<PAGE>   1
                          SUPPLEMENT DATED MAY 1, 1997
                                       TO
                     PORTFOLIO DIRECTOR 2 SEPARATE ACCOUNT A
                         FOR SERIES 2.1-2.11 PROSPECTUS
                               DATED MAY 1, 1997
                                      FOR
                        GEORGIA OPTIONAL RETIREMENT PLAN


The Prospectus is hereby amended by the addition of the following section under
"VARIABLE ACCOUNT OPTIONS":

     RESTRICTIONS ON AVAILABILITY OF FUNDS

     Pursuant to the requirements of the Georgia Optional Retirement Plan, the
     AGSPC Science & Technology Fund and American Century-Twentieth Century
     Ultra Investors Fund are not available as investment vehicles. You may
     consult directly with American Century about the availability of their
     Funds.



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission