GREAT WEST LIFE & ANNUITY INSURANCE CO
497, 1999-07-27
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<PAGE>
                                   Rule 497(e)
                                File No. 33-83928

                         Retirement Plan Series Account
                                       of
                   Great-West Life & Annuity Insurance Company

                      Supplement effective July 26, 1999 to
                           the May 1, 1999 Prospectus


On page 7 of the  prospectus,  please delete the disclosure  regarding the Maxim
Investment Grade Corporate Bond Portfolio and replace with the following:

- ------------------------------ ------------- ------------- ---------------------
                                Management        Other      Total Maxim Series
               Portfolio           Fees         Expenses    Fund Annual Expenses
- ------------------------------ ------------- ------------- ---------------------
- ------------------------------ ------------- ------------- ---------------------
Maxim Bond Index Portfolio
(formerly the Investment Grade    0.50%           None              0.50%
Corporate Bond Portfolio)
- ------------------------------ ------------- ------------- -------


One page 8 of the prospectus,  please delete the disclosure  regarding the Maxim
Investment Grade Corporate Bond Portfolio and replace with the following:

- -------------------------------- ------------- ---------- ----------- ----------
          Investment Division       1 Year     3 Year      5 Year     10 Year
- -------------------------------- ------------- ---------- ----------- ----------
- -------------------------------- ------------- ---------- ----------- ----------
Maxim Bond Index Portfolio
(formerly the Investment Grade      $52.50     $16.47      $28.71      $64.44
Corporate Bond Portfolio)
- -------------------------------- ------------- ---------- ----------- ----------


On Page 11of the prospectus,  please delete the disclosures  regarding the Maxim
Investment Grade Corporate Bond Portfolio, Maxim Value Index Portfolio and Maxim
Growth Index Portfolio and replace with the following:

o   Maxim Bond Index  Portfolio  (formerly the Investment  Grade  Corporate Bond
    Portfolio) seeks to provide investment results,  before fees, that track the
    total return of the debt securities that comprise the Lehman  Aggregate Bond
    Index.

o   Maxim Value Index  Portfolio  seeks to provide  investment  results,  before
    fees,  that track the total  return of the common  stocks that  comprise the
    S&P/Barra Value Index.1

o   Maxim Growth Index Portfolio  seeks to provide  investment  results,  before
    fees,  that track the total  return of the common  stocks that  comprise the
    S&P/Barra Growth Index.1


- --------
1  Standard  & Poor's  and  Barra  are not  sponsors  of,  or in any  other  way
affiliated  with,  the Maxim  Growth Index and Maxim Value Index  Portfolios  or
Maxim Series Fund.



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