stated above, all of the assets held in the Sub-accounts of the Separate Account are invested in shares of the corresponding portfolios. Empower is the legal owner of those shares. As such, Empower has the right to vote on any matter voted on at any shareholders meetings of the portfolios. However, as required by law, Empower votes the shares of the portfolios at any regular and special shareholders meetings the portfolios are required to hold in accordance with voting instructions received from investors. For purposes of voting rights, the investor is the person for whom the IRA was established.

The funds may not hold annual shareholders meetings when not required to do so under the laws of the state of their incorporation or the Investment Company Act of 1940. Fund shares for which no timely instructions from investors are received, and any shares owned directly or indirectly by Empower, are voted in the same proportion as shares in the respective portfolio for which instructions are received. This voting procedure is sometimes referred to as "mirror voting" because, as indicated in the immediately preceding sentence, we mirror the votes that are actually cast, rather than decide on our own how to vote. In addition, because all the shares of a given mutual fund portfolio held within the Separate Account are legally owned by us, we intend to vote all of such shares when that underlying portfolio seeks a vote of its shareholders. As such, all such shares will be counted towards whether there is a quorum at the underlying portfolio's shareholder meeting and towards the ultimate outcome of the vote. Thus, under "mirror voting," it is possible that the votes of a small percentage of investors who actually vote will determine the ultimate outcome. Should the applicable federal securities laws or regulations, or their current interpretation, change so as to permit Empower to vote shares of the portfolios in its own right, it may elect to do so.

------

Generally, investors may give voting instructions on matters that would be changes in fundamental policies and any matter requiring a vote of the shareholders of the portfolios. With respect to approval of the investment advisory agreement or any change in a portfolio's fundamental investment policy, investors participating in such portfolios will vote separately on the matter, as required by applicable securities laws.

The number of portfolio shares for which an investor may give instructions is determined by dividing the portion of the value of the Separate Account derived from participation in a Sub-account, by the value of one share in the corresponding portfolio of the applicable fund. The number of votes for which the investor may give us instructions is determined as of the record date chosen by the Board of the applicable fund. We furnish the investor with proper forms and proxies to enable the investor to give these instructions. We reserve the right to modify the manner in which the weight to be given to voting instructions is calculated where such a change is necessary to comply with current federal regulations or interpretations of those regulations.

Empower may, if required by state insurance regulations, disregard voting instructions if such instructions would require shares to be voted so as to cause a change in the sub-classification or investment objectives of one or more of the funds' portfolios, or to approve or disapprove an investment advisory contract for a portfolio. If we do disregard voting instructions, we will advise of that action and our reasons for such action in the next annual or semi-annual report.

**Substitution** 

We may substitute one or more of the underlying mutual funds used by the Variable Investment Options. We would not do this without the approval of the SEC and any necessary state insurance departments. Moreover, any such substituted fund will have substantially similar investment objectives to those of the applicable existing portfolios. You will be given specific notice in advance of any substitution we intend to make. We may also cease to allow investments in existing funds.

**Reports to You** 

We will send you, at least annually, reports showing as of a specified date the amounts credited to you in the Sub-accounts of the EAIC Variable Contract Account A. We will also send annual and semi-annual reports for the applicable underlying portfolios.

------

**Section 8: What Kind of Payments Will I Receive During the Annuity Phase? (Annuitization)** 

**Payment Provisions**

If you so choose, you may annuitize some or all of your Contract Value and can begin taking Annuity Payments, any time after the first Contract anniversary. We make the income plans described below available at any time before the Annuity Date. Annuity Options under the Contract define the frequency and duration of Annuity Payments. During the Annuity Phase, all of the Annuity Options under this Contract are fixed Annuity Options. This means that your participation in the Variable Investment Options ends on the Annuity Date. Generally, once the Annuity Payments begin, the Annuity Option cannot be changed and you cannot make withdrawals or surrender the Contract. We reserve the right to change the following annuity options in the future.

IN ADDITION TO THE ANNUITY OPTIONS DISCUSSED IN THIS SECTION, PLEASE NOTE THAT THE INCOMEFLEX SELECT BENEFIT OFFERS GUARANTEED INCOME IN THE FORM OF GUARANTEED WITHDRAWALS. THIS SECTION DOES NOT DESCRIBE THE INCOMEFLEX SELECT BENEFIT, WHICH IS NOT AN ANNUITY OPTION. PLEASE SEE SECTION 3, "WHAT ARE THE BENEFITS AVAILABLE UNDER THE CONTRACT?" OF THIS PROSPECTUS FOR ADDITIONAL INFORMATION ABOUT THE INCOMEFLEX SELECT BENEFIT.

**Option 1: Annuity Payments For A Period Certain** 

Under this option, we will make equal payments for the period chosen, up to 25 years (but not to exceed life expectancy). We will make the Annuity Payments monthly, or if You choose, quarterly, semiannually, or annually, for the period certain. If the Annuitant dies during the Annuity Phase, payments will continue to the Beneficiary for the remainder of the period certain.

**Option 2: Life Income Annuity Option With 10 Years Period Certain** 

Under this option, we will make Annuity Payments monthly, quarterly, semiannually, or annually as long as the Annuitant is alive. If the Annuitant dies before we have made 10 years' worth of payments, we will continue to pay the Beneficiary the remaining payments of the 10 year period.

**Other Annuity Options** 

We currently offer a variety of other Annuity Options not described above. At the time Annuity Payments are chosen, we may make available to you any of the fixed Annuity Options that are offered at your Annuity Date.

**Tax Considerations** 

Your Contract will be held in a custodial account established as an IRA eligible for favorable tax treatment under the Code. Therefore, you should consider the required minimum distribution provisions of the Code when selecting your Annuity Option.

**How We Determine Annuity Payments** 

Generally speaking, the Annuity Phase of the Contract involves our distributing to you in increments the value that you have accumulated. We make these incremental payments either over a specified time period (e.g., 15 years) (period certain annuities) or for the duration of the life of the Annuitant (and possibly co-annuitant) (life annuities). Certain assumptions are common to both period certain and life annuities. In each type, we assume that the value you apply at the outset toward your Annuity Payments earns interest throughout the payout period. If our current annuity purchase rates on the Annuity Date are more favorable to you than the guaranteed rates stated below, we will make payments based on those more favorable rates.

Assumptions that we use for period certain and life annuities differ, as detailed in the following overview:

**Period Certain Annuities** 

Generally speaking, in determining the amount of each Annuity Payment under a period certain annuity, we start with the Contract Value and add interest assumed to be earned over the period certain. Using the interest in effect, we determine the benefit that can be supported during the guaranteed period such that the present value of the benefit payments equals the accumulated account balance. The life expectancy of the Annuitant and co-annuitant are relevant to this calculation only in that we will not allow you to select a period certain that exceeds life expectancy.

**Life Annuities** 

------

More variables affect our calculation of life Annuity Payments. Most importantly, we make several assumptions about the Annuitant's or co-annuitant's life expectancy. As stated above, we will pay you the more favorable benefit between that determined by applying current assumptions and that determined by applying minimum guarantee assumptions, which is referred to as the guaranteed annuity benefit.

Below are the minimum guarantee assumptions, subject to the requirements of state insurance law, that we use to determine the guaranteed annuity benefit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•2% Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•8.25% Factor (A percentage if applied to the annuitized account balance would reflect an amount that may cover the expected cost to the Company for administering the payments.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•1950 Male Group Annuity Valuation Table, with age setback of 4.8 years plus one-fifth of the number of years from 1895 to the Annuitant's year of birth

In addition, certain states may require the use of assumptions that produce a more favorable benefit. When these requirements apply, the more favorable benefit will be paid.

------

**Section 9: What are the Tax Considerations Associated with the Empower Retirement Security Annuity VIII?** 

The following discussion is general in nature and describes only federal income tax law (not state or other tax laws). It is based on current law and interpretations, which may change. It is not intended as tax advice. You should consult a qualified tax adviser for complete information and advice. The discussion includes a description of certain spousal rights under the Contract and under tax-qualified plans.

This Contract will be purchased by a custodial IRA, which can hold other permissible assets other than the Contract. The terms and administration of the trust or custodial account in accordance with the laws and regulations are the responsibility of the applicable trustee or custodian.

**Contracts Held By Tax Favored Plans** 

The following discussion covers annuity contracts held under tax favored Retirement Plans.

Currently, the Contract will be purchased for use in connection with IRAs, which are subject to Section 408(a) and 408A of the Code. This Contract is issued as a nonqualified annuity. In order for it to be used for an IRA or Roth IRA, the Contract must be issued to a custodial account established as an IRA or Roth IRA. This description assumes that you have satisfied the requirements for eligibility for these accounts.

You should be aware that tax favored plans such as IRAs generally provide Tax Deferral regardless of whether they invest in annuity contracts. This means that when a tax favored plan invests in an annuity contract, it generally does not result in any additional Tax Deferral benefits.

IRAs. When you purchase this Contract for use in an IRA, we will provide you with a copy of the prospectus and Contract. If the IRA is being established at the same time you purchase the Contract, an "IRA Disclosure Statement," containing information about eligibility, contribution limits, tax particulars, and other IRA information will be delivered to you separately. In addition to this information (some of which is summarized below), the Code requires that you have a "revocation period" of seven days following receipt of the IRA Disclosure Statement to cancel the IRA funded by the Contract and receive a refund equal to the amount of your Purchase Payments. The revocation period runs concurrent with any free look period required by State law. During this "revocation period," you can cancel the Contract by notifying us in writing, and you will receive a refund equal to the greater of your Purchase Payments or the Contract Value (as of the date you surrendered your Contract), less any applicable federal and state income tax withholding. After the revocation period ends, you may still cancel the Contract during the remaining free look period. See "Short Term Cancellation Right or 'Free Look'" in Section 1, "What Is The Empower Retirement Security Annuity VIII?" Please note this does not apply if you are not establishing an IRA at the same time you purchase the Contract.

Contribution Limits/Rollovers. Because of the way the Contract is designed, you may only purchase a Contract for an IRA in connection with a "rollover" of amounts from a qualified Retirement Plan (see cover page of prospectus). For 2026 the limit is $7,500. The contribution amount is indexed for inflation. The tax law also provides for a catch-up provision for individuals who are age 50 and above, allowing these individuals an additional $1,100 contribution each year. Under this Contract, no additional contributions are permitted.

The "rollover" rules under the Code are fairly technical; however, an individual (or his or her surviving spouse) may generally "roll over" certain distributions from tax favored Retirement Plans (either directly or within 60 days from the date of these distributions) if he or she meets the requirements for distribution. If you terminated employment and had an outstanding loan from your employer plan, any outstanding loan balance not paid back under plan rules after termination of employment becomes taxable in the year of default. Under the Tax Cuts and Jobs Act, for defaults related to termination of employment after 2017, an individual has until the due date of that year's return (including extensions) to roll over the outstanding loan amount to an IRA or qualified employer plan.

Non-spouse beneficiaries can also roll over distributions from a tax favored Retirement Plan into an inherited IRA. Currently this Contract is not available to fund inherited IRAs. An individual can only make an IRA to IRA rollover if the individual has not made a rollover involving any IRAs owned by the individual in the prior 12 months. An IRA transfer is a tax-free trustee-to-trustee "transfer" from one IRA account to another. IRA transfers are not subject to this 12 month rule.

Late Rollover Self-Certification. You may be able to apply a rollover contribution to your IRA or qualified retirement plan after the 60 day deadline through a self-certification procedure established by the IRS. Please consult your tax or legal adviser regarding your eligibility to use this self-certification procedure. As indicated in this IRS guidance, we, as a financial institution, are not required to accept your self-certification for waiver of the 60 day deadline.

------

Distributions. Usually, the full amount of any distribution from an IRA (including a distribution from this Contract) which is not a rollover is taxable. As taxable income, these distributions are subject to the general income tax withholding rules described earlier. In addition to this normal tax liability, you may also be liable for the following, depending on your actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A 10% early withdrawal additional tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Liability for "prohibited transactions" if you, for example, borrow against the value of an IRA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Failure to take a minimum distribution.

Cost basis for a tax-favored retirement plan is provided only in limited circumstances, such as for nondeductible contributions to a traditional IRA. We do not track cost basis for IRAs, which is the responsibility of the Owner.

**Required Minimum Distribution Provisions and Payment Option** 

When you hold the Contract under an IRA (or other tax favored plan), IRS required minimum distribution provisions must be satisfied. This means that generally payments must start by April 1 of the year after the year you reach age 72 (or age 73 shall apply to distributions required to be made after December 31, 2022 for individuals who attain age 72 after such date) and must be made for each year thereafter. The amount of the payment from the IRA must at least equal the minimum required under the IRS rules. Several choices are available for calculating the minimum amount. More information on the mechanics of this calculation is available on request. Please contact us a reasonable time before the IRS deadline so that a timely distribution is made. Please note that there is a 50% tax penalty on the amount of any minimum distribution not made in a timely manner.

To determine the amount of any required minimum distributions the value of the Contract will be calculated based on the sum of the Contract Value and the actuarial value of any additional Death Benefits and benefits under the Contract. As a result, if amounts are distributed from the Contract to satisfy the required minimum distribution rules, the amount distributed may be larger than if the calculation were based on the Contract Value only, which may in turn result in an earlier (but not before the required beginning date) distribution of amounts under the Contract and an increased amount of taxable income distributed to the Contract Owner, and a reduction of Death Benefits and the benefits of the IncomeFlex Select Benefit.

You can use the minimum distribution option to satisfy the IRS required minimum distribution rules for this Contract without either beginning Annuity Payments or surrendering the Contract. We will distribute to you this required minimum distribution amount, less any other partial withdrawals that you made during the year. Although the IRS rules determine the required amount to be distributed from your IRA each year, certain payment alternatives are still available to you. If you own more than one IRA, you can choose to satisfy your minimum distribution requirement for each of your IRAs by withdrawing that amount from any of your IRAs. Similarly, if the IRA that includes the Contract has other investments, you can choose to satisfy your minimum distribution requirement from those investments.

**Charitable IRA Distributions**

Certain qualified IRA distributions used for charitable purposes are eligible for an exclusion from gross income, up to $100,000, for otherwise taxable IRA distributions from a traditional or Roth IRA. A one-time election of up to $50,000 for qualified charitable distributions to certain split-interest entities is also permitted. These amounts will be indexed for inflation for taxable years beginning after 2023. A qualified charitable distribution is a distribution that is made (1) directly by the IRA trustee to certain qualified charitable organizations and (2) on or after the date the IRA owner attains age 70<sup>1</sup>⁄2. Distributions that are excluded from income under this provision are not taken into account in determining the individual's deductions, if any, for charitable contributions. Effective 2020, the amount of your qualified charitable distributions that are excluded from income for a tax year is reduced (but not below zero) by the excess of: (1) the total amount of your IRA deductions allowed for all tax years ending on or after the date you attain age 70<sup>1</sup>⁄2; over (2) the total amount of reductions for all tax years preceding the current tax year.

The IRS has indicated that an IRA trustee is not responsible for determining whether a distribution to a charity is one that satisfies the requirements of the charitable giving incentive. Consistent with the applicable IRS instructions, we report these distributions as normal IRA distributions on Form 1099-R. Individuals are responsible for reflecting the distributions as charitable IRA distributions on their personal tax returns.

**Required Distributions Upon your Death For Qualified Annuity Contracts** 

Upon your death under an IRA, Roth IRA, 403(b) or other employer sponsored plan, any remaining interest must be distributed in accordance with federal income tax requirements. For an employee, IRA owner, or beneficiary who died prior to January 1, 2020, please consult your tax adviser regarding the applicable post-death distribution requirements.

------

The information provided below applies to an employee, IRA owner, or beneficiary who died after January 1, 2020. In addition, if you are an employee under a governmental plan, such as a section 403(b) plan of a public school or a governmental 457(b) plan, this new law applies if you die after 2021. In addition, if your plan is maintained pursuant to one or more collective bargaining agreements, this new law generally applies if you die after 2021 (unless the collective bargaining agreements terminate earlier).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Death before your required beginning date*. If you die before your required beginning date, and you have a designated beneficiary, any remaining interest must be distributed within 10 years after your death, unless the designated beneficiary is an "eligible designated beneficiary" ("EDB") or some other exception applies. A designated beneficiary is any individual designated as a beneficiary by the employee or IRA owner. An EDB is any designated beneficiary who is (1) your surviving spouse, (2) your minor child, (3) disabled, (4) chronically ill, or (5) an individual not more than 10 years younger than you. An individual's status as an EDB is determined on the date of your death. An EDB (other than a minor child) can generally stretch distributions over their life or life expectancy if payments begin within one year of your death and continuing over the EDB's remaining life expectancy after the EDB's death. However, all amounts must be fully distributed by the end of the year containing the 10th anniversary of the EDB's death. Special rules apply to minors and Beneficiaries that are not individuals. Additional special rules apply to surviving spouses, see "Spousal Continuation" below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Deaths on or after your required beginning date.* In general, if you die on or after your required beginning date, and you have a designated beneficiary who is not an EDB, any remaining interest in your Qualified Annuity must continue to be distributed over the longer of your remaining life expectancy and your designated beneficiary's life expectancy (or more rapidly), but all amounts must be distributed within 10 years of your death. If your Beneficiary is an EDB (other than a minor child), distributions must continue over the longer of your remaining life expectancy and the EDB's life expectancy (or more rapidly), but all amounts must be distributed within 10 years of the EDB's death. Special rules apply to EDBs who are minors, EDBs who are older than the Owner, and Beneficiaries that are not individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Annuity payments.* If you commence taking distributions in the form of an annuity that can continue after your death, such as in the form of a joint and survivor annuity or an annuity with a guaranteed period of more than 10 years, any distributions after your death that are scheduled to be made beyond the applicable distribution period imposed under the new law might need to be commuted at the end of that period (or otherwise modified after your death if permitted under federal tax law and by Empower) in order to comply with the post-death distribution requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Other rules.* The post-death distribution requirements do not apply if the employee or IRA owner elected annuity payments that comply with prior law commenced prior to December 20, 2019. Also, even if annuity payments have not commenced prior to December 20, 2019, the above requirements generally do not apply to an immediate annuity contract or a deferred income annuity contract (including a qualifying lifetime annuity contract, or "QLAC") purchased prior to that date, if you have made an irrevocable election before that date as to the method and amount of the annuity.

If your beneficiary is not an individual, such as a charity, your estate, or a trust, any remaining interest after your death generally must be distributed under law in accordance with the 5-year rule or the at-least-as-rapidly rule, as applicable (but not the lifetime payout rule). You may wish to consult a professional tax adviser about the federal income tax consequences of your beneficiary designations.

In addition, these post-death distribution requirements generally do not apply if the employee or IRA owner died prior to January 1, 2020. However, if the designated beneficiary of the deceased employee or IRA owner dies after January 1, 2020, and the designated beneficiary had elected the lifetime payout rule or was under the at-least-as rapidly, rule, any remaining interest must be distributed within 10 years of the designated beneficiary's death. Hence, this 10-year rule will apply to (1) a contract issued prior to 2020 which continues to be held by a designated beneficiary of an employee or IRA owner who died prior to 2020, and (2) an inherited IRA issued after 2019 to the designated beneficiary of an employee or IRA owner who died prior to 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Spousal continuation.* If your beneficiary is your spouse, your surviving spouse can delay the application of the post-death distribution requirements until after your surviving spouse's death by transferring the remaining interest tax-free to your surviving spouse's own IRA, or by treating your IRA as your surviving spouse's own IRA, subject to the new rules under the regulations.

------

The post-death distribution requirements are complex and unclear in numerous respects. Treasury has issued proposed regulations that may impact these required minimum distribution requirements in the future. We reserve the right to make changes in order to comply with the proposed regulations, or once final regulations are published. . Any such changes will apply uniformly to affected Owners or Beneficiaries and will be made with such notice to affected Owners or Beneficiaries as is feasible under the circumstances. In addition, the manner in which these requirements will apply will depend on your particular facts and circumstances. You may wish to consult a professional tax adviser for tax advice as to your particular situation.

Unless payments are being made in the form of an annuity, a Beneficiary has the flexibility to take out more each year than mandated under the required minimum distribution rules.

Until withdrawn, amounts in a qualified annuity contract continue to be tax deferred. Amounts withdrawn each year, including amounts that are required to be withdrawn under the required minimum distribution rules, are subject to tax. You may wish to consult a professional tax adviser for tax advice as to your particular situation.

**Additional Tax for Early Distributions** 

You may owe a 10% additional tax on the taxable part of distributions received from an IRA.

Amounts are not subject to this additional tax if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount is paid on or after you reach age 59<sup>1</sup>⁄2 or die;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•generally the amount received is attributable to your becoming disabled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the amount paid or received is in the form of substantially equal payments not less frequently than annually (Please note that substantially equal payments must continue until the later of reaching age 59<sup>1</sup>⁄2 or five years. Modification of payments or additional contributions to the Annuity during that time period will generally result in retroactive application of the 10% additional tax).

Other exceptions to this tax may apply. You should consult your tax adviser for further details.

**Withholding** 

Unless you elect otherwise, we will withhold federal income tax from the taxable portion of such distribution at an appropriate percentage. The rate of withholding on Annuity Payments where no mandatory withholding is required is determined on the basis of the withholding certificate that you file with us. If you do not file a certificate, we will automatically withhold federal taxes on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For any Annuity Payments not subject to mandatory withholding, you will have taxes withheld under the applicable default withholding rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For all other distributions, we will withhold at a 10% rate.

We will provide you with forms and instructions concerning the right to elect that no amount be withheld from payments in the ordinary course. However, you should know that, in any event, you are liable for payment of federal income taxes on the taxable portion of the distributions, and you should consult with your tax adviser to find out more information on your potential liability if you fail to pay such taxes.

If no U.S. taxpayer identification number is provided, no election out of withholding will be allowed, and we will automatically withhold using the default withholding rules. We will provide you with forms and instructions concerning the right to elect that no amount be withheld from payments in the ordinary course. However, you should know that, in any event, you are liable for payment of federal income taxes on the taxable portion of the distributions, and you should consult with your tax adviser to find out more information on your potential liability if you fail to pay such taxes. If you are a U.S. person (which includes a resident alien) and you request a payment be delivered outside the U.S., we are required to withhold income tax. There may be additional state income tax withholding requirements.

**CARES Act Impacts** 

In 2020, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act. This law includes provisions that impact Individual Retirement Annuities (IRAs), Roth IRAs and employer sponsored qualified retirement plans, including a 2020 Required Minimum Distribution waiver, plan loan relief and special rules that applied to coronavirus related distributions. While most provisions applied only to 2020, certain items impact future years as well.

------

Repayments of Coronavirus Related Distributions: Relief was provided for "coronavirus-related distributions" (as defined by federal tax law) from qualified plans and IRAs made at any time on or after January 1, 2020 and before December 31, 2020. Coronavirus related distributions are permitted to be recontributed to a plan or IRA within three years. The recontribution is generally treated as a direct trustee-to-trustee transfer within 60 days of the distribution. Please note that recontributions to certain plans or IRAs may not be allowed based on plan or contract restrictions. The distribution must have come from an "eligible retirement plan" within the meaning of Code section 402(c)(8)(B), i.e., an IRA, 401(a) plan, 403(a) plan, 403(b) plan, or governmental 457(b) plan. The relief was limited to aggregate distributions of $100,000.

**ERISA Disclosures/Requirements** 

ERISA (the "Employee Retirement Income Security Act of 1974") and the Code prevent a fiduciary and other "parties in interest" with respect to a plan (and, for these purposes, an IRA would also constitute a "plan") from receiving any benefit from any party dealing with the plan, as a result of the sale of the Contract. Administrative exemptions under ERISA generally permit the sale of insurance/annuity products to plans, provided that certain information is disclosed to the person purchasing the Contract. This information has to do primarily with the fees, charges, discounts and other costs related to the Contract, as well as any commissions paid to any agent selling the Contract.

Information about any applicable fees, charges, discounts, penalties or adjustments may be found in Section 5, "What Are The Expenses Associated With The Empower Retirement Security Annuity VIII?" Information about sales of the Contract may be found in Section 10, "Other Information." In addition, other relevant information required by the exemptions is contained in the Contract and accompanying documentation. Please consult your tax adviser if you have any additional questions.

**Additional Considerations** 

**Reporting and Withholding for Escheated Amounts** 

Internal Revenue Service Rulings 2018-17 and 2020-24 provide that an amount transferred from an IRA or 401(a) qualified retirement plan to a state's unclaimed property fund is subject to federal withholding at the time of transfer. The amount transferred is also subject to federal reporting. Consistent with these Rulings, we will withhold federal and state income taxes and report to the applicable Owner or Beneficiary as required by law when amounts are transferred to a state's unclaimed property fund.

**Civil Unions and Domestic Partnerships** 

U.S. Treasury Department regulations provide that for federal tax purposes, the term "spouse" does not include individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, or other similar formal relationship that is not denominated as a marriage under the laws of the state where the relationship was entered into, regardless of domicile. As a result, if a Beneficiary of a deceased Owner and the Owner were parties to such a relationship, the Beneficiary will be required by federal tax law to take distributions from the Contract in the manner applicable to non-spouse Beneficiaries and will not be able to continue the Contract.

Please consult with your tax or legal adviser before electing the Spousal Benefit for a domestic partner or civil union partner.

------

**Section 10: Other Information** 

**Sale and Distribution of the Contract** 

Effective March 15, 2024 Empower Financial Services, Inc. ("EFSI") is the distributor and principal underwriter of the securities offered through this prospectus. EFSI was organized in 1984 under Delaware law, is registered as a broker and dealer under the Securities Exchange Act of 1934 (Exchange Act) and is a member of the Financial Industry Regulatory Authority (FINRA). EFSI's principal business address is 8515 East Orchard Road, Greenwood Village, Colorado 80111.

The Contract is offered on a continuous basis. EFSI may enter into distribution agreements with broker-dealers who are registered under the Exchange Act and with entities that may offer the Contract but are exempt from registrations (firms). Applications for the Contract may be solicited by registered representatives of those firms. Such representatives will also be our appointed insurance agents under state insurance law. In addition, EFSI may offer the Contract directly to potential purchasers.

Prior to March 15, 2024, Prudential Investment Management Services LLC (PIMS), an indirect, wholly-owned subsidiary of Prudential Financial Inc., was the distributor and principal underwriter of the securities offered through this prospectus, PIMS was organized in 1996 under Delaware law, is registered as a broker and dealer under the Exchange Act, and is a member of FINRA. PIMS' principal business address is 655 Broad Street, 19<sup>th</sup> Floor, Newark, New Jersey 07102.

Commissions may be paid to firms on sales of the Contract according to one or more schedules. The individual representative would receive a portion of the compensation, depending on the practice of his or her firm. Any commission would be generally based on a percentage of Purchase Payments, up to a maximum of 8%.

We may also provide compensation to the distributing firm for providing ongoing service to you in relation to the Contract. Commissions and other compensation paid in relation to the Contract do not result in any additional charge to you or to the Separate Account not described in this prospectus.

In addition, in an effort to promote the sale of our products (which may include the placement of Empower, affiliates of Empower and/or the Contract on a preferred or recommended company or product list and/or access to the firm's registered representatives), we or our affiliates, including EFSI, may enter into compensation arrangements with certain broker-dealer firms with respect to certain or all registered representatives of such firms under which such firms may receive separate compensation or reimbursement for, among other things, training of sales personnel and/or marketing and/or administrative services and/or other services they provide to us or our affiliates. These services may include, but are not limited to: educating customers of the firm on the Contract's features; conducting due diligence and analysis; providing office access, operations and systems support; holding seminars intended to educate registered representatives and make them more knowledgeable about the Contract; providing a dedicated marketing coordinator; providing priority sales desk support; and providing expedited marketing compliance approval to EFSI. A list of firms that EFSI paid pursuant to such arrangements, if any, related to the sale of variable annuities, is provided in the SAI which is available upon request.

To the extent permitted by FINRA rules and other applicable laws and regulations, EFSI may pay or allow other promotional incentives or payments in the form of cash or non-cash compensation. These arrangements may not be offered to all firms and the terms of such arrangements may differ between firms.

You should note that firms and individual registered representatives and branch managers within some firms participating in one of these compensation arrangements might receive greater compensation for selling the Contract than for selling a different contract that is not eligible for these compensation arrangements. While compensation is generally taken into account as an expense in considering the charges applicable to a contract product, any such compensation will be paid by us or EFSI and will not result in any additional charge to you. Overall compensation paid to the distributing firm does not exceed, based on actuarial assumptions, 8% of the total Purchase Payments made. Your registered representative can provide you with more information about the compensation arrangements that apply upon the sale of the Contract.

In addition, we or our affiliates may provide such compensation, payments and/or incentives to firms arising out of the marketing, sale and/or servicing of variable annuities or life insurance offered by different Empower business units.

**Financial Statements** 

The financial statements of the Company and the Separate Account are included in the SAI. For a free copy of the SAI, contact the Empower Care Center by calling (855) 756-4738, or writing to Empower Care Center, 8515 East Orchard Road, Greenwood Village, CO 80111.

**Legal Proceedings** 

------

Empower is subject to legal and regulatory actions in the ordinary course of our business. Pending legal and regulatory actions include proceedings specific to Empower and proceedings generally applicable to business practices in the industry in which we operate. Empower may be subject to class action lawsuits and other litigation involving a variety of issues and allegations involving sales practices, claims payments and procedures, premium charges, policy servicing and breach of fiduciary duty to customers. Empower may also be subject to litigation arising out of its general business activities, such as its investments, contracts, leases and labor and employment relationships, including claims of discrimination and harassment, and could be exposed to claims or litigation concerning certain business or process patents. In addition, Empower, along with other participants in the businesses in which it engages, may be subject from time to time to investigations, examinations and inquiries, in some cases industry-wide, concerning issues or matters upon which such regulators have determined to focus.

Empower's litigation and regulatory matters are subject to many uncertainties, and given their complexity and scope, their outcome cannot be predicted. In some of Empower's pending legal and regulatory actions, parties are seeking large and/or indeterminate amounts, including punitive or exemplary damages. It is possible that Empower's results of operations or cash flow in a particular quarterly or annual period could be materially affected by an ultimate unfavorable resolution of pending litigation and regulatory matters depending, in part, upon the results of operations or cash flow for such period. In light of the unpredictability of Empower's litigation and regulatory matters, it is also possible that in certain cases an ultimate unfavorable resolution of one or more pending litigation or regulatory matters could have a material adverse effect on Empower's financial position.

Management believes, however, that, based on information currently known to it, the ultimate outcome of all pending litigation and regulatory matters, after consideration of applicable reserves and rights to indemnification, is not likely to have a material adverse effect on: the Separate Account; the ability of EFSI to perform its contract with the Separate Account; or Empower's ability to meet its obligations under the Contracts.

**Assignment** 

This Contract must be used to fund an IRA, and therefore you generally may not assign the Contract during your lifetime. In all cases, the Contracts cannot be assigned without our written consent.

**Additional Information** 

Empower has filed a registration statement with the SEC under the Securities Act of 1933, relating to the offering described in this prospectus. This prospectus does not include all of the information set forth in the registration statement. Certain portions have been omitted pursuant to the rules and regulations of the SEC. You may obtain the omitted information, however, from the SEC's principal office in Washington, D.C., upon payment of a prescribed fee.

The SAI is available from Empower without charge. The addresses and telephone numbers are set forth on the cover page of this prospectus.

**How to Contact Us** 

You can contact the Empower Care Center by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•calling (855) 756-4738 during our normal business hours, Monday - Friday between 7 a.m. – 9 p.m. Central Time, and Saturdays between 8 a.m. – 4:30 p.m. Central Time, to speak with a customer service representative, or 24 hours per day to access our telephone automated response system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•writing to us via regular or express mail at 8515 East Orchard Road, Greenwood Village, CO 80111. NOTE: Failure to send mail to the proper address may result in a delay in our receiving and processing your request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•accessing information via internet website at www.empower.com.

You can obtain account information by calling our automated response system and at www.empower.com. Our customer service representatives are also available during business hours to provide you with information about your account. You can request certain transactions through our telephone voice response system, our internet website or through a customer service representative. You can authorize a third party, including your attorney-in-fact acting pursuant to a power of attorney, to access your account information and perform certain transactions on your account, after the necessary legal documentation has been provided. We require that you or your representative provide proper identification before performing transactions over the telephone or through our internet website. This may include a Personal Identification Number (PIN). You may establish or change your PIN by calling our automated response system.

------

Transactions requested via telephone are recorded. To the extent permitted by law, we will not be responsible for any claim, loss, liability or expense in connection with a transaction requested by telephone or other electronic means if we acted on such transaction instructions after following reasonable procedures to identify those persons authorized to perform transactions on your Annuity using verification methods which may include a request for your Social Security number, PIN or other form of electronic identification. We may be liable for losses due to unauthorized or fraudulent instructions if we did not follow such procedures. Empower does not guarantee access to telephonic, facsimile, internet or any other electronic information or that we will be able to accept transaction instructions via such means at all times. Nor, due to circumstances beyond our control, can we provide any assurances as to the delivery of transaction instructions submitted to us by regular and/or express mail. Regular and/or express mail (if operational) will be the only means by which we will accept transaction instructions when telephonic, facsimile, internet or any other electronic means are unavailable or delayed. Empower reserves the right to limit, restrict or terminate telephonic, facsimile, internet or any other electronic transaction privileges at any time.

------

**Appendix A: Portfolios Available Under the Contract** 

The following is a list of portfolios available under the Contract. More information about the portfolios is available in the prospectuses for the portfolios, which may be amended from time to time. The prospectuses for the portfolios can be requested by writing us at Empower Care Center, 8515 East Orchard Road, Greenwood Village, CO 80111. You can also request this information at no cost by calling (855) 756-4738.

The current expenses and performance information below reflects fee and expenses of the portfolios, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each portfolio's past performance is not necessarily an indication of future performance.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio Name and Advisor/Subadvisor** | **Current Expenses** | **AVERAGE ANNUAL TOTAL RETURNS**<br>**(as of December 31, 2025)** | **AVERAGE ANNUAL TOTAL RETURNS**<br>**(as of December 31, 2025)** | **AVERAGE ANNUAL TOTAL RETURNS**<br>**(as of December 31, 2025)** |
| **Investment Objective** | **Portfolio Name and Advisor/Subadvisor** | **Current Expenses** | **1 YEAR** | **5 YEARS** | **10 YEARS**<br>**(or since**<br>**inception)** |
| Seeks a high level of current income; capital appreciation is the secondary objective | Fidelity Asset Manager® 30% - Class Z\* | 0.47% | 11.50% | 3.92% | 5.53% |
| Seeks a high level of current income; capital appreciation is the secondary objective | Adviser: Fidelity Management & Research Company LLC | 0.47% | 11.50% | 3.92% | 5.53% |
| Seeks a high level of current income; capital appreciation is the secondary objective | Subadviser: FMR Investment Management (U.K.) Limited;Fidelity Management & Research (Japan) Limited;Fidelity Management & Research (Hong Kong) Ltd; | 0.47% | 11.50% | 3.92% | 5.53% |
| Seeks high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments | Fidelity Asset Manager® 50% - Class Z\* | 0.45% | 15.06% | 5.75% | 7.51% |
| Seeks high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments | Adviser: Fidelity Management & Research Company LLC | 0.45% | 15.06% | 5.75% | 7.51% |
| Seeks high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments | Subadviser: FMR Investment Management (U.K.) Limited;Fidelity Management & Research (Japan) Limited;Fidelity Management & Research (Hong Kong) Ltd; | 0.45% | 15.06% | 5.75% | 7.51% |
| Seeks to maximize total return over the long term | Fidelity Asset Manager® 70% - Class Z\* | 0.55% | 18.33% | 7.72% | 9.40% |
| Seeks to maximize total return over the long term | Adviser: Fidelity Management & Research Company LLC | 0.55% | 18.33% | 7.72% | 9.40% |
| Seeks to maximize total return over the long term | Subadviser: FMR Investment Management (U.K.) Limited;Fidelity Management & Research (Japan) Limited;Fidelity Management & Research (Hong Kong) Ltd; | 0.55% | 18.33% | 7.72% | 9.40% |

---

APP A-1

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Objective** | **Portfolio Name and Advisor/Subadvisor** | **Current Expenses** | **AVERAGE ANNUAL TOTAL RETURNS**<br>**(as of December 31, 2025)** | **AVERAGE ANNUAL TOTAL RETURNS**<br>**(as of December 31, 2025)** | **AVERAGE ANNUAL TOTAL RETURNS**<br>**(as of December 31, 2025)** |
| **Investment Objective** | **Portfolio Name and Advisor/Subadvisor** | **Current Expenses** | **1 YEAR** | **5 YEARS** | **10 YEARS**<br>**(or since**<br>**inception)** |
| Seeks current income and low to moderate capital appreciation | Vanguard LifeStrategy Conservative Growth Fund – Investor Shares | 0.10% | 12.86% | 4.24% | 6.12% |
| Seeks current income and low to moderate capital appreciation | Adviser: Vanguard Group, Inc. | 0.10% | 12.86% | 4.24% | 6.12% |
| Seeks current income and low to moderate capital appreciation | Subadviser: N/A | 0.10% | 12.86% | 4.24% | 6.12% |
| Seeks capital appreciation and a low to moderate level of current income | Vanguard LifeStrategy Moderate Growth Fund – Investor Shares | 0.10% | 16.24% | 6.49% | 8.09% |
| Seeks capital appreciation and a low to moderate level of current income | Adviser: Vanguard Group, Inc. | 0.10% | 16.24% | 6.49% | 8.09% |
| Seeks capital appreciation and a low to moderate level of current income | Subadviser: N/A | 0.10% | 16.24% | 6.49% | 8.09% |

---

*\* This portfolio is subject to an expense reimbursement or fee waiver arrangement. As a result, this portfolio's annual expenses reflect temporary expense reductions. See the portfolio prospectus for additional information.*

APP A-2

------

Empower Care Center

8515 East Orchard Road

Greenwood Village, CO 80111

This prospectus describes the important features of the Contract and provides information about Empower Annuity Insurance Company ("Empower," the "Company," "we," "our," or "us") and the EAIC Variable Contract Account A (the "Separate Account"). We have filed with the Securities and Exchange Commission ("SEC") a Statement of Additional Information ("SAI") that includes additional information about the Contract, Empower and the Separate Account. The SAI is incorporated by reference into this prospectus. The SAI is available from us, without charge, upon request. To request a copy of the SAI, to ask about your Contract, or to make other investor inquiries, please call (855) 756-4738. We file periodic reports and other information about the Contract and the Separate Account as required under the federal securities laws. Those reports and other information about us are available on the SEC's website at http://www.sec.gov, and copies of reports and other information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov

Ed. 05-2026

EDGAR CONTRACT IDENTIFIER: C000247030

------

---

| |
|:---|
| **Empower Retirement Security Annuity I** |
| **Empower Retirement Security Annuity VIII** |
| **Statement Of Additional Information: May 1, 2026** |

---

The Empower Retirement Security Annuity I and the Empower Retirement Security Annuity VIII (the "Contracts") are flexible premium deferred annuities (the "Annuity" or "Contract") offered by Empower Annuity Insurance Company ("Empower," the "Company," "we," "our" or "us"), a stock life insurance company that is a wholly-owned subsidiary of Empower Annuity Insurance Company of America. The Contracts are funded through the EAIC Variable Contract Account A (the "Separate Account").

This Statement of Additional Information ("SAI") is not a prospectus. The prospectuses for the Contracts contain information that you should consider before investing. To obtain copies of the prospectuses, without charge, you can write to the Empower Care Center, 8515 East Orchard Road, Greenwood Village, CO 80111 or contact us by telephone at (855) 756-4738. We do not incorporate by reference any information into this SAI. Capitalized terms used in the SAI that are not otherwise defined shall have the meanings given in the prospectuses for the Contracts.

---

| |
|:---|
| **FOR FURTHER INFORMATION CALL 1-855-756-4738 OR VISIT: WWW.EMPOWER.COM** |
| **Prospectus Dated: May 1, 2026** |
| **Statement of Additional Information Dated: May 1, 2026** |

---

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| **[Company](#i34a344314e6c4635a922a72cc6b604b2)** | **[2](#i34a344314e6c4635a922a72cc6b604b2)** |
| **[EAIC Variable Contract Account A](#if8809bd16a8a43369c82d10480a955e3)** | **[2](#if8809bd16a8a43369c82d10480a955e3)** |
| **[Principal Underwriter](#ib399907542244d0dbf1499cb6687f0c1)** | **[2](#ib399907542244d0dbf1499cb6687f0c1)** |
| **[Payments Made To Promote Sale Of Our Products](#i2058a67094db4a4e82cf0e9d7690f22c)** | **[3](#i2058a67094db4a4e82cf0e9d7690f22c)** |
| **[Other Service Providers](#i9bec510e672e43b3bbd3557dd5a948c4)** | **[3](#i9bec510e672e43b3bbd3557dd5a948c4)** |
| **[Determination Of Accumulation Unit Values](#i476b49f30ddb46fd948514065344bd26)** | **[4](#i476b49f30ddb46fd948514065344bd26)** |
| **[Misstatement Of Age – Annuity Payments](#i2c1c9a6707d24fb38fc5e91e05b80279)** | **[4](#i2c1c9a6707d24fb38fc5e91e05b80279)** |
| **[Misstatements And Corrections Affecting The IncomeFlex Select Benefit](#i1f70fa90670842a181d951f72ff391e5)** | **[4](#i1f70fa90670842a181d951f72ff391e5)** |
| **[Cyber Security And Business Continuity Risks](#ieefa7de5d79f4b119fc9a7de81fb8666)** | **[4](#ieefa7de5d79f4b119fc9a7de81fb8666)** |
| **[Federal Tax Status](#ia2ca7e9179ad46cab9e6c7b88b4bf8d5)** | **[5](#ia2ca7e9179ad46cab9e6c7b88b4bf8d5)** |
| **[Financial Statements](#i4dc98131e1af4f49ba96f7d34c86ae2a)** | **[5](#i4dc98131e1af4f49ba96f7d34c86ae2a)** |

---

---

| |
|:---|
| **Separate Account Financial Information** |
| **Company Financial Information** |

---

---

| | |
|:---|:---|
| **Empower Annuity Insurance Company** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Empower Care Center** |
| **280 Trumbull Street** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8513 East Orchard Road** |
| **Hartford, CT 06103** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Greenwood Village, CO 80111** |
| **Telephone: (860) 534-2000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telephone: (855) 756-4738** |

---

------

**Company** 

Empower Annuity Insurance Company ("Empower," the "Company," "we," "our," or "us") is a stock life insurance company incorporated under the laws of Connecticut in 1981. It is authorized to do business in the District of Columbia and all states. The Company issues group and individual annuities and other insurance contracts.

The Company was formerly known as the Prudential Retirement Insurance and Annuity Company ("PRIAC"). Until April 1, 2022. PRIAC was a subsidiary of Prudential Financial, Inc ("PFI").

On July 21, 2021, Great-West. Life & Annuity Insurance Company ("Great-West") and PFI announced a strategic transaction whereby, among other things, Great-West would acquire all of the outstanding shares of PRIAC (the "Transaction"). The Transaction closed April 1, 2022. Upon the closing of the Transaction, PRIAC, previously a subsidiary of PFI, became a subsidiary of Great-West.

On or about October 1, 2022: (1) Great West changed its name to Empower Annuity Insurance Company of America; and (2) PRIAC changed its name to Empower Annuity Insurance Company.

The Company is a direct wholly-owned subsidiary of Empower Annuity Insurance Company of America ("EAICA"). EAICA is a direct wholly-owned subsidiary of Empower Holdings, LLC, a direct wholly-owned subsidiary of Great-West Lifeco U.S. LLC and an indirect wholly-owned subsidiary of Great-West Lifeco Inc. ("Lifeco"), a Canadian holding company. The shares of Lifeco are traded publicly in Canada on the Toronto Stock Exchange.

No related company has any legal responsibility to pay amounts that Empower may owe under the Contract. Among other things, this means if you begin taking Annual Guaranteed Withdrawal Amount payments under the IncomeFlex Select Benefit and the value of that benefit exceeds your current Contract Value, you would rely solely on the ability of Empower Annuity Insurance Company to make payments under that benefit out of its own assets.

**EAIC Variable Contract Account A**

EAIC Variable Contract Account A, also referred to as the "Separate Account," was established by us under Connecticut Insurance Law on October 6, 2006, and is registered with the SEC under the Investment Company Act of 1940, as a unit investment trust, which is a type of investment company. The Separate Account holds the assets that are associated with certain variable annuity contracts we offer.

The assets of the Separate Account are held in the name of Empower and legally belong to us. Income, gains, and losses, whether or not realized, for assets allocated to the Separate Account, are, in accordance with the applicable Contracts, credited to or charged against the Separate Account without regard to other income, gains, or losses of Empower. Empower segregates the Separate Account assets from all of its other assets. Thus, such assets that are held in support of client accounts are not chargeable with liabilities arising out of any other business Empower conducts. However, all obligations under the Contracts are Empower's general corporate obligations.

**Principal Underwriter** 

Effective March 15, 2024, Empower Financial Services, Inc. ("EFSI") offers the Contract on a continuous basis through corporate office and regional home office associated persons in those states in which the Contract may be lawfully sold. It may also offer the Contract through licensed insurance brokers and agents provided clearances to do so were obtained in any jurisdiction where such clearances were necessary.

Prior to March 15, 2024, Prudential Investment Management Services LLC ("PIMS"), an indirect, wholly-owned subsidiary of Prudential Financial, offered the Contract on a continuous basis through corporate office and regional home office associated persons in those states in which the Contract may have been lawfully sold. It may have also offered the Contract through licensed brokers and agents, provided clearances to do so were obtained in any jurisdiction where such clearances may have been necessary.

During the last three fiscal years, no payments were made to PIMS for its services as principal underwriter. During the last three fiscal years, no payments were made to EFSI for its services as principal underwriter.

As discussed in the prospectus, EFSI may pay commissions to broker-dealers that sell the Contracts according to one or more schedules, and also may pay non-cash compensation. In addition, EFSI may pay trail commissions to registered representatives who maintain an ongoing relationship with a Contract owner. Typically, a trail commission is compensation that is paid periodically to a representative, the amount of which is linked to the value of the Contract and the amount of time that the Contract has been in effect.

------

This Empower Retirement Security Annuity I is open to new sales. However, effective June 2, 2014, the Contract was closed to all additional or subsequent Purchase Payments. The Empower Retirement Security Annuity VIII is only available to participants who actively participated in the IncomeFlex Select group annuity contract of a certain Retirement Plan who want to transfer or "roll over" their group annuity IncomeFlex Select account value to the IRA version of that Retirement Plan's group annuity contract, Empower Retirement Security Annuity VIII. That Retirement Plan will notify eligible participants of the window in which this transfer may be made. This window is determined by the Retirement Plan rules as well as federal tax laws. Once that window is closed, that Plan's participants may not roll over into this product any longer.

**Payments Made To Promote Sale Of Our Products** 

In an effort to promote the sale of our products (which may include the placement of Empower or EFSI on a preferred or recommended company or product list and/or access to the firm's registered representatives), we or EFSI may enter into compensation arrangements with certain broker-dealer firms with respect to certain or all registered representatives of such firms under which such firms may receive separate compensation or reimbursement for, among other things, training of sales personnel and/or marketing, administrative services and/or other services they provide. These services may include, but are not limited to: educating customers of the firm on the Contract's features; conducting due diligence and analysis, providing office access, operations and systems support; holding seminars intended to educate the firm's registered representatives and make them more knowledgeable about the Contract; providing a dedicated marketing coordinator; providing priority sales desk support; and providing expedited marketing compliance approval. We or EFSI also may compensate third-party vendors, for services that such vendors render to broker-dealer firms. To the extent permitted by FINRA rules and other applicable laws and regulations, EFSI may pay or allow other promotional incentives or payments in the forms of cash or non-cash compensation. These arrangements may not be offered to all firms and the terms of such arrangements may differ between firms.

The list below identifies three general types of payments that EFSI may pay which are broadly defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Percentage Payments based upon "Assets Under Management" or "AUM":* This type of payment is a percentage payment that is based upon the total amount held in all Empower products that were sold through the firm (or its affiliated broker-dealers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Percentage Payments based upon sales:* This type of payment is a percentage payment that is based upon the total amount of money received as Purchase Payments under Empower annuity products sold through the firm (or its affiliated broker-dealers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*Fixed Payments*: These types of payments are made directly to or in sponsorship of the firm (or its affiliated broker- dealers). Examples of arrangements under which such payments may be made currently include, but are not limited to: sponsorships, conferences (national, regional and top producer), speaker fees, promotional items and reimbursements to firms for marketing activities or services paid by the firms and/or their individual representatives. The amount of these payments varies widely because some payments may encompass only a single event, such as a conference, and others have a much broader scope. In addition, we may make payments upon the initiation of a relationship for systems, operational and other support.

**Other Service Providers**

We generally conduct our operations through staff employed by us or entities we have contracted with as service providers. Certain discrete functions have been delegated to non-affiliates that could be deemed "service providers" under the Investment Company Act of 1940. The entities engaged by us may change over time. Non-affiliated entities that could be deemed service providers to the Separate Account, with respect to the Contract, consist of the following: Broadridge Investor Communication Solutions, Inc. (proxy services, regulatory mailing fulfillment vendor, prospectuses, etc.) located at 51 Mercedes Way, Edgewood, NY 11717 and 1155 Long Island Avenue, Edgewood, NY 11717; Donnelley Financial Solutions (printing semi-annual and annual reports, supplements and prospectuses) located at 1905 Horseshoe Road, Lancaster, PA 17602, 391 Steel Way, Lancaster, PA 17601 and 215 County Avenue, Secaucus, NJ 07094; EDM Americas Inc. (mail handling and records management) located at 10 E.D. Preate Drive, Moosic, PA 18507; ExlService Philippines, Inc. (call center operations) located at 9th Floor 2Quad Building Cardinal Rosales Avenue corner Sumilon Road Cebu Business Park Cebu City 6000 Philippines and 6F, One ECOM Center Mall of Asia Complex Harbor Drive Pasay City 1308 Manila Philippines and ExlService South Africa (PTY) Ltd. located at 12th Floor, Portside Building, Bree Street, Cape Town, South Africa 8001; State Street Bank – Kansas City (custodian and fund accountant) located at 801 Pennsylvania Avenue, Kansas City, MO 64105; and Tata Consultancy Services Ltd. (administrative processing) located at TRIL IT4 - Malad-STP, Infinity IT Park, Gen. A. K. Vaidya Marg, Dindoshi, Malad - East, Mumbai - 400097 India.

------

**Determination Of Accumulation Unit Values** 

The value for each Accumulation Unit is computed as of the end of each Business Day. On any given Business Day the value of an Accumulation Unit in each Sub-account will be determined by multiplying the value of an Accumulation Unit of that Sub-account for the preceding Business Day by the unit change factor for that Sub-account for the current Business Day. The unit change factor for any Business Day is determined by dividing the current day net asset value ("NAV") for fund shares by the NAV for fund shares on the preceding Business Day (ignoring, for this purpose, changes resulting from new Purchase Payments and withdrawals), and adjusting the result for the daily equivalent of the annual charge for all Base Contract Expenses. The value of the assets of a Sub-account is determined by multiplying the number of shares of the fund held by that Sub-account by the NAV of each share, and adding the value of the dividends declared by the fund but not yet paid.

**Misstatement Of Age – Annuity Payments** 

If there has been a misstatement of the age of any person, or any other relevant facts upon whose life Annuity Payments are based, then we will make adjustments to conform to the facts. As to Annuity Payments: (a) any underpayments by us will be remedied on the next payment following correction; and (b) any overpayments by us will be charged against future amounts payable by us under your Annuity.

**Misstatements And Corrections Affecting The IncomeFlex Select Benefit** 

If we discover that your age, your spouse's age or any other fact pertaining to our guarantees under the IncomeFlex Select Benefit was misstated, or we discover a clerical error, then, to the extent permitted by applicable law, we will make adjustments to any fees, guarantees or other values under this Annuity to reasonably conform to the facts following our established procedures, which shall be applied on a uniform basis.

**Cyber Security And Business Continuity Risks** 

With the increasing use of technology and computer systems in general and, in particular, the Internet to conduct necessary business functions, the Company is susceptible to operational, information security and related risks. These risks, which are often collectively referred to as "cyber security" risks, may include deliberate or malicious attacks, as well as unintentional events and occurrences. These risks are heightened by our offering of increasingly complex products, such as those that feature automatic asset transfer or reallocation strategies, and by our employment of complex investment, trading and hedging programs. Cyber security is generally defined as the technology, operations and related protocol surrounding and protecting a user's computer hardware, network, systems and applications and the data transmitted and stored therewith. These measures ensure the reliability of a user's systems, as well as the security, availability, integrity, and confidentiality of data assets.

Deliberate cyber attacks can include, but are not limited to, gaining unauthorized access (including physical break-ins) to computer systems in order to misappropriate and/or disclose sensitive or confidential information; deleting, corrupting or modifying data; and causing operational disruptions. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (in order to prevent access to computer networks). In addition to deliberate breaches engineered by external actors, cyber security risks can also result from the conduct of malicious, exploited or careless insiders, whose actions may result in the destruction, release or disclosure of confidential or proprietary information stored on an organization's systems.

The Company is also subject to risks related to disasters and other events, such as storms, earthquakes, fires, outbreaks of infectious diseases (such as COVID-19), utility failures, terrorist acts, political and social developments, and military and governmental actions. These risks are often collectively referred to as "business continuity" risks. These events could adversely affect the Company and our ability to conduct business and process transactions. Although the Company has business continuity plans, it is possible that the plans may not operate as intended or required and that the Company may not be able to provide required services, process transactions, deliver documents or calculate values. It is also possible that service levels may decline as a result of such events.

Cyber security events, disasters and similar events, whether deliberate or unintentional, that could impact the Company and Contract owners could arise not only in connection with our own administration of the Contract, but also with entities operating the Contract's underlying funds and with third-party service providers. Cyber security and other events affecting any of the entities involved with the offering and administration of the Contract may cause significant disruptions in the

------

business operations related to the Contract. Potential impacts may include, but are not limited to, potential financial losses under the Contract, your inability to conduct transactions under the Contract and/or with respect to an underlying fund, an inability to calculate unit values with respect to the Contract and/or the "NAV" with respect to an underlying fund, and disclosures of your personal or confidential account information.

In addition to direct impacts to you, cyber security and other events described above may result in adverse impacts to the Company, including regulatory inquiries, regulatory proceedings, regulatory and/or legal and litigation costs, and reputational damage. Costs incurred by the Company may include reimbursement and other expenses, including the costs of litigation and litigation settlements and additional compliance costs. Considerable expenses also may be incurred by the Company in enhancing and upgrading computer systems and systems security following a cyber security failure or responding to a disaster or similar event.

The rapid proliferation of technologies, as well as the increased sophistication and activities of organized crime, hackers, terrorists, and others continue to pose new and significant cyber security threats. In addition, the global spread of COVID-19 has caused the Company and its service providers to implement business continuity plans, including widespread use of work-from-home arrangements. Although the Company, our service providers, and the underlying funds offered under the Contract may have established business continuity plans and risk management systems to mitigate risks, there can be no guarantee or assurance that such plans or systems will be effective, or that all risks that exist, or may develop in the future, have been completely anticipated and identified or can be protected against. Furthermore, the Company cannot control or assure the efficacy of the cyber security and business continuity plans and systems implemented by third-party service providers, the underlying funds, and the issuers in which the underlying funds invest.

**Federal Tax Status** 

**Other Tax Rules** 

**1. Diversification** 

The Internal Revenue Code provides that underlying investments for Variable Investment Options must satisfy certain diversification requirements. Each portfolio is required to diversify its investments each quarter so that no more than 55% of the value of its assets is represented by any one investment, no more than 70% is represented by any two investments, no more than 80% is represented by any three investments, and no more than 90% is represented by any four investments. Generally, securities of a single issuer are treated as one investment and obligations of each U.S. Government agency and instrumentality (such as the Government National Mortgage Association) are treated as issued by separate issuers. In addition, any security issued, guaranteed or insured (to the extent so guaranteed or insured) by the United States or an instrumentality of the U.S. will be treated as a security issued by the U.S. Government or its instrumentality, whichever is applicable.

**2. Investor Control** 

Treasury Department regulations do not provide guidance concerning the extent to which you may direct your investment in the particular investment options without causing you, instead of us, to be considered the owner of the underlying assets. Because of this uncertainty, or in response to other changes in tax laws or regulations, we reserve the right to make such changes as we deem necessary to assure that the Contract qualifies as an annuity for tax purposes. Any such changes will apply uniformly to affected owners and will be made with such notice to affected owners as is feasible under the circumstances.

**3. Entity Owners** 

When a Contract is held by a non-natural person (for example, a corporation), the Contract generally will not be taxed as an annuity and increases in the value of the Contract will be subject to tax. Exceptions include contracts held by an entity as an agent for a natural person, contracts held under a qualified pension or profit sharing plan, a tax deferred annuity or individual retirement plan or contracts that provide for immediate annuities.

**4. Generation-Skipping Transfers** 

If you transfer your Contract to a person two or more generations younger than you (such as a grandchild or grandniece) or to a person that is more than 37 <sup>1</sup>/2 years younger than you, there may be generation-skipping transfer tax consequences.

**Financial Statements** 

------

The financial statements for the Company should be distinguished from the financial statements of the Separate Account, both of which are included herein, and should be considered only as a bearing upon the ability of the Company to meet its obligations under the Contract.

**Independent Registered Public Accounting Firm**

The financial statements and financial highlights of each of the Sub-accounts of EAIC Variable Contract Account A as of and for the year ended December 31, 2025, included in this Statement of Additional Information, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements and financial highlights are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

Deloitte & Touche LLP, 1601 Wewatta Street, Suite 400, Denver, Colorado 80202, serves as the independent registered public accounting firm of EAIC Variable Contract Account A.

**Independent Auditor**

The statutory-basis financial statements of Empower Annuity Insurance Company, as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, included in this Statement of Additional Information, have been audited by Deloitte & Touche LLP, an independent auditor, as stated in their report which expresses an unmodified opinion on the statutory-basis financial statements and an adverse opinion on the accounting principles generally accepted in the United States. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

------

---

| |
|:---|
| ***EAIC Variable Contract Account A*** |
| *Annual Report* |
| *December 31, 2025*  |

---

------

**EAIC VARIABLE CONTRACT ACCOUNT A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** | **STATEMENT OF ASSETS AND LIABILITIES** | **STATEMENT OF ASSETS AND LIABILITIES** | **STATEMENT OF ASSETS AND LIABILITIES** | | |
| December 31, 2025 |  |  |  |  |  |
|  | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** |
|  | **AST Aggressive Asset Allocation Portfolio (2)** | **AST Balanced Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM Balanced Fund - Class Z** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at fair value (1) | $18443821 | $20514530 | $7060254 | $134917216 | $28518613 |
| &nbsp;&nbsp;&nbsp;Due from (due to) the Company | 3 | 6 |  | 10 | 2 |
| &nbsp;&nbsp;&nbsp;Purchase payments receivable |  |  |  |  | 709 |
| &nbsp;&nbsp;&nbsp;Receivable from fund shares sold |  |  | 1460 |  |  |
| Total Assets | 18443824 | 20514536 | 7061714 | 134917226 | 28519324 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares purchased |  |  |  |  | 582 |
| &nbsp;&nbsp;&nbsp;Redemptions payable |  |  | 1460 |  | 127 |
| Total Liabilities |  |  | 1460 |  | 709 |
| **NET ASSETS** | $18443824 | $20514536 | $7060254 | $134917226 | $28518615 |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulation units | $18443824 | $20514536 | $7060254 | $134917226 | $28518615 |
| **ACCUMULATION UNITS OUTSTANDING** | 662146 | 836335 | 365559 | 7034507 | 824616 |
| **UNIT VALUE (ACCUMULATION)** | $27.85 | $24.53 | $19.31 | $19.18 | $34.58 |
| (1) Cost of investments: | $8688998 | $8969103 | $3650946 | $115806869 | $22917311 |
| Shares of investments: | 489876 | 640279 | 298027 | 9588999 | 1544887 |
| *(2) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(2) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(2) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(2) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(2) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(2) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**EAIC VARIABLE CONTRACT ACCOUNT A**

---

| | |
|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** | **STATEMENT OF ASSETS AND LIABILITIES** |
| December 31, 2025 |  |
|  | **SUB-ACCOUNTS** |
|  | **Vanguard Balanced Index Fund - Institutional Shares** |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Investments at fair value (1) | $193961717 |
| &nbsp;&nbsp;&nbsp;Due from (due to) the Company | (18) |
| &nbsp;&nbsp;&nbsp;Purchase payments receivable |  |
| &nbsp;&nbsp;&nbsp;Receivable from fund shares sold |  |
| Total Assets | 193961699 |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable for fund shares purchased |  |
| &nbsp;&nbsp;&nbsp;Redemptions payable |  |
| Total Liabilities |  |
| **NET ASSETS** | $193961699 |
| **NET ASSETS REPRESENTED BY:** |  |
| &nbsp;&nbsp;&nbsp;Accumulation units | $193961699 |
| **ACCUMULATION UNITS OUTSTANDING** | 8397114 |
| **UNIT VALUE (ACCUMULATION)** | $23.10 |
| (1) Cost of investments: | $149384338 |
| Shares of investments: | 3743712 |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**EAIC VARIABLE CONTRACT ACCOUNT A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **STATEMENT OF OPERATIONS** | | | | | |
| For the year ended December 31, 2025 |  |  |  |  |  |
|  | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** |
|  | **AST Aggressive Asset Allocation Portfolio (1)** | **AST Balanced Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM Balanced Fund - Class Z** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends | $— | $— | $— | $4327157 | $628197 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk | 174440 | 214766 | 73827 | 1238041 | 295076 |
| **NET INVESTMENT INCOME (LOSS)** | (174440) | (214766) | (73827) | 3089116 | 333121 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Realized gain distributions |  |  |  | 2554123 | 1916823 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on sale of fund shares | 917287 | 2024404 | 1034892 | 2579499 | 807868 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 1640202 | 561913 | (296040) | 6373137 | 700439 |
| **Net realized and unrealized gain (loss) on investments** | 2557489 | 2586317 | 738852 | 11506759 | 3425130 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $2383049 | $2371551 | $665025 | $14595875 | $3758251 |
| *(1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**EAIC VARIABLE CONTRACT ACCOUNT A**

---

| | |
|:---|:---|
| **STATEMENT OF OPERATIONS** | |
| For the year ended December 31, 2025 |  |
|  | **SUB-ACCOUNTS** |
|  | **Vanguard Balanced Index Fund - Institutional Shares** |
| **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;Dividends | $4348556 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Mortality and expense risk | 2082173 |
| **NET INVESTMENT INCOME (LOSS)** | 2266383 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;Realized gain distributions | 7533907 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on sale of fund shares | 6974540 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 6427079 |
| **Net realized and unrealized gain (loss) on investments** | 20935526 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $23201909 |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**EAIC VARIABLE CONTRACT ACCOUNT A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **STATEMENT OF CHANGES IN NET ASSETS** | **STATEMENT OF CHANGES IN NET ASSETS** | **STATEMENT OF CHANGES IN NET ASSETS** | **STATEMENT OF CHANGES IN NET ASSETS** | **STATEMENT OF CHANGES IN NET ASSETS** | **STATEMENT OF CHANGES IN NET ASSETS** |
| For the year ended December 31, 2025 |  |  |  |  |  |
|  | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** |
|  | **AST Aggressive Asset Allocation Portfolio (1)** | **AST Balanced Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM Balanced Fund - Class Z** |
| **OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(174440) | $(214766) | $(73827) | $3089116 | $333121 |
| &nbsp;&nbsp;&nbsp;Realized gain distributions |  |  |  | 2554123 | 1916823 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on sale of fund shares | 917287 | 2024404 | 1034892 | 2579499 | 807868 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 1640202 | 561913 | (296040) | 6373137 | 700439 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 2383049 | 2371551 | 665025 | 14595875 | 3758251 |
| **CONTRACT TRANSACTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase payments received | 335723 | 2005647 | 271433 | 21257298 | 517793 |
| &nbsp;&nbsp;&nbsp;Transfers for contract benefits and terminations | (1330801) | (1991958) | (1283030) | (12035002) | (5470922) |
| &nbsp;&nbsp;&nbsp;Net transfers | 1857301 | (983626) | (906608) | (1755720) | 2247910 |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges |  |  |  | (2386) | (6162) |
| &nbsp;&nbsp;&nbsp;Other, net |  |  |  | 77513 | (16786) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT TRANSACTIONS** | 862223 | (969937) | (1918205) | 7541703 | (2728167) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 3245272 | 1401614 | (1253180) | 22137578 | 1030084 |
| **NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 15198552 | 19112922 | 8313434 | 112779648 | 27488531 |
| &nbsp;&nbsp;&nbsp;End of period | $18443824 | $20514536 | $7060254 | $134917226 | $28518615 |
| **CHANGES IN UNITS OUTSTANDING:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Units issued | 88145 | 85313 | 14078 | 1213797 | 18642 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (53356) | (129299) | (121893) | (787806) | (107094) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | 34789 | (43986) | (107815) | 425991 | (88452) |
| *(1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* | *(1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025.* |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**EAIC VARIABLE CONTRACT ACCOUNT A**

---

| | |
|:---|:---|
| **STATEMENT OF CHANGES IN NET ASSETS** | **STATEMENT OF CHANGES IN NET ASSETS** |
| For the year ended December 31, 2025 |  |
|  | **SUB-ACCOUNTS** |
|  | **Vanguard Balanced Index Fund - Institutional Shares** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2266383 |
| &nbsp;&nbsp;&nbsp;Realized gain distributions | 7533907 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on sale of fund shares | 6974540 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 6427079 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 23201909 |
| **CONTRACT TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Purchase payments received | 1551374 |
| &nbsp;&nbsp;&nbsp;Transfers for contract benefits and terminations | (33939983) |
| &nbsp;&nbsp;&nbsp;Net transfers | (4283482) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (7290) |
| &nbsp;&nbsp;&nbsp;Other, net | 45521 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT TRANSACTIONS** | (36633860) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (13431951) |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 207393650 |
| &nbsp;&nbsp;&nbsp;End of period | $193961699 |
| **CHANGES IN UNITS OUTSTANDING:** |  |
| &nbsp;&nbsp;&nbsp;Units issued | 86767 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (1843892) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (1757125) |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**EAIC VARIABLE CONTRACT ACCOUNT A**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **STATEMENT OF CHANGES IN NET ASSETS** | **STATEMENT OF CHANGES IN NET ASSETS** | **STATEMENT OF CHANGES IN NET ASSETS** | **STATEMENT OF CHANGES IN NET ASSETS** | **STATEMENT OF CHANGES IN NET ASSETS** | **STATEMENT OF CHANGES IN NET ASSETS** |
| For the year ended December 31, 2024 |  |  |  |  |  |
|  | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** | **SUB-ACCOUNTS** |
|  | **AST Balanced Asset Allocation Portfolio** | **AST Capital Growth Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM Balanced Fund - Class Z** |
| **OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(211553) | $(153096) | $(88282) | $5044870 | $389299 |
| &nbsp;&nbsp;&nbsp;Realized gain distributions |  |  |  | 2362726 | 1382685 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on sale of fund shares | 689023 | 1316967 | 122416 | 1678748 | 797300 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 1377881 | 720874 | 498419 | 5863145 | 682758 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 1855351 | 1884745 | 532553 | 14949489 | 3252042 |
| **CONTRACT TRANSACTIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Purchase payments received | 1250542 | 1053232 |  | 13491157 | 733348 |
| &nbsp;&nbsp;&nbsp;Transfers for contract benefits and terminations | (1631070) | (4407117) | (512950) | (19567300) | (4541494) |
| &nbsp;&nbsp;&nbsp;Net transfers |  |  |  | 1101144 | (29726) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges |  | (75) |  | (2242) | (12185) |
| &nbsp;&nbsp;&nbsp;Other, Net |  |  |  | 94273 | 12606 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT TRANSACTIONS** | (380528) | (3353960) | (512950) | (4882968) | (3837451) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 1474823 | (1469215) | 19603 | 10066521 | (585409) |
| **NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 17638099 | 16667767 | 8293831 | 102713127 | 28073940 |
| &nbsp;&nbsp;&nbsp;End of period | $19112922 | $15198552 | $8313434 | $112779648 | $27488531 |
| **CHANGES IN UNITS OUTSTANDING:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Units issued | 64035 | 68450 |  | 928331 | 27664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Units redeemed | (82849) | (221175) | (30363) | (1240040) | (157642) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (18814) | (152725) | (30363) | (311709) | (129978) |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**EAIC VARIABLE CONTRACT ACCOUNT A**

---

| | |
|:---|:---|
| **STATEMENT OF CHANGES IN NET ASSETS** | **STATEMENT OF CHANGES IN NET ASSETS** |
| For the year ended December 31, 2024 |  |
|  | **SUB-ACCOUNTS** |
|  | **Vanguard Balanced Index Fund - Institutional Shares** |
| **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2314993 |
| &nbsp;&nbsp;&nbsp;Realized gain distributions | 6380637 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on sale of fund shares | 3951782 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments | 13954390 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | 26601802 |
| **CONTRACT TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;Purchase payments received | 1976154 |
| &nbsp;&nbsp;&nbsp;Transfers for contract benefits and terminations | (33029391) |
| &nbsp;&nbsp;&nbsp;Net transfers | (1144830) |
| &nbsp;&nbsp;&nbsp;Contract maintenance charges | (6833) |
| &nbsp;&nbsp;&nbsp;Other, Net | 48705 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CONTRACT TRANSACTIONS** | (32156195) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (5554393) |
| **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 212948043 |
| &nbsp;&nbsp;&nbsp;End of period | $207393650 |
| **CHANGES IN UNITS OUTSTANDING:** |  |
| &nbsp;&nbsp;&nbsp;Units issued | 128171 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (1836132) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) | (1707961) |
| *The accompanying notes are an integral part of these financial statements.* | *The accompanying notes are an integral part of these financial statements.* |

---

------

---

| |
|:---|
| **EAIC VARIABLE CONTRACT ACCOUNT A** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **YEAR ENDED DECEMBER 31, 2025** |

---

**1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES**

The EAIC Variable Contract Account A (the Separate Account), a separate account of Empower Annuity Insurance Company (the Company), is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and exists in accordance with regulations of the Colorado Division of Insurance. The Separate Account is a funding vehicle for group variable annuity contracts. It consists of numerous sub-accounts (Sub-accounts), each being treated as an individual accounting entity for financial reporting purposes, and each investing all of its investible assets in the named underlying mutual fund.

Under applicable insurance law, the assets and liabilities of each of the Sub-accounts of the Separate Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Separate Account's assets applicable to the reserves and other contract liabilities with respect to the Separate Account is not chargeable with liabilities arising out of any other business the Company may conduct.

New sales of certain products which invest in the Separate Account have been discontinued. Generally, premium payments made by contract owners will continue to be received by the Separate Account, subject to the rules of the products and any optional benefits.

<u>Significant Accounting Policies</u>

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Separate Account is also an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following is a summary of the significant accounting policies of the Separate Account.

<u>Security Valuation</u>

Mutual fund investments held by the Sub-accounts are valued at the reported net asset values of such underlying mutual funds, which value their investment securities at fair value.

The Separate Account classifies its valuations into three levels based upon the observability of inputs to the valuation of the Separate Account's investments. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. Classification is based on the lowest level of input significant to the fair value measurement. The three levels are defined as follows:

Level 1 – Unadjusted quoted prices for identical securities in active markets.

Level 2 – Inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. These may include quoted prices for similar assets in active markets.

Level 3 – Unobservable inputs to the extent observable inputs are not available and may include prices obtained from single broker quotes. Unobservable inputs reflect the reporting entity's own assumptions and would be based on the best information available under the circumstances.

As of December 31, 2025, the only investments of each of the Sub-accounts of the Separate Account were in underlying mutual funds that are actively traded, therefore 100% of the investments are valued using Level 1 inputs.

<u>Fund of Funds Structure Risk</u>

Since the Separate Account invests directly in underlying funds, all risks associated with the eligible underlying funds apply to the Separate Account. To the extent the Separate Account invests more of its assets in one underlying fund than another, the Separate Account will have greater exposure to the risks of the underlying fund.

------

<u>Security Transactions and Investment Income</u>

Transactions are recorded on the trade date. Realized gains and losses on sales of investments are determined on the basis of identified cost. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date and the amounts distributed to the Sub-account for its share of dividends and capital gain distributions, if any, are reinvested in additional full and fractional shares of the related mutual funds. Capital gain distributions, if any, received from the underlying mutual funds are recorded as Realized gain distributions within the net realized and unrealized gain/(loss) on investments section of the Statement of Operations of the applicable Sub-accounts.&nbsp;&nbsp;&nbsp;&nbsp;

<u>Federal Income Taxes</u>

The operations of each of the Sub-accounts of the Separate Account are included in the federal income tax return of the Company, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of each of the Sub-accounts of the Separate Account to the extent the earnings are credited under the contracts. Based on this, no charge is being made currently to the Separate Account for federal income taxes. The Company will periodically review the status of the federal income tax policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the contracts.

<u>Segment Reporting</u> In accordance with Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (ASU 2023-07), the Empower Product Team acts as the Separate Account's chief operating decision maker (CODM) and is responsible for assessing performance and allocating resources with respect to the Separate Account. The CODM has concluded that each Sub-account of the Separate Account operates as a single operating segment based on the fact that each has a single investment strategy as disclosed in its prospectus, against which the CODM assesses the performance, and it is the level at which discrete financial information is available. The financial information provided to and reviewed by the CODM is presented within the Separate Account's financial statements.

<u>Application of Recent Accounting Pronouncements</u>

In December 2023, the FASB issued Accounting Standards Update 2023-09 (ASU 2023-09), Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Separate Account's adoption of ASU 2023-09 did not have a material impact on the financial statements.

<u>Due from (due to) the Company</u>

Due from (due to) the Company represents the variance between investments and reserves applicable to the Sub-account.

<u>Purchase Payments Received</u>

Purchase payments received from contract owners by the Company are credited as accumulation units, and are reported as Contract Transactions on the Statement of Changes in Net Assets of the applicable Sub-accounts.

<u>Net Transfers</u>

The amounts reported as Net transfers on the Statement of Changes in Net Assets of the applicable Sub-accounts include transfers between Sub-accounts of the Separate Account as well as transfers between other investment options of the Company, not included in the Separate Account.

<u>Other, Net</u>

The amounts reported as Other, net on the Statement of Changes in Net Assets of the applicable Sub-accounts consist of loans from participant accounts and loan repayments to participant accounts.

------

**2. PURCHASES AND SALES OF INVESTMENTS**

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Sub-account** | **Purchases** | **Sales** |
| AST Aggressive Asset Allocation Portfolio | $2194247 | $1506467 |
| AST Balanced Asset Allocation Portfolio | 2005647 | 3190356 |
| AST Preservation Asset Allocation Portfolio | 272689 | 2264721 |
| PGIM 60/40 Allocation Fund - Class R6 | 28739111 | 15554179 |
| PGIM Balanced Fund - Class Z | 3107838 | 3586063 |
| Vanguard Balanced Index Fund - Institutional Shares | 13685972 | 40519524 |

---

**3. EXPENSES**

<u>Deductions for Assumption of Mortality and Expense Risk</u>

The Company assumes mortality and expense risks related to the operations of the Separate Account. It deducts a daily charge from the unit value of each Sub-account equal to an effective annual rate disclosed below. If applicable, this charge is recorded as Mortality and expense risk in the Statement of Operations of the applicable Sub-accounts.

ERSA and ERSA II: 1.60%

ERSA Ill and ERSA VII: 1.75%

ERSA IV: 1.75% for Plan Type A, 1.50% for Plan Type B

ERSA VI: 1.50%

ERSA VIII: 0.00%

ERSA IX: 0.00%

<u>Contract Maintenance Charges</u>

A contract maintenance charge of up to $150 per year may be assessed on a quarterly basis. This charge may vary by contract type. This charge is assessed as a redemption of units and is recorded as Contract maintenance charges on the Statement of Changes in Net Assets of the applicable Sub-account.

<u>Participant Loan Charges</u>

For ERSA IV, the Company charges a loan application fee, the greatest of which currently is $100, which is deducted from the participant account at the time the loan is initiated. The Company also charges a loan maintenance fee, the greatest of which currently is $60 per year for record keeping and other administrative services provided in connection with the loan. The annualized loan maintenance charge will be prorated based on the number of full months that the loan is outstanding and is generally deducted quarterly. Under certain plans, the plan sponsor may pay loan fees, on behalf of participants in ERSA IV. This charge is a contract level charge assessed through the redemption of units.

For ERSA VI, the Company charges a loan application fee, the greatest of which currently is $50, which is deducted from the participant account at the time the loan is initiated. The Company also charges a loan maintenance fee, the greatest of which currently is $25 per year for record keeping and other administrative services provided in connection with the loan. The annualized loan maintenance charge will be prorated based on the number of full months that the loan is outstanding and is generally deducted quarterly within Other, net on the Statements of Changes in Net Assets.

<u>Deductions for Premium Taxes</u>

Some states and municipalities impose premium based taxes, which currently range from 0% to 3.5%. A charge may be imposed against the Separate Account for these tax obligations. This charge is a contract level charge assessed through the redemption of units within Other, net on the Statements of Changes in Net Assets.

------

<u>Transfer Fees</u>

A fee of up to $30 per transfer may be imposed for each transfer in excess of 12 in a contract year. Currently, this fee is waived. This charge is a contract level charge assessed through the redemption of units within Net transfers between other Sub-accounts or fixed rate option on the Statements of Changes in Net Assets.

<u>Guaranteed Benefit Charges</u>

Each annuity funded through the Separate Account offers a standard guaranteed minimum withdrawal benefit named lncomeFlex. Each annuity may also offer an optional spousal benefit, which allows the continuation of the lncomeFlex benefit for the lifetime of an eligible spouse.

For the ERSA, ERSA II and ERSA VIII, the charge for the standard benefit and optional spousal benefit is deducted on a daily basis from the net assets of each Sub-account. The maximum charge for the standard lncomeFlex benefit is 1.45%. The maximum additional charge for the Spousal lncomeFlex benefit is 0.6%. Therefore, the maximum total charge for the spousal benefit is 2.05%.

For ERSA III, ERSA IV, ERSA VI, ERSA VII, and ERSA IX there is a standard and optional spousal benefit, however, there is no additional charge for the optional spousal benefit, rather there is a reduced insurance benefit. The maximum charges for lncomeFlex for the respective products are as follows:

ERSA Ill: 1.50%

ERSA IV: 1.50% for Plan Type A and Plan Type B

ERSA VI: 1.50%

ERSA VII: 1.50%

ERSA IX: 1.50%

These charges are in addition to the other contract level charges and underlying mutual fund operating expenses. Current charges may be lower than these maximums. These charges are assessed through a reduction in unit values and disclosed as Mortality and expense risk on the Statement of Operations.

**4. SUBSEQUENT EVENTS**

Management has reviewed all events subsequent to December 31, 2025, including the estimates inherent in the process of preparing these financial statements through the date the financial statements were issued, April 2, 2026. No subsequent events requiring adjustments or disclosures have occurred.

**5. FINANCIAL HIGHLIGHTS**

For each active Sub-account of the Separate Account, the accumulation units outstanding, unit values, net assets, investment income ratios, expense ratios (excluding expenses of the underlying funds), and total return ratios for each year or period ended December 31 are included on the following pages. Unit values in the financial highlights are presented in order from the unit value associated with the highest expense ratio to the unit value associated with the lowest expense ratio. Because unit values on the Statement of Assets and Liabilities are calculated on an aggregated basis, they may not fall within the ranges presented in the financial highlights.

The Expense Ratios are presented as a range from lowest to highest and represent the annualized contract expenses of the respective Sub-accounts of the Separate Account, consisting of mortality and expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund have been excluded.

------

The Total Return amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and expenses assessed through the reduction of unit values. These returns do not include any expenses assessed through the redemption of units. Sub-accounts with a date notation indicate the effective date that the investment option was available in the Separate Account. As the total returns for the Sub-accounts of the Separate Account are presented as a range based on product groupings representing the highest and lowest expense ratios, total returns for individual contracts may not fall within the ranges presented.

The Investment Income Ratio represents the dividends, excluding distributions of capital gains, received by the Sub-account from the underlying mutual fund divided by average net assets during the period. It is not annualized for periods less than one year. The ratio excludes those expenses, such as mortality and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the Sub-account is affected by the timing of the declaration of dividends by the underlying fund in which the Sub-account invests.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
| | **Units (000s)** | | | | **Net Assets (000s)** | **Investment Income Ratio** | **Expense Ratio** | **Expense Ratio** | **Expense Ratio** | | | |
| | **Units (000s)** | **Unit Value** | **Unit Value** | **Unit Value** | **Net Assets (000s)** | **Investment Income Ratio** | **Lowest** | **—** | **Highest** | **Total Return Ratio** | **Total Return Ratio** | **Total Return Ratio** |
| | **AST Aggressive Asset Allocation Portfolio (1)** | **AST Aggressive Asset Allocation Portfolio (1)** | **AST Aggressive Asset Allocation Portfolio (1)** | **AST Aggressive Asset Allocation Portfolio (1)** | **AST Aggressive Asset Allocation Portfolio (1)** | **AST Aggressive Asset Allocation Portfolio (1)** | **AST Aggressive Asset Allocation Portfolio (1)** | **AST Aggressive Asset Allocation Portfolio (1)** | **AST Aggressive Asset Allocation Portfolio (1)** | **AST Aggressive Asset Allocation Portfolio (1)** | **AST Aggressive Asset Allocation Portfolio (1)** | **AST Aggressive Asset Allocation Portfolio (1)** |
| 2025 | 662 | $27.04 | to | $27.96 | $18444 | 0.00% | 0.95% | to | 1.45% | 14.50% | to | 15.07% |
| 2024 | 627 | $23.62 | to | $24.30 | $15199 | 0.00% | 0.95% | to | 1.45% | 12.74% | to | 13.29% |
| 2023 | 588 | $20.95 | to | $21.45 | $16668 | 0.00% | 0.95% | to | 1.45% | 16.40% | to | 16.98% |
| 2022 | 742 | $18.00 | to | $18.33 | $13590 | 0.00% | 0.95% | to | 1.45% | (18.10)% | to | (17.69)% |
| 2021 | 446 | $21.98 | to | $22.27 | $9919 | 0.00% | 0.95% | to | 1.45% | 15.29% | to | 15.87% |
| (1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025. | (1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025. | (1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025. | (1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025. | (1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025. | (1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025. | (1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025. | (1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025. | (1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025. | (1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025. | (1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025. | (1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025. | (1) AST Capital Growth Asset Allocation Portfolio, name changed to AST Aggressive Asset Allocation Portfolio, effective May 01, 2025. |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** | **AST Balanced Asset Allocation Portfolio** |
| 2025 | 836 | $24.02 | to | $24.83 | $20515 | 0.00% | 0.95% | to | 1.45% | 12.70% | to | 13.27% |
| 2024 | 880 | $21.31 | to | $21.93 | $19113 | 0.00% | 0.95% | to | 1.45% | 10.30% | to | 10.87% |
| 2023 | 704 | $19.32 | to | $19.78 | $17638 | 0.00% | 0.95% | to | 1.45% | 14.10% | to | 14.67% |
| 2022 | 918 | $16.94 | to | $17.25 | $15750 | 0.00% | 0.95% | to | 1.45% | (17.46)% | to | (17.05)% |
| 2021 | 794 | $20.52 | to | $20.80 | $16455 | 0.00% | 0.95% | to | 1.45% | 11.22% | to | 11.78% |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** | **AST Preservation Asset Allocation Portfolio** |
| 2025 | 366 | $18.84 | to | $19.49 | $7060 | 0.00% | 0.95% | to | 1.45% | 9.72% | to | 10.27% |
| 2024 | 473 | $17.17 | to | $17.67 | $8313 | 0.00% | 0.95% | to | 1.45% | 6.24% | to | 6.78% |
| 2023 | 420 | $16.17 | to | $16.55 | $8294 | 0.00% | 0.95% | to | 1.45% | 10.17% | to | 10.72% |
| 2022 | 511 | $14.67 | to | $14.95 | $7617 | 0.00% | 0.95% | to | 1.45% | (16.83)% | to | (16.42)% |
| 2021 | 536 | $17.64 | to | $17.88 | $9566 | 0.00% | 0.95% | to | 1.45% | 4.71% | to | 5.24% |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM 60/40 Allocation Fund - Class R6** | **PGIM 60/40 Allocation Fund - Class R6** |
| 2025 | 7035 | $19.10 | to | $19.64 | $134917 | 3.58% | 1.00% | to | 1.15% | 12.28% | to | 12.45% |
| 2024 | 6609 | $17.01 | to | $17.46 | $112780 | 5.67% | 1.00% | to | 1.15% | 14.93% | to | 15.02% |
| 2023 | 8453 | $14.80 | to | $15.18 | $102713 | 3.14% | 1.00% | to | 1.15% | 17.75% | to | 17.75% |
| 2022 | 6629 | $12.57 | to | $12.89 | $83611 | 2.67% | 1.00% | to | 1.15% | (16.60)% | to | (16.48)% |
| 2021 | 5790 | $15.04 | to | $15.44 | $87416 | 7.37% | 1.00% | to | 1.15% | 15.04% | to | 15.21% |

---

------

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **At December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
| | **Units (000s)** | | | | **Net Assets (000s)** | **Investment Income Ratio** | **Expense Ratio** | **Expense Ratio** | **Expense Ratio** | | | |
| | **Units (000s)** | **Unit Value** | **Unit Value** | **Unit Value** | **Net Assets (000s)** | **Investment Income Ratio** | **Lowest** | **—** | **Highest** | **Total Return Ratio** | **Total Return Ratio** | **Total Return Ratio** |
| | **PGIM Balanced Fund - Class Z** | **PGIM Balanced Fund - Class Z** | **PGIM Balanced Fund - Class Z** | **PGIM Balanced Fund - Class Z** | **PGIM Balanced Fund - Class Z** | **PGIM Balanced Fund - Class Z** | **PGIM Balanced Fund - Class Z** | **PGIM Balanced Fund - Class Z** | **PGIM Balanced Fund - Class Z** | **PGIM Balanced Fund - Class Z** | **PGIM Balanced Fund - Class Z** | **PGIM Balanced Fund - Class Z** |
| 2025 | 825 | $32.53 | to | $36.57 | $28519 | 2.28% | 1.00% | to | 1.15% | 14.46% | to | 14.63% |
| 2024 | 913 | $28.42 | to | $31.90 | $27489 | 2.45% | 1.00% | to | 1.15% | 12.07% | to | 12.21% |
| 2023 | 1685 | $25.36 | to | $28.43 | $28074 | 2.51% | 1.00% | to | 1.15% | 15.74% | to | 15.91% |
| 2022 | 1072 | $21.91 | to | $24.53 | $24988 | 1.96% | 1.00% | to | 1.15% | (17.01)% | to | (16.89)% |
| 2021 | 1020 | $26.41 | to | $29.51 | $28686 | 1.63% | 1.00% | to | 1.15% | 13.40% | to | 13.57% |
|  | **Vanguard Balanced Index Fund - Institutional Shares** | **Vanguard Balanced Index Fund - Institutional Shares** | **Vanguard Balanced Index Fund - Institutional Shares** | **Vanguard Balanced Index Fund - Institutional Shares** | **Vanguard Balanced Index Fund - Institutional Shares** | **Vanguard Balanced Index Fund - Institutional Shares** | **Vanguard Balanced Index Fund - Institutional Shares** | **Vanguard Balanced Index Fund - Institutional Shares** | **Vanguard Balanced Index Fund - Institutional Shares** | **Vanguard Balanced Index Fund - Institutional Shares** | **Vanguard Balanced Index Fund - Institutional Shares** | **Vanguard Balanced Index Fund - Institutional Shares** |
| 2025 | 8397 | $28.44 | to | $21.73 | $193962 | 2.19% | 1.00% | to | 1.20% | 12.24% | to | 12.46% |
| 2024 | 10154 | $25.33 | to | $19.32 | $207394 | 2.15% | 1.00% | to | 1.20% | 13.23% | to | 13.45% |
| 2023 | 4776 | $22.37 | to | $17.03 | $212948 | 2.15% | 1.00% | to | 1.20% | 16.18% | to | 16.42% |
| 2022 | 12067 | $19.26 | to | $14.59 | $186400 | 1.81% | 1.15% | to | 1.20% | (17.86)% | to | (17.81)% |
| 2021 | 12043 | $23.44 | to | $17.75 | $227256 | 1.46% | 1.15% | to | 1.20% | 12.84% | to | 12.90% |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Contract Owners of EAIC Variable Contract Account A and the Board of Directors of Empower Annuity Insurance Company

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of each of the Sub-accounts listed in Appendix A of EAIC Variable Contract Account A (the "Separate Account"), as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes, which include the financial highlights (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Sub-accounts constituting the Separate Account as of December 31, 2025, and the results of their operations for the year then ended, and the changes in their net assets for each of the two years in the period then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the year ended December 31, 2021, were audited by other auditors, whose report, dated April 13, 2022, expressed an unqualified opinion on such financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Separate Account's management. Our responsibility is to express an opinion on the Separate Account's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Separate Account is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Separate Account's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with mutual fund companies. We believe that our audits provide a reasonable basis for our opinion.

/s/ DELOITTE & TOUCHE LLP

Denver, Colorado

April 2, 2026

We have served as the auditor of one or more Empower Annuity Insurance Company of America separate accounts since 1981.

------

**<u>Appendix A – List of Sub-accounts of EAIC Variable Contract Account A</u>**

---

| |
|:---|
| AST Aggressive Asset Allocation Portfolio (formerly, AST Capital Growth Asset Allocation Portfolio) |
| AST Balanced Asset Allocation Portfolio |
| AST Preservation Asset Allocation Portfolio |
| PGIM 60/40 Allocation Fund - Class R6 |
| PGIM Balanced Fund - Class Z |
| Vanguard Balanced Index Fund - Institutional Shares |

---

------

---

| |
|:---|
| Empower Annuity Insurance Company, (a wholly-owned subsidiary of Empower Annuity Insurance Company of America) |
| Audited Annual Statutory Financial Statements |
| Audited Annual Statutory Financial Statements |

---

*Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus as of December 31, 2025 and 2024, and Related Statutory Statements of Operations, Changes in Capital and Surplus and Cash Flows, and Notes to the Financial Statements for Each of the Three Years in the Period Ended December 31, 2025, and Independent Auditor's Report*<br>

------

**Financial Statements and Supplementary Data**

Index to Financial Statements, Notes, and Schedules

---

| | |
|:---|:---|
| | Page<br>Number |
| <u>[Independent Auditor's Report](#i472b83de3c7c4538966d541578726e91_7)</u> | <u>[3](#i472b83de3c7c4538966d541578726e91_10)</u> |
| Statutory Financial Statements at December 31, 2025 and 2024 and for the Years Ended December 31, 2025, 2024 and 2023 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus</u> | <u>[6](#i472b83de3c7c4538966d541578726e91_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statutory Statements of Operations](#i472b83de3c7c4538966d541578726e91_16)</u> | <u>[7](#i472b83de3c7c4538966d541578726e91_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statutory Statements of Changes in Capital and Surplus](#i472b83de3c7c4538966d541578726e91_19)</u> | <u>[8](#i472b83de3c7c4538966d541578726e91_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Statutory Statements of Cash Flows](#i472b83de3c7c4538966d541578726e91_25)</u> | <u>[9](#i472b83de3c7c4538966d541578726e91_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to the Statutory Financial Statements](#i472b83de3c7c4538966d541578726e91_28)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 1 - Organization and Basis of Presentation](#i472b83de3c7c4538966d541578726e91_31)</u> | <u>[11](#i472b83de3c7c4538966d541578726e91_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 2 - Significant Accounting Policies](#i472b83de3c7c4538966d541578726e91_34)</u> | <u>[14](#i472b83de3c7c4538966d541578726e91_34)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 3 - Related Party Transactions](#i472b83de3c7c4538966d541578726e91_37)</u> | <u>[20](#i472b83de3c7c4538966d541578726e91_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 4 - Summary of Invested Assets](#i472b83de3c7c4538966d541578726e91_40)</u> | <u>[22](#i472b83de3c7c4538966d541578726e91_40)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 5 - Fair Value Measurements](#i472b83de3c7c4538966d541578726e91_73)</u> | <u>[33](#i472b83de3c7c4538966d541578726e91_73)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Note 6 - Non-Admitted Assets</u> | <u>[37](#i472b83de3c7c4538966d541578726e91_76)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 7 - Reinsurance](#i472b83de3c7c4538966d541578726e91_79)</u> | <u>[37](#i472b83de3c7c4538966d541578726e91_79)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 8 - Aggregate Reserves](#i472b83de3c7c4538966d541578726e91_82)</u> | <u>[39](#i472b83de3c7c4538966d541578726e91_82)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 9 - Separate Accounts](#i472b83de3c7c4538966d541578726e91_85)</u> | <u>[43](#i472b83de3c7c4538966d541578726e91_85)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 10 - Capital and Surplus, Dividend Restrictions, and Other Matters](#i472b83de3c7c4538966d541578726e91_88)</u> | <u>[45](#i472b83de3c7c4538966d541578726e91_88)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 11 - Federal Income Taxes](#i472b83de3c7c4538966d541578726e91_91)</u> | <u>[46](#i472b83de3c7c4538966d541578726e91_91)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 12 - Commitments and Contingencies](#i472b83de3c7c4538966d541578726e91_94)</u> | <u>[51](#i472b83de3c7c4538966d541578726e91_94)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Note 13 - Subsequent Events](#i472b83de3c7c4538966d541578726e91_97)</u> | <u>[52](#i472b83de3c7c4538966d541578726e91_97)</u> |
| <u>[Supplemental Schedules](#i472b83de3c7c4538966d541578726e91_100)</u> | <u>[53](#i472b83de3c7c4538966d541578726e91_100)</u> |

---

------

**INDEPENDENT AUDITOR'S REPORT**

To the Audit Committee of

Empower Annuity Insurance Company of America

Greenwood Village, Colorado

 **Opinions**

We have audited the statutory-basis financial statements of Empower Annuity Insurance Company (the "Company") (a wholly owned subsidiary of Empower Annuity Insurance Company of America), which comprise the statutory-basis statements of admitted assets, liabilities, and capital and surplus as of December 31, 2025 and 2024, and the related statutory-basis statements of operations, changes in capital and surplus, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes to the statutory-basis financial statements (collectively referred to as the "statutory-basis financial statements").

***Unmodified Opinion on Statutory-Basis of Accounting***

In our opinion, the accompanying statutory-basis financial statements present fairly, in all material respects, the admitted assets, liabilities, and capital and surplus of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in accordance with the accounting practices prescribed or permitted by the Connecticut Insurance Department described in Note 1.

***Adverse Opinion on Accounting Principles Generally Accepted in the United States of America***

In our opinion, because of the significance of the matter described in the Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America section of our report, the statutory-basis financial statements do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Company as of December 31, 2025 and 2024, or the results of its operations or its cash flows for each of the three years in the period ended December 31, 2025.

**Basis for Opinions**

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statutory-Basis Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

***Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America***

As described in Note 1 to the statutory-basis financial statements, the statutory-basis financial statements are prepared by the Company using the accounting practices prescribed or permitted by the Connecticut Insurance Department, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Connecticut Insurance Department. The effects on the statutory-basis financial statements of the variances between the statutory-basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material and pervasive.

------

**Emphasis of Matter**

The Company engages in various related-party transactions with affiliates under common control as discussed in Note 3 to the statutory-basis financial statements. The accompanying statutory-basis financial statements are not necessarily indicative of the conditions that would have existed or the results of operations that would prevail if the Company had been operated as an unaffiliated company. Our opinion is not modified with respect to this matter.

**Responsibilities of Management for the Statutory-Basis Financial Statements**

Management is responsible for the preparation and fair presentation of the statutory-basis financial statements in accordance with the accounting practices prescribed or permitted by the Connecticut Insurance Department. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of statutory-basis financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the statutory-basis financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the statutory-basis financial statements are issued.

**Auditor's Responsibilities for the Audit of the Statutory-Basis Financial Statements**

Our objectives are to obtain reasonable assurance about whether the statutory-basis financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the statutory-basis financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the statutory-basis financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the statutory-basis financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the statutory-basis financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

------

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

**Report on Supplemental Schedules**

Our 2025 audit was conducted for the purpose of forming an opinion on the 2025 statutory-basis financial statements as a whole. The supplemental schedule of selected statutory financial data, the summary investment schedule, the supplemental investment risks interrogatories, and the supplemental schedule regarding reinsurance contracts with risk limiting features as of and for the year ended December 31, 2025, are presented for purposes of additional analysis and are not a required part of the 2025 statutory-basis financial statements. These schedules are the responsibility of the Company's management and were derived from and relate directly to the underlying accounting and other records used to prepare the statutory-basis financial statements. Such schedules have been subjected to the auditing procedures applied in our audit of the 2025 statutory-basis financial statements and certain additional procedures, including comparing and reconciling such schedules directly to the underlying accounting and other records used to prepare the statutory-basis financial statements or to the statutory-basis financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, such schedules are fairly stated in all material respects in relation to the 2025 statutory-basis financial statements as a whole.

/s/ Deloitte & Touche LLP

Denver, Colorado

March 31, 2026

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus

December 31, 2025 and 2024

(In Thousands, Except Share Amounts)

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| **Admitted assets** |  |  |
| Cash and invested assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | $19687369 | $17444197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans (net of allowances of $30,127 and $30,127) | 3159078 | 3753358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents and short-term investments | 1120545 | 1030523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 21461 | 119263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 525091 | 440921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and invested assets | 24513544 | 22788262 |
| Investment income due and accrued | 177207 | 151995 |
| Due from affiliates | 20949 | 180637 |
| Other assets | 218213 | 295935 |
| Assets from separate accounts | 107898490 | 84016240 |
| **Total admitted assets** | $**132828403** | $**107433069** |
| **Liabilities, capital and surplus** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liability for deposit-type contracts | $20815890 | $19213296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reserves for life insurance and annuities | 219907 | 235216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset valuation reserve | 272372 | 233038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to parent and affiliates | 22236 | 46687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives | 62973 | 21996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds held payable to reinsured companies | 2352559 | 2395201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 166843 | 252995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities from separate accounts | 107898490 | 84016240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 131811270 | 106414669 |
| Commitments and contingencies (see <u>[Note 12](#i472b83de3c7c4538966d541578726e91_94)</u>) |  |  |
| Capital and surplus: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $100 par value; 30,000 shares authorized; 25,000 shares issued and outstanding | 2500 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross paid in and contributed surplus | 943498 | 943498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unassigned funds | 71135 | 72402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capital and surplus | 1017133 | 1018400 |
| **Total liabilities, capital and surplus** | $**132828403** | $**107433069** |

---

See notes to statutory financial statements.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Statutory Statements of Operations

Years Ended December 31, 2025, 2024 and 2023

(In Thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Income:** |  |  |  |
| Premium income and annuity consideration | $163646 | $294101 | $778816 |
| Net investment income | 807065 | 848801 | 883552 |
| Reserve adjustment for reinsurance ceded | (160849) | (434737) | (137811) |
| Income from separate account investment management fees | 293306 | 271630 | 309947 |
| Other income | 275520 | 326728 | 280343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income | 1378688 | 1306523 | 2114847 |
| **Expenses:** |  |  |  |
| Annuity benefits | 6516 | 16406 | 26117 |
| Surrenders benefits | 523621 | 728026 | 903059 |
| Interest on deposit-type contracts | 567709 | 609624 | 593733 |
| (Decrease) increase in aggregate reserves for life policies and contracts | (15309) | (16758) | 16118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits | 1082537 | 1337298 | 1539027 |
| Net transfers from (to) separate accounts | (469844) | (806796) | (239354) |
| Other insurance expenses | 699432 | 595700 | 674911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefits and expenses | 1312125 | 1126202 | 1974584 |
| **Net gain from operations before federal income taxes and net realized capital losses** | 66563 | 180321 | 140263 |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal income tax expense | 29799 | 39829 | 49883 |
| **Net gain from operations before net realized capital losses** | 36764 | 140492 | 90380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized capital losses, net of federal income tax benefit of $22,190, $12,578 and $27,627 and transfers to interest maintenance reserve | 83478 | 47374 | 103935 |
| **Net (loss) income** | $**(46714)** | $**93118** | $**(13555)** |

---

See notes to statutory financial statements.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Statutory Statements of Changes in Capital and Surplus

Years Ended December 31, 2025, 2024 and 2023

(In Thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Capital and surplus, beginning of year** | $**1018400** | $**937165** | $**1522824** |
| **Net (loss) income** | (46714) | 93118 | (13555) |
| Dividends to stockholder |  |  | (459000) |
| Change in net unrealized capital gains (losses), net of income taxes | 71567 | 75151 | (20283) |
| Change in net deferred income taxes | 58989 | 53944 | 78535 |
| Change in non-admitted assets | (41272) | (25613) | (69881) |
| Change in asset valuation reserve | (39334) | (77485) | (49480) |
| Change in surplus as a result of reinsurance | (32762) | (37880) | (51995) |
| Correction of prior period error | 28259 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in capital and surplus for the year | (1267) | 81235 | (585659) |
| **Capital and surplus, end of year** | $**1017133** | $**1018400** | $**937165** |

---

See notes to statutory financial statements.

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Statutory Statements of Cash Flows

Years Ended December 31, 2025, 2024 and 2023

(In Thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **Operating activities:** |  |  |  |
| Premium income, net of reinsurance | $165429 | $295861 | $778816 |
| Investment income received, net of investment expenses paid | 854539 | 946279 | 979381 |
| Other miscellaneous income received | 534542 | 560477 | 538294 |
| Net transfers from separate accounts | 469740 | 806455 | 239374 |
| Benefit and loss related payments, net of reinsurance | (690985) | (1202706) | (1043451) |
| Federal income taxes paid, net | (16379) | (31369) | (16220) |
| Commissions, other expenses and taxes paid | (679821) | (628823) | (669426) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | **637065** | **746174** | **806768** |
| **Investing activities:** |  |  |  |
| Proceeds from investments sold, matured or repaid: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | 3937945 | 2271504 | 3444453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 910010 | 929584 | 569399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 91842 | 50905 | 9101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous proceeds | 51 | 23202 | (79) |
| Cost of investments acquired or originated: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds | (4546999) | (628661) | (1045598) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stocks | (6486) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | (16000) | (109386) | (541250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | (158195) | (260774) | (218021) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous applications | (1708) | (17934) | (20852) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by investing activities** | **210460** | **2258440** | **2197153** |
| **Financing and miscellaneous activities:** |  |  |  |
| Dividends to stockholder |  |  | (459000) |
| Net withdrawals on deposit-type contracts and other insurance liabilities | (1120270) | (2606654) | (1986680) |
| Other | 362767 | (298165) | (194244) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing and miscellaneous activities** | **(757503)** | **(2904819)** | **(2639924)** |
| Net increase in cash, cash equivalents and short-term investments and restricted cash | 90022 | 99795 | 363997 |
| **Cash, cash equivalents and short-term investments and restricted cash:** |  |  |  |
| Beginning of year | 1030523 | 930728 | 566731 |
| End of year | $**1120545** | $**1030523** | $**930728** |
| See notes to statutory financial statements. |  |  |  |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Statutory Statements of Cash Flows

Years Ended December 31, 2025, 2024 and 2023

(In Thousands)

---

| | | | |
|:---|:---|:---|:---|
| The Statutory Statement of Cash Flows excludes the following non-cash transactions: | The Statutory Statement of Cash Flows excludes the following non-cash transactions: |  |  |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** | **2023** |
| Bonds <sup>(1)</sup>  | 1618535 |  |  |
| Mortgages <sup>(1)</sup>  | 257600 |  |  |
| Investment income due and accrued <sup>(1)</sup>  | 14191 |  |  |
| Deposit-type contracts <sup>(1)</sup>  | (2155153) |  |  |

---

<sup>(1)</sup> Assumed as part of the retrocession agreement with Empower Life & Annuity Insurance Company of New York ("ELAINY"). Refer to <u>[Note 7](#i472b83de3c7c4538966d541578726e91_79)</u>for additional details on the transaction.

See notes to statutory financial statements.

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

**1. Organization and Basis of Presentation**

***Organization***

Empower Annuity Insurance Company ("EAIC" or the "Company") provides retirement investment and income products and services to public, private, and not-for-profit organizations. Specifically, the Company offers plan sponsors and their participants a broad range of products and services to assist in the delivery and administration of qualified and non-qualified defined contribution and defined benefit retirement plans, including recordkeeping and administrative services, comprehensive investment offerings and advisory services to assist plan sponsors in managing fiduciary obligations.

The Company is a wholly-owned subsidiary of Empower Annuity Insurance Company of America ("EAICA"). EAICA is a direct wholly-owned subsidiary of Empower Holdings, LLC. ("EHL"), formerly known as Empower Holdings, Inc. ("EHI"), a direct wholly-owned subsidiary of Great-West Lifeco U.S. LLC ("Lifeco U.S.") and an indirectly wholly-owned subsidiary of Great-West Lifeco Inc. ("Lifeco"), a Canadian holding company. The Company is incorporated as a stock life insurance company in the state of Connecticut and is subject to regulation by the Connecticut Insurance Department (the "CT Department"). It is qualified to conduct business in all states within the United States ("U.S.") as well as the District of Columbia and Puerto Rico.

The Company and its affiliates have significant interdependencies and related party transactions, as described in <u>[Note 3](#i472b83de3c7c4538966d541578726e91_37)</u>. The statutory financial statements have been prepared from the separate records maintained by the Company and may not necessarily be indicative of the conditions that would have existed or the results of operations if the Company had been operated as an unaffiliated company.

***Basis of Presentation***

The Company prepares its statutory financial statements in conformity with accounting practices prescribed or permitted by the CT Department. The CT Department requires that insurance companies domiciled in the state of Connecticut prepare their statutory basis financial statements in accordance with the National Association of Insurance Commissioners' Accounting Practices and Procedures Manual ("NAIC SAP"), subject to any deviations prescribed or permitted by the CT Department.

Statutory accounting principles vary in some respects from accounting principles generally accepted in the United States of America ("GAAP"). The more significant of these differences are as follows:

• &nbsp;&nbsp;&nbsp;&nbsp;Bonds, including asset-backed securities (collectively referred to as "bonds"), are carried at statutory adjusted carrying value in accordance with the National Association of Insurance Commissioners ("NAIC") designation of the security. Carrying value is amortized cost, unless the bond is either (a) designated as a six, in which case it is the lower of amortized cost or fair value or (b) required to be carried at fair value due to the asset-backed securities ratings methodology, or (c) for perpetual bonds that do not possess an effective call option, is carried at fair value regardless of NAIC designation. Under GAAP, bonds are carried at amortized cost for securities classified as held-to-maturity and fair value for securities classified as available-for-sale and held-for-trading.

• &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments include all investments whose remaining maturities, at the time of acquisition, are three months to one year. Under GAAP, short-term investments include securities purchased with investment intent and with remaining maturities, at the time of acquisition, of one year or less.

• &nbsp;&nbsp;&nbsp;&nbsp;As prescribed by the NAIC, the asset valuation reserve ("AVR") is computed in accordance with a prescribed formula and represents a provision for possible non-interest related fluctuations in the value of bonds, equity securities, mortgage loans, and other invested assets. Changes to the AVR are charged or credited directly to unassigned surplus. This type of reserve is not necessary or required under GAAP.

• &nbsp;&nbsp;&nbsp;&nbsp;As prescribed by the NAIC, the interest maintenance reserve ("IMR") consists of net accumulated unamortized realized capital gains and losses, net of income taxes, on sales or interest related impairments of bonds and derivative investments attributable to changes in the general level of interest rates. Such gains or losses are initially deferred and then amortized into income over the remaining period to maturity, based on groupings of individual securities sold in five-year bands. An IMR asset is designated as an admitted asset for net negative (disallowed) IMR up to 10% of prior period adjusted capital and surplus and 10% of current period unadjusted capital and surplus, and is recorded as an increase to capital and surplus. An IMR asset is designated as a non-admitted asset for net negative (disallowed) IMR above this threshold and is recorded as a reduction to capital and surplus. Under GAAP, realized gains and losses are recognized in income in the period in which a security is sold.

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

• &nbsp;&nbsp;&nbsp;&nbsp;As prescribed by the NAIC, an other-than-temporary impairment ("OTTI") is recorded (a) if it is probable that the Company will be unable to collect all amounts due according to the contractual terms in effect at the date of acquisition, (b) if the Company has the intent to sell the investment or (c) for non-interest related declines in value and where the Company does not have the intent and ability at the reporting date, to hold the bond until its recovery. Under GAAP, if either (a) management has the intent to sell a bond investment or (b) it is more likely than not the Company will be required to sell a bond investment before its anticipated recovery, a charge is recorded in net realized investment losses equal to the difference between the fair value and cost or amortized cost basis of the security. If management does not intend to sell the security and it is not more likely than not the Company will be required to sell the bond investment before recovery of its amortized cost basis, but the present value of the cash flows expected to be collected (discounted at the effective interest rate implicit in the bond investment prior to impairment) is less than the amortized cost basis of the bond investment (referred to as the credit loss portion), an OTTI is considered to have occurred.

Under GAAP, total OTTI is bifurcated into two components: the amount related to the credit loss, which is recognized in current period earnings through realized capital losses; and the amount attributed to other factors (referred to as the non-credit portion), which is recognized as a separate component in accumulated other comprehensive income (loss). As prescribed by the NAIC, non-interest related OTTI is only bifurcated on asset-backed securities. Factors related to interest and other components do not have a financial statement impact and are disclosed in "Unrealized losses" in the notes to the statutory financial statements.

• &nbsp;&nbsp;&nbsp;&nbsp;Derivatives that qualify for hedge accounting are carried at the same valuation method as the underlying hedged asset, while derivatives that do not qualify for hedge accounting are carried at fair value. Under GAAP, all derivatives, regardless of hedge accounting treatment, are recorded on the balance sheet in other assets or other liabilities at fair value. As prescribed by the NAIC, for those derivatives which qualify for hedge accounting, the change in the carrying value or cash flow of the derivative is recorded consistently with how the changes in the carrying value or cash flow of the hedged asset, liability, firm commitment or forecasted transaction are recorded. Under GAAP, if the derivative is designated as a cash flow hedge, the effective portions of the changes in the fair value of the derivative are recorded in accumulated other comprehensive income and are recognized in the income statements when the hedged item affects earnings. Changes in fair value resulting from foreign currency translations are recorded in either AOCI or net investment income, consistent with where they are recorded on the underlying hedged asset or liability. Changes in the fair value, including changes resulting from foreign currency translations, of derivatives not eligible for hedge accounting or where hedge accounting is not elected and the over effective portion of cash flow hedges are recognized in investment gains (losses) as a component of net income in the period of the change. Realized foreign currency transactional gains and losses on derivatives subject to hedge accounting are recorded in net investment income, whereas those on derivatives not subject to hedge accounting are recorded in investment gains (losses). As prescribed by the NAIC, upon termination of a derivative that qualifies for hedge accounting, the gain or loss is recognized in income in a manner that is consistent with the hedged item. Alternatively, if the item being hedged is subject to IMR, the gain or loss on the hedging derivative is realized and is subject to IMR upon termination. Under GAAP, gains or losses on terminated contracts that are effective hedges are recorded in earnings in net investment income or other comprehensive income. The gains or losses on terminated contracts where hedge accounting is not elected, or contracts that are not eligible for hedge accounting, are recorded in investment gains (losses).

• Acquisition costs, such as commissions and other costs incurred in connection with acquiring new business, are charged to operations as incurred, rather than deferred and amortized over the lives of the related contracts as under GAAP.

• Deferred income taxes are recorded using the asset and liability method in which deferred tax assets and liabilities are recorded for expected future tax consequences of events that have been recognized in either the Company's statutory financial statements or tax returns. Deferred income tax assets are subject to limitations prescribed by statutory accounting principles. The change in deferred income taxes is treated as a component of the change in unassigned funds (deficit), whereas under GAAP deferred taxes are included in the determination of net income.

• The Company evaluates its assets in accordance with statutory guidance to determine admissibility. As prescribed by the NAIC, assets such as certain other invested assets, deferred income taxes, and other miscellaneous assets may be partially or fully non-admitted based on regulatory limitations and collectability considerations. In addition, certain asset classes, including reinsurance recoverables and cash and short-term investments, are generally fully admitted unless specific circumstances require non-admission. Changes in the non-admitted portion of assets are recorded directly to unassigned surplus in the period in which such determinations are made. Under GAAP, all assets are recorded and included within the financial statements, and capital and surplus is the statutory equivalent of stockholders' equity.

• Certain assets, including various receivables, furniture and equipment and prepaid assets, are designated as non-admitted assets and are recorded as a reduction to capital and surplus, whereas they are recorded as assets under GAAP.

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

• For statutory accounting, business combinations must either create a parent-subsidiary relationship (statutory purchase) or there must be an exchange of equity with one surviving entity (statutory merger). Under GAAP, an integrated set of activities and assets that are capable of being conducted and managed for the purpose of providing economic benefits to its investors can meet the definition of a business. As such, under GAAP, certain reinsurance agreements could be accounted for as a business acquisition.

• For statutory purchases, the excess of the cost of acquiring an entity over the Company's share of the book value of the acquired entity is recorded as goodwill which is admissible subject to limitations and is amortized over the period in which the Company benefits economically, not to exceed ten years. For statutory mergers, no acquisition is recognized because it is accomplished without exchanging resources. As such, the recorded assets, liabilities, and surplus of the acquired company (adjusted to conform to statutory accounting principles) will be carried forward into the combined company. Under GAAP in a business combination, the excess of the cost of acquiring an entity over the acquisition-date fair value of identifiable assets acquired and liabilities assumed is allocated between goodwill, indefinite-lived intangible assets and definite-lived intangible assets. Goodwill and indefinite-lived intangible assets are not amortized and definite-lived intangible assets are amortized over their estimated useful lives under GAAP.

• Aggregate reserves for insurance policies and contracts are based on statutory mortality and interest requirements and without consideration of withdrawals, which differ from reserves established under GAAP that are based on assumptions using Company experience for mortality, interest, and withdrawals.

• Changes in separate account values from cash transactions are recorded as premium income and benefit expenses whereas they do not impact the statement of operations under GAAP and are presented only as increases or decreases to account balances.

• Benefit payments and the related decrease in policy reserves are recorded as expenses for all contracts subjecting the Company to any mortality risk. Under GAAP, such benefit payments for life and annuity contracts without significant mortality risks are recorded as direct reductions to the policy reserve liability.

• Premium receipts and the related increase in policy reserves are recorded as revenues and expenses, respectively, for all contracts subjecting the Company to any mortality risk. Under GAAP, such premium receipts for life and annuity contracts without significant mortality risks are recorded as direct credits to the policy reserve liability.

• Comprehensive income and its components are not presented in the statutory financial statements.

• The Statutory Statement of Cash Flows is presented based on a prescribed format for statutory reporting. For purposes of presenting statutory cash flows, cash includes cash equivalents and short-term investments. Under GAAP, the statement of cash flows is typically presented based on the indirect method and cash excludes short-term investments.

• For statutory accounting purposes, policy and contract liabilities ceded to reinsurers are reported as reductions of the related reserves. Losses generated in certain reinsurance transactions are recognized immediately in income, with gains reported as a separate component of surplus and amortized over the remaining life of the business. As prescribed by the Department, ceded reserves are limited to the amount of direct reserves. Under GAAP, ceded future policy benefits and contract owner liabilities are reported as reinsurance recoverables. Only those reinsurance recoverable balances deemed probable of recovery are reflected as assets on the balance sheet and are stated net of allowance for uncollectible reinsurance, which are charged to earnings. Cost of reinsurance (i.e. the net cash flows which include reinsurance premiums, ceding commissions, etc.) are deferred and amortized over the remaining life of the business.

• For statutory accounting purposes, restatements of prior periods in an Annual Statement are generally not required unless mandated by a state insurance regulator.

***Use of estimates***

The preparation of financial statements in conformity with statutory accounting principles requires the Company's management to make a variety of estimates and assumptions. These estimates and assumptions affect, among other things, the reported amounts of admitted assets and liabilities, the disclosure of contingent liabilities and the reported amounts of revenues and expenses. Significant estimates are required to account for items and matters such as, but not limited to, the valuation of investments and derivatives in the absence of quoted market values, impairment of investments and derivatives, valuation of policy benefit liabilities and the valuation of deferred tax assets. Actual results could differ from those estimates.

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

***Corrections of errors***

During the preparation of the 2025 statutory financial statements, the Company identified prior period errors related to the classification of certain items. As a result of finalizing an acquisition migration and related clean up, the Company determined that interest on deposit-type contracts and other liabilities were overstated. In addition, IMR-related omissions overstated other assets and understated net investment income and other insurance expenses. The errors had the following impact on the 2024 annual Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus and Statutory Statement of Operations:

---

| | |
|:---|:---|
| | Amount |
| Net investment income | $(2048) |
| Other insurance expense | (15515) |
| Other assets | 13467 |
| Interest on deposit-type contracts | 41726 |
| Other liabilities | 41726 |

---

The 28.3 million net impact was recorded in Unassigned funds in 2025 in accordance with Statement of Statutory Accounting Principles No. 3 *Accounting Changes and Corrections of Errors.* The correction of these prior year errors had no net impact on the 2025 summary of operations lines.

**2. Significant Accounting Policies**

***Investments***

Investments are reported as follows:

• In accordance with the NAIC SAP, the adjusted carrying value amounts of certain assets are gross of non-admitted assets.

• Bonds are carried at statutory adjusted carrying value in accordance with the NAIC designation of the security. Carrying value is amortized cost, unless the bond is either (a) designated as a six, in which case it is the lower of amortized cost or fair value or (b) required to be carried at fair value due to the asset-backed securities ratings methodology. The Company recognizes the acquisition of its public bonds on a trade-date basis and its private placement investments on a funding date basis. Bonds containing call provisions, except make-whole call provisions, are amortized to the call or maturity value/date which produces the lowest asset value. Make-whole call provisions, which allow the bond to be called at any time, are not considered in determining the timeframe for amortizing the premium or discount unless the Company has information indicating the issuer is expected to invoke the make-whole call provision. Bonds are classified and reported as issuer credit obligations ("ICOs") or asset-backed securities ("ABS") in accordance with the NAIC Principles-Based Bond Definition Project. Prior period references to loan-backed and structured securities reflect the terminology in effect at that time, and the terminology change does not impact classification, measurement, or reported amounts.

• Premiums and discounts are recognized as a component of net investment income using the effective interest method. Realized gains and losses not subject to IMR, including those from foreign currency translations, are included in net realized capital gains (losses).

• The Company holds one Securities Valuation Office ("SVO") Identified bond ETF reported on Schedule D-1. This ETF is reported at fair value, and the Company has made an irrevocable decision to hold this one ETF at systematic value.

• The recognition of income on certain investments (e.g. asset-backed securities, including mortgage-backed and other collateralized securities) is dependent upon market conditions, which may result in prepayments and changes in amounts to be earned. Prepayments on all mortgage-backed and other collateralized securities are monitored monthly, and amortization of the premium and/or the accretion of the discount associated with the purchase of such securities are adjusted by such prepayments. Prepayment assumptions are based on the average of recent historical prepayments and are obtained from broker/dealer survey values or internal estimates. These assumptions are consistent with the current interest rate and economic environment. Significant changes in estimated cash flows from the original purchase assumptions are accounted for using the retrospective method.

• Mortgage loans consist primarily of domestic commercial collateralized loans and are carried at their unpaid principal balances adjusted for any unamortized premiums or discounts, allowances for credit losses, and foreign currency translations. Interest income is accrued on the unpaid principal balance for all loans, except for loans on non-accrual status. Premiums and discounts are amortized to net investment income using the effective interest method. Non-refundable prepayment penalty and origination fees are recognized in net investment income upon receipt.

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The Company actively manages its mortgage loan portfolio by completing ongoing comprehensive analysis of factors such as debt service coverage ratios, loan-to-value ratios, payment status, default or legal status, annual collateral property evaluations and general market conditions. On a quarterly basis, the Company reviews the above primary credit quality indicators in its internal risk assessment of loan impairment and credit loss. Management's risk assessment process is subjective and includes the categorization of all loans, based on the above-mentioned credit quality indicators, into one of the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performing - generally indicates the loan has standard market risk and is within its original underwriting guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-performing - generally indicates there is a potential for loss due to the deterioration of financial/monetary default indicators or potential foreclosure. Due to the potential for loss, these loans are evaluated for impairment.

The adequacy of the Company's allowance for credit loss is reviewed quarterly. The determination of the calculation and the adequacy of the mortgage allowance for credit loss and mortgage impairments involves judgments that incorporate qualitative and quantitative Company and industry mortgage performance data. Management's periodic evaluation and assessment of the adequacy of the mortgage allowance for credit loss and the need for mortgage impairments is based on known and inherent risks in the portfolio, adverse situations that may affect the borrower's ability to repay, the fair value of the underlying collateral, composition of the loan portfolio, current economic conditions, loss experience and other relevant factors. Loans included in the non-performing category and other loans with certain substandard credit quality indicators are individually reviewed to determine if a specific impairment is required. Risk is mitigated primarily through first position collateralization, guarantees, loan covenants and borrower reporting requirements. Since the Company does not originate or hold uncollateralized mortgages, loans are generally not deemed fully uncollectible. Generally, unrecoverable amounts are written off during the final stage of the foreclosure process.

Loan balances are considered past due when payment has not been received based on contractually agreed upon terms. The accrual of interest is discontinued when concerns exist regarding the realization of loan principal or interest. The Company resumes interest accrual on loans when a loan returns to current status or under new terms when loans are restructured or modified.

On a quarterly basis, any loans with terms that were modified during that period are reviewed to determine if the loan modifications constitute a troubled debt restructuring ("TDR"). In evaluating whether a loan modification constitutes a TDR, it must be determined that the modification is a significant concession and the debtor is experiencing financial difficulties.

• Limited partnership interests are included in other invested assets and are accounted for using net asset value per share ("NAV") as a practical expedient to fair value. The Company uses NAV as a practical expedient on partnership interests in investment companies where it has a minority equity interest and no significant influence over the entity's operations.

• Residual tranches or interests, including the Company's preferred-share interests in CLO warehouse structures, are classified as other invested assets and are carried at Book/Adjusted Carrying Value (BACV). The cost recovery method is applied as a practical expedient in accordance with statutory accounting guidance. Under this method, all distributions received are treated as a reduction of BACV, and no investment income is recognized until the residual tranche has a BACV of zero.

• Common stocks, other than stocks of the Federal Home Loan Bank ("FHLB"), are recorded at fair value based on the most recent closing price of the common stock as quoted on its exchange. Common stocks of the FHLB are reported at cost. The net unrealized gain or loss on common stocks is reported as a component of surplus.

• Short-term investments include all investments whose remaining maturities, at the time of acquisition, are three months to one year. Cash equivalent investments include all investments whose remaining maturities, at the time of acquisition, are three months or less. Both short-term and cash equivalent investments, excluding money market mutual funds, are stated at amortized cost, which approximates fair value. Cash equivalent investments also include highly liquid money market funds that are traded in an active market and are carried at fair value.

• The Company's OTTI accounting policy requires that a decline in the value of a bond below its cost or amortized cost basis be assessed to determine if the decline is other-than-temporary. An OTTI is recorded (a) if it is probable that the Company will be unable to collect all amounts due according to the contractual terms in effect at the date of acquisition, (b) if the Company has the intent to sell the investment or (c) for non-interest related declines in value and where the Company does not have the intent and ability at the reporting date, to hold the bond until its recovery. Management considers a wide range of factors, as described below, regarding the bond issuer and uses its best judgment in evaluating the cause of the decline in its estimated fair value and in assessing the prospects for near-term recovery. Inherent in management's evaluation of the bond are assumptions and estimates about the operations and ability to generate future cash flows. While all available information is taken into account, it is difficult to predict the ultimate recoverable amount from a distressed or impaired bond.

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

Considerations used by the Company in the impairment evaluation process include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The extent to which estimated fair value is below cost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether the decline in fair value is attributable to specific adverse conditions affecting a particular instrument, its issuer, an industry or geographic area;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The length of time for which the estimated fair value has been below cost;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Downgrade of a bond investment by a credit rating agency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Deterioration of the financial condition of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The payment structure of the bond investment and the likelihood of the issuer being able to make payments in the future; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Whether dividends have been reduced or eliminated or scheduled interest payments have not been made.

For asset-backed securities, if management does not intend to sell the bond and has the intent and ability to hold the bond until recovery of its amortized cost basis, but the present value of the cash flows expected to be collected (discounted at the effective interest rate implicit in the bond prior to impairment) is less than the amortized cost basis of the bond (referred to as the non-interest loss portion), an OTTI is considered to have occurred. In this instance, total OTTI is bifurcated into two components: the amount related to the non-interest loss is recognized in current period earnings through realized capital gains (losses); and the amount attributed to other factors does not have any financial impact and is disclosed only in the notes to the statutory financial statements. The calculation of expected cash flows utilized during the impairment evaluation process are determined using judgment and the best information available to the Company including default rates, credit ratings, collateral characteristics and current levels of subordination.

For issuer credit obligations, if management does not intend to sell the bond and has the intent and ability to hold but does not expect to recover the entire cost basis, an OTTI is considered to have occurred. A charge is recorded in net realized capital gains (losses) equal to the difference between the fair value and cost or amortized cost basis of the bond. After the recognition of an OTTI, the bond is accounted for as if it had been purchased on the measurement date of the OTTI, with an amortized cost basis equal to the previous amortized cost basis less the OTTI recognized in net income. The difference between the new amortized cost basis and the expected future cash flows is accreted into net investment income. The Company continues to estimate the present value of cash flows expected to be collected over the life of the bond.

***Fair value***

Certain assets and liabilities are recorded at fair value on the Company's Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company categorizes its assets and liabilities measured at fair value into a three level hierarchy, based on the priority of the inputs to the respective valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Company's assets and liabilities have been categorized based upon the following fair value hierarchy:

• Level 1 inputs which are utilized for general and separate account assets and liabilities, utilize observable, quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Financial assets utilizing Level 1 inputs include certain mutual funds.

• Level 2 inputs utilize other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs, which are utilized for general and separate account assets and liabilities, include quoted prices for similar assets and liabilities in active markets and inputs, other than quoted prices, that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. The fair values for some Level 2 securities are obtained from pricing services. The inputs used by the pricing services are reviewed at least quarterly or when the pricing vendor issues updates to its pricing methodology. For general and separate account assets and liabilities, inputs include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, evaluated bids, offers and reference data including market research publications. Additional inputs utilized for assets and liabilities classified as Level 2 are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Derivative instruments - trading activity, swap curves, credit spreads, currency volatility, net present value of cash flows and news sources.

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Separate account assets and liabilities - various index data and news sources, amortized cost (which approximates fair value), trading activity, swap curves, credit spreads, recovery rates, restructuring, net present value of cash flows and quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

• Level 3 inputs are unobservable and include situations where there is little, if any, market activity for the asset or liability. In general, the prices of Level 3 securities are obtained from single broker quotes and internal pricing models. If the broker's inputs are largely unobservable, the valuation is classified as a Level 3. Broker quotes are validated through an internal analyst review process, which includes validation through known market conditions and other relevant data, as noted below. Internal models are usually cash flow based utilizing characteristics of the underlying collateral of the security such as default rate and other relevant data.

Foreign exchange rates are determined at a time that corresponds to the closing of the NYSE.

The fair value of certain investments in the separate accounts and limited partnerships are estimated using net asset value per share as a practical expedient and are excluded from the fair value hierarchy levels in Note 5. These net asset values are based on the fair value of the underlying investments, less liabilities.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Overall, transfers between levels are attributable to a change in the observability of inputs. Assets and liabilities are transferred to a lower level in the hierarchy when a significant input cannot be corroborated with market observable data. This may occur when market activity decreases and underlying inputs cannot be observed, current prices are not available, and/or when there are significant variances in quoted prices, thereby affecting transparency. Assets and liabilities are transferred to a higher level in the hierarchy when circumstances change such that a significant input can be corroborated with market observable data. This may be due to a significant increase in market activity including recent trades, a specific event, or one or more significant input(s) becoming observable.

In some instances, securities are priced using external broker quotes. In most cases, when broker quotes are used as pricing inputs, more than one broker quote is obtained. External broker quotes are reviewed internally by comparing the quotes to similar securities in the public market and/or to vendor pricing, if available. Additionally, external broker quotes are compared to market reported trade activity to ascertain whether the price is reasonable, reflective of the current market prices, and takes into account the characteristics of the Company's securities.

***Derivative financial instruments***

The Company enters into derivative transactions which include the use of interest rate swaps, interest rate floor and equity options, cross-currency swaps, foreign currency forwards, U.S. government treasury futures contracts, and futures on equity indices. The Company uses these derivative instruments to manage various risks, including interest rate and foreign currency exchange rate risk associated with its invested assets and liabilities. Derivative instruments are not used for speculative reasons. Certain of the Company's over-the-counter ("OTC") derivatives are cleared and settled through a central clearing counterparty while others are bilateral contracts between the Company and a counterparty.

Derivatives are reported as other invested assets or other liabilities. Although some derivatives are executed under a master netting arrangement, the Company does not offset in the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus the carrying value of those derivative instruments and the related cash collateral or net derivative receivables and payables executed with the same counterparty under the same master netting arrangement. Derivatives that qualify for hedge accounting treatment are valued using the valuation method (either amortized cost or fair value) consistent with the underlying hedged asset or liability. At inception of a derivative transaction, the hedge relationship and risk management objective is documented and the designation of the derivative is determined based on specific criteria of the transaction. Derivatives where hedge accounting is either not elected, or that are not eligible for hedge accounting, are stated at fair value with changes in fair value recognized in unassigned surplus in the period of change. Investment gains and losses generally result from the termination of derivative contracts prior to expiration and are generally recognized in net income and may be subject to IMR.

The Company uses derivative financial instruments for risk management purposes associated with certain invested assets and policy liabilities. Derivatives are used to (a) hedge the economic effect of a large increase in interest rates on the Company's general account life insurance, group pension liabilities and certain separate account life insurance liabilities, (b) hedge the economic risks of other transactions such as future asset acquisitions or dispositions, the timing of liability pricing, currency risks on non-U.S. dollar denominated assets, and (c) convert floating rate assets or debt obligations to fixed rate assets or debt obligations for asset/liability management purposes.

The Company controls the credit risk of its derivative contracts through credit approvals, limits, monitoring procedures and in many cases, requiring collateral. The Company's exposure is limited to the portion of the fair value of derivative instruments that exceeds the value of the collateral held and not to the notional or contractual amounts of the derivatives.

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

Derivatives in a net asset position may have cash or securities pledged as collateral to the Company in accordance with the collateral support agreements with the counterparty. This collateral is held in a custodial account for the benefit of the Company. Unrestricted cash collateral is included in other assets and the obligation to return it is included in other liabilities. The cash collateral is reinvested in a money market fund. Securities pledged to the Company generally consist of U.S. government securities and are not recorded on the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus. Cash flows from derivative transactions, including their realized gains/(losses), are presented on a net basis as other cash provided by (used in) within cash from financing and miscellaneous activities in the Statutory Statements of Cash Flows.

Cash collateral pledged by the Company is included in other assets.

The Company may purchase a financial instrument that contains a derivative embedded in the financial instrument. Contracts that do not in their entirety meet the definition of a derivative instrument, may contain "embedded" derivative instruments implicit or explicit terms that affect some or all of the cash flows or the value of other exchanges required by the contract in a manner similar to a derivative instrument. An embedded derivative instrument shall not be separated from the host contract and accounted for separately as a derivative instrument.

***Reinsurance***

Reinsurance premiums, commissions, expense reimbursements, and reserves related to reinsured business are accounted for on a basis consistent with those used in accounting for the original policies issued and the terms of the reinsurance contracts. Reserves are based on the terms of the reinsurance contracts and are consistent with the risks assumed. Life contract premiums and benefits ceded to other companies have been reported as a reduction of the premium revenue and benefit expense. Life contract premiums and benefits assumed from other companies have been reported as an increase in premium revenue and benefit expense. Invested assets and reserves ceded or assumed on deposit-type contracts are accounted for using deposit accounting. The Company establishes a receivable for amounts due from reinsurers for claims paid and other amounts recoverable under the terms of the reinsurance contract.

***Net investment income***

Interest income from bonds is recognized when earned. All investment income due and accrued with amounts that are deemed uncollectible or that are over 90 days past due, including mortgage loans in default ("in process of foreclosure"), is not included in investment income. Amounts over 90 days past due are non-admitted assets and are recorded as a reduction to unassigned surplus.

***Net realized capital gains (losses)***

Realized capital gains and losses are reported as a component of net income and are determined on a specific identification basis. Interest-related gains and losses are primarily subject to IMR, while non-interest related gains and losses are primarily subject to AVR. Realized capital gains and losses also result from the termination of derivative contracts prior to expiration and may be subject to IMR.

***Due to/from parent and affiliates***

Due to/from parent and affiliates represents non-interest bearing amounts which are due upon demand. Due to/from parent and affiliates include amounts receivable from or payable to Lifeco U.S. and subsidiaries of Lifeco U.S.

***Funds held payable to reinsured companies***

Funds withheld are payables to a certified reinsurer. Interest credited on the funds withheld payable is included as a component of other insurance expenses.

***Policy reserves***

Life insurance and annuity policy reserves with life contingencies are computed on the basis of statutory mortality and interest requirements and without consideration for withdrawals. Annuity contract reserves without life contingencies are computed on the basis of statutory interest requirements.

Policy reserves for life insurance are valued in accordance with the provision of applicable statutory regulations. Life insurance reserves are determined principally using the Commissioner's Reserve Valuation Method, using the statutory mortality and interest requirements, without consideration for withdrawals. Some policies contain a surrender value in excess of the reserve as legally computed. This excess is calculated and recorded on a policy-by-policy basis.

Policy reserves ceded to other insurance companies are recorded as a reduction of the reserve liabilities. The cost of reinsurance related to long-duration contracts is accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies.

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

Policy and contract claims include provisions for reported life claims in process of settlement, valued in accordance with the terms of the related policies and contracts, as well as provisions for claims incurred but not reported based primarily on prior experience of the Company. As such, amounts are estimates, and the ultimate liability may differ from the amount recorded. Any changes in estimates will be reflected in the results of operations when additional information becomes known.

The Company provides for significant claim volatility in areas where experience has fluctuated. The liabilities represent estimates of the ultimate net cost of all reported and unreported claims which are unpaid at year-end. Those estimates are subject to considerable variability in claim severity and frequency. The estimates are continually reviewed and adjusted as necessary as experience develops or new information becomes known; such adjustments are included in current operations.

Liability reserves for variable annuities with guarantees and universal life without secondary guarantees are valued in accordance with Principle-Based Reserving ("PBR") methods, outlined in NAIC Valuation Manual Sections 20 and 21. PBR utilizes stochastic models to calculate levels of reserves to cover future benefits that would occur during possible poor future economic conditions. Reserve estimates are determined using both company experience and prescribed assumptions, with the final liability reserve being the greatest of the two estimates and floored at the aggregate surrender value.

***Premium, other income and expenses***

Life insurance premiums are recognized when due. Annuity considerations are recognized as revenue when received. Life insurance premiums received in advance are recorded as a liability and recognized as income when the premiums become earned. Fees from assets under management, assets under administration, shareholder servicing, mortality and expense risk charges, administration and record-keeping services and investment advisory services are recognized when earned in other income. Expenses incurred in connection with acquiring new insurance business, including acquisition costs such as sales commissions, are charged to operations as incurred.

Amounts received on deposit-type contracts that do not subject the Company to significant mortality or morbidity risk are recorded as deposit liabilities and not reported as premium income. Withdrawals on such contracts are recorded as reductions of the related deposit liabilities.

***Concentrations***

Revenues from one customer accounted for 11% of the Company's total revenue for the year ended December 31, 2025. No other customer accounted for 10% or more of the Company's revenues during the year ended December 31, 2025. The Company is not dependent on any single customer. The loss of business from any one, or a few, independent brokers or agents would not have a material adverse effect on the Company or any of its business agents.

***Income taxes***

The federal income tax expense reported in the Statutory Statements of Operations represents income taxes provided on income that is currently taxable, excluding tax on net realized capital gains and losses. A net deferred tax asset is included in the Statutory Statement of Admitted Assets, Liabilities, Capital and Surplus which is recorded using the asset and liability method in which deferred tax assets and liabilities are recorded for expected future tax consequences of events that have been recognized in either the Company's statutory financial statements or tax returns. Deferred income tax assets are subject to limitations prescribed by statutory accounting principles. The change in deferred income taxes is treated as a component of the change in unassigned funds (deficit).

***Accounting pronouncements***

*Accounting Standards Recently Adopted*

In August 2023, the NAIC adopted a new concept INT 23-01: *Net Negative (Disallowed) Interest Maintenance Reserve*. This interpretation provides optional, limited-time guidance, which allows the admittance of net negative (disallowed) interest maintenance reserve (IMR) up to 10% of prior period adjusted capital and surplus and 10% of current period unadjusted capital and surplus, subject to qualifying requirements. The guidance was updated in August 2025, when the NAIC extended it through December 31, 2026, with automatic nullification on January 1, 2027, unless adjusted earlier or further extended. Admitted net negative (disallowed) IMR is reflected within other assets on the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus.

In August 2023, the NAIC adopted a new concept 2019-21 *Bond Definition*. This adoption revises SSAP No. 26 - *Bonds* and SSAP No. 43 - *Asset-Backed Securities* ("SSAP No 43") for the principles-based bond definition, the accounting for bonds (issuer credit obligations and asset-backed securities), as well as revisions to various SSAPs that have been updated to reflect the revised definition and/or SSAP references. In 2024, the NAIC modified this concept by adopting additional concepts: 1) 2019-21 - *Principles-Based Bond Project & Residual Interests* for debt securities that do not qualify to be reported as bonds and for residual tranches or interests/loss positions within SSAP No. 21—*Other Admitted Assets* and 2) 2024-21 *Bond Definition – Debt Securities Issued by Funds* that debt securities issued by non-SEC registered funds that reflect operating entities can qualify as issuer credit obligations. This concept was adopted on January 1, 2025, and does not have a material effect on the Company's financial statements or footnote disclosures, aside from a change in methods available to the Company as it

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

relates to recognition of interest income on residual interests. As the NAIC revised its bond reporting categories, the 2025 presentation is not directly comparable to the 2024 presentation.

In December 2023, the NAIC adopted a new concept 2023-17: *Short-Term Investments* under SSAP No. 2 - *Cash, Cash Equivalents, Drafts, and Short-Term investments.* This concept further restricts the investments that are permitted for cash equivalent and short-term investment reporting. The revisions also exclude all other invested assets and mortgage loans. This concept was adopted on January 1, 2025 and does not have a material effect on the Company's financial statements or footnote disclosures.

In March 2024, the NAIC adopted a new concept *2022-14 - New Market Tax Credit Project*. The revisions expand and amend guidance within SSAP No. 93 *– Low-Income Housing Tax Credit Property Investments* ("SSAP No. 93") to include all tax credit investments regardless of structure and type of state or federal tax credit program. Revisions to SSAP No. 94 *Transferable and Non-Transferable State Tax Credits* ("SSAP No. 94"*)* expand and amend guidance to include both purchased state and federal tax credits. Revisions in SSAP No. 34 *- Investment Income Due and Accrued and* SSAP No. 48 *– Joint Ventures, Partnerships and Limited Liability Companies* include consistency revisions in response to the changes made to SSAP No. 93 and SSAP No. 94*.* This concept was adopted on January 1, 2025 and does not have a material effect on the Company's financial statements or footnote disclosures.

In August 2024, the NAIC Statutory Accounting Principles (E) Working Group adopted, with modification, certain disclosure improvements under agenda item 2023-26, as clarified by Blanks agenda item 2025-01. The adopted guidance updates statutory disclosure requirements related to unused commitments and lines of credit within SSAP No. 15—*Debt and Holding Company Obligations*, including separate presentation between short-term and long-term arrangements, and adds a requirement in SSAP No. 86—*Derivatives* to disclose the accounting policy for the presentation of derivative-related cash flows in the statement of cash flows. Adoption of this guidance did not have a material effect on the Company's statutory financial statements.

In March 2025, the NAIC adopted clarifying revisions to SSAP No. 1: *Accounting Policies, Risks & Uncertainties, and Other Disclosures* to promote consistent reporting of restricted assets, including those held under modified coinsurance ("Modco") and funds withheld ("FWH") reinsurance agreements. The revisions require Modco and FWH assets to be reported within the restricted asset disclosure at book/adjusted carrying value and include these assets alongside other pledged or restricted items, ensuring a complete presentation of assets not under the reporting entity's exclusive control. The updated guidance also requires disclosure of any Modco or FWH assets that have been pledged or otherwise used by the ceding insurer for its own purposes (such as securities lending, repurchase arrangements, or FHLB collateral), and adds narrative explanations for differences between restricted asset disclosures in the notes and amounts reported elsewhere in the financial statements. These revisions were adopted for year-end 2025 reporting and did not have a material effect on the Company's financial statements.

*Accounting Standards for Future Adoption*

In February 2025, the NAIC adopted revisions to SSAP No. 56: *Separate Accounts* to clarify measurement guidance for "book value" separate accounts and to establish consistent accounting for asset transfers between the general account and separate accounts. The revised guidance specifies when book-value reporting is permitted and requires that all transfers for cash occur at fair value, with offsetting IMR recognition to ensure no net surplus impact. Non-cash transfers must also be recorded at fair value and disclosed. The revisions further affirm that book-value separate accounts must maintain IMR and AVR when the insurer bears investment risk. These changes are effective January 1, 2026, with early adoption permitted, and are not expected to have a material effect on the Company's financial statements.

**3. Related Party Transactions**

In the normal course of business, the Company enters into agreements with related parties whereby it provides and/or receives record-keeping services, investment advisory services, and tax-related services, as well as corporate support services which include general and administrative services, information technology services, sales and service support and marketing services.

The Company operates under service, lease and investment advisory agreements whereby services of officers and employees, supplies, use of equipment and office space are provided by Empower Retirement, LLC ("ERL"). The Company's general and administrative expenses are charged to the Company using allocation methodologies based upon estimated costs incurred or resources expended as determined by number of policies, number of participants, certificates in-force, administered assets or other similar drivers.

The Company contributed $158.2 million and $230.2 million to partnership funds during the years ended December 31, 2025 and 2024, respectively. Of these amounts, $14.6 million and $88.4 million, respectively, were contributions to partnership funds controlled by Lifeco. The total amount invested in Lifeco controlled partnerships as of December 31, 2025 and 2024 was $111.3 million and $97.8 million, respectively. As of December 31, 2025, the remaining Company commitments for Lifeco controlled partnership funds through subsequent years total $147.6 million.

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The following table summarizes amounts due from parent and affiliates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **December 31,** | **December 31,** |
|<br>**Related party** |<br>**Indebtedness** |<br>**Due date** | **2025** | **2024** |
| EAICA | On account | On demand | $20408 | $180417 |
| Other related party receivables | On account | On demand | 541 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $20949 | $180637 |

---

The following table summarizes amounts due to parent and affiliates:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | | **December 31,** | **December 31,** |
|<br>**Related party** |<br>**Indebtedness** |<br>**Due date** | **2025** | **2024** |
| ERL | On account | On demand | $20320 | $30985 |
| Empower Financial Services, Inc (EFSI) | On account | On demand |  | 13661 |
| Other related party payables | On account | On demand | 1916 | 2041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  |  | $22236 | $46687 |

---

The Company has a revolving credit facility agreement with EAICA, which allows for the Company to borrow a maximum amount of $50 million. The borrowing agreement allows the Company to draw advances in the form of individual loans payable to EAICA. The Company may terminate the borrowing agreement upon three business days written notice and repayment of all outstanding drawn amounts. There are no amounts outstanding as of December 31, 2025 and 2024.

The Company also has a revolving credit facility agreement with EAICA, which allows the Company to lend EAICA a maximum amount of $50 million. The lending agreement allows EAICA to draw advances in the form of individual loans payable to the Company. EAICA may terminate the lending agreement upon three business days written notice and repayment of all outstanding drawn amounts. There are no amounts outstanding as of December 31, 2025 and 2024.

Interest on draws from either agreement accrues based upon the type of draw requested, which can be either a U.S. Prime Rate Loan or a Secured Overnight Financing Rate Loan ("SOFR loan"). U.S. Prime Rate loans accrue interest based upon the U.S. Prime Rate in effect from time to time, plus a margin of 55 basis points ("bps"). SOFR Loans accrue interest based upon the adjusted term SOFR rate applicable to the term selected, plus a margin of 70 bps.

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

**4. Summary of Invested Assets**

**Bonds**

Investments in bonds consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Book/adjusted carrying value** | **Fair value greater than book/adjusted carrying value** | **Fair value less than book/adjusted carrying value** | **Fair value** |
| Issuer credit obligations |  |  |  |  |
| &nbsp;&nbsp;U.S. government obligations | $211073 | $205 | $350 | $210928 |
| &nbsp;&nbsp;Non-U.S. sovereign jurisdiction | 379264 | 1570 | 16935 | 363899 |
| &nbsp;&nbsp;Municipal bonds - general obligations | 2431 | 37 | 40 | 2428 |
| &nbsp;&nbsp;Municipal bonds - special revenue | 130114 | 3767 | 621 | 133260 |
| &nbsp;&nbsp;Project finance bonds | 43145 | 222 | 467 | 42900 |
| &nbsp;&nbsp;Corporate bonds | 13454477 | 86284 | 286505 | 13254256 |
| &nbsp;&nbsp;Single entity backed obligations | 301298 | 881 | 5867 | 296312 |
| &nbsp;&nbsp;SVO-identified bond exchange traded funds | 352386 |  | 81665 | 270721 |
| &nbsp;&nbsp;Bonds issued by funds representing operating entities | 916528 | 3486 | 21289 | 898725 |
| &nbsp;&nbsp;Bank loans | 19910 |  | 57 | 19853 |
| &nbsp;&nbsp;Other issuer credit obligations | 508891 | 53 | 46 | 508898 |
| Total issuer credit obligations | 16319517 | 96505 | 413842 | 16002180 |
| Asset-backed securities |  |  |  |  |
| &nbsp;&nbsp;Agency residential mortgage-backed securities - guaranteed | 31752 | 109 | 762 | 31099 |
| &nbsp;&nbsp;Agency residential mortgage-backed securities - not/partially guaranteed | 629582 | 4310 | 25218 | 608674 |
| &nbsp;&nbsp;Agency commercial mortgage-backed securities - not/partially guaranteed | 4903 | 15 |  | 4918 |
| &nbsp;&nbsp;Non-agency residential mortgage-backed securities | 212931 | 1997 | 1089 | 213839 |
| &nbsp;&nbsp;Non-agency commercial mortgage-backed securities | 995710 | 94 | 37319 | 958485 |
| &nbsp;&nbsp;Non-agency – CLOs/CBOs/CDOs | 1021055 | 1237 | 1072 | 1021220 |
| &nbsp;&nbsp;Other financial asset-backed securities | 344705 | 2616 | 9563 | 337758 |
| &nbsp;&nbsp;Equity-backed securities | 105227 | 662 | 331 | 105558 |
| &nbsp;&nbsp;Lease-backed securities | 21987 | 44 | 122 | 21909 |
| Total asset-backed securities | 3367852 | 11084 | 75476 | 3303460 |
| Total issuer credit obligations and asset-backed securities | $19687369 | $107589 | $489318 | $19305640 |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Book/adjusted carrying value** | **Fair value greater than book/adjusted carrying value** | **Fair value less than book/adjusted carrying value** | **Fair value** |
| U.S. government | $66774 | $2 | $1655 | $65121 |
| All other governments | 350127 | 37 | 36667 | 313497 |
| Political subdivisions of states and territories | 2432 | 2 | 57 | 2377 |
| Special revenue and special assessments | 86296 | 1978 | 686 | 87588 |
| Industrial and miscellaneous | 13113400 | 17677 | 679996 | 12451081 |
| SVO identified funds | 346458 |  | 83969 | 262489 |
| Loan-backed and structured securities | 3478710 | 7508 | 139473 | 3346745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | $17444197 | $27204 | $942503 | $16528898 |

---

The book/adjusted carrying value and estimated fair value of bonds and assets receiving bond treatment, based on estimated cash flows, are shown in the table below. Actual maturities will likely differ from these projections because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** |
| | **Book/adjusted**<br>**carrying value** |<br>**Fair value** |
| Due in one year or less | $3659784 | $3555326 |
| Due after one year through five years | 13321698 | 13078282 |
| Due after five years through ten years | 2415462 | 2387554 |
| Due after ten years through twenty years | 634509 | 636389 |
| Due after twenty years | 124285 | 116615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | $20155738 | $19774166 |

---

The following table summarizes information regarding the sales of securities:

---

| | | | |
|:---|:---|:---|:---|
| | **Years ended December 31,** | **Years ended December 31,** | **Years ended December 31,** |
| | **2025** | **2024** | **2023** |
| Consideration from sales | $1597119 | $765450 | $1578568 |
| Gross realized gains from sales | 4237 | 1171 | 2415 |
| Gross realized losses from sales | 6636 | 18984 | 31654 |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

**Unrealized losses on bonds**

The following tables summarize gross unrealized investment losses (amount by which amortized cost exceeds fair value and inclusive of foreign exchange related unrealized losses recorded to surplus) by class of investment:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Less than twelve months** | **Less than twelve months** | **Twelve months or longer** | **Twelve months or longer** | **Total** | **Total** |
| Bonds: | **Fair Value** | **Unrealized loss** | **Fair Value** | **Unrealized loss** | **Fair Value** | **Unrealized loss** |
| Issuer credit obligations |  |  |  |  |  |  |
| &nbsp;&nbsp;U.S. government obligations | $74552 | $60 | $59843 | $290 | $134395 | $350 |
| &nbsp;&nbsp;Non-U.S. sovereign jurisdiction | 7904 | 67 | 298538 | 16868 | 306442 | 16935 |
| &nbsp;&nbsp;Municipal bonds - general obligations |  |  | 990 | 40 | 990 | 40 |
| &nbsp;&nbsp;Municipal bonds - special revenue | 20007 | 123 | 46587 | 498 | 66594 | 621 |
| &nbsp;&nbsp;Project finance bonds |  |  | 27372 | 467 | 27372 | 467 |
| &nbsp;&nbsp;Corporate bonds | 737484 | 3960 | 7562673 | 294641 | 8300157 | 298601 |
| &nbsp;&nbsp;Single entity backed obligations | 62710 | 95 | 103950 | 5772 | 166660 | 5867 |
| &nbsp;&nbsp;SVO-identified bond exchange traded funds |  |  | 270720 | 81665 | 270720 | 81665 |
| &nbsp;&nbsp;Bonds issued by funds representing operating entities | 140656 | 7774 | 484857 | 25697 | 625513 | 33471 |
| &nbsp;&nbsp;Bank loans | 19853 | 57 |  |  | 19853 | 57 |
| &nbsp;&nbsp;Other issuer credit obligations |  |  | 5883 | 46 | 5883 | 46 |
| Total issuer credit obligations | 1063166 | 12136 | 8861413 | 425984 | 9924579 | 438120 |
| Asset-backed securities |  |  |  |  |  |  |
| &nbsp;&nbsp;Agency residential mortgage-backed securities - guaranteed | 2 |  | 10495 | 762 | 10497 | 762 |
| &nbsp;&nbsp;Agency residential mortgage-backed securities - not/partially guaranteed | 44593 | 39 | 274272 | 25179 | 318865 | 25218 |
| &nbsp;&nbsp;Non-agency residential mortgage-backed securities | 3362 |  | 44841 | 1130 | 48203 | 1130 |
| &nbsp;&nbsp;Non-agency commercial mortgage-backed securities | 33459 | 294 | 863993 | 37025 | 897452 | 37319 |
| &nbsp;&nbsp;Non-agency CLOs/CBOs/CDOs | 207009 | 510 | 35885 | 1333 | 242894 | 1843 |
| &nbsp;&nbsp;Other financial asset-backed securities | 12484 | 14 | 101905 | 9975 | 114389 | 9989 |
| &nbsp;&nbsp;Equity-backed securities | 84911 | 331 |  |  | 84911 | 331 |
| &nbsp;&nbsp;Lease-backed securities | 16800 | 122 |  |  | 16800 | 122 |
| Total asset-backed securities | 402620 | 1310 | 1331391 | 75404 | 1734011 | 76714 |
| Total issuer-credit obligations and asset-backed securities | $1465786 | $13446 | $10192804 | $501388 | $11658590 | $514834 |
| Total number of securities in an unrealized loss position |  | 154 |  | 851 |  | 1005 |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Less than twelve months** | **Less than twelve months** | **Twelve months or longer** | **Twelve months or longer** | **Total** | **Total** |
| Bonds: | **Fair value** | **Unrealized loss** | **Fair value** | **Unrealized loss** | **Fair value** | **Unrealized loss** |
| U.S. government | $61316 | $1341 | $3042 | $314 | $64358 | $1655 |
| All other governments | 27673 | 1516 | 284328 | 35151 | 312001 | 36667 |
| Political subdivisions of states and territories | 1975 | 57 |  |  | 1975 | 57 |
| Special revenue and special assessments | 43006 | 680 | 1259 | 6 | 44265 | 686 |
| Industrial and miscellaneous | 639490 | 9484 | 10445163 | 794024 | 11084653 | 803508 |
| SVO identified funds |  |  | 262490 | 83968 | 262490 | 83968 |
| Loan-backed and structured securities | 111209 | 2108 | 1836039 | 142241 | 1947248 | 144349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total bonds | $884669 | $15186 | $12832321 | $1055704 | $13716990 | $1070890 |
| Total number of securities in an unrealized loss position |  | 215 |  | 1043 |  | 1258 |

---

**Bonds -** Total unrealized losses decreased by $556.1 million, or 52%, from December 31, 2024 to December 31, 2025. The decrease in unrealized losses was across most asset classes and was primarily driven by higher valuations as a result of lower rates at December 31, 2025 compared to December 31, 2024.

Total unrealized losses greater than twelve months decreased by $554.3 million from December 31, 2024 to December 31, 2025. Corporate bonds account for 59%, or $294.6 million of the unrealized losses greater than twelve months at December 31, 2025. The majority of these bonds continue to be designated as investment grade. Management does not have the intent to sell these assets; therefore, an OTTI was not recognized in net income.

Asset-backed securities account for 15%, or $75.4 million, of the unrealized losses greater than twelve months at December 31, 2025. Of the $75.4 million of unrealized losses over twelve months on asset-backed securities, 99% or $74.5 million continue to be designated as investment grade. The present value of cash flows expected to be collected is not less than amortized cost and management does not have the intent to sell these assets; therefore, an OTTI was not recognized in net income.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

**Other-than-temporary-impairments**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Carrying value prior to impairment** | **Credit (non-interest) related** <sup>(1)</sup> | **Fair value** | **Carrying value after impairment** |
| Bonds: |  |  |  |  |
| &nbsp;&nbsp;Corporate Bonds | $83527 | $34151 | $49376 | $49376 |
| Other Invested Assets: |  |  |  |  |
| &nbsp;&nbsp;Residual Tranches | 104019 | 27089 | 76930 | 76930 |
| Totals | $187546 | $61240 | $126306 | $126306 |
| <sup>(1)</sup> Recognized in realized capital (gains)/losses | <sup>(1)</sup> Recognized in realized capital (gains)/losses | <sup>(1)</sup> Recognized in realized capital (gains)/losses | <sup>(1)</sup> Recognized in realized capital (gains)/losses | <sup>(1)</sup> Recognized in realized capital (gains)/losses |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Carrying value prior to impairment** | **Credit (non-interest) related** <sup>(1)</sup> | **Fair value** | **Carrying value after impairment** |
| Mortgages: |  |  |  |  |
| Commercial Mortgage | $94694 | $32547 | $65748 | $62147 |
| Totals | $94694 | $32547 | $65748 | $62147 |

---

<sup>(1)</sup> Recognized in realized capital (gains)/losses

**Troubled Debt Restructuring**

In November 2025, a bond classified as corporate was subject to a troubled debt restructuring under which the original bond with a recorded investment of $17.3 million, after impairment, was extinguished in exchange for a new bond in the amount of $19.2 million acquired in full satisfaction of the original bond. The maturity date of the restructured bond has been extended from November 29, 2025 to September 30, 2030 and the interest rate was updated from 5.40% to 5.00%.

As a result of the troubled debt restructuring, a credit-related impairment of $10.7 million was recognized and is recorded within the 'Net realized capital gains (losses)' line on the Statutory Statements of Operations. As of December 31, 2025, there are no payment defaults related to the bond.

In June 2024, a mortgage loan classified as an office building was subject to a troubled debt restructuring under which the original mortgage loan with a recorded investment of $62 million, after impairment, was extinguished in exchange for a new mortgage loan in the amount of $62 million acquired in full satisfaction of the original loan. The maturity date of the restructured loan has been extended from October 5, 2024 to October 5, 2028 and maintains the original interest rate of 3.77%.

As a result of the troubled debt restructuring, a credit-related impairment of $32.5 million was recognized and is recorded within the 'Net realized capital gains (losses)' line on the Statutory Statements of Operations. As of December 31, 2025, there are no payment defaults related to the restructured mortgage loan.

The Company accrues interest income on impaired loans to the extent it is deemed collectible (delinquent less than 90 days) and the loan continues to perform under its original or restructured contractual terms. Interest income on non-performing loans is generally recognized on a cash basis.

**Derivative financial instruments**

Derivative transactions are generally entered into pursuant to International Swaps and Derivatives Association ("ISDA") Master Agreements with approved counterparties that provide for a single net payment to be made by one party to the other on a daily basis, periodic payment dates, or at the due date, expiration, or termination of the agreement.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The ISDA Master Agreements contain provisions that would allow the counterparties to require immediate settlement of all derivative instruments in a net liability position if the Company were to default on any debt obligations over a certain threshold. The aggregate fair value of derivative instruments with credit-risk-related contingent features that were in a net liability position was $53.9 million and $0 as of December 31, 2025 and 2024, respectively. The Company was required to pledge collateral related to these derivatives of $38.8 million and $0 as of December 31, 2025 and 2024, respectively, in the normal course of business. If the credit-risk-related contingent features were triggered on December 31, 2025 the fair value of assets that could be required to settle the derivatives in a net liability position was $15.1 million.

At December 31, 2025 and 2024, the Company had pledged $38.8 million and $28.3 million, respectively, of unrestricted cash collateral to counterparties in the normal course of business, while other counterparties had pledged $11.2 million and $120.1 million unrestricted cash and securities collateral to the Company to satisfy collateral netting arrangements.

**Types of derivative instruments and derivative strategie**s

**Interest rate contracts**

*Cash flow hedges*

Interest rate swap agreements are used to convert the interest rate on certain debt security investments and debt obligations from a floating rate to a fixed rate.

*Not designated as hedging instruments*

The Company enters into certain transactions in which derivatives are hedging an economic risk but hedge accounting is either not elected or the transactions are not eligible for hedge accounting. These derivative instruments include: interest rate swaps, treasury interest rate futures, and interest rate floors. Certain of the Company's OTC derivatives are cleared and settled through the central clearing counterparty while others are bilateral contracts between the Company and a counterparty.

The derivative instruments mentioned above are economic hedges and used to manage risk. These transactions are used to offset changes in liabilities including those in variable annuity products, hedge the economic effect of a large increase in interest rates, manage the potential variability in future interest payments due to a change in credited interest rates and the related change in cash flows due to increased surrenders, and manage interest rate risks of forecasted acquisitions of bonds and forecasted liability pricing.

**Foreign currency contracts**

Cross-currency swaps and foreign currency forwards are used to manage the foreign currency exchange rate risk associated with investments denominated in other than U.S. dollars. The Company uses cross-currency swaps to convert interest and principal payments on foreign denominated debt instruments into U.S. dollars. Cross-currency swaps may be designated as cash flow hedges; however, some are not eligible for hedge accounting. The Company uses foreign currency forwards to reduce the risk of foreign currency exchange rate changes on proceeds received on sales of foreign denominated debt instruments; however, hedge accounting is not elected.

**Equity contracts** 

The Company uses futures and options on equity indices to offset changes in guaranteed lifetime withdrawal benefit liabilities; however, they are not eligible for hedge accounting.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The following tables summarize derivative financial instruments:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Notional amount** | **Net book/adjusted carrying value** <sup>(1)</sup> | **Fair value** |
| Derivatives designated as cash flow hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cross-currency swaps | $1287966 | $(40662) | $(31607) |
| Total cash flow hedges | 1287966 | (40662) | (31607) |
| Derivatives not designated as hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forwards | 51812 | (851) | (851) |
| Total derivatives not designated as hedges | 51812 | (851) | (851) |
| Total cash flow hedges and derivatives not designated as hedges | $1339778 | $(41513) | $(32458) |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;The book/adjusted carrying value excludes accrued income and expense. The book/adjusted carrying value of all derivatives in an asset position is reported within other invested assets and the book/adjusted carrying value of all derivatives in a liability position is reported within other liabilities in the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus.

---

| | | | |
|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Notional amount** | **Net book/adjusted carrying value** <sup>(1)</sup> | **Fair value** |
| Derivatives designated as cash flow hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cross-currency swaps | $1672907 | $118702 | $115868 |
| Total cash flow hedges | 1672907 | 118702 | 115868 |
| Derivatives not designated as hedges: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | 181300 | (21746) | (21746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures on equity indices | 34785 | 3977 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forwards | 24623 | 311 | 311 |
| Total derivatives not designated as hedges | 240708 | (17458) | (21336) |
| Total cash flow hedges and derivatives not designated as hedges | $1913615 | $101244 | $94532 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;The book/adjusted carrying value excludes accrued income and expense. The book/adjusted carrying value of all derivatives in an asset position is reported within other invested assets and the book/adjusted carrying value of all derivatives in a liability position is reported within other liabilities in the Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus.

The following table presents net unrealized capital gains (losses) on derivatives not designated as hedging instruments as reported in the Statutory Statements of Changes in Capital and Surplus:

---

| | | | |
|:---|:---|:---|:---|
| | **Net unrealized capital gains (losses) on derivatives <br>recognized in surplus** | **Net unrealized capital gains (losses) on derivatives <br>recognized in surplus** | **Net unrealized capital gains (losses) on derivatives <br>recognized in surplus** |
| | **Net unrealized capital gains (losses) on derivatives <br>recognized in surplus** | **Net unrealized capital gains (losses) on derivatives <br>recognized in surplus** | **Net unrealized capital gains (losses) on derivatives <br>recognized in surplus** |
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Derivatives not designated as hedging instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $17179 | $(1661) | $57559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures on equity indices | (748) | 2270 | (8083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forwards | (918) | 687 | (158) |
| Total | $15513 | $1296 | $49318 |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

**Restricted assets**

The following tables summarize investments on deposit or trust accounts controlled by various state insurance departments in accordance with statutory requirements as well as other deposits and collateral pledged by the Company:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | **Gross (Admitted & Nonadmitted) Restricted** | | **Percentage** | **Percentage** |
|<br>**Restricted Asset Category:** | **Total General Account (G/A)** | **Total Separate Account (S/A) Restricted Assets** | **Total** | **Total From Prior Year** | **Increase/(Decrease)** | **Total Admitted Restricted** | **Gross (Admitted & Nonadmitted) Restricted to Total Assets** | **Admitted Restricted to Total Admitted Assets** |
| FHLB capital stock | $5150 | $— | $5150 | $5150 | $— | $5150 | —% | —% |
| On deposit with states | 7624 |  | 7624 | 7717 | (93) | 7624 | 0.01% | 0.01% |
| Pledged as collateral to FHLB (including assets backing funding agreements) | 431521 |  | 431521 |  | 431521 | 431521 | 0.32% | 0.32% |
| Pledged as collateral not captured in other categories: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures margin deposits |  |  |  | 3977 | (3977) |  | —% | —% |
| &nbsp;&nbsp;&nbsp;Derivative cash collateral | 38775 | 87615 | 126390 | 28692 | 97698 | 126390 | 0.09% | 0.10% |
| &nbsp;&nbsp;&nbsp;Currency swaps |  |  |  | 65 | (65) |  | —% | —% |
| Other restricted assets | 1085 |  | 1085 | 1091 | (6) | 1085 | —% | —% |
| Collateral assets received and on balance sheet | 8350 |  | 8350 |  | 8350 | 8350 | 0.01% | 0.01% |
| Assets held under modco reinsurance agreements | 2313807 |  | 2313807 |  | 2313807 | 2313807 | 1.74% | 1.74% |
| Total Restricted Assets | $2806312 | $87615 | $2893927 | $46692 | $2847235 | $2893927 | 2.17% | 2.18% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Gross (Admitted & Non-admitted) Restricted** | **Gross (Admitted & Non-admitted) Restricted** | **Gross (Admitted & Non-admitted) Restricted** | **Gross (Admitted & Non-admitted) Restricted** | **Gross (Admitted & Non-admitted) Restricted** | **Gross (Admitted & Non-admitted) Restricted** | **Percentage** | **Percentage** |
| **Restricted Asset Category:** | **Total General Account (G/A)** | **Total Separate Account (S/A) Restricted Assets** | **Total** | **Total From Prior Year** | **Increase/(Decrease)** | **Total Admitted Restricted** | **Gross (Admitted & Non-admitted) Restricted to Total Assets** | **Admitted Restricted to Total Admitted Assets** |
| FHLB capital Stock | $5150 | $— | $5150 | $5150 | $— | $5150 | 0.00% | 0.00% |
| On deposit with states | 7717 |  | 7717 | 7029 | 688 | 7717 | 0.01% | 0.01% |
| Pledged as collateral not captured in other categories: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures margin deposits | 3977 |  | 3977 | 5465 | (1488) | 3977 | 0.00% | 0.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative cash collateral | 28692 |  | 28692 | 29735 | (1043) | 28692 | 0.03% | 0.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency swaps |  | 65 | 65 | (11) | 76 | 65 | 0.00% | 0.00% |
| Other restricted assets | 1091 |  | 1091 | 902 | 189 | 1091 | 0.00% | 0.00% |
| Total Restricted Assets | $46627 | $65 | $46692 | $48270 | $(1578) | $46692 | 0.04% | 0.04% |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

**Net investment income**

The following table summarizes net investment income:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Bonds | $608800 | $610636 | $657156 |
| Common stock | 385 | 433 | 508 |
| Mortgage loans | 130039 | 148052 | 153896 |
| Cash, cash equivalents and short-term investments | 53943 | 37902 | 41176 |
| Derivative instruments | 16607 | 21248 | 13828 |
| Other invested assets | 10979 | 27208 | 6633 |
| Miscellaneous | 3602 | 4492 | 1469 |
| &nbsp;&nbsp;Gross investment income | 824355 | 849971 | 874666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses | (21627) | (12957) | (17412) |
| &nbsp;&nbsp;Net investment income | $802728 | $837014 | $857254 |

---

The amount of interest incurred and charged to investment expense during the years ended December 31, 2025, 2024, and 2023 was $1.7 million, $0, and $0, respectively.

The following table summarizes net realized capital losses on investments net of federal income tax and interest maintenance reserve transfer:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Net realized capital losses, before federal income tax | $122076 | $78354 | $174881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Federal income tax benefit | (25636) | (16442) | (36725) |
| Net realized capital losses, before IMR transfer | 96440 | 61912 | 138156 |
| Net realized capital losses transferred to IMR, net |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of federal income tax benefit of $3,445, $3,864 and $9,097, respectively | (12962) | (14538) | (34221) |
| Net realized capital losses, net of federal income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;tax benefit of $22,190, $12,578 and $27,627, respectively, and IMR transfer | $83478 | $47374 | $103935 |

---

**Net Negative (Disallowed) Interest Maintenance Reserve (IMR)**

(1) Net negative (disallowed) IMR

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Total** | **General Account** | **Insulated Separate Account** | **Non-Insulated Separate Account** |
| &nbsp;&nbsp;2025 | $27652 | $27652 | $– $|  |
| &nbsp;&nbsp;2024 | $42704 | $42704 | $– $|  |

---

(2) Negative (disallowed) IMR admitted

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Total** | **General Account** | **Insulated Separate Account** | **Non-Insulated Separate Account** |
| &nbsp;&nbsp;2025 | $27652 | $27652 | $– $|  |
| &nbsp;&nbsp;2024 | $42704 | $42704 | $– $|  |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

(3) Calculated adjusted capital and surplus

---

| | | |
|:---|:---|:---|
| | **Total** | **Total** |
| | **2025** | **2024** |
| &nbsp;&nbsp;a. Prior period General Account capital & surplus from prior period SAP financials | $1097266 | $998622 |
| &nbsp;&nbsp;b. Net positive goodwill (admitted) |  |  |
| &nbsp;&nbsp;c. EDP equipment & operating system software (admitted) |  |  |
| &nbsp;&nbsp;d. Net DTAs (admitted) |  |  |
| &nbsp;&nbsp;e. Net negative (disallowed) IMR (admitted) | 55208 | 40005 |
| &nbsp;&nbsp;f. Adjusted capital & surplus (a-(b+c+d+e)) | $1042058 | $958617 |

---

(4) Percentage of adjusted capital and surplus

---

| | | |
|:---|:---|:---|
| | **Total** | **Total** |
| | **2025** | **2024** |
| &nbsp;&nbsp;Percentage of total net negative (disallowed) IMR admitted in General Account or recognized in Separate Account to adjusted capital and surplus | 2.7% | 4.5% |

---

**Concentrations**

The Company had the following bond concentrations based on total invested assets:

The Company had a concentration in asset-backed securities of 14% and 15% of total invested assets at December 31, 2025 and 2024, respectively.

Effective January 1, 2025, the NAIC revised bond reporting categories and eliminated the "Industrial & Miscellaneous" classification. Securities previously reported within that category are now included within multiple bond sectors under the revised guidance. Accordingly, bond sector classifications for 2025 are not directly comparable to 2024. Total bond holdings and overall investment strategy were not impacted by this change in classification.

---

| | | |
|:---|:---|:---|
| | **Concentration by type** | **Concentration by type** |
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Corporate bonds | 55% | —% |
| Industrial & miscellaneous | —% | 71% |
|  | **Concentration by industry** | **Concentration by industry** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Financial services | 23% | 22% |

---

**Mortgage Loans**

The following table summarizes the recorded investment of the commercial all other mortgage loan portfolio by risk assessment category:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Performing: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Participation agreements | $723446 | $769588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Participation agreements | 2465759 | 3013897 |
| Total recorded investment of commercial mortgage loans | $3189205 | $3783485 |

---

All of the performing loans were current as of December 31, 2025 and 2024.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The maximum lending rates for commercial mortgage loans originated during the years ended December 31, 2025 and 2024 were 5.2% and 6.5%, respectively. The minimum lending rates for commercial mortgage loans originated during the years ended December 31, 2025 and 2024 were 5.2% and 3.8%, respectively.

During 2025 and 2024, the maximum percentage of any one loan to the value of security at the time of the loan, exclusive of insured or guaranteed and purchase money mortgages, was 60.6% and 49.6%, respectively.

The following table summarizes activity in the commercial mortgage provision allowance for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Beginning balance | $30127 | $58755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions charged to operations - specific provision |  | 3919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Direct write-downs charged against the allowances |  | (32547) |
| Ending balance | $30127 | $30127 |

---

The following tables present concentrations of the total commercial mortgage portfolio:

---

| | | |
|:---|:---|:---|
| | **Concentration by type** | **Concentration by type** |
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Industrial | 45% | 50% |
| Multi-family | 32% | 29% |
| Other | 23% | 21% |
|  | 100% | 100% |
|  | **Concentration by geographic area** | **Concentration by geographic area** |
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Other<sup>1</sup> | 39% | 38% |
| Pacific | 20% | 22% |
| South Atlantic | 20% | 17% |
| West South Central | 11% | 9% |
| Middle Atlantic | 10% | 14% |
|  | 100% | 100% |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Certain prior year amounts have been reclassified to conform to the current year presentation. Regions below 10% are included in "Other," while those at or above 10% are shown separately. These changes resulted in one region moving out of "Other" and another moving in, with a net prior year impact of approximately 1%.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

**5. Fair Value Measurements** 

**Fair value hierarchy**

The following tables present information about the Company's financial assets and liabilities carried at fair value and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** |
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Assets:** |<br>**(Level 1)** |<br>**(Level 2)** |<br>**(Level 3)** | **Net Asset Value**<br>**(NAV)** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | $— | $272 | $— | $— | $272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited partnerships |  |  |  | 392700 | 392700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets <sup>(1)</sup> | 88722859 | 16370925 | 28641 | 2088745 | 107211170 |
| **Total assets at fair value/NAV** | $88722859 | $16371197 | $28641 | $2481445 | $107604142 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forwards |  | 851 |  |  | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities <sup>(1)</sup> | 1116 | 403060 |  |  | 404176 |
| **Total liabilities at fair value** | $1116 | $403911 | $— | $— | $405027 |

---

<sup>(1)</sup> Includes only separate account investments which are carried at the fair value of the underlying invested assets or liabilities owned by the separate accounts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** |
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Assets:** |<br>**(Level 1)** |<br>**(Level 2)** |<br>**(Level 3)** | **Net Asset Value**<br>**(NAV)** |<br>**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial and miscellaneous | $— | $322 | $— | $— | $322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited partnerships |  |  |  | 304085 | 304085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residual tranches |  | 128386 |  |  | 128386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | 249 |  |  | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forwards |  | 311 |  |  | 311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account assets <sup>(1)</sup> | 63807426 | 17155064 | 39083 | 2429031 | 83430604 |
| **Total assets at fair value/NAV** | $63807426 | $17284332 | $39083 | $2733116 | $83863957 |
| **Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivatives |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps | $— | $21996 | $— | $— | $21996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Separate account liabilities <sup>(1)</sup> | 3403 | 528481 |  |  | 531884 |
| **Total liabilities at fair value** | $3403 | $550477 | $— | $— | $553880 |

---

<sup>(1)</sup> Includes only separate account investments which are carried at the fair value of the underlying invested assets or liabilities owned by the separate accounts.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The following tables present changes in fair value of Level 3 assets and the portion of gains or losses included in income attributable to unrealized gains or losses related to those assets still held at December 31, 2025 and 2024.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** |
| | | | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | | | |
| **Description** | **Beginning Balance at 01/01/2025** | **Transfers into Level 3** | **Transfers out of Level 3** | **Total gains and (losses) included in Net Income** | **Total gains and (losses) included in Surplus** | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Ending Balance at 12/31/2025** |
| **Assets:** | | | | | | | | | | |
| Separate account assets <sup>(a)</sup> | $39083 | $903 | $(19414) | $(155) | $4842 | $19689 | $26 | $(15140) | $(1193) | $28641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)&nbsp;&nbsp;&nbsp;&nbsp;</sup>Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Statement of Admitted Assets, Liabilities, and Capital and Surplus.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** | **Fair Value Measurements in (Level 3) of the Fair Value Hierarchy** |
| | | | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | | | |
| **Description** | **Beginning Balance at 01/01/2024** | **Transfers into Level 3** | **Transfers out of Level 3** | **Total gains and (losses) included in Net Income** | **Total gains and (losses) included in Surplus** | **Purchases** | **Issuances** | **Sales** | **Settlements** | **Ending Balance at 12/31/2024** |
| **Assets:** | | | | | | | | | | |
| Separate account assets <sup>(a)</sup> | $41141 | $1205 | $(24442) | $(6676) | $6463 | $36981 | $— | $(14083) | $(1506) | $39083 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(a)</sup> Separate account assets represent segregated funds that are invested for certain customers. Investment risks associated with market value changes are borne by the customers, except to the extent of minimum guarantees made by the Company with respect to certain accounts. Separate account liabilities are not included in the above table as they are reported at contract value and not fair value in the Company's Statement of Admitted Assets, Liabilities, and Capital and Surplus.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The following tables summarize the fair value hierarchy for all financial instruments and invested assets:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** |
| **Type of financial instrument** | | | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Assets:** |<br>**Aggregate fair value** |<br>**Admitted assets and liabilities** | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Net Asset Value (NAV)** | **Total** |
| Issuer credit obligations | $16002180 | $16319517 | $270720 | $15731460 | $— | $— | $16002180 |
| Asset-backed securities | 3303460 | 3367852 |  | 3303460 |  |  | 3303460 |
| Common stock | 5150 | 5150 |  | 5150 |  |  | 5150 |
| Mortgage loans | 3155819 | 3159078 |  | 3155819 |  |  | 3155819 |
| Cash, cash equivalents and <br>&nbsp;&nbsp;&nbsp;&nbsp; short-term investments | 1120701 | 1120545 | 652175 | 468526 |  |  | 1120701 |
| Other long-term invested assets | 517666 | 514496 |  | 76930 |  | 440736 | 517666 |
| Collateral under derivative <br>&nbsp;&nbsp;&nbsp;&nbsp; counterparty collateral <br>&nbsp;&nbsp;&nbsp;&nbsp; agreements | 47125 | 47125 | 47125 |  |  |  | 47125 |
| Receivable for securities | 5444 | 5444 |  | 5444 |  |  | 5444 |
| Derivative instruments | 21428 | 21461 |  | 21428 |  |  | 21428 |
| Separate account assets | 107897271 | 107898490 | 88740985 | 16916396 | 28642 | 2211248 | 107897271 |
| &nbsp;&nbsp;&nbsp;Total assets: | $132076244 | $132459158 | $89711005 | $39684613 | $28642 | $2651984 | $132076244 |
| **Liabilities:** |  |  |  |  |  |  |  |
| Deposit-type contracts | 18695467 | 20815890 |  | 18695467 |  |  | 18695467 |
| Collateral under derivative <br>&nbsp;&nbsp;&nbsp;&nbsp; counterparty collateral <br>&nbsp;&nbsp;&nbsp;&nbsp; agreements | 8350 | 8350 | 8350 |  |  |  | 8350 |
| Payable for securities | 2773 | 2773 |  | 2773 |  |  | 2773 |
| Derivative instruments | 53886 | 62973 |  | 53886 |  |  | 53886 |
| Separate account liabilities | 404176 | 404176 | 1116 | 403060 |  |  | 404176 |
| &nbsp;&nbsp;&nbsp;Total liabilities: | $19164652 | $21294162 | $9466 | $19155186 | $— | $— | $19164652 |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** | **Fair Value Measurements at Reporting Date** |
| **Type of financial instrument** | | | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Assets:** |<br>**Aggregate fair value** |<br>**Admitted assets and liabilities** | **(Level 1)** | **(Level 2)** | **(Level 3)** | **Net Asset Value (NAV)** | **Total** |
| Bonds | $16528898 | $17444197 | $262490 | $16266408 | $— | $— | $16528898 |
| Common stock | 5150 | 5150 |  | 5150 |  |  | 5150 |
| Mortgage loans | 3628823 | 3753358 |  | 3628823 |  |  | 3628823 |
| Cash, cash equivalents and <br>&nbsp;&nbsp;&nbsp;&nbsp; short-term investments | 1030523 | 1030523 | 1025965 | 4558 |  |  | 1030523 |
| Other long-term invested <br>&nbsp;&nbsp;&nbsp;&nbsp; assets | 432471 | 432471 |  | 128386 |  | 304085 | 432471 |
| Collateral under derivative <br>&nbsp;&nbsp;&nbsp;&nbsp; counterparty collateral <br>&nbsp;&nbsp;&nbsp;&nbsp; agreements | 84572 | 84572 | 84572 |  |  |  | 84572 |
| Receivable for securities | 3300 | 3300 |  | 3300 |  |  | 3300 |
| Derivative instruments | 116531 | 119263 | 103 | 116428 |  |  | 116531 |
| Separate account assets | 84003829 | 84016240 | 63821133 | 17601475 | 39083 | 2542138 | 84003829 |
| &nbsp;&nbsp;&nbsp;Total assets: | $105834097 | $106889074 | $65194263 | $37754528 | $39083 | $2846223 | $105834097 |
| **Liabilities:** |  |  |  |  |  |  |  |
| Deposit-type contracts | 16817476 | 19213296 |  | 16817476 |  |  | 16817476 |
| Collateral under derivative<br>&nbsp;&nbsp;&nbsp;&nbsp; counterparty collateral<br>&nbsp;&nbsp;&nbsp;&nbsp; agreements | 55880 | 55880 | 55880 |  |  |  | 55880 |
| Payable for securities | 3681 | 3681 |  | 3681 |  |  | 3681 |
| Derivative instruments | 22000 | 21996 | 4 | 21996 |  |  | 22000 |
| Separate account liabilities | 531884 | 531884 | 3403 | 528481 |  |  | 531884 |
| &nbsp;&nbsp;&nbsp;Total liabilities: | $17430921 | $19826737 | $59287 | $17371634 | $— | $— | $17430921 |

---

**Issuer credit obligations, asset-backed securities, and common stock**

The fair values for issuer credit obligations, asset-backed securities and common stock are generally based upon evaluated prices from independent pricing services. Prior-year amounts previously reported under the "Bonds" classification have been recategorized in the fair value hierarchy tables to align with current-year reporting categories, but the valuation methodologies remain consistent across periods. In cases where these prices are not readily available, fair values are estimated by the Company. To determine estimated fair value for these instruments, the Company generally utilizes discounted cash flow models with market observable pricing inputs such as spreads, average life, and credit quality. Fair value estimates are made at a specific point in time, based on available market information and judgments about financial instruments, including estimates of the timing and amounts of expected future cash flows and the credit standing of the issuer or counterparty.

**Mortgage loans**

Mortgage loan fair value estimates are generally based on discounted cash flows. A discount rate matrix is used where the discount rate valuing a specific mortgage generally corresponds to that mortgage's remaining term and credit quality. Management believes the discount rate used is comparable to the credit, interest rate, term, servicing costs, and risks of loans similar to the portfolio loans that the Company would make today given its internal pricing strategy.

**Cash, cash equivalents, short-term investments, and receivable and payable for securities**

The amortized cost of cash, cash equivalents, short-term investments, and receivable and payable for securities is a reasonable estimate of fair value due to their short-term nature and the high credit quality of the issuers, counterparties and obligor. Cash equivalent investments also include money market funds that are valued using unadjusted quoted prices in active markets.

**Other long-term invested assets**

The fair values of other long-term invested assets are based on the specific asset type. The fair values for these investments are generally based upon evaluated prices from independent pricing services.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

Limited partnership interests, including residual interests in rated-note structures, represent the Company's minority ownership interests in pooled investment funds. These funds employ varying investment strategies, primarily making private equity investments across diverse industries and geographic regions. The net asset value (NAV), determined using the partnership financial statements reported capital account adjusted for other relevant information that may impact the exit value of the investments, is used as a practical expedient to estimate fair value. Investments measured at NAV as a practical expedient are not categorized within the fair value hierarchy.

Distributions from these investments are generated from investment gains, operating income generated by the underlying investments of the funds, and liquidation of the underlying assets of the funds, the timing of which is unknown. In the absence of permitted sales of its ownership interest, the Company will be redeemed out of the partnership interests through distributions. As of December 31, 2025, the Company had $569.2 million of unfunded commitments related to limited partnership interests where NAV is used as a practical expedient to fair value.

**Collateral under derivative counterparty collateral agreements**

Included in other assets is cash collateral received from or pledged to counterparties and included in other liabilities is the obligation to return the cash collateral to the counterparties. The carrying value of the collateral is a reasonable estimate of fair value.

**Derivative instruments**

The estimated fair values of OTC derivatives, primarily consisting of cross-currency swaps, foreign currency forwards, interest rate swaps, and futures on equity indices are the estimated amount the Company would receive or pay to terminate the agreements at the end of each reporting period, taking into consideration current interest rates and other relevant factors.

**Separate account assets and liabilities**

Separate account assets and liabilities consist of domestic and foreign common stocks, preferred stocks, long-term bonds, mortgages, short-term investments, and derivatives. Equity investments are recorded at net asset value, which approximates fair value, on a daily basis. All other investments are valued in the same manner, and using the same pricing sources and inputs as the bond and short-term investments of the Company.

**Deposit-type contracts**

Fair values for liabilities under deposit-type insurance contracts are estimated using discounted liability calculations, adjusted to approximate the effect of current market interest rates for the assets supporting the liabilities.

**6. Non- admitted assets**

The following table summarizes the Company's non-admitted assets:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|<br>**Type** | **Asset** | **Non-admitted asset** | **Admitted asset** | **Asset** | **Non-admitted asset** | **Admitted asset** |
| Other invested assets | $531206 | $6115 | $525091 | $440923 | $2 | $440921 |
| Deferred income taxes | 331840 | 331840 |  | 291974 | 291974 |  |
| Other assets | 240863 | 22650 | 218213 | 323291 | 27357 | 295935 |

---

**7. Reinsurance**

In the normal course of its business, the Company seeks to limit its exposure to loss on any single insured and to recover a portion of benefits paid by ceding risks to other insurance enterprises under excess coverage and coinsurance contracts.

The Company did not have any write-offs for uncollectible reinsurance receivables during the years ended December 31, 2025, 2024 and 2023 for losses incurred, loss adjustment expenses incurred or premiums earned.

The Company does not have any uncollectible reinsurance, commutation of ceded reinsurance, or certified reinsurer downgraded of status subject to revocation.

The Company has not entered into, renewed or amended any reinsurance contracts on or after January 1, 1996 that include risk-limiting features as described in Appendix A-791—Life and Health Reinsurance Agreements of the NAIC Accounting Practices and Procedures Manual.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The Company entered into assumption reinsurance in conjunction with the acquisition of CIGNA's retirement business. There are a series of reinsurance agreements, which were utilized to affect the transfer of the retirement business to the Company in 2004. The reinsurance arrangements between the Company and CIGNA included coinsurance-with-assumption, modified-coinsurance-with-assumption, indemnity coinsurance, and modified-coinsurance-without-assumption.

The Company and Hannover Life Reassurance Company of America (Bermuda) LTD ("Hannover") have engaged in a 1) coinsurance with funds withheld on its general account and 2) modified coinsurance of its separate account transaction on December 31, 2022 in which the Company cedes a portion of its group annuity contracts and established a funds withheld payable to Hannover. The Company received a ceding commission, will receive expense allowances and is eligible for experience refunds, and will pay risk charges over time. The Company has reserve credit taken of $2.6 billion as of December 31, 2025 and $2.6 billion as of December 31, 2024 respectively. The reinsurance agreement has an automatic experience refund termination date of January 1, 2035. The Company may recapture the ceded reinsurance policies at any time prior to the experience refund termination date, subject to certain fees payable to Hannover. The ceding commission is accounted for in the 'Commissions and expense allowances on reinsurance ceded' within the Statement of Operations.

Reinsurance ceded arrangements do not discharge the Company as the primary insurer. Ceded balances would represent a liability of the Company in the event the reinsurers were unable to meet their obligations to the Company under the terms of the reinsurance agreements.

**PICA Novation**

On October 31, 2025, the Company and an affiliate, ELAINY pursuant to the April 1, 2025 Assumption Reinsurance Agreement, completed the process whereby the Company assumed $2.2 billion of previously reinsured policies from ELAINY and effected the novation of the contracts from The Prudential Insurance Company of America ("PICA") to the Company. Assets supporting these contracts were withdrawn from the PICA trust and transferred to the Company, with the related contracts assumed as deposit-type contracts in accordance with statutory requirements.

Under the agreement, the Company assumed all direct liabilities and policyholder obligations related to the novated block, fully relieving ELAINY of its prior reinsurance obligations to PICA. EAIC received the associated assets from ELAINY at fair value and paid an arms-length ceding commission of approximately $86.0 million (about 4% of ceded reserves) deemed economic.

Following the assumption, EAIC becomes the direct writer of the novated contracts.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The novation agreement impacted the following financial statement lines:

---

| | |
|:---|:---|
| | **(In millions)** |
| **Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus** | **October 31** |
|  | **2025** |
| **Admitted assets:** |  |
| Cash and invested assets: |  |
| Bonds | 1619 |
| Mortgage loans | 258 |
| Cash, cash equivalents, and short-term investments | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash and invested assets | 2057 |
| Investment income due and accrued | 14 |
| **Total admitted assets** | $2071 |
| **Liabilities, capital and surplus:** |  |
| **Liabilities:** |  |
| Liability for deposit-type contracts | 2155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2155 |
| **Capital and surplus:** |  |
| Unassigned funds (deficit) | (84) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total capital and surplus | (84) |
| **Total liabilities, capital and surplus** | $2071 |
| **Statutory Statements of Operations** |  |
| **Income:** |  |
| Other income | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total income | 2 |
| **Expenses:** |  |
| Other insurance expense | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total benefit and expenses | 86 |
| **Net loss from operations before federal income taxes** | $(84) |

---

**8. Aggregate Reserves**

Aggregate reserves are computed in accordance with the Commissioner's Annuity Reserve Valuation Method ("CARVM") and the Commissioner's Reserve Valuation Method ("CRVM"), the standard statutory reserving methodologies.

The significant assumptions used to determine the liability for future life insurance benefits are as follows:

---

| | | |
|:---|:---|:---|
| Interest | - Annuity Funds | 1.0% to 11.25% |
| Mortality | - Annuity Funds | Various annuity valuation tables, primarily including the Group Annuity Reserve ("GAR") 1994, Group Annuity Mortality ("GAM") 1971, 1983 |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The Company has no policies that provide for waiver of the deduction of deferred fractional premiums upon the death of the insured or for the return of a portion of the final premium for periods beyond the date of death. The Company does not promise surrender values in excess of the legally computed reserves.

The Company has no policies issued at or subsequently subject to a premium for extra mortality or otherwise issued on lives classed as substandard for the plan of contract issued or on special class lives.

At December 31, 2025 and 2024, the Company had $0 and $0, respectively of insurance in force for which the gross premiums are less than the net premiums according to the standard valuation set by the CT Department.

The tabular interest and the tabular less actual reserve released have been determined from the basic data. The tabular interest on deposit-type contracts not involving life contingencies reflects the investment experience of the underlying assets. The Company has no policies in force for which tabular cost is applicable.

The withdrawal characteristics of annuity reserves and deposit liabilities are as follows:

**Individual Annuities**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **General Account** | **Separate Account with Guarantees** | **Separate Account Non-Guaranteed** | **Total** | **Percent of Total Gross** |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| With market value adjustment | $— | $— | $— | $— | —% |
| At book value less current surrender charges of 5% or more |  |  |  |  | —% |
| At fair value |  | 3606 |  | 3606 | 100.0% |
| Total with adjustment or at market value |  | 3606 |  | 3606 | 100.0% |
| At book value without adjustment (minimal or no charge adjustment) |  |  |  |  | —% |
| Not subject to discretionary withdrawal |  |  |  |  | —% |
| Total gross |  | 3606 |  | 3606 | 100.0% |
| Reinsurance ceded |  |  |  |  |  |
| Total, net | $— | $3606 | $— | $3606 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **General Account** | **Separate Account with Guarantees** | **Separate Account Non-Guaranteed** | **Total** | **Percent of Total Gross** |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| With market value adjustment | $— | $— | $— | $— | —% |
| At book value less current surrender charges of 5% or more |  |  |  |  | —% |
| At fair value |  | 4416 |  | 4416 | 100.0% |
| Total with adjustment or at market value |  | 4416 |  | 4416 | 100.0% |
| At book value without adjustment (minimal or no charge adjustment) |  |  |  |  | —% |
| Not subject to discretionary withdrawal |  |  |  |  | —% |
| Total gross |  | 4416 |  | 4416 | 100.0% |
| Reinsurance ceded |  |  |  |  |  |
| Total, net | $— | $4416 | $— | $4416 |  |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

**Group Annuities**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **General Account** | **Separate Account with Guarantees** | **Separate Account Non-Guaranteed** | **Total** | **Percent of Total Gross** |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| With market value adjustment | $— | $— | $— | $— | —% |
| At book value less current surrender charges of 5% or more | 14924 |  |  | 14924 | 0.4% |
| At fair value |  | 3255650 | 343369 | 3599019 | 94.4% |
| Total with adjustment or at market value | 14924 | 3255650 | 343369 | 3613943 | 94.8% |
| At book value without adjustment (minimal or no charge adjustment) |  |  |  |  | —% |
| Not subject to discretionary withdrawal | 196440 |  |  | 196440 | 5.2% |
| Total gross | 211364 | 3255650 | 343369 | 3810383 | 100.0% |
| Reinsurance ceded | 17457 |  |  | 17457 |  |
| Total, net | $193907 | $3255650 | $343369 | $3792926 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **General Account** | **Separate Account with Guarantees** | **Separate Account Non-Guaranteed** | **Total** | **Percent of Total Gross** |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| With market value adjustment | $— | $— | $— | $— | —% |
| At book value less current surrender charges of 5% or more | 16267 |  |  | 16267 | 0.4% |
| At fair value |  | 3363276 | 313397 | 3676673 | 94.2% |
| Total with adjustment or at market value | 16267 | 3363276 | 313397 | 3692940 | 94.6% |
| At book value without adjustment (minimal or no charge adjustment) |  |  |  |  | —% |
| Not subject to discretionary withdrawal | 212607 |  |  | 212607 | 5.4% |
| Total gross | 228874 | 3363276 | 313397 | 3905547 | 100.0% |
| Reinsurance ceded | 19657 |  |  | 19657 |  |
| Total, net | $209217 | $3363276 | $313397 | $3885890 |  |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

**Deposit-type Contracts**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **General Account** | **Separate Account with Guarantees** | **Separate Account Non-Guaranteed** | **Total** | **Percent of Total Gross** |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| With market value adjustment | $22015563 | $648051 | $837377 | $23500991 | 18.7% |
| At book value less current surrender charges of 5% or more | 519 |  |  | 519 | —% |
| At fair value |  | 1989736 | 98566581 | 100556317 | 80.1% |
| Total with adjustment or at market value | 22016082 | 2637787 | 99403958 | 124057827 | 98.8% |
| At book value without adjustment (minimal or no charge adjustment) | 1173496 | 72006 |  | 1245502 | 1.0% |
| Not subject to discretionary withdrawal | 171849 |  |  | 171849 | 0.2% |
| Total gross | 23361427 | 2709793 | 99403958 | 125475178 | 100.0% |
| Reinsurance ceded | 2545537 |  |  | 2545537 |  |
| Total, net | $20815890 | $2709793 | $99403958 | $122929641 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **General Account** | **Separate Account with Guarantees** | **Separate Account Non-Guaranteed** | **Total** | **Percent of Total Gross** |
| Subject to discretionary withdrawal: |  |  |  |  |  |
| With market value adjustment | $20412008 | $743817 | $721943 | $21877768 | 21.6% |
| At book value less current surrender charges of 5% or more | 512 |  |  | 512 | —% |
| At fair value |  | 1900280 | 75910606 | 77810886 | 76.9% |
| Total with adjustment or at market value | 20412520 | 2644097 | 76632549 | 99689166 | 98.5% |
| At book value without adjustment (minimal or no charge adjustment) | 1212960 | 82646 |  | 1295606 | 1.3% |
| Not subject to discretionary withdrawal | 207156 |  |  | 207156 | 0.2% |
| Total gross | 21832636 | 2726743 | 76632549 | 101191928 | 100.0% |
| Reinsurance ceded | 2619339 |  |  | 2619339 |  |
| Total, net | $19213297 | $2726743 | $76632549 | $98572589 |  |

---

---

| | | |
|:---|:---|:---|
| Annuity actuarial reserves, deposit-type contract funds and other liabilities without life or disability contingencies at December 31, were as follows: | Annuity actuarial reserves, deposit-type contract funds and other liabilities without life or disability contingencies at December 31, were as follows: | Annuity actuarial reserves, deposit-type contract funds and other liabilities without life or disability contingencies at December 31, were as follows: |
|  | **2025** | **2024** |
| **General Account:** |  |  |
| Annuities | $193907 | $209216 |
| Deposit-type contracts | 20815890 | 19213296 |
| **Subtotal** | 21009797 | 19422512 |
| **Separate Account:** |  |  |
| Annuities (excluding supplementary contracts) | 105716377 | 83040381 |
| **Total** | $126726174 | $102462893 |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

**9. Separate Accounts**

The Company maintains separate accounts to record and account for assets and liabilities for certain lines of business, products and transactions. Assets held in separate accounts are legally segregated and are not available to satisfy claims arising from the Company's general business. The investment performance of separate account assets is primarily assumed by investors, and the related assets and liabilities are carried at amounts consistent with the underlying insurance contract provisions. The Company reports assets and liabilities from the following product lines into a separate account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Individual Annuity Product

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Group Annuity Product

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hybrid Ordinary Life Product

All the products are classified as separate accounts for the statutory financial statements. Separate Accounts assets and liabilities represent segregated funds, which are administered for pension and other clients. The assets consist of common stocks, long-term bonds, real estate, mortgages and short-term investments. The liabilities consist of reserves established to meet withdrawal and future benefit payment contractual provisions. Investment risks associated with market value changes are generally borne by the clients, except to the extent of minimum guarantees made by the Company with respect to certain accounts.

Most separate account assets and related liabilities are carried at fair value in the accompanying Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus. In the Statement of Operations, activity between the general and separate accounts is presented as net transfers, primarily reflecting policyholder-driven transactions, including deposits, withdrawals, and benefit payments, as well as reinsurance related movements. Amounts related to separate account operations, including premiums, benefits and policy charges, are presented on a gross basis in the Statement of Operations, while investment income and realized and unrealized gains and losses on separate account assets accrue directly to the contractholders and are not included. Accordingly, these transfers offset separate account operations and do not affect net income.

Some assets within each of the Company's separate accounts are considered legally insulated whereas others are not legally insulated from the general account. The legal insulation of the separate accounts prevents such assets from being generally available to satisfy claims resulting from the general account. At December 31, 2025 and 2024, the Company's separate account assets that are legally insulated from general account claims are $107.9 billion and $84.0 billion, respectively.

Some separate account liabilities are guaranteed by the general account. In accordance with the guarantees provided, if the investment proceeds are insufficient to cover the rate of return guaranteed for the product, the policyholder proceeds will be remitted by the general account. To compensate the general account for the risk taken, the separate account has paid risk charges of $0, $0, $0 million for the years ended December 31, 2025, 2024 and 2023 respectively. We paid $0, $0, $0 million separate account guarantees by the general account for the years ending December 31, 2025, 2024 and 2023 respectively.

**Separate accounts with guarantees**

The Government Guaranteed Funds are separate accounts investing in fixed income securities backed by the credit of the U.S. Government, its agencies or its instrumentalities.

The Company also has separate accounts comprised of assets underlying variable universal life policies issued privately to accredited investors. The accounts invest in investment grade fixed income securities.

Distributions to a participant are based on the participant's account balance and are permitted for the purpose of paying a benefit to a participant. Distributions for purposes other than paying a benefit to a participant may be restricted. Participants' distributions are based on the amount of their account balance, whereas, distributions as a result of termination of the group annuity contract are based on net assets attributable to the contract and can be made to the group through (1) transfer of the underlying securities and any remaining cash balance, or (2) transfer of the cash balance after sale of the Fund's securities.

Most guaranteed separate account assets and related liabilities are carried at fair value. Certain separate account assets are carried at book value based on the prescribed deviation from the CT Department.

**Non-guaranteed separate accounts**

The non-guaranteed separate accounts include unit investment trusts or series accounts that invest in diversified open-end management investment companies. These separate account assets and related liabilities are carried at fair value.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The investments in shares are valued at the closing net asset value as determined by the appropriate fund/portfolio at the end of each business day. The net investment experience of the separate account is credited directly to the policyholder and can be positive or negative. Some of the separate accounts provide an incidental death benefit of the greater of the policyholder's account balance or premium paid and some provide an incidental annual withdrawal benefit for the life of the policyholder. Certain contracts contain provisions relating to a contingent deferred sales charge. In such contracts, charges will be made for total or partial surrender of a participant annuity account in excess of the "free amount" before the retirement date by a deduction from a participant's account. The "free amount" is an amount equal to 10% of the participant account value at December 31 of the calendar year prior to the partial or total surrender.

The following tables provide information about the Company's separate accounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | |
| | Non-indexed guarantee less than/equal to 4% | Non-indexed<br>guarantee<br>more than 4% | Non-guaranteed separate accounts | Total |
| Premiums, considerations or deposits | $417085 | $— | $23460541 | $23877626 |
| Reserves: |  |  |  |  |
| For accounts with assets at: |  |  |  |  |
| Fair value | 6312419 |  | 98711882 | 105024301 |
| Amortized cost |  |  | 692076 | 692076 |
| Total reserves | $6312419 | $— | $99403958 | $105716377 |
| By withdrawal characteristics: |  |  |  |  |
| With fair value adjustment |  |  | 692076 | 692076 |
| At fair value | 5592362 |  | 98711882 | 104304244 |
| At book value without fair value adjustment and with current surrender charge of less than 5% | 720057 |  |  | 720057 |
| Subtotal | 6312419 |  | 99403958 | 105716377 |
| Not subject to discretionary withdrawal |  |  |  |  |
| Total | $6312419 | $— | $99403958 | $105716377 |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | |
| | Non-indexed guaranteed less than/equal to 4% | Non-indexed<br>guarantee<br>more than 4% | Non-guaranteed separate accounts | Total |
| Premiums, considerations or deposits | $18927273 | $— | $296642 | $19223915 |
| Reserves |  |  |  |  |
| For accounts with assets at: |  |  |  |  |
| Fair value | 7242068 |  | 75211191 | 82453259 |
| Amortized cost |  |  | 587123 | 587123 |
| Total reserves | 7242068 |  | 75798314 | 83040382 |
| By withdrawal characteristics: |  |  |  |  |
| With fair value adjustment |  |  | 587123 | 587123 |
| At fair value | 6415604 |  | 75211191 | 81626795 |
| At book value without fair value adjustment and with current surrender charge of less than 5% | 826463 |  |  | 826463 |
| Subtotal | 7242067 |  | 75798314 | 83040381 |
| Not subject to discretionary withdrawal |  |  |  |  |
| Total | $7242067 | $— | $75798314 | $83040381 |

---

A reconciliation of the amounts transferred to and from the separate accounts is presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Transfers as reported in the Summary of Operations of the <br>&nbsp;&nbsp;&nbsp;&nbsp; separate account statement: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers to separate accounts | $143728 | $296642 | $767221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers from separate accounts | (611189) | (470288) | (1023535) |
| Net transfers to separate accounts | $(467461) | $(173646) | $(256314) |
| Reconciling adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net transfer of reserves to separate accounts | 60568 | (653009) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments reflected in the amended annual statements | (62951) | 19859 | 16960 |
| Net transfers as reported in the Statements of Operations | $(469844) | $(806796) | $(239354) |

---

**10. Capital and Surplus, Dividend Restriction and Other Matters**

In September 2014, the Company received a $245.0 million capital contribution from its previous parent, Prudential Insurance, in the form of an asset-backed note. Upon receipt of the asset-backed note, the Company paid a cash dividend of $245.0 million to its previous parent, Prudential Insurance. The asset-backed note bears interest at a rate of 0.20% per annum and matures in April 2029. The principal amount of the asset-backed note is payable in cash at any time upon demand by the Company or, if not paid earlier, at maturity. The asset-backed note was issued by a designated series of a Delaware master trust, and its payment obligations are secured by corresponding payment obligations of a third party financial institution and a portfolio of specified assets. As of December 31, 2025, no principal payments have been received or are currently due on the asset-backed note.

In the fourth quarter of 2014, the Company received a $255.0 million capital contribution from its previous parent, Prudential Insurance, in the form of two asset-backed notes. Upon receipt of the asset-backed notes, the Company made a cash payment of $255.0 million to its previous parent, Prudential Insurance. The asset-backed notes bear interest at a rate of 0.20% per annum and mature in April and November 2029. The asset-backed notes were issued by a designated series of a Delaware master trust, and payment obligations on the notes are secured

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

by corresponding payment obligations of third party financial institutions and a portfolio of specified assets. As of December 31, 2025, no principal payments have been received or are currently due on the asset-backed notes.

In the first quarter of 2022, one of the asset-backed notes issued in the fourth quarter of 2014 matured prior to the Prudential acquisition. The note was replaced with a comparable note with nearly identical terms, albeit following the acquisition, for an equivalent $130.0 million which will mature in 2029. In addition, the other two asset-backed notes held by the Company with aggregate values of $370.0 million were amended in connection with the acquisition and now mature in 2028 and 2029, respectively.

The maximum amount of dividends which can be paid to stockholders by insurance companies domiciled in the State of Connecticut, without prior approval of the Insurance Commissioner, is limited to the greater of 10% of the prior year's surplus or net gain from operations from the prior year. Net gain from operations is defined as income after taxes but prior to realized capital gains, as reported on the Statement of Operations. Dividends are paid as determined by the Board of Directors, subject to certain statutory restrictions noted above. In addition, the Company may be required to provide notice to, or obtain approval from, the Company's domiciliary regulator in connection with each dividend declared by the Board of Directors, depending on whether such dividend is deemed an "ordinary" or "extraordinary" dividend under applicable statutes and regulations. The determination of whether a given dividend is "ordinary" or "extraordinary" is based on a rolling twelve month look-back at prior dividends paid by the Company and is therefore subject to change throughout the year. Dividends are non-cumulative. During the years ended December 31, 2025, 2024 and 2023, the Company paid dividends to its parent EAICA and previous parent, Prudential Insurance, totaling $0 million, $0 and $459.0 million respectively.

The portion of unassigned deficit (surplus) represented by each of the following items is:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Unrealized gains | $(39678) | $31888 |
| Non-admitted assets | 360605 | 319333 |
| Asset valuation reserve | 272372 | 233038 |
| Surplus as regards reinsurance | 146752 | 179514 |

---

Risk-based capital ("RBC") is a regulatory tool for measuring the minimum amount of capital appropriate for a life, accident and health organization to support its overall business operations in consideration of its size and risk profile. The CT Department requires the Company to maintain minimum capital and surplus equal to the company action level as calculated in the RBC model. The Company exceeds the required amount.

**11. Federal income taxes**

&nbsp;&nbsp;&nbsp;&nbsp;

The following table presents the components of the net admitted deferred tax asset:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **Change** | **Change** | **Change** |
| | Ordinary | Capital | Total | Ordinary | Capital | Total | Ordinary | Capital | Total |
| Gross deferred tax assets | $430690 | $23918 | $454608 | $392769 | $20626 | $413395 | $37921 | $3292 | $41213 |
| Valuation allowance adjustment |  | (23918) | (23918) |  | (20626) | (20626) |  | (3292) | (3292) |
| Adjusted gross deferred tax asset | 430690 |  | 430690 | 392769 |  | 392769 | 37921 |  | 37921 |
| Deferred tax assets non-admitted | (331840) |  | (331840) | (291974) |  | (291974) | (39866) |  | (39866) |
| Net admitted deferred tax asset | 98850 |  | 98850 | 100795 |  | 100795 | (1945) |  | (1945) |
| Gross deferred tax liabilities |  | (98850) | (98850) | (100795) |  | (100795) | 100795 | (98850) | 1945 |
| Net admitted deferred tax asset | $98850 | $(98850) | $— | $— | $— | $— | $98850 | $(98850) | $— |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The Company admits deferred tax assets pursuant to paragraphs 11.a, 11.b.i, 11.b.ii, and 11.c, in SSAP No. 101. The following table presents the amount of deferred tax asset admitted under each component of SSAP No. 101:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **Change** | **Change** | **Change** |
| | | Ordinary | Capital | Total | Ordinary | Capital | Total | Ordinary | Capital | Total |
| (a) | Federal incomes taxes paid in prior years<br>&nbsp;&nbsp;&nbsp;&nbsp;recoverable through loss carrybacks |  |  |  |  |  |  |  |  |  |
| (b) | Adjusted gross deferred tax assets expected<br>&nbsp;&nbsp;&nbsp;&nbsp;to be realized (excluding the amount of<br>&nbsp;&nbsp;&nbsp;&nbsp;deferred tax assets from (a) above) after<br>&nbsp;&nbsp;&nbsp;&nbsp;application of the threshold limitation (lesser<br>&nbsp;&nbsp;&nbsp;&nbsp;of (i) and (ii) below) |  |  |  |  |  |  |  |  |  |
|  | (i) Adjusted gross deferred tax assets expected<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to be realized following the balance sheet date |  |  |  |  |  |  |  |  |  |
|  | (ii) Adjusted gross deferred tax assets expected<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; allowed per limitation threshold |  |  | 157510 |  |  | 156700 |  |  | 810 |
| (c) | Adjusted gross deferred tax assets (excluding<br>&nbsp;&nbsp;&nbsp;&nbsp;the amount of deferred tax assets from (a)<br>&nbsp;&nbsp;&nbsp;&nbsp;and (b) above) offset by gross deferred <br>&nbsp;&nbsp;&nbsp;&nbsp;tax liabilities | 98850 |  | 98850 | 100795 |  | 100795 | (1945) |  | (1945) |
|  | Total deferred tax assets admitted as a results of<br>&nbsp;&nbsp;&nbsp;&nbsp;the application of SSAP No. 101 | $98850 | $— | $98850 | $100795 | $— | $100795 | $(1945) | $— | $(1945) |

---

The following table presents the threshold limitations utilized in the admissibility of deferred tax assets under paragraph 11.b of SSAP No. 101:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Ratio percentage used to determine recovery <br>&nbsp;&nbsp;&nbsp;&nbsp;period and threshold limitation amount | 745.88% | 745.88% |
| Amount of adjusted capital and surplus used to<br>&nbsp;&nbsp;&nbsp;&nbsp;determine recovery period and threshold<br>&nbsp;&nbsp;&nbsp;&nbsp;limitation | $1050066 | $1044669 |

---

The following table presents the impact of tax planning strategies:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **Change** | **Change** |
| | **Ordinary** | **Capital** | **Ordinary** | **Capital** | **Ordinary** | **Capital** |
| Adjusted gross deferred tax asset | $430690 | $— | $392769 | $— | $37921 | $— |
| % of adjusted gross deferred tax asset by character attributable to tax planning strategies | —% | —% | —% | —% | —% | —% |
| Net admitted adjusted gross deferred tax assets | $98850 | $— | $100795 | $— | $(1945) | $— |
| % of net admitted adjusted gross deferred tax asset by character attributable to tax planning strategies | —% | —% | —% | —% | —% | —% |

---

The Company's tax planning strategies do not include the use of reinsurance.

There are no temporary differences for which deferred tax liabilities are not recognized.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The components of current income taxes incurred include the following:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** | |
| **Current income tax** | **2025** | **2024** | **Change** |
| Federal | $32541 | $39829 | $(7288) |
| Federal income tax (benefit) expense on net capital gains | (25638) | (16442) | (9196) |
| Utilization of capital loss carry-forwards | (2742) |  | (2742) |
| Total | $4161 | $23387 | $(19226) |

---

The tax effects of temporary differences, which give rise to the deferred income tax assets and liabilities are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | |
| **Deferred Income Tax Assets:** | **2025** | **2024** | **Change** |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance reserves | $6397 | $6480 | $(83) |
| &nbsp;&nbsp;&nbsp;&nbsp;Invested assets | 19780 | 21071 | (1291) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-admitted assets | 4736 | 5744 | (1008) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating loss carry-forward | 63227 | 41504 | 21723 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax credit carry-forward | 81486 | 63710 | 17776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangibles | 255064 | 254259 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 430690 | 392769 | 37921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-admitted | 331840 | 291974 | 39866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total admitted ordinary DTA | 98850 | 100795 | (1945) |
| Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Invested assets | 7172 |  | 7172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryforward | 16746 | 20626 | (3880) |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 23918 | 20626 | 3292 |
| &nbsp;&nbsp;&nbsp;&nbsp;Statutory valuation allowance adjustment | 23918 | 20626 | 3292 |
| **Total admitted DTA** | $98850 | $100795 | $(1945) |
| **Deferred Income Tax Liabilities:** |  |  |  |
| Ordinary: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Invested assets | $— | $99582 | $(99582) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other deferred tax liabilities |  | 1213 | (1213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal |  | 100795 | (100795) |
| Capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Invested assets | 98850 |  | 98850 |
| &nbsp;&nbsp;Unrealized capital (gains)/ losses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 98850 |  | 98850 |
| **Total DTLs** | $98850 | $100795 | $(1945) |
| **Net admitted deferred income tax asset (liability)** | $**—** | $**—** | $**—** |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The change in deferred income taxes reported in surplus before consideration of non-admitted assets is comprised of the following components:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | |
| | **2025** | **2024** |<br>**Change** |
| Total deferred income tax assets | $430690 | $392769 | $37921 |
| Total deferred income tax liabilities | (98850) | (100795) | 1945 |
| Net deferred income tax asset | $331840 | $291974 | $39866 |
| Tax effect of unrealized capital gains |  |  | 19123 |
| Change in net deferred income tax |  |  | $58989 |
|  | **December 31,** | **December 31,** |  |
|  | **2024** | **2023** | **Change** |
| Total deferred income tax assets | $392769 | $381425 | $11344 |
| Total deferred income tax liabilities | (100795) | (123418) | 22623 |
| Net deferred income tax asset | $291974 | $258007 | $33967 |
| Tax effect of unrealized capital gains (losses) |  |  | 19977 |
| Change in net deferred income tax |  |  | $53944 |

---

The provision for federal income taxes and change in deferred income taxes differ from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. The significant items causing this difference are as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2025** | **2024** |
| Income tax expense at statutory rate | $13978 | $37856 |
| Ceding commission | (6880) | (7955) |
| Dividends received deduction | (35320) | (33524) |
| Tax adjustment for IMR | (391) | (6583) |
| Change in statutory valuation allowance adjustment | 3291 | 9491 |
| Tax credits | (11526) | (12352) |
| Prior year adjustment | (6281) | (9416) |
| Tax benefit on capital gain/(loss) | (22190) | (12578) |
| Tax effect of non-admitted assets | 989 | 1754 |
| Other | 9503 | 2749 |
| Total | $(54828) | $(30557) |
|  | **2025** | **2024** |
| Federal income taxes incurred | $4161 | $23387 |
| Change in net deferred income taxes | (58989) | (53944) |
| Total income taxes | $(54828) | $(30557) |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

As of December 31, 2025, the Company had $301.1 million of net operating loss carryforward available for tax purposes. The following table breaks down available net operating loss carryforward by year:

---

| | | |
|:---|:---|:---|
| **Tax Year** | **Expiration** | **Loss** |
| 2023 | N/A | $130141 |
| 2024 | N/A | $69064 |
| 2025 | N/A | $101876 |

---

As of December 31, 2025, the Company had foreign tax credit carryforwards of $41.1 million. The following table breaks down foreign tax credit carryforward by year:

---

| | | |
|:---|:---|:---|
| **Tax Year** | **Expiration** | **Credit Generated** |
| 2023 | 2033 | $13482 |
| 2024 | 2034 | $14153 |
| 2025 | 2035 | $13466 |

---

As of December 31, 2025, the Company had $79.7 of capital loss carryforward available for tax purposes. The following table breaks down capital loss carryforward by year:

---

| | | |
|:---|:---|:---|
| **Tax Year** | **Expiration** | **Capital Loss Generated** |
| 2022 | 2027 | $12907 |
| 2023 | 2028 | $25632 |
| 2024 | 2029 | $41204 |

---

The Company has no income taxes incurred available for recoupment.

There are no deposits admitted under Section 6603 of the Internal Revenue Service Code.

Empower Annuity Insurance Company ("EAIC") was acquired from Prudential in 2022. As an acquired life insurance company, it cannot file as part of the consolidated federal income tax return through 2027. Instead, EAIC began filing a separate federal income tax return effective April 1, 2022.

The Company determines income tax contingencies in accordance with SSAP No. 5 *Liabilities, Contingencies and Impairments of Assets* ("SSAP No. 5") as modified by SSAP 101. The Company did not recognize any SSAP No. 5 contingencies during 2025. The Company does not expect a significant increase in tax contingencies within the 12 month period following the balance sheet date.

The Company files income tax returns in the U.S. federal jurisdiction and various states. The Company does not expect significant increases or decreases to unrecognized tax benefits relating to federal, state, or local audits.

The valuation allowance adjustment to gross deferred tax assets as of December 31, 2025 and 2024 was $23.9 million and $20.6 million respectively. The valuation allowance adjustment relates to Management's uncertainty as to the Company's ability to use the capital loss carryforwards and the expected loss from the impaired value of certain debt instruments, therefore, a valuation allowance of $23.9 million has been recognized.

The Company does not have any foreign operations as of the period ended December 31, 2025 and therefore is not subject to the tax on Global Intangible Low-Taxed Income.

On July 4, 2025, the H.R. 1 budget reconciliation bill, the One Big Beautiful Bill Act ("the Act") was signed into law. The Act included numerous tax-related provisions. Based on Management's analysis of the Act, the tax related provisions do not materially impact the Company's overall income tax provision.

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

The reporting entity is an applicable reporting entity with respect to the Corporate Alternative Minimum Tax ("CAMT"). The reporting entity has made an accounting policy election to disregard CAMT when evaluating the need for a valuation allowance. There have been no material modifications to the methodology used to project future regular tax liability as a result of the CAMT.

---

| | |
|:---|:---|
| Gross AMT Credit Recognized as: Current year recoverable | $— |
| Gross AMT Credit Recognized as: Deferred tax asset (DTA) | 40385 |
| Beginning Balance of AMT Credit Carryforward | 36963 |
| Amounts Recovered |  |
| Adjustments | 3422 |
| Ending Balance of AMT Credit Carryforward (5=2-3-4) | 40385 |
| Reduction for Sequestration |  |
| Nonadmitted by Reporting Entity | 40385 |
| Reporting Entity Ending Balance (8=5-6-7) | $— |

---

**12. Commitments and Contingencies**

***Future Contractual Obligations*** 

The Company makes commitments to fund partnership interests, mortgage loans, and other investments in the normal course of its business. As the timing of the fulfillment of the commitment to fund partnership interests cannot be predicted, such obligations are presented in the less than one year category. The timing of the funding of mortgage loans is based on the expiration date of the commitment. The amount of these unfunded commitments at December 31, 2025 was $686.5 million all of which was due within one year, of which $569.2 million was related to limited partnership interests. Related party transactions comprise $147.6 million of the unfunded limited partnership interests at December 31, 2025.

In December 2009, the Company became a member of the FHLB of Boston. FHLB provides access to billions of low-cost funding dollars to banks, credit unions, insurance companies and community development financial institutions in the United States. At December 31, 2025, the Company has determined the estimated maximum borrowing capacity as approximately $1.0 billion. The Company calculated this amount based on the total collateral available to be pledged as of the period-end date, subject to certain restrictions on the maximum amount of indebtedness per our external debt agreements and limitations imposed by Lifeco, collectively across the Company and its parent company. The Company had total collateral pledged of $431.5 million and no amounts borrowed as of December 31, 2025. The Company had no collateral pledged or amounts borrowed as of December 31, 2024. Additionally, the Company was required to purchase FHLB of Boston stock and, at December 31, 2025 and 2024 owns $5.2 million and $5.2 million, respectively, of Class B stock which are currently not eligible for redemption.

***Contingencies***

In the fall of 2024, a formal order of liquidation was issued against insolvent companies, effective November 30, 2024. As a result, the Company received assessments from the majority of the state guaranty associations responsible for policyholder claims related to the insolvent companies. Accordingly, in the fourth quarter of 2024, the Company accrued an estimated loss of $44.6 million. The Company has remitted payments as assessment requests were received from the respective guaranty associations and as of December 31, 2025, no amounts remained payable. The company does not anticipate receiving any additional assessments in connection with this liquidation.

***Litigation***

From time to time, the Company is subject to lawsuits, arbitrations, and administrative claims. Any such claims that are decided against the Company could harm the Company's business. The Company is also subject to periodic regulatory audits and inspections which could result in fines or other disciplinary actions. The Company accrues a charge when management determines that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. When a loss is probable and reasonably estimable, the Company records an accrual based on the reasonably estimable loss or range of loss. The Company regularly evaluates current information available to it to determine whether an accrual should be established or adjusted. The ultimate outcome of legal proceedings involves judgments, estimates, and inherent uncertainties and cannot be predicted with certainty. Unfavorable outcomes in such matters may result in a material impact on the Company's financial position, results of operations, or cash flows.

The Company and certain of its subsidiaries are defendants in legal actions, including a class action, relating to the costs and features of their retirement and fund products and the conduct of their businesses. Management believes the claims are without merit and will continue to vigorously defending these actions. The Company is also involved in other various legal proceedings that arise in the ordinary course of its business. In the opinion of management, after consultation with counsel, the likelihood of loss from the resolution of these proceedings is

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Notes to Statutory Financial Statements

(In Thousands, Except Share Amounts)

remote and/or the estimated loss is not expected to have a material effect on the Company's financial position, results of its operations, or cash flows.

**13. Subsequent Events** 

Management has evaluated subsequent events for potential recognition or disclosure in the Company's statutory financial statements through March 31, 2026, the date on which they were issued.

On February 27, 2026, the Company and its parent EAICA, pursuant to the October 1, 2025 Assumption Reinsurance Agreement, completed the process whereby the Company assumed $1.6 billion of contracts previously reinsured with EAICA and corresponding assets, and immediately effected the novation of the contracts from PICA. The company recognized this transaction in the first quarter of 2026. The transaction did not include a ceding commission because it was a non-economic transfer between a parent company and its subsidiary, with no impact on net income.

------

SUPPLEMENTAL SCHEDULES

(See Independent Auditors' Report)

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Supplemental Schedule of Selected Statutory Financial Data

As of and for the Year Ended December 31, 2025

(Dollars in Thousands)

---

| | |
|:---|:---|
| Investment income earned: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government bonds | $4687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other bonds (unaffiliated) | 604113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common stocks (unaffiliated) | 385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage loans | 130039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash, cash equivalents and short-term investments | 53943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Derivative instruments | 16607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other invested assets | 10979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aggregate write-ins for investment income | 3602 |
| Gross investment income | $824355 |
| Mortgage loans - book value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial mortgages | $3159078 |
| Mortgage loans by standing - book value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Good standing | $2894634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Good standing with restructured terms | 264444 |
| Other long-term assets- statement value | $514496 |
| Bonds and stocks of parents, subsidiaries and affiliates - book value: |  |
| Common stocks | $6113 |
| Bonds and short-term investments by maturity and designation: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bonds by maturity - statement value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Due within one year or less | $3659784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 1 year through 5 years | 13321698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 5 years through 10 years | 2415462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 10 years through 20 years | 634509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over 20 years | 124285 |
| Total by maturity | $20155738 |
| Bonds and short-term investments by NAIC designation - statement value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAIC 1 | $12244892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAIC 2 | 7457412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAIC 3 | 388529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAIC 5 | 64855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAIC 6 | 50 |
| Total by NAIC designation | $20155738 |
| Total publicly traded | $12364666 |
| Total privately placed | $7791072 |

---

------

**EMPOWER ANNUITY INSURANCE COMPANY**

Supplemental Schedule of Selected Statutory Financial Data

As of and for the Year Ended December 31, 2025

(Dollars in Thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Common stocks - market value | $11263 |
| Short-term investments - Book value | $227444 |
| Collar, swap and forward agreements open - statement value | $(41512) |
| Cash on deposit | $106902 |
| Annuities: |  |
| Ordinary |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Immediate - amount of income payable | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred - fully paid account balance | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred - not fully paid account balance | $— |
| Group |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount of income payable | $25601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred - fully paid account balance | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred - not fully paid account balance | $3614730 |
| Deposit-type contracts and dividend accumulations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit-type contracts - account balance | $20815890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend Accumulations - account balance | $— |
|  | (Concluded) |

---

------

![sis.jpg](ck0001378536-20260413_g1.jpg)

------

![1.jpg](ck0001378536-20260413_g2.jpg)

------

![2.jpg](ck0001378536-20260413_g3.jpg)

------

![3.jpg](ck0001378536-20260413_g4.jpg)

------

![4.jpg](ck0001378536-20260413_g5.jpg)

------

![5.jpg](ck0001378536-20260413_g6.jpg)

------

![6.jpg](ck0001378536-20260413_g7.jpg)

------

**EMPOWER ANNUITY INSURANCE COMPANY** 

Supplemental Schedule Regarding Reinsurance Contracts with Risk-Limiting Features

As of and for the Year Ended December 31, 2025

**Reinsurance contracts subject to *Appendix A-791—Life and Health Reinsurance Agreements* of the *NAIC Accounting Practices and Procedures Manual:***

The Company has not entered into, renewed or amended reinsurance contracts on or after January 1, 1996, which include risk-limiting features, as described in *SSAP No. 61R—Life, Deposit-Type and Accident and Health Reinsurance* (SSAP No. 61R). Deposit accounting, as described in SSAP No. 61R was not applied for reinsurance contracts, which include risk-limiting features since the Company does not have applicable contracts.

**Reinsurance contracts NOT subject to *Appendix A-791—Life and Health Reinsurance Agreements* of the *NAIC Accounting Practices and Procedures Manual:***

The Company has not applied reinsurance accounting, as described in in SSAP No. 61R, to reinsurance contracts entered into, renewed or amended on or after January 1, 1996, which include risk-limiting features, as described in SSAP No. 61R since the Company does not have applicable contracts. As such, the reinsurance reserve credit, as described in SSAP No. 61R, was not reduced.

**Payments to reinsurers (excluding reinsurance contracts with a federal or state facility):**

The Company has not entered into, renewed or amended reinsurance contracts on or after January 1, 1996, which contain provisions that allow (1) the reporting of losses or settlements with the reinsurer to occur less frequently than quarterly or (2) payments due from the reinsurer to not be made in cash within ninety days of the settlement date unless there is no activity during the period.

The Company has not entered into, renewed or amended reinsurance contracts on or after January 1, 1996, which contain a payment schedule, accumulating retentions from multiple years or any features inherently designed to delay timing of the reimbursement to the ceding company.

**Reinsurance contracts NOT subject to *Appendix A-791—Life and Health Reinsurance Agreements* of the *NAIC Accounting Practices and Procedures Manual* and NOT yearly-renewable term that meet the risk transfer requirements under SSAP No. 61R*:***

The Company has not reflected reinsurance reserve credit for any reinsurance contracts entered into, renewed or amended on or after January 1, 1996 for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Assumption reinsurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Non-proportional reinsurance that does not result in significant surplus relief

The Company does not prepare financial information under generally accepted accounting principles ("GAAP"). As such, the Company has not ceded any risk during the periods ended December 31, 2025 and 2024 under any reinsurance contracts entered into, renewed or amended on or after January 1, 1996, that applies reinsurance accounting, as described under SSAP No. 61R for statutory accounting principles (SAP) and applies deposit accounting under GAAP.

------

**PART C** 

**OTHER INFORMATION** 

**ITEM 27. EXHIBITS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;(a) | &nbsp;&nbsp;<u>[Resolution of the Board of Directors of Prudential Retirement Insurance and Annuity Company authorizing establishment of the PRIAC Variable Contract Account A. Incorporated by reference to Pre-Effective Amendment No. 2 to Form N-4 Registration Statement No. 333-139334 filed via EDGAR on April 25, 2007 on behalf of the PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312507090364/dex991.htm)</u> |
| &nbsp;&nbsp;&nbsp;(b) | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;(c) | (1) <u>[Distribution Agreement between Prudential Investment Management Services LLC (Underwriter) and Prudential Retirement Insurance and Annuity Company (Depositor). Incorporated by reference to Pre-Effective Amendment No. 2 to Form N-4 Registration Statement No. 333-139334 filed via EDGAR on April 25, 2007 on behalf of the PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312507090364/dex993.htm)</u> |
|  | (2) <u>[Distribution and Underwriting Agreement between Empower Annuity Insurance Company (Insurance Company) and Empower Financial Services, Inc. (EFSI) (Underwriter).](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c2.htm)[I](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c2.htm)[ncorporated by reference to Post-Eff](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c2.htm)[ective Amendment No.](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c2.htm)[31](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c2.htm)[to Form N-4 Re](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c2.htm)[gistration Statement No. 333-](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c2.htm)[139334](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c2.htm)[filed via EDGAR on April](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c2.htm)[24](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c2.htm)[, 2024](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c2.htm)[on behalf of EAIC VA](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c2.htm)[RIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c2.htm)</u> |
|  | (3) <u>[First Amendment to Distribution and Underwriting Agreement between Empower Annuity Insurance Company (Insurance Company) and Empower Financial Services, Inc. (EFSI) (Underwriter).](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c3.htm)[I](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c3.htm)[ncorporated by reference to Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c3.htm)[31](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c3.htm)[to Form N-4 Registration Statement No.](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c3.htm)[333-](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c3.htm)[139334](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c3.htm)[filed via EDGAR on April](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c3.htm)[24](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c3.htm)[, 2024 on behalf of EAIC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110397/d762847dex99c3.htm)</u> |
| &nbsp;&nbsp;&nbsp;(d) | (1) <u>[Group Variable Annuity Contract. Incorporated by reference to Post-Effective Amendment No. 17 to Form N-4 Registration Statement No. 333-139334 filed via EDGAR on August 10, 2021 on behalf of the PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000137853621000072/a2021-exd1groupvariableann.htm)</u> |
|  | (2) <u>[Active Life Certificate. Incorporated by reference to Post-Effective Amendment No. 17 to Form N-4 Registration Statement No. 333-139334 filed via EDGAR on August 10, 2021 on behalf of the PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000137853621000072/a2021-exd2activelifecertif.htm)</u> |
|  | (3) <u>[Active Life Certificate Rider Incorporated by reference to Post-Effective Amendment No. 9 to N-4 Registration Statement No. 333-139334 filed via EDGAR on April 14, 2014 on behalf of the PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312514140568/d671638dex994c.htm)</u> |
| &nbsp;&nbsp;&nbsp;(e) | &nbsp;&nbsp;<u>[Application for Group Variable Annuity Contract. Incorporated by reference to Post-Effective Amendment No. 17 to Form N-4 Registration Statement No. 333-139334 filed via EDGAR on August 10, 2021 on behalf of the PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000137853621000072/a2021-exeapplicationforgro.htm)</u> |
| &nbsp;&nbsp;&nbsp;(f) | (1) <u>[Articles of Incorporation of Prudential Retirement Insurance and Annuity Company, as amended March 31, 2004. Incorporated by reference to Pre-Effective Amendment No. 2 to Form N-4 Registration Statement No. 333-139334 filed via EDGAR on April 25, 2007 on behalf of the PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312507090364/dex996a.htm)</u> |
|  | (2) <u>[By-laws of Prudential Retirement Insurance and Annuity Company, as amended June 2006. Incorporated by reference to Post-Effective Amendment No. 4 to N-4 Registration Statement No. 333-139334 filed via EDGAR on April 27, 2010 on behalf of the PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312507090364/dex996b.htm)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[(3) Articles of Incorporation of Prudential Retirement Insurance and Annuity Company, as amended October 3,](https://www.sec.gov/Archives/edgar/data/1378536/000119312523128190/d435215dex99f3.htm)[2022. Incorporated by reference to Post-Effective Amendment No. 13 to N-4 Registration Statement No. 333-](https://www.sec.gov/Archives/edgar/data/1378536/000119312523128190/d435215dex99f3.htm)[199286 filed via EDGAR on April 28, 2023 on behalf of the PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312523128190/d435215dex99f3.htm)</u> |
| &nbsp;&nbsp;&nbsp;(g) | &nbsp;&nbsp;&nbsp;&nbsp;<u>[(1)](reinsuranceagreement-eaica.htm)[Reinsurance Agreement, dated December 27, 2023, by and between Empower Annuity Insurance Company](reinsuranceagreement-eaica.htm)[and Nationwide Life Insurance Company. Filed herewith.](reinsuranceagreement-eaica.htm)</u> |

---

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[(2)](amendmentno1toreinsurancea.htm)[Amendment No. 1 to Reinsurance Agreement, dated May 16, 2025, by and between Empower Annuity Insurance Company](amendmentno1toreinsurancea.htm)[and Nationwide Life Insurance Company. Filed herewith.](amendmentno1toreinsurancea.htm)</u> |
| &nbsp;&nbsp;&nbsp;(h) | (1) <u>[Fund Participation and Information Sharing Agreement among Prudential Retirement Insurance and Annuity Company, Advanced Series Trust, AST Investment Services, Inc., and Prudential Investments LLC. Incorporated by reference to Pre-Effective Amendment No. 2 to Form N-4 Registration Statement No. 333-139334 filed via EDGAR on April 25, 2007 on behalf of the PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312507090364/dex998a.htm)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(2) <u>[Amendment to Fund Participation and Information Sharing Agreement among Prudential Retirement Insurance and Annuity Company, Advanced Series Trust, AST Investment Services, Inc., and Prudential Investments LLC. Incorporated by reference to Post-Effective Amendment No. 7 to N-4 Registration Statement No. 333-139334 filed via EDGAR on April 15, 2013 on behalf of the PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312513154993/d485655dex998b.htm)</u> |
|  | (3) <u>[Trust Agreement Incorporated by reference to Pre-Effective Amendment No. 2 to Form N-4 Registration Statement No. 333-139334 filed via EDGAR on April 25, 2007 on behalf of the PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312507090364/dex998b.htm)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[(4) Defined Contribution Clearance and Settlement Agreement between The Vanguard Group, Inc. and](https://www.sec.gov/Archives/edgar/data/1378536/000119312511354033/d242040dex998d.htm)[Prudential Retirement Insurance and Annuity Company. Incorporated by reference to Post-Effective Amendment](https://www.sec.gov/Archives/edgar/data/1378536/000119312511354033/d242040dex998d.htm)[No. 3 to Form N-4 Registration Statement No. 333-162553, filed December 28, 2011 on behalf of the PRIAC](https://www.sec.gov/Archives/edgar/data/1378536/000119312511354033/d242040dex998d.htm)[VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312511354033/d242040dex998d.htm)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[(5) Addendum to Defined Contribution Clearance and Settlement Agreement between The Vanguard Group, Inc.](https://www.sec.gov/Archives/edgar/data/1378536/000119312512162618/d328446dex998h.htm)[and Prudential Retirement Insurance and Annuity Company. Incorporated by reference to Post-Effective](https://www.sec.gov/Archives/edgar/data/1378536/000119312512162618/d328446dex998h.htm)[Amendment No. 4 to Form N-4 Registration Statement No. 333-162553, filed April 13, 2012 on behalf of the](https://www.sec.gov/Archives/edgar/data/1378536/000119312512162618/d328446dex998h.htm)[PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312512162618/d328446dex998h.htm)</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;<u>[(6) Amendment to the Defined Contribution Clearance and Settlement Agreement between The Vanguard](https://www.sec.gov/Archives/edgar/data/1378536/000119312523128210/d458095dex99h5.htm)[Group, Inc. and Prudential Retirement Insurance and Annuity Company. Incorporated by reference to Post-](https://www.sec.gov/Archives/edgar/data/1378536/000119312523128210/d458095dex99h5.htm)[Effective Amendment No. 13 to Form N-4 Registration Statement No. 333-199286, filed April 28, 2023 on](https://www.sec.gov/Archives/edgar/data/1378536/000119312523128210/d458095dex99h5.htm)[behalf of the PRIAC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312523128210/d458095dex99h5.htm)</u> |
|  | (7) <u>[Participation Agreement Between Fidelity Distributors Company LLC and Empower Annuity Insurance](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[Company.](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[I](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[ncorporated b](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[y reference to Post-Effective Am](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[endment No.](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[31](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[to form N-4 Registration Statement No. 333-](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[139334](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[, filed](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[via EDGAR](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[on](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[April](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[24](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[, 2023 on behalf of EAIC](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)[VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000119312524110241/d755685dex99h7.htm)</u> |
|  | <u>[(8) Amendment to the Defined Contribution Clearance and Settlement Agreement between The Vanguard Group, Inc. and Empower Annuity Insurance Company.](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[Inc](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[orporated by](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[r](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[eference](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[to P](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[o](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[st-Effective](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[Amendment](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[No.](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[32, filed via E](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[DGAR](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[on](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[April 1](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[4](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)[, 2025, on behalf of EAIC VARIABLE CONTRACT ACCOUNT A.](https://www.sec.gov/Archives/edgar/data/1378536/000137853625000037/exhibit-2024dccsvanguardam.htm)</u> |
| &nbsp;&nbsp;&nbsp;(i) | &nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;(j) | &nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;(k) | &nbsp;&nbsp;<u>[Consent and Opinion of Olga Zhivnitskaya,](a2026-exkxersaiviiilegalop.htm)[Counsel, as to the legality of the securities being registered. Filed herewith.](a2026-exkxersaiviiilegalop.htm)</u> |
| &nbsp;&nbsp;&nbsp;(l) | &nbsp;&nbsp;<u>[Written consent](a2026-333x139334xersaiviii.htm)[s](a2026-333x139334xersaiviii.htm)[of Deloitte & Touche LLP. Filed herewith.](a2026-333x139334xersaiviii.htm)</u> |
| &nbsp;&nbsp;&nbsp;(m) | &nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;(n) | &nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;(o) | &nbsp;&nbsp;&nbsp;N/A |

---

------

(p) <u>[Powers of Attorney for the officers listed in the Signatures section of this registration statement filing. Filed herewith.](exhibitp2026-eaicpoas1.htm)</u>

(q) <u>[Power Corporation of Cana](exhibitqpowercorporationof.htm)[da organizational chart as of December 31, 2025. Filed herewith.](exhibitqpowercorporationof.htm)</u>

**ITEM 28. DIRECTORS AND OFFICERS OF THE DEPOSITOR** 

The directors and major officers of Empower Annuity Insurance Company are listed below:

---

| | |
|:---|:---|
| **Name and Principal Business Address** | **Position and Offices with Depositor** |
| Richard H. Linton, Jr. (2) | Director and Chairman |
| Jonathan Kreider (1) | Director and Executive Vice President |
| Mary Maiers (1) | Director and Vice President |
| Robyn Richards (1) | Head of Corporate Bond Investments |
| Casey Craig (1) | Director |
| Dave Gray (1) | Director |
| Christine Moritz (1) | President & Chief Executive Officer |
| Kara S. Roe (1) | Chief Financial Officer & Controller |
| Ahmed Abdul-Jaleel (1) | Chief Compliance Officer, Registered Separate Accounts |
| Jack E. Brown (1) | Chief Investment Officer |
| KC Waldron (1) | Chief Compliance Officer |
| Stephanie O'Leary (1) | Treasurer |
| Christine Dugan (1) | Chief Actuary |
| Amy Eby (1) | Appointed Actuary |
| Kelly Noble (1) | General Counsel and Chief Legal Officer |
| Zach Meier (1) | Vice President, Risk Management |
| Ryan Logsdon (1) | Vice President, Deputy General Counsel and Corporate Secretary |
| Steven Butzine (1) | AML Officer |
| Douglas Peterson (1) | Chief Information Security Officer |
| Jeffrey Boschen (4) | Senior Vice President |
| Jennifer Nyhouse (1) | Senior Vice President |
| Jonathan Bartholomew (3) | Vice President |
| Andrew Corwin (1) | Vice President |
| Kelly New (1) | Vice President |
| Jacob Cannon (1) | Head of Commercial Mortgage Lending |
| John Clouthier (1) | Vice President & Assistant Treasurer |
| Brockett Hudson (1) | Assistant Secretary |
| Palak Patel (1) | Assistant Secretary |
| David Larsen (1) | Assistant Secretary |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;8515 E. Orchard Road, Greenwood Village, CO 80111

(2)&nbsp;&nbsp;&nbsp;&nbsp;100 Federal Street 18th Floor, Boston, MA 02110

(3)&nbsp;&nbsp;&nbsp;&nbsp;280 Trumbull Street, Hartford, CT 06103

(4)&nbsp;&nbsp;&nbsp;&nbsp;11500 Outlook Street, Overland Park, KS 66211

**ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE DEPOSITOR OR REGISTRANT** 

Empower Annuity Insurance Company ("Empower"), a corporation organized under the laws of Connecticut, is a wholly-owned subsidiary of Empower Annuity Insurance Company of America ("EAICA"), a stock life insurance company organized under the laws of Colorado. EAICA is an indirect subsidiary of Power Corporation of Canada.

Empower may be deemed to control the following separate accounts which are registered as unit investment trusts under the Investment Company Act of 1940: EAIC Variable Contract Account A, CIGNA Variable Annuity Separate Account I.

------

In addition, Empower and the Registrant may be deemed to be under common control with other entities that are direct or indirect subsidiaries of Power Corporation of Canada. An organizational chart for Power Corporation of Canada is filed herewith as Exhibit (q) under Item 27.

**ITEM 30. INDEMNIFICATION** 

The Registrant, in conjunction with certain of its affiliates, maintains insurance on behalf of any person who is or was a trustee, director, officer, employee, or agent of the Registrant, or who is or was serving at the request of the Registrant as a trustee, director, officer, employee or agent of such other affiliated trust or corporation, against any liability asserted against and incurred by him or her arising out of his or her position with such trust or corporation.

Connecticut, being the state of organization of Empower, permits entities organized under its jurisdiction to indemnify directors and officers with certain limitations. The relevant provisions of Connecticut law permitting indemnification can be found in Sections 33-770 to 33-779 of the Connecticut General Statutes Annotated. The text of Empower's By-law, Article IX, which relates to indemnification of officers and directors, is incorporated by reference to Exhibit f(2).

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act"), may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**ITEM 31. PRINCIPAL UNDERWRITERS** 

(a)&nbsp;&nbsp;&nbsp;&nbsp;Empower Financial Services, Inc. ("EFSI")

EFSI is distributor of securities of the Registrant. Including the Registrant, EFSI serves as distributor and principal

underwriter for Empower Funds, Inc., an open-end management investment company, FutureFunds Series Account of Empower Annuity Insurance Company of America (EAICA), Retirement Plan Series Account of EAICA, Variable Annuity-8 Series Account of EAICA and Variable Annuity Series Account of Empower Life & Annuity Insurance Company of New York (ELAINY).

EFSI is also distributor of the following other investment companies: The Prudential Variable Contract Account-2; The Prudential Variable Contract Account-10; The Prudential Variable Contract Account-11; The Prudential Variable Contract Account-24; the Prudential Discovery Premier Group Variable Contract Account; and the Prudential Discovery Select Group Variable Contract Account.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Directors and Officers of EFSI:

---

| | |
|:---|:---|
| **NAME AND PRINCIPAL BUSINESS ADDRESS** | **POSITIONS AND OFFICES WITH UNDERWRITER** |
| Carol E. Waddell (1) | Chairman, President and Chief Executive Officer |
| Richard H. Linton, Jr. (2) | Director and Executive Vice President |
| John Christolini (1) | Chief Compliance Officer |
| David McLeod (1) | Director |
| Hugo Breton (1) | Director |
| Steven Stillman (1) | Director |
| Casey Craig (1) | Senior Vice President |
| Joseph M. Smolen (1) | Senior Vice President |
| Meredith Cordisco (1) | Vice President, Compliance |
| Stephanie Secor (1) | Vice President, Compliance |
| Robert Ettinger (2) | FIN OP Principal, Principal Financial Officer, Principal Operations Officer, Vice President, and Treasurer |
| Adam Kavan (1) | Assistant General Counsel |

---

------

---

| | |
|:---|:---|
| **NAME AND PRINCIPAL BUSINESS ADDRESS** | **POSITIONS AND OFFICES WITH UNDERWRITER** |
| Palak Patel (1) | Secretary |
| Alyssa Melton (1) | Assistant Secretary |
| Shannon Cochran (1) | Compliance Officer |
| Stephanie Barres (1) | Compliance Officer |
| Brockett Hudson (1) | Assistant Secretary |

---

(1) 8515 East Orchard Road, Greenwood Village, CO 80111.

(2) 100 Federal Street 18<sup>th</sup> Floor, Boston, MA 02110.

(c)&nbsp;&nbsp;&nbsp;&nbsp; Commissions received by EFSI during the last fiscal year with respect to the Empower Retirement Security Annuity I or the Empower Retirement Security Annuity VIII issued through the registrant separate account.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Principal Underwriter** | **Net Underwriting <br>Discounts <br>and Commissions** | **Compensation <br>on Redemption** | **Brokerage <br>Commissions** | **Compensation** |
| Empower Financial Services, Inc.  | $-0- | $-0- | $-0- | $-0- |

---

**ITEM 32. LOCATION OF ACCOUNTS AND RECORDS** 

All accounts, books and documents required to be maintained by Section 31 (a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained by the Registrant through Empower at the following addresses:

Empower

8515 E. Orchard Rd. 4T2

Greenwood Village, CO. 80111

Empower Annuity Insurance Company

280 Trumbull Street

Hartford, CT 06103

The Prudential Insurance Company of America and PGIM, Inc.,

655 Broad Street

Newark, NJ 07102

The Prudential Insurance Company of America and PGIM, Inc.

751 Broad Street

Newark, NJ 07102

The Prudential Insurance Company of America

213 Washington Street

Newark, NJ 07102

Empower

30 Ed Preate Drive

Suite 100

Moosic, PA 18507

State Street Bank and Trust Company

2323 Grand Blvd. 5th Floor

Kansas City, MO 64108

**ITEM 33. MANAGEMENT SERVICES** 

Summary of the substantive provisions of any management-related services contract not discussed in Part A or Part B of the Registration Statement—Not Applicable.

**ITEM 34. FEE REPRESENTATION** 

------

Empower Annuity Insurance Company hereby represents that the fees and charges deducted under the Contracts described in this Registration Statement are in the aggregate reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by Empower Annuity Insurance Company.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Hartford, and State of Connecticut, on this 13th day of April, 2026.

---

| | |
|:---|:---|
| EAIC VARIABLE CONTRACT ACCOUNT A<br>(Registrant) | EAIC VARIABLE CONTRACT ACCOUNT A<br>(Registrant) |
| EAIC VARIABLE CONTRACT ACCOUNT A<br>(Registrant) | EAIC VARIABLE CONTRACT ACCOUNT A<br>(Registrant) |
| By: | /s/ Andrew Corwin |
|  | Andrew Corwin<br>Vice President<br>Empower Annuity Insurance Company  |
| EMPOWER ANNUITY INSURANCE COMPANY | EMPOWER ANNUITY INSURANCE COMPANY |
| (Depositor) | (Depositor) |
| By: | /s/ Andrew Corwin |
|  | Andrew Corwin<br>Vice President<br>Empower Annuity Insurance Company |

---

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the date indicated.

---

| |
|:---|
| **<u>Signature and Title</u>**  |
| \* |
| Jonathan Kreider |
| Director |
| <br>\* |
| Mary Maiers |
| Director |
| <br>\* |
| Casey Craig |
| Director |
| <br>\* |
| Dave Gray |
| Director |
| <br>\* |
| Kara Roe |
| Chief Financial Officer and Controller |
| <br>\* |
| Christine Moritz |
| President and Chief Executive Officer |
| \* |
| Richard H. Linton, Jr. |
| Director |

---

------

---

| | |
|:---|:---|
| **<u>Signature and Title</u>** | **<u>Signature and Title</u>** |
| \*By: | /s/ Olga Zhivnitskaya |
|  | Olga Zhivnitskaya |
|  | (Attorney-In-Fact) |

---

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| (g)(1) | Reinsurance Agreement, dated December 27, 2023, by and between Empower Annuity Insurance Company and Nationwide Life Insurance Company. |
| (g)(2) | Amendment No. 1 to Reinsurance Agreement, dated May 16, 2025, by and between Empower Annuity Insurance Company and Nationwide Life Insurance Company. |
| (k) | Consent and Opinion of Olga Zhivnitskaya, Counsel, as to the legality of the securities being registered. |
| (l) | Written consents of Deloitte & Touche LLP.  |
| (p) | Powers of Attorney for the officers listed in the Signatures section of this registration statement filing. |
| (q) | Power Corporation of Canada organizational chart as of December 31, 2025. |

---

## Ex-99.G1

**HIGHLY CONFIDENTIAL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;EXECUTION VERSION** 

**REINSURANCE AGREEMENT**

**between**

**EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA**

**EMPOWER ANNUITY INSURANCE COMPANY**

**(each separately, and collectively, as the context requires, the "Company")**

**and**

**NATIONWIDE LIFE INSURANCE COMPANY**

**(the "Reinsurer")**

**Dated as of December 27, 2023**

758006789

------

**TABLE OF CONTENTS**

**Page**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[1.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Definitions](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[1](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[1.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Other Definitional Provisions.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[11](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE II COVERAGE](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[12](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Coverage.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[12](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Non-Guaranteed Elements.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[12](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.3](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Conditions](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[13](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.4](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Investment Option Changes](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[13](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE III ADMINISTRATION; GENERAL PROVISIONS](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[15](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Contract Administration](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[15](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Sub-Contracting](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[15](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3.3](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Policy Exchanges](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[16](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3.4](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Claims Settlements.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[16](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3.5](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Inspection](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[17](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3.6](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Errors and Omissions](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[17](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3.7](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Follow the Fortunes](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[18](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3.8](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Age and Sex Adjustments](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[18](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3.9](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Setoff and Recoupment](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[18](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3.10](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Notice of Material Adverse Changes.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[19](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[3.11](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Duty of Cooperation](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[19](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE IV REINSURANCE CONSIDERATION; INITIAL DEPOSIT; EXPENSE ALLOWANCES](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[19](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Reinsurance Consideration.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[19](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Reinsurance Fees.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[20](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.3](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Expense Allowances.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[22](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.4](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Benefit Payments.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[22](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE V ACCOUNTING AND SETTLEMENT](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[23](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Company Reports](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[23](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Reinsurer Reports](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[23](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.3](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Amounts Due the Parties](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[23](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.4](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Additional Reports.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[24](#i4b3f24e4f529471ca86184b18d8ead39_10)

-i-

758006789

------

**TABLE OF CONTENTS**

(continued)

**Page**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.5](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Seriatim Data Requirements](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[25](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE VI NEW BUSINESS](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[25](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[New Plans](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[25](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[New Covered Lives](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[25](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.3](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Termination for New Business](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[26](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE VII TERMINATION FOR NON-PAYMENT](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[26](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Notice of Termination for Non-Payment](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[26](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE VIII RECAPTURE](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[27](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Right of Recapture](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[27](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Recapture Accounting and Settlement.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[29](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE IX CREDIT FOR REINSURANCE; COLLATERAL](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[30](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Credit for Reinsurance.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[30](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Collateral Account.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[32](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE X DURATION AND TERMINATION](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[35](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[10.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Duration](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[35](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[10.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Termination](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[35](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE XI INSOLVENCY](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[36](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[11.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Insolvency of the Company](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[36](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE XII DISPUTE RESOLUTION](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[36](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Resolution of Disputes](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[36](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Arbitration.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[37](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12.3](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Expert Dispute Resolution Process.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[38](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE XIII CONFIDENTIALITY](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[39](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[13.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Confidentiality.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[39](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[13.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Disclosure](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[40](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[13.3](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Personal Information.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[41](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[13.4](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Survival](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[41](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE XIV REPRESENTATIONS AND WARRANTIES](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[42](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[14.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Representations and Warranties of the Company](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[42](#i4b3f24e4f529471ca86184b18d8ead39_10)

-ii-

758006789

------

**TABLE OF CONTENTS**

(continued)

**Page**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[14.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Representations and Warranties of the Reinsurer](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[45](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[14.3](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Survival](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[47](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE XV INDEMNIFICATION](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[47](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[15.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Indemnification.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[47](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[15.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Claims Notice.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[49](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[15.3](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Indemnification Payments](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[51](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[ARTICLE XVI MISCELLANEOUS PROVISIONS](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[51](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16.1](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Headings and Schedules](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[51](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16.2](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Notices](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[51](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16.3](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Successor and Assigns](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[53](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16.4](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Execution in Counterparts](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[53](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16.5](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Currency](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[53](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16.6](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Transaction Costs](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[53](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16.7](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Amendments](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[53](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16.8](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[53](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16.9](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Entire Agreement; Severability.](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[54](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16.10](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[No Waiver; Preservation of Remedies](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[54](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16.11](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[No Third Party Beneficiary](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[54](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16.12](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Survival](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[54](#i4b3f24e4f529471ca86184b18d8ead39_10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[16.13](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Certain Limitations](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[55](#i4b3f24e4f529471ca86184b18d8ead39_10)

<u>[16.14](#i4b3f24e4f529471ca86184b18d8ead39_10)[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[Disclaimer](#i4b3f24e4f529471ca86184b18d8ead39_10)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i4b3f24e4f529471ca86184b18d8ead39_10)[55](#i4b3f24e4f529471ca86184b18d8ead39_10)

-iii-

758006789

------

**<u>Schedules and Exhibits</u>**

SCHEDULE A-1&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

SCHEDULE A-2&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

SCHEDULE A-3&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

SCHEDULE A-4&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

SCHEDULE B&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

SCHEDULE C&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

SCHEDULE D&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

SCHEDULE E&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

SCHEDULE F&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

SCHEDULE G&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

SCHEDULE H&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

SCHEDULE I&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

SCHEDULE J&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

SCHEDULE K&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

EXHIBIT A&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

EXHIBIT B&nbsp;&nbsp;&nbsp;&nbsp;–&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

-iv-

758006789

------

**REINSURANCE AGREEMENT**

This Reinsurance Agreement (this "<u>Agreement</u>"), dated as of December 27, 2023 ("<u>Execution Date</u>") is made and entered into by and between Empower Annuity Insurance Company of America, a Colorado-domiciled life insurer, and Empower Annuity Insurance Company, a Connecticut-domiciled life insurer (each separately, and collectively, as the context requires, the "<u>Company</u>"), and Nationwide Life Insurance Company, a reinsurance company organized under the laws of Ohio (the "<u>Reinsurer</u>").

Article I<br>DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1<u>Definitions</u>. As used in this Agreement, the following terms shall have the following meanings (definitions are applicable to both the singular and the plural forms of each term defined in this Article):

"<u>Accounting Period</u>" means each calendar quarter, provided that the initial Accounting Period shall commence on the Effective Date and end on the last day of the first calendar quarter in 2024, and the final Accounting Period shall commence on the first day of the calendar quarter in which the Termination Date falls and end on the Termination Date.

"<u>Action</u>" means (a) any civil, criminal or administrative action, suit, claim, litigation, arbitration or similar proceeding, in each case, before a Governmental Authority or arbitrator or arbitration panel or similar Person or body, or (b) any investigation or written inquiry by a Governmental Authority other than any examination by a taxing authority, including a tax audit.

"<u>Actuarial Reports</u>" shall have the meaning set forth in <u>Section 14.1(k)</u>.

"<u>Affiliate</u>" means, with respect to any Person, any other Person that directly or indirectly Controls, is controlled by, or is under common Control with, such Person.

"<u>Agreed Resolution</u>" shall have the meaning set forth in <u>Section 12.1(b)</u>.

"<u>Agreement</u>" shall have the meaning set forth in the first paragraph of this Agreement.

"<u>Applicable Law</u>" means any federal, state, or local law (including common law), statute, ordinance, rule, regulation, order, writ, injunction, judgment, permit, governmental agreement or decree issued by any Governmental Authority applicable to a Person or any of such Person's subsidiaries, properties, assets, to such Person's officers, directors, managing directors, employees or agents in their capacity as such, or to Personal Information.

"<u>ARIAS-US</u>" shall have the meaning set forth in <u>Section 12.2(a)</u>.

758006789

------

"<u>Book Value</u>" means, as of any date of determination, the carrying value of the subject asset on the books of the Reinsurer for statutory statement purposes, determined in accordance with SAP applicable to the Reinsurer.

"<u>Breach of Representation</u>" shall have the meaning set forth in <u>Section 15.1(c)</u>.

"<u>Breach of Security</u>" shall have the meaning set forth in <u>Section 13.3(b)</u>.

"<u>Business Day</u>" means any day other than a Saturday, Sunday or other day on which banks in Ohio, Colorado, Connecticut or New York are permitted or required to be closed.

"<u>Claims Notice</u>" shall have the meaning set forth in <u>Section 15.2(a)</u>.

"<u>Collateral</u>" shall have the meaning set forth in <u>Section 9.2(b)</u>.

"<u>Collateral Account</u>" shall have the meaning set forth in <u>Section 9.2(a)</u>.

"<u>Collateral Account Balance</u>" means, as of any date of determination, (a)(i) in the absence of any continuing Recapture Event, the Book Value of, or (ii) following the occurrence and during the continuance of any Recapture Event, the Fair Market Value of, the Eligible Assets held in the Collateral Account, including Investment Income received, *plus* (b) the amount of any Excess Withdrawal Amount outstanding as of such date.

"<u>Company</u>" shall have the meaning set forth in the first paragraph of this Agreement.

"<u>Company Action Level RBC</u>" means, at any date of determination, two hundred percent (200%) of the authorized control level risk based capital of the Reinsurer determined in accordance with the Applicable Laws of the state of domicile of the Reinsurer.

"<u>Company Contest Notice</u>" shall have the meaning set forth in <u>Section 3.4(a)</u>.

"<u>Company Domiciliary State</u>" means [Redacted].

"<u>Company Fundamental Representations</u>" means the representations and warranties set forth in <u>Sections 14.1(a)</u> (Organization), <u>14.1(b)</u> (Authorization), <u>14.1(g)</u> (Brokers), and <u>14.1(j)</u> (Policy Forms).

"<u>Company Indemnified Parties</u>" shall have the meaning set forth in <u>Section 15.1(c)</u>.

"<u>Company Report</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Confidential Information</u>" means with respect to any party, any information provided by, made available by or obtained on behalf of such party, its Affiliates,

758006789

------

members, licensors, consultants, service providers, advisors or agents that is not generally available to the public. Confidential Information includes (a) with respect to the Company, any information with respect to the Company or its Affiliates or the IPG Policies that is not generally available to the public, and includes policyholder lists, any medical, financial and other Personal Information about proposed, current, and former plan participants, contractholders, insureds, applicants, and beneficiaries of the Company and information or knowledge about the Company's and its Affiliates' processes, services, finances and reserving methodology and (b) with respect to the Reinsurer, any information with respect to the Reinsurer or its Affiliates that is not generally available to the public and information or knowledge about the Reinsurer's and its Affiliates' processes, services, finances and reserving methodology. Confidential Information does not include information that (x) is generally available to the public other than as a result of a disclosure by the receiving party in violation of its confidentiality obligation, (y) is independently developed by the receiving party, its Affiliates or any of its Representatives without use or access to the disclosing party's Confidential Information or (z) is rightfully obtained by the receiving party from a third party without breach by such third party of a duty of confidentiality of any nature to the disclosing party.

"<u>Contest</u>" shall have the meaning set forth in <u>Section 3.4(a)</u>.

"<u>Control</u>" (including the terms, "<u>controlled by</u>" and "<u>under common control with</u>") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or credit arrangement, as trustee or executor, or otherwise.

"<u>Covered Life (Lives)</u>" means (a) a plan participant with respect to group annuity products; and (b) a contractholder with respect to individual annuity products, in each case with respect to the IPG Policies as the context requires. A "Covered Life" shall also include beneficiaries with respect to the IPG Policies where such group or individual annuity product makes a joint benefit option available and such benefit is elected by a plan participant or contractholder, as applicable. For the avoidance of doubt, a "Covered Life" shall only include those plan participants or contractholders with respect to the IPG Policies prior to their date of death as reflected in the Death Master File from the Social Security Administration or such other reasonable data source.

"<u>Covered Plan</u>" means a plan through which participants in such plan can obtain an IPG Policy or coverage thereunder.

"<u>Custodian</u>" means The Bank of New York Mellon.

"<u>Custody Agreement</u>" shall have the meaning set forth in <u>Section 9.2(a)</u>.

"<u>Data</u>" shall have the meaning set forth in <u>Section 14.1(h)</u>.

"<u>Effective Date</u>" means December 31, 2023.

758006789

------

"<u>Effective Time</u>" means 11:59:59 p.m. Eastern Standard Time on the Effective Date.

"<u>Eligible Assets</u>" means cash and investment assets of the type permitted under Applicable Law of the Reinsurer's state of domicile for such investments to qualify as admitted assets for a life insurance company domiciled in such jurisdiction; provided, that such investment assets (a) are issued by an institution that is not the Reinsurer, the Company or an Affiliate of either party, (b) are freely negotiable without the consent or signature from the Reinsurer or any other Person and (c) satisfy the requirements specified on <u>Schedule B</u>.

"<u>Error</u>" shall have the meaning set forth in <u>Section 3.6</u>.

"<u>Estimated Initial Deposit</u>" shall have the meaning set forth in <u>Section 4.1(b)</u>.

"<u>Excess Withdrawal Amount</u>" shall have the meaning set forth in <u>Section 9.2(f).</u>

"<u>Excess Withdrawals</u>" shall have the meaning set forth in <u>Section 9.2(f)</u>.

"<u>Excluded Liabilities</u>" means (i) all benefits and other obligations under the terms of the IPG Benefits to the extent paid or accrued by the Company prior to the Effective Time or attributable to periods prior to the Effective Time (whether known or unknown as of the Effective Time); (ii) all *ex-gratia* payments (being any payment for which there is no legal obligation on the part of the Company under the terms and conditions of an IPG Benefit or which is made solely to maintain the good will of a beneficiary, plan participant or contractholder); (iii) all Extra Contractual Liabilities; and (iv) all payout annuity purchases issued by the Company in conjunction with any of the IPG Policies.

"<u>Excluded Losses</u>" shall have the meaning set forth in <u>Section 15.1(c)</u>.

"<u>Execution Date</u>" shall have the meaning set forth in the first paragraph of this Agreement.

"<u>Expense Allowance</u>" shall have the meaning set forth in <u>Section 4.3(a)</u>.

"<u>Extra Contractual Liabilities</u>" means all liabilities for any fines, penalties, settlements, taxes, fees, costs or expenses or any compensatory, punitive, exemplary, special, treble, bad faith, tort or other form of extra-contractual damages, or portion thereof, relating to, but not arising under the express terms and conditions of, or in excess of the applicable payment provisions or coverage limits of, the IPG Policies, whether to plan participants, beneficiaries, contractholders, insureds, producers, agents, brokers, distributors, Governmental Authorities or any other Person, which arise from any act, error or omission committed by or on behalf of the Company, whether or not intentional, negligent, in bad faith or otherwise, including any act, error or omission of such Person, relating to (i) the design, form, marketing, sale, underwriting, production, issuance, cancellation or administration of the IPG Policies, (ii) the investigation, defense, trial,

758006789

------

settlement or handling of claims, benefits or payments in respect of any IPG Policies, (iii) the failure to pay, the delay in payment or errors in calculating or administering the payment of benefits, claims or any other amounts due or alleged to be due under or in connection with any IPG Policies, (iv) the failure of any of the IPG Policies to qualify for the tax treatment that was purported to apply in written materials provided by the Company or any Representative thereof at the time of issuance or subsequent modification, (v) the failure of any of the IPG Policies to comply with Applicable Law, or (vi) payments made in connection with the IPG Policies after a Covered Life's date of death as reflected in the Death Master File from the Social Security Administration and such other reasonable data source.

"<u>Fair Market Value</u>" means, as of any date of determination, (a) as to cash, the dollar amount of it and (b) as to an asset other than cash, the fair market value of an asset determined in accordance with the methodologies, procedure and policies set forth on <u>Schedule K</u>.

"<u>GLWB Charges</u>" mean the applicable product revenue from the IPG Policies that consists of the "Guarantee Benefit Fee" for SecureFoundation product, the "Guarantee Fee" for IncomeFlex Select and IncomeFlex Target products and [Redacted] (as such terms are defined in the applicable IPG Policies), but excluding any recordkeeping fees, mutual fund revenue, or other revenue associated with the Investment Options such as portfolio fees under the IPG Policies.

"<u>Governmental Authority</u>" means any foreign or national government, any state or other political subdivision thereof or any self-regulatory authority, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

"<u>IncomeFlex Select</u>" means the annuity contracts issued by Empower Annuity Insurance Company prior to the date hereof as listed on <u>Schedule A-1</u> and any annuity contracts issued by Empower Annuity Insurance Company on or after the date hereof on the contract forms listed on <u>Schedule A-1</u>, including all supplements, endorsements, riders and cover notes thereto, all amendments and extensions thereof and all ancillary agreements entered into in connection therewith.

"<u>IncomeFlex Target</u>" means the annuity contracts issued by Empower Annuity Insurance Company prior to the date hereof as listed on <u>Schedule A-2</u> and any annuity contracts issued by Empower Annuity Insurance Company on or after the date hereof on the contract forms listed on <u>Schedule A-2</u>, including all supplements, endorsements, riders and cover notes thereto, all amendments and extensions thereof and all ancillary agreements entered into in connection therewith.

"<u>Indemnified Losses</u>" shall have the meaning set forth in <u>Section 15.1(c)</u>.

"<u>Indemnified Party</u>" shall have the meaning set forth in <u>Section 15.2(a)</u>.

758006789

------

"<u>Indemnifying Party</u>" shall have the meaning set forth in <u>Section 15.2(a)</u>.

"<u>Initial Product Revenue</u>" shall have the meaning set forth in <u>Section 4.2(b)</u>.

"<u>Insolvent</u>" means, as to the Reinsurer, when the Reinsurer: (i) has been adjudicated insolvent as determined by a court of competent jurisdiction, (ii) an insolvency proceeding has been commenced by the Reinsurer, or against the Reinsurer by a Governmental Authority having jurisdiction over the Reinsurer which has not been dismissed within [Redacted] days thereafter, (iii) applies for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator or statutory successor of its properties or assets, which appointment continues undischarged or unstayed for a period of [Redacted] days, or (iv) makes a general assignment for the benefit of creditors. "<u>Insolvency</u>" shall have a correlative meaning in this Agreement.

"<u>Interest Rate</u>" means, for any period, an interest rate per annum equal to, for each day during such period, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the Federal Reserve Bank of New York.

"<u>Investment Company Act</u>" shall have the meaning set forth in <u>Section 14.1(p)</u>.

"<u>Investment Income</u>" means, with respect to any Accounting Period, the net investment income or loss associated with the Eligible Assets held in the Collateral Account, as calculated by the Reinsurer.

"<u>Investment Manager</u>" means the Reinsurer or any investment advisor designated by it in accordance with <u>Section 9.2(c)</u>.

"<u>Investment Options</u>" shall have the meaning set forth in <u>Section 2.4</u>.

"<u>IPG Benefits</u>" means the guaranteed lifetime withdrawal benefits under the IPG Policies.

"<u>IPG Policies</u>" means the annuity contracts issued by the Company, but only to the extent the same provide guaranteed lifetime withdrawal benefits, and which consist of the SecureFoundation product, the IncomeFlex Select product, IncomeFlex Target product and [Redacted], including rollovers from the group product to an individual product, as applicable, but excluding [Redacted].

[Redacted]

"<u>Losses</u>" means any and all damages, losses, liabilities, commitments, obligations, awards, penalties, costs or expenses; <u>provided</u>, <u>however</u>, that Losses hereunder shall not include punitive, exemplary, indirect, special, consequential damages, lost profits or diminution in value.

"<u>Maximum Permitted Charges</u>" shall have the meaning set forth in <u>Section 4.2(c)</u>.

758006789

------

"<u>Non-Guaranteed Elements</u>" shall have the meaning set forth in <u>Section 2.2(a)</u>.

"<u>Non-Remaining Company</u>" shall have the meaning set forth in <u>Section 8.1</u>.

"<u>One-Time Reinsurance Premium</u>" shall mean an amount equal to [Redacted].

"<u>One-Time Reinsurance Premium Adjustment Amount</u>" means [Redacted].

"<u>Overdue Rate</u>" means the Interest Rate plus [Redacted].

"<u>Partial Termination</u>" shall have the meaning set forth in <u>Section 8.1</u>.

"<u>Partial Termination Amount</u>" shall mean, as of the Recapture Effective Time, an amount equal to [Redacted].

"<u>Permits</u>" means any licenses, certificates of authority or other similar certificates, registrations, memberships, franchises, permits, orders, approvals, consents or other similar authorizations or qualifications issued to a Person by a Governmental Authority.

"<u>Person</u>" means any natural person, firm, limited liability company, general partnership, limited partnership, joint venture, association, corporation, trust, Governmental Authority or other entity.

"<u>Personal Information</u>" means any of the following categories of information, in any format whether written, electronic, or otherwise, respecting proposed, current and former applicants, plan participants, contractholders, insureds, claimants and beneficiaries of the IPG Policies: (a) any "nonpublic personal information" as such term is defined under the Title V of the U.S. Gramm-Leach-Bliley Act, 15 U.S.C. § 6801 et seq., and the rules and regulations issued thereunder, (b) any other personal information that is subject to Applicable Law related to data security and privacy, such as name, signature, address, social security number, telephone number or other unique identifier, or (c) information that can be used to authenticate an individual (including passwords or PINs, biometric data, unique identification numbers, answer to security questions, or other personal identifiers).

"<u>Policy Exchange</u>" shall have the meaning set forth in <u>Section 3.3</u>.

"<u>Producer</u>" means any agent, broker, producer, Representative, third party administrator, general agent, sub-agent, underwriter, managing general underwriter, intermediary and other Persons who market, produce, underwrite, manage and/or service insurance products and services.

"<u>Qualified Life (Lives)</u>" shall have the meaning set forth in <u>Section 4.4(b)</u>.

"<u>Quota Share</u>" means [Redacted].

[Redacted]

758006789

------

"<u>RBC Ratio</u>" means the percentage equal to (i) the quotient of the Total Adjusted Capital of the Reinsurer divided by the Company Action Level RBC, multiplied by (ii) 100; <u>provided</u>, that in the event there is a material change in the factors and formulae prescribed by the insurance regulatory authority in the Reinsurer's state of domicile with respect to the components of and methodologies contained in such calculation, the parties shall work in good faith to amend this Agreement to incorporate an alternate calculation that is reasonably equivalent to the components of and methodologies contained in the calculation of the Reinsurer's RBC Ratio in effect as of the date hereof within [Redacted] calendar days after the implementation of such change, and if the parties cannot agree on any such alternative, the Reinsurer shall continue to calculate its RBC Ratio as if such material change had not occurred.

"<u>RBC Ratio Certification</u>" shall have the meaning set forth in <u>Section 5.4(e)</u>.

"<u>Recapture Effective Time</u>" shall have the meaning set forth in <u>Section 8.1</u>.

"<u>Recapture Event</u>" shall have the meaning set forth in <u>Section 8.1</u>.

"<u>Recapture Payment</u>" shall have the meaning set forth in <u>Section 8.2(b)</u>.

"<u>Registered Separate Account</u>" shall have the meaning set forth in <u>Section 14.1(p)</u>.

"<u>Reinsurance Fees</u>" mean the reinsurance fees payable to the Reinsurer pursuant to <u>Section 4.2</u>.

"<u>Reinsured Benefit Statement</u>" shall have the meaning set forth in <u>Section 5.1</u>.

"<u>Reinsured Liabilities</u>" means the benefits and other obligations due and payable under the express terms and conditions of the IPG Benefits for Qualified Lives as further described in <u>Section 4.4</u>, but excluding all Excluded Liabilities.

"<u>Reinsurer</u>" shall have the meaning set forth in the first paragraph of this Agreement.

"<u>Reinsurer Asset Report</u>" shall have the meaning set forth in <u>Section 5.2</u>.

"<u>Reinsurer Fundamental Representations</u>" means the representations and warranties set forth in <u>Sections 14.2(a)</u> (Organization), <u>14.2(b)</u> (Authorization) and <u>14.2(e)</u> (Brokers).

"<u>Reinsurer Indemnified Parties</u>" shall have the meaning set forth in <u>Section 15.1(c)</u>.

"<u>Reinsurer Reports</u>" shall have the meaning set forth in <u>Section 5.2</u>.

"<u>Remaining Company</u>" shall have the meaning set forth in <u>Section 8.1</u>.

758006789

------

"<u>Report Controversy</u>" shall have the meaning set forth in <u>Section 12.1(b)</u>.

"<u>Representatives</u>" means with respect to any Person, such Person's directors, officers, managers, employees, agents, representatives, insurance providers, and advisors.

"<u>Required Collateral Amount</u>" means [Redacted].

"<u>Required Collateral Amount Statement</u>" shall have the meaning set forth in <u>Section 5.2</u>.

"<u>Reserve Credit</u>" means full statutory financial statement credit in the Company Domiciliary State for the reinsurance ceded to the Reinsurer under this Agreement in the statutory financial statements required to be filed by the Company.

"<u>Reserve Credit Event</u>" means the existence of circumstances that would result, or have resulted, in the failure of the Company to receive Reserve Credit for any reason.

"<u>SAP</u>" means, with respect to any insurance company as of any date, the statutory accounting principles and practices prescribed or permitted by the Governmental Authority responsible for the regulation of life insurance companies in, with respect to the Company, the Company Domiciliary State, and with respect to the Reinsurer, the Reinsurer's jurisdiction of domicile, as of such date, consistently applied throughout the periods involved.

"<u>SAP Statements</u>" shall have the meaning set forth in <u>Section 14.1(i)</u>.

"<u>SecureFoundation</u>" means the Empower SecureFoundation<sup>®</sup> and Empower SecureFoundation<sup>®</sup> II annuity contracts issued by Empower Annuity Insurance Company of America prior to the date hereof as listed on <u>Schedule A-4</u> and any annuity contracts issued by Empower Annuity Insurance Company of America on or after the date hereof on the contract forms listed on <u>Schedule A-4</u>, including all supplements, endorsements, riders and cover notes thereto, all amendments and extensions thereof and all ancillary agreements entered into in connection therewith.

"<u>Settlement</u>" shall have the meaning set forth in <u>Section 5.3(a)</u>.

"<u>Settlement Date</u>" shall have the meaning set forth in <u>Section 5.3(a)</u>.

"<u>Smart Future</u>" means all insurance contracts, which were last registered as File Number 333-217292 under the Securities Act of 1933, sold under the Smart Future marketing name.

"<u>Statutory Reserves</u>" means, as of any date of determination, the statutory reserves calculated by the Reinsurer, on a standalone basis, with respect to the IPG Benefits (excluding the Expense Allowance to the extent related to such IPG Benefits as of such date), as determined in accordance with VM-21 (excluding the standard projection) and SAP applicable to the Reinsurer. In no event shall "Statutory Reserves"

758006789

------

include (a) any additional actuarial reserves (as used in connection with SAP applicable to the Reinsurer), established by the Reinsurer as a result of its annual cash flow testing, (b) any interest maintenance reserves, (c) any asset valuation reserves or (d) any other reserve not directly attributable to specific IPG Benefits.

"<u>Terminal Accounting Report</u>" shall have the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Termination Date</u>" shall have the meaning set forth in <u>Section 10.2</u>.

"<u>Third Party Claim</u>" shall have the meaning set forth in <u>Section 15.2(a)</u>.

"<u>Third Party Expert</u>" shall have the meaning set forth in <u>Section 12.3(b)</u>.

"<u>Total Adjusted Capital</u>" means, as of any date of determination, total adjusted capital as calculated in accordance with the Applicable Laws of the state of domicile of the Reinsurer.

"<u>UCC</u>" means the Uniform Commercial Code as in effect from time to time in the State of New York.

"<u>VM-21</u>" means the "Requirements for Principle-Based Reserves for Variable Annuities" (VM-21) of the Valuation Manual promulgated by the National Association of Insurance Commissioners and as adopted by the Reinsurer's state of domicile (or any successor rule).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2<u>Other Definitional Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For purposes of this Agreement, the words "hereof," "herein," "hereby" and other words of similar import refer to this Agreement as a whole, including all Schedules and Exhibits to this Agreement, unless otherwise indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Whenever the singular is used herein, the same shall include the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Wherever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Whenever used in this Agreement, the masculine gender shall include the feminine and neutral genders and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Schedules and Exhibits hereto are hereby incorporated by reference into the body of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)All references herein to Articles, Sections, Subsections, Paragraphs, Schedules, and Exhibits shall be deemed references to Articles and Sections and Subsections and Paragraphs of, and Schedules and Exhibits to, this Agreement unless the context shall otherwise require.

758006789

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)All terms defined in this Agreement shall have the defined meaning when used in any Schedule or Exhibit, certificate, report or other documents attached hereto or made or delivered pursuant hereto unless otherwise defined therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Unless otherwise stated, references to any statute, listing rule, rule, standard, regulation or other law are to such statute, listing rule, rule, standard, regulation or other law as amended, modified, supplemented or replaced from time to time, and include a reference to the corresponding rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Unless otherwise stated, references to any section of any statute, listing rule, rule, standard, regulation or other law include any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)References to any contract (including this Agreement) or organizational document are to the contract or organizational document as amended, modified, supplemented or replaced from time to time, unless otherwise stated.

Article II<br><u>COVERAGE</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>Coverage</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the terms and conditions of this Agreement, from and after the Effective Time, the Company hereby cedes to the Reinsurer, and the Reinsurer hereby accepts and agrees to indemnify the Company for, the Quota Share of the Reinsured Liabilities incurred by the Company at or after the Effective Time. The Reinsurer shall have no liability whatsoever for Excluded Liabilities. The reinsurance effected under this Agreement shall be maintained in force, without reduction, unless such reinsurance is reduced, recaptured or terminated as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The reinsurance under this Agreement shall be on a coinsurance basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Non-Guaranteed Elements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company will retain the ultimate authority and be responsible for establishing any premiums, fees and other charges, and benefits under the IPG Policies that affect the contract value and that may be changed unilaterally by the Company under the terms thereof ("<u>Non-Guaranteed Elements</u>"). If the Company wishes to change any Non-Guaranteed Elements in respect of any IPG Policies (including IPG Policies of new participants within existing plans), then the Company shall promptly notify the Reinsurer in writing of such proposed changes. The Reinsurer shall review any such proposed changes and promptly notify the Company of the Reinsurer's decision to either accept or reject such proposed changes and increase the Reinsurance Fees to accommodate the proposed change, if applicable; <u>provided</u>, that the Reinsurer shall be deemed to have accepted such proposed changes if the Reinsurer has not so notified the Company within [Redacted] days of its receipt of the Company's notice of proposed changes. If the Reinsurer accepts or is deemed to have accepted such proposed changes, or such changes are required by Applicable Law (as may be finally determined under <u>Article XII)</u>, then this Agreement shall be administered in accordance with the terms of such proposed changes. If the parties disagree that a change to Non-Guaranteed Elements is required due to Applicable Law, then such dispute shall be resolved pursuant to <u>Article XII</u>. If the Reinsurer rejects such proposed changes to Non-Guaranteed Elements (other than changes required by Applicable Law that were resolved in favor of the Company under <u>Article XII</u>) and the

758006789

------

Company nevertheless implements such changes, the Company shall indemnify the Reinsurer for all Losses incurred by the Reinsurer as a result of such change in the Non-Guaranteed Elements implemented by the Company to the extent such Losses exceed the maximum Reinsurance Fees permitted hereunder with respect to the affected IPG Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Other than as provided in <u>Section 2.2(a)</u>, this <u>Section 2.2</u> shall not apply to changes to Reinsurance Fees, which are addressed in <u>Section 4.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>Conditions</u>. Except with respect to Non-Guaranteed Elements, which are addressed in <u>Section 2.2</u>, the Company shall not change the terms or conditions of any IPG Policy unless such change (i) is initiated by the contractholder and is expressly permitted under the terms of the IPG Policy, (ii) is required by Applicable Law or the terms of the IPG Policy (provided that, if the parties disagree that such a change is required, then such dispute shall be resolved pursuant to <u>Article XII</u>), or (iii) is consented to in writing by the Reinsurer (which consent shall not be unreasonably withheld, conditioned or delayed). If the terms or conditions of an IPG Policy are changed in the circumstances permitted by clause (i), (ii), or (iii) above, the Reinsurer will share in the change proportionately based on the Quota Share to the extent such change is applicable to the IPG Benefits and the Company and the Reinsurer will make all appropriate adjustments to amounts due each other under this Agreement. Reductions and terminations of coverage and benefits under the IPG Policies will reduce or terminate the Reinsurer's liability under the Agreement in a corresponding amount as of the same date to the extent applicable to the IPG Benefits. The Company shall, as soon as reasonably practicable and prior to effecting any such change, notify the Reinsurer upon determining that a change to an IPG Policy is or may be required as a result of a change or interpretation in Applicable Law and shall provide such information as is reasonably requested by Reinsurer to allow Reinsurer to promptly determine whether the change in or interpretation of Applicable Law requires a change to the IPG Policy, and if the information provided by the Company does not, in the reasonable discretion of Reinsurer, reasonably support such determination, a written opinion from legal counsel reasonably selected by the Company supporting such determination, unless such disclosure would lead to the loss or waiver of legal privilege (it being understood that the Company shall use reasonable efforts to enable such opinion to be furnished to the Reinsurer without so jeopardizing such privilege, including by entering into a customary joint defense agreement or common interest agreement). If the Company and Reinsurer are unable to agree on whether Applicable Law requires a change to the IPG Policy, then such dispute shall be resolved pursuant to <u>Article XII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4<u>Investment Option Changes.</u> No material changes in the investment options offered under the IPG Policies with respect to the IPG Benefits (the "<u>Investment Options</u>") shall be permitted to be made by the Company without the Reinsurer's written consent (such consent not to be unreasonably conditioned, delayed or withheld). Solely as used in this <u>Section 2.4</u>, "material change":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)shall mean any of the following changes in the Investment Options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the addition of a new Investment Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)changes in fund investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)changes in target asset allocation that exceed [Redacted] with respect to any individual investment sector (for example, but not limited to small cap, long term bond, mid-cap) or [Redacted] with respect to any individual aggregate asset class (for example, but not limited to bond, money market, equity) unless such changes are part of a defined target date allocation schedule; <u>provided</u> 

758006789

------

that changes are measured relative to the target allocations as of the Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)an increase in expense ratios by an affiliated or third-party manager or sponsor for an underlying fund within an Investment Option resulting in, when combined with all previous changes in management fees, an increase of [Redacted] in the management fees of the Investment Option measured relative to the management fees as of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)any other change (other than those changes set forth in Subparts (1) – (4) of this <u>Section 2.4(a)</u> or in <u>Section 2.4(b)</u> below) with respect to the Investment Options that, in the good faith reasonable discretion of the Reinsurer, individually or in the aggregate, adversely affects in any material respect the rights, risks or obligations of the Reinsurer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)shall not include any of the following changes in the Investment Options: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)change in subadvisor or subadvisor change of control for an Investment Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)fund administration and portfolio management (including security selection and rebalancing, portfolio optimization and rebalancing consistent with the investment strategy, portfolio implementation and trading, and daily operations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)change in name of an Investment Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)changes in target asset allocation that do not exceed [Redacted] with respect to any individual investment sector (for example, but not limited to small cap, long term bond, mid-cap) or [Redacted] with respect to any individual aggregate asset class (for example, but not limited to bond, money market, equity); <u>provided</u> that changes are measured relative to the target allocations as of the Effective Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)an increase in expense ratios by an affiliated or third-party manager or sponsor for an underlying fund within an Investment Option resulting in, when combined with all previous changes in management fees, an increase of [Redacted] in the management fees of the Investment Option measured relative to the management fees as of the Effective Date.

If a material change in Investment Options is made or intended to be made by a third party, the Company will notify the Reinsurer within [Redacted] Business Days after the Company becomes aware of such change or intent to change and shall provide plans for resolution (such as replacement of the fund) within [Redacted] days of becoming aware of such change or intent to change, if required by the Reinsurer.

The Reinsurer shall review any written request by the Company for approval with respect to a material change in Investment Options and promptly notify the Company of the Reinsurer's decision to either accept or reject such proposed material change and increase the Reinsurance Fees to accommodate the proposed material change, if applicable; <u>provided</u>, that the Reinsurer shall be deemed to have accepted such proposed material change if the Reinsurer has not so notified the Company within [Redacted] days of its receipt of the Company's written request for

758006789

------

approval of the proposed material change. If the Reinsurer accepts or is deemed to have accepted such proposed material change, then this Agreement shall be administered in accordance with the terms of such proposed material change. If the Reinsurer rejects such proposed material change and the Company nevertheless implements such material change, the Company shall indemnify the Reinsurer for all Losses incurred by the Reinsurer as a result of such material change in Investment Options implemented by the Company to the extent such Losses exceed the maximum Reinsurance Fees permitted hereunder with respect to the affected IPG Policies.

Article III<br><u>ADMINISTRATION; GENERAL PROVISIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1<u>Contract Administration</u>. The Company shall administer the IPG Policies and provide all contractholder/plan participant and claims servicing with respect to the IPG Policies in accordance with the terms of the IPG Policies and the terms hereof including, but not limited to, the payment of all IPG Benefits and the administration of claims and disbursements. As part of such administrative services, on at least a monthly basis the Company shall conduct searches of the Death Master File from the Social Security Administration, or such other reasonable data source, and undertake other commercially reasonable measures to verify whether the Qualified Lives are alive. The Company shall: (i) keep complete and accurate records of such searches and other measures, (ii) provide copies of such records to the Reinsurer promptly following such searches and other measures, (iii) as soon as is reasonably practicable, provide written notice to the Reinsurer of any claims paid under the IPG Benefits for any date after the death of any Qualified Life and (iv) report the Reinsurer's Quota Share of the Reinsured Liabilities payable in the Reinsured Benefit Statement (as defined herein). The Company shall provide contractholder/plan participant and claims servicing with respect to the IPG Policies (i) in accordance with the terms of the IPG Policies, (ii) in accordance with the applicable terms of this Agreement, (iii) in compliance with Applicable Law and (iv) using the same standard of care that is applied for its other policies and contracts, in each case consistent with past practice, including claims adjudication and recouping overpayments from policyholders. Subject to the foregoing, and except as required by Applicable Law or the terms and conditions of the IPG Policies including the IPG Benefits, the Company will not materially change, alter or otherwise compromise its underwriting, claims paying, or administrative practices in a way that would adversely affect the Reinsurer or its obligations with respect to the IPG Policies without the prior written consent of the Reinsurer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2<u>Sub-Contracting</u>. Subject to Applicable Law, the Company may subcontract for the performance of any contractholder/plan participant or claims servicing service or services with respect to the IPG Policies to any other Person, in each case, without the consent of the Reinsurer; <u>provided</u>, that no such subcontracting shall relieve the Company from any of its obligations or liabilities hereunder, and the Company shall remain responsible for all obligations or liabilities of such subcontractor with regards to the provision of such service or services as if provided by the Company. The Company shall provide the Reinsurer with not less than [Redacted] days' prior written notice of any intended subcontracting arrangement that is to be entered into following the Effective Date that relates primarily to the administration of the IPG Policies (beyond general participant and account recordkeeping), including the identity of the intended subcontractor and a reasonably detailed description of the services to be subcontracted. The Company shall reasonably consider the views and recommendations of the Reinsurer with regard to any such intended subcontracting arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3<u>Policy Exchanges</u>. [Redacted]

758006789

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4<u>Claims Settlements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company will advise the Reinsurer in writing of its intention to contest, compromise or litigate (each a "<u>Contest</u>") any claim with respect to an IPG Benefit (a "<u>Company Contest Notice</u>"). The Reinsurer will pay its Quota Share of the expense of the Contest in addition to its Quota Share of the corresponding Reinsured Liabilities, in each case, as mutually agreed in good faith by the parties, if the Reinsurer by written notice to the Company provided no later than [Redacted] Business Days (subject to <u>Section 3.4(b)</u>) following its receipt of the Company Contest Notice, chooses to participate in the Contest. If the Reinsurer elects not to participate in such Contest or fails to provide such written notice within such timeframe (in which case the Reinsurer shall be deemed to have elected not to participate in such Contest), it will discharge its liability by payment to the Company of the full amount of the Quota Share of the corresponding Reinsured Liabilities as originally presented to the Company. If the Company's Contest of such IPG Benefits results in the reduction of its liability and the Reinsurer has chosen to participate in such Contest, the Reinsurer will share in such reduction in proportion to the Quota Share. If the Company's Contest of such IPG Benefits results in an increase of its liability (including any Extra Contractual Liabilities) and the Reinsurer has chosen to participate in such Contest (but not if the Reinsurer has not chosen to participate in such Contest), the Reinsurer will share in such increased liability in proportion to the Quota Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Without limitation of <u>Section 3.4(a)</u>, the Company agrees to timely provide the Reinsurer with information reasonably requested by the Reinsurer regarding, and to consider in good faith any recommendations of the Reinsurer with respect to, all acts, course of conduct or omissions to act, relative to any such Contest, that would reasonably be expected to result in the assessment of Extra Contractual Liabilities. The [Redacted] Business Day time period referenced in <u>Section 3.4(a)</u> shall be extended for each day following the reasonable request by the Reinsurer for information under this <u>Section 3.4(b)</u> until such information has been provided to Reinsurer. In the event of any disagreement between the Company and the Reinsurer with respect to the determination of whether or not any such acts, course of conduct or omissions constitute Extra Contractual Liabilities, then such dispute shall be resolved in accordance with the procedures set forth in <u>Sections 12.1</u> through <u>12.3</u>. Nothing contained herein shall affect the Company's authority over the disposition of any Extra Contractual Liabilities, provided it must act in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5<u>Inspection</u>. Each of the Company and the Reinsurer shall keep accurate and complete records, files and accounts of all transactions and matters with respect to the IPG Policies or otherwise relating to the reinsurance hereunder (and, with respect to the Company, the Company's administration thereof) in accordance with Applicable Law and this Agreement, and its record management practices in effect from time to time for such party's other insurance business not covered by this Agreement. Each of the Company and the Reinsurer and its respective designated Representatives may, at their own expense and upon at least [Redacted] Business Days' advance written notice to the other party, inspect, at the offices of the party being inspected where such records are located, and make and retain copies of, the papers and any and all other books or documents of the party being inspected reasonably relating to this Agreement, including the IPG Policies and the administration thereof by the Company if the Company is the party being inspected, and the Collateral Account and calculations of Statutory Reserves if the Reinsurer is the party being inspected, and shall have access to appropriate employees and Representatives of the party being inspected, in each case during normal business hours (provided such access shall not unreasonably interfere with the conduct of the business of the party being inspected) for such period as this Agreement is in effect or for as long thereafter as a party seeks performance by

758006789

------

the other party pursuant to the terms of this Agreement or either party reasonably needs access to such records for regulatory, tax, or similar purposes. The information obtained shall be used only for purposes relating to the transactions contemplated under this Agreement, and the possession, use and disclosure of any such information will be subject to the restrictions set forth in <u>Article XIII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6<u>Errors and Omissions</u>. An unintentional error, omission, oversight, delay or misunderstanding (collectively "<u>Error</u>") in the administration of this Agreement by either party will not invalidate the reinsurance to be provided hereunder. As soon as reasonably possible after either party discovers an Error, such party will notify the other party and the Error will be rectified and both parties will be restored, to the extent possible, to the position they would have occupied had the Error not occurred. If it is not possible to restore each party to the position it would have occupied but for the Error, the parties will endeavor in good faith to promptly resolve the situation in a manner that most closely approximates the intent of the parties as evidenced by this Agreement. Should the parties fail to resolve the situation in accordance with this <u>Section 3.6</u>, it will be resolved in accordance with dispute resolution procedures set forth in <u>Sections 12.1</u> through <u>12.3</u>. Any resolution made to correct such an Error will not set a precedent for a similar subsequent Error. This <u>Section 3.6</u> shall not relieve either party of its obligation to perform within the time periods specified for such obligations hereunder or as otherwise mutually agreed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7<u>Follow the Fortunes</u>. Subject to <u>Section 16.14</u>, all matters with respect to this Agreement require the utmost good faith of both parties. In all respects the Reinsurer shall follow the fortunes of the Company related to the contractual obligations of the IPG Benefits, subject to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8<u>Age and Sex Adjustments</u>

If the Company's liability under any of the IPG Benefits is changed because of a misstatement of age, sex or any other material fact by a Covered Life or Covered Plan, the Reinsurer will share in such change proportionately based on its applicable Quota Share, as determined in accordance with the applicable IPG Benefit, and the Company and the Reinsurer will make all appropriate adjustments to amounts due to each other under this Agreement.

Notwithstanding the foregoing, the Company shall promptly indemnify the Reinsurer for Losses incurred by the Reinsurer as a result of any change to the Company's liability under any of the IPG Benefits due to either (i) an error or misstatement of any material fact which is made by the Company or an administrator of the IPG Benefits, or (ii) any error or misstatement of any material fact by a Covered Life or Covered Plan, which the Company (without any requirement that the Company perform any diligence which it does not customarily perform pursuant to its business practices as they exist on the Effective Date) should reasonably have known to exist, but with respect to which the Company did not take all action necessary to correct in order to avoid any such change to liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9<u>Setoff and Recoupment</u>

. All payments due under this Agreement between an individual Company, on the one hand, and the Reinsurer, on the other hand, shall be made on a net basis. Upon written notice to the other party, the applicable Company and the Reinsurer shall have, and may exercise at any time, the right to offset and recoup any undisputed balances due from one such party to the other, its successors or assignees, against balances due from the other such party under this Agreement, and all such debts and credits are deemed mutual debts or credits and may be offset and recouped, and only the balance will be allowed or paid as between an individual Company and

758006789

------

the Reinsurer. Other than as provided herein, this right of offset and recoupment shall not be affected or diminished because of the insolvency, rehabilitation, conservatorship or comparable proceeding of any applicable party and shall apply to the full extent permitted by Applicable Law. Pending claims and claims being contested in good faith shall not be balances that are due for the purposes of this provision. For avoidance of doubt, for purposes of this <u>Section 3.9</u>, each of Empower Annuity Insurance Company of America and Empower Annuity Insurance Company shall be referred to as the "Company" in its individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10<u>Notice of Material Adverse Changes</u>. Each party shall promptly notify the other party in writing of any event or circumstance that, in such notifying party's reasonable judgment, has had or is reasonably likely to have a material adverse effect on the IPG Policies or Reinsured Liabilities, the Collateral or on the notifying party's ability to perform its obligations under this Agreement or the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11<u>Duty of Cooperation</u>. Each party hereby covenants and agrees that it shall cooperate and deal fairly with the other party in order to accomplish the objectives of this Agreement. In furtherance of the foregoing, representatives of the parties will meet or hold a teleconference at least annually (or at such other frequency as the parties mutually agree) to discuss in good faith matters arising under this Agreement as may be agreed from time to time (which topics may include matters relating to new business, reporting, data, technology, operations, Non-Guaranteed Elements and/or Investment Options).

Article IV<br><u>REINSURANCE CONSIDERATION; INITIAL DEPOSIT; EXPENSE ALLOWANCES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1<u>Reinsurance Consideration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)As consideration for the coverage provided hereunder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Empower Annuity Insurance Company of America agrees to pay to the Reinsurer an amount equal to [Redacted];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Empower Annuity Insurance Company agrees to pay to the Reinsurer an amount equal to [Redacted]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)each Company agrees to pay the Reinsurance Fees payable by it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)After the date hereof, the parties shall make adjustments to the One-Time Reinsurance Premium Adjustment Amount, if necessary, in accordance with <u>Section 4.1(c)</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) Within [Redacted] Business Days after the Effective Date, the Company shall pay or cause to be paid to the Reinsurer the One-Time Reinsurance Premium and One-Time Reinsurance Premium Adjustment Amount and (ii) within [Redacted] days of the Effective Date, the Reinsurer shall deposit Eligible Assets into the Collateral Account whose aggregate Book Value shall equal [Redacted] (collectively, the "<u>Estimated Initial Deposit</u>"). After the date hereof, the parties shall make adjustments to (i) the Estimated Initial Deposit, if necessary, based upon any change in Statutory Reserves, calculated as of the Effective Time, and (ii) One-Time Reinsurance Premium Adjustment Amount, in each case as determined in accordance with <u>Section 4.1(c)</u> below.

758006789

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The One-Time Reinsurance Premium Adjustment Amount, and Estimated Initial Deposit shall be deemed to be final unless the Company or the Reinsurer provides a written notice to the other party within [Redacted] Business Days after receipt of a report of such amount in connection with the payments described in <u>Section 4.1(b)</u> stating that (i) the Company disagrees with one or more of the entries or calculations (or any components thereof) set forth in a report provided in connection with the payments described in <u>Section 4.1(b)</u> with respect to the Statutory Reserves as of the Effective Time, or (ii) the Reinsurer disagrees with one or more of the entries or calculations (or any components thereof) set forth in a report provided in connection with the payments described in <u>Section 4.1(b)</u> with respect to the One-Time Reinsurance Premium Adjustment Amount, and, in each case, specifying in reasonable detail each such item that the Company or Reinsurer disputes, the amount in dispute for each such disputed item and the reasons supporting their positions. If the Company and the Reinsurer reach agreement with respect to all disputed items, the Statutory Reserves, calculated as of the Effective Time, the One-Time Reinsurance Premium Adjustment Amount and Estimated Initial Deposit shall be revised to the agreed upon items and any required settlement (either in cash or in deposits to the Collateral Account, as mutually agreed by the Company and the Reinsurer) will occur within [Redacted] Business Days of such agreement. If the Company and the Reinsurer are unable to resolve all of the disputed items within [Redacted] Business Days following the delivery of any such dispute notice, the issue shall be resolved pursuant to the Expert Dispute Resolution Process described in <u>Section 12.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2<u>Reinsurance Fees</u>. [Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3<u>Expense Allowances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)On each Settlement Date, the Company shall be entitled to and the Reinsurer shall owe to the Company with respect to each Accounting Period corresponding to such Settlement Date, an expense allowance related to the IPG Benefits in an amount calculated in accordance with <u>Schedule C</u> (the "<u>Expense Allowance</u>"). The Reinsurer will bear no part of the expenses incurred in connection with the IPG Benefits, except as otherwise provided herein. The allowance for any premium taxes, state guaranty fund assessments or special assessments paid in connection with the IPG Benefits is included in the Expense Allowance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Settlement of amounts owed under this <u>Section 4.3</u> shall be made in accordance with the periodic reporting and settlement provisions set forth in <u>Sections 5.1</u>, <u>5.2</u> and <u>5.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4<u>Benefit Payments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Reinsured Liabilities shall only include, and Reinsurer shall only pay the Quota Share of, benefit payments associated with the IPG Benefits of the IPG Policies for Qualified Lives (defined below) and only after the value of the Registered Separate Account or such other account established for the relevant contractholder or plan participant in connection with the annuity benefit of such contractholder's or plan participant's IPG Policy has been exhausted in accordance with the terms of the respective IPG Policies. For the avoidance of doubt, withdrawals of IPG Benefits prior to such value exhaustion shall be covered only by the Covered Life's assets that remain with the Company in the Registered Separate Account or such other account established for the contractholder or plan participant in connection with the annuity benefit of such contractholder's or plan participant's IPG Policy in accordance with the terms of the respective IPG Policies.

758006789

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)"<u>Qualified Life (Lives)</u>" means a Covered Life for which IPG Benefits are payable prior to such Covered Life's death. The Reinsurer will have no ability or obligation to validate Qualified Lives and is reliant on the Company to appropriately administer payment under IPG Policies, including the IPG Benefits, only to Qualified Lives. To the extent the Reinsurer pays any amounts hereunder to the Company on the basis of the Company's payment to any plan participant, contractholder or beneficiary other than a Qualified Life, on each Settlement Date the Reinsurer shall be entitled to recover, and the Company shall reimburse the Reinsurer, with respect to each Accounting Period corresponding to such Settlement Date any such amounts, together with interest thereon, calculated at the Interest Rate from the date of any such overpayment made by Reinsurer to the Company to the date of reimbursement of such amount by the Company, except that such interest shall not apply to the extent the Company does appropriately administer payment in accordance with <u>Section 3.1</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Settlement of amounts owed under this <u>Section 4.4</u> shall be made in accordance with the periodic reporting and settlement provisions set forth in <u>Sections 5.1</u>, <u>5.2</u> and <u>5.3</u>.

Article V<br><u>ACCOUNTING AND SETTLEMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1<u>Company Reports</u>. As soon as practicable but not more than [Redacted] calendar days following the end of each Accounting Period ending after the date hereof, the Company shall deliver to Reinsurer a report (the "<u>Company Report</u>") in the form of, and containing for such Accounting Period the information reflected in, <u>Schedule D</u>, including a statement (the "<u>Reinsured Benefit Statement</u>"), in the form of <u>Schedule E</u>, of the Reinsurer's Quota Share of the Reinsured Liabilities payable in respect of such Accounting Period (in each case, prepared on a cash basis). For the avoidance of doubt, the initial Company Report delivered under this Agreement shall be in respect of the initial Accounting Period. Within [Redacted] Business Days following the end of each Accounting Period ending after the date hereof, the Company shall provide to the Reinsurer an estimate of the Reinsurance Fees, Expense Allowances, and IPG Benefits constituting Reinsured Liabilities for such Accounting Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2<u>Reinsurer Reports</u>. Within [Redacted] calendar days of the end of the applicable Accounting Period, the Reinsurer shall deliver to Company (a) reports from the Reinsurer or its Investment Manager confirming that the assets held in the Collateral Account are Eligible Assets as of the date of such report, and (b) a statement in the form of <u>Schedule F</u> (the "<u>Required Collateral Amount Statement</u>") calculating the Required Collateral Amount as at the end of such Accounting Period (collectively, and with the Reinsurer Asset Report, the "<u>Reinsurer Reports</u>"). As part of the Required Collateral Amount Statement for an Accounting Period, the Reinsurer shall deliver to the Company a written report of the Statutory Reserves for such Accounting Period. The Reinsurer shall deliver to Company within [Redacted] calendar days following the end of the applicable Accounting Period a report (the "<u>Reinsurer Asset Report</u>") in the form of, and containing for such Accounting Period the information reflected in, <u>Schedule B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3<u>Amounts Due the Parties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All amounts due to be paid to an individual Company, on the one hand, or the Reinsurer, on the other hand, under this Agreement shall be determined on a net basis, giving full effect to <u>Section 3.9</u>. Each net amount due the applicable Company or the Reinsurer with respect to each Accounting Period ending after the date hereof as reflected on a Company Report (the "<u>Settlement</u>") shall be paid in cash by the owing party no later than [Redacted] Business Days after receipt by the Reinsurer of the Company Report (the "<u>Settlement Date</u>"). For avoidance of doubt, for purposes of this

758006789

------

<u>Section 5.3(a)</u>, each of Empower Annuity Insurance Company of America and Empower Annuity Insurance Company shall be referred to as the "Company" in its individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If there is overdue settlement of any payment due hereunder, interest will accrue on such payment at the Overdue Rate until such settlement is made. For purposes of this <u>Section 5.3(b)</u>, a payment will be considered overdue on the Business Day following the date such payment is due hereunder (which shall be the last date on which such payment may be timely made under the applicable provision); <u>provided</u>, that such interest will begin to accrue thereon from such due date until paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4<u>Additional Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Company shall deliver to the Reinsurer any other reports related to the IPG Policies as may be reasonably requested by the Reinsurer for use in connection with the preparation of the Reinsurer's financial statements, so long as the Company has the general ability to produce such other reports as reasonably determined by the Company with reference to its then-current operations. The Company shall provide such additional reports, if any, in a form mutually agreed by the Reinsurer and the Company in their reasonable discretion. Except to the extent that the Company prepares such additional reports in the ordinary course of business, the Reinsurer shall reimburse the Company for any actual reasonable costs the Company incurs in preparing any such additional reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon request, the Reinsurer shall promptly provide the Company with any additional information in form mutually agreed by the Company and the Reinsurer, as determined in their reasonable discretion, related to the IPG Policies as may be reasonably requested by the Company for use in connection with the Company financial statements. Except to the extent that the Reinsurer prepares such additional reports in the ordinary course of business, the Company shall reimburse the Reinsurer for any actual reasonable costs the Reinsurer incurs in preparing any such additional reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Without limitation of <u>Sections 5.4(a)</u> or <u>5.4(b)</u>, each of the parties shall periodically furnish to the other on a timely basis such other reports and information as may be reasonably requested by such other party for financial reporting, regulatory, tax, rating agency or similar purposes and reasonably available to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Reinsurer shall provide written notice to the Company of the occurrence of any Recapture Event within [Redacted] Business Days after becoming aware of its occurrence. In addition, the Reinsurer shall reasonably cooperate with the Company and promptly respond to the Company's reasonable inquiries from time to time concerning the determination of whether a Recapture Event has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Within [Redacted] calendar days following the end of each Accounting Period, the Reinsurer shall provide to the Company a certification in the form of <u>Exhibit A</u> (an "<u>RBC Ratio Certification</u>") as to the Reinsurer's RBC Ratio, which shall be based on the Reinsurer's good faith estimations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Company shall provide the Reinsurer with a reliance statement substantially in the form of <u>Exhibit B</u> to support annual reserve requirements by [Redacted] of each calendar year.

758006789

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5<u>Seriatim Data Requirements</u>. The Company will provide seriatim data files and Covered Life level transactional information to the Reinsurer in form and substance and at such times as are reasonably acceptable to the Reinsurer; provided such data and information is readily available in the Company's existing automated reporting systems and is reasonably available in the timeframe requested by the Reinsurer.

Article VI<br><u>NEW BUSINESS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1<u>New Plans</u>. [Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2<u>New Covered Lives</u>. [Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3<u>Termination for New Business</u>. The Reinsurer may terminate this Agreement with respect to new business only by giving the Company at least [Redacted] days' prior written notice. Following such notice, the parties shall cooperate in good faith to facilitate an orderly process for termination of new business. For purposes of termination under this <u>Section 6.3</u>, the Reinsurer has the right to terminate any or all of the following: (i) new plans, (ii) new participants, and/or (iii) new premiums on existing participants. Subject to the termination provisions described in <u>Articles VII</u> and <u>VIII</u>, all then in-force IPG Policies will remain reinsured hereunder in accordance with the terms of this Agreement until the expiration thereof. During the notification period set forth in this <u>Section 6.3</u>, the Company will continue to cede, and the Reinsurer will continue to reinsure, new business covered under the terms of this Agreement. Termination of new business pursuant to this <u>Section 6.3</u> shall not affect the reinsurance or administration of in-force IPG Policies subject to and in accordance with all of the terms and conditions of this Agreement.

Article VII<br><u>TERMINATION FOR NON-PAYMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1<u>Notice of Termination for Non-Payment</u>. On any day on which the Company is delinquent in paying any material net amount due and owing to the Reinsurer under this Agreement, including amounts required to be transferred by the Company to the Collateral Account under this Agreement, other than amounts that are the subject of a good faith dispute or an Error of the type described in <u>Section 3.6</u>, the Reinsurer may give the Company written notice that all of the reinsurance coverage hereunder shall terminate as of the date of such notice of termination if such overdue amount plus applicable interest thereon is not paid to the Reinsurer within [Redacted] calendar days from the date of such notice. If such written notice has been given by the Reinsurer and (x) such overdue amount plus applicable interest thereon is not paid to the Reinsurer within such [Redacted] calendar day period and (y) the Company has not notified the Reinsurer in writing within such period that the Company disputes in good faith the amount claimed due, then (i) this Agreement shall be terminated with respect to such Company and, subject to the provisions of <u>Section 8.2,</u> the Reinsurer shall have no further liability to such Company from the date on which such unpaid amount was originally due, (ii) such termination shall be treated as a recapture and the provisions of <u>Article VIII</u> shall apply to the extent related to such Company and (iii) the effective time of such termination (as described in clause (i) of this sentence) shall be the "Recapture Effective Time" for purposes of <u>Article VIII</u>. For avoidance of doubt, for purposes of this <u>Section 7.1</u>, each of Empower Annuity Insurance Company of America and Empower Annuity Insurance Company shall be referred to as the "Company" in its individual capacity. Each Company hereby covenants and agrees, notwithstanding anything contained herein to the contrary, that it shall not intentionally fail to pay premiums in order to cause termination under the provisions of this <u>Article VII</u>.

758006789

------

Article VIII<br><u>RECAPTURE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1<u>Right of Recapture</u>. Each of the following events shall be considered a "<u>Recapture Event</u>":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Reinsurer is Insolvent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the Reinsurer is delinquent in paying any material net amount due and owing to the Company under this Agreement, including amounts required to be deposited into the Collateral Account, other than amounts that are the subject of a good faith dispute or Error, and the Reinsurer has not cured such failure within [Redacted] calendar days following written notice from the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)a Reserve Credit Event (i) has occurred and is continuing and (ii) has not been cured by the later to occur of (x) [Redacted] days after the Reinsurer actually becomes aware of or otherwise receives notice in writing from the Company of such Reserve Credit Event and (y) the end of the calendar quarter during which such Reserve Credit Event occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the Reinsurer's RBC Ratio as of any calendar quarter-end is below [Redacted] and the Reinsurer has not [Redacted].

Notwithstanding the foregoing or anything contained or implied in this Agreement to the contrary including without limitation, Reinsurer's provision of any plan or other assurance to the Company pursuant to the foregoing, (i) other than the Company's rights expressly set forth in this Agreement, the Company shall in no event have any right whatsoever with respect to the management of Reinsurer's RBC or any matters related thereto, including without limitation the existence, content or implementation of any plan of the Reinsurer relative to RBC, and (ii) other than the Company's rights expressly set forth in this Agreement, the Reinsurer's RBC, and all matters related thereto, shall be entirely within the sole and absolute control of the Reinsurer, it being understood and agreed that any plan of the Reinsurer related to RBC, including without limitation the maintenance or restoration thereof, may at any time and from time to time be changed, altered or modified in any manner, in each case in the Reinsurer's sole and absolute discretion. Without limiting the foregoing, the Reinsurer agrees to promptly provide to either of the Companies a copy of its written plan, if any, to restore its RBC Ratio to [Redacted] or greater (including any change, alteration or modification of such plan). For avoidance of doubt, the foregoing shall not affect the Company's right of recapture pursuant to and in accordance with <u>Section 8.1(d)</u> or any other rights of the Company expressly set forth in this Agreement.

The Reinsurer hereby covenants and agrees, notwithstanding anything contained herein to the contrary, that it shall not intentionally fail to pay amounts due to one Company or the other Company under this Agreement in order to cause recapture under the provisions of this <u>Article VIII</u>.

If a Recapture Event shall have occurred, unless each such Recapture Event has been cured, then the Company shall have the right but not the obligation to recapture all, but not less than all, of the Quota Share of the Reinsured Liabilities. In order to exercise such right to recapture: (x) the Company must provide prior written notice to the Reinsurer of its intent to recapture such

758006789

------

business within [Redacted] calendar days following the occurrence of the Recapture Event (but without limitation of the Company's right to recapture pursuant to any other Recapture Event (including any separate Recapture Event falling within the same clause of the definition of Recapture Event), subject to the [Redacted]-day limitation applicable thereto); and (y) the Company's written notice of recapture must designate an effective date and time of said recapture (the "<u>Recapture Effective Time</u>") that is no earlier than the date of the Recapture Event. Except in the case of a Recapture Event or as otherwise mutually agreed upon by the parties, the Company shall have no right to recapture the Reinsured Liabilities. For avoidance of doubt, for purposes of this <u>Section 8.1</u>, each of Empower Annuity Insurance Company of America and Empower Annuity Insurance Company shall be referred to as the "Company" in its individual capacity.

If this Agreement would be terminated pursuant to <u>Section 7.1</u> (a "<u>Partial Termination</u>") or the Reinsured Liabilities would be recaptured pursuant to this <u>Section 8.1</u>, in either case, with respect to only one Company (the "<u>Non-Remaining Company</u>") and not the other Company (the "<u>Remaining Company</u>"), then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the provisions of this <u>Article VIII</u> shall apply only with respect to the Non-Remaining Company and the IPG Policies issued by it (including, upon the payment of the Recapture Payment applicable with respect to the Non-Remaining Company, the termination of any and all rights of said Non-Remaining Company with respect to the Collateral Account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)in connection with a Partial Termination, the Recapture Payment shall exclude the amount in <u>Section 8.2(b)(ii)</u> and in lieu thereof shall include a payment from the Reinsurer to the Non-Remaining Company in an amount equal to the Partial Termination Amount, calculated as of the Recapture Effective Time; except upon a termination of this entire Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)the Recapture Payment shall exclude the amount in <u>Section 8.2(b)(iii)</u>, except upon a termination of this entire Agreement or a recapture of all of the Reinsured Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y)this Agreement shall remain in-force only with respect to the Remaining Company and the IPG Policies issued by such Remaining Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z)promptly following the payment of the Recapture Payment applicable with respect to the Non-Remaining Company, (i) the parties shall amend the Custody Agreement to remove the Non-Remaining Company and shall cooperate in good faith to modify any of the terms and provisions of this Agreement and the Custody Agreement as necessary in order to fully effectuate any such Partial Termination or partial recapture hereunder and (ii) the Company shall deliver notice, pursuant to the terms of the Custody Agreement, to the Custodian (with a copy to the Reinsurer) that any Notice of Exclusive Control then in effect with respect to the Non-Remaining Company is retracted, terminated and of no further force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2<u>Recapture Accounting and Settlement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Following any notice of termination pursuant to <u>Section 7.1</u> or recapture pursuant to <u>Section 8.1</u>, within [Redacted] Business Days after the Recapture Effective

758006789

------

Time, (i) the Reinsurer shall deliver to the Company, a written report of the Statutory Reserves for the Accounting Period ending on the Termination Date and (ii) the Company shall deliver to the Reinsurer, a Company Report for the Accounting Period ending on the Termination Date (the "<u>Terminal Accounting Report</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For purposes of this Agreement, the "<u>Recapture Payment</u>" shall equal the net result of the following: [Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Within [Redacted] Business Days after the finalization of the Terminal Accounting Report, the Recapture Payment specified in the Terminal Accounting Report shall be due and payable by the Reinsurer or the Company, as the case may be, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)If the Recapture Payment is due and payable to the Company, then the Reinsurer shall pay such amount, at its option either (i) in cash by wire transfer of immediately available funds and/or (ii) by transferring assets to the Company out of the Collateral Account (to be selected by the Company or otherwise in accordance with the selection criteria set forth in <u>Section 9.2(g)(i)-(ii)</u>) with a Fair Market Value equal to such amount; provided, if the Reinsurer fails to fully and timely pay such amount, then the Company may withdraw assets out of the Collateral Account to satisfy the obligations of the Reinsurer therefor to the extent of such assets, with the Reinsurer remaining liable to the Company for the amount of any such obligations of the Reinsurer, if any, which remain outstanding following depletion of the Collateral Account in accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the Recapture Payment is due and payable to the Reinsurer, then the Company shall pay the Recapture Payment to the Reinsurer in cash by wire transfer of immediately available funds to an account designated in writing by the Reinsurer.

Upon payment of the Recapture Payment, the Company's security interest in the assets held in the Collateral Account shall be extinguished and the Company shall promptly deliver notice, pursuant to the terms and provisions of the Custody Agreement, to the Custodian (with a copy to Reinsurer) of termination of the Custody Agreement with respect to the applicable Company or Companies, and the Company's right title and interest in and to the Collateral and the Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any dispute by either party of the Recapture Payment or any requirements of the Reinsurer or either or both of the Companies following any recapture shall be resolved in accordance with <u>Article XII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Either party's right to terminate the reinsurance provided hereunder will not prejudice its right to collect amounts owed to it hereunder, including applicable interest as specified in this Agreement, for the period during which such reinsurance was in force, through and including any notice period. Upon recapture by the Company pursuant to <u>Section 8.1</u>, the Company will only recapture liabilities and obligations arising under the express terms of the IPG Policies.

758006789

------

Article IX<br><u>CREDIT FOR REINSURANCE; COLLATERAL</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1<u>Credit for Reinsurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)At all times during the term of this Agreement, the Reinsurer shall, at its own expense, use commercially reasonable efforts to hold and maintain all licenses and authorizations required under Applicable Law for the Reinsurer to enable the Company to take Reserve Credit. Upon the occurrence of any event attributable to the Reinsurer or involving Reinsurer's loss or impairment of such licenses and authorizations that, if continuing as of the end of any financial statement period, would cause the Company to be unable to obtain Reserve Credit as of such date, the Reinsurer shall take such action, which action may include, without limitation, agreeing to reasonable amendments to this Agreement or entering into new agreements or executing additional documents, that are needed to comply with credit for reinsurance laws applicable for the Company to obtain Reserve Credit. The Reinsurer shall promptly notify the Company in writing within [Redacted] Business Days of becoming aware of any such event or change in its licensing status in the Company Domiciliary State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon the occurrence of any event, other than an event described in <u>Section 9.1(a)</u>, that, if continuing as of the end of any financial statement period, would cause the Company to be unable to obtain Reserve Credit as of such date, the Company and the Reinsurer shall work together in good faith using commercially reasonable efforts to cure such event. The Reinsurer shall promptly notify the Company in writing within [Redacted] Business Days of first becoming aware of any such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company shall promptly notify the Reinsurer in writing within [Redacted] Business Days of first becoming aware of the occurrence of any event, fact or circumstance or other conditions that have caused or will cause the Company to no longer receive Reserve Credit, which notice shall describe in detail the event or development requiring such notice. Upon receipt of a notice from the Company pursuant to this <u>Section 9.1(c)</u> or upon delivery of a notice by Reinsurer pursuant to <u>Section 9.1(a)</u> or <u>(b)</u>, the Reinsurer agrees that it will use commercially reasonable efforts to promptly take such steps that are reasonably necessary in order to permit the Company to obtain Reserve Credit in accordance with the applicable standards described in <u>Section 9.1(a)</u> and <u>(b)</u>, including establishing a qualified reinsurance trust or providing a letter of credit or other form of collateral permitted under Applicable Law (provided the Company confirms to Reinsurer in writing that such collateral meets all Applicable Laws to permit the Company to receive Reserve Credit), it being understood that the Reinsurer shall have the sole discretion to elect among the methods available to it in order to allow the Company to obtain such Reserve Credit; <u>provided</u>, however, that it is understood and agreed that, notwithstanding anything contained or implied herein to the contrary, in no event (i) does Reinsurer warrant or guaranty that any such efforts or actions by Reinsurer shall be successful, or (ii) shall Reinsurer be required to make such efforts to the extent Reinsurer, on advice of legal counsel reasonably selected, in good faith reasonably determines that such efforts are not reasonably expected to result in the Company receiving Reserve Credit (assuming, for purposes of such determination by legal counsel, the Company's compliance with its cooperation obligations under this <u>Section 9.1</u>). The Company shall reasonably cooperate with the Reinsurer to enable the Reinsurer to comply with its obligations under this <u>Section 9.1.</u> The Company shall be responsible for expenses to obtain Reserve Credit to the extent the failure of the Company to receive such Reserve Credit

758006789

------

is attributable to the Company; the Reinsurer shall be responsible for such expenses to the extent such failure is attributable to the Reinsurer; and in any other event, the parties shall share equally in such expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For the avoidance of doubt, if a Reserve Credit Event has occurred and is continuing, the Company shall have the option of exercising its right of recapture pursuant to and in accordance with <u>Section 8.1(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2<u>Collateral Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Within [Redacted] days following the Effective Date, (i) the Reinsurer, at its cost, shall establish and maintain a dedicated custody control account (the "<u>Collateral Account</u>") to secure the Reinsurer's obligations under this Agreement, and (ii) the Reinsurer and the Company shall enter into a collateral account control agreement with the Custodian in form and substance reasonably acceptable to the parties (the "<u>Custody Agreement</u>"). Assets attributable to the Collateral Account shall be deposited by Reinsurer in the Collateral Account. The Collateral Account shall be clearly designated as a segregated account on the books, records and information systems of the Reinsurer. The Collateral Account and the assets maintained therein will be owned and maintained by Reinsurer subject to a security interest in favor of the Company as described in <u>Section 9.2(b)</u> and the Custody Agreement, which shall provide for the terms under which the Company shall be granted exclusive control to said Collateral Account and the assets therein, and shall be used exclusively for the purposes set forth in this Agreement. The assets maintained in the Collateral Account shall be Eligible Assets and shall be valued, for the purposes of this Agreement, according to their Book Value prior to the occurrence of any Recapture Event, and according to their Fair Market Value following the occurrence and during the continuance of any Recapture Event. Eligible Assets in an amount equal to the Required Collateral Amount, calculated as of the Effective Date, will be deposited to the Collateral Account as soon as practicable (but no later than [Redacted] days following the Effective Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To secure its obligations pursuant to this Agreement, the Reinsurer hereby grants to the Company a first priority security interest in and continuing lien on all of the Reinsurer's right, title and interest in, to and under all of the following property, whether now owned or existing or hereafter acquired or arising and wheresoever located (collectively, the "<u>Collateral</u>"): (i) the Collateral Account, and the Eligible Assets, including investment property, securities, investments, instruments, cash and all participation interests in funds, general intangibles, accounts, receivables, chattel paper, letter-of-credit rights, documents and all other assets deposited or credited to the Collateral Account by the Reinsurer; (ii) all cash and other financial assets thereon credited to the Collateral Account and all security entitlements (within the meaning of Section 8.102(a) of the UCC) related to or arising therefrom; and (iii) all proceeds and all products of, and all rights associated with, the foregoing, all supporting obligations relating to, and all security interests or other liens securing, any of the foregoing, and agrees that this <u>Section 9.2(b)</u> shall constitute a security agreement made by the Reinsurer in favor of the Company under Applicable Law. In furtherance of the preceding sentence, the Reinsurer acknowledges that (I) all Collateral conveyed to the Custodian for the Collateral Account is held for the benefit of the Company, is held for purposes of the security interest granted hereunder and that the Company shall have "control" (as such term is defined in Articles 8 and 9 of the UCC) of all Collateral pursuant to the Custody Agreement and (II) in addition to all other rights and remedies granted to the Company in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Reinsurer's obligations to the Company

758006789

------

hereunder, upon the occurrence and during the continuance of any breach or default by Reinsurer in the performance of its obligations hereunder, following written notice from the Company thereof and a period of [Redacted] Business Days to cure the same to the reasonable satisfaction of the Company, the Company may exercise all rights and remedies of a secured party under the UCC or any other Applicable Law. During the term of the Custody Agreement, the Reinsurer shall not, and shall direct the Custodian not to, grant or cause to be created in favor of any Person other than the Company any liens or security interest whatsoever against or in any of the assets in the Collateral Account or the residual interest therein. Any amounts withdrawn from the Collateral Account in accordance with this Agreement and the Custody Agreement shall be automatically released from, and withdrawn free and clear of, any security interest created herein. The Reinsurer hereby authorizes the Company to file any and all UCC-1 Financing Statements with respect to the Collateral, and any and all amendments, assignments and continuation statements with respect thereto, that are deemed necessary or desirable by the Company in order to perfect such security interest in the Collateral. All terms used in this <u>Section 9.2(b)</u> and defined in the UCC shall have the meanings given to such terms in the UCC. Nothing in this <u>Section 9.2(b)</u> is intended to affect the validity of, or the transfer of Eligible Assets into, the Collateral Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Reinsurer reserves the right, at any time, to appoint an Investment Manager, for the term of this Agreement and at Reinsurer's option, to invest and manage the assets in the Collateral Account in accordance with the provisions of this Agreement and the Eligible Assets; <u>provided</u>, that the Reinsurer shall cause any Investment Manager appointed in accordance with this <u>Section 9.2(c)</u> to have at the time of appointment and to at all times thereafter maintain, all Permits necessary under Applicable Law to properly conduct its business; <u>provided</u>, <u>further</u>, that the Reinsurer shall provide the Company with not less than [Redacted] days' prior written notice of any intended engagement of any Investment Manager that is not the Reinsurer or is not Affiliated with the Reinsurer, including the identity of the intended Investment Manager and a reasonably detailed description of the services to be provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)If the Collateral Account Balance as of the end of a calendar quarter (after giving effect to the Settlements that occurred during such calendar quarter in accordance with <u>Section 5.3</u>) is less than the Required Collateral Amount (as such amounts are reflected in the applicable Reinsurer Report), the Reinsurer shall, within [Redacted] days of such calendar quarter end, deposit additional Eligible Assets into the Collateral Account having a Book Value (in the absence of any continuing Recapture Event), or a Fair Market Value (following the occurrence and during the continuance of any Recapture Event), as applicable, equal to or greater than such deficiency. If the Collateral Account Balance as of the end of a calendar quarter (after giving effect to the Settlements that occurred during such calendar quarter in accordance with <u>Section 5.3</u>) exceeds the Required Collateral Amount (as such amounts are reflected in the applicable Reinsurer Report), the Reinsurer may, in its sole discretion, withdraw such excess funds, or any portion thereof, in accordance with the terms of the Custody Agreement and through delivery of concurrent notice to the Custodian and the Company within [Redacted] days of such calendar quarter (but not earlier than [Redacted] Business Days following delivery of the applicable Reinsurer Report), provided that Reinsurer shall not be required to withdraw any such amounts; <u>provided</u>, <u>further</u>, that following the occurrence and during the continuance of any Recapture Event, any withdrawal of assets from the Collateral Account shall require the prior written consent of the Company.

758006789

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding anything contained or implied herein to the contrary, assets in the Collateral Account may be withdrawn and utilized only pursuant to the express terms hereof relating to such withdrawal or utilization, whether by the Company or any successor by operation of law of the Company, including, without limitation, any liquidator, rehabilitator, receiver or conservator of the Company, without diminution because of Insolvency on the part of the Company or the Reinsurer, and specifically, only for the purpose of paying amounts due to the Company under this Agreement (except for those being disputed in good faith by the Reinsurer) that the Reinsurer is delinquent in paying and only to the extent the Reinsurer does not timely satisfy such obligations to the Company within [Redacted] Business Days following receipt from the Company of written notice of said delinquency or failure to satisfy any such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Company shall promptly notify the Reinsurer of, and return to the Reinsurer, the Fair Market Value of any assets withdrawn by the Company in excess of the actual amounts permitted to be withdrawn under <u>Section 9.2(e)</u> ("<u>Excess Withdrawals</u>"), together with, to the extent the Excess Withdrawal was composed of non-cash assets, any realized interest or other income thereon, all in a manner such that the Reinsurer is restored to the position it would have been in if the Excess Withdrawal had not occurred. To the extent that the Excess Withdrawal was composed of cash, the Company shall return the amount of such cash plus interest thereon at a rate equal to the Interest Rate, from the date of withdrawal to but excluding the date on which the Excess Withdrawal is returned to the Collateral Account or utilized in accordance with <u>Section 9.2(e)</u>. Until such amounts are returned to the Reinsurer, such amounts shall be held in trust by the Company for the benefit of the Reinsurer, separate and apart from any other assets of the Company for the sole purpose of being utilized in accordance with <u>Section 9.2(e)</u>. The balance of the amount held or required to be so held in trust separate and apart as of any date of determination shall be an amount (the "<u>Excess Withdrawal Amount</u>") equal to (i) the amount withdrawn from the Collateral Account in excess of amounts required for the purposes described in <u>Section 9.2(e)</u> *minus* (ii) any amounts applied by the Company therefrom for such permissible purposes or returned to the Reinsurer *plus* (iii) any realized interest or other income on the withdrawn non-cash assets plus interest on any cash amount, calculated at the Interest Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)[Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The performance of the assets maintained in the Collateral Account, including of all investment income paid or accrued, investment gains or losses, defaults and/or statutory impairments, will inure to the sole benefit or cost of the Reinsurer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)[Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)[Redacted]

Article X<br><u>DURATION AND TERMINATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1<u>Duration</u>. Except as otherwise provided herein, this Agreement shall be unlimited in duration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2<u>Termination</u>. This Agreement will terminate, with respect to each Company, on the one hand, and the Reinsurer, on the other hand, on the earliest of: (i) the date the

758006789

------

Company's liability under the IPG Benefits terminates; (ii) the date this Agreement is terminated in accordance with <u>Article VII</u>; or (iii) the date the Quota Share of the Reinsured Liabilities is recaptured by the Company in accordance with <u>Article VIII</u>; in each case following payment by each party of all amounts due to the other under this Agreement, after giving effect to the setoff provision set forth in <u>Section 3.9</u> (any such date, the "<u>Termination Date</u>"). In connection with any Partial Termination as described above, for avoidance of doubt, the next quarterly settlement of the Collateral Account after the applicable Termination Date shall reflect the removal of the Statutory Reserves applicable to the Non-Remaining Company, the Reinsurer shall be permitted to a release of any excess funding to the extent permitted by and in accordance with <u>Section 9.2(d)</u>, and the Company shall promptly take any action necessary, under the terms and provisions of the Custody Agreement, to immediately allow such release.

Article XI<br><u>INSOLVENCY</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1<u>Insolvency of the Company</u>. In the event of the insolvency of the Company, all reinsurance ceded, renewed or otherwise becoming effective under this Agreement shall be payable by the Reinsurer on the basis of reported claims allowed by the court in a liquidation proceeding directly to the Company or its liquidator, receiver or statutory successor on the basis of the liability of the Company under the IPG Benefits, as applicable, without diminution because of the insolvency of the Company. It is agreed and understood, however, that (i) in the event of the insolvency of the Company, the liquidator, receiver or statutory successor of the Company shall give the Reinsurer written notice of the pendency of a claim against the insolvent Company on an IPG Benefit within a reasonable time after such claim is filed in the insolvency proceeding and (ii) during the pendency of such claim the Reinsurer, at its own expense, may investigate such claim and interpose in the proceeding where such claim is to be adjudicated any defenses which it deems available to the Company or its liquidator, receiver or statutory successor. It is further understood that such expense shall be chargeable, subject to court approval, against the insolvent Company as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two or more assuming insurers are involved in the same claim and a majority in interest elect to interpose defenses to such claim, the expense shall be apportioned in accordance with the terms of this Agreement as though such expense had been incurred by the Company.

Article XII<br><u>DISPUTE RESOLUTION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1<u>Resolution of Disputes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any dispute between the Company and the Reinsurer arising out of this Agreement, or concerning its interpretation or validity, whether arising before or after termination of this Agreement, shall be resolved in accordance with the provision of <u>Section 12.1(b)Article XII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Company and the Reinsurer shall attempt in good faith to negotiate a mutually acceptable solution or agreement ("<u>Agreed Resolution</u>") to any controversy, dispute or claim arising out of or relating to this Agreement or the breach thereof. If the Company and the Reinsurer fail to reach an Agreed Resolution within [Redacted] days (or such longer period of time as the parties mutually agree) of the commencement of discussions, then either party may initiate arbitration pursuant to <u>Section 12.2</u>, *provided, however*, that any controversy, dispute or claim between the parties with respect to any dispute under <u>Section 4.1(c)</u> or any computation or amount in a Company Report, Reinsurer Report (including whether any asset listed thereon is

758006789

------

an Eligible Asset) or Terminal Accounting Report (each, a "<u>Report Controversy</u>") shall be resolved in accordance with the expert dispute resolution process outlined in <u>Section 12.3</u>, which shall (in lieu of arbitration) be the sole dispute resolution process regarding any such Report Controversy. The Company and the Reinsurer intend that the arbitrators and the Third Party Expert, whichever is relevant, will make decisions which effectuate the intent of this Agreement. For clarity, either party may initiate arbitration or engage a Third Party Expert for expert dispute resolution, whichever is relevant, of any controversy, dispute or claim (including without limitation any Report Controversy), by giving written notice in accordance with <u>Section 12.2(b)</u> or <u>Section 12.3</u>, whichever is applicable, to the other party of its intention, to arbitrate, or to engage a Third Party Expert to resolve any such controversy, dispute or claim, and whether or not the relevant provisions of this Agreement which relate to the subject matter of such controversy, dispute or claim reference any dispute resolution process or this <u>Article XII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2Arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Composition of Panel</u>. The arbitration shall be conducted by a panel of three (3) arbitrators, who shall be disinterested persons designated as Certified Professionals by ARIAS-US with not less than ten (10) years' experience as current or former executive officers of life insurance companies specializing in retirement products with qualified experience applicable to the arbitrated item other than the two parties to this Agreement or their Affiliates. Each party shall appoint one of the arbitrators within [Redacted] Business Days after any party gives notice of its intent to arbitrate, who shall in turn select the third. In the event that either party should fail to choose an arbitrator within [Redacted] Business Days after the other party has given notice of its arbitrator appointment (but not earlier than the [Redacted]-Business Day period following the notice of intent to arbitrate), that other party may choose two arbitrators, who shall in turn choose a third arbitrator. If the two arbitrators are unable to agree upon the selection of a third arbitrator within [Redacted] calendar days following their appointment, the third arbitrator shall be selected in accordance with the AIDA Reinsurance and Insurance Arbitration Society—US ("<u>ARIAS-US</u>") required selections process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Notice of Intention to Arbitrate</u>. The party requesting arbitration shall give written notice of its intention by registered mail or a recognized overnight courier to the other party, stating the nature of its dispute, and the remedy sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Choice of Forum</u>. Any arbitration instituted pursuant to this <u>Article XII</u> shall be held in New York, New York or such other place as the parties may mutually agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Procedure Governing Arbitration</u>. The arbitration shall be conducted in accordance with the procedures of ARIAS-US. The arbitration panel shall base their decision on the terms and conditions of this Agreement and, to the extent the arbitration panel determines necessary based on its review of such terms and conditions, shall interpret this contract as an honorable engagement, and shall not be obligated to follow the strict rules of law or evidence. In making their decision, the arbitration panel shall apply the custom and practice of the insurance and reinsurance industry, with a view to effecting the general purpose of this Agreement. The arbitration panel shall use its best efforts to hold the proceeding within [Redacted] months after the initiating party's written notice of intention to arbitrate is received by the other party.

758006789

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Arbitration Award and Interim Relief</u>. The arbitration panel shall render its decision within [Redacted] calendar days after termination of the proceeding unless the parties consent to an extension, which decision shall be in writing, stating the reason therefor. The decision of the majority of the panel shall be final and binding on the parties to the proceeding except to the extent otherwise provided in the Federal Arbitration Act. Judgment upon the award may be entered in any court having jurisdiction pursuant to the Federal Arbitration Act. The panel may issue orders for preliminary, interim or injunctive relief upon a showing of good cause, including pre-award security. Either party also may, without waiving any remedy under this agreement, seek from any federal courts of the Southern District of the State of New York, or the state courts of such state in the County of New York, any interim or provisional relief that is necessary to protect the rights or property of that party, pending the establishment of the arbitration panel (or pending the arbitration panel's determination of the controversy). The parties agree that the federal courts of the Southern District of the State of New York, or the state courts of such state in the County of New York, shall have jurisdiction to hear any matter relating to compelling arbitration and that a judgment on any award rendered in such arbitration may be entered and enforced in such federal or State courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Cost of Arbitration</u>. Each party shall bear the expense of its own arbitrator and shall jointly and equally bear with the other party the cost of the third arbitrator and the remaining costs of the arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Limit of Authority</u>. It is agreed that the arbitrators shall have no authority to impose any punitive, exemplary or consequential damage awards on either of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3<u>Expert Dispute Resolution Process</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Reports and Analysis</u>. Either party may refer any Report Controversy that is not resolved by Agreed Resolution to a Third Party Expert for resolution pursuant to the terms and provisions of this <u>Section 12.3</u>. Upon engagement of a Third Party Expert given by either party pursuant to <u>Section 12.3(b)</u>, each of the parties shall promptly prepare written reports and analysis of said Report Controversy and deliver such reports and analysis to the Third Party Expert within [Redacted] Business Days after the Third Party's engagement pursuant to <u>Section 12.3(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Selection of Third Party Expert</u>. The individual expert to conduct the expert dispute resolution under this <u>Section 12.3</u> ("<u>Third Party Expert</u>") shall be a nationally-recognized independent third-party actuarial firm or nationally-recognized certified public accountant, as applicable based on the relevant subject matter in dispute and as mutually agreed by the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Notice of Intention to Engage Third Party Expert</u>. The party requesting engagement of a Third Party Expert shall give written notice to the other party of its intention by registered mail or a recognized overnight courier to the other party, stating the nature of its dispute, and the remedy sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Cost of Expert Dispute Resolution</u>. Each party shall bear the expense of its selected expert actuary and shall jointly and equally bear with the other party the cost of the Third Party Expert.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Procedure and Effect Governing Expert Dispute Resolution</u>. The Third Party Expert shall resolve the dispute regarding such item or items within [Redacted] days following his or her engagement by the parties; provided, however, that the dollar

758006789

------

amount of each amount in dispute will be determined within the range of dollar amounts proposed by the parties. The determinations by the Third Party Expert as to the items in dispute with respect to the Report Controversy shall (i) be based on presentations and written submissions by the Company and the Reinsurer to the Third Party Expert pursuant to <u>Section 12.3(a)</u> and not by independent review, although the Third Party Expert is expected and permitted to base its decisions on personal background and experience and the terms and provisions of this Agreement, and (ii) be in writing and set forth in reasonable detail the basis for the Third Party Expert's final calculation of any disputed amount or item based on actuarial standards of practices, the terms of this Agreement and the IPG Policies, and consistent with applicable SAP. Absent manifest error, such determinations by the Third Party Expert shall be conclusive and binding upon the parties as if such determination had been embodied in a final and binding arbitral award, and any party may petition a court having jurisdiction over the parties and subject matter to confirm such determination to final judgment or to vacate such determination pursuant to the Federal Arbitration Act. The parties agree that the Third Party Expert shall have no authority to impose any damage awards on either of the parties hereto.

Article XIII<br><u>CONFIDENTIALITY</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1<u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party agrees to protect and hold all Confidential Information provided to the receiving party by the disclosing party in conjunction with this Agreement and the transactions contemplated hereby in strict confidence and take reasonable steps necessary to protect such information from unauthorized or inadvertent disclosure, using such information only for purposes of carrying out the receiving party's obligations under this Agreement. No party shall make, or permit any Person to make, any public announcement concerning this Agreement or the transactions contemplated hereby except as required by Applicable Law, or with the prior written consent of the other party; <u>provided</u> that, in the event that any party is required under Applicable Law or the requirements of any securities exchange to make any public filing regarding this Agreement or the transactions contemplated by this Agreement and it is not reasonably practicable to obtain the advance approval of the other parties hereto as required by this <u>Section 13.1</u>, the party that issues such public announcement or makes such statement shall provide the other parties with prior notice and a copy of such announcement or statement as soon as reasonably practicable and will afford the other parties the opportunity to review and comment. If the disclosing party is required by Applicable Law to make a filing with a regulator, the disclosing party will (i) use its reasonable best efforts to notify the other party (except in connection with the disclosure of such Confidential Information to a Governmental Authority in connection with a regulatory exam or inquiry), and (ii) request confidentiality with respect to the specific terms of this Agreement and the transactions contemplated hereby if it has the option to do so and the filing is not already confidential. Further, both the Reinsurer and the Company agree they may not use the name, trademarks, service marks, trade names, or other indicia of origin of the other party in connection with any advertising, publicity materials or activities, customer lists or other public communications without the prior written consent of the other party.

758006789

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In the event of any violation of this <u>Section 13.1</u>, the injured party shall have, in addition to any other rights and remedies, the right and remedy of injunctive relief from a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2<u>Disclosure</u>. Notwithstanding the foregoing, neither the Company nor the Reinsurer will be prohibited from disclosing such Confidential Information (i) to its retrocessionaires or hedge or other risk mitigation counterparties in connection with its retrocession or hedging of all or a portion of the risks ceded hereunder, so long as any such retrocessionaires or hedge counterparties are bound to confidentiality obligations in respect thereof that are substantially similar to those contained herein, (ii) to its and its Affiliates' directors, officers and employees who have a need for such information in the conduct of its business and to its Representatives and subcontractors performing services for such party in connection with this Agreement and who need access to such Confidential Information in the course and scope of providing such services (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such information and agree in writing to keep such information confidential and further that the party which has provided any such information to any such subcontractors shall be liable hereunder for any disclosure of any such information by any such subcontractors which would violate this Agreement if said party had violated this Agreement directly), (iii) as might be necessary, during the course of external audits, (iv) to the extent it is required to disclose any such information in its statutory filings, (v) other than with respect to Personal Information, to the extent it is required to provide such information to any rating agency, or (vi) as required by Applicable Law or any order, request, requirement, inquiry or subpoena by any Governmental Authority; <u>provided</u>, that if legally permissible, the party required to make such disclosure will provide prompt notice to the other party prior to such disclosure so that such other party may to seek an appropriate protective order. A party disclosing Confidential Information pursuant to (i) and (ii) of this <u>Section 13.2</u> shall be responsible for any breach by its recipients of such Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3<u>Personal Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each of the Company and the Reinsurer, on behalf of itself and its respective service providers, agrees to comply with all Applicable Laws relating to Personal Information and protect the confidentiality and security of any Personal Information provided to it hereunder, including but not limited to, (i) holding all Personal Information in strict confidence in accordance with this <u>Article XIII</u>, (ii) maintaining appropriate measures that are designed to protect the security, integrity and confidentiality of Personal Information. Upon written request by the Reinsurer, the Company shall promptly refrain from providing Personal Information to the Reinsurer in accordance with the instructions contained in such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each party agrees that it will notify the other party no later than [Redacted] hours after it becomes aware of or reasonably suspects any circumstances involving a Breach of Security, unless prevented from doing so as the result of any requirement under an ongoing investigation with a Governmental Authority. As part of any such notification, and subject to attorney-client privilege restrictions, the party experiencing the Breach of Security shall provide the other party with all available information about the Breach of Security including the likely consequence thereof and a description of measures taken to address and to mitigate its possible adverse effects. The party experiencing the Breach of Security shall provide reasonable support and assistance to the other party in investigating or responding to any Breach of Security. For purposes of this Agreement, "<u>Breach of Security</u>" means any unauthorized access to, or any unauthorized use, loss, modification or disclosure of Personal Information received by a party in connection with this Agreement, whether by an internal or external source.

758006789

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Upon request, the Reinsurer shall, at its option, promptly return any Personal Information to the Company or securely destroy such Personal Information (and render unreadable and unrecoverable) in a manner consistent with accepted industry best practices, and otherwise shall securely destroy (and render unreadable and unrecoverable) such Personal Information in such manner upon termination of this Agreement or (if earlier) when no longer necessary to perform its obligations under this Agreement; <u>provided</u>, that the Reinsurer shall not be required to return or destroy any Personal Information maintained pursuant to automatic archiving and back-up procedures in accordance with the Reinsurer's ordinary electronic archiving or document retention policies or Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4<u>Survival</u>. The receiving party's obligation to maintain the confidentiality of Confidential Information provided to it shall survive termination of this Agreement and shall remain in effect for as long as the Confidential Information remains in the receiving party's possession.

Article XIV<br><u>REPRESENTATIONS AND WARRANTIES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1<u>Representations and Warranties of the Company</u>. For purposes of this <u>Section 14.1</u>, each of Empower Annuity Insurance Company of America and Empower Annuity Insurance Company shall be referred to as the "Company" in its individual capacity. The Company represents and warrants to the Reinsurer that as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Organization</u>. The Company is a life insurance company duly organized and validly existing under the laws of the Company Domiciliary State and has the requisite corporate power and authority to enter into and perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Authorization</u>. This Agreement has been duly authorized, executed and delivered by the Company and, assuming the due authorization, execution and delivery of this Agreement by the Reinsurer, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the effect of any applicable bankruptcy, reorganization, insolvency, moratorium, or similar laws relating to or affecting creditors' or insurance company creditors' rights generally and subject, as to enforceability, to the effect of general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>No Conflict or Violation</u>. The execution and delivery of this Agreement does not, and the performance by the Company of its obligations hereunder will not, conflict with, or result in any violation of or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination or cancellation under, any provision of (i) the articles or certificate of incorporation and by-laws or comparable organizational documents of the Company, or (ii) (1) any contract, permit, order, judgment or decree to which the Company is a party or any of its assets are subject, (2) any order of any Governmental Authority or (3) any Applicable Law, in each case referenced in this subpart (ii), except for such violations or defaults which would not reasonably be expected to have a material adverse effect on the IPG Policies or the Company's ability to satisfy its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No Consents or Approvals</u>. The execution and delivery of this Agreement and the performance of the obligations hereunder will not require the Company to obtain any consent, approval, order or authorization of, or make any registration, declaration or filing with, any Governmental Authority or other Person, except any

758006789

------

consents, approvals, orders, authorizations, registrations, declarations or filings (i) that have been obtained or made or (ii) of which the failure to obtain or make would not reasonably be expected to have a material adverse effect on the IPG Policies or the Company's ability to satisfy its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Absence of</u> <u>Litigation and Investigations</u>. There are no Actions (other than claims under the IPG Policies within applicable policy limits) pending or, to the knowledge of the Company, threatened against the Company with respect to the IPG Policies, or against the Company otherwise that would reasonably be expected to have a material adverse effect on the IPG Policies or the Company's ability to satisfy its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>No Governmental Orders</u>. There is no outstanding order, decree (including a consent decree), judgment, writ, injunction, directive, decision, award, stipulation, or ruling by or with any Governmental Authority, arbitrator or arbitration board involving the IPG Policies, or binding upon the Company except as would not reasonably be expected to have a material adverse effect on the IPG Policies or the Company's ability to satisfy its obligations under this Agreement. There is no investigation or proceeding pending or, to the knowledge of the Company, threatened by, any Governmental Authority, against (i) the Company with respect to the IPG Policies, or (ii) against the Company generally, except as would not reasonably be expected to have a material adverse effect on the Company's ability to satisfy its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Brokers</u>. No reinsurance intermediary, broker or finder has acted directly or indirectly for the Company, nor has the Company incurred any obligations that the Reinsurer could be liable for to pay any reinsurance intermediary, brokerage or finder's fee or other commission, in connection with the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Accuracy of Data</u>. The Company acknowledges that it has provided the Reinsurer with the data and information described in <u>Schedule I</u> (the "<u>Data</u>") prior to the date hereof. All factual information described in <u>Schedule I</u> was complete and accurate in all material respects as of the date the document containing the information was prepared. The Company is not aware of any omissions, errors, changes or discrepancies that would materially affect the Data since the respective dates of such documents. For the avoidance of doubt, nothing in this <u>Section 14.1(h)</u> shall be construed as a warranty by the Company to the Reinsurer with respect to the future experience of the IPG Policies or the associated liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Financial Statements</u>. The Company has previously made available to the Reinsurer (A) the annual audited statutory statements of the Company as filed with the applicable insurance regulatory authorities for the years ended December 31, 2022, (B) the unaudited statutory financial statements of the Company for the quarter ended June 30, 2023 and (C) the statutory annual statement of the Company filed with its domiciliary insurance regulator for the year ended December 31, 2022 ((A), (B) and (C) collectively, the "<u>SAP Statements</u>"). Subject to the notes thereto, each SAP Statement has been prepared in all material respects in accordance with SAP applicable to the Company, subject, in the case of the unaudited statutory financial statements, to normal and recurring year-end adjustments, and fairly presents, in all material respects, the statutory financial condition and results of operations of the Company as at the dates and for the periods indicated therein.

758006789

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Policy Forms</u>. The Company has provided the Reinsurer true and correct copies of all of the policy forms, riders and endorsements pertaining to the IPG Policies (subject to any state variations with respect thereto), as described on <u>Schedules A-1</u> through <u>A-4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Actuarial Reports</u>. The Company has delivered to the Reinsurer true, complete and correct copies of the actuarial reports prepared by internal or external actuaries with respect to the IPG Policies described in <u>Schedule J</u> and all attachments, addenda, supplements and modifications thereto (collectively, "<u>Actuarial Reports</u>"). The information and factual data furnished to the actuaries preparing such Actuarial Reports with respect to the IPG Policies in connection with the preparation of the Actuarial Report (i) by the Company and its Affiliates was, and (ii) to the Company's best knowledge, by the Company's Representatives who are not Affiliates was, (x) obtained from the books and records of the Company and from the same underlying sources and systems that were utilized by the Company to prepare the SAP Statements and (y) true and accurate in all material respects at the time so furnished. As of the date hereof, no actuary that has prepared an Actuarial Report has issued to the Company or its Affiliates any new or revised report with respect to the IPG Policies or any errata with respect to such Actuarial Report nor has it notified the Company or any of its Affiliates that such Actuarial Report is inaccurate in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Inuring Reinsurance</u>. Other than this Agreement, the Company is not a party to any agreement or contract under which it cedes or retrocedes to any Person any risk or liability arising under any of the IPG Benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>Administration</u>. The Company has administered and provided contractholder/plan participant and claims servicing with respect to the IPG Policies since their respective dates of issuance in a manner consistent in all material respects with the terms of the IPG Policies and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)<u>Compliance with Applicable Law</u>. The Company has not received any notice from any Governmental Authority alleging any violation of any Applicable Law that would, individually or in the aggregate, reasonably be expected to have a material adverse effect on the IPG Policies or the Company's ability to satisfy its obligations under this Agreement and under the Custody Agreement. The Company has filed all material reports, registrations, filings or submissions required to be filed with any Governmental Authority with respect to the IPG Policies except where the failure to file such reports, registrations, filings or submissions would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the IPG Policies or the Company's ability to satisfy its obligations under this Agreement and under the Custody Agreement. All such reports, registrations, filings or submissions were in compliance in all material respects with Applicable Law when filed or as amended or supplemented, and no material deficiencies have been asserted by any such Governmental Authority with respect to such registrations, filings or submissions that have not been satisfied or resolved, except in each case as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the IPG Policies or the Company's ability to satisfy its obligations under this Agreement and under the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Tax Treatment</u>. Each IPG Policy provides, and since the date of issuance or subsequent modification has provided, the purchaser, policyholder, account holder, other holder or intended beneficiary thereof with tax treatment under the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder that

758006789

------

is, in all material respects, not less favorable than the tax treatment that was purported to apply in written materials provided by the issuer of such IPG Policy at the time of issuance or subsequent modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)<u>Separate Accounts</u>. Each separate account utilized by the Company in connection with the IPG Policies: (1) is and has been duly and validly established and maintained in all material respects under Applicable Law and is and has been, operating in compliance in all material respects with Applicable Law, the terms of the IPG Policies applicable to it, and the disclosure documents related to such IPG Policies; and (2) is either duly registered as an investment company under the Investment Company Act (each, a "<u>Registered Separate Account</u>") or is excluded from the definition of "investment company" pursuant to Section 3(c)(1), 3(c)(7) or 3(c)(11) or another applicable exemption of the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"). The registration of each Registered Separate Account is in full force and effect. Each Registered Separate Account has maintained a registration statement in material compliance with the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)<u>No Surrender and Reinstatement</u>. The IPG Policies do not provide any contractholder or plan participant with a right to surrender (other than a right to terminate and receive the market value of applicable covered funds) and/or reinstate any IPG Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2<u>Representations and Warranties of the Reinsurer</u>. The Reinsurer represents and warrants to the Company that as of the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Organization</u>. The Reinsurer is a corporation duly organized and validly existing under the laws of Ohio and it has the requisite corporate power and authority to enter into and perform its obligations under this Agreement and the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Authorization</u>. Each of this Agreement and the Custody Agreement has been duly authorized, executed and delivered by the Reinsurer and, assuming the due authorization, execution and delivery of this Agreement and the Custody Agreement by the Company, constitutes a legal, valid and binding obligation of the Reinsurer, enforceable against the Reinsurer in accordance with its terms, subject to the effect of any applicable bankruptcy, reorganization, Insolvency, moratorium, or similar laws relating to or affecting creditors' or insurance company creditors' rights generally and subject, as to enforceability, to the effect of general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>No Conflict or Violation</u>. The execution and delivery of this Agreement and the Custody Agreement does not, and the performance by the Reinsurer of its obligations hereunder and thereunder will not, conflict with, or result in any violation of or default (with or without notice or lapse of time, or both) under, or give rise to a right of termination or cancellation under, any provision of (i) the articles or certificate of incorporation and by-laws or comparable organizational documents of the Reinsurer, or (ii) (1) any contract, permit, order, judgment or decree to which the Reinsurer is a party or any of its assets are subject, (2) any order of any Governmental Authority or (3) any Applicable Law, in each case referenced in this subpart (ii), except for such violations or defaults which would not reasonably be expected to have a material adverse effect on the reinsurance being provided hereunder or the Reinsurer's ability to satisfy its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>No Consents or Approvals</u>. The execution and delivery of this Agreement and the Custody Agreement and the performance of the obligations hereunder and

758006789

------

thereunder will not require the Reinsurer to obtain any consent, approval, order or authorization of, or make any registration, declaration or filing with, any Governmental Authority or other Person, except any consents, approvals, orders, authorizations, registrations, declarations or filings (i) that have been obtained or made or (ii) those which the failure to obtain or make would not reasonably be expected to have a material adverse effect on the Reinsurer's ability to satisfy its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Brokers</u>. No reinsurance intermediary, broker or finder has acted directly or indirectly for the Reinsurer, nor has the Reinsurer incurred any obligations that the Company could be liable for to pay any reinsurance intermediary, brokerage or finder's fee or other commission, in connection with the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>No Proceedings; Governmental Orders or Investigations</u>. There is no (i) Action pending or, to the knowledge of the Reinsurer, threatened, against the Reinsurer or any of its Affiliates, (ii) Applicable Law or outstanding order, decree (including a consent decree), judgment, writ, injunction, directive, decision, award, stipulation, or ruling by or with any Governmental Authority, arbitrator or arbitration board binding upon the Reinsurer or any of its Affiliates or (iii) investigation or proceeding pending or, to the knowledge of the Reinsurer, threatened by, any Governmental Authority, against the Reinsurer or any of its Affiliates, in each case of (i), (ii) and (iii) that (A) challenges the validity or enforceability of this Agreement or the Custody Agreement, (B) seeks to enjoin or prohibit the consummation of the transactions contemplated hereby or thereby or (C) would reasonably be expected to have a material adverse effect on the Reinsurer's ability to perform its obligations under this Agreement and the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Governmental Licenses and Permits</u>. The Reinsurer owns, holds or possesses all material Permits necessary for it to conduct its business and the reinsurance contemplated herein as required for its performance of this Agreement and the Custody Agreement. All such Permits are valid and in full force and effect in accordance with their terms, and the Reinsurer is not in default or violation, in any material respect, of any of the Permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)[Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)[Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3<u>Survival</u>. All representations and warranties contained in this Agreement shall survive the consummation of the transactions contemplated by this Agreement on the date hereof until (i) with respect to Company Fundamental Representations and Reinsurer Fundamental Representations, [Redacted], (ii) with respect to all other representations and warranties contained in this Agreement, [Redacted]. The covenants contained in this Agreement shall survive for the period provided in such covenant, if any, or otherwise, until [Redacted].

Article XV<br><u>INDEMNIFICATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the limitations on survival set forth in <u>Section 14.3</u> and to the limitations set forth in this <u>ARTICLE XV</u>, from and after the date hereof, each

758006789

------

Company agrees to indemnify, defend and hold harmless the Reinsurer and each of the Reinsurer Indemnified Parties from and against: [Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to the limitations on survival set forth in <u>Section 14.3</u> and to the limitations set forth in this <u>ARTICLE XV</u>, from and after the date hereof, the Reinsurer agrees to indemnify, defend and hold harmless each Company and the Company Indemnified Parties relative to each such Company from and against: [Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The following terms, for purposes of this <u>Section 15.1</u>, are defined below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)"<u>Breach of Representation</u>" means any inaccuracy in or breach of the representations and warranties made by the respective parties, as applicable, under <u>Article XIV</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)"<u>Excluded Losses</u>" means any punitive, exemplary, indirect, special, consequential damages, lost profits or diminution in value other than (a) such damages actually paid by or on behalf of Reinsurer or any Reinsurer Indemnified Parties or any Company or any Company Indemnified Parties, as applicable, to a Person which is not its Affiliate thereof in respect of a third party claim (i.e., a claim made or brought by any Person that is not a party to this Agreement), or (b) indirect or consequential damages (including, for the avoidance of doubt, such damages comprising lost profits or diminution in value) to the extent they are the reasonably foreseeable result of the event or breach that gave rise thereto or matter for which indemnification is sought hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)"<u>Indemnified Losses</u>" means damages, losses, liabilities, commitments, obligations, awards, penalties, costs or expenses (excluding Excluded Losses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)"<u>Reinsurer Indemnified Parties</u>" means, collectively, the Reinsurer's directors, officers, employees, Affiliates, successors and permitted assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)"<u>Company Indemnified Parties</u>" means, with respect to each Company, such Company's directors, officers, employees, Affiliates, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)For avoidance of doubt and subject to <u>Section 15.1(e)</u> below, for purposes of this <u>Section 15.1</u>, each of Empower Annuity Insurance Company of America and Empower Annuity Insurance Company shall be referred to as the "Company" in its individual and several capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding anything contained or implied in this <u>Section 15.1</u> to the contrary, Losses and Indemnified Losses shall be determined without duplication (including, for avoidance of doubt, with respect to any directors, officers, employees, Affiliates, successors and permitted assigns that are common to both Empower Annuity Insurance Company of America and Empower Annuity Insurance Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2<u>Claims Notice</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In the event that any Reinsurer Indemnified Party or Company Indemnified Party elects to assert a claim for indemnification hereunder arising from a claim or demand made, or an Action or investigation instituted, by any Person not a

758006789

------

party to this Agreement or an Affiliate of a party to this Agreement that may result in a Loss for which indemnification may be claimed under this <u>ARTICLE XV</u> (a "<u>Third Party Claim</u>"), such party seeking indemnification (the "<u>Indemnified Party</u>") shall, as promptly as practicable give written notice (a "<u>Claims Notice</u>") to the other party (the "<u>Indemnifying Party</u>"). Such Claims Notice shall specify in reasonable detail the facts constituting the basis for, and the amount of, the claim asserted. The failure by any Indemnified Party to notify the Indemnifying Party as promptly as practicable shall relieve the Indemnifying Party of its indemnification obligations to the extent such failure or other actions taken by the Indemnified Party shall actually prejudice an Indemnifying Party; <u>provided</u>, <u>however</u>, that an Indemnifying Party shall have no obligation whatsoever to indemnify an Indemnified Party if a Claims Notice containing the information specified above is not received by the Indemnifying Party prior to the termination of the applicable periods described in <u>Section 14.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to the provisions of <u>Section 15.2(c)</u>, upon receipt of a Claims Notice, the Indemnifying Party shall have the right to assume the defense and control of Third Party Claims. In the event the Indemnifying Party exercises such right to assume the defense and control of a Third Party Claim, the Indemnified Party shall have the right but not the obligation reasonably to participate in (but not control) the defense of Third Party Claims with its own counsel and at its own expense unless (i) the Indemnifying Party and Indemnified Party shall have mutually agreed in writing to the retention of the same counsel, or (ii) the named parties to any such Third Party Claim (including any impleaded parties) include the Indemnifying Party and Indemnified Party and representation of both parties by the same counsel would, in the opinion of counsel to such Indemnified Party, be impermissible under the applicable code of professional responsibility due to actual or potential differing interests between the Indemnifying Party and Indemnified Party, including situations in which there are one or more legal defenses available to the Indemnified Party that are different from, or additional to, those available to the Indemnifying Party, in which case the Indemnifying Party will bear such expense of the Indemnified Party. Any election by an Indemnifying Party to assume the defense of a Third Party Claim must be delivered by the Indemnifying Party to the Indemnified Party within [Redacted] Business Days after receipt of the Indemnified Party's Claims Notice, and failure on the part of the Indemnifying Party to deliver such notice within such [Redacted] Business Day period shall be deemed an election not to assume the defense of such Third Party Claim. If the Indemnifying Party elects to assume the defense of a Third Party Claim, then the Indemnified Party shall reasonably cooperate with the Indemnifying Party in the defense of any such Third Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Indemnified Party shall not consent to a settlement of, or the entry of any judgment arising from, any Third Party Claim without the consent of the Indemnifying Party (which shall not be unreasonably withheld, conditioned or delayed). The Indemnifying Party shall be authorized to consent to a settlement of, or the entry of any judgment arising from, any Third Party Claim as to which the Indemnifying Party has assumed the defense in accordance with the terms of <u>Section 15.2(b)</u>, without the consent of any Indemnified Party, but only to the extent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)such settlement or entry of judgment (A) does not involve any finding or admission of any violation of Applicable Law, an admission of any wrongdoing or an injunction or other equitable relief by the Indemnified Party; and (B) provides solely for the payment of money; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Indemnifying Party shall (A) pay or cause to be paid all amounts arising out of such settlement or judgment concurrently with the

758006789

------

effectiveness of such settlement; (B) not encumber any of the assets of the Indemnified Party or agree to any restriction or condition that would apply to or adversely affect the Indemnified Party; and (C) obtain, as a condition of any settlement or other resolution, a complete and unconditional release of the Indemnified Party from any and all liability respect of such Third Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)In the event that any Indemnified Party elects to bring a claim that does not involve a Third Party Claim for indemnity against any Indemnifying Party, the Indemnified Party shall deliver written notice of such claim to the Indemnifying Party as promptly as practicable. Such notice shall specify in reasonable detail the facts constituting the basis for, and the amount of, the claim asserted. The failure by any Indemnified Party to notify the Indemnifying Party as promptly as practicable shall relieve the Indemnifying Party of its indemnification obligation to the extent such failure or other action taken by the Indemnified Party would actually prejudice the Indemnifying Party; <u>provided</u>, <u>however</u>, that an Indemnifying Party shall have no obligation whatsoever to indemnify an Indemnified Party if the written notice described in this <u>Section 15.2(d)</u> is not received by the Indemnifying Party prior to the termination of the applicable periods described in <u>Section 14.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3<u>Indemnification Payments</u>. Any payment arising under this <u>ARTICLE XV</u> shall be made by wire transfer of immediately available funds to such account or accounts as the Indemnified Party shall designate to the Indemnifying Party in writing; <u>provided</u>, that such payments shall be made, without duplication, only to the Reinsurer or the Company, as the case may be.

Article XVI<br><u>MISCELLANEOUS PROVISIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1<u>Headings and Schedules</u>. Headings used herein are for convenience of reference only and do not define, limit or otherwise affect the terms hereof. The attached Schedules and Exhibits are a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2<u>Notices</u>. Unless otherwise provided in this Agreement, all notices, directions, requests, demands, acknowledgments and other communications required or permitted to be given or made under the terms hereof shall be in writing and shall be deemed to have been duly given or made (a) (i) when delivered personally, (ii) when made or given by facsimile or electronic media, provided that, in the case of facsimile and electronic mail notifications, such notifications are confirmed by telephone or electronic mail, or (iii) in the case of mail delivery, upon the expiration of [Redacted] calendar days after any such notice, direction, request, demand, acknowledgment or other communication shall have been deposited in the United States mail for transmission by first class mail, postage prepaid, or upon receipt thereof, whichever shall first occur and (b) when addressed as follows:

If to the Company, as applicable:

Empower Annuity Insurance Company<br>c/o: Empower Annuity Insurance Company of America<br>8515 E. Orchard Rd.<br>Greenwood Village, Colorado 80111<br>Attn: General Counsel <br>Email: [Redacted]

758006789

------

Empower Annuity Insurance Company of America<br>8515 E. Orchard Rd.<br>Greenwood Village, Colorado 80111<br>Attn: General Counsel<br>Email: [Redacted]<br>Reinsurer Reports to be delivered via e-mail to: <br>&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

If to the Reinsurer:

Nationwide Life Insurance Company<br>One Nationwide Plaza<br>Columbus, Ohio 43215<br>Attn: [Redacted], Financial Reporting<br>Email:&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]

with a copy to:

Nationwide Life Insurance Company<br>One Nationwide Plaza<br>Columbus, Ohio 43215<br>Attn: [Redacted], Office of General Counsel<br>Email: [Redacted]

or to such other address or to such other Person as either party may have last designated by notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3<u>Successor and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, permitted assigns and legal representatives. Neither this Agreement, nor any right or obligation hereunder, may be assigned by either party without the prior written consent of the other party hereto. Any assignment in violation of this <u>Section 16.3</u> shall be void and shall have no force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4<u>Execution in Counterparts</u>. This Agreement may be executed by the parties hereto in any number of counterparts, and by each of the parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument, and such counterparts may be delivered in electronic format, including by facsimile, email or other transmission method. Such delivery of counterparts shall be conclusive evidence of the intent to be bound hereby and each such counterpart, including those delivered in electronic format, and copies produced therefrom shall have the same effect as an originally signed counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5<u>Currency</u>. Whenever the word "<u>Dollars</u>" or the "<u>$</u>" sign appear in this Agreement, they shall be construed to mean United States Dollars, and all transactions under this Agreement shall be in United States Dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6<u>Transaction Costs</u>. Except as otherwise provided herein, each party shall bear its own costs relating to preparing and negotiating this Agreement and the transactions contemplated hereby.

758006789

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7<u>Amendments</u>. This Agreement may not be changed, altered or modified unless the same shall be in writing executed by the Company and the Reinsurer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8<u>Governing Law; Consent to Jurisdiction; Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement will be construed, performed and enforced in accordance with the laws of the State of New York without giving effect to its principles or rules of conflict of laws thereof or other laws to the extent such principles or rules or laws would require or permit the application of the laws of another jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to the terms and conditions of <u>Article XII</u> each party agrees that the federal courts of the Southern District of the State of New York, or the state courts of such state in the County of New York, shall have jurisdiction to hear any matter relating to this Agreement, and the parties hereby consent to such jurisdiction. Each of the Company and the Reinsurer hereby waives, to the fullest extent permitted by Applicable Law, any objection it may now or hereafter have to the laying of such venue, or a claim that a proceeding has been brought in an inconvenient forum. In addition, the Reinsurer hereby consents to service of process out of such courts at the address set forth in <u>Section 16.2</u>. This <u>Section 16.8(b)</u> is not intended to conflict with or override <u>Article XII</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT OR ANY OTHER TRANSACTION AGREEMENTS, OR ITS PERFORMANCE UNDER OR THE ENFORCEMENT OF THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.9<u>Entire Agreement; Severability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Agreement, the Custody Agreement and the Rate Lock Agreement constitute the entire agreement between the parties hereto relating to the subject matter hereof and thereof and supersede all prior and contemporaneous agreements, understandings, statements, representations and warranties, negotiations and discussions, whether oral or written, of the parties and there are no general or specific warranties, representations or other agreements by or among the parties in connection with the entering into of this Agreement or the subject matter hereof except as specifically set forth or contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If any provision of this Agreement is held to be void or unenforceable, in whole or in part, and if the rights or obligations of the Company or the Reinsurer under this Agreement will not be materially and adversely affected thereby, (i) such holding shall not affect the validity and enforceability of the remainder of this Agreement, including any other provision, paragraph or subparagraph, and (ii) the parties agree to attempt in good faith to reform such void or unenforceable provision to the extent necessary to render such provision enforceable and to carry out its original intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.10<u>No Waiver; Preservation of Remedies</u>. No consent or waiver, express or implied, by any party to or of any breach or default by any other party in the performance by such other party of its obligations hereunder shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance of obligations hereunder by such other party hereunder. No consent, waiver or course of conduct by any party with respect to any breach or default of this Agreement by any other party shall constitute or be construed as a modification of this Agreement. Failure on the part of any party to complain of

758006789

------

any act or failure to act of any other party or to declare any other party in default, irrespective of how long such failure continues, shall not constitute a waiver by such first party of any of its rights hereunder. The rights and remedies provided are cumulative and are not exclusive of any rights or remedies that any party may otherwise have at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.11<u>No Third Party Beneficiary</u>. Nothing in this Agreement will confer any rights upon any Person other than the Company and the Reinsurer and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.12<u>Survival</u>. In addition to any terms or provisions of this Agreement which expressly survive termination under any of the Articles and Sections hereof, which shall so survive termination according to such express terms, <u>Articles I</u>, <u>VIII</u>, <u>XII</u>, <u>XIII</u> and <u>XV</u>, this <u>Article XVI</u>, and <u>Section 3.9</u> shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.13<u>Certain Limitations</u>. The parties acknowledges and agree that, notwithstanding anything herein to the contrary, but without limitation of the representations and warranties expressly set forth in <u>Article XIV</u>, neither of the parties nor any Affiliate of either of them makes or has made any representation, warranty or guarantee to the other of them, and neither of the parties has relied on, any inducement or promise or any representation or warranty by the other of them, oral or written, express or implied which is not expressly set forth in this Agreement. Without limiting the generality of the foregoing, each party hereto acknowledges and agrees that, notwithstanding anything herein to the contrary (including, without limitation, <u>Sections 14.1(h)</u>, <u>14.1(i)</u> and <u>14.1(k)</u> with respect to the Company, and <u>Sections 14.2(h)</u> and <u>14.2(i)</u> with respect to the Reinsurer, but without limitation of the representations and warranties expressly set forth therein), neither party nor any Affiliate thereof makes or has made any representation, warranty or guarantee, (A) in the case of the Company, to the Reinsurer (i) with respect to (x) any estimation, valuation, appraisal, projection or forecast relating to the IPG Policies, or (y) the methodologies or assumptions used to develop such projections or forecasts, (ii) that the reserves held by or on behalf of the Company in respect of the IPG Policies or IPG Benefits are or will be adequate or sufficient for the purposes for which they were established; and (B) in the case of the Reinsurer, to the Company with respect to (x) the solvency of the Reinsurer, or (y) the methodologies utilized to calculate Statutory Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.14<u>Disclaimer</u>. In recognition that each party has consummated the transactions contemplated by this Agreement based on mutually negotiated representations, warranties, covenants, remedies and other terms and conditions as are fully set forth herein, the Company and the Reinsurer absolutely and irrevocably waive resort to the duty of "utmost good faith" or any similar principle of disclosure in connection with the formation of this Agreement; it being understood and agreed that this <u>Section 16.14</u> shall in no respect limit or nullify said duty of utmost good faith with respect to performance by the parties of their respective obligations under this Agreement.

*[Remainder of Page Intentionally Left Blank]*

758006789

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first stated above.

**EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA**

By:&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]<br> Name: [Redacted] <br> Title: Senior Vice President and Head of Empower Investments <u><br></u>

<br> **EMPOWER ANNUITY INSURANCE COMPANY**

By:&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]<br> Name: [Redacted] <br> Title: Senior Vice President<br>

**NATIONWIDE LIFE INSURANCE COMPANY**

By:&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]<br> Name: [Redacted]<br> Title: Vice President – Retirement Plans Pricing

------

## Ex-99.G2

**STRICTLY CONFIDENTIAL&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXECUTION VERSION**

**AMENDMENT NO. 1 TO REINSURANCE AGREEMENT**

This AMENDMENT NO. 1 (this "<u>Amendment</u>"), effective as of May 16, 2025 (the "<u>Amendment No. 1 Effective Date</u>"), amends that certain Reinsurance Agreement (as amended from time to time, the "<u>Agreement</u>"), dated as of December 27, 2023, by and between Empower Annuity Insurance Company of America, a Colorado-domiciled life insurer, and Empower Annuity Insurance Company, a Connecticut-domiciled life insurer (each separately, and collectively, as the context requires, the "<u>Company</u>"), and Nationwide Life Insurance Company, a reinsurance company organized under the laws of Ohio (the "<u>Reinsurer</u>"). All capitalized terms that are not defined elsewhere in this Amendment shall have the respective meanings assigned thereto in the Agreement.

**WHEREAS**, the Company and the Reinsurer mutually desire to amend the Agreement to add [Redacted] the Retirement IncomeAdvantage product (as defined below), effective as of the Amendment No. 1 Effective Date, on and subject to the terms set forth herein.

**NOW, THEREFORE**, in consideration of the mutual covenants, agreements and undertakings contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and subject to and on the terms and conditions set forth in this Amendment, the parties hereto, each intending to be legally bound, hereby acknowledge and agree as follows:

1.<u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Section 1.1 of the Agreement is hereby amended to add the following defined terms in appropriate alphabetical order:

"<u>Amendment No. 1 Effective Date</u>" means May 16, 2025.

"<u>Amendment No. 1 IPG Policies</u>" means [Redacted].

"<u>Original Effective Date</u>" means December 31, 2023.

"<u>Original IPG Policies</u>" means the IPG Policies other than the Amendment No. 1 IPG Policies.

[Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Section 1.1 of the Agreement is hereby amended to amend and restate the following defined terms and definitions in their entirety, as applicable, as follows:

"<u>Accounting Period</u>" means each calendar quarter, provided that the initial Accounting Period (a) with respect to the Original IPG Policies shall commence on the Original Effective Date and end on the last day of the first calendar quarter

------

in 2024 (b) with respect to the Amendment No. 1 IPG Policies shall commence on the Amendment No. 1 Effective Date and end on the last day of the second calendar quarter in 2025, and the final Accounting Period shall commence on the first day of the calendar quarter in which the Termination Date falls and end on the Termination Date.

"<u>Effective Date</u>" means (i) with respect to the Original IPG Policies, the Original Effective Date and (ii) with respect to the Amendment No. 1 IPG Policies, the Amendment No. 1 Effective Date.

"<u>Effective Time</u>" means (i) with respect to the Original IPG Policies, 11:59:59 p.m. Eastern Standard Time and (ii) with respect to the Amendment No. 1 IPG Policies, 12:00:01 a.m. Eastern Standard Time, in each case, on the applicable Effective Date.

"<u>GLWB Charges</u>" mean the applicable product revenue from the IPG Policies that consists of the "Guarantee Benefit Fee" for SecureFoundation product, the "Guarantee Fee" for IncomeFlex Select, IncomeFlex Target and [Redacted] products and [Redacted] (as such terms are defined in the applicable IPG Policies), but excluding any recordkeeping fees, mutual fund revenue, or other revenue associated with the Investment Options such as portfolio fees under the IPG Policies.

"<u>IPG Policies</u>" means the annuity contracts issued by the Company, but only to the

extent the same provide guaranteed lifetime withdrawal benefits, and which consist of the SecureFoundation product, the IncomeFlex Select product, IncomeFlex Target product [Redacted], including rollovers from the group product to an individual product, as applicable, but excluding [Redacted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Section 3.3 of the Agreement is hereby amended and restated in its entirety as follows:

2. [Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Section 4.2(b) of the Agreement is hereby amended and restated in its entirety as follows:

[Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Section 4.2(c) of the Agreement is hereby amended to add a new clause (5) at the end of Section 4.2(c) as follows:

------

[Redacted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Agreement is hereby amended to attach <u>Schedule A-5</u> hereto as Schedule A-5 to the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Agreement is hereby amended to amend and restate the following Schedules to the Agreement in their entirety, as applicable, each in the corresponding forms attached hereto:

SCHEDULE A-1 – [Redacted]

SCHEDULE A-2 – [Redacted]

SCHEDULE C – [Redacted]

SCHEDULE D – [Redacted]

SCHEDULE G – [Redacted]

SCHEDULE H – [Redacted]

SCHEDULE I – [Redacted]

SCHEDULE J – [Redacted]

3.<u>RIA One-Time Reinsurance Premium; Collateral Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)In further consideration for the coverage provided with respect to the addition of the Amendment No. 1 IPG Policies, [Redacted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For avoidance of doubt, the parties hereto acknowledge and agree that the actions contemplated by Sections 4.1(b), 4.1(c) and 9.2(a) of the Agreement relating to the payment of the One-Time Reinsurance Premium and the One-Time Reinsurance Premium Adjustment and the establishment and initial funding of the Collateral Account has already occurred, and references therein to the "Effective Date" and "Effective Time" are with respect to the Original IPG Policies.

4.<u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each of Empower Annuity Insurance Company and the Reinsurer hereby makes its respective representations and warranties as set forth in Sections 14.1(a)–(q) and Sections 14.2(a)–(i) of the Agreement, respectively, as of the Amendment No. 1 Effective Date, solely with respect to this Amendment and the Amendment No. 1 IPG Policies, *mutatis mutandis*; including that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any references therein to the "Agreement," "hereof," "herein" or "hereby" (and other words of similar import) shall be references to this "Amendment;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)any references therein to "IPG Policy" or the "IPG Policies" shall be references to "the Amendment No. 1 IPG Policies;"

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any references therein to the "IPG Benefits" shall be with respect to the Amendment No. 1 IPG Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any references therein to the "Company" shall be references to "Empower Annuity Insurance Company;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)any references therein to the "date hereof" or the "Effective Date", or to the "Effective Time" (and other words of similar import) shall be references to the "Effective Date" and the "Effective Time," respectively, in each case with respect to the Amendment No. 1 IPG Policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)any references therein to Schedules to the Agreement shall be references to the relevant portions of such Schedules (as amended hereby) relating to the Amendment No. 1 IPG Policies; <u>provided</u> that the reference in Section 14.1(j) of the Agreement to "Schedules A-1 through A-4" shall be a reference to <u>Schedule A-5</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)References in the Agreement to the parties' respective representations and warranties shall include the corresponding applicable representations and warranties made by the respective parties, as applicable, under <u>Section 3(a)</u> of this Amendment, *mutatis mutandis*, including the defined terms "Breach of Representation," "Company Fundamental Representations," and "Reinsurer Fundamental Representations," Section 14.3 and Section 16.13 (with references in such sections to the "Agreement" being references to this "Amendment" and references in such sections to the "date hereof" being references to the Amendment No. 1 Effective Date, as applicable).

5.<u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Effect of Amendment*. This Amendment shall not constitute an amendment or waiver of any provision of the Agreement not expressly amended or waived herein and shall not be construed as an amendment, waiver or consent to any action that would require an amendment, waiver or consent, except as expressly stated herein. The Agreement, as amended by this Amendment, is and shall continue to be in full force and effect and is in all respects ratified and confirmed hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)*Schedules*. The Schedules as modified pursuant to and in accordance with this Amendment shall constitute the Schedules for all purposes under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)*Counterparts*. This Amendment may be executed by the parties hereto in any number of counterparts, and by each of the parties hereto in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument, and such counterparts may be delivered in electronic format, including by facsimile, email or other transmission method. Such delivery of counterparts shall be conclusive evidence of

------

the intent to be bound hereby and each such counterpart, including those delivered in electronic format, and copies produced therefrom shall have the same effect as an originally signed counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)*Governing Law; Dispute Resolution*. This Amendment will be construed, performed and enforced in accordance with the laws of the State of New York without giving effect to its principles or rules of conflict of laws thereof or other laws to the extent such principles or rules or laws would require or permit the application of the laws of another jurisdiction. Any disputes arising under this Amendment shall be handled in accordance with the procedures set forth in Section 16.8 of the Agreement.

*[Remainder of Page Intentionally Left Blank]*

------

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized representatives as of the date first stated above.

**EMPOWER ANNUITY INSURANCE COMPANY OF AMERICA**

By:&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]<br> Name: [Redacted]<br> Title: Executive Vice President and <br> Head of Investments<u><br></u>

<br> **EMPOWER ANNUITY INSURANCE COMPANY**

By:&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]<br> Name: [Redacted]<br> Title: Executive Vice President<u><br></u>

<br> **NATIONWIDE LIFE INSURANCE COMPANY**

By:&nbsp;&nbsp;&nbsp;&nbsp;[Redacted]<br> Name: [Redacted] <br> Title: Vice President, Protected Retirement

[Signature Page to Amendment No. 1]

------

## Ex-99.K

**Olga Zhivnitskaya**<br>Counsel

**Empower Annuity Insurance Company**

280 Trumbull Street

Hartford, CT 06103

April 13, 2026

Ladies and Gentlemen:

This opinion is furnished in connection with the filing of this Post-Effective Amendment No. 33 to Registration Statement No. 333-139334 ("PEA No. 33"), filed on Form N-4 under the Securities Act of 1933 for the Empower Annuity Insurance Company's variable deferred annuity contract ("Contract"). EAIC Variable Contract Account A ("Account") issues the Contract.

As an attorney for the Empower Annuity Insurance Company ("Empower"), I provide legal advice to Empower in connection with the operation of its variable products. In this role, I am familiar with the PEA No. 33 for the Contract.

I am also responsible for oversight of the preparation of the SEC Registration Statement filings for the Empower Retirement Security Annuity I and the Empower Retirement Security Annuity VIII group annuities under the Securities Act of 1933, which are supported by the Account.

I am of the following opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Empower is a valid corporation, organized and operating under the laws of the state of Connecticut and is subject to regulation by the Connecticut Commissioner of Insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The Account has been duly created and validly exists as a separate account pursuant to the aforesaid provisions of Connecticut law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The portion of the assets held in the Account equal to the reserve and other liabilities for variable benefits under the variable annuity contracts is not chargeable with liabilities arising out of any other business Empower may conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Assuming that the variable annuity contracts are issued in accordance with their terms, and that any necessary payment for the contracts is received by Empower, the variable annuity contracts are legally issued and are valid and binding obligations of Empower.

In arriving at the foregoing opinion, I have made such examination of law and examined such records and other documents as I judged to be necessary or appropriate.

I hereby consent to the filing of this opinion as an exhibit to the Registration Statement.

Sincerely,

<u>/s/</u> <u>Olga Zhivnitskaya,</u> <u>Esq.</u> 

Olga Zhivnitskaya, Esq.

Counsel

## Ex-99.L

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use in this Post-Effective Amendment to Registration Statement No. 333-139334 on Form N-4 of our report dated April 2, 2026, relating to the financial statements and financial highlights of each of the Sub-accounts of EAIC Variable Contract Account A, appearing in the Statement of Additional Information, which is part of such Registration Statement, and to the reference to us under the heading "Independent Registered Public Accounting Firm" in the Statement of Additional Information, which is part of such Registration Statement.

/s/ Deloitte & Touche LLP

Denver, Colorado

April 13, 2026

**CONSENT OF INDEPENDENT AUDITOR**

We consent to the use in this Registration Statement No. 333-139334 on Form N-4 of our report dated March 31, 2026, relating to the statutory-basis financial statements of Empower Annuity Insurance Company. We also consent to the reference to us under the heading "Independent Auditor" in such Registration Statement.

/s/ Deloitte & Touche LLP

Denver, Colorado

April 13, 2026

## Ex-99.P

**EMPOWER ANNUITY INSURANCE COMPANY<br>POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that I, Casey Craig, a member of the Board of Directors of Empower Annuity Insurance Company (the "Company"), a Connecticut corporation, do hereby constitute and appoint Elaina Ditillo, Michele Drummey, Mike Knowles, Judd Thompson, and Olga Zhivnitskaya, and each of them (with full power to each of them to act alone), as my true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for me and in my name, place and stead, in any and all capacities to execute (either in writing or electronically) on behalf of the Company or its separate accounts relating to annuity contracts and life insurance policies registered under the Securities Act of 1933 and/or the Investment Company Act of 1940, the "Registration Statements," as defined below, and any and all amendments thereto, together with all exhibits, instruments, and other documents necessary or appropriate in connection therewith, and to file the same with the Securities and Exchange Commission or any other federal or state regulatory authority as may be necessary or desirable, hereby ratifying and confirming all and every act and thing requisite to all intents and purposes that said attorney-in-fact and agent or his or her substitute, may lawfully do or cause to be done by virtue hereof. This Power of Attorney does not revoke any prior power of attorney. This Power of Attorney shall not be revoked by any subsequent power of attorney I may execute, unless such subsequent power of attorney specifically revokes this Power of Attorney or specifically states that the instrument is intended to revoke all prior powers of attorney.

The "Registration Statements" covered by this Power of Attorney are defined to include the registration statements listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement Name | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Act File Number |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-139334 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-170345 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-162553 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333-199286 |

---

IN WITNESS WHEREOF, I have hereunto set my hand this 26<sup>th</sup> day of March, 2026.

<u>/s/ Casey Craig</u> 

Director

Empower Annuity Insurance Company

------

**EMPOWER ANNUITY INSURANCE COMPANY<br>POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that I, Jonathan Kreider, a member of the Board of Directors of Empower Annuity Insurance Company (the "Company"), a Connecticut corporation, do hereby constitute and appoint Elaina Ditillo, Michele Drummey, Mike Knowles, Judd Thompson, and Olga Zhivnitskaya, and each of them (with full power to each of them to act alone), as my true and lawful attorney-in-fact and agent, with full power of substitution and re- substitution, for me and in my name, place and stead, in any and all capacities to execute (either in writing or electronically) on behalf of the Company or its separate accounts relating to annuity contracts and life insurance policies registered under the Securities Act of 1933 and/or the Investment Company Act of 1940, the "Registration Statements," as defined below, and any and all amendments thereto, together with all exhibits, instruments, and other documents necessary or appropriate in connection therewith, and to file the same with the Securities and Exchange Commission or any other federal or state regulatory authority as may be necessary or desirable, hereby ratifying and confirming all and every act and thing requisite to all intents and purposes that said attorney-in-fact and agent or his or her substitute, may lawfully do or cause to be done by virtue hereof. This Power of Attorney does not revoke any prior power of attorney. This Power of Attorney shall not be revoked by any subsequent power of attorney I may execute, unless such subsequent power of attorney specifically revokes this Power of Attorney or specifically states that the instrument is intended to revoke all prior powers of attorney.

The "Registration Statements" covered by this Power of Attorney are defined to include the registration statements listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement Name | &nbsp;&nbsp;&nbsp;Securities Act File Number |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-139334 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-170345 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-162553 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-199286 |

---

IN WITNESS WHEREOF, I have hereunto set my hand this <u>19</u><sup>th</sup> day of <u>February</u> 2025.

<u>/s/ Jonathan Kreider</u>

Director

Empower Annuity Insurance Company

------

**EMPOWER ANNUITY INSURANCE COMPANY<br>POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that I, Richard H. Linton, Jr., a member of the Board of Directors of Empower Annuity Insurance Company (the "Company"), a Connecticut corporation, do hereby constitute and appoint Elaina Ditillo, Michele Drummey, Mike Knowles, Judd Thompson, and Olga Zhivnitskaya, and each of them (with full power to each of them to act alone), as my true and lawful attorney-in-fact and agent, with full power of substitution and re- substitution, for me and in my name, place and stead, in any and all capacities to execute (either in writing or electronically) on behalf of the Company or its separate accounts relating to annuity contracts and life insurance policies registered under the Securities Act of 1933 and/or the Investment Company Act of 1940, the "Registration Statements," as defined below, and any and all amendments thereto, together with all exhibits, instruments, and other documents necessary or appropriate in connection therewith, and to file the same with the Securities and Exchange Commission or any other federal or state regulatory authority as may be necessary or desirable, hereby ratifying and confirming all and every act and thing requisite to all intents and purposes that said attorney-in-fact and agent or his or her substitute, may lawfully do or cause to be done by virtue hereof. This Power of Attorney does not revoke any prior power of attorney. This Power of Attorney shall not be revoked by any subsequent power of attorney I may execute, unless such subsequent power of attorney specifically revokes this Power of Attorney or specifically states that the instrument is intended to revoke all prior powers of attorney.

The "Registration Statements" covered by this Power of Attorney are defined to include the registration statements listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement Name | &nbsp;&nbsp;&nbsp;Securities Act File Number |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-139334 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-170345 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-162553 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-199286 |

---

IN WITNESS WHEREOF, I have hereunto set my hand this <u>21</u><sup>st</sup> day of <u>February</u> 2025.

<u>/s/ Richard H. Linton, Jr.</u>

Director

Empower Annuity Insurance Company

------

**EMPOWER ANNUITY INSURANCE COMPANY<br>POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that I, Mary Maiers, a member of the Board of Directors of Empower Annuity Insurance Company (the "Company"), a Connecticut corporation, do hereby constitute and appoint Elaina Ditillo, Michele Drummey, Mike Knowles, Judd Thompson, and Olga Zhivnitskaya, and each of them (with full power to each of them to act alone), as my true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for me and in my name, place and stead, in any and all capacities to execute (either in writing or electronically) on behalf of the Company or its separate accounts relating to annuity contracts and life insurance policies registered under the Securities Act of 1933 and/or the Investment Company Act of 1940, the "Registration Statements," as defined below, and any and all amendments thereto, together with all exhibits, instruments, and other documents necessary or appropriate in connection therewith, and to file the same with the Securities and Exchange Commission or any other federal or state regulatory authority as may be necessary or desirable, hereby ratifying and confirming all and every act and thing requisite to all intents and purposes that said attorney-in-fact and agent or his or her substitute, may lawfully do or cause to be done by virtue hereof. This Power of Attorney does not revoke any prior power of attorney. This Power of Attorney shall not be revoked by any subsequent power of attorney I may execute, unless such subsequent power of attorney specifically revokes this Power of Attorney or specifically states that the instrument is intended to revoke all prior powers of attorney.

The "Registration Statements" covered by this Power of Attorney are defined to include the registration statements listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement Name | &nbsp;&nbsp;&nbsp;Securities Act File Number |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-139334 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-170345 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-162553 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-199286 |

---

IN WITNESS WHEREOF, I have hereunto set my hand this <u>20th</u> day of <u>February</u> 2025.

<u>/s/ Mary Maiers</u>

Director

Empower Annuity Insurance Company

------

**EMPOWER ANNUITY INSURANCE COMPANY<br>POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that I, Christine Moritz, President and Chief Executive Officer of Empower Annuity Insurance Company (the "Company"), a Connecticut corporation, do hereby constitute and appoint Elaina Ditillo, Michele Drummey, Mike Knowles, Judd Thompson, and Olga Zhivnitskaya, and each of them (with full power to each of them to act alone), as my true and lawful attorney-in-fact and agent, with full power of substitution and re- substitution, for me and in my name, place and stead, in any and all capacities to execute (either in writing or electronically) on behalf of the Company or its separate accounts relating to annuity contracts and life insurance policies registered under the Securities Act of 1933 and/or the Investment Company Act of 1940, the "Registration Statements," as defined below, and any and all amendments thereto, together with all exhibits, instruments, and other documents necessary or appropriate in connection therewith, and to file the same with the Securities and Exchange Commission or any other federal or state regulatory authority as may be necessary or desirable, hereby ratifying and confirming all and every act and thing requisite to all intents and purposes that said attorney-in-fact and agent or his or her substitute, may lawfully do or cause to be done by virtue hereof. This Power of Attorney does not revoke any prior power of attorney. This Power of Attorney shall not be revoked by any subsequent power of attorney I may execute, unless such subsequent power of attorney specifically revokes this Power of Attorney or specifically states that the instrument is intended to revoke all prior powers of attorney.

The "Registration Statements" covered by this Power of Attorney are defined to include the registration statements listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement Name | &nbsp;&nbsp;&nbsp;Securities Act File Number |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-139334 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-170345 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-162553 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-199286 |

---

IN WITNESS WHEREOF, I have hereunto set my hand this <u>5</u><sup>th</sup> day of <u>March</u> 2025.

<u>/s/ Christine Moritz</u>

President and Chief Executive Officer

Empower Annuity Insurance Company

------

**EMPOWER ANNUITY INSURANCE COMPANY<br>POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that I, Kara Roe, Chief Financial Officer and Controller of Empower Annuity Insurance Company (the "Company"), a Connecticut corporation, do hereby constitute and appoint Elaina Ditillo, Michele Drummey, Mike Knowles, Judd Thompson, and Olga Zhivnitskaya, and each of them (with full power to each of them to act alone), as my true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for me and in my name, place and stead, in any and all capacities to execute (either in writing or electronically) on behalf of the Company or its separate accounts relating to annuity contracts and life insurance policies registered under the Securities Act of 1933 and/or the Investment Company Act of 1940, the "Registration Statements," as defined below, and any and all amendments thereto, together with all exhibits, instruments, and other documents necessary or appropriate in connection therewith, and to file the same with the Securities and Exchange Commission or any other federal or state regulatory authority as may be necessary or desirable, hereby ratifying and confirming all and every act and thing requisite to all intents and purposes that said attorney-in-fact and agent or his or her substitute, may lawfully do or cause to be done by virtue hereof. This Power of Attorney does not revoke any prior power of attorney. This Power of Attorney shall not be revoked by any subsequent power of attorney I may execute, unless such subsequent power of attorney specifically revokes this Power of Attorney or specifically states that the instrument is intended to revoke all prior powers of attorney.

The "Registration Statements" covered by this Power of Attorney are defined to include the registration statements listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement Name | &nbsp;&nbsp;&nbsp;Securities Act File Number |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-139334 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-170345 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-162553 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-199286 |

---

IN WITNESS WHEREOF, I have hereunto set my hand this <u>5</u><sup>th</sup> day of <u>March</u> 2025.

<u>/s/ Kara Roe</u>

Chief Financial Officer and Controller

Empower Annuity Insurance Company

------

**EMPOWER ANNUITY INSURANCE COMPANY<br>POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that I, Dave Gray, a member of the Board of Directors of Empower Annuity Insurance Company (the "Company"), a Connecticut corporation, do hereby constitute and appoint Elaina Ditillo, Michele Drummey, Mike Knowles, Judd Thompson, and Olga Zhivnitskaya, and each of them (with full power to each of them to act alone), as my true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for me and in my name, place and stead, in any and all capacities to execute (either in writing or electronically) on behalf of the Company or its separate accounts relating to annuity contracts and life insurance policies registered under the Securities Act of 1933 and/or the Investment Company Act of 1940, the "Registration Statements," as defined below, and any and all amendments thereto, together with all exhibits, instruments, and other documents necessary or appropriate in connection therewith, and to file the same with the Securities and Exchange Commission or any other federal or state regulatory authority as may be necessary or desirable, hereby ratifying and confirming all and every act and thing requisite to all intents and purposes that said attorney-in-fact and agent or his or her substitute, may lawfully do or cause to be done by virtue hereof. This Power of Attorney does not revoke any prior power of attorney. This Power of Attorney shall not be revoked by any subsequent power of attorney I may execute, unless such subsequent power of attorney specifically revokes this Power of Attorney or specifically states that the instrument is intended to revoke all prior powers of attorney.

The "Registration Statements" covered by this Power of Attorney are defined to include the registration statements listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement Name | &nbsp;&nbsp;&nbsp;Securities Act File Number |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-139334 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-170345 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-162553 |
| EAIC Variable Contract Account A (811-21988) | &nbsp;&nbsp;&nbsp;333-199286 |

---

IN WITNESS WHEREOF, I have hereunto set my hand this <u>19</u><sup>th</sup> day of March, 2026.

<u>/s/ Dave Gray</u>

Director

Empower Annuity Insurance Company

## Ex-99.Q

**Organizational Chart – December 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.OWNERSHIP OF POWER CORPORATION OF CANADA**

*The following sets out the ownership, based on votes attached to the outstanding voting shares, of Power Corporation of Canada:*

The Desmarais Family Residuary Trust 99.999% - Pansolo Holding Inc.

52.511% - **Power Corporation of Canada**

The total voting rights of Power Corporation of Canada (PCC) controlled directly and indirectly by the Desmarais Family Residuary Trust are as follows. There are issued and outstanding as of December 31, 2025, 580,872,092 Subordinate Voting Shares (SVS) of PCC carrying one vote per share and 54,860,866 Participating Preferred Shares (PPS) carrying 10 votes per share; hence the total voting rights are 1,129,480,752.

Pansolo Holding Inc. owns directly and indirectly 45,944,592 SVS and 54,715,456 PPS, entitling Pansolo Holding Inc. to an aggregate percentage of voting rights of 593,099,152 or 52.511% of the total voting rights attached to the shares of PCC.

&nbsp;&nbsp;&nbsp;&nbsp;**II.OWNERSHIP BY POWER CORPORATION OF CANADA**

*Power Corporation of Canada has a voting interest in the following entities:*

&nbsp;&nbsp;&nbsp;&nbsp;**A.Empower Annuity Insurance Company of America Group of Companies** *(U.S. insurance)*

Power Corporation of Canada

100.0% - Power Financial Corporation

65.00% - Great-West Lifeco Inc. (71.14% total equity (directly and indirectly) 100.0% - Great-West Financial (Nova Scotia) Co.

100.0% - Great-West Lifeco U.S. LLC

100.0% - Great-West Services Singapore I Private Limited

100.0% - Great-West Services Singapore II Private Limited

99.0% - Empower Global Business Services India Private Limited (1% owned by Great-West Services Singapore I Private Limited) 1.0% - Empower Global Business Services India Private Limited (99% owned by Great-West Services Singapore II Private Limited)

99.0% - Great-West Lifeco U.S. Holdings, L.P. (1% owned by Great-West Lifeco U.S. Holdings, LLC) 100.0% - Great-West Lifeco U.S. Holdings, LLC

1% - Great-West Lifeco U.S. Holdings, L.P. (99% owned by Great-West Lifeco U.S. LLC) 100.0% - Empower Enterprise Philippines, Inc.

100.0% - EPR, LLC

100.0% - Empower Holdings, LLC

100.0% - **Empower Annuity Insurance Company of America** *(Fed ID # 84-0467907 - NAIC # 68322, CO)*

100.0% - Empower Life & Annuity Insurance Company of New York *(Fed ID # 13-2690792 - NAIC # 79359, NY*) 100.0% - Empower Financial Services, Inc.

------

100.0% - Great-West Life & Annuity Insurance Company of South Carolina (Fed ID #20-3387742 – NAIC # 12510, SC) 100.0% - Lottery Receivable Company One LLC

100.0% - Empower Stock Plan Services, LLC 100.0% - Empower Insurance Agency, LLC

100.0% - Empower Annuity Insurance Company (Fed ID #06-1050034 – NAIC # 93629, CT) 100.0% - Empower Securities Holdings II, Inc.

99.0% - Comosa Reit, L.P. 100.0% - Comosa GP, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0 % - Comosa Reit, L.P.

100.0% - TBG Insurance Services Corporation

100.0% MC Insurance Agency Services, LLC

50.0% - Mullin TBG Insurance Agency Services, LLC (50.0% owned by TBG Insurance Services Corporation) 50.0% - Mullin TBG Insurance Agency Services, LLC (50.0% owned by MC Insurance Agency Services, LLC)

100.0% - Empower Personal Wealth, LLC

99.99% - CL US Property Feeder II LP (0.01% owned by GWLRA GP LLC) 100.0% - Empower Securities Holdings, LLC

100.0% - Empower Services Holdings US, LLC

100.0% - Empower Capital Management, LLC 100.0% - Empower Trust Company, LLC 100.0% - Empower Advisory Group, LLC 100.0% - Empower Retirement, LLC

100.0% - Empower Retirement Puerto Rico, LLC 100.0% - PAFI, LLC

100.0% PAFL, LLC

100.0% - PanAgora Holdings, Inc.

100.0% - PanAgora Asset Management, Inc.

100.0% - PanAgora Asset Management GP, LLC

96.87% PanAgora Healthcare Long-Short Fund, LP

&nbsp;&nbsp;&nbsp;&nbsp;**B.The Canada Life Assurance Company Group of Companies** *(Canadian insurance)*

Power Corporation of Canada

100.0% - Power Financial Corporation

65.00% - Great-West Lifeco Inc. (71.14% total equity (directly and indirectly) 14.03% - Sagard Holdings Management Inc. (12.74% equity) 19.80% - Power Sustainable Manager Inc.

100.0% - Power Sustainable Lios Inc.

100.0% - Power Sustainable Manager US, Inc.

100.0% - Power Sustainable Infrastructure Credit, LLC 100.0% - Power Sustainable Energy Infrastructure Inc.

100.0% - Great-West Lifeco LRCN Trust 100.0% - Great-West Lifeco U.S. LLC

100.0% - Great-West Lifeco US Finance 2019 I, LLC

------

100.0% - Great-West Lifeco US Finance 2019 II, LLC 100.0% - Great-West Lifeco Finance 2019, LLC 100.0% - Great-West Lifeco Finance 2019 II, LLC 100.0% - Empower Finance 2020, LLC

1.0% - Great-West Lifeco Finance 2018, LP (99.0% owned by Great-West Lifeco Inc.) 1.0% - Empower Finance 2020, LP (99.0% owned by Great-West Lifeco Inc.)

99.0% - Great-West Lifeco Finance 2018, LP (1.0% owned by Great-West Lifeco U.S. LLC) 100.0% - Great-West Lifeco Finance 2018, LLC

100.0% - Great-West Lifeco Finance 2018 II, LLC

99.0% - Empower Finance 2020, LP (1.0% owned by Great-West Lifeco U.S. LLC) 100.0% - Empower Finance 2020 A, LLC

100.0% - Empower Finance 2020 B, LLC 100.0% - Empower Finance 2020 C, LLC

99.0% - Great-West Lifeco Finance (Delaware) LP (1.0% owned by 2142540 Ontario Inc.)

40.0% - Great-West Lifeco Finance (Delaware) LLC (60.0% owned by The Canada Life Assurance Company) 100.0% - Great-West Lifeco Finance 2017, LLC

99.0% - Great-West Lifeco U.S. Finance 2019, LP (1% owned by 2142540 Ontario Inc.) 100.0% - Great-West Lifeco U.S. Finance 2019, LLC

100.0% - 2142540 Ontario Inc.

1.0% - Great-West Lifeco Finance (Delaware) LP (99% owned by Great-West Lifeco Inc.) 1.0% - Great-West Lifeco US Finance 2019, LP (99% owned by Great-West Lifeco Inc.)

100.0% - Empower Finance UK 2021 Limited

100.0% - Empower Finance Swiss 2021 GmbH 18.5% - Portag3 Ventures LP

33.3% - Portag3 Ventures II Affiliates LP 33.3% - Portag3 Ventures II LP

33.3% - Portag3 Ventures II International Investments Inc.

100.0% - 14653998 Canada Inc.

100.0% - 6109756 Canada Inc.

100.0% - 6922023 Canada Inc.

20.0% - 11249185 Canada Inc.

20.0% - Armstrong LP (80.0% owned by 11249185 Canada Inc.) 49.9% - Northleaf Capital Group Ltd.

100.0% - Northleaf Capital Partners Ltd.

100.0% - Northleaf PPP GP Ltd.

100.0% - Northleaf Secondary Partners III GP Ltd.

49.0% - Northleaf NCO (US) GP Ltd.

100.0% - Northleaf Capital Partners US GP LLC 49.0% - NICP IV GP Ltd.

100.0% - Northleaf Geothermal Holdings (Canada) GP Ltd. 49.0% - Northleaf Venture Catalyst Fund III GP Ltd.

49.0% - Northleaf Private Credit III GP Ltd.

49.0% - NSPC-L Holdings II GP Ltd.

------

49.0% - Northleaf Private Equity VIII GP Ltd.

------

100.0% - Northleaf Crescendo Holdings GP LLC 100.0% - Northleaf Small Cell GP Ltd.

100.0% - NCP Terminals GP Ltd.

100.0% - Northleaf NICP III GP LLC

100.0% - Northleaf Music Copyright Ventures GP Ltd.

49.0% - NEIF GP Ltd.

100.0% - Northleaf Strategic Capital GP Ltd.

49.0% - Northleaf Global Private Equity GP Ltd.

100.0% - NICP I NWP US GP LLC

100.0% - NCP NWP US GP Ltd.

49.0% - Northleaf NICP III GP Ltd. 100.0% - NCP US Terminals GP LLC 49.0% - NPCO GP Ltd.

49.0% - Northleaf LPF Private Credit Holdings GP Ltd. 49.0% - NPC II Holdings GP Ltd.

100.0% - NCP Canadian Breaks GP LLC 100.0% - Northleaf Vault Holdings GP Ltd. 100.0% - NSPC-L GPC Ltd.

100.0% - NCP CSV Holdings GP Ltd. 100.0% - Northleaf Capital Advisors Ltd. 100.0% - Northleaf Trustees Limited 100.0% - Northleaf PE GP Ltd.

49.0% - Northleaf Growth Fund GP Ltd.

100.0% - Northleaf Capital Partners (Canada) Ltd.

100.0% - Northleaf Class C Sub Holdings Ltd. 100.0% - Northleaf Capital Partners Japan KK 100.0% - Northleaf SH288 GP Ltd.

100.0% - Northleaf Capital Partners (Australia) Pty Ltd. 100.0% - Northleaf Capital Partners (UK) Limited 49.0% - Northleaf NICP II GP Ltd.

100.0% - Northleaf Class C Holdings GP Ltd.

100.0% - Northleaf Capital Partners (USA) Inc.

100.0% - Annex Fund GP Ltd.

100.0% - Northleaf Capital Partners GP Ltd.

100.0% - SW Holdings GP Ltd.

100.0% - NICP IV GP LLC

49.0% - Northleaf Global Private Equity Holdings GP Ltd. 100.0% - NPC III RN (Canada) GP Ltd.

100.0% - Northleaf NICP III Canadian Class C Holdings Ltd. 100.0% - Northleaf Millennium Holdings (US) GP Ltd.

100.0% - Northleaf Millennium Holdings (Canada) GP Ltd. 49.0% - Northleaf Secondary Partners IV GP Ltd.

49.0% - Northleaf Star Holdings GP Ltd.

------

100.0% - Northleaf Star GPC Ltd.

------

49.0% - Northleaf Private Credit GP Ltd.

100.0% - NPC GPC Ltd.

100.0% - Northleaf Lal Lal Holdings GP Ltd.

100% - Northleaf Lal Lal Holdings (Australia) Pty Ltd.

100.0% - NPC II GPC Ltd.

100.0% - NSPC GPC Ltd.

49.0% - NSPC GP Ltd.

49.0% - NSPC-L GP Ltd.

49.0% - NSPC-L Holdings GP Ltd.

49.0% - NPC I Holdings GP Ltd.

49.0% - Northleaf Private Credit II GP Ltd.

49.0% - Northleaf NCO GP Ltd.

100.0% - NSPC International GP Ltd.

100.0% - NSPC-L International GP Ltd.

63.17% - Northleaf Capital Holdings Ltd.

100.0% - Northleaf PE Holdings GP Ltd.

100.0% - Northleaf Capital Partners GP II Ltd.

49.0% - Northleaf NICP II Holdings GP Ltd.

100.0% - **The Canada Life Assurance Company** *(NAIC #80659, MI)*

99.9999% - CLUS CDN-LP (0.0001% owned by 4362014 Nova Scotia Company) 100.0% - Great-West US RE Holdings, Inc.

100.0% - CL Burlingame, LLC 100.0% - CL 25 North LLC

10.0% - 25 North Investors, LLC

100.0% - 25 North Investors SPE1, LLC 100.0% - 25 North Investors SPE3, LLC 100.0% - 25 North Investors SPE4-9, LLC

100.0% - Great-West US RE Acquisition, LLC 100.0% - EW GP Fund I LLC

100.0% - CL EVOX LLC

10.0% - EVOX Holdings LLC

100.0% - EVOX Holdings II LLC

100.0% - EVOX NJ Edison 65 LLC

100.0% - EVOX TRS LLC

100.0% - EVOX TN Smyrna 2699 LLC

100.0% - EVOX TX Sugar Land 12510 LLC

100.0% - EVOX OR Hillsboro 3550 LLC

100.0% - EVOX CA Oceanside 4665 LLC

100.0% - EVOX CA Fremont 43990 LLC

100.0% - EVOX AZ Chandler 800 LLC

100.0% - EVOX AZ Chandler Airpark LLC 100.0% - EVOX CO Centennial LLC

100.0% - EW GP Fund II LLC

100.0% - EW GP Fund I Managing Member LLC

------

99.99% - CL US Property Feeder I LP (0.01% owned by GWLRA GP LLC)

41.2% - GWL THL Private Equity I Inc. (58.8% owned by The Canada Life Insurance Company of Canada) 100.0% - GWL THL Private Equity II Inc.

23.0% - Great-West Investors Holdco Inc. (77% owned by The Canada Life Assurance Company) 100.0% - Great-West Investors LLC

100.0% - Great-West Investors LP Inc.

99.0% - Great-West Investors LP (1.0% owned by Great-West Investors GP Inc.) 100.0% - T.H. Lee Interests

100.0% - Great-West Investors GP Inc.

1.0% - Great-West Investors LP (99.0% owned by Great-West Investors LP Inc.) 100.0% - T.H. Lee Interests

77.0% - CDN US Direct RE Holdings Ltd. (23% owned by The Canada Life Insurance Company of Canada) 100.0% - Great-West US Direct Residential Holdings Inc.

100.0% - GWL Direct 425 Trade LLC 100.0% - GWL Direct 4471 + 4433 42nd LLC

100.0% - GWL Direct 32 Cambridge LLC 100.0% - Great-West US Direct RE Holdings Inc.

100.0% - GWL Direct 650 Almanor LLC 100.0% - GWL Direct 345 Cessna LLC 100.0% - GWL Direct 1925 Grove LLC 100.0% - CL GFP LLC

10.0% - GFP CL Holdings LLC

100.0% - GFP CL Maspeth 55-30, LLC

100.0% - GWL Direct 1 Bulfinch Place LLC

100.0% - Great-West US Direct RE Acquisition LLC 100.0% - GWL Direct 851 SW 34th LLC

100.0% - GWL Direct 12100 Rivera LLC 100.0% - GWL Direct 3209 Lionshead LLC 100.0% - GWL Direct 18701-18901 38th LLC

100.0% - GWL Direct 12900 Airport LLC

100.0% - GWL Direct 25200 Commercentre LLC 100.0% - GWL Direct 351-353 Maple LLC

100.0% - GWL Direct 260 Ace-5725 Amelia LLC 100.0% - GWL Direct 9485 Hwy 42 LLC

100.0% - GWL Direct Moonachie LLC 100.0% - GWL Direct 4785 Fulton LLC

100.0% - GWL Direct 7410 + 7419 Roosevelt LLC 100.0% - GWL Direct 11077 Rush LLC

96.0% - CL ACP Nassau, LLC

100.0% - EW Direct 1Nassau LLC 100.0% - GWL Realty Advisors Inc.

100.0% - RAUS GP Holdings Inc.

100.0% - GWL U.S. Property Fund LP LLC 100.0% - GWLRA GP LLC

------

100.0% - GWL Plus GP LLC

100.0% - GWL Plus II GP LLC

100.0% - GWL GP LLC

100.0% - GWL REI GP LLC

100.0% - GWL RES GP LLC

0.01% - CL US Property Feeder I LP (99.99% owned by The Canada Life Assurance Company)

0.01% - CL US Property Feeder II LP (99.99% owned by Empower Annuity Insurance Company of America) 100.0% - RA Real Estate Inc.

0.1% - RMA Real Estate LP (99.9% owned by The Canada Life Assurance Company) 100% - RMA Properties Ltd.

100% - RMA Properties (Riverside) Ltd.

100.0% - GWLRA Residential Value Fund I (Employee Feeder) GP Inc.

1.0% - GWLRA Residential Value Fund I (Employee Feeder) LP (99.0% owned by GWL Realty Advisors Inc.) 100.0% - GWLRA Residential Value Fund I GP Inc.

0.001% - GWLRA Residential Value Fund I LP (99.999% owned by GWL Realty Advisors Inc.) 100.0% - 1655 Haro (2024) GP Inc.

.001% - 1655 Haro (2024) LP (99.999% owned by GWLRA Residential Value Fund I GP Inc.) 100.0% - 1655 Haro (2024) Nominee Inc.

99.999% - 1655 Haro (2024) LP (.001% owned by 1655 Haro (2024) GP Inc.)

100.0% - 1655 Haro (2024) Nominee Inc.

100.0% - 2220 Marine (2024) GP Inc.

.001% - 2220 Marine (2024) LP (99.999% owned by GWLRA Residential Value Fund I GP Inc.) 100.0% - 2220 Marine (2024) Nominee Inc.

99.999% - 2220 Marine (2024) LP (.001% owned by 2020 Marine (2024) GP Inc.)

100.0% - 2220 Marine (2024) Nominee Inc.

100.0% - 2160 Lakeshore (2024) GP Inc.

.001% - 2160 Lakeshore (2024) LP (99.999% owned by GWLRA Residential Value Fund I GP Inc.) 100.0% - 2160 Lakeshore (2024) Nominee Inc.

99.999% - 2160 Lake Shore (2024) LP (.001% owned by 2160 Lakeshore (2024) GP Inc.)

100.0% - 2160 Lakeshore (2024) Nominee Inc.

100.0% - GWL Realty Advisors Residential Inc. 100.0% - 2278372 Ontario Inc.

100.0% - 100039744 Ontario Inc.

99.999% - GWLRA Residential Value Fund I LP (.001% owned by GWLRA Residential Value Fund I GP Inc.

100.0% - 1655 Haro (2024) GP Inc.

.001% - 1655 Haro (2024) LP (99.999% owned by GWLRA Residential Value Fund I GP Inc.) 100.0% - 1655 Haro (2024) Nominee Inc.

99.999% - 1655 Haro (2024) LP (.001% owned by 1655 Haro (2024) GP Inc.

100.0% - 1655 Haro (2024) Nominee Inc.

100.0% - 2220 Marine (2024) GP Inc.

.001% - 2220 Marine (2024) LP (99.999% owned by GWLRA Residential Value Fund I GP Inc.) 100.0% 2220 Marine (2024) Nominee Inc.

99.999% - 2220 Marine (2024) LP (.001% owned by 2220 Marine (2024) GP Inc.)

100.0% - 2220 Marine (2024) Nominee Inc.

------

100.0% - 2160 Lakeshore (2024) GP Inc.

.001% - 2160 Lakeshore (2024) LP (99.999% owned by GWLRA Residential Value Fund I GP Inc.) 100.0% - 2160 Lakeshore (2024) Nominee Inc.

99.999% - 2160 Lakeshore (2024) LP (.001% owned by 2160 Lakeshore (2024) GP Inc.)

100.0% - 2160 Lakeshore (2024) Nominee Inc.

99.999% - GWLRA Residential Value Fund I (Employee Feeder) LP (.001% owned by GWLRA Residential Value Fund I (Employee Feeder) GP Inc.

49.975% - GWLRA Residential Value Fund I Carry LP (.001% owned by GWLRA Residential Value Fund Carry GP Inc. and 49.995% owned by The Canada Life Assurance Company) 80.0% - 1385456 B.C. Ltd. (20% owned by The Canada Life Insurance Company of Canada)

100.0% - 200 Graham Ltd.

100.0% - 801611 Ontario Limited

100.0% - 1213763 Ontario Inc.

99.99% - Riverside II Limited Partnership (0.01% owned by 2024071 Ontario Limited) 100.0% - Kings Cross Shopping Centre Ltd.

100.0% - 681348 Alberta Ltd.

50.0% - 3352200 Canada Inc.

100.0% - 1420731 Ontario Limited

60.0% - Great-West Lifeco Finance (Delaware) LLC (40.0% owned by Great-West Lifeco Finance (Delaware) LP) 100.0% - 1455250 Ontario Limited

100.0% - CGWLL Inc.

100.0% - Canada Life Securities Ltd.

100.0% - ClaimSecure Inc.

100.0% - 14894821 Canada Inc.

100.0% - Value Partners Group Inc.

100.0% - Value Partners Investments Inc.

100.0% - LP Insurance Services and Estate Planning Ltd. 100.0% - LP Financial Planning Services Ltd.

100.0% - 17449313 Canada Inc.

100.0% - Forster Financial Corp.

100.0% - 14888669 Canada Inc.

100.0% - Investment Planning Counsel Inc. 100.0% - IPC Estate Services Inc. 100.0% - IPC Investment Corporation 100.0% - IPC Securities Corporation

100.00% - Canada Life Investment Management, Ltd.

100.0% - Counsel Portfolio Corporation

84.0% - 2148902 Alberta Ltd. (16% owned by The Canada Life Insurance Company of Canada) 70.0% - 2157113 Alberta Ltd. (30% owned by The Canada Life Insurance Company of Canada) 100.0% - The Walmer Road Limited Partnership

100.0% - Laurier House Apartments Limited 100.0% - Marine Promenade Properties Inc. 100.0% - 2024071 Ontario Limited

100.0% - 431687 Ontario Limited

0.01% - Riverside II Limited Partnership (99.99% owned by 1213763 Ontario Inc.) 100.0% - High Park Bayview Inc.

------

0.001% - High Park Bayview Limited Partnership 99.999% - High Park Bayview Limited Partnership

5.6% - MAM Holdings Inc. (94.4% owned by The Canada Life Insurance Company of Canada)

100.0% - CLUS CDN-GP Co.

0.0001% - CLUS CDN-LP (99.9999% owned by The Canada Life Assurance Company) 100.0% - CLUS III CDN GP Inc.

0.0001% (CLUS III CDN LP (99.9999% owned by The Canada Life Assurance Company) 100.0% - Great-West US RE Holdings III Inc.

100.0% - CLUS CDN Mgmt Holdings Ltd.

100.0% - CLUS Mgmt Holdings Inc.

100.0% - GW Property Services, LLC 100.0% - RMA Realty Holdings Corporation Ltd.

100.0% - 1995709 Alberta Ltd.

2.56% - RMA (U.S.) Realty LLC (97.44% owned by RMA Realty Holdings Corporation Ltd.) 97.44% - RMA (U.S.) Realty LLC (2.56% owned by 1995709 Alberta Ltd.)

100.0% - RMA American Realty Corp.

1% - RMA American Realty Limited Partnership (99% owned by RMA (U.S.) Realty LLC (Delaware)) 99.0% - RMA American Realty Limited Partnership (1% owned by RMA American Realty Corp.)

99.9% - RMA Real Estate LP (0.01% owned by RA Real Estate Inc.) 100.0% - RMA Properties Ltd.

100.0% - RMA Properties (Riverside) Ltd.

100.0% - KS Village (Millstream) Inc. 100.0% - Trop Beau Developments Limited

100.0% - GWLRA Residential Value Fund I Carry GP Inc.

.001% - GWLRA Residential Value Fund I Carry LP (49.995% owned by The Canada Life Assurance Company and 49.975% owned by GWL Realty Advisors Inc.) 49.995% - GWLRA Residential Value Fund I Carry LP (.001% owned by GWLRA Residential Value Fund I Carry GP Inc. and 49.975% owned by GWL Realty Advisors Inc.) 100.0% - Kelowna Central Park Properties Ltd.

100.0% - Kelowna Central Park Phase II Properties Ltd.

62.0% - 1296 Station Street Properties Ltd. (38% owned by The Canada Life Insurance Company of Canada) 100.0% - Saskatoon West Shopping Centres Limited

97.31% - 7420928 Manitoba Limited Partnership (0.02% owned by 7419521 and 2.68% owned by The Canada Life Insurance Company of Canada) 100.0% - 7419521 Manitoba Ltd.

0.02% - 7420928 Manitoba Limited Partnership (97.31% owned by The Canada Life Assurance Company and 2.68% owned by The Canada Life Insurance Company of Canada) 100.0% - 7419539 Manitoba Ltd.

100.0% - 1338988 B.C. Ltd.

100.0% - 1319399 Ontario Inc.

100.0% - 13369901 Canada Inc.

100.0% - 4298098 Canada Inc.

100.0% - 389288 B.C. Ltd.

100.0% - Quadrus Investment Services Ltd.

88.0% - Neighborhood Dental Services Ltd.

100.0% - Quadrus Distribution Services Ltd.

100.0% - Toronto College Park Ltd.

------

100.0% - 185 Enfield GP Inc.

0.01% - 185 Enfield LP (99.99% owned by The Canada Life Assurance Company) 99.99% - 185 Enfield LP (0.01% owned by 185 Enfield GP Inc.)

100.0% - 320 McRae GP Inc.

0.01% - 320 McRae LP (99.99% owned by The Canada Life Assurance Company) 99.99% - 320 McRae LP (0.01% owned by 320 McRae GP Inc.)

100.0% - RA Investment 1 Holdings GP Inc.

0.001% - RA Investment 1 Holdings LP (99.999% owned by The Canada Life Assurance Company) 100.0% - One City Centre Property Inc.

99.999% - RA Investment 1 Holdings LP (0.001% owned by RA Investment 1 Holdings GP Inc.) 100.0% - RA Investment 9 Holdings GP Inc.

0.001% - RA Investment 9 Holdings LP (99.999% owned by The Canada Life Assurance Company) 100.0% - 1542775 Alberta Ltd.

100.0% - 0813212 B.C. Ltd.

99.999% - RA Investment 9 Holdings LP (0.001% owned by RA Investment 9 Holdings GP Inc.) 100.0% - RA Investment 10 Holdings GP Inc.

0.001% - RA Investment 10 Holdings LP (99.999% owned by The Canada Life Assurance Company) 99.999% - RA Investment 10 Holdings LP (0.001% owned by RA Investment 10 Holdings GP Inc.)

100.0% - RA Investment 11 Holdings GP Inc.

0.001% - RA Investment 11 Holdings LP (99.999% owned by The Canada Life Assurance Company) 100.0% - 2020917 Albert Ltd.

99.999% - RA Investment 11 Holdings LP (0.001% owned by RA Investment 11 Holdings GP Inc.) 100.0% - RA Investment 13 Holdings GP Inc.

0.001% - RA Investment 13 Holdings LP (99.999% owned by The Canada Life Assurance Company) 99.999% - RA Investment 13 Holdings LP (0.001% owned by RA Investment 13 Holdings GP Inc.)

100.0% - RA Investment 14 Holdings GP Inc.

0.001% - RA Investment 14 Holdings LP (99.999% owned by The Canada Life Assurance Company) 99.999% - RA Investment 14 Holdings LP (0.001% owned by RA Investment 14 Holdings GP Inc.)

80.0% - RA Investment 2 Holdings GP Inc. (20% owned by The Canada Life Insurance Company of Canada)

0.001% - RA Investment 2 Holdings LP (79.999% owned by The Canada Life Assurance Company and 20% owned by The Canada Life Insurance of Company) 100.0% - 12111 Riverside Way Property Inc.

100.0% - Lions Gate Business Park Property Inc.

79.999% - RA Investment 2 Holdings LP (0.001% owned by RA Investment 2 Holdings GP Inc. and 20.0% owned by the Canada Life Insurance Company of Canada) 80.0% - RA Investment 3 Holdings GP Inc. (20% owned by The Canada Life Insurance Company of Canada)

0.001% - RA Investment 3 Holdings LP (79.999% owned by The Canada Life Assurance Company and 20% owned by The Canada Life Insurance of Company) 79.999% - RA Investment 3 Holdings LP (0.001% owned by RA Investment 3 Holdings GP Inc. and 20.0% owned by the Canada Life Insurance Company of Canada)

85.0% - RA Investment 4 Holdings GP Inc. (15% owned by The Canada Life Insurance Company of Canada)

0.001% - RA Investment 4 Holdings LP (84.999% owned by The Canada Life Assurance Company and 15% owned by The Canada Life Insurance of Company) 84.999% - RA Investment 4 Holdings LP (0.001% owned by RA Investment 4 Holdings GP Inc. and 15.0% owned by the Canada Life Insurance Company of Canada)

87.5% - RA Investment 5 Holdings GP Inc. (12.5% owned by The Canada Life Insurance Company of Canada)

0.001% - RA Investment 5 Holdings LP (87.499% owned by The Canada Life Assurance Company and 12.5% owned by The Canada Life Insurance of Company) 100.0% - 10077 Grace Road Property Inc.

100.0% - 0977221 B.C. Ltd.

100.0% - Vaudreuil Shopping Centres Limited

------

87.499% - RA Investment 5 Holdings LP (0.001% owned by RA Investment 5 Holdings GP Inc. and 12.5% owned by The Canada Life Insurance Company of Canada) 87.5% - RA Investment 6 Holdings GP Inc. (12.5% owned by The Canada Life Insurance Company of Canada)

0.001% - RA Investment 6 Holdings LP (87.499% owned by The Canada Life Assurance Company and 12.5% owned by The Canada Life Insurance of Company) 87.499% - RA Investment 6 Holdings LP (0.001% owned by RA Investment 6 Holdings GP Inc. and 12.5% owned by the Canada Life Insurance Company of Canada)

87.5% - RA Investment 7 Holdings GP Inc. (12.5% owned by The Canada Life Insurance Company of Canada)

0.001% - RA Investment 7 Holdings LP (87.499% owned by The Canada Life Assurance Company and 12.5% owned by The Canada Life Insurance of Company) 100.0% - 2344701 Ontario Ltd.

100.0% - 2356720 Ontario Ltd.

100.0% - 555 Robson Holding Ltd.

87.499% - RA Investment 7 Holdings LP (0.001% owned by RA Investment 7 Holdings GP Inc. and 12.5% owned by the Canada Life Insurance Company of Canada) 89.5% - RA Investment 8 Holdings GP Inc. (10.5% owned by The Canada Life Insurance Company of Canada)

0.001% - RA Investment 8 Holdings LP (89.499% owned by The Canada Life Assurance Company and 10.5% owned by The Canada Life Insurance of Company) 100.0% - 2331777 Ontario Ltd.

99.499% - RA Investment 8 Holdings LP (0.001% owned by RA Investment 8 Holdings GP Inc. and 10.5% owned by the Canada Life Insurance Company of Canada) 100.0% - Financial Horizons Group Inc.

100.0% - Financial Horizons Incorporated

100.0% - Continuum Financial Centres Inc. 100.0% - TORCE Investment Management Inc.

100.0% - Canada Life Capital Corporation, Inc.

100.0% - 11658735 Canada Inc.

100.0% - GLC Reinsurance Corporation

100.0% - Canada Life International Holdings Limited 100.0% - Canada Life UK Holdings Limited 100.0% - Stonehaven UK Limited

100.0% - Canada Life Asset Management Limited 100.0% - Canada Life Platform Limited

100.0% - Canada Life SIPP Trustee Limited 100.0% - Canada Life Platform Nominee Limited

100.0% - Canada Life Annuity Reinsurance (Barbados) Corporation 100.0% - Canada Life International Services Limited

100.0% - Canada Life International Limited 100.0% - CLI Institutional Limited

100.0% - The Canada Life Group (U.K.) Limited 100.0% - ILGWM Limited

100.0% - Harvest Trustee Limited

100.0% - Harvest Financial Services Limited 100.0% - Conexim Advisors Limited

100.0% - Vestone Ltd.

100.0% - Cornmarket Group Financial Services Limited 100.0% - Cornmarket Civil and Public Sector Mastertrust dac

100.0% - Cornmarket Insurance Services Limited 100.0% - EIS Financial Services Limited

100.0% - K.D. Retirement Services Limited

------

100.0% - APT Workplace Pension Ltd.

100.0% - APT Wealth Management Ltd.

100.0% - APTFS Nominees Ltd.

100.0% - Unio Financial Services Limited

100.0% - ILP Pension Trustees DAC 100.0% - Invesco Trustee AC

100.0% - Acumen & Trust Pension Trustees dac 100.0% - ILP Master Trustee dac

100.0% - Irish Life Trustee Services Limited 100.0% - Navigate Master Trustee dac

100.0% - Canada Life Irish Holding Company Limited

80.0% - Canada Life International Assurance (Ireland) Designated Activity Company (20.0% owned by CL Abbey Limited) 24.625% - Summitas Beteiligungs GmbH (9.85% owned by JDC Group AG)

87.01% - Summitas Holding GMbh 100.0% - Summitas MidCo GMbh 100.0% - Summitas Gruppe GMbh

26.9% - JDC Group AG

25.1% - einfach gut versichert GmbH

9.85% - Summitas Beteiligungs GmbH (24.625% owned by Canada Life Irish Holding Company Limited) 86.17% - Summitas Holding Gmbh

100.0% - Summitas MidCo Gmbh 100.0% - Summitas Gruppe Gmbh

100.0% - BVUK. GmbH

100.0% - Munchener Versicherungsmakler GmbH 100.0% - EASIE Assekuranzmakler – AG

100.0% - Dr. Ihlas GmbH 100.0% - Confera GmbH

100.0% - Summitas Makler GmbH

100.0% - Eichhorn, Waltzock & Partner GmbH 100.0% - Bago GmbH

100.0% - Kamke Versicherungsmakler GmbH

100.0% - VBH Versicherungsmakler für Baugewerbe und Handwerk GmbH 100.0% - IMM Versicherungsmakler für Industrie und Mittelstand GmbH

100.0% - Policenwerk Assekuradeure GmbH & Co. KG 100.0% - Seeliger & Co. GmbH

100.0% - Wolf Assekuranz-Service GmbH 100.0% - DAVID Verwaltung GmbH

100.0% - DAVID Versicherungskontor GmbH & Co. KG 100.0% - Barkmann & Wahler GmbH & Co. KG 100.0% - Hans-Walter Kramer GmbH

100.0% - BWB Versicherungsvermittlungsgesellschaft mbH 100.0% - Assekuranzkontor Friedrich Barkmann GmbH & Co. KG 100.0% - Hoffmann Industrieversicherungsmakler GmbH & Co. KG 100.0% - Sven Hoffmann-Verwaltungs-GmbHjung

------

100.0% - Jung, DMS & Cie.AG

100.0% - Jung, DMS & Cie.Pro GmbH 60.0% - FMK Compare GmbH 60.0% - HVG Hanse GmbH

100.0% - SF Sicher Finanzieren GmbH 100.0% - Jung, DMS & Cie. Pro Service GmbH

100.0% - DFP Deutsche Finanz Portfolioverwaltung GmbH 100.0% - Plug-Insurance GmbH

100.0% - Fund Development and Advisory AG 100.0% - Morgen & Morgen GmbH

100.0% - Jung, DMS & Cie.Pool GmbH 100.0% - JDC Geld,de GmbH 100.0% - JDC plus GmbH

25.0% - Incore Asset Management Solution

50.0% - Opal Hard– und Software Consultung GmbH 30.0% - Dr. Jung & Partner GmbH

100.0% - FINUM.Finanzhause AG

100.0% - FINUM.Pension Consulting GmbH 100.0% - FINUM.Private Finance AG (Germany)

100.0% - FVV – GmbH

100.0% - JDC Group Austria GmbH

100.0% - FINUM.Private Finance AG (Austria) 100.0% - Jung, DMS & Cie. GmbH 100.0% - Top-Finanziert GmbH 51.0% - I&F Beratungs GmbH 100.0% - Benefit Consulting GmbH

100.0% - CL Abbey Limited

20.0% - Canada Life International Assurance (Ireland) Designated Activity Company (80.0% owned by Canada Life Irish Holding Company Limited) 100.0% - Canada Life Re Ireland dac

100.0% - Canada Life Dublin dac 50.0% - AIBJV Holdings Limited

100.0% - AIBJV dac

100.0% - Canada Life Group Services Limited 100.0% - Canada Life Europe Investment Limited

100.0% - Canada Life Europe Management Services Limited

21.33% - Canada Life Assurance Europe Limited (78.67% owned by Canada Life Europe Investment Limited) 78.67% - Canada Life Assurance Europe Limited (21.33% owned by Canada Life Europe Management Services Limited)

100.0% - Keyridge Asset Management Limited 100.0% - Summit Asset Managers Limited

100.0% - ILIM European Real Estate Fund General Partner SARL 50.0% - TirNua Capital Partners Limited

100.0% - Setanta Asset Management Limited

100.0% - Canada Life Pension Managers & Trustees Limited 100.0% - Canada Life European Real Estate Limited

------

100.0% - Canada Life Trustee Services (U.K.) Limited 100.0% - CLFIS (U.K.) Limited

100.0% - Canada Life UK Staff Pension Trustee Limited 100.0% - Canada Life Limited

14.0% - Harbourside Leisure Management Company Limited 11.0% - St. Paul's Place Management Company Limited 26.0% - ETC Hobley Drive Management Company Limited 100.0% - Synergy Sunrise (Wellington Row) Limited

76.0% - Radial Park Management Limited 100.0% - Canada Life (U.K.) Limited

100.0% - Canada Life Fund Managers (U.K.) Limited 100.0% - Canada Life Group Services (U.K.) Limited 100.0% - Canada Life Home Finance Trustee Limited

100.0% - Canada Life Irish Operations Limited 100.0% - Irish Life Group Limited

100.0% - Irish Life Ark Life Dublin dac 100.0% - Irish Life Health dac 100.0% - Irish Life Wellbeing Limited

100.0% - Irish Life Group Services Limited 100.0% - Irish Life Financial Services Limited

37.18% - Multiply.AI 49.0% - Affinity First Limited

100.0% - Irish Life Associate Holdings Unlimited Company 100.0% - Irish Life Assurance plc.

100.0% - Ilona Financial Group, Inc. 100.0% - Stephen Court Limited

100.0% - (2,3&4) Basement Company Limited 66.66% - City Gate Park Administration Limited 50.0% - Dakline Company Ltd.

50.0% - Earlsfort Centre (Atrium) Limited 100.0% - London Life and Casualty Reinsurance Corporation

100.0% - London Life and Casualty (Barbados) Corporation 100.0% - LRG (US), Inc.

100.0% - Canada Life International Reinsurance Corporation Limited

100.0% - Canada Life Reinsurance Company *(Fed ID # 23-2044256 – NAIC # 76694, PA)*

100.0% - Canada Life International Reinsurance (Barbados) Corporation 100.0% - 4073649 Canada, Inc.

100.0% - CL Luxembourg Capital Management S.á.r.l. 100.0% - Canada Life Finance (U.K.) Limited

100.0% - 8478163 Canada Limited

100.0% - Canada Life Capital Bermuda Limited 100.0% - 9983813 Canada Inc.

100.0% - Canada Life Capital Bermuda III Limited 100.0% - Canada Life Capital Bermuda II Limited

------

77.0% - Great-West Investors Holdco Inc. (23% owned by GWL THL I Private Equity I Inc.) 100.0% - Great-West Investors LLC

100.0% - Great-West Investors LP Inc.

99.0% - Great-West Investors LP (1.0% owned by Great-West Investors GP Inc.) 100.0% - T.H. Lee Interests

100.0% - Great-West Investors GP Inc.

1.0% - Great-West Investors LP (99.0% owned by Great-West Investors LP Inc.) 100.0% - T.H. Lee Interests

100.0% - The Canada Life Insurance Company of Canada

2.68%- 7420928 Manitoba Limited Partnership (97.31% owned by The Canada Life Assurance Company and 0.02% owned by 7419521 Manitoba Ltd.) 100.0% - 6855572 Manitoba Ltd.

100.0% - RA Investment 12 Holdings GP Inc.

0.001% - RA Investment 12 Holdings LP (99.999% owned by RA Investment 12 Holdings GP Inc.) 100.0% - 635 Broughton Street Property Inc.

100.0% - 615 Colborne Street Property Inc. 100.0% - 310 8th Street Property Inc.

99.999% - RA Investment 12 Holdings LP (99.999% owned by The Canada Life Assurance Company) 20.0% - RA Investment 2 Holdings GP Inc. (80% owned by The Canada Life Assurance Company)

0.001% - RA Investment 2 Holdings LP (79.999% owned by The Canada Life Assurance Company and 20% owned by The Canada Life Insurance of Company) 100.0% - 12111 Riverside Way Property Inc.

100.0% - Lions Gate Business Park Property Inc.

20.0% - RA Investment 2 Holdings LP (79.999% owned by The Canada Life Assurance Company and 0.001% owned by RA Investment 2 Holdings GP Inc.) 20.0% - RA Investment 3 Holdings GP Inc. (80% owned by The Canada Life Assurance Company)

0.001% - RA Investment 3 Holdings LP (79.999% owned by The Canada Life Assurance Company and 20% owned by The Canada Life Insurance of Company) 20.0% - RA Investment 3 Holdings LP (79.999% owned by The Canada Life Assurance Company and 0.001% owned by RA Investment 3 Holdings GP Inc.)

15.0% - RA Investment 4 Holdings GP Inc. (85% owned by The Canada Life Assurance Company)

0.001% - RA Investment 4 Holdings LP (84.999% owned by The Canada Life Assurance Company and 15% owned by The Canada Life Insurance of Company) 15.0% - RA Investment 4 Holdings LP (99.999% owned by RA Investment 4 Holdings GP Inc.)

20.0% - 9481 Leslie Street GP Inc. (80% owned by The Canada Life Assurance Company)

0.01% - 9481 Leslie Street Limited Partnership (79.999% owned by The Canada Life Assurance Company and 20% owned by The Canada Life Insurance of Company) 20.0% - 9481 Leslie Street Limited Partnership (99.999% owned by 9481 Leslie Street GP Inc.)

12.5% - RA Investment 5 Holdings GP Inc. (87.5% owned by The Canada Life Assurance Company)

0.001% - RA Investment 5 Holdings LP (87.499% owned by The Canada Life Assurance Company and 12.5% owned by The Canada Life Insurance of Company) 100.0% - 10077 Grace Road Property Inc.

12.5% - RA Investment 5 Holdings LP (87.499% owned by The Canada Life Assurance Company and 0.001% owned by RA Investment 5 Holdings GP Inc.) 12.5% - RA Investment 6 Holdings GP Inc. (87.5% owned by The Canada Life Assurance Company)

0.001% - RA Investment 6 Holdings LP (87.499% owned by The Canada Life Assurance Company and 12.5% owned by The Canada Life Insurance of Company) 12.5% - RA Investment 6 Holdings LP (87.499% owned by The Canada Life Assurance Company and 0.001% owned by RA Investment 6 Holdings GP Inc.)

12.5% - RA Investment 7 Holdings GP Inc. (87.5% owned by The Canada Life Assurance Company)

0.001% - RA Investment 7 Holdings LP (87.499% owned by The Canada Life Assurance Company and 12.5% owned by The Canada Life Insurance of Company) 12.5% - RA Investment 7 Holdings LP (87.499% owned by The Canada Life Assurance Company and 0.001% owned by RA Investment 7 Holdings GP Inc.)

10.5% - RA Investment 8 Holdings GP Inc. (89.5% owned by The Canada Life Assurance Company)

0.001% - RA Investment 8 Holdings LP (89.499% owned by The Canada Life Assurance Company and 10.5% owned by The Canada Life Insurance of Company) 10.5% - RA Investment 8 Holdings LP (89.499% owned by The Canada Life Assurance Company and 0.001% owned by RA Investment 8 Holdings GP Inc.)

------

20.0% - RA Investment 15 Holdings GP Inc. (80% owned by The Canada Life Assurance Company)

0.001% - RA Investment 15 Holdings LP (79.999% owned by The Canada Life Assurance Company and 20% owned by The Canada Life Insurance of Company) 100.0% - RA Investment 15 Holdings Nominee Inc..

20.0% - RA Investment 15 Holdings LP (79.999% owned by The Canada Life Assurance Company and 0.001% owned by RA Investment 15 Holdings GP Inc.) 100.0% - Advice Canada (CL Holdings) Inc. (formerly 12955954 Canada Inc.)

94.4% - MAM Holdings Inc. (5.6% owned by The Canada Life Assurance Company) 100.0% - Mountain Asset Management LLC

38.0% - 1296 Station Street Properties Ltd. (62.0% owned by The Canada Life Assurance Company) 20.0% - 1385456 B.C. Ltd. (80.0% owned by The Canada Life Assurance Company)

58.8% - GWL THL Private Equity I Inc. (41.2% The Canada Life Assurance Company) 100.0% - GWL THL Private Equity II Inc.

23.0% - Great-West Investors Holdco Inc. (77% owned by The Canada Life Assurance Company) 100.0% - Great-West Investors LLC

100.0% - Great-West Investors LP Inc.

99.0% - Great-West Investors LP (1.0% owned by Great-West Investors GP Inc.) 100.0% - T.H. Lee Interests

100.0% - Great-West Investors GP Inc.

1.0% - Great-West Investors LP (99.0% owned by Great-West Investors LP Inc.) 100.0% - T.H. Lee Interests

16.0% - 2148902 Alberta Ltd. (84% by The Canada Life Assurance Company) 30.0% - 2157113 Alberta Ltd (70% by The Canada Life Assurance Company)

23.0% - CDN US Direct RE Holdings Ltd. (77% owned by The Canada Life Assurance Company) 100.0% - Great-West US Direct Residential Holdings Inc.

100.0% - GWL Direct 425 Trade LLC 100.0% - GWL Direct 4471 + 4433 42nd LLC

100.0% - GWL Direct 32 Cambridge LLC 100.0% - GWL Direct 701 Rio Salado LLC 100.0% - GWL Direct 2121 Mid LLC

100.0% - GWL Direct 100 Legacy Oaks LLC 100.0% - Great-West US Direct RE Holdings Inc.

100.0% - GWL Direct 650 Almanor LLC 100.0% - GWL Direct 13055 Mississippi LLC 100.0% - GWL Direct 11 State LLC

100.0% - GWL Direct 345 Cessna LLC 100.0% - GWL Direct 1925 Grove LLC 100.0% - CL GFP LLC

10.0% - GFP CL Holdings LLC

100.0% - GFP CL Maspeth 55-30, LLC

100.0% - GWL Direct 1 Bulfinch Place LLC

100.0% - Great-West US Direct RE Acquisition LLC 100.0% - GWL Direct 851 SW 34th LLC

100.0% - GWL Direct 12100 Rivera LLC 100.0% - GWL Direct 3209 Lionshead LLC 100.0% - GWL Direct 18701-18901 38th LLC

------

100.0% - GWL Direct 12900 Airport LLC

100.0% - GWL Direct 25200 Commercentre LLC 100.0% - GWL Direct 351-353 Maple LLC

100.0% - GWL Direct 260 Ace-5725 Amelia LLC 100.0% - GWL Direct 9485 Hwy 42 LLC

100.0% - GWL Direct Moonachie LLC 100.0% - GWL Direct 4785 Fulton LLC

100.0% - GWL Direct 7410 + 7419 Roosevelt LLC 100.0% - GWL Direct 11077 Rush LLC

100.0% - GWL Direct 8915 Market Place LLC 96.0% - CL ACP Nassau, LLC

100.0% - EW Direct 1Nassau LLC 100.0% - CL Capital Management (Canada), Inc.

100.0% - Canada Life Mortgage Services Ltd.

100.0% - Canada Life Capital Trust

100.0% - Mountain Asset Management LLC

&nbsp;&nbsp;&nbsp;&nbsp;**C.IGM Financial Inc. Group of Companies** *(Canadian mutual funds)*

Power Corporation of Canada

100.0% - Power Financial Corporation

62.913% - **IGM Financial Inc.** (direct and indirect 66.826%) 100.0% IGWM Inc.

100.0% - IG Wealth Management Inc.

100.0% - 11249142 Canada Inc.

100.0% - Investors Group Trust Co. Ltd. 100.0% - I.G. Insurance Services Inc. 100.0% - Investors Syndicate Limited 100.0% - 16490336 Canada Inc.

100.0% - I.G. Investment Management, Ltd.

100.0% - Investors Syndicate Property Corp.

100.0% - 0992480 B.C. Ltd.

100.0% - 1081605 B.C. Ltd.

100.0% - 1000054111 Ontario Inc.

100.0% - Mackenzie Inc.

100.0% - Mackenzie Financial Corporation

100.0% - Mackenzie Investments Europe Limited 100.0% - Mackenzie Investments Asia Limited

100.0% - Mackenzie Investments Charitable Foundation 100.0% - Strategic Charitable Giving Foundation 100.0% - MMLP GP Inc.

100.0% - Mackenzie Investments Corporation 27.8% - China Asset Management Co., Ltd.

100.0% - Shanghai China Wealth Management Co., Ltd.

------

100.0% - China Capital Management Co., Ltd.

100.0% - China Asset Management (Hong Kong) Limited 100.0% - China Equity Fund Management (Beijing) Co., Ltd.

80.0% - 11249185 Canada Inc.

100.0% - Armstrong LP

49.9% - Northleaf Capital Group Ltd.

100.0% - Northleaf Capital Partners Ltd.

100.0% - Northleaf PPP GP Ltd.

100.0% - Northleaf Secondary Partners III GP Ltd. 49.0% - Northleaf NCO (US) GP Ltd.

100.0% - Northleaf Capital Partners US GP LLC 49.0% - NICP IV GP Ltd.

100.0% - Northleaf Geothermal Holdings (Canada) GP Ltd. 49.0% - Northleaf Venture Catalyst Fund III GP Ltd.

49.0% - Northleaf Private Credit III GP Ltd. 49.0% - NSPC-L Holdings II GP Ltd.

49.0% - Northleaf Private Equity VIII GP Ltd. 100.0% - Northleaf Crescendo Holdings GP LLC 100.0% - Northleaf Small Cell GP Ltd.

100.0% - NCP Terminals GP Ltd.

100.0% - Northleaf NICP III GP LLC

100.0% - Northleaf Music Copyright Ventures GP Ltd. 49.0% - NEIF GP Ltd.

100.0% - Northleaf Strategic Capital GP Ltd. 49.0% - Northleaf Global Private Equity GP Ltd. 100.0% - NICP I NWP US GP LLC

49.0% - Northleaf NICP III GP Ltd. 100.0% - NCP US Terminals GP LLC

49.0% - Northleaf LPF Private Credit Holdings GP Ltd. 49.0% - NPC II Holdings GP Ltd.

100.0% - NCP Canadian Breaks GP LLC 100.0% - Northleaf Vault Holdings GP Ltd. 100.0% - NCP CSV Holdings GP Ltd.

100.0% - Northleaf Capital Advisors Ltd. 100.0% - Northleaf Trustees Limited 100.0% - Northleaf PE GP Ltd.

49.0% - Northleaf Growth Fund GP Ltd 100.0% - Northleaf NICP IV (EU) GP S. à.rl.

100.0% - Northleaf Capital Partners (Canada) Ltd.

100.0% - (indirectly) Northleaf Class C Sub Holdings Ltd. 100.0% - Northleaf Capital Partners Japan KK

100.0% - Northleaf SH288 GP Ltd.

100.0% - NCP NWP US GP Ltd.

------

100.0% - Northleaf Capital Partners (Australia) Pty Ltd.

------

100.0% - MGELS Investments Limited

100.0% - Northleaf Capital Partners (UK) Limited 49.0% - Northleaf NICP II GP Ltd.

100.0% - Northleaf Class C Holdings GP Ltd. 100.0% - Northleaf Capital Partners (USA) Inc.

100.0% - Annex Fund GP Ltd.

100.0% - Northleaf Capital Partners GP Ltd.

100.0% - SW Holdings GP Ltd.

100.0% - NICP IV GP LLC

49.0% - Northleaf Global Private Equity Holdings GP Ltd. 49.0% - NPC III RN (Canada) GP Ltd.

100.0% - Northleaf NICP III Canadian Class C Holdings Ltd. 100.0% - NCP Beacon GP Ltd.

100.0% - Northleaf Millennium Holdings (US) GP Ltd. 100.0% - Northleaf Millennium Holdings (Canada) GP Ltd. 49.0% - Northleaf Secondary Partners IV GP Ltd.

100.0% - Northleaf Secondary Partners IV (EU) GP S.à r.l. 49.0% - NASF US GP Ltd.

49.0% - Northleaf Star Holdings GP Ltd.

49.0% - Northleaf Multi-Asset Private Markets GP Ltd. 49.0% - Northleaf Private Credit GP Ltd.

49.0% - Northleaf Growth Fund II GP Ltd.

49.0% - NASF GP Ltd.

100.0% - Northleaf Lal Lal Holdings GP Ltd.

100% - Northleaf Lal Lal Holdings (Australia) Pty Ltd.

49.0% - Northleaf NCO GP Ltd.

100.0% - NCP ETR Investments GP Ltd.

49.0% - Northleaf Private Equity IX GP Ltd.

49.0% - NSPC GP Ltd.

100.0% - NSPC (EU) GP S. à.r.l.

49.0% - NSDL GP Ltd.

49.0% - NSPC-L GP Ltd.

49.0% - NSPC-L Holdings GP Ltd.

49.0% - NPC I Holdings GP Ltd.

49.0% - Northleaf Private Credit II GP Ltd.

63.17% - Northleaf Capital Holdings Ltd.

100.0% - Northleaf Capital Partners GP II Ltd.

49.0% - Northleaf NICP II Holdings GP Ltd.

100.0% - MEMLS Fund Management (Cayman) Ltd. 100.0% - Mackenzie EM Funds Management (Cayman) Ltd. 100.0% - Mackenzie GP Inc.

100.0% - 2023 Holdco Inc.

------

17.2% - Rockefeller Capital Management General Partner L.L.C.

100.0% - IGM Financial Corporate Services Inc.

------

18.54% - Portag3 Ventures LP

19.82% - Springboard LP 55.23% - Springboard LP

52.70% - Wealthsimple Financial Corp. (48.16% equity) 29.33% - Springboard II LP

33.3% - Portag3 Ventures II Affiliates LP 31.97% - Portag3 Ventures II LP

5.95% - Portage Ventures III LP 4.40% - Portage Ventures IV LP 2.21% - Conquest Planning Inc.

2.66% - Wealthsimple Financial Corp. (2.29% equity) 9.66% - Nesto

9.68% - PolicyBook

&nbsp;&nbsp;&nbsp;&nbsp;**D.Pargesa SA Group of Companies** *(European investments)*

Power Corporation of Canada

100.0% - Power Financial Corporation 100.0% - Power Financial Europe SA

50.0% - Parjointco SA

100.0% - Pargesa SA

47.8% Groupe Bruxelles Lambert (34.2% in capital)

1.6% - Groupe Bruxelles Lambert (2.3% in capita)) 0.9% - Umicore SA

19.8% - Ontex NV

11.4% - Pernod Ricard SA (6.8% in capital) 96.5% - FINPAR II SA

0.2% - Groupe Bruxelles Lambert (0.1% in capital) 0.1% - Ontex NV

90.2% - FINPAR III SA

0.2% - Groupe Bruxelles Lambert (0.1% in capital) 94.4% - FINPAR IV SA

0.2% - Groupe Bruxelles Lambert (0.1% in capital) 94.9% - FINPAR V SRL

0.2% - Groupe Bruxelles Lambert (0.1% in capital) 0.1% - Concentrix

95.0% - FINPAR VI SRL

0.2% - Groupe Bruxelles Lambert (0.1% in capital) 0.1% - Concentrix

98.6% - FINPAR VII SRL

0.7% - Groupe Bruxelles Lambert (0.5% in capital) 4.4% - GfG Topco S.a.r.l.

99.0% - FINPAR VIII SRL

1.3% - Groupe Bruxelles Lambert (0.9% in capital)

------

3.6% - Sofia Capital S.à r.l.

98.8% - FINPAR IX SRL

1.0% - Groupe Bruxelles Lambert (0.7% in capital) 4.5% - Celeste Capital S.a.r.l

98.1%- FINPAR X SRL

0.7% - Groupe Bruxelles Lambert (0.5% in capital) 0.1% - Imerys

99.0% - FINPAR XI SRL

1.5% - Groupe Bruxelles Lambert (1.1% in capital) 0.1% - SGS

1.2% - Sagerpar SA

100.0% - Brussels Securities SA

98.8% - Sagerpar SA

3.6% - Groupe Bruxelles Lambert (2.6% in capital) 100.0% - Vancouver Capital S.a.r.l

15.1% - Stan Holding SAS

99.5%- Voodoo SAS

100.0% - GBL O SA

22.2% - Trône24 SRL

0.2% - One24 Capital S.C.A 5.7% - Trône 25 SRL

4.8% - One25 Capital S.C.A 100.0% - GBL Advisors Limited

5.4% - FINPAR III SA

100.0% - RPCE Consulting SAS 100.0% - GBL Advisors DE GmbH 100.0% - GBL Verwaltung SA

100.0% - GBL Energy S.á.r.l. 0.9% - Sofia Masterco S.á.r.l.

100.0% - Serena S.á.r.l.

14.2% - SGS

100.0% - GBL Capital UK – Ltd 75.0% - Sienna Private Equity SAS

100.0% - Sienna Private Equity Italy S.R.L 100.0% - Sienna Venture Capital SAS

70.0% - Sienna Venture Capital GP S.à.r.l. 70.0% - Sienna Euclide GP S.a.r.l

70.0% - Sienna Landlife GP S.a.r.l 70.0% - Sienna Private Equity GP S.a.r.l

100.0% - Sienna Investment Managers SAS 66.0% - Sienna Gestion (ex-MHGA) 82.8% - Sienna 2A SAS

100.0% - Sienna AM France (ex-Acofi) 49.0% - NEFTYS

------

100.0% - VER Capital

100.0% - Sienna Hephaistos Private Investments GP SARL 100.0% - Sienna Global Private Investments GP SARL

14.8% - SPC Partners SAS

8.0% - Sienna 2A SAS 100.0% - Sienna Investment Managers Luxembourg S.A.

100.0% - Sienna Real Estate Solutions S.à.r.l.

85.4% - Sienna Real Estate Partner JV Netherlands BV 100.0% - GBL Capital Invest GP S.à.r.l.

100.0% - GBL Capital Invest SCSp 19.6% - Sagard NewGen 2

74.1% - Sagard Business Intelligence FPCI 5.00% - Sagard Holdings Management Inc 9.6% - Backed 1 Founder LP

58.3% - Backed Encore 1 LP

10.0% - Backed Encore 1 Founder LP 10.0% - Backed 2 Founder LP

94.3% - Marcho Partners Feeder Fund ICAV 0.5% - Marcho Partners Long Feeder Fund ICAV 20.3% - HCM IV, L.P.

17.1% - Innovius Capital Fund I, L.P. 14.2% - 468 Capital II GmbH & Co. KG

100.0% - Sienna Opportunities (formerly Sienna Levier ENR) 10.0% - EC IV Invest SA

49.3% - HCM S3C LP (AKA Commune)

56.3% - HCM S11A, LP (aka Transcarent) 100.0% - Sienna Capital US LLC

14.4% - Cometics company

93.3% - Sienna Venture Capital SCA SICAV-RAIF 53.6% - Sienna Private Equity Fund I SCA SICAV-RAIF

47.6% - Sienna Euclide S.A. 53.0% - Sienna Landlife S.A.

38.8% - VER Capital Special Situations 20.0% - VCCP – SMEs – Private Debt 67.5% - Sienna Private Asset Allocation

12.7% - European CLO new Issue – ADAGIO XII EUR CLO DAC 100.0% - GBL Capital Participations S.á.r.l

15.1% - Merieux Participations SAS 34.3% - Merieux Participations 2 SAS 26.1% - KKR Sigma Co-Invest II L.P.

3.6% - StreetTeam Software Limited (DBA as Pollen) 1.95% - Sienne Euclide SCA SICAV-RAIF

82.0% - Sienne Landlife SCA SICAV-RAIF 100.0% - GBL Capital Co-Invest Master S.a.r.l

------

29.2% - StreetTeam Software Limited (DBA as Pollen)

100.0% - GBL Finance S.á.r.l 100.0% - Miles Capital S.á.r.l

23.1% - Piolin II S.á.r.l

100.0% - Piolin Bidco SAU

99.5% - Parques Reunidos

100.0% - Theo Capital S.á.r.l 100.0% - Arthur Capital S.a.r.l.

7.1% - Umicore SA 3.5% - FINPAR II SA

4.4% - FINPAR III SA

5.6% - FINPAR IV SA

5.1% - FINPAR V SRL

5.0% - FINPAR VI SRL

1.4% - FINPAR VII SRL

1.0% - FINPAR VIII SRL

1.2% - FINPAR IX SRL

1.9% - FINPAR X SRL

1.0% - FINPAR XI SRL

100.0% - Celeste GP S.à r.l. 100.0% - Sapiens S.á.r.l

14.0% – Concentrix

100.0% Black Mountain S.a.r.l 15.1% - One25 Capital S.C.A.

100.0% - White Mountain S.A.

100.0% - Svea Midco S.à.r.l.

100.0% - Svea Bidco S.à.r.l.

100.0% - Belgian Securities S.à.r.l.

67.9% - Imerys (54.6% in capital)

100.0% - Mircal

100.0% - Imerys Beauvoir

100.0% - Imerys Diatomite St Bauzile & Riom (ex. Chemviron France SAS) 100.0% - Imerys Bentonite Hungary Kft

100.0% - Imerys Tableware France

100.0% - Imerys Tableware Deutschland GmbH 100.0% - Imerys Ceramics New Zealand

100.0% - Imerys Graphite & Carbon Switzerland SA 100.0% - Imerys Graphite & Carbon Japan K.K. 100.0% - Imerys Graphite & Carbon Korea 100.0% - Imerys Manufacturing Korea Ltd 100.0% - Nippon Power Graphite Co., Ltd

100.0% - Imerys Do Brasil Comercio De Extracao De Minerios Ltda 100.0% - Micron-Ita Mineracao Ltda

------

100.0% - Imerys Ceramics Brasil – Minerais para Ceramicas Ltda 99.0% - Imerys Minerales Chile SpA (1% Imerys Filtrations Minerals, Inc.)

100.0% - Imerys Minerales Peru S.A.C

95.3% - Imerys Minerales Argentina S.A. (4.7% Parimetal) 100.0% - Mircal Italia SpA

100.0% - Imerys Minerali Foggia S.R.L (ex:Foggia Perlite S.R.L) 100.0% - Imerys Minerali SpA

100.0% - Imerys Minerali Corsico Srl 99.7% - Imerys Talc Italy S.p.A.

100.0% - Imerys Ceramics Italy S.R.L 100.0% - Imerys Asia Pacific Pte Ltd

100.0% - Imerys General Trading Middle East FZCO 39.0% - Imerys Ceramics (Thailand) Ltd

80.0% - Imerys Minerals (Thailand) Ltd (20% Owned by Imerys Ceramics (India) Private Limited 51.0% - MRD-ECC Co., Ltd (49% Owned by Imerys Asia Pacific Pte Ltd)

100.0% - MRD Co., Ltd

100.0% - Imerys Kiln Furniture (Thailand) Ltd 100.0% - Imerys Mineral Vietnam Ltd

100.0% - Imerys Carbonates (Thailand) Co, Ltd

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. 7% - YBB Calcium Products Co, Ltd

100.0% - Imerys Fused Minerals (Yingkou) Co, Ltd 100.0% - Imerys Zhejiang Zirconia Co., Ltd

100.0% - Imerys Ceramics (India) Private Limited

20.0% -Imerys Minerals (Thailand) Ltd (80% Owned by Imerys Ceramics (Thailand) Ltd 100.0% - Imerys Minerals Malaysia Sdn Bhd

100.0% - Kinta Powdertec Sdn Bhd 55.0% - Yueyang Imerys Antai Minerals Co., Ltd

100.0% - Yueyang Yingyue New Materials Co., Ltd 100.0% - Imerys Carbonates India Limited

100.0% - Imerys Performance and Filtration Minerals Private Limited 74.0% - Imerys Newquest (India) pte Ltd

50.0% - Gimpex-Imerys India Private Ltd 100.0% - Imerys Pacific Ltd

100.0% - Imerys Pigments (Qingyang) Co., Ltd 100.0% - Imerys Pigments (WuHu) Co., Ltd

99.99% - Imerys Ceramics France

40.0% - IMAF Industria Macinazione Mineralit per l'l Industria Ceramica S.p.A. 96.6% - Imerys Ceramics Portugal, SA

100.0% - Imerys Minerals GmbH 100.0% - Donbasskeramika

99.45% - Donkaolin (0.55% Owned by Imerys Ceramics France)

93.3% - Imerys Ceramics Egypt (0.56% Owned by Mircal + 0.56% Owned by Parimetal) 99.6% - Imerys Trading Minerals Egypt

------

100.0% - Imerys Minéraux Belgique SA

------

50.0% - Industrial Minerals of Greece 100.0% - Latomia N. Korakas SA

100.0% - Mikro Mineral Endustriyel Mineraller Sanavi ve Ticaret AS 50.0% - Vougioukli Quarries AVEE

100.0% - Imerys Minéraux France 100.0% - Imerys PCC France

100.0% - Imerys Minerals International Sales 50.0% - Cebo International B.V

100.0% - Cebo UK limited 100.0% - Cebo Marine B.V. 100.0% - Cebo Holland B.V.

100.0% - Almatech Mineral International ltd 94.7% - PT Imerys Ceramic Indonesia

100.0% - Imerys Industrial Minerals Denmark A/S 68.94% - Imerys South Africa Pty Ltd

100.0% - Imerys Refractory Minerals South Africa (Pty) Ltd 100.0% - Samrec Pty Ltd

100.0% - ECCA Holdings Pty Ltd 100.0% - Imerys South Europe S.L.

97.0% - Imerys Kiln Furniture Espana, S.A.

100.0% - Imerys Seramik hammddeleri Sanayi ve Ticaret AS 100.0% - Imerys Perlita Barcelona, S.A.

100.0% - Imerys Diatomita Alicante, S.A.

100.0% - Harbolite Aegean Enudstri Mineralleri Sanayi AS 100.0% - Imerys Talc UK Holding Ltd

99.8% -Imerys Talc Belgium (0.24% Owned by Imerys Talc Luzenac France) 100.0% - Imerys Talc Canada Inc.

100.0% - Imerys Talc Europe

100.0%- Imerys Talc Luzenac France

100.0% - Imerys Talc Germany GmbH

90.0% - Imerys Talc Austria GmbH (10% Owned by Imerys Talc Europe) 100.0% - Imerys Talc Australia Pty Ltd

10.0% - Imerys Talc Austria Gmbh (90% Owned by Imerys Talc Luzenac France) 50.0% - The Quartz Corp SAS

100.0% - The Quartz Corp USA 100.0% - The Quartz Corp AS

100.0% - Quartz Corp (Shanghai) Co., Ltd 100.0% - Ardoisieres D'Angers

100.0% - Alumica Canada Inc.

100.0% - Imerys Middle East Holding Company W.L.L.

70.0% - Imerys Al Zayani Co., W.L.L.

100.0% - Minven (CE Minerales de Venezuela S.A.) 70.0% - Imerys Mineral Arabia LLC

------

100.0% - Imerys Japan Co., Ltd

------

100.0% - Imerys Beyrede 100.0% - Imerys Glomel 100.0% - Imerys Ré

100.0% - Imerys Filtration France 100.0% - Imerys Minerals Korea Ltd 100.0% - Mircal De Mexico, SA de CV

100.0% - Liquid Quimica Mexicana, SA de CV 100.0% - Imerys Ceramics Mexico, SA de CV 100.0% - Imerys Almeria, SA de CV

100.0% - Imerys Almeria Diatomia Concessiones Zacoalco de CV

99.95% - EP Minerals de Mexico, S. de R.L. de C.V.(0.05% Owned by Imerys Almeria, SA de CV) 100.0% - Minera Roca Rodando Srl de CV

100.0% - Imerys Roca Rodando Concessiones HMO, S.A. de VC 100.0% - Imerys Clerac

89.4% - Imerys Bahacheve (ex.Vatutinsky Kombinat Vognetryviv) 100.0% - Imerys Czech Republic s.r.o

25.0% - SEITIM (ex SEITISS IMERYS MINERAUX CIRCULARIES)

100.0% - Imerys Aluminates Corporate 100.0%- Imerys Aluminates

100.0% - Imerys Sydney Pty Ltd 100.0% - Imerys Richards Bay (Pty) Ltd

100.0% - Imerys (Tianjin) New Material Technology Co., Ltd 90.0% - Imerys (Zhengzhou) New Material Technology Co. Ltd 100.0% - LLC Imerys Aluminates

100.0% - Imerys Vizag Private Limited 100.0% - Kerneos India Aluminate Private Ltd

14.0% - Imerys Domodossola S.p.A (86% Owned by Imerys Villach GmbH) 100.0% - Imerys Services

100.0% - Parimetal

100.0% - Imertech

100.0% - Imerys (Shanghai) Investment Management Co., Ltd 100.0% - Imerys UK Limited

100.0% - Imerys Trustees Limited

100.0% - Imerys UK Pension Fund Trustees Limited 100.0% - Imerys Minerals Limited

75.0% - ReClaym Limited

25.0% - Eco-Bos Development Limited 100.0% - Imerys Aluminates Limited

100.0% - Imerys UK Finance Limited 100.0% - Imerys PCC UK Ltd

100.0% - Imerys British Lithium Limited 100.0% - Refractorios Venezolanos

100.0% - Plibrico Instalaciones Refractarias 100.0% - Imerys Talc Finland Oy

------

100.0% - Imerys Minerals Netherlands B.V. 100.0% - Imerys Kiln Furniture Hungary Kft. 100.0% - Imerys Villach GmbH

100.0% - Imerys Ruse d.o.o

100.0% - Imerys Fused Minerals Guizhous Co. Ltd 50.0% - Imerys Fused Minerals France Sarl

86.0% - Imerys Domodossola SpA (14% Owned by Imerys Aluminates) 100.0% - Imerys Fused Minerals Salto Ltda

100.0% - MSL Minerais S.A.

100.0% - Shandong Imerys Mount Tai Co., Ltd 100.0% - Monrefco GmbH

49.9% - Vermiculita y Derivados, SI

89.6% - Imerys Services Germany GmbH & Co. KG (10.39% Owned by S& B Minerals Participations Sarl) 100.0% - Imerys Administrative Germany GmbH

100.0% - Imerys Laufenburg GmbH 100.0% - Imerys Murg GmbH

100.0% - Imerys Zschornewitz GmbH 100.0% - Imerys Teutschenthal GmbH

100.0% - North African Industrial Mineral Exploration Sarl 100.0% - S&B Industrial Minerals Morocco

99.7% - Imerys Minerals Bulgaria AD 100.0% - Imerys Poland sp. z.o.o

99.0% - Imerys Graphite & Carbon Belgium SA (1.0% Owned by Imerys Graphite & Carbon Switzerland SA) 100.0% - Imerys Belgium SA

100.0% - Imerys Graphite & Carbon Canada Inc.

100.0% - Imerys Canada Inc.

100.0% - Calderys Algerie SPA 100.0% - Imerys Greenelle One 100.0% - Imerys Greenelle Two 100.0% - Imerys Lithium France

100.0% - Imerys USA, Inc.

100.0% - Kentucky-Tennessee Clay Co.

100.0% - Imerys Performance Minerals Americas, Inc. 100.0% - Imerys Niagara Falls, Inc.

100.0% - Imerys Refractory Minerals USA, Inc.

100.0% - Imerys Greeneville, Inc.

100.0% - Imerys Norfolk, Inc.

100.0% - Imerys Mica Kings Mountain, Inc. 100.0% - Imerys Filtration Minerals, Inc.

100.0% - Imerys Perlite USA, Inc.

100.0% - Imerys Minerals Holdings Limited (UK) 100.0% - Imerys Talc America, Inc.

100.0% - Imerys Talc Vermont, Inc. 100.0% - Pyramax Ceramics Southeast, LLC

------

100.0% - Imerys Wollastonite USA, LLC 100.0% - Imerys Oilfield Minerals, Inc.

25.0% - Georgia Proppants, LLC.

100.0% - Imerys Clays, Inc.

100.0% - Imerys Carbonates USA, Inc.

100.0% - Imerys Graphite & Carbon USA, Inc (ex :Violet Cactus, Inc.) 100.0% - Nyco Minerals LLC

100.0% - S & B Minerals Participations Sarl

100.0% - Linjiang Imerys Diatomite Co., Ltd

100.0% - Imerys Industrial Minerals Greece Single Member S.A. 100.0% - Imerys Services Greece Single Member SA 99.0% - Milos Mineral Museum

44.0% - Milos Initiative

97.7% - Imerys Bentonite Georgia Ltd 61.0% - Imerys Perlite Sardinia Srl

35.0% - Laviosa Chimica Mineraria S.p.A. 26.9% - Laviosa Promasa S.A

100.0% - Laviosa Sanayi ve Ticaret Ltd Sirketi 100.0% - Laviosa India Private Limited 100.0% - Laviosa France

100.0% - Carlo Laviosa Srl

100.0% - Akrotirio Trahilas Dyo Single Member SA 100.0% - Imerys Dortmund GmbH

10.4% - Imerys Services Germany GmbH & Co. KGl (89.61% Owned by Monrefco Gmbh)

99.6% - One24 Capital S.C.A 95.6% - GfG Topco S.á.r.l

90.9% - GfG Capital S.á.r.l

54.6% - Go-For-Gold Holding GmbH 100.0% - Canyon Bicycles GmbH

100.0% - Canyon Bicycles Belgium BVBA 100.0% - Canyon Italia S.r.l

100.0% - Canyon Nederland B.V. 100.0% - Canyon Bicycles UK Ltd. 100.0% - Canyon Base RCSN, S.L.U.

100.0%- Bikerepair GmbH

100.0% - Canyon IP Management AG 100.0% - Canyon Iberia S.L.

100.0% - Canyon Finland OY

100.0% - Canyon Bicycles Asia Pacific PTE LTD 100.0% - Pure Cycling Global GmbH

100.0% - Canyon USA Inc.

100.0% - Canyon Australian and New Zealand PTY Ltd. 100.0% - Canyon Bicycles Japan KK

------

100.0% - Canyon Bicycles ASIA Ltd.

------

100.0% - Canyon Cicycles (Shanghai) Co., Ltd.

50.0% - GoForGold Verwaltungs GmbH 46.0% - GoForGold Coinvest CmbH & Co KG

4.43% - GoForGold Holding GmbH 95.5% - Celeste Capital S.á.r..l

100.0% - Celeste InvestCo S.A.

15.8% Celeste ManCo S.C. Sp.

1.0% Celeste TopCo S.A.

99.0% - Celeste TopCo S.A.

100.0% - Celeste Midco 1 B.V.

100.0% - Celeste Midco 2 B.V.

100.0% - Celeste Midco 3 B.V.

100.0% - Celeste Bidco B.V.

100.0% - Affidea BV

100.0% - Affidea Innovation BV 100.0% - Affidea Diagnostics BV

100.0% - Affidea Magyarorszag Kft 100.0% - Affidea Praha sro 100.0% - First Private HC sro 100.0% - Affidea Brno sro

100.0% - Affidea Spzoo

100.0% - Centrum Medyczne Medisport Spzoo 99.9% - Affidea Romania Srl

100.0% - Sanmed Srl

100.0% - Ludi Medical Center Srl

99.9% - Clinica de Diagnostic Phoenix Srl 99.9% - Affidea Cluj Srl

100.0% - Kaliophion Medical Srl 100.0% - Otomed Center Srl 100.0% - CLINICA MULTIMED SRL

100.0% - Phoenix Imagistic Srl 100.0% - Phoenix Radiology Srl 100.0% - Medsan S.R.L.

100.0% - Exploramed S.R.L.

100.0% - Biomed Scan Development S.R.L. 100.0% - Scanconsult S.R.L.

100.0% - Odelga Operator S.R.L. 99.99% - Hiperdia SA

100.0% - CT Clinic Srl

100.0% - Centrul Medical Platinum SRL 100.0% - District One Medical S.R.L.

100.0% - Explora Group Srl 100.0% - Affidea Lietuva UAB

100.0% - Endemik didmena UAB

------

100.0% - Medicinos Diapazonas UAB 100.0% - Poliklinika Maja I Kresimir Cavka

100.0% - Poliklinika Cavka

100.0% - Dijagnosticki Centar Vita Doo 100.0% - Poliklinika Vita

100.0% - Poliklinika RNOK Dr Kalajzic 100.0% - Polklinika Sveti Rok

100.0% - Polyklinik Eljuga

100.0% - Affidea UK Services Limited

75.0% - Advanced Managed Diagnostic Services Ltd 100.0% - Fortius Group Ltd

100.0% - Fortis London Ltd 100.0% - Orthoderm Ltd

100.0% - Affidea NI Limited 100.0% - Northern MRI Ltd

100.0%- Cromlyn House Surgical Ltd 100.0% - Advanced Radiology Ltd 100.0% - Affidea Diagnostics Ireland Ltd 100.0% - Affidea SA

100% - PathoPoint SA

92.6% - Röontgeninstitut Baden AG

97.0% - Ambulante Gastroenterologie Baden AG

70.0% - Institut fuer histoloische und zystologische Diganostik AG Aarau (10% owned by Other)

50.0% - SBE Holding GmbH

20.0% - Institut fuer histoloische und zystologische Diganostik AG Aarau (10% owned by Others)

100% - Uroviva Holding AG

100.0% - Uroviva AG

100.0% - Praxis Dr. med Peter Scott AG 100% - Uroviva Klinik AG

58.3% - Affidea Holdings Hellas SA (41.7% owned by Affidea BV) 100.0% - Affidea Central PMM SM SA

100.0% - Geniki Apeikonistiki Private Diagnostic Laboratory Medical, S.A. 100.0% - Affidea of Athens PMM SM SA

99.9% - Affidea of Crete PMM SM SA 100.0% - Affidea of Kavala PMM SM SA

100.0% - Affidea of Kozani Heart Center PDLM SM SA 100.0% - Affidea of Peristeri PMM SM SA

100.0% - Affidea of Piraeus Biopathological PDLM SM SA 100.0% - Affidea of Thessaloniki PMM SM SA

100.0% - Affidea PDL & MM SM SA

100.0%- Derma City Med PDLM SM SA 100.0% - Affidea of Chania PMM SM SA

------

99.5% - Affidea of Kalamata PDLM SA

100.0% - Affidea of Kozani Biopathological PDLM SM SA 100.0% - Affidea of Kozani Imaging PDLM SM SA 100.0% - Affidea of Piraeus Imaging PMM SM SA 100.0% - Affidea of Sparta PMM SM SA

100.0% - Affidea of Vari PMM SM SA 100.0% - Athens City Med PMM SM SA

100.0% - Diagnosis Expert Private Multimodality 100.0% - Diktis Ygeias Patision Private Multimodality SA 100.0% - Affidea Lambraki Glyfadas

100.0% - Marios salmas private diagnostic laboratory single member S.A. 100.0% - Medisalus private multimodality kifisias medical S.A.

96.0% - Cormed SH AS 99.6% - Labomed SH AS 99.99% - Intermed SH SAS 99.9% - Unimed SHT AS

99.95% - Affidea Saglik Hizmetleri ve Ticaret Anonim Sirketi 100.0% - Intermed Anadolu Saglik Hizmelleri Ltd.

100.0% - Affidea Espana Quality S.L.

100.0% - Clinica Medica Comarcal SL 100.0% - Clinica Ambulatori Gamma SL 100.0% - Affidea Espana Contact Center SA 100.0% - CD Foraste SA

100.0% - CD Hospital VOT SLU

24.3% - CD Diagnostico Affidea Madrid SA (75.68% Owned by RM San Francisco SA) 93.6% - RM San Francisco SA

75.7% - CD Diagnostico Affidea Madrid (24.32% Owned by Group Sanitario 100.0% - Dresyven Prevencion, S.L.U

100.0% - Vipresa S.L.U 100.0% - CD Leon SLU

100.0% - CD Valladoid SAU 100.0% - CD Soria SLU

80.0% - CPET Hospital de Jove SL 100.0% - CPET La Milagrosa SLU 100.0% - Affidea CYL, SA

100.0% - Affidea Fuensanta Sl 100.0% - QD Navarra SLU 100.0% - RM Santa Teresa SLU 100.0% - Tesla Imagen Sl

100.0% - Unidades Moviles Affidea, SL 100.0% - Tecma Salud S.L.U

100.0% - Centro Medico Infanta Mercedes Sl 100.0% - Lendyfolk Assistance SL

------

100.0% - Centro De Imagen Diagnostica LeganesSl

------

100.0% - Medicentro Boadilla St 100.0% - Medicentro Leganes Sl 100.0% - Affidea Murcia, SL

78.0% - RM Del Sureste SA (22.0% Scaner Murcia Sl) 100.0% - Scaner Murcia Sl

22.0% - RM Del Sureste SA (78% Owned by Affidea Iberia SL) 75.0% - Sanatorio Virgen del Mar Cristobal S.A.

100.0% - Smile Lab2022 Slu 100.0% - Institut Autran Slu

100.0% - Euroclinics Servicos Partihados, A.C.E. (joint venture owned by several Portuguese Affidea entities)

100.0% - Albimed

100.0% - FRR-Serviços Médicos E Equipamentos, LDA 100.0% - CRT-CRT ULda

100.0% - Manuel Estevez & Frazao Lda 100.0% - Ultrasono-Radiologia U Lda

100.0% - CDI-CDI SA

100.0% - Dr M Guimares CRE SA 100.0% - Duarte J&J Lda

100.0% - Imaset Lda

100.0% - Clinica Santa Mafalda Lda.

100.0% - Imavida

100.0% - CEME CERE Lda

100.0% - IMI-IMA SA

100.0% - CEDIMA CIM SA

80.0% - SMDI-SMID SA

100.0% - Clinica do Coracao do Alentejo S.A. 100.0% - R.A.-Radiologia de Albufeira Lda.

74.0% - C.M.R.A. Centro Medico e Radiologico de Albufeira Lda.

26.0% - C.M.R.A. Centro Medico e Radiologico de Albufeira Lda. 100.0% - Ecorad-Ecografia e Radiologia,Lda.

100.0% - Affidea Italy Srl

100.0% - Medishare Telemedicine S.R.L. 100.0% - Affidea Lombardia Srl

95.1% - Istituto Diagnostico Antoniano Spa 100.0% - Delta Medica Srl

100.0% - Affidea Medicenter Group Srl 100.0% - Iniziativa Medica S.R.L

100.0% - Uni-X Medica Srl

4.0% - Modena Medica Srl (96% owned by Iniziativa Medica) 96.0% - Modena Medica Srl (4% owned by Uni-X Medica Srl)

100.0% - CDC SpA

100.0% - CDC Srl

100.0% - Medical Center Srl

------

100.0% - Medical Sport Center Srl 100.0% - NSL Srl

100.0% - Nefromed S.r.o. 100.0% - Armonia Med SRL 100.0% - Diagnost SRL

100.0% - Isis Medical Center SRL 100.0% - Imaging's Field of View SRL 100.0% - Phoenix Way SRL

100.0% - Phoenix Sighet SRL 100.0% - Phoenix Diagnostics SRL

100.0% - Phoenix Scan and Care SRL 100.0% - Affidea Lab BV

100.0% - Laboratório de Análises Clinicas Fernão Magalhães, Lda 100.0% - Alves & Duarte Lda

100.0% - Hemobiolab LAC Lda 100.0% - Hormofuncional CHF Lda

100.0% - Icon Laboratories SRL 100.0% - Affidea Cancer Treatment Centres BV

100.0% - Affidea Onkoterapia Spzoo

71.0% - European Medical Partner SPzoo

100.0% - Nu-Med Grupa S. A. Centrum Radioterapii I Onkologii

100.0% - Nu-Med Centrum Diagnostyki I Terapii Onkologicznej Katowice Spzoo

100.0% - Specjalistyczny Szpital Onkologiczny NU-MED Sp. z o. o.

100.0% - Fundacja Nu-Med

100.0% - Nu-Med Centrum Diagnostyki i Terapii Onkologicznej Zamość

Sp.z o.o.

100.0% Zakład Patomorfologii ALFAMED Sp. z o.o.

100.0% - HQ Nu-Med Warszawa 100% - MedEuropa S.R.L.

100% - MedEuropa Investitii S.R.L.

80.0% - Ygeia medical srl (20% owned by Andreas Vythoulkas) 100.0% - International Medical Centers Banja Luka

73.1% - Affidea Cancer Treatment Centers AG SA 100.0% - PSG Holding AG

100.0% - Plastic Surgery Group

69.0%- Brust Zentrum AG SA (31% owned by Brust Zentrum Holding Holding AG SA) 100.0% - Brust Zentrum Holding AG SA

31.0% Brust Zentrum AG SA (69% owned by Affidea Cancer Treatment Centers AG SA)

100.0% Management Company SA 95.1% - Affidea Brust Zentrum Ticino SA

100.0% - EWRS Tibbi Cihazlar Ticaret Ltd Sti

------

96.4% - Sofia Capital S.à r.l.

99.7% - Sofia InvestCo S.A.

100.0% - Sofia GP GmbH

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.2 % - Sofia MasterCo S.A.(72. 2% in capital) 99.99% - Sofia TopCo S.à r.l.

100.0% - Sofia HoldCo S.à r.l.

100.0% - Sofia MidCo S.à r.l.

99.99% - Ultra Goruntuleme Merkezi Anonim Sirketi 100.0% - Affidea Group Kft

100.0% - Affidea Ireland Ltd

100.0% - Affidea Finance Ireland Ltd 100.0% - Affidea US LLC

100.0% - Affy MedTech B.V.

100.0% - Sanoptis S.à r.l.

21.2% - Sofia One GmbH & Co. KG 0.5% - Sofia MasterCo S.A.

100.0% - Sanoptis GmbH

100.0% - MASG – Medizinische Abrechnungs – und Servicegesellschaft mbH 100.0% - nordBLICK Augenklinik Bellevue GmbH

90.0% - Wilhelminenhaus Kiel MVZ GmbH 100.0% - nordBLICK MVZ GmbH

70.0% - BEP Augenarzte MVZ GmbH 100.0% - Augenklinik Dr. Hoffman GmbH

100.0% - Augenkompetenz Zentrum Bremerhaven MVZ GmbH

66.6% - Augenkompetenzcentrum Bremerhaven MVZ und MVZ Augen-Centrum Cuxhaven üBAG Gb 70.0% - Augenarzte Braunschweig-Gottingen MVZ GmbH

50.0% - Augenarzte Braunschweig-Gottingen MVZ GmbH Ilka Trinitowski GbR 70.0% - MVZ RHR Augenarzte GmbH

65.0% - MVZ Auregio GmbH

100.0% - Augenärzte Westblick MVZ GmbH (vormals: MVZ i-care4u GmbH) 70.0% - Augenzentrum Unna MVZ GmbH

80.0% - Augentagesklinik Zehlendorf MVZ GmbH 85.0% - Augerlin MVZ GmbH

100.0% - Berolina Augenzentren MVZ GmbH 75.0% - Sudblick GmbH

70.0% - Augenzentrum Muhldorf MVZ GmbH 100.0% - Augenklinik Muldorf GmbH

90.0% - Augenzentrum Oberstenfeld MVZ GmbH 90.0% - Augenblick Mannheim-Zentrum MVZ GmbH

80.0% - Augenheilkunde Medizinische Versorgungszentren Heidenheim GmbH 50.0% - Augenheilkunde Medizinische Versorgungszentren Dillingen GbR

------

80.0% - Augenheilkunde Medizinische Versorgungszentren Dillingen GmbH 50.0% - Augenheilkunde Medizinische Versorgungszentren Dillingen GbR

80.0% - Mainblick Augenzentrum GmbH

------

75.0% - Augenblick Augenzentrum Reutlingen MVZ GmbH 100.0% - Augenzentrum an der Leine MVZ GmbH

51.0% - Augencentrum Koln MVZ GmbH 65.0% - Hanseblick MVZ GmbH

100.0% - MVZ Augencentrum Cuxhaven GmbH

33.3% - Augenkompetenzcentrum Bremerhaven MVZ und MVZ Augen-Centrum Cuxhaven uBAG gbR

62.0% - MVZ Weitblick GmbH

100.0% - Augenheilkunde und Augenchirurgie Bottrop MVZ GmbH 60.0% - Augentagesklinik am Rothenbaum RBC MVZ GmbH 80.0% - Avila Augenpraxisklinik MVZ GmbH

70.0% - Augenzentrum Brilon MVZ GmbH 51.0% - OCU PRO® Augenärzte MVZ GmbH 65.0% - Rheinblick Augenzentrum GmbH 95.0% - Argus Augen MVZ GmbH

50.0% - Argus Augenklinik GmbH 100.0% - Oculent Contactlinsen GmbH

51.0% - uBAG Augenzentrum Pforzheim MVZ GmbH 51.0% - Augenzentrum am Numarkt MVZ GmbH

40.0% - Augentagesklinik Luneburger Heide GbR 51.0% - Augenzentrum Luneburg GmbH

60.0%- Augentagesklinik Luneburger Heide GbR 80.0% - Augenzentren Rhein-Ruhr GmbH

51.0% - AUGEN LOHR MVZ GmbH

90.0% - Augenärztliches Operationszentrum Buchen GbR

90.0% - Augenärztliches Operationszentrum Lohr-Miltenberg GbR 100.0% - Sanoptis I Unternehmensverwaltungs GmbH

77.5% - Belenus Augenzentrum MVZ GmbH 80.0% - MVZ Dr. Farghaly & Schumacher GmbH

70.0% - Augenklinik Rendsburg GmbH

100.0% - Taxi and Transport Neuwerk GmbH

50.0% - Praxisgemeinschaft Augenklinik Rendsburg GbR 90.4% - Augenklinik Rendsburg MVZ GmbH

50.0% - Praxisgemeinschaft Augenklinik Rendsburg GbR 55.0% - Sanovation GmbH

14.5% - Sleo Health GmbH 100.0% - Sanoptis AG

85.0% - Opthamed AG

85.0% - Augenzentrum Bahnhof Basel AG 95.0% - Eyeparc AG

100.0% - Dr. J. Menzi Augenarzt AG

100.0% - Augenarztpraxis Spitalgassee Bern AG 80.0% - Berner Augenklinink Group AG

------

100.0%- Berner Augenklinik AG 60.0% - KammannEye AG

70.0% - Matia AG

70.0% - OP Zentrum Schaffhausen GmbH 51.0% - OpthaVisuell AG

51.0% - Augenarzt Schaffhausen AG 60.0% - Vue Group AG

90.0% - Vue Center Biel AG 90.0% - Vue Center Grenchen AG

80.0% - OMMA Augenklinik AG

80.0% - Augenarztpraxis + Tagesklinik Dr Frei AG 63.4% - Skylight Beteiligungs – AG

100.0% - TAZZ AG

100.0% - Ambulante Augenchirurgie Zürich AG 85.0% - Augencentrum Zytglogge AG

100.0% - Tagesklinik im Eichgut AG 85.0% - Augenzentrum Winterthur AG 100.0% - Augenarztpraxis am Bahnof

88.9% - Clinique ViSionR SA 5.7% - Ikerian AG

100.0% - Sanoptis Holding GmbH

54.9% - Augenzentrum Innsbruck 60 GmbH 75.0% - Augenlaserklinik Gmb

55.0% - Amadeus Augenzentrum GmbH 55.0% - Augenzentrum Mariagrün GmbH 100.0% - Augenzentrum Rheinblick GmbH 100.0% - Augenzentrum Donaublick GmbH 100.0% - Augunzentrum Salzkammergut GmbH 100.0% - Augenzentrum Draublick GmbH 100.0% - Augenzentrum Augenstem GmbH

100.0% - Sanoptis Greece S.A.

80.0% LASERVISION.GR

65.0% - Athens Vision A.E.

60.0% - OFTHALMOCHEIROURGIKI A.E.

90.0% - Eye Treatment Limited Partnership / "Private Clinic - Zafeiriadis Anastasios & Co. Medical L.P."

65.0% - Idiotiki M.H.N. Kentro Orasis Hpeirou A.E. / "Private day clinic Epirus Vision Center SA"

10.0% - Eye Treatment Limited Partnership / "Private Clinic - Zafeiriadis Anastasios & Co. Medical L.P." 100.0% - Sanoptis Italia S.P.A.

65.0% - HICARE SURGERY S.r.l.

75.0% - ALSO S.R.L

60.0% - HEALTH CARE S.r.l

70.0% - Mediprogress S.r.l

------

70.0% - AN & VI S.R.L

75.0% - Centro Oculistico Ramovecchi S.R.L. 75.0% - Centro Vista S.r.l.

100.0% - Sanoptis Espania SL

78.0% - Vista Sanchez Trancon, S.L. 75.0% - Bilboftal S. L.

80.0% - Assistencia Oftalmologica de Catalunya, S.L. 80.0% - Instituto Oftalmologico Clinsafa, S.L.

80.0% - Instituto Oftalmologico Integral, S.L.

80.0% - CLINICA QUIRURGICA SARRIA S.L. (former: LASER OFTALMICO ADMIRAVISION SL; Laser

Oftálmico Corachán S.L.)

78.11% - Centre Ocular Quirúrgic de Terrassa, S.L.P.

&nbsp;&nbsp;&nbsp;&nbsp;**E.Power Corporation (International) Limited Group of Companies** (*Asian investments)*

Power Corporation of Canada

100.0% - Power Pacific Corporation Limited 100.0% - Power Pacific Equities Limited

&nbsp;&nbsp;&nbsp;&nbsp;**F.Other PCC Companies**

Power Corporation of Canada

100.0% - 152245 Canada Inc.

100.0% - Square Victoria Digital Properties Inc.

100.0% - Square Victoria Real Estate Inc./ Square Victoria Immobilier Inc. 100.0% - 3121011 Canada Inc.

100.0% - Power Communications Inc. 100.0% - Power Corporation International 100.0% - Power Corporation of Canada Inc. 100.0% - 4524781 Canada Inc.

100.0% - Square Victoria Communications Group Inc.

100.0% - Gesca Ltee

100.0% Gesca Holdings Inc.

100.0% - Gesca Digital Inc.

100.0% - 9214470 Canada Inc.100.0% - Power Sustainable Capital Inc.

100.0% - Power Sustainable China Corporation Ltd.

100.0% - Power Sustainable Investment Management Inc.

100.0% - Power Sustainable Infrastructure UK Credit Manager Ltd. 74.7% - Power Sustainable Manager Inc.

100.0% - 15963044 Canada Inc.

100.0% - Power Sustainable Lios Inc.

100.0% - Power Sustainable Lios GP I Inc.

100.0% - Lios Fund I LP

------

100.0% - PSL Investments Fund I LP 100.0% - PSL Investments I (US) LP 100.0% - Lios Fund I-A LP

100.0% - Lios Collector A1 GP Inc.

100.0% Lios Collector A1 LP 100.0% - Power Sustainable Lios GP I (US) Inc.

100.0% - Lios Fund I (US) LP

100.0% - Lios PBC Co-Invest Inc.

100.0% - Lios PBC Co-Invest LP 100.0% - Power Sustainable Manager US, Inc.

100.0% - Power Sustainable Infrastructure Credit , LLC

100.0% - Power Sustainable Infrastructure Credit Manager, L.P. 100.0% - PSIC Fund I GP, LLC

100.0% - Power Sustainable Infrastructure Credit Fund I (Onshore) Feeder, LP. 100.0% - Power Sustainable Infrastructure Credit Fund I (Onshore) L.P.

100.0% - PSIC Fund I HC, LP

100.0% - Power Sustainable Infrastructure Credit Fund I (Offshore) L.P.

100.0% - PSIC Offshore Blocker I, L.P.

100.0% - PSIC Non-U.S. Pooling I, L.P.

100.0% - PSIC Non-U.S. CFC Blocker, L.P.

100.0% - PSIC U.S. Blocker I, Inc.

100.0% - PSIC U.S. Pooling I, L.P.

100.0% - PSIC Fund Investors, L.P.

100.0% - Power Sustainable Decarbonization, LLC

100.0% - Power Sustainable Decarbonization Manager, L.P. 100.0% - PSD GP (Canada) Inc.

100.0% - PSD Feeder Fund I (Canada) L.P. 100.0% - Power Sustainable Decarbonization GP, LLC

100.0% - Power Sustainable Decarbonization Investors, L.P. 100.0% - Power Sustainable Decarbonization Fund I, L.P.

100.0% - Power Sustainable Energy Infrastructure Inc.

100.0% - PSEIP US GP Inc.

100.0% - Power Sustainable Energy Infrastructure US Fund I LP 100.0% - Potentia Renewables US Holdings LLC

100.0% - Power Sustainable Energy Infrastructure US Fund II LP 100.0% - Nautilus US Power Holdco, LLC

100.0% - PSEIP US Feeder Fund I LP

100.0% - Power Sustainable Energy Infrastructure Canada I Inc.

100.0% - PSEIP Canada GP Inc.

100.0% - Power Sustainable Energy Infrastructure Canada Fund I LP 100.0% - Potentia Renewables Canada Holdings GP Inc.

100.0% - Potentia Renewables Canada Holdings LP 100.0% - PSEIP Canada Feeder Fund I LP

100.0% - Power Sustainable Energy Infrastructure US I LLC.

------

100.0% - PESIP Canada Feeder Fund II LP

100.0% Power Sustainable Energy Infrastructure US II LLC 100.0% - PSEIP Carry Canada GP Inc.

100.0% - PSEIP Carry Canada LP 100.0% - PSEIP Carry Holding LP 100.0% - PSEIP Carry Holding US LP

100.0% - PSEIP Carry US Inc.

100.0% - PSEIP Carry US GP Inc.

100.0% - PSEIP Carry US LP

25.0% (voting) - 9314-0093 Québec Inc. 100.0% - Power Energy Corporation

100.0% - Potentia Renewables Inc.

50.0% - Soluciones de Energia Alterna, S.L

100.0% - Potentia Solar Holdings II Limited Partnership 100.0% Potentia Solar Holdings Limited Partnership

100.0% - Schooltop Solar Limited Partnership

100.0% - TSPS (Portfolio 1) Limited Partnership 100.0% - TSPS (Portfolio 2) Limited Partnership

100.0% - PSI Solar Finance 1 Limited Partnership 100.0% - 2323953 Ontario Inc.

100.0% - MOM Guarantor Limited Partnership 100.0% - MOM Solar Limited Partnership

100.0% - PSI Solar Finance 5 Limited Partnership 100.0% - Potentia Solar 5 Limited Partnership 100.0% - Potentia Solar 6 Limited Partnership 100.0% - Potentia Solar 7 Limited Partnership 100.0% - MOM V Limited Partnership

100.0% - OSPS (002281 – 150 Abbeyhill) Limited Partnership

100.0% - OSPS (002273 – 3673 McBean) Limited Partnership 100.0% - OSPS (002334 – 159 Lorry Greenberg) Limited Partnership

100.0% - PSI Solar Finance 14 Limited Partnership 100.0% - Potentia Solar 14 Limited Partnership

100.0% - PSI Construction Agent 4 Limited Partnership 100.0% - PSI Finance 13 Limited Partnership

100.0% - Reliant First Nation GP Inc. 100.0% - Reliant (No. 1) Solar Holdings Inc. 100.0% - Metasolar Consultants Inc.

100.0% - Reliant First Nation Limited Partnership 100.0% - Potentia Energy Limited Partnership

100.0% - PSI Construction Agent 2 Limited Partnership 100.0% - PRI Construction Limited Partnership

100.0% - PRI Consulting Limited Partnership

100.0% - PSI Solar Finance (FIT 4) Limited Partnership

100.0% - Potentia Solar 9 Limited Partnership

------

100.0% - Potentia Solar 10 Limited Partnership 100.0% - Potentia Solar 11 Limited Partnership 100.0% - Potentia Solar 12 Limited Partnership

100.0% - Potentia Solar Holdings GP Inc. 100.0% - PSI Finance 13 GP Inc. 100.0% - PSI Solar Finance 1 GP Inc. 100.0% - MOM Guarantor GP Inc.

100.0% - MOM Solar GP Inc.

100.0% - PSI Solar Finance 5 GP Inc.

100.0% - Potentia Solar 5 GP Inc. 100.0% - Potentia Solar 6 GP Inc. 100.0% - Potentia Solar 7 GP Inc. 100.0% - MSPC V General Partner Inc.

100.0% - PSI Solar Finance 14 GP Inc.

100.0% - Potentia Solar 14 GP Inc.

100.0% - AS GP Inc.

100.0% - TSPS (Portfolio 1) GP Inc. 100.0% - TSPS (Portfolio 2) GP Inc..

100.0% - PSI Construction Agent 4 GP Inc.

100.0% - PSI Solar Finance (FIT 4) GP Inc. 100.0% - Potentia Solar 9 GP Inc. 100.0% - Potentia Solar 10 GP Inc. 100.0% - Potentia Solar 11 GP Inc. 100.0% - Potentia Solar 12 GP Inc.

100.0% - PRI Construction Agent 2 GP Inc. 100.0% - PRI Consulting GP Inc.

100.0% - PRI Construction GP Inc. 100.0% - Solarize Holdings GP Inc. 100.0% - Solarize Holdings LP

100.0% - Solarize Services GP Inc. 100.0% - Solarize Services LP 100.0% - GS 2013 GP Inc.

100.0% - SE 2011 GP Inc.

100.0% - SE 2011 LP

100.0% - SE 2012 GP Inc.

49.985% - SE 2012 LP

49.985% - SE2 2013 LP

49.99% - SE5 2013 LP

100.0% - QS1 2012 GP Inc.

49.98% - QS1 2012 LP

100.0% - QS4 2012 GP Inc.

49.985% - QS4 2012 LP

100.0% - QS15 2012 GP Inc.

49.985% - QS15 2012 LP

------

100.0% - SE2 2013 GP Inc.

100.0% - SE5 2013 GP Inc.

39.996% - SE7 2013 LP

100.0% - SE7 2013 GP Inc.

100.0% - SE9 2013 GP Inc.

100.0% - SE9 2013 LP

100.0% - Solarize Financial 2015 GP Inc. 100.0% - Solarize Financial 2015 LP 100.0% - Solexica Energy GP5 Inc.

100.0% - Solexica Energy LP 5

85.0% - Solexica Solar Brampton GP 100.0% - ME3 2012 GP Inc.

49.985% - ME3 2012 LP

100.0% - ME10 2012 GP Inc.

84.98% - ME10 2012 LP

100.0% - ME11 2012 GP Inc.

49.985% - ME11 2012 LP

100.0% - GS 2013 LP

19.26% - Power Sustainable Energy Infrastructure Canada Fund I LP 100.0% - Potentia Renewables Canada Holdings GP Inc.

100.0% - Potentia Renewables Canada Holdings LP 50.0% - 13582175 Canada Inc.

50.0% - Kruger-Energy Saint-Paul Holding L.P.

50.0% - Parc éolien Saint-Paul-de-Montminy Inc.

50.0% - 13582167 Canada Inc.

50.0% - Kruger Energy Les Jardins Holdings L.P.

50.0% - Commandite Kruger Energie Les Jardins Inc. 50.0% - Kruger Energie Les Jardins S.E.C.

100.0% - Skyview BESS Holding GP Inc. 100.0% - Skyview BESS Holding LP

100.0% - PR Ontario BESS GP Inc.

90.0% - Skyview BESS Limited Partnership 100.0% - Skyview BESS Inc

100.0% - Potentia NB GP Inc. 100.0% - Potentia NB LP

100.0% - Pokeshaw Windfam Limited Partnership 100.0% - Stirling Wind Project II Ltd.

100.0% - Stirling Wind Project II LP 100.0% - Red Brick Wind GP Inc.

100.0% - Red Brick Wind Limited Partnership 100.0% - Golden South II GP Inc.

100.0% - Golden South II Limited Partnership 100.0% - PR WS Sponsor GP Inc.

100.0% - PR WS Sponsor LP

------

100.0% - Stirling Wind Project Ltd 100.0% - Stirling Wind Project LP

74.99%- Stirling Renewable Energy Limited Partnership.

100.0% - PR Jenner Sponsor GP Inc. 100.0% - PR Jenner Sponsor LP

100.0% - Jenner Wind 1 GP Inc. 100.0% - Jenner 1 Limited Partnership

100.0% - Jenner 2 GP Inc.

100.0% - Jenner 2 Limited Partnership

100.0% - Jenner 3 GP Inc.

100.0% - Jenner 3 Limited Parntership 100.0% - Wheatland Wind Project Ltd.

100.0% - Wheatland Wind Project LP 100.0% - Rose Valley Wind Holding GP Inc. 100.0% - Rose Valley Wind Holding LP

100.0% - Rose Valley Wind GP Inc. 49.0% - Rose Valley Wind LP

100.0% - Rose Valley Wind Inc.

100.0% - Crystal Falls Solar Holding GP Inc.

100.0% - Crystal Falls Solar Holding Limited Partnership 100.0% - Crystal Falls Solar Project GP Inc.

100.0% - Crystal Falls Solar Limited Partnership 100.0% - Crystal Falls Solar Project Inc.

100.0% - Massey Solar Holding GP Inc.

100.0% - Massey Solar Holding Limited Partnership 100.0% - Massey Solar GP Inc.

100.0% - Massey Solar Limited Partnership 100.0% - Massey Solar Inc.

100.0% - Pineview BESS Holding GP Inc.

100.0% Pineview BESS Holding Limited Partnersip 100.0% - Pineview BESS GP Inc.

100.0% - Pineview BESS Limited Partnership 100.0% - Pineview BESS Inc.

100.0% - 2866075 Ontario Inc. 100.0% - Oxley Wind Farm Inc.

100.0% - Ellershouse 3 GP Inc.

100.0% - Ellershouse 3 Wind Limited Partnership 100.0% - Panuke Lake GP Inc.

100.0% - Panuke Lake Wind GP Inc. 100.0% - Golden South Wind GP Inc 100.0% - Golden South Wind LP

100.0% - PR Canada Land Holdings GP Inc.

100.0% - PR Canada Land Holdings Limited Partnership 100.0% - Paintearth Wind Project Ltd.

------

100.0% - Paintearth Wind Project LP 100.0% - 5979359 Manitoba Ltd.

67.0% - 5956162 Manitoba Ltd.

50.0% - 5529442 Manitoba Ltd.

100.0% - Sequoia Loch Lomond Solar Energy LP 50.0% - Loch Lomond Wind Energy LP

50.0% - Sequoia Renewable Energy System LP 100.0% - Potentia Renewables 15 GP Inc.

100.0% - Potentia Renewables 15 Limited Partnership 100.0% - PRI Wind GP Trust

100.0% - PRI Wind LP

50.0% - Affinity Wind GP Inc. 50.0% - Affinity Wind LP 100.0% - PRI Solar GP Trust 100.0% - PRI RT Solar LP

100.0% - PRI Industrial Solar (GP) Inc. 84.90% - PRI Industrial Solar LP 49.0% - LIFE Solar 1 Inc.

49.0% - LIFE Solar 2 Inc.

49.0% - LIFE Solar 3 Inc.

100.0% - Potentia Renewabes 16 GP Inc.

100.0% - Potentia Renewables 16 Limited Partnership 100.0% - PRI Solar Gardens Nominee Inc. 100.0% - PRI Solar Gardens GP Trust 100.0% - PRI Solar Gardens LP

100.0% - Potentia Renewables 17 GP Inc. 100.0% - 2366333 Ontario Inc.

100.0% - 2330049 Ontario Inc.

100.0% - SunE Newboro 4 GP Corp.

100.0% - SunE Welland Ridge GP Corp.

100.0% - SunE Sky GP Erie Ridge Ltd.

100.0% - Potentia Renewables 17 Limited Partnership 100.0% - SunE Newboro 4 LP

100.0% - SunE Welland Ridge LP 100.0% - SunE Sky Erie Ridge LP 75.0% - Truro Heights Wind LP

16.67% - 3285142 Nova Scotia Limited 67.0% - Truro Heights Wind GP Ltd.

49.0% - Truro-Milbrook Wind LP

25.0% - 3285142 Nova Scotia Limited 67.0% - Truro-Milbrook Wind GP Ltd.

75.0% - Pockwock Wind LP

41.67% - 3285142 Nova Scotia Limited 67.0% - Pockwock Wind GP Ltd.

------

49.0% - Whynotts Wind LP

16.67% - 3285142 Nova Scotia Limited 67.0% - Whynotts Wind GP Ltd.

100.0% - PR Development GP Inc.

100.0% - PR Development Limited Partnership

100.0% - Creekside BESS Limited Partnership 100.0% - Heartwood BESS Limited Partnership 100.0% - Amprior BESS Limited Partnership

100.0% - Essex Storage GP Inc.

100.0% - Essex Storage Limited Partnership 100.0% - Sa K-ekone Solar GP Inc.

49.0% - Sa K-ekone Solar Limited Partnership

100.0% - Potentia Renewables Saskatchewan Limited Partnership 100.0% - Potentia Renewables Saskatchewan GP Inc.

100.0% - Southern Springs Solar Holding GP Inc. 100.0% - Southern Springs Solar Holding LP

100.0% - Southern Springs Solar GP Inc. 49.0% - Southern Springs Solar LP

100.0% - Southern Springs Solar Inc.

100.0% - Potentia Renewables 18 GP Inc.

100.0% - Potentia Renewables 18 Limited Partnership 100.0% - BrightRoof IP Ltd.

100.0% - BrightRoof GP Inc.

99.0% - BrightRoof II GP Inc.

100.0% - BrightRoof Solar Limited Partnership

49.895% - Metis Nation of Ontario – BrightRoof Solar Limited Partnership 100.0% - JCM Solar G.P.1 Ltd.

100.0% - Maxim Solar Power Corporation 100.0% - Tenedors GP 1 Ltd.

100.0% - GSC RP 1 LP

100.0% - GSC RP 5 LP

100.0% - GSC 6 LP

100.0% - Potentia Renewables 19 Inc.

100.0% - Potential Renewables 19 Limited Partnership 100.0% - Ernestown Holdings Inc.

100.0% - Ernestown Holdings Limited Partnership

44.99998% - Ernestown Windpark Limited Partnership 100.0% - Ernestown Windpark Inc.

100.0% - Maryvale Wind Inc.

100.0% - Maryvale Wind Limited Partnership 100.0% - Swift River Operations Limited 100.0% - Swift River Energy Limited 50.0001% - Swift River Limited Partnership

100.0% - Potentia Renewables US Holdings Corp. f/k/a Potentia Solar Holdings Corp

------

15.22% - Power Sustainable Energy Infrastructure US Fund I LP 100.0% - Potentia Renewables US Holdings LLC

100.0% - Musselshell Wind Holdings, LLC 100.0% - Musselshell Wind Project, LLC

100.0% - Musselshell Wind Project Two, LLC 95.0% - Potentia Stargell Holdco LLC

80.0% - Hyperion Holdco II, LLC

100.0% - IEP Tejas Verde, LLC

100.0% - Potentia US Battery Storage Holdings, LLC 100.0% - IEP Tejas Verde, LLC

100.0% - PR Damon, LLC

100.0% - PR Land Holdings, LLC 100.0% - PR Development LLC

100.0% - Banjo Solar Holdings Corp.

51.0% - Kamaole Solar Holdings, LLC

51.0% - Kamaole Solar, LLC 100.0% - PR Operating LLC

100.0% Potentia US Wind Fund 1, LLC 95.00% - BSW US Holdings II, LLC

100.0% Big Sky Wind, LLC

100.0% - BSW DevCo, LLC

100.0% - Potentia US Solar Fund 3, LLC 50.0% - Desert Quartzite, LLC

100.0% - Potentia US Solar Fund 2, LLC 100.0% - CG Solar Blocker I LLC

100.0% - CG Goldeney I, LLC

100.0% - ConnectGen Goldfinger I LLC 50.0% - Goldfinger Ventures LLC

50.0% - 2019 SOL III LLC

50.0% - Windhub Solar A, LLC 50.0% - Sunshine Valley Solar, LLC

100.0% - CG Solar Blocker II LLC 100.0% - CG Goldeney II, LLC

100.0% - ConnectGen Goldfinger II LLC 50.0% - Goldfinger Ventures II, LLC

50.0% – 2019 SOL IV LLC

50.0% - Sun Streams LLC

100.0% - Potentia MN Solar Fund 1 Managing Member, LLC 65.0% - Potentia MN Solar Fund I, LLC

100.0% - Minnesota Solar CSG 1, LLC 100.0% - Minnesota Solar CSG 4, LLC 100.0% - Minnesota Solar CSG 8, LLC 100.0% - Minnesota Solar CSG 9, LLC 100.0% - Minnesota Solar CSG 19, LLC

------

100.0% - Minnesota Solar CSG 21, LLC 100.0% - Potentia Renewables Big Sky Operations LLC

100.0% - Potentia Renewable Developments, LLC 100.0% - Power Energy Corporation US

100.0% - Nautilus Solar Energy, LLC

100.0% - Nautilus Solar Solutions, LLC 100.0% - Nautilus Community Solar, LLC

29.81% - Power Sustainable Energy Infrastructure US Fund II LP 100.0% - Nautilus US Power Holdco, LLC

100.0% - Nautilus Solar Landco, LLC 100.0% - Nautilus LNTP Holdco, LLC 100.0% - Nautilus Equipment Borrower, LLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0 – Enterprise Road Solar, LLC 100.0% - Gregg Road Solar, LLC

100.0% - Odyssey Alpine Road Solar, LLC 100.0% - Odyssey Sandoval Solar Phase 2, LLC 100.0% - TPE IL WI158, LLC

100.0% - TPE IL WI202, LLC

100.0% - USS Sand Solar LLC 100.0% - USS Valley Solar LLC

100.0% - IL Solar Minonk Project1, LLC 100.0% - IL Solar Minonk Project2, LLC 100.0% - Odyssey Sonora Solar, LLC

100.0% - Nautilus OH Development, LLC 100.0% - Nautilus MI Development, LLC 100.0% - Nautilus NM Development, LLC 100.0% - Nautilus WI Development, LLC 100.0% - Yellow 17, LLC

100.0% - Luna Rossa Schodack Solar, LLC 100.0% - Yellow 23 LLC

100.0% - Yellow 22 LLC

100.0% - Great Lakes Peck Road Solar, LLC 100.0% - Great Lakes Michigan Solar, LLC 100.0% - Great Lakes 72nd Street Solar, LLC 100.0% - Great Lakes Wisconsin Solar, LLC 100.0% - Great Lakes Ohio Solar, LLC 100.0% - West Deming Solar Project, LLC

100.0% - Pulse Solar II, LLC 100.0% - Bear Branch Solar LLC 100.0% - Old Island Solar LLC 100.0% - Old Lock Solar LLC

100.0% - Nautilus Solar Devco Holdings, LLC

99.0% - Nautilus Solar Devco Parent, LLC (1% owned by Nautilus Solar Devco Holdings, LLC) 100% - Churchville Solar, LLC

------

100.0% - Westminster Solar, LLC

100.0% - Nautilus Term Transfer Holdco, LLC 100.0% - Moro Altamont Solar, LLC 100.0% - Leeds Route 106 Solar, LLC 100.0% - CGA Solar, LLC

100.0% - Renew Solar RI Exeter Ten, LLC 100.0% - Renew Solar RI Exeter Mail LLC 100.0% - Spirit Presque Isle 1 Solar, LLC 100.0% - Spirit Presque Isle 2 Solar, LLC 100.0% - VP Road Solar, LLC

100.0% - VP Road Solar South, LLC 100.0% - Falcon Sheesley, LLC 100.0% - BD Solar Norridgewock, LLC

100.0% - Nautilus Term Transfer Holdco II, LLC 100.0% - Nautilus Solar Construction Holdco, LLC

100.0% - Nautilus Solar Construction Seller, LLC 100.0% - Wolcott Hill Road Solar LLC

100.0% - St Lawrence County NY S2 LLC 100.0% - Luna Rossa Champlain Solar, LLC 100.0% - Chesapeake KE73 Solar, LLC 100.0% - Islander Solar, LLC

100.0% - Livingston Crossing Solar LLC 100.0% - Chesapeake Energy One, LLC 100.0% - Carroll County MD Solar, LLC 100.0% - Lincoln LI77 Solar, LLC 100.0% - Gowans Road Solar LLC 100.0% - Maverick One, LLC

100.0% - Ironside Lily Creek Solar, LLC 100.0% - Chesapeake NE91 Solar, LLC 100.0% - Clover Solar, LLC

100.0% - Sedum Solar, LLC 100.0% - Jacob's Place Solar LLC

100.0% - Lantana Solar Project, LLC 100.0% - Odyssey Granite City Solar, LLC 100.0% - Odyssey St. John Solar, LLC 100.0% - Lincoln HE33 Solar, LLC 100.0% - Carya Solar, LLC

100.0% - Carbondale Community Energy Initiative LLC 100.0% - East Walnut Street Community Initiative LLC 100.0% - RPIL Solar 4, LLC

100.0% - Odyssey Viola Solar, LLC 100.0% - USS Chandler Solar LLC

100.0% - Nautilus Solar Operations, LLC

------

99.0% - Nautilus Solar Opco Parent, LLC (1% owned by Nautilus Solar Operations, LLC)

------

100.0% - Nautilus Solar Term Holdco, LLC

100.0% - Nautilus Lion Sponsor Member, LLC 100.0% - Nautilus Lion Member, LLC

100.0% - Sturgeon Quarry Solar, LLC 100.0% - Casco Sidney Solar, LLC 100.0% - Casco Standish Solar, LLC 100.0% - Meeting House Solar, LLC 100.0% - SolarClub 10, LLC

100.0% - Bear One, LLC

100.0% - Sabattus SB01, LLC 100.0% - Red Wing Solar 3 LLC 100.0% - Vestal PS9 Solar, LLC 100.0% - Vestal PS10 Solar, LLC 100.0% - Sanford Solar LLC

100.0% - Nautilus Atlantis II MM Holdco, LLC

100.0% - Nautilus Atlantis II Lessee Holdco, LLC 100.0% - Nautilus Atlantis II Lessor Holdco, LLC 100.0% - Mustang One, LLC

100.0% - Lion One, LLC

100.0% - Ten Oaks Solar LLC 100.0% - Red Wing Solar 30, LLC 100.0% - Parker Place Solar LLC 100.0% - Peterboro Road Solar, LLC 100.0% - Casco Brewer Solar, LLC

100.0% - Sturgeon Ryan Ranch Solar, LLC 100.0% - Beech Road Solar, LLC

100.0% - Comfort Solar, LLC 100.0% - BD Solar Rangeley LLC 100.0% - BD Solar Larson LLC 100.0% - BD Solar North Anson LLC

100.0% - Norridgewock Martin Stream Solar LLC 100.0% - Nautilus FPF Sponsor Member, LLC

100.0% - Nautilus FPF Member, LLC [100.0% of Class B Membership Interests] 100.0% - BD Solar Limestone LLC

100.0% - BD Solar Masardis LLC 100.0% - BD Solar Nicolin LLC

100.0% - Nautilus Solar Term Holdco II, LLC 100.0% - Nautilus Class B Member 2025, LLC

100.0% - Nautilus Owner 2025, LLC [100.0% of Class B Membership Interests] 100.0% - Carroll County MD Solar, LLC

100.0% - Luna Rossa Champlain Solar, LLC 100.0% - Gowans Road Solar, LLC

100.0% - Chesapeake Energy One, LLC 100.0% - Chesapeake KE73 Solar, LLC

------

100.0% - Chesapeake SU94 Solar, LLC 100.0% - Chesapeake SU113 Solar, LLC 100.0% - Chesapeake SU163 Solar, LLC 100.0% - Livingston Crossing Solar LLC 100.0% - St Lawrence County NY S2, LLC 100.0% - Islander Solar, LLC

100.0% - Goose Haven Solar LLC 100.0% - RPIL Solar 5, LLC

100.0% - Chesapeake SU165 Solar, LLC 100.0% - Lincoln LI18 Solar, LLC 100.0% - Lincoln KA04 Solar, LLC 100.0% - Lincoln KA32 Solar, LLC 100.0% - Little Valentine Solar LLC 100.0% - Odyssey St. Jacob Solar, LLC 100.0% - Barnes Road Solar, LLC 100.0% - Barnes Road Solar West, LLC

100.0% Nautilus Issuer 2022 Holdco, LLC

100.0% Nautilus Issuer 2022, LLC

100.0% - Nautilus Sponsor Member 2022, LLC

100.0% - Nautilus Owner 2022, LLC [100.0% of Class B Membership Interests] 100.0% - Tiffany Energy LLC

100.0% - NSE AT01, LLC

100.0% - NSE FA01 LLC

100.0% - Washington WS03, LLC 100.0% - Sturgeon Solar Gray, LLC

100.0% - Vestal PS4 Solar, LLC (f/k/a) Pivot Solar 4, LLC) 100.0% - Vestal PS7 Solar, LLC (f/k/a) Pivot Solar 7, LLC) 100.0% - Vestal PS8 Solar, LLC (f/k/a) Pivot Solar 8, LLC) 100.0% - Vestal PS1 Solar, LLC (f/k/a Pivot Solar 1, LLC) 100.0% - Vestal PS3 Solar, LLC (f/k/a Pivot Solar 3, LLC)

100.0% - Mavis Solar North Bridgton LLC (f/k/a BD Solar North Bridgton, LLC) 100.0% - Mavis Oakland LLC (f/k/a BD Solar Oakland, LLC)

100.0% - Wells Solar LLC 100.0% - Fryeburg Solar, LLC

100.0% - VH Holdco I, LLC

100.0% - VH WB Holdco, LLC

100.0% - VH West Brookfield, LLC 100.0% - NSE Kam MM Holdco, LLC

100.0% - Virgo KAM Holdco, LLC (100% Class B Units) 100.0% - Lindstrom Solar LLC

100.0% - Saint Cloud Solar LLC 100.0% - Winsted Solar LLC

100.0% - NSE Goat Island MM Holdco, LLC

------

100.0% - Virgo Goat Island Holdco, LLC (100% Class B Units)

------

100.0% - Nautilus Goat Island Solar, LLC 100.0% - Nautilus Hopkins Hill MM Holdco, LLC

100.0% - Hopkins Hill Solar Lessee LLC (1% pre-flip economic interest) 100.0% - Hopkins Hill Solar Lessor Holdco LLC (90% economic interest)

100.0% - TPE Hopkins Solar Holdings1, LLC 100.0% - Nautilus Mayflower Holdco, LLC

100.0% - FFP Fund II Member1, LLC

100.0% - FFP Fund II Partnership1, LLC 100.0% - Hollygrove Solar, LLC

100.0% - Howland Solar, LLC 100.0% - Pearl Solar, LLC 100.0% - Pearl Solar II, LLC

100.0% - FFP NY Schagticoke Project1, LLC 100.0% - FFP NY Schenectady Project1, LLC 100.0% - FFP NY Watertown Project1, LLC 100.0% - FFP NY Guilderland Project1, LLC 100.0% - Aegis Solar, LLC

100.0% - FFP Fund II Partnership2, LLC 100.0% - FFP Bethlehem Project1, LLC 100.0% - FFP BTC2 Project LLC

100.0% - Strauss Solar, LLC 100.0% - Dover Solar, LLC 100.0% - Ellsworth Solar, LLC 100.0% - Ellsworth Solar II, LLC 100.0% - Frog Hollow Solar, LLC 100.0% - Howell Solar, LLC

100.0% - FFP Owings Mills Project1 LLC 100.0% - FFP MD Snow Hill Project1 LLC 100.0% - FFP MD PGC18 Project, LLC

100.0% - FFP MD Solar Holdings, LLC 100.0% - Nautilus Holdco I, LLC

100.0% - NS Belle Mead, LLC

100.0% - NSE Barnstable HS Solar LLC 100.0% - NSE Duxbury Solar LLC 100.0% - NSE Solar #1032 LLC

100.0% - NSE Cape Cod Solar IV LLC 100.0% - NSE Mattacheese Solar LLC 100.0% - NSE Wixon Solar LLC 100.0% - Red Wing Solar 15 LLC 100.0% - Red Wing Solar 20 LLC 100.0% - SolarClub23 LLC

100.0% - Red Wing Solar 28, LLC 100.0% - SolarClub 35 LLC 100.0% - Vestal PS2 Solar, LLC

------

49.62% - LMPG Inc.

100.0% - Vestal PS14 Solar, LLC 100.0% - Vestal PS15 Solar, LLC

100.0% - Sturgeon Town House Solar, LLC 100.0% Nautilus Sponsor Member 2021 LLC

100.0% Sponsor Membership Interests - Nautilus Owner 2021, LLC 100.0% - Nautilus Owner 2021 (King) LLC

100.0% - Nautilus Sponsor Member, 2020 LLC 40.0% - Nautilus Owner 2020, LLC

100.0% - Nautilus Owner 2020 (Beacon) LLC 100.0% - NSE CroakerRenewables Inc.

100.0% - VH Lordsburg Holdco, LLC

100.0% - Nautilus Solar Lordsburg, LLC 100.0% – VH Salem Holdco, LLC

100.0% - NS Salem Community College, LLC 100.0% - VH Kilroy Holdco, LLC

100.0% - VH Kilroy Solar, LLC 100.0% - VH BHA Holdco, LLC

100.0% - GES Megafourteen LLC

100.0% - LMPG Corp. (formerly knows as Lumenpulse Lighting Corp.)

100.0% - LMPG USA, Inc.(formerly known as Sternberg Lanterns, Inc.) 100.0% - Architectural LW Holdings, LLC

100.0% Palo Alto Lighting, LLC

100.0% Architectural Lighting Works, S.de R.L. de C.V.

100.0% - LMPG Holdings Inc.

80.0% Vode Lighting, LLC 100.0% - Exenia s.r.l.

80.0% - CD/M2 Lightworks Corp 80.0% - Pa-Co Lighting Inc.

100.0% - Lumca Inc.

100.0% - Toronto Lightworks Inc. 100.0% - Lumenpulse UK Limited

100.0% - Lumenpulse Alphaled Limited

&nbsp;&nbsp;&nbsp;&nbsp;**G.Other PFC Companies**

Power Financial Corporation

100.0% - 4400003 Canada Inc.

100.0% - 3411893 Canada Inc.

100.0% - 3439453 Canada Inc.

100.0% - 11249207 Canada Inc.

------

0.85% - Clark Holding SE

0.77% - Koho Financial Inc. (0.77% outstanding equity)

------

2.16% - Wealthsimple Financial Corp (1.86% equity)

.&nbsp;&nbsp;&nbsp;&nbsp;100.0% - 9194649 Canada Inc.

100.0% - Springboard L.P.

52.70% - Wealthsimple Financial Corp. (48.16% equity) 100.0% - Wealthsimple Inc.

100.0% - Wealthsimple Investments Inc. 100.0% - Wealthsimple Technologies Inc.

100.0% - Wealthsimple US, Ltd.

100.0% - Wealthsimple Technologies (Alberta) Inc.

100.0% - SimpleTax Software Inc. 100.0% - Wealthsimple Payments Inc. 100.0% - Wealthsimple Media Inc.

100.0% - Wealthsimple Mortgage Services Inc. 100.0% - 14500873 Canada Inc.

100.0% - Wealthsimple Financial Planning Services, Inc. 100.0% - Wealthsimple Funds Holdco Inc.

100.0% - Wealthsimple Private Credit Fund 1 GP Inc.

100.0% Wealthsimple Private Credit Fund 1 LP 100.0% - Wealthsimple Private Credit Fund 1 Sub GP Inc.

100.0% Wealthsimple Private Credit Fund 1 Sub LP 100.0% - Wealthsimple Web3 Inc.

100.0% - Wealthsimple Loan Company 100.0% - Fey Labs Inc.

100.0% - Springboard II LP

5.22% - Koho Financial Inc.(5.24% outstanding equity)

&nbsp;&nbsp;&nbsp;&nbsp;**H.Sagard Holdings & Portag3**

Power Corporation of Canada

100.0% - Power Financial Corporation

65.00% - Great-West Lifeco Inc. (71.14% total equity (directly and indirectly) 12.65% - Sagard Holdings Management Inc. (10.75% equity)

100.0% - Sagard Holdings Participation Inc.

100.0% - Sagard Holdings Inc.

50.83% - Sagard Holdings Management Inc. (43.23% equity) 100.0% - Everwest Holdings Inc.

100.0% - EverWest Property Services, LLC 100.0% - EverWest Advisors LLC

100.0% - EW Manager, LLC

100.0% - EverWest Real Estate Investors, LLC 100.0% - EW Equity Plan, LLC

100.0% - Sagard Holdings Management Corp.

40.0% - HalseyPoint Holdco, LLC

100.0% - HalseyPoint Asset Management, LLC

------

100.0% - Sagard HalseyPoint CLO Management GP LLC 100.0% - Sagard HalseyPoint CLO Management LP

100.0% - Sagard Holdings Service Corp.

100.0% - Sagard Holdings Manager (US) LLC

100.0% - Sagard Senior Lending Partners Offshore GP LLC 100.0% - Sagard Senior Lending Partners Holdings II LP

100.0% - Sagard Senior Lending Partners Offshore-U GP LLC 100.0% - Sagard Senior Lending Partners Holdings II-U LP

100.0% - Sagard Senior Lending Partners Holdings II-U SPV II LLC 100.0% - Sagard Senior Lending Partners Holdings LLC

100.0% - Sagard Senior Lending Partners Holdings-U LLC

100.0% - Sagard Senior Lending Partners Offshore Carried Interest LLC 100.0% - Sagard Senior Lending Partners Offshore Carried Interest-U LLC 100.0% - Sagard CLO Equity Fund GP LLC

100.0% - Sagard CLO Equity Fund LP

100.0% - Sagard CLO Equity Fund US Feeder LP 100.0% - Sagard Senior Lending Partners-U GP Inc.

100.0% - Sagard Senior Lending Partners Holdings I-U LP 100.0% - Sagard Senior Lending Partners-U LP

100.0% - Sagard Senior Lending Partners RN-U LP

100.0% - Sagard Senior Lending Partners Holdings-U GP Inc.

100.0% - Sagard Senior Lending Partners Holdings-U LP 100.0%- Performance Equity Associates, LLC (46.25% equity)

100.0% - Performance Equity Management, LLC 100.0% - Sagard Private Equity Strategies GP Inc.

100.0% - Sagard Private Equity Strategies LP 100.0% - Sagard Private Equity Strategies Feeder LP

100.0% - Sagard Private Equity Strategies Carried Interest LP 100.0% - Sagard Private Equity Strategies Carried Interest Feeder LP

100.0% - Sagard UK Management Ltd.

45.0% - BEX TopCO SAS

100.0% - Sagard Holdings Manager GP Inc.

100.0% - Sagard Holdings Manager LP 100.0% - Sagard Holdings Wealth LP

77.27% - Grayhawk Wealth Holdings Inc. (73.83% fully diluted equity) 100.0% - Grayhawk Investment Strategies Inc.

100.0% - Sagard Foundry Participation LP 100.0% - P3 Ventures Participation LP 100.0% - SHRP Participation LP

100.0% - Sagard Partner Pool LP 100.0% - Sagard Europe Participation LP

100.0% - P3 Ventures 2021 Participation LP

100.0% - Portage Capital Solutions Carried Interest LP 100.0% - Portage Web3 Fund I Carried Interest LP

------

88.17% - Sagard S.A.S.

100.0% - Sagard Holdings Manager (Canada) Inc. 100.0% - Sagard (MENA) Ltd

100.0% - Sagard Credit Partners GP, Inc.

100.0% - Sagard Credit Partners, LP 100.0% - Sagard Credit Partners II GP, Inc.

100.0% - Sagard Credit Partners II, LP

100.0% - Sagard Credit Partners II Carried Interest, LP 100.0% - Sagard Credit Partners (Cayman) GP, Inc.

100.0% - Sagard Credit Partners (Cayman), LP 100.0% - Sagard Credit Partners II (Cayman) GP, LLC

100.0% - Sagard Credit Partners II (Cayman), LP 100.0% - Sagard Credit Partners II (US Investments), LP

100.0% - Sagard Credit Partners II SPV I GP, Inc.

100.0%- Sagard Credit Partners II SPV I, LP 100.0% - Sagard Credit Partners Carried Interest GP Inc.

100.0% - Sagard Credit Partners Carried Interest LP 100.0% - Sagard Credit Partners III GP Inc.

100.0% - Sagard Credit Partners III (Canada) LP 100.0% - Sagard Credit Partners III-U (Canada) LP 100.0% - Sagard Credit Partners III-U RN (Canada) LP

100.0% - Sagard Credit Partners III Special GP Inc.

100.0% - Sagard Credit Partners III Special LP 100.0% - Sagard Credit Partners III (Cayman) GP LLC

100.0% - Sagard Credit Partners III LP 100.0% - Sagard Credit Partners III-U (Cayman) GP LLC

100.0% - Sagard Credit Partners III-U (US) LP 100.0% - Sagard Credit Partners III-U LP

100.0% - Sagard Credit Partners III-U RN (US) LP 100.0% - Sagard Private Credit GP Inc.

100.0% - Sagard Private Credit LP

100.0% - Sagard Private Credit Reverse Hybrid 1 LP 100.0% - Sagard Private Credit Reverse Hybrid 2 LP

100.0% - Sagard Private Credit Financing SPV I GP Inc.

100.0% - Sagard Private Credit Financing SPV 1 LP 100.0% - Sagard Private Credit Financing SPV 2 LP

100.0% - GL Ontario GP Inc.

100.0% - Great Lakes Ontario LP 100.0% - Sagard CLO Equity Fund GP Inc.

100.0% - Sagard CLO Equity Fund Feeder LP 100.0% - Sagard CLO Equity Fund FI Feeder LP

100.0% - Sagard Healthcare Royalty Partners GP LLC 100.0% - Sagard Healthcare Royalty Partners, LP 100.0% - Sagard Healthcare Partners (Delaware) LP

------

100.0% Sagard Healthcare Partners Funding SPE 1, LLC

100.0% - Sagard Healthcare Partners Funding Borrower SPE 1, LP 100.0% - Sagard Healthcare Partners Funding Borrower SPE 2, LP

100.0% - Sagard Healthcare Partners (Delaware) II LP 100.0% - Sagard Healthcare Partners (P-1) LP

100.0% - Sagard Healthcare Partners (US Blocker-1) LLC 100.0% - Sagard Healthcare Partners (US Blocker-2) LLC

100.0% - Sagard Healthcare Royalty Partners (Feeder), LP 100.0% - Sagard Healthcare Royalty Partners (US Feeder), LP 100.0% - Sagard Healthcare Partners (892 Feeder), LP 100.0% - Sagard Healthcare Partners (892) Holdings, LP 100.0% - Sagard Healthcare Partners Holdings, LP

100.0% - Sagard Healthcare Partners (AIV-1) LP 100.0% - Sagard Healthcare Partners (Europe) GP Limited

100.0% - Sagard Healthcare Partners (Europe) ILP 100.0% - Portag3 Ventures GP Inc.

100.0% - Portag3 Ventures Participation ULC 100.0% - Portag3 Ventures Participation Inc. 100.0% - Portag3 Ventures Participation US LP 100.0% - Portag3 Ventures II Affiliates GP Inc.

100.0% - Portag3 Ventures II Affiliates LP 100.0% - Portag3 Ventures LP

100.0% - Portag3 International Investments Inc.

1.03% - Albert Corporation

0.46% - Clark (FL Fintech E GmbH) 12.24% - Borrowell Inc.

35.17% - Diagram Ventures Limited Partnership 0.56% - Nesto Inc.

100.0% - Portag3 Ventures II GP Inc.

100.0% - Portage3 Ventures II LP

100.0% - Portag3 Ventures II Investments LP

100.0% - Portag3 Ventures II International Investments Inc. 12.20% - Albert Corporation

15.24% - Koho Financial Inc. 10.37% - Clark

12.52% - Socotra Inc. 19.97% - Fondeadora Inc. 9.80% - AlpacaDB, Inc.

21.17% - Pledg SAS

17.02% - Rose Technology Incorporated 15.80% - AtomicFI, Inc.

18.65% - Choosing Therapy Inc. 63.63% - Diagram Ventures II LP 12.57% - Conquest Planning Inc.

------

9.12% - integrate AI Inc. 14.15% - Boosted.ai 10.72% - Hellas Direct

1.97% - Tallied Technologies Inc. (Founders Shares)

1.49% - 12835304 Canada Inc. (Conduit) (Founders Shares) 2.02% - 12835347 Canada Inc (Helika) (Founders Shares) 1.46% - 12837072 Canada Inc (Obeo) (Founders Shares) 1.98% - Choir Technologies Inc. (Founders Shares)

1.29% - ClearEstate (Founders shares)

2.23% - Conduit Blockchain Technologies Inc. (Founder shares) 2.85% - Novisto Inc (plus Founders shares)

3.78% - Pillar (Founders shares)

8.08% - Retirable, Inc (plus Founders shares) 1.62% - Skylight (Founders shares)

2.96% - Synctera Inc (plus Founders shares) 1.59% - Trice Technologies Inc (Founders Shares) 4.02% - Wingo Technologies Inc (Founders shares)

100.0% - Portag3 Ventures II International LP

100.0% - Portag3 Ventures II International (FI) LP 100.0% - Portag3 Ventures II Carried Interest LP 100.0% - Portag3 Ventures II Carried Interest US LP

100.0% - Portage Ventures III GP Inc.

100.0% - Portage Ventures III Carried Interest LP 100.0% - Portage Ventures III LP

100.0% - Portage Ventures III International LP 100.0% - Portage Ventures III Investments LP

11.25% - 12835304 Canada Inc. (Conduit) 10.94% - Covey IO Corp.

12.29% - Croissant Pay, Inc. 11.99% - GuarantR, Inc.

11.88% - KikOff Inc.

13.43% - Kontempo Holdings Limited 14.10% - LeapXpert Group

12.53% - Nesto Inc. 8.97% - HeyMirza Ltd. 11.47% - Loanstreet Inc.

19.20% - Wealthier Pty Ltd.(Pearler) 11.21% - Modular Technologies OÜ (TUUM) 18.18% - Tallied Technologies Inc.

12.84% - Angle Health, Inc. 18.00% - Agio Ratings Limited 31.16% - Notch Ordering Inc. 15.62% - Oat Financial, Inc.

------

15.69% - QUIN Technologies GmbH

------

12.48% - Mooncard 10.01% - Liquidly Inc.

12.02% - Conduit Blockchain Technologies, Inc. 15.40% - Benepass, Inc.

17.67% - Brella Insurance Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. 94% - Cover Tree Inc.

10.00% - Midas Technology Corp. 22.0% - Zeal (Puzzl Group Inc.) 13.83% - Zilo Technology Limited 11.28% - Haruko Limited

11.76% - Najar

100.0% - Portage Ventures III B1 LLC 18.69% - Valstro Holdings, LLC

15.31% - Faye

100.0% - Portage Ventures III Access Fund LP 100.0% - Portage Ventures IV GP Inc.

100.0%- PVBCI LP

100.0% - Portage Ventures IV Carried Interest LP 100.0% - Portage Ventures IV LP

100.0% - Portage Ventures IV International LP 100.0% - Portage Ventures IV Investments LP

11.25% - Formance, Inc.

16.67% - Seed Investor Holdings, Inc. 20.00% - Final Commerce Inc.

8.75% - Flexbase Technologies, Inc. 18.77% - OneCarNow Holdings Limited 16.00% - Stratosphere Technology Inc. 14.71% - ObsidianOS Limited

12.43% - Allocate Holdings Inc.

20.0% - Elysian Insurance Services Inc. 14.83% - Klear AI, Inc.

17.54% - Pluto Financial Technologies, Inc.

50.0% - Diagram Ventures GP Inc.

100.0% - Diagram Ventures Limited Partnership 3.38% - Nesto

6.99% - Retirable

50.0% - Diagram Ventures II GP Inc. 100.0% - Diagram Ventures II LP

5.10% - Novisto

4.52% - Synctera

9.46% - Baselane

9.71% - ClearEstate

11.75% - Tallied

11.35% - Helika

------

12.47% - Obeo

13.93% - Trice 50.0% - Diagram Ventures III GP Inc.

100.0% - Diagram Ventures III LP 14.00% - Trice

9.96% - Choir 14.59% - Katara AI

17.28% - Axle Automation 9.62% - Landjourney

15.75% - LoadLogic

3.63% - Walnut

17.62% - Policybook

13.72% - Coral

17.35% - Mahalo

13.42% - Locus X (ex-GameIQ)

100.0% - Diagram Ventures III Carried Interest L.P.

50.0% - Diagram Opportunity GP Inc.

100.0% - Diagram Opportunity Fund Carried Interest LP 100.0% - Diagram Opportunity Fund I LP

7.90% - Synctera

0.90% - Albert

7.03% - Novisto

5.43% - Baselane

8.47% - ClearEstate

4.79% - Nesto

0.80% - Alpaca

0.0% - Wealthsimple Financial Corp (0.11% equity)100.0% - Diagram SPV 5-24 LP 2.46% - Nesto

100.0% - Diagram SPV 5-24 Carried Interest Limited Partnership 100.0% - Diagram SPV 2-25 L.P.

100.0% - Diagram SPV 2-25 Carried Interest Limited Partnership 100.0% - Diagram SPV 10-25 L.P.

50.0% - Diagram ClimateTech GP Inc.

100.0% - Diagram ClimateTech Carried Interest L.P.

22.56% - Relion

100.0% - Diagram ClimateTech Fund L.P.

22.56% - Relion

17.86% - Lyteflo

1.80% - veritree

8.83% - Skyward

5.00% - PemPem

8.00% - Enurgen

49.0% – Diagram Corporation (75.0% equity) 100.0% - Springboard III GP Inc.

------

100.0% - Springboard III LP 100.0% - Sagard Holdings GP, Inc.

100.0% - Sagard Holdings, L.P.

96.0% - 1069759 B.C. Unlimited Liability Company 100.0% - Spadina GP Inc.

100.0% - Spadina Participation LP 100.0% - Spadina LP

3.51% - Wealthsimple Financial Corp. (3.03% equity) 100.0% - Sagard PE Canada GP Inc.

100.0% Sagard PE Canada Carried Interest LP 100.0% - Sagard Private Equity Canada LP

100.0% SPEC CL GP Inc.

100.0% SPEC CL Co-Invest LP

50.3433% - Courchesne, Larose Holding Inc.

100.0% - Courchesne, Larose, Limitee 59.0% - SPEC Walter GP Inc.

100.0% - SPEC Walter LP

38.68% - Groupe Lou-Tec Inc.

100.0% Acces Location D'Equipements Inc. 100.0% - Locations SSJ Inc.

100.0% - MKS Equipements Inc. 100.0% - Torcan Lift Equipment Ltd.

100.0% - SPEC NG Holding Inc.

31.24% - Norbec Group Inc. 96.0% - SPEC PF Co-Invest GP Inc.

100.0% - SPEC PF Co-Invest LP

42.44% - PakFab Engineered Solutions Corp.

37.9% - Lorne Park Capital Partners Inc. (f.k.a.1001252840 Ontario Inc.)

100.0% - Bellwether Investment Management Inc. (f.k.a.1001252872 Ontario Inc.)

36.7% - Sagard USRE Inc.

50.0% - Outremont Technologies Inc. (41.75% economic shares) 100.0% - Outremont Technologies Manager Ltd.

100.0% - Outremont Technologies GP Ltd. 100.0% - Sagard Senior Lending Partners GP Inc.

100.0% - Sagard Senior Lending Partners LP

100.0% - Sagard Senior Lending Partners Holdings I LP 100.0% - Sagard Senior Lending Partners Holdings GP Inc.

100.0% - Sagard Senior Lending Partners Holdings LP 100.0% - Sagard Senior Lending Partners Carried Interest GP Inc.

100.0% - Sagard Senior Lending Partners Carried Interest LP 100.0% - Sagard Senior Lending Partners Carried Interest-U LP

100.0% - Sagard Senior Lending Partners Offshore Carried Interest Blocker LP 100.0% - Sagard Senior Lending Partners Offshore Carried Interest GP Inc.

100.0% - Sagard Senior Lending Partners Offshore Carried Interest LP

------

100.0% - Sagard Senior Lending Partners Offshore Carried Interest-U LP 100.0% - Sagard Senior Lending Partners Offshore-U GP Inc

100.0% - Sagard Senior Lending Partners Offshore-U LP 100.0% - Sagard Senior Lending Partners Offshore GP Inc.

100.0% - Sagard Senior Lending Partners Offshore LP 100.0% - Sagard Senior Lending Partners Holdings SPV GP Inc.

100.0% - Sagard Senior Lending Partners Holdings I SPV LP 100.0% - Sagard Senior Lending Partners Holdings II SPV LP

100.0% - Sagard Senior Lending Partners Holdings-U GP LLC 100.0% - Sagard Senior Lending Partners Holdings-U III LP

100.0% - Sagard Senior Lending Partners Holdings GP LLC 100.0% - Sagard Senior Lending Partners Holdings III LP

100.0% - Portage Capital Solutions GP Inc.

100.0% - Portage Capital Solutions Fund I LP 16.23% - Theta Ray Ltd.

100.0% - Portage Capital Solutions Canada Fund I LP 100.0% - Portage Capital Solutions US Fund I LP

100.0% - Portage Capital Solutions International Fund I LP 100.0% - Portage Web3 I GP Inc.

100.0% - Portage Web3 Feeder Fund I LP 100.0% - Portage Web3 Master Fund I LP

100.0% - Portage Web3 Blocker Inc.

100.0% - PCS Arglass Co-Invest GP. Inc.

100.0% - PCS Arglass Co-Invest LP 100.0% - Mowat GP Inc.

100.0% - Mowat Participation LP 100.0% Mowat LP

3.76% Koho Financial Inc.

100.0% - PPCVI GP Inc.

100.0% - PPCVI Carried Interest LP 100.0% - PPCVI LP

100.0% - PPCVI Blocker I, LLC

100.0% - PPCVI Blocker II, LLC

100.0% - SHMI CDN Feeder GP Inc.

100.0% - Sagard NewGen 2 Canadian Feeder LP 100.0% - Sagard USPF Inc.

63.3% - Sagard USRE Inc.

4.0% - 1069759 B.C. Unlimited Liability Company

<br>