Supplement to New York Spinnaker Plus Prospectus
Supplement dated May 1, 2000
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Contingent Deferred Sales Charge (as a percentage of the amount withdrawn)
No charge for first 10% of contract value withdrawn in a contract year.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
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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 Expenses
(after reimbursement and waiver for certain Portfolios)
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Managed by SAFECO Asset Management Company (a)
RST Equity Portfolio 0.74% 0.02% 0.76%
RST Growth Opportunities Portfolio (formerly RST Growth Portfolio) 0.74% 0.04% 0.78%
RST Northwest Portfolio 0.74% 0.10% 0.84%
RST Bond Portfolio 0.74% 0.17% 0.91%
RST Money Market Portfolio 0.65% 0.13% 0.78%
RST Small Company Value Portfolio (formerly RST Small Company 0.85% 0.10% 0.95%
Stock Portfolio)
Managed by Federated Investment Management Company (a)
Federated High Income Bond Fund II 0.60% 0.19% 0.79%
Federated Utility Fund II 0.75% 0.19% 0.94%
Managed by Federated Global Investment Management Corp. (a)
Federated International Equity Fund II 0.54% 0.71% 1.25%
Managed by Lexington Management Corporation (a)
Lexington Emerging Markets Fund, Inc. 0.85% 0.85% 1.70%
Lexington Natural Resources Trust 1.00% 0.33% 1.33%
Managed by American Century Investment Management, Inc. (a)
VP Balanced 0.90% 0.00% 0.90%
VP International 1.34% 0.00% 1.34%
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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 1.22% for the RST Small Company Value Portfolio and 1.71% for the
Federated International Equity Fund II. See the portfolio prospectuses for
more detailed information. 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. To the extent
it performs services for the fund, First SAFECO may receive an asset based
administrative fee from the fund's adviser or distributor.
The above portfolio expenses were provided by the portfolios. We have not
independently verified the accuracy of the information.
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Explanation of Expense Table
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.
Changes to the portfolio expenses affect the results of the expense
Examples in your prospectus and any previous supplements. Although we have
chosen not to update the Examples here, they still generally show how
expenses and charges affect your contract value.
2. There are situations where all or some of the owner transaction expenses do
not apply. See "Charges and Deductions" for a complete discussion.
The disclosure set forth below is added to the information under the
heading "THE SEPARATE ACCOUNT" found in the prospectus.
We reserve the right to combine the Separate Account with one or more of our
other separate accounts or to deregister the Separate Account under the 1940 Act
if such registration is no longer required.
The address of First SAFECO National Life Insurance Company of
New York has been changed to:
First SAFECO National Life Insurance Company of New York
5069 154th Place N.E.
Redmond, WA 98052
