# EDGAR Filing Document

**Accession Number:** 0000934298
**File Stem:** 0001193125-23-067475
**Filing Date:** 2023-3
**Character Count:** 48864
**Document Hash:** 31debf1a91954ed96d4458b0584d9357
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-067475.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001193125-23-067475

**CONFORMED SUBMISSION TYPE**: 497VPI

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NYLIAC VARIABLE ANNUITY SEPARATE ACCOUNT III
- **CENTRAL INDEX KEY:** 0000934298
- **IRS NUMBER:** 133044743
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497VPI
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-228039
- **FILM NUMBER:** 23723288

**BUSINESS ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **STREET 2:** ATTENTION: ERICA CARRIG
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** (212) 576-4498

**MAIL ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **STREET 2:** ATTENTION: ERICA CARRIG
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NYLIAC LIFESTAGES ANNUITY SEPARATE ACCOUNT
- **DATE OF NAME CHANGE:** 19941219

## Series and Classes Contracts Data

### NYLIAC VARIABLE ANNUITY SEPARATE ACCOUNT III (Series ID: S000009385)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000207404 | New York Life Premier Variable Annuity - P Series |  |

**SUMMARY PROSPECTUS FOR NEW INVESTORS** 

**May 1, 2022** 

**As amended March 10, 2023** 

**New York Life Premier Variable Annuity- P Series** 

**From** 

**NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION** 

**Issued through** 

**NYLIAC Variable Annuity Separate Account -III** 

This summary prospectus summarizes key features of the New York Life Premier Variable Annuity- P Series policy.

Before you invest, you should review the prospectus for the New York Life Premier Variable Annuity- P Series policies, which contains more information about the policy's features, benefits, and risks. You can find this document and other information about the contract online at <u>https://dfinview.com/NewYorkLife/TAHD/premier-pseries</u>. You can also obtain this information at no cost by calling our New York Life Annuities Service Center at 1-800-762-6212 or by sending an email request with your name and mailing address to PremierPProspectus@newyorklife.com.

You can sign up for electronic delivery of your summary prospectus, updates to the summary prospectus or other communications by logging into your account at <u>www.newyorklifeannuities.com</u>.

**You may cancel your policy within 10 days of delivery of the policy without paying fees or penalties. In some states, this cancellation period may be longer. In California, purchasers age 60 and over can allocate their Accumulation Value to the Fidelity VIP Government Money Market Portfolio during the Free Look period. Upon cancellation, you will receive either (i) a full refund of the amount you paid with your application, or (ii) your policy value (Accumulation Value.) You should review the prospectus, or consult with your registered representative, for additional information about the specific cancellation terms that apply.** 

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

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  **[Definitions](#ips_supp441018_1)** | 2 |
|  **[Important Information You Should Consider About The Policy](#ips_supp441018_2)** | 4 |
|  **[Overview Of The Policy](#ips_supp441018_3)** | 8 |
|  **[Benefits Available Under The Policies](#ips_supp441018_4)** | 10 |
|  **[Buying The Policy](#ips_supp441018_5)** | 12 |
|  **[Making Withdrawals: Accessing Money In Your Policy](#ips_supp441018_6)** | 12 |
|  **[Additional Information about Fees](#ips_supp441018_7)** | 14 |
|  **[Appendix 1](#ips_supp441018_8)** | A-1 |

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**DEFINITIONS** 

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**Accumulation Unit—**An accounting unit we use to calculate the Variable Accumulation Value prior to the Annuity Commencement Date. Each Investment Division of the Separate Account has a distinct variable Accumulation Unit value.

**Accumulation Value—**The sum of the current Accumulation Unit value(s) for each of the Investment Divisions multiplied by the number of Accumulation Units held in the respective Investment Division.

**Annuitant—**The person or persons named on the Policy Data Page and whose life or lives determine the Income Payments.

**Annuity Commencement Date—**The date on which Income Payments under the policy are scheduled to begin. This date cannot be later than the date you attain age 115.

**Base Contract Charge—**Mortality and Expense Risk and Administrative Costs Charge (M&E Charge).

**Beneficiary or beneficiary—**The person or entity having the right to receive the death benefit proceeds set forth in the policy and who is the "designated beneficiary" for purposes of Section 72 of the Code (as defined below).

**Business Day—**Generally, any day on which the New York Stock Exchange (NYSE) is open for trading. Our Business Day ends at 4:00 p.m. Eastern Time or the close of regular trading of the NYSE, if earlier.

**Code—**The Internal Revenue Code of 1986, as amended.

**Good Order—**We consider a transaction to be in "Good Order" if it complies with our administrative procedures and all relevant laws and regulations, and the required information is complete and correct. Good Order means the actual receipt by us of instructions relating to the requested transaction in writing (or, if permitted, by telephone or electronically), along with all forms and other information or documentation necessary to complete the request.

**Holding Period—**The 10 year period starting on the Rider Effective Date or the Rider Reset Effective Date, as applicable, and ending on the Holding Period End Date.

**Holding Period End Date—**The 10th Policy Anniversary, as applicable, of (a) the Rider Effective Date or (b) the Rider Reset Effective Date, whichever is later.

**Income Payments—**Periodic payments NYLIAC makes after the Annuity Commencement Date.

**Investment Division—**The variable investment options available under the policy. Each Investment Division invests exclusively in shares of a specified Portfolio.

**IPR—**Investment Preservation Rider—P Series.

**IPR Death Benefit—**The death benefit available with the IPR, equal to the Guaranteed Amount under the IPR on the IPR Holding Period End Date, reduced proportionally by any partial withdrawals made after the IPR Holding Period End Date.

**IPR Reset—**Changing the guaranteed amount of the Investment Preservation Rider - P Series to make it equal the Accumulation Value (less any applicable reductions) on the Policy Anniversary following your reset request.

**Life Income—Guaranteed Period Payment Option—**The Income Payment option available under this policy. Monthly payments made under this option are made over the life of the Annuitant(s) with a guarantee of 10 years of payments.

**Non–Qualified Policies—**Policies that are not available for use by individuals in connection with employee retirement plans intended to qualify for special federal income tax treatment under

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Sections 403(b), 408, and 408A of the Code. Non–Qualified Policies include policies issued for other retirement plans or arrangements, including plans qualifying under Section 401(a) of the Code.

**NYLIAC, we, our or us—**New York Life Insurance and Annuity Corporation.

**Owner (you, your)—**The individual(s) or entity(ies) designated as the Owner in the policy, or as subsequently changed after issue, who is entitled to exercise all rights under the policy. If a jointly owned policy is issued, ownership rights and privileges under the policy must be exercised jointly.

**Payee—**The individual designated to receive Income Payments under the policy.

**Policy Anniversary—**An anniversary of the Policy Date shown on the Policy Data Page.

**Policy Data Page—**Page 2 of the policy which contains the policy specifications.

**Policy Date—**The date the policy is effective and from which Policy Years, policy quarters, policy months, and Policy Anniversaries are measured. It is shown on the Policy Data Page.

**Policy Year—**A year starting on the Policy Date. Subsequent Policy Years begin on each Policy Anniversary.

**Portfolios—**The mutual fund portfolios of the funds that are available for investment through the Investment Divisions of the Separate Account.

**Qualified Policies—**Policies for use by individuals under employee retirement plans that are intended to qualify for special federal income tax treatment under Sections 408, and 408A of the Code. Qualified Policies do not include policies issued for any other retirement plans or arrangements, including plans qualifying under Section 401(a) of the Code.

**Return of Premium Death Benefit—**The total dollar amount of premium payments made under this Policy reduced by any Return of Premium Death Benefit Proportional Withdrawals.

**Return of Premium Death Benefit Proportional Withdrawal—**An amount equal to the amount withdrawn from this Policy (including any amount withdrawn that may include surrender charges), divided by this Policy's Accumulation Value immediately preceding the withdrawal, multiplied by the Return of Premium Death Benefit immediately preceding the withdrawal.

**Rider Effective Date—**The date on which the IPR is effective and the date from which the Holding Period End Date is measured. This date is stated on the rider Data Page. After an IPR Reset, this date is the same as the "**Rider Reset Effective Date**."

**Sales Standards—**The criteria used to evaluate whether a recommended transaction, relating to your policy, complies with applicable standards of conduct.

**Separate Account—**NYLIAC Variable Annuity Separate Account–III is a segregated asset account we established to receive and invest premium payments paid under the policies. The Separate Account's Investment Divisions, in turn, purchase shares of Eligible Portfolios.

**Standard Death Benefit—**The death benefit that comes standard under the base policy. It guarantees that your beneficiaries will receive the greatest of (i) your Accumulation Value; or (ii) the Return of Premium Death Benefit; (iii) the Step-up Death Benefit; or (iv) the IPR Death Benefit.

**Step–up Death Benefit—**the Accumulation Value as of the Policy Anniversary immediately following the expiration of the Surrender Charge Period, reduced proportionally by any amounts withdrawn from the policy since that Policy Anniversary.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **FEES AND EXPENSES** | **FEES AND EXPENSES** | **FEES AND EXPENSES** | <br> **LOCATION IN<br>PROSPECTUS**<br>|
| &nbsp;&nbsp;&nbsp;**Charges for Early Withdrawal** | If you withdraw more than the Surrender Charge Free Amount within 7 years following your premium payment, you will be assessed a surrender charge. The maximum surrender charge is 7% of the amount withdrawn during the first two Policy Year (s) declining to 0% over that seven-year period. For example, if you make an early withdrawal within the first two Policy Years, you could pay a surrender charge of up to $7,000 on a $100,000 investment. | If you withdraw more than the Surrender Charge Free Amount within 7 years following your premium payment, you will be assessed a surrender charge. The maximum surrender charge is 7% of the amount withdrawn during the first two Policy Year (s) declining to 0% over that seven-year period. For example, if you make an early withdrawal within the first two Policy Years, you could pay a surrender charge of up to $7,000 on a $100,000 investment. | If you withdraw more than the Surrender Charge Free Amount within 7 years following your premium payment, you will be assessed a surrender charge. The maximum surrender charge is 7% of the amount withdrawn during the first two Policy Year (s) declining to 0% over that seven-year period. For example, if you make an early withdrawal within the first two Policy Years, you could pay a surrender charge of up to $7,000 on a $100,000 investment. | **<u>CHARGES AND</u>**<br> **<u>DEDUCTIONS –</u>**<br> **<u>Transaction Expenses – Surrender Charges</u>** |
| &nbsp;&nbsp;&nbsp;**Transaction Charges** | In addition to surrender charges, you may also be charged for other transactions, such as when you transfer cash value between investment options more than 12 times a year, or if a premium payment is returned for insufficient funds. Although we do not currently charge for such transactions, we reserve the right to charge up to $30 per transaction. Currently, the policy offers only one Investment Division. In the future we may make additional Investment Divisions available. | In addition to surrender charges, you may also be charged for other transactions, such as when you transfer cash value between investment options more than 12 times a year, or if a premium payment is returned for insufficient funds. Although we do not currently charge for such transactions, we reserve the right to charge up to $30 per transaction. Currently, the policy offers only one Investment Division. In the future we may make additional Investment Divisions available. | In addition to surrender charges, you may also be charged for other transactions, such as when you transfer cash value between investment options more than 12 times a year, or if a premium payment is returned for insufficient funds. Although we do not currently charge for such transactions, we reserve the right to charge up to $30 per transaction. Currently, the policy offers only one Investment Division. In the future we may make additional Investment Divisions available. | **<u>CHARGES AND DEDUCTIONS –</u>**<br> **<u>Transaction Expenses</u>** |
| &nbsp;&nbsp;&nbsp;**Ongoing Fees and Expenses (annual charges)** | The table below describes the fees and expenses that you may pay *each year*, depending on the options you choose. Please refer to your Policy Data Page 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 Policy Data Page 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 Policy Data Page for information about the specific fees you will pay each year based on the options you have elected. | **<u>CHARGES AND DEDUCTIONS –</u>**<br> **<u>Annual Policy Expenses; Annual Portfolio Expenses</u>**<br>|
|  | **ANNUAL FEE** | **Minimum** | **Maximum** |  |
|  | Base contract<sup>1</sup> | 1.00% | 1.20% | **<u>CHARGES AND DEDUCTIONS –</u>**<br> **<u>Annual Policy Expenses</u>**<br>|
|  | Investment options (Portfolio fees and expenses)<sup>2</sup> | 0.80% | 0.80% | **<u>CHARGES AND DEDUCTIONS –</u>**<br> **<u>Annual Portfolio Expenses</u>**<br>|
|  | Investment Preservation Rider – P Series (IPR)<sup>3</sup> | 0.70% | 0.70% | **<u>CHARGES AND DEDUCTIONS –</u>**<br> **Charge for the Investment Preservation Rider**<br> **–P Series**<br>|
|  | <sup>1</sup> As a percentage of Accumulation Value.<br> <sup>2</sup> As a percentage of average net Portfolio assets. Fees and expenses are for the year ended December 31, 2022 and will change from year to year. Minimum will be lower for California residents over 60 who choose to allocate to the Fidelity VIP Government Money Market Portfolio during the Free Look period.<br> <sup>3</sup> As an annualized percentage of daily Accumulation Value. | <sup>1</sup> As a percentage of Accumulation Value.<br> <sup>2</sup> As a percentage of average net Portfolio assets. Fees and expenses are for the year ended December 31, 2022 and will change from year to year. Minimum will be lower for California residents over 60 who choose to allocate to the Fidelity VIP Government Money Market Portfolio during the Free Look period.<br> <sup>3</sup> As an annualized percentage of daily Accumulation Value. | <sup>1</sup> As a percentage of Accumulation Value.<br> <sup>2</sup> As a percentage of average net Portfolio assets. Fees and expenses are for the year ended December 31, 2022 and will change from year to year. Minimum will be lower for California residents over 60 who choose to allocate to the Fidelity VIP Government Money Market Portfolio during the Free Look period.<br> <sup>3</sup> As an annualized percentage of daily Accumulation Value. |  |

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|:---|:---|:---|:---|
|  | Because your policy is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your policy, the following table shows the lowest and highest cost you could pay *each year*, based on current charges. This estimate assumes that you do not take withdrawals from the policy, **which could add surrender charges that substantially increase costs.** | Because your policy is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your policy, the following table shows the lowest and highest cost you could pay *each year*, based on current charges. This estimate assumes that you do not take withdrawals from the policy, **which could add surrender charges that substantially increase costs.** |  |
|  | **LOWEST ANNUAL COST:**<br>$2,272.00<br>| **HIGHEST ANNUAL COST**<br>$2,272.00<br>|  |
|  | Assumes:<br>• Investment of $100,000<br> • 5% annual appreciation<br> • Least expensive combination of Base Contract Charges and Portfolio fees and expenses<br> • No sales charges<br> • No additional purchase payments, transfers or withdrawals | Assumes:<br>• Investment of $100,000<br> • 5% annual appreciation<br> • Most expensive combination of Base Contract Charges, and Portfolio fees and expenses<br> • No sales charges<br> • No additional purchase payments, transfers or withdrawals<br>|  |
|  | **RISKS** | **RISKS** | **LOCATION IN<br>PROSPECTUS** |
| &nbsp;&nbsp;&nbsp;**Risk of Loss** | You can lose money by investing in this policy. | You can lose money by investing in this policy. | **<u>PRINCIPAL RISKS</u>** |
| &nbsp;&nbsp;&nbsp;**Not a Short-Term Investment** | This policy is not designed for short-term investing and is not appropriate for an investor who readily needs access to cash. Surrender charges apply for up to 7 years following your premium payment. They will reduce the value of your policy if you withdraw money during that time. The benefits of tax deferral and living benefit protections also mean the policy is more beneficial to investors with a long time horizon. You will not receive a benefit under the IPR rider unless you hold the policy for at least the specified Holding Period applicable to the rider. | This policy is not designed for short-term investing and is not appropriate for an investor who readily needs access to cash. Surrender charges apply for up to 7 years following your premium payment. They will reduce the value of your policy if you withdraw money during that time. The benefits of tax deferral and living benefit protections also mean the policy is more beneficial to investors with a long time horizon. You will not receive a benefit under the IPR rider unless you hold the policy for at least the specified Holding Period applicable to the rider. | **<u>PRINCIPAL RISKS</u>** |
| &nbsp;&nbsp;&nbsp;**Risks Associated with Investment Options** | • An investment in this policy is subject to the risk of poor investment performance and can vary depending on the performance of available (e.g., Portfolios)<br> • You should review the prospectuses for the available Portfolios before making an investment decision. | • An investment in this policy is subject to the risk of poor investment performance and can vary depending on the performance of available (e.g., Portfolios)<br> • You should review the prospectuses for the available Portfolios before making an investment decision. | **<u>PRINCIPAL RISKS</u>** |
| &nbsp;&nbsp;&nbsp; **Insurance Company**<br> **Risks** | An investment in the policy is subject to the risks related to the Depositor, including that any obligations, guarantees, and benefits of the policy are subject to the claims-paying ability of NYLIAC. If NYLIAC experiences financial distress, it may not be able to meet its obligations to you. More information about NYLIAC is available upon request from NYLIAC by calling the New York Life Annuities Service Center at 800-762-6212. | An investment in the policy is subject to the risks related to the Depositor, including that any obligations, guarantees, and benefits of the policy are subject to the claims-paying ability of NYLIAC. If NYLIAC experiences financial distress, it may not be able to meet its obligations to you. More information about NYLIAC is available upon request from NYLIAC by calling the New York Life Annuities Service Center at 800-762-6212. | **<u>PRINCIPAL RISKS</u>** |

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|:---|:---|:---|
|  | **RESTRICTIONS** | **LOCATION IN<br>PROSPECTUS** |
| &nbsp;&nbsp;&nbsp;**Investments** | • The policy invests exclusively in the Fidelity VIP Funds Manager 60% Portfolio, except that investors in California who are Age 60 and over can invest in the Fidelity VIP Government Money Market Portfolio during the Free Look period. If you are not satisfied with the performance of the available Portfolios, there are no alternative investments within the Policy.<br> • We may choose to add Investment Divisions in the future. If we do, we reserve the right to charge $30 for each transfer when you transfer money between Investment Divisions in excess of 12 times in a Policy Year.<br> • We reserve the right to limit transfers in circumstances of frequent transfers or to prevent market timing.<br> • We reserve the right to remove, close or substitute for the current available Portfolios as investment options that are available under the policy.<br> • If we substitute shares of the current available Portfolios with shares of a replacement portfolio, the replacement portfolio may or may not be substantially similar. The effect of any substitution on the value of your policy and the IPR will depend on a variety of factors, such as the relative performance of the replaced and replacement portfolios, which we cannot predict. A substitution to another portfolio could have a materially negative effect on the value of your policy and the IPR.<br>| **<u>PRINCIPAL RISKS THE</u>**<br> **<u>POLICIES—Policy Application and Premium Payments, Transfers and Limits on Transfers</u>**<br>**<u>NYLIAC AND THE SEPARATE ACCOUNT— Additions, Deletions, or Substitutions of Investments</u>** |
| &nbsp;&nbsp;&nbsp;**Investment Preservation Rider – P Series (IPR)** | • The IPR is included with all policies; you cannot purchase the policy without the IPR.<br> • The IPR may be cancelled only under certain limited circumstances.<br> • The IPR provides no benefits if you surrender the Policy before the Policy Anniversary when you are eligible to receive a potential one-time adjustment to your Accumulation Value.<br> • A withdrawal could reduce the value of the potential benefit under the IPR by more than the dollar amount of the withdrawal.<br>| **<u>DESCRIPTION OF BENEFITS</u>** |
|  | **TAXES** | **LOCATION IN<br>PROSPECTUS** |
| &nbsp;&nbsp;&nbsp;**Tax Implications** | • Consult with a tax professional to determine the tax implications of an investment in, withdrawals from and surrenders of this policy.<br> • If you purchase the policy through a tax–qualified plan or individual retirement account (IRA), such plan or IRA already provides tax deferral under the Code and there are fees and charges in an annuity that may not be included in such other investments. Therefore, the tax deferral of the annuity does not provide additional benefits.<br>| **<u>FEDERAL TAX MATTERS</u>** |

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|:---|:---|:---|
|  | • A premium payment made on a pre–tax basis as well as earnings on your policy will be taxed at ordinary income tax rates when you withdraw them, and you may have to pay a 10% penalty tax if you take a withdrawal before age 59<sup>1</sup>⁄<sub>2</sub>.<br>| |
|  | **CONFLICTS OF INTEREST** | <br>**LOCATION IN<br>PROSPECTUS** |
| &nbsp;&nbsp;&nbsp;**Investment Professional Compensation** | Your registered representative may receive compensation for selling this policy to you, in the form of commissions, asset–based compensation, allowances for expenses, and other compensation programs. The amount of compensation will vary depending on the specific payment arrangements of the broker-dealer your registered representative works for. This compensation may differ from the compensation paid by other companies for sales of their products. Differences in compensation have the potential to influence the recommendation made by your registered representative or broker-dealer. Your registered representative may have a financial incentive to offer or recommend this policy over another investment.<br>| **<u>DISTRIBUTION AND COMPENSATION ARRANGEMENTS</u>** |
| &nbsp;&nbsp;&nbsp;**Exchanges** | Your registered representatives may have a financial incentive to offer you a new policy in place of the one you own. You should consider exchanging your policy if you determine, after comparing the features, fees, and risks of both policies, that it is in your best interest to purchase the new policy rather than continue to own your existing policy.<br>| **<u>THE POLICIES –</u>**<br> **<u>Tax–Free Section 1035 Exchanges</u>** |

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**OVERVIEW OF THE POLICY** 

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**Q.** **What is this policy, and what is it designed to do?** 

A. The New York Life Premier Variable Annuity- P Series is designed to assist individuals with their long-term retirement
planning or other long-term needs through investments in the Fidelity VIP FundsManager 60% Portfolio – Investor Class during an accumulation (savings) phase of the policy. The policy includes the Investment Preservation Rider – P
Series (IPR), which provides a guarantee against any loss in Accumulation Value over a 10-year holding period. The policy also offers a death benefit to protect your designated beneficiaries. You can also
elect to supplement your retirement income by converting your Accumulation Value into a stream of Income Payments (sometimes called annuity payments). This policy is only appropriate if you have a long investment time horizon. It is not intended for
people who may need to make early or frequent withdrawals or who want a variety of investment options within the policy.

**Q.** **How do I accumulate assets in the policy and receive income from the policy?** 

A. Your policy has two phases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accumulation (savings) phase, when you make premium payments to us, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the annuity (income) phase, when we make Income Payments to you.

**<u>Accumulation (Savings) Phase</u>** 

During the accumulation (savings) phase of the policy, you can invest your premium payments in the Fidelity VIP FundsManager 60% Portfolio Investment Division. If you are age 60 or over and live in California, you can choose to invest your premium payment in the Fidelity VIP Government Money Market Fund during the Free Look period. More information about the Portfolios is provided in APPENDIX 1: Portfolios Available Under the Policy.

**<u>Annuity (Income) Phase</u>** 

You can elect to annuitize your policy and turn your Accumulation Value into a fixed stream of Income Payments (sometimes called annuity payments) from NYLIAC. If you do that, we will make payments over the life of the Annuitant(s) for 10 years, even if the Annuitant dies sooner. This is called the Life Income – Guaranteed Period Payment Option. We may offer other options, at our discretion, where permitted by state law. We do not currently offer variable Income Payment options.

Please note that when you annuitize your policy, your Accumulation Value will be converted to Income Payments and you may no longer withdraw money at will from your policy. However, you may elect partial annuitization and apply a portion of your Accumulation Value towards one of the Income Payment options we may offer, while the remainder of the policy can remain invested in your Allocation Options and will continue to provide the opportunity to accumulate Accumulation Value on a tax-deferred basis. All benefits (including guaranteed minimum death benefits and living benefits) terminate when you annuitize your entire Accumulation Value.

**Q.** **What are the policy's primary features and options?** 

A. **The Investment Preservation Rider- P Series (IPR).** All policies include the IPR. For a fee, it protects your
investment from a declining market, over a 10-year Holding Period.

**Accessing your money.** Until you annuitize (begin Income Payments), you have full access to your money. You can choose to withdraw part or all of your Accumulation Value at any time (through partial withdrawals, periodic partial withdrawals, or surrendering the policy). See "ANNUITY PAYMENTS (THE INCOME PHASE)—Annuity Commencement Date." However, if you withdraw more than the Surrender Charge Free Amount during the Surrender Charge Period before age 59-<sup>1</sup>⁄<sub>2</sub>, you may have to pay a surrender charge and/or taxes, including tax penalties

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(see "CHARGES AND DEDUCTIONS—Transaction Expenses—Exceptions to Surrender Charges").

**Tax treatment.** Your premium payments accumulate on a tax-deferred basis. This means your earnings are not taxed until you take money out of your policy, such as when (1) you make a withdrawal; (2) you receive an Income Payment from the policy; or (3) upon payment of a death benefit.

**Death benefit.** Your policy includes a Standard Death Benefit that will pay your designated beneficiary(ies) the greatest of: (i) the Accumulation Value, or (ii) the total premium payments reduced proportionally by any partial withdrawals; (iii) the Accumulation Value as of the Policy Anniversary immediately following the expiration of the Surrender Charge Period for the premium payment and reduced proportionally by any partial withdrawals after that Policy Anniversary; or (iv) the guaranteed amount under the IPR on the IPR Holding Period End Date, reduced proportionally by any partial withdrawals after the IPR Holding Period End Date.

**Electronic Delivery.** You may elect to receive electronic delivery of current prospectuses related to this policy, as well as other policy-related documents.

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**BENEFITS AVAILABLE UNDER THE POLICIES** 

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The following tables summarize information about the benefits available under the policy.

**STANDARD DEATH BENEFIT** 

**(automatically included with the policy)** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **NAME OF**<br> **BENEFIT** | **PURPOSE** | **MAXIMUM FEE** | **BRIEF DESCRIPTION OF<br>RESTRICTIONS/<br>LIMITATIONS** |
| &nbsp;&nbsp;&nbsp; **Standard Death**<br> **Benefit** | Guarantees your beneficiaries will receive a benefit at least equal to the greatest of: (i) your Accumulation Value or (ii) your total premium payments reduced proportionally by any partial withdrawals; or (iii) your Accumulation Value as of the Policy Anniversary immediately following the expiration of the Surrender Charge Period for the premium payment and reduced proportionally by any partial withdrawals after that Policy anniversary; or (iv) the guaranteed amount under the IPR on the IPR Holding Period End Date, reduced proportionally by any partial withdrawals after the IPR Holding Period End Date (the "IPR Death Benefit").<br>| No additional charge | • Withdrawals could significantly reduce the benefit, possibly by an amount substantially greater than the amount withdrawn. |

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**INVESTMENT PRESERVATION RIDER–P SERIES** 

**(automatically included with the policy)** 

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**NAME OF BENEFIT** | **PURPOSE** | **MAXIMUM FEE** | **BRIEF DESCRIPTION OF<br>RESTRICTIONS/<br>LIMITATIONS** |
| &nbsp;&nbsp;&nbsp; **Investment Preservation Rider**<br> **–P Series (IPR)** | Protects your investment from loss for a 10-year Holding Period. If, after the Holding Period, your Accumulation Value is less than the amount guaranteed, we will make a one-time increase to your Accumulation Value to make it equal to the guaranteed amount.<br>You may request to reset the guaranteed amount (an IPR Reset) under certain circumstances.<br>Includes an IPR Death Benefit which is payable upon the death of the Owner if the Owner dies before the end of the Holding Period. | 1.80% (of daily average accumulation value) | • Included with all policies.<br> • Can be cancelled only if NYLIAC suspends the right to reset.<br> • Withdrawals could significantly reduce the benefit (possibly by an amount greater than the actual amount withdrawn).<br> • An IPR Reset starts a new Holding Period. New annual charges may apply after you elect an IPR Reset.<br> • IPR Reset rights may be suspended or discontinued and are subject to age limits.<br> • The IPR Death Benefit is only payable if the Owner's spouse does not elect to continue the policy pursuant to its spousal continuance option. If the Owner's spouse elects to continue the policy, the rider will continue and the IPR Death Benefit will not be paid.<br>|

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**BUYING THE POLICY** 

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**Q.** **How do I purchase the New York Life Premier Variable Annuity—P Series policy?** 

A. To purchase a policy, you must complete an application. Your registered representative will submit your application,
along with your initial premium payment, to us. Acceptance of applications is subject to NYLIAC's rules. We reserve the right to reject any application or initial premium payment.

**Q.** **How much can I contribute and how are my premium payments invested?** 

A. The minimum premium payment is $25,000. You cannot make additional premium payments; however, additional payments
identified in your application, and received by us in Good Order, in the 90-day period after the Policy Date, will be added to your premium payment. The maximum aggregate amount of premium payments we accept
without prior approval from NYLIAC is $1,000,000.

For Qualified Policies, your premium payment cannot exceed the amount permitted by the plan or applicable law.

Your premium will be invested in the Fidelity VIP FundsManager 60% Portfolio, unless you are a California purchaser age 60 or older. If you are a California purchaser age 60 or older, you can choose to have the premium invested in the Fidelity VIP Government Money Market Portfolio during the Free Look period. At the end of the Free Look period, your investment will be moved automatically into the Fidelity VIP FundsManager 60% Portfolio.

**Q.** **When will any premium payments that I make be credited to my account?** 

A. If the application is in Good Order, we will issue the policy and allocate the premium payment to the applicable
Investment Division within two business days after we receive it. If your application is not in Good Order, we may delay issuing your policy and crediting your account while we obtain the missing information. However, we will not hold your premium
payment for more than five Business Days without your permission.

We do not accept subsequent premium payments.

**Acceptance of the premium payment is subject to our Sales Standards that are used to determine whether a recommended transaction, relating to your policy, complies with applicable standards of conduct.** 

**MAKING WITHDRAWALS: ACCESSING MONEY IN YOUR POLICY** 

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**Q.** **Can I access the money in my account during the Accumulation (Savings) Phase?** 

A. During the accumulation (savings) phase of your policy, you have full access to your money. You can choose to withdraw
your Accumulation Value at any time (although if you withdraw amounts early, you may have to pay a surrender charge and/or taxes, including tax penalties).

You can access the money in your policy by making a withdrawal, which will reduce the Accumulation Value of your policy (including the amount of your death benefit). However, withdrawing the Accumulation Value of your policy below a certain level will terminate your policy.

Withdrawals will proportionally reduce the guaranteed amount under the IPR. This means that if your Accumulation Value is lower than the guaranteed amount, the guaranteed amount will be reduced by more than the amount of the withdrawal.

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**Q.** **Are there limitations and consequences associated with taking money out of my policy during the Accumulation (Savings) Phase?** 

A. Yes. These limitations and consequences include:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Limitations on withdrawal amounts | The minimum amount you can withdraw is $500, unless we agree otherwise. Currently, online withdrawals cannot exceed $250,000. If you request a withdrawal for amounts greater than $50,000 in writing we may require additional verification of your identity. |
| &nbsp;&nbsp;&nbsp;Surrender charges and taxes | As described above, there may be surrender charges and tax consequences when you take out money. |
| &nbsp;&nbsp;&nbsp;Negative impact of withdrawal on benefits and guarantees of your policy | A withdrawal may have a negative impact on certain standard benefits under the policy. It may significantly reduce the value of the IPR by more than the amount of the withdrawal, if your Accumulation Value is greater than the guaranteed amount under the IPR at the time of the withdrawal. A withdrawal may also be a taxable transaction and a 10% penalty tax could be applicable. |

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**Q.** **What is the process to request a withdrawal of money from my policy?** 

A. You can request to withdraw a portion of your Accumulation Value or surrender your policy in full at any time before the
Annuity Commencement Date and while the Annuitant is living. If you want to surrender your policy, you can either contact your investment adviser representative, contact us by telephone at 1-800-762-6212 or send us a written request in Good Order at one of the below addresses. If you only want to withdraw a portion of your Accumulation Value, you can
either request a partial withdrawal by contacting your investment adviser representative, online at <u>www.newyorklifeannuities.com</u>, by telephone at 1-800-762-6212, or by sending us a written request Good Order at one of the following addresses:

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| | | |
|:---|:---|:---|
|  | **Regular Mail** | **Express Mail** |
| **Surrender or Withdrawal Requests** | NYL Annuities – TPD<br> Mail Code 7390<br> P.O. Box 7247<br> Philadelphia, PA 19170-7390 | NYL Annuities – TPD<br> 400 White Clay Center Drive<br> Attention: LOCKBOX 7390<br> Newark, DE 19711 |

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Generally, withdrawal or surrender requests received in Good Order before the end of the Business Day will be processed that day. If we receive your request after the close of the Business Day, or on a day that is not a Business Day, your requested payment will be processed the next Business Day. Generally, NYLIAC will pay all surrenders or withdrawals within seven days of receipt of all required information in Good Order. Please consult your investment adviser representative before making any requests to surrender your policy or take a withdrawal.

**Q.** **Can I access the money in my account during the Annuity (Income) Phase?** 

A. You can elect to annuitize your policy and turn your Accumulation Value into a fixed stream of Income Payments (sometimes
called annuity payments) from NYLIAC. If you do that, payments will be made over the life of the Annuitant(s) and are guaranteed for 10 years, even if the

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Annuitant dies sooner. This is called the Life Income – Guaranteed Period Payment Option. We may offer other options at our discretion. Once you annuitize, your Accumulation Value will be converted to Income Payments and you may no longer withdraw money at will from your policy.

You may, however, elect partial annuitization and apply a portion of your Accumulation Value towards one of the Income Payment options we may offer, while the remainder of your Accumulation Value can remain invested in your Allocation Options and will continue to provide the opportunity to accumulate Accumulations Value on a tax-deferred basis. All benefits (including guaranteed minimum death benefits and living benefits) terminate when you annuitize your entire Accumulation Value.

**ADDITIONAL INFORMATION ABOUT FEES** 

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The following tables describe the fees and expenses that you will pay when buying, owning, making withdrawals, and surrendering the policy. Please refer to your Policy Data Page 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 that you will pay at the time that you buy the policy, make withdrawals or surrender the policy, or transfer Accumulation Value between investment options. State premium taxes may also be deducted.

**<u>Transaction Expenses</u>**

**Surrender Charges (as a percentage of amount withdrawn). Applied to amounts in excess of the Surrender Charge Free Amount that you may withdraw each Policy Year.** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Payment Year** | **1** | **2** | **3** | **4** | **5** | **6** | **7** | **8+** |
| &nbsp;&nbsp;&nbsp; Surrender Charge | 7.00% | 7.00% | 6.00% | 5.00% | 4.00% | 3.00% | 2.00% | 0.00% |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Other Transaction Charges** | **Guaranteed<br>maximum charge** | **Current<br>charge** |
| &nbsp;&nbsp;&nbsp;Transfer Fee (charged for transfers in excess of 12 in a Policy Year)\* | $30 | $0 |
| &nbsp;&nbsp;&nbsp; Payments Returned for Insufficient Funds | $30 | $0 |

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\*Currently the policy offers only one Investment Division. In the future we may make additional Investment Divisions available and may charge for transfers between them.

The next table describes the fees and expenses that you will pay each year during the time that you own the policy (not including Portfolio fees and expenses).

**<u>Annual Policy Expenses</u>**

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| | | |
|:---|:---|:---|
|  | **Guaranteed<br>Maximum Charge** | **Current Charge** |
| &nbsp;&nbsp;&nbsp;**Base Contract Expenses (M&E Charges)<sup>1</sup>** | 1.20%<br> (During the<br>Surrender Charge<br>Period) | 1.20%<br> (During the<br>Surrender Charge<br>Period) |
|  | 1.00%<br> (After the Surrender<br>Charge Period) | 1.00%<br> (After the Surrender<br>Charge Period) |
| &nbsp;&nbsp;&nbsp; **Annual Charge for IPR-P Series (IPR)<sup>2</sup>** | 1.80% | 0.70% |

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<sup>1</sup> As an annualized percentage of daily Variable Accumulation Value. We call this the "Mortality and Expense Risk and Administrative Costs Charge (M&E)" in your policy and elsewhere in this prospectus. 

<sup>2</sup> As an annualized percentage of daily Accumulation Value. The IPR is included with all policies. 

The next table shows the minimum and maximum total operating expenses charged by the Portfolios that you may pay periodically during the time that you own the policy. The expenses may be higher or lower in the future. A complete list of Portfolios available under the policy, including their annual expenses, may be found in APPENDIX 1.

**<u>Annual Portfolio Expenses</u>**

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| | | |
|:---|:---|:---|
|  | **Minimum** | **Maximum** |
| &nbsp;&nbsp;&nbsp;Expenses that are deducted from the Portfolio assets, including management fees, distribution and/or service (12b-1) fees, and other expenses.<sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp; Before fee waivers and expense reimbursements | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp; After fee waivers and expense reimbursements<sup>2</sup> | 0.75% | 0.75% |

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| | |
|:---|:---|
| 1 | Shown as a percentage of average net assets for the fiscal year ended December 31, 2021.  |

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2 Fee waivers and expense reimbursements are expected to continue through April 30, 2023 and may be terminated at any time thereafter at the option of the Portfolio company.

**<u>Example</u>**

This Example is intended to help you compare the cost of investing in the policy with the cost of investing in other variable annuity policies. These costs include transaction expenses, annual policy expenses and Annual Portfolio Expenses.

The Example assumes that you invest $100,000 in the policy 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 Base Contract Charges, Annual Portfolio Expenses and IPR Charges. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Years | Years | Years | Years |
|  | 1 yr | 3 yr | 5 yr | 10 yr |
| &nbsp;&nbsp;&nbsp;If you surrender your policy at the end of the applicable time period: | $9238.60 | $14306.78 | $18475.59 | $29509.41 |
| &nbsp;&nbsp;&nbsp;If you annuitize at the end of the applicable time period: | $9238.60 | $8539.94 | $14475.59 | $29509.41 |
| &nbsp;&nbsp;&nbsp;If you do not surrender your policy: | $2800.00 | $8539.94 | $14475.59 | $29509.41 |

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**APPENDIX 1** 

***Portfolios Available Under the Policy***

The following is a list of Portfolios available under the policy, which is subject to change, as discussed in the prospectus. You can find the prospectuses and other information about the Portfolios online at <u>https://dfinview.com/ NewYorkLife/TAHD/premier-pseries</u>. You can also request this information at no cost by calling the New York Life Annuities Service Center at 800–762–6212 or by sending an email request with your name and mailing address to PremierPProspectus@newyorklife.com.

The current expenses and performance information below reflects fees and expenses of the Portfolios but does not reflect the other fees and expenses that your policy may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio's past performance is not necessarily an indication of future performance.

The Fidelity<sup>®</sup> VIP Government Money Market Portfolio is available only during the Free Look period and only to California purchasers who are Age 60 or over.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Type** | **Portfolio Adviser/Sub–**<br> **adviser** | **Current**<br> **Expenses\*** | **Average Annual Total Returns<br>(as of 12/31/21)** | **Average Annual Total Returns<br>(as of 12/31/21)** | **Average Annual Total Returns<br>(as of 12/31/21)** |
| &nbsp;&nbsp;&nbsp;**Type** | **Portfolio Adviser/Sub–**<br> **adviser** | **Current**<br> **Expenses\*** | **1 year** | **5 year** | **10 year** |
| &nbsp;&nbsp;&nbsp; Asset Allocation | Fidelity<sup>®</sup> VIP Funds Manager<sup>®</sup> 60% Portfolio — Investor Class<br>*Adviser: FMR* | 0.75% | 12.34% | 11.27% | 9.61% |
| &nbsp;&nbsp;&nbsp; Money Market | Fidelity<sup>®</sup> VIP Government Money Market Portfolio — Investor Class<br>*Adviser: FMR / Subadvisers: Other investment advisers* | 0.25% | 0.01% | 0.92% | 0.49% |

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\* Current Expenses take into account expense reimbursement or fee waiver arrangements in place that are expected to continue through April 30, 2023 and may be terminated at any time thereafter at the option of the Fund. Annual expenses for the Portfolio for the year ended December 31, 2021 reflect temporary fee reductions under such an arrangement. 

Appendix 1A-1

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**BACK COVER PAGE** 

This Summary Prospectus incorporates by reference the New York Life Premier Variable Annuity-P Series full statutory prospectus and the Statement of Additional Information (SAI), both dated May 1, 2022, as amended or supplemented. The full statutory prospectus and the SAI are posted on our website, <u>https://dfinview.com/NewYorkLife/ TAHD/premier-pseries</u>. The full prospectus and SAI for the policy may be obtained, free of charge, in any manner shown on the front page of this Summary Prospectus.

Separate Account III EDGAR contract identifier #C000207404

607628. V1