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SUPPLEMENT TO NEW YORK SPINNAKER PLUS PROSPECTUS
SUPPLEMENT DATED APRIL 30, 1999
TO PROSPECTUS DATED JUNE 16, 1997
THE DISCLOSURE SET FORTH BELOW REPLACES AND UPDATES THE INFORMATION UNDER
THE HEADING "EXPENSE TABLE" FOUND IN THE PROSPECTUS AND ANY
PRIOR SUPPLEMENTS.
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FIRST SAFECO SEPARATE ACCOUNT S EXPENSE TABLE
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OWNER TRANSACTION EXPENSES (See Note 2)
Contingent Deferred Sales Charge (as a percentage of the amount withdrawn)
No charge for first 10% of contract value withdrawn in a contract year. Thereafter, the charge is:
year 1.........8% year 4..........5% year 7..........2%
year 2.........7% year 5..........4% year 8..........1%
year 3.........6% year 6..........3% year 9+.........0%
Withdrawal Charge
No charge for first withdrawal in a contract year; thereafter, the charge
is $25 per withdrawal or, if less, 2% of the amount of the withdrawal.
Transfer Charge
No charge for first 12 transfers in a contract year; thereafter, the charge
is $10 per transfer or, if less, 2% of the amount transferred.
ANNUAL ADMINISTRATION MAINTENANCE CHARGE
None.
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SEPARATE ACCOUNT ANNUAL EXPENSES Mortality and Expense Risk Charge..................... 1.25%
(as a percentage of average account value)
Asset Related Administration Charge................... None
Total Separate Account Annual Expenses................ 1.25%
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PORTFOLIO EXPENSES Management Other Total Annual
(as a percentage of average net assets) Fees Expenses Portfolio Expenses
(after reimbursement and waiver for certain Portfolios)
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MANAGED BY SAFECO ASSET MANAGEMENT COMPANY (a)
RST Equity Portfolio .74% .04% .78%
RST Growth Portfolio .74% .06% .80%
RST Northwest Portfolio .74% .22% .96%
RST Bond Portfolio .74% .09% .83%
RST Money Market Portfolio .65% .16% .81%
RST Small Company Stock Portfolio .85% .10% .95%
MANAGED BY FEDERATED ADVISERS (a)
Federated High Income Bond Fund II .60% .18% .78%
Federated International Equity Fund II .53% .72% 1.25%
Federated Utility Fund II .68% .25% .93%
MANAGED BY LEXINGTON MANAGEMENT CORPORATION (a)
Lexington Emerging Markets Fund, Inc. .85% 1.23% 2.08%
Lexington Natural Resources Trust 1.00% .29% 1.29%
MANAGED BY AMERICAN CENTURY INVESTMENT MANAGEMENT, INC. (a)
VP Balanced (b) 0.90% 0.00% 0.90%
VP International (b) 1.50% 0.00% 1.50%
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(a) In some cases the fund advisers agree to waive or reimburse all or a
portion of the portfolio expenses. For those portfolios where such an
agreement exists, the expenses absent waiver or reimbursement would have
been .99% for the RST Northwest Portfolio; .98% for the RST Bond Portfolio;
.89% for the RST Money Market Portfolio; 1.18% for the RST Small Company
Stock Portfolio; 1.72% for the Federated International Equity Fund II and
1.00% for the Federated Utility Fund II. In addition, we have Fund
Participation Agreements with each of the non-SAFECO fund managers that
describe the administrative practices and responsibilities of the parties.
(b) These portfolios charge their management fee based on assets in the
portfolio. The highest fees are shown in this Expense Table. See the
portfolio prospectuses for more detailed information.
The above portfolio expenses were provided by the portfolios. We have not
independently verified the accuracy of the information.
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EXAMPLES
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You would pay the following expenses on a $1,000 investment, assuming a 5% annual return on assets:
(a) upon surrender at the end of each time period;
(b) if the contract is not surrendered or is annuitized.
1 year 3 years 5 years 10 years
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MANAGED BY SAFECO ASSET MANAGEMENT COMPANY
RST Equity Portfolio (a) $ 95 (a) $123 (a) $ 151 (a) $ 236
(b) $ 21 (b) $ 64 (b) $ 109 (b) $ 236
RST Growth Portfolio (a) $ 95 (a) $123 (a) $ 152 (a) $ 238
(b) $ 21 (b) $ 64 (b) $ 110 (b) $ 238
RST Northwest Portfolio (a) $ 96 (a) $128 (a) $ 160 (a) $ 254
(b) $ 22 (b) $ 69 (b) $ 118 (b) $ 254
RST Bond Portfolio (a) $ 95 (a) $124 (a) $ 153 (a) $ 241
(b) $ 21 (b) $ 65 (b) $ 112 (b) $ 241
RST Money Market Portfolio (a) $ 95 (a) $123 (a) $ 152 (a) $ 239
(b) $ 21 (b) $ 65 (b) $ 111 (b) $ 239
RST Small Company Stock Portfolio (a) $ 96 (a) $127 (a) $ 159 (a) $ 253
(b) $ 22 (b) $ 69 (b) $ 118 (b) $ 253
MANAGED BY FEDERATED ADVISERS
Federated High Income Bond Fund II (a) $ 95 (a) $123 (a) $ 151 (a) $ 236
(b) $ 21 (b) $ 64 (b) $ 109 (b) $ 236
Federated International Equity Fund II (a) $ 99 (a) $136 (a) $ 174 (a) $ 284
(b) $ 25 (b) $ 78 (b) $ 133 (b) $ 284
Federated Utility Fund II (a) $ 96 (a) $127 (a) $ 158 (a) $ 251
(b) $ 22 (b) $ 68 (b) $ 117 (b) $ 251
MANAGED BY LEXINGTON MANAGEMENT CORPORATION
Lexington Emerging Markets Fund, Inc. (a) $ 107 (a) $159 (a) $ 213 (a) $ 362
(b) $ 34 (b) $102 (b) $ 174 (b) $ 362
Lexington Natural Resources Trust (a) $ 99 (a) $137 (a) $ 176 (a) $ 288
(b) $ 26 (b) $ 79 (b) $ 135 (b) $ 288
MANAGED BY AMERICAN CENTURY INVESTMENT MANAGEMENT, INC.
VP Balanced (a) $ 96 (a) $126 (a) $ 157 (a) $ 248
(b) $ 22 (b) $ 67 (b) $ 115 (b) $ 248
VP International (a) $ 101 (a) $143 (a) $ 186 (a) $ 308
(b) $ 28 (b) $ 85 (b) $ 145 (b) $ 308
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EXPLANATION OF EXPENSE TABLE AND EXAMPLES
1. The purpose of the Expense Table is to show the various expenses you will
incur directly and indirectly by investing in the contract. The Expense
Table reflects expenses of the Separate Account as well as the portfolios.
2. There are situations where all or some of the owner transaction expenses do
not apply. See "Charges and Deductions" for a complete discussion.
3. The examples do not reflect premium taxes that may apply.
4. The examples should not be considered a representation of past or future
expenses. Actual expenses may be greater or less than those shown.
YEAR 2000
Like other insurance, mutual fund, financial and business organizations, and
individuals around the world, First SAFECO and the Separate Account could be
adversely affected if the computer systems used by First SAFECO, its principal
underwriter, underlying mutual fund managers and investment advisers, or other
companies that provide services to the Separate Account do not properly process
and calculate date related information from and after January 1, 2000. This is
commonly called the "Year 2000 problem." First SAFECO is taking steps it
believes are reasonably designed to address the Year 2000 problem with respect
to the computer systems that each of them uses and to obtain satisfactory
assurances that comparable steps are being taken by each of First SAFECO's
other, major service providers. It is not anticipated that the Separate Account
will incur any charges or that there will be any difficulties in accurate and
timely reporting resulting from the change in year from 1999 to 2000. However,
with approximately 90% of its systems year 2000 ready, First SAFECO is currently
developing business continuity plans for year 2000 contingencies.
