<PAGE>
PAGE 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
Post-Effective Amendment No. 6 (File No. 33-45776)
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY
ACT OF 1940
Amendment No. 7 (File No. 811-6560)
IDS LIFE OF NEW YORK ACCOUNT SBS
(formerly IDS Life of New York Account SLB)
(Exact Name of Registrant)
IDS Life Insurance Company of New York
(Name of Depositor)
20 Madison Avenue Extension, Albany, New York 12203
(Address of Depositor's Principal Executive Offices) (Zip Code)
Depositor's Telephone Number, including Area Code (612) 671-3678
Mary Ellyn Minenko, IDS Tower 10, Minneapolis, MN 55440-0010
(Name and Address of Agent for Service)
Approximate Date of Proposed Public Offering
It is proposed that this filing will become effective (check
appropriate box)
immediately upon filing pursuant to paragraph (b) of Rule 485
X on April 29, 1996 pursuant to paragraph (b) of Rule 485
60 days after filing pursuant to paragraph (a)(i) of Rule 485
on (date) pursuant to paragraph (a)(i) of Rule 485
75 days after filing pursuant to paragraph (a)(ii)
on (date) pursuant to paragraph (a)(ii) of rule 485
If appropriate, check the following box:
this post-effective amendment designates a new effective date
for a previously filed post-effective amendment.
The Registrant has registered an indefinite number or amount of
securities under The Securities Act of 1933 pursuant to Section
24-f of the Investment Company Act of 1940. Registrant's Rule
24f-2 Notice for its most recent fiscal year was filed on or about
February 23, 1996.<PAGE>
PAGE 2
CROSS REFERENCE SHEET
Cross reference sheet showing location in the prospectus of the
information called for by the items enumerated in Part A and B of
Form N-4.
Negative answers omitted from prospectus are so indicated.
<TABLE><CAPTION>
PART A PART B
Section Section in Statement of
Item No. in Prospectus Item No. Additional Information
<S> <C> <C> <C>
1 Cover 15 Cover
2 Definitions 16 Table of Contents
3(a) Annuity and Certificate Expense 17(a) NA
(b) About the Annuity (b) NA
(c) Who Issues the Annuity*
4(a) Condensed Financial Information
(b) Performance Information 18(a) NA
(c) Financial Statements (b) NA
(c) Independent Auditors
5(a) Who Issues the Annuity (d) NA
(b) About the Annuity (e) NA
(c) About the Variable Account, Portfolios and Funds (f) NA
(d) Cover
(e) Voting rights 19(a) About the Annuity
(f) NA
20(a) Principal Underwriter
6(a) Certificate Charges and Charges Against the Variable (b) Principal Underwriter
Account Annuity and Certificate Expenses (c) NA
(b) Surrender Charge (d) NA
(c) Calculation
(d) Surrendering Your Certificate 21(a) Performance Information (e)
Investment Goals and Policies of the Portfolio and (b) Performance Information
and Funds
(f) NA 22
7(a)
Buying the Certificate 23(a) Financial Statements
(b) About the Variable Account, Portfolios and the Funds; (b) Financial Statements
Transfering Your Money Between Accounts
(c) About the Variable Account, Portfolios and Funds;
Subaccounts Available for Investment
(d) Cover
8(a) Payout Options
(b) Retirement Date
(c) Payout Options
(d) Payout Options
(e) Payout Options
(f) Changing Ownership
9(a) Payment in Case of Death
(b) Payment in Case of Death
10(a) Buying the Certificate
(b) Settlement Value of Your Certificate
(c) Additional Information About the Annuity and
Certificate
(d) Who Issues the Annuity
11(a) Surrendering Your Certificate; Surrender Charges
(b) NA
(c) Receiving Payment When You Request a Surrender
(d) NA
(e) Ten Day Free Look
12(a) Taxes
(b) About the Variable Account, Portfolios and Funds
(c) Federal Tax Information
<PAGE>
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13 NA
14 Table of contents of the Statement of Additional
Information
*Designates page number in the prospectus, which is hereby
incorporated by reference in this Statement of Additional
Information.
/TABLE
<PAGE>
PAGE 4
Symphony Annuity
Prospectus/April 29, 1996
This prospectus describes interests in a master group flexible
premium deferred annuity (Annuity) and related certificates
(Certificates) offered by IDS Life Insurance Company of New York
(IDS Life of New York). Individuals eligible to participate in the
Annuity include members of the general public. Participation in
the Annuity will be accounted for separately by the issuance of a
Certificate showing your interest in the Annuity. The Annuity is a
deferred group annuity in which purchase payments are accumulated
on a fixed and/or variable basis and which pays retirement benefits
to the Certificate owner. The Annuity and related Certificates are
available for qualified and nonqualified retirement plans.
IDS Life of New York Account SBS
Group Flexible Premium Deferred Combination Fixed and Variable
Annuity
Sold by:
IDS Life Insurance Company of New York
20 Madison Avenue Extension
P.O. Box 5144
Albany, NY 12205
Telephone: 800-336-3646
THIS PROSPECTUS IS VALID ONLY WHEN ACCOMPANIED OR PRECEDED BY THE
PROSPECTUS OF SMITH BARNEY SERIES FUND, IDS LIFE CAPITAL RESOURCE
FUND, IDS LIFE SPECIAL INCOME FUND, AND IDS LIFE MANAGED FUND. ALL
PROSPECTUSES SHOULD BE RETAINED FOR FUTURE REFERENCE.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES
COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY
STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF
THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
IDS LIFE OF NEW YORK IS NOT A FINANCIAL INSTITUTION, AND THE
SECURITIES IT OFFERS ARE NOT DEPOSITS OR OBLIGATIONS OF, OR
GUARANTEED OR ENDORSED BY ANY FINANCIAL INSTITUTION NOR ARE THEY
INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL
RESERVE BOARD OR ANY OTHER AGENCY.
A Statement of Additional Information (SAI) dated April 29, 1996,
as amended and supplemented from time to time and incorporated
herein by reference, has been filed with the Securities and
Exchange Commission (SEC) and is available without charge by
contacting IDS Life of New York at the telephone number or address
shown above.
The Table of Contents of the SAI appears on page 29 of this
prospectus.
<PAGE>
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Definitions
Some terms used in this prospectus:
Accumulation Unit -- A measure of the value of your investment in
each of the subaccounts. Prior to the retirement date, these units
are used to calculate the value of your Certificate.
Annuitant -- The person on whose life annuity payments depend.
Calculation of annuity retirement payments depends on the
annuitant's age.
Certificate Value -- The total value of your Certificate before any
applicable surrender charge and any certificate charge have been
deducted.
Certificate Year -- A period of 12 months, starting on the
effective date of your Certificate and on each anniversary of the
effective date.
Fixed Account -- An additional account into which you may choose to
allocate purchase payments and which is included in your
certificate value. Purchase payments allocated to the Fixed
Account will earn interest at a rate guaranteed by IDS Life of New
York which will change from time to time.
Owner (You, Your) -- The person or party owning the Certificate.
Payment Year -- Each certificate year in which you make a purchase
payment and each succeeding year measured from the end of the
certificate year during which you made such a payment. For
example, if you make an initial purchase payment of $15,000 and
then make a subsequent purchase payment of $10,000 during the
fourth certificate year, the sixth certificate year will be the
sixth payment year with respect to your initial purchase payment
and the third payment year with respect to your subsequent purchase
payment.
Portfolios and Funds -- The Money Market Portfolio, Intermediate
High Grade Portfolio, Diversified Strategic Income Portfolio,
Equity Income Portfolio, Equity Index Portfolio, Growth & Income
Portfolio, Appreciation Portfolio, Total Return Portfolio,
International Equity Portfolio and Emerging Growth Portfolio
(collectively, the Portfolios), Capital Resource Fund, Special
Income Fund, and Managed Fund (collectively, the Funds).
You may choose to allocate your purchase payments to one or more of
the subaccounts investing in shares of one of these Portfolios or
Funds, each of which is an open-end investment company or a series
of an open-end investment company registered under the Investment
Company Act of 1940, as amended (1940 Act).
Purchase Payments -- Payments made to IDS Life of New York for
purchase of a Certificate.
Retirement Date -- The date on which retirement payments begin.
<PAGE>
PAGE 6
Surrender Charge -- A deferred sales charge that may be applied if
you surrender your Certificate.
Surrender Value -- The total value of your Certificate after any
applicable surrender charge and any certificate charge have been
deducted.
Valuation Date -- Any normal business day, Monday through Friday,
except for the following holidays: New Year's Day, Presidents'
Day, Good Friday, Memorial Day, Independence Day, Labor Day,
Thanksgiving Day and Christmas Day.
Variable Account -- IDS Life of New York Account SBS, a separate
account of IDS Life of New York. Pursuant to the laws of the state
of New York, assets attributable to the Variable Account are held
by IDS Life of New York in one or more subaccounts. Each
subaccount invests in a corresponding Portfolio or Fund. The New
York Money Market subaccount invests in shares of the Money Market
Portfolio; the New York Intermediate High Grade subaccount invests
in shares of the Intermediate High Grade Portfolio; the New York
Diversified Strategic Income subaccount invests in shares of the
Diversified Strategic Income Portfolio; the New York Equity Income
subaccount invests in shares of the Equity Income Portfolio; the
New York Equity Index subaccount invests in shares of the Equity
Index Portfolio; the New York Growth & Income subaccount invests in
shares of the Growth & Income Portfolio; the New York Appreciation
subaccount invests in shares of the Appreciation Portfolio; the New
York Total Return subaccount invests in shares of the Total Return
Portfolio; the New York International Equity subaccount invests in
shares of the International Equity Portfolio; the New York Emerging
Growth subaccount invests in shares of the Emerging Growth
Portfolio; the New York Capital Resource subaccount invests in
shares of the Capital Resource Fund; the New York Special Income
subaccount invests in shares of the Special Income Fund; and the
New York Managed subaccount invests in shares of the Managed Fund.
Summary of Contents
About the Annuity
Purpose of the Annuity -- The Annuity allows you to invest in any
or all of the thirteen subaccounts of the Variable Account as well
as in the Fixed Account. Retirement payments are paid on a fixed
basis (page 11).
An Annuity or Certificate may be returned within 20 days after its
delivery for a full refund of the purchase payment (page 11).
Who Issues the Annuity -- IDS Life of New York, a subsidiary of IDS
Life Insurance Company (IDS Life), issues the Annuity (page 11).
About the Variable Account of the Portfolios and Funds
Subaccounts Available for Investment -- There are thirteen separate
subaccounts of the Variable Account available for investment in
addition to the Fixed Account (page 12).
<PAGE>
PAGE 7
The Variable Account is registered as a single unit investment
trust under the 1940 Act (page 12).
Investment Goals and Policies of the Portfolios and Funds -- Each
Portfolio and Fund has a different investment goal. The Money
Market Portfolio invests in high quality short-term money market
instruments. The Intermediate High Grade Portfolio invests in
high-quality intermediate-term U.S. government securities and
corporate bonds of U.S. issuers. The Diversified Strategic Income
Portfolio invests primarily in three types of fixed-income
securities -- U.S. government and related mortgage securities,
foreign government securities and corporate securities rated below
investment grade. The Equity Income Portfolio invests primarily in
dividend-paying common stocks, concentrating in securities of
companies in the utility industry. The Equity Index Portfolio
invests in the common stocks of the companies represented in
Standard & Poor's 500 Composite Stock Price Index (S&P 500). The
Growth & Income Portfolio invests in income producing equity
securities meeting certain specified investment criteria. The
Appreciation Portfolio invests primarily in equity securities. The
Total Return Portfolio invests primarily in a diversified portfolio
of dividend-paying common stocks. The International Equity
Portfolio invests at least 65 percent of its assets in a
diversified portfolio of equity securities of established non-U.S.
issuers. The Emerging Growth Portfolio invests at least 65 percent
of its total assets in common stocks of small- and medium-sized
companies, both domestic and foreign, in the early stages of their
life cycle. The Capital Resource Fund invests primarily in U.S.
common stocks and other securities convertible into common stock,
diversified over many different companies in a variety of
industries. The Special Income Fund invests primarily in high-
quality, lower-risk corporate bonds issued by many different
companies in a variety of industries, and in government bonds. The
Managed Fund invests primarily in U.S. common stocks listed on
national securities exchanges, securities convertible into common
stock, warrants, fixed income securities (primarily high-quality
corporate bonds) and money market instruments (page 13).
Using the Annuity and Certificates
Buying the Certificate -- Applications are subject to acceptance at
IDS Life of New York's home office in Albany (page 15).
IRAs and Other Qualified Plans -- Certificates may be issued in
connection with IRAs, Tax-sheltered Annuities (TSAs) under 403(b)
plans, 401(k) plans and other qualified plans as well as in
connection with nonqualified retirement plans (page 15).
Purchase Payments -- You must make an initial lump sum purchase
payment for the Certificate and you may make additional purchase
payments. The initial purchase payment must be at least $5,000 for
nonqualified Certificates and at least $500 for qualified
Certificates. After making the initial purchase payment, you may
make additional payments of at least $500 for nonqualified
Certificates and at least $50 for qualified Certificates.
Additional purchase payments can be mailed directly to IDS Life of <PAGE>
PAGE 8
New York. The maximum total purchase payments for your Certificate
is $1,000,000. IDS Life of New York reserves the right to increase
this maximum amount on a uniform basis for all Certificate owners
in a class (page 16).
Your purchase payments will be allocated to the Fixed Account
and/or to the subaccount(s) you choose. For nonqualified
Certificates, the minimum value of your investment in a subaccount
or in the Fixed Account is $500. This $500 minimum value does not
apply to qualified Certificates (page 16).
Transferring Your Money Between Accounts -- Until the retirement
date, you can give us written or telephone instructions to
redistribute your investment among the thirteen subaccounts of the
Variable Account. There are some restrictions on transferring to
or from the Fixed Account. Transfers must be for at least $500 or,
if less, your entire balance in the subaccount unless you establish
automated transfers of certificate values (page 16).
You may establish automated transfers of certificate values between
the subaccounts and/or the Fixed Account. The minimum automated
transfer amount is $100. This service is subject to restrictions
(page 16).
Certificate Charges and Charges Against the Variable Account -- IDS
Life of New York charges your Certificate $30 per year for
administrative services (page 17).
IDS Life of New York charges the subaccounts of the Variable
Account a daily asset charge at an effective annual rate of 0.25
percent of the daily net asset value of the subaccounts for
administrative and operating expenses related to the subaccounts
(page 17).
IDS Life of New York charges the subaccounts of the Variable
Account a daily mortality and expense risk fee at an effective
annual rate of 1.25 percent of the daily net asset value of the
subaccounts (page 17).
A surrender charge applies if you make a full or partial surrender
of your certificate value during the first six payment years
following a purchase payment. The surrender charge starts at 6
percent of a purchase payment in the first payment year and is
reduced by 1 percent each payment year thereafter. There is no
surrender charge after six payment years. In addition, there is no
surrender charge when certificate values are applied to a
retirement payment plan or for a death benefit. After the first
certificate year, each year you may surrender up to 10 percent of
your certificate value on your prior certificate anniversary
without incurring a surrender charge. There also is no surrender
charge after the first certificate year on certificate earnings, as
defined herein (page 18).
The above charges will not increase during the term of the
Certificate. For some sales, certain administrative and surrender
charges may be reduced or eliminated altogether (page 19).
<PAGE>
PAGE 9
Surrendering Your Certificate -- You may surrender all or part of
your Certificate's value at any time before the retirement date.
You will pay income tax on the taxable part of your surrender and a
10 percent IRS penalty tax may apply. In addition, income tax
withholding at the rate of 20 percent may be imposed on surrenders
from Certificates purchased under certain qualified plans
(page 19).
The Internal Revenue Code of 1986, as amended (the Code) imposes
restrictions on your right to receive a distribution from a TSA
(page 20).
You may establish systematic withdrawals of up to 10 percent of the
certificate value at the beginning of the certificate year.
Systematic withdrawals may be made in one of three ways (page 20).
A partial surrender must be for at least $500. You cannot make a
surrender that would reduce the value of your investment in a
subaccount or in the Fixed Account to less than $500 unless the
value of your investment in a subaccount or in the Fixed Account is
fully withdrawn (page 21).
IDS Life of New York may ask you to return the Certificate if you
make a complete surrender (page 21).
Payment usually will be mailed within seven days after IDS Life of
New York receives your surrender request (page 21).
Payment in Case of Death before Retirement Payments Begin -- Prior
to the retirement date, if you or the annuitant die before the
initial fifth certificate anniversary, the beneficiary will be paid
the greater of: 1) the certificate value; or 2) the amount of
purchase payments (minus any surrenders). On or after the initial
fifth certificate anniversary, and each subsequent fifth
certificate anniversary, the beneficiary will be paid the greater
of: 1) the certificate value; or 2) a minimum guaranteed death
benefit which equals: a) the death benefit calculated as of the
previous fifth certificate anniversary; plus b) any purchase
payments made since the previous fifth certificate anniversary;
minus c) any surrenders since the previous fifth certificate
anniversary (page 21).
In most cases, your spouse may keep the Certificate in force
(page 22).
Beneficiaries will receive payment in a single lump sum or may
request that payments be made under one of the retirement payment
plans IDS Life of New York offers (page 22).
Settlement Value of Your Certificate -- The amount available on the
retirement date to apply to a retirement payment plan equals the
then current certificate value (page 22).
IDS Life of New York calculates retirement payments due based on
the certificate value on the retirement date. Payments are made on
a fixed basis (page 22).
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Payout Options at Retirement -- At retirement, you may choose one
of five payment plans or make other arrangements. If you do not
choose one of the five payment plans, IDS Life of New York will
make payments under Plan B with 120 monthly payments guaranteed
(page 22).
If you purchased your Certificate in connection with a qualified
plan, the payment schedule must meet the requirements of that plan
(page 23).
If monthly payments would be less than $50, IDS Life of New York
reserves the right to reduce the frequency of the retirement
payments or to pay the certificate value in one lump sum payment
(page 23).
If you or the annuitant die after retirement payments begin, any
amount payable will be as provided in the retirement payment plan
in effect (page 23).
Changing Ownership -- You may change ownership of your Certificate
by filing a change of ownership form with IDS Life of New York.
Certain restrictions apply concerning transfer of ownership of a
qualified Certificate, and certain transfers of nonqualified
Certificates may have adverse federal income tax consequences
(page 24).
Federal Tax Information -- According to current interpretations of
federal income tax law, there is no federal income tax on any
increase in the Certificate's value until payments are made.
Consult your tax advisor (page 24).
If you surrender your Certificate or if retirement payments begin,
you will be taxed on the amount that exceeds your investment in the
Certificate. Under certain circumstances, if you surrender all or
part of your Certificate or if retirement payments begin before you
reach age 59-1/2, a 10 percent IRS penalty tax may apply. In
addition, 20 percent income tax withholding may be imposed on
distributions from Certificates purchased to fund qualified plans
including 401(k) plans and TSAs (but not IRAs) (page 25).
Additional Information about the Annuity and Certificates
Accumulation Units -- When your purchase payments are allocated to
a subaccount, they will be converted into accumulation units. The
accumulation unit value increases or decreases with the performance
of the relevant Portfolio (page 25).
About the Portfolios and Funds -- As Certificate owner, you have
voting rights in the Smith Barney Series Fund and its Portfolios
and in the Funds. IDS Life of New York may, in its discretion,
substitute investments in shares of the Portfolios and Funds with
shares of other registered investment companies under certain
conditions (page 26).
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PAGE 11
Information on the Fixed Account of the Annuity -- The Annuity also
allows you to allocate purchase payments to a Fixed Account where
they will earn interest at a rate guaranteed by IDS Life of New
York, which will change from time to time. Subject to
restrictions, you may transfer certificate values from the Fixed
Account to the subaccounts and you may establish automated
transfers of certificate values between the Fixed Account and the
subaccounts. Automated transfers from the Fixed Account may not
exceed an amount that, if continued, would deplete the Fixed
Account within 12 months. This prospectus applies only to the
variable features of the Annuity. Information about the Fixed
Account is found on page 27.
Annuity and Certificate Expenses
The following information is presented to help you understand the
various costs and expenses that you bear directly or indirectly as
the owner of a Certificate. The information shows the expenses of
the Variable Account as well as the expenses of the underlying
Portfolios and Funds. For more information about surrender
charges, see page 18.
Annual Certificate Charges
Payment
Surrender Charge Year Percentage
(Contingent Deferred 1 6%
Sales Charge as a 2 5
percentage of purchase 3 4
payments) 4 3
5 2
6 1
7 and later 0
Annual Certificate Administrative Charge $30
Annual Variable Account Charges
Variable Account Administrative Charge
(as a percentage of daily net asset value).......... 0.25%
Mortality and Expense Risk Fee
(as a percentage of daily net asset value).......... 1.25%
Total Variable Account Annual Expenses.............. 1.50%
Annual Operating Expenses of the Portfolios and Funds
(as a percentage of average daily net assets)
<TABLE><CAPTION>
Intermedi- Diversified
Money ate High Strategic Equity Equity Growth Total International Emerging
Market Grade Income Income Index & Income Appreciation Return Equity Growth
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Management Fees .50% .60% .65% .65% .60% .65% .75% .75% 1.05% .95%
Other Expenses .25 .26 .25 .30 .40 .33 .22 .25 .38 .25
Total Operating
Expenses of
Portfolios# .75% .86% .90% .95% 1.00% .98% .97% 1.00% 1.43% 1.20%
/TABLE
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Example* <TABLE><CAPTION>
You would pay the following expenses on a $1,000 investment, assuming (1) 5-percent annual return and (2) surrender at the end
of each time period:
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 year $ 83.50 $ 84.60 $ 84.99 $ 85.49 $ 85.98 $ 85.78 $ 85.68 $ 85.98 $ 90.21 $ 87.95
3 years $ 112.41 $ 115.68 $ 116.87 $118.35 $119.83 $ 119.24 $ 118.94 $ 119.83 $ 132.43 $ 125.72
5 years $ 143.95 $ 149.41 $ 151.39 $153.85 $156.31 $ 155.33 $ 154.84 $ 156.31 $ 177.13 $ 166.06
10 years $ 265.30 $ 276.19 $ 280.11 $284.99 $289.84 $ 287.90 $ 286.93 $ 289.84 $ 330.40 $ 308.96
You would pay the following expenses on the same investment assuming no surrender or selection of a retirement payment plan at the
end of each time period:
1 year $ 23.50 $ 24.60 $ 24.99 $ 25.49 $ 25.98 $ 25.78 $ 25.68 $ 25.98 $ 30.21 $ 27.95
3 years $ 72.41 $ 75.68 $ 76.87 $ 78.35 $ 79.83 $ 79.24 $ 78.94 $ 79.83 $ 92.43 $ 85.72
5 years $ 123.95 $ 129.41 $ 131.39 $133.85 $136.31 $ 135.33 $ 134.84 $ 136.31 $ 157.13 $ 146.06
10 years $ 265.30 $ 276.19 $ 280.11 $284.99 $289.84 $ 287.90 $ 286.93 $ 289.84 $ 330.43 $ 308.96
This example should not be considered a representation of past or future expenses. Actual expenses may be more or less than
those shown.
</TABLE><TABLE><CAPTION>
* In this example, the $30 annual certificate administrative charge is approximated as a .064 percent charge based on the expected
average Certificate size.
# Annualized operating expenses of underlying Mutual Funds at Dec. 31, 1995.
Capital Special
Resource Income Managed
<S> <C> <C> <C>
Management Fees .63% .63% .62%
Other Expenses .04 .04 .03
Total Operating
Expenses of Funds# .67% .67% .65%
Example*
You would pay the following expenses on a $1,000 investment, assuming (1) 5-percent annual return and (2) surrender at the end of
each time period:
1 year $ 82.71 $ 82.71 $ 82.51
3 years $ 110.02 $ 110.02 $ 109.42
5 years $ 139.95 $ 139.95 $ 138.95
10 years $ 257.29 $ 257.29 $ 255.27
You would pay the following expenses on the same investment assuming no surrender or selection of a retirement payment plan at the
end of each time period:
1 year $ 22.71 $ 22.71 $ 22.51
3 years $ 70.02 $ 70.02 $ 69.42
5 years $ 119.95 $ 119.95 $ 118.95
10 years $ 257.29 $ 257.29 $ 255.27
</TABLE>
This example should not be considered a representation of past and
future expenses. Actual expenses may be more or less than shown.
*In this example, the $30 annual certificate administrative charge
is approximated as a .064 percent charge based on the expected
average Certificate size.
#Annualized operating expenses of underlying Mutual Funds at Dec.
31, 1995.
<PAGE>
PAGE 13
Condensed Financial Information (Unaudited)
The tables below give per-unit information about the financial
history of each subaccount.
<TABLE><CAPTION> Period from
Year ended Year ended Mar. 15 to
Dec. 31, 1995 Dec. 31, 1994 Dec. 31, 1993
<S> <C> <C> <C>
Subaccount BMO (Investing in shares of Money Market Portfolio)*
Accumulation unit value at beginning of period............................ $1.03 $1.01 $1.00
Accumulation unit value at end of period.................................. $1.07 $1.03 $1.01
Number of accumulation units outstanding at end of period (000 omitted)... 395 539 450
Ratio of operating expense to average net assets.......................... 1.50% 1.50% 1.50%
Simple yield.............................................................. 2.75% 2.14% .70%
Compound yield............................................................ 2.79% 2.16% .70%
Subaccount BIH (Investing in shares of Intermediate High Grade Portfolio)*
Accumulation unit value at beginning of period............................ $0.98 $1.03 $1.00
Accumulation unit value at end of period.................................. $1.14 $0.98 $1.03
Number of accumulation units outstanding at end of period (000 omitted)... 1,390 734 733
Ratio of operating expense to average net assets.......................... 1.50% 1.50% 1.50%
Subaccount BDS (Investing in shares of Diversified Strategic Income Portfolio)*
Accumulation unit value at beginning of period............................ $1.02 $1.06 $1.00
Accumulation unit value at end of period.................................. $1.16 $1.02 $1.06
Number of accumulation units outstanding at end of period (000 omitted)... 2,704 2,866 2,055
Ratio of operating expense to average net assets.......................... 1.50% 1.50% 1.50%
Subaccount BEM (Investing in shares of Equity Income Portfolio)*
Accumulation unit value at beginning of period............................ $0.90 $1.02 $1.00
Accumulation unit value at end of period.................................. $1.18 $0.90 $1.02
Number of accumulation units outstanding at end of period (000 omitted)... 1,677 1,926 1,561
Ratio of operating expense to average net assets.......................... 1.50% 1.50% 1.50%
Subaccount BEX (Investing in shares of Equity Index Portfolio)*
Accumulation unit value at beginning of period............................ $1.02 $1.03 $1.00
Accumulation unit value at end of period.................................. $1.37 $1.02 $1.03
Number of accumulation units outstanding at end of period (000 omitted)... 1,249 1,274 1,128
Ratio of operating expense to average net assets.......................... 1.50% 1.50% 1.50%
Subaccount BGI (Investing in shares of Growth & Income Portfolio)*
Accumulation unit value at beginning of period............................ $1.00 $1.05 $1.00
Accumulation unit value at end of period.................................. $1.29 $1.00 $1.05
Number of accumulation units outstanding at end of period (000 omitted)... 1,819 1,820 1,335
Ratio of operating expense to average net assets.......................... 1.50% 1.50% 1.50%
Subaccount BAP (Investing in shares of Appreciation Portfolio)*
Accumulation unit value at beginning of period............................ $1.01 $1.03 $1.00
Accumulation unit value at end of period.................................. $1.28 $1.01 $1.03
Number of accumulation units outstanding at end of period (000 omitted)... 3,536 3,267 2,093
Ratio of operating expense to average net assets.......................... 1.50% 1.50% 1.50%
Subaccount BTR (Investing in shares of Total Return Portfolio)**
Accumulation unit value at beginning of period............................ $1.09 $1.03 $1.00
Accumulation unit value at end of period.................................. $1.34 $1.09 $1.03
Number of accumulation units outstanding at end of period (000 omitted)... 1,401 975 211
Ratio of operating expense to average net assets.......................... 1.50% 1.50% 1.50%
Subaccount BIE (Investing in shares of International Equity Portfolio)**
Accumulation unit value at beginning of period............................ $0.91 $1.00 $1.00
Accumulation unit value at end of period.................................. $0.97 $0.91 $1.00
Number of accumulation units outstanding at end of period (000 omitted)... 1,467 1,872 315
Ratio of operating expense to average net assets.......................... 1.50% 1.50% 1.50%
Subaccount BEG (Investing in shares of Emerging Growth Portfolio)**
Accumulation unit value at beginning of period............................ $0.95 $1.04 $1.00
Accumulation unit value at end of period.................................. $1.33 $0.95 $1.04
Number of accumulation units outstanding at end of period (000 omitted)... 727 706 148
Ratio of operating expense to average net assets.......................... 1.50% 1.50% 1.50%
<PAGE>
PAGE 14
Period from
Year ended Year ended Mar. 15 to
Dec. 31, 1995 Dec. 31, 1994 Dec. 31, 1993
<S> <C> <C> <C>
Subaccount BCR (Investing in shares of Life Capital Resource Fund)***
Accumulation unit value at beginning of period............................ $1.01 $1.00 --
Accumulation unit value at end of period.................................. $1.13 $1.01 --
Number of accumulation units outstanding at end of period (000 omitted)... 0 0 --
Ratio of operating expense to average net assets.......................... 1.50% 1.50% --
Subaccount BSI (Investing in shares of Life Special Income Fund)***
Accumulation unit value at beginning of period............................ $0.99 $1.00 --
Accumulation unit value at end of period.................................. $1.12 $0.99 --
Number of accumulation units outstanding at end of period (000 omitted)... 0 0 --
Ratio of operating expense to average net assets.......................... 1.50% 1.50% --
Subaccount BMG (Investing in shares of Life Managed Fund)***
Accumulation unit value at beginning of period............................ $0.99 $1.00 --
Accumulation unit value at end of period.................................. $1.21 $0.99 --
Number of accumulation units outstanding at end of period (000 omitted)... 0 0 --
Ratio of operating expense to average net assets.......................... 1.50% 1.50% --
*Operations commenced on Mar. 15, 1993.
**Operations commenced on Dec. 2, 1993.
***Operations commenced on Nov. 28, 1994. BCR, BSI, and BMG had no activity in 1995.
</TABLE>
Financial Statements
Complete financial statements of the Variable Account including
audited individual and combined statements of net assets as of Dec.
31, 1995, and the related statements of operations for the year
then ended, and the related statement of changes in net assets for
each of the two years in the period ended, except for the BCR, BSI
and BMG subaccounts which are for the period Nov. 28, 1994
(commencement of operations) to Dec. 31, 1995, are presented in the
SAI dated April 29, 1996. The audited financial statements of IDS
Life Insurance Company of New York including balance sheets as of
Dec. 31, 1995, and 1994, and related statements of income and cash
flows for each of the three years in the period ended Dec. 31, 1995
also are presented in the SAI.
Performance Information
Yield
Performance information for the subaccounts of the Variable
Account, including the simple yield and effective yield for the New
York Money Market subaccount, and yield and total return for the
remaining subaccounts, may appear from time to time in
advertisements or sales literature.
The simple yield of the New York Money Market subaccount is based
on income received by a hypothetical investment over a given
seven-day period (less expenses accrued during the period), and
then "annualized" by assuming that the seven-day yield would be
received for 52 weeks and is stated in terms of an annual
percentage return on the investment. The effective yield of the
New York Money Market subaccount is calculated in a manner similar
to that used to calculate simple yield. However, when annualized,
the income earned by the investment is assumed to be reinvested. <PAGE>
PAGE 15
The effective yield will be slightly higher than the simple yield
due to the compounding effect of this assumed reinvestment.
Yield quotations for remaining subaccounts are based on all
investment income per accumulation unit earned during a given
30-day period, less expenses accrued during the period (net
investment income). Yield quotations are computed by dividing this
net investment income by the value of an accumulation unit on the
last day of the period.
Total Return
Average annual total return quotations will be expressed in terms
of the average annual compounded rate of return of a hypothetical
investment in a Certificate over a period of one, five and 10 years
(or, if less, up to the life of the subaccount). The average
annual total return quotations will reflect the deduction of all
applicable charges including the administrative charge, the
Variable Account administrative charge and the mortality and
expense risk fee. Quotations will be made that reflect the
deduction of the applicable surrender charge (assuming a surrender
at the end of the illustrated period). Additional average annual
total return quotations may be made that do not reflect a surrender
charge deduction (assuming no surrender at the end of the
illustrated period). A subaccount also may use aggregate total
return figures for various periods, representing the cumulative
change in the value of an investment in the subaccount for the
specific period (again reflecting changes in a subaccount's
accumulation unit value. The calculation assumes reinvestment of
investment earnings and reflects the deduction of all applicable
charges, including the contract administrative charge, mortality
and expense fee, variable account administrative charge and
surrender charge, assuming a surrender at the end of the
illustrated period. Optional total return quotations may be made
that do not reflect a surrender charge deduction (assuming no
surrender). Aggregate total returns may be shown by means of
schedules, charts or graphs.
Performance information reflects only the performance of a
hypothetical investment in the subaccount during the particular
time period on which the calculations are based. Performance
information should be considered in light of the investment
objectives and policies, characteristics and quality of the
Portfolio of the Fund in which the subaccount invests, and the
market conditions during the given time period and is not intended
to indicate future performance. Advertised yields and total return
figures for the subaccounts include all charges attributable to the
Certificate which have the effect of decreasing the advertised
performance of a subaccount. For this reason, performance
information for a subaccount should not be compared to that for
mutual funds that sell their shares directly to the public. See
the SAI for a description of the methods used to determine yield
and total return information for the subaccounts.
<PAGE>
PAGE 16
About the Annuity
Purpose of the Annuity
The goal of the Annuity is to allow you, the Certificate owner, to
build up funds for retirement. You do this by investing in any one
or more of thirteen subaccounts of the Variable Account or in the
Fixed Account. Each subaccount invests only in shares of a single
Portfolio or Fund. You can direct payments to go to anyone, but
you will still be taxed on the income as owner. You can choose
from a variety of retirement payment plans.
The Annuity is a variable annuity. A variable annuity differs from
a fixed annuity in that during the accumulation period, the
certificate value may vary from day to day. You assume the risk of
gain or loss according to the performance of your investment.
There is no guarantee that your Certificate's value at the
retirement date will equal or exceed the total of your purchase
payments. Read this prospectus carefully to decide if a variable
annuity will help meet your retirement goals. You also must read
the accompanying separate prospectuses describing the Portfolios
and the Funds to help you decide on the best investments for your
needs. Keep these prospectuses for future reference.
An Annuity or Certificate may be returned within 20 days after its
delivery for a full refund of the purchase payment. Return it to
your Smith Barney Financial Consultant or mail it to IDS Life of
New York's home office at the address on the cover page of this
prospectus. No fees or charges will be deducted.
Who Issues the Annuity
IDS Life Insurance Company of New York issues the Annuity. IDS
Life of New York is a wholly owned subsidiary of IDS Life, which
itself is a wholly owned subsidiary of American Express Financial
Corporation. American Express Financial Corporation is a wholly
owned subsidiary of the American Express Company. American Express
Company is a financial services company principally engaged through
subsidiaries (in addition to American Express Financial
Corporation) in travel related services, international banking
services, financial services and portfolio management advice.
IDS Life of New York is a stock life insurance company organized in
1972 under the laws of the State of New York. Its home office is
at 20 Madison Avenue Extension, Albany, New York and its mailing
address is P.O. Box 5144, Albany, NY 12205. IDS Life of New York
is licensed in New York and North Dakota and it conducts a
conventional life insurance business in the State of New York.
Smith Barney Inc., a Delaware corporation, is the principal
underwriter of the Variable Account. Its home office is 388
Greenwich Street, New York, New York 10013. Smith Barney Inc. is a
wholly owned subsidiary of Smith Barney (Holdings) and an indirect
wholly-owned subsidiary of The Travelers Inc. The Travelers Inc.
is a diversified financial services holding company principally
engaged in the business of providing investment, consumer finances
and insurance services.<PAGE>
PAGE 17
About the Variable Account, the Portfolios and the Funds
Subaccounts Available for Investment
You may choose to invest your purchase payments in any or all of
thirteen subaccounts or in the Fixed Account. Each of the
subaccounts invests only in a single Portfolio or Fund:
o The New York Money Market subaccount (BMO) invests in shares of
the Money Market Portfolio;
o The New York Intermediate High Grade subaccount (BIH) invests in
shares of the Intermediate High Grade Portfolio;
o The New York Diversified Strategic Income subaccount (BDS)
invests in shares of the Diversified Strategic Income Portfolio;
o The New York Equity Income subaccount (BEM) invests in shares of
the Equity Income Portfolio;
o The New York Equity Index subaccount (BEX) invests in shares of
the Equity Index Portfolio;
o The New York Growth & Income subaccount (BGI) invests in shares
of the Growth & Income Portfolio;
o The New York Appreciation subaccount (BAP) invests in shares of
the Appreciation Portfolio;
o The New York Total Return subaccount (BTR) invests in shares of
the Total Return Portfolio;
o The New York International Equity subaccount (BIE) invests in
shares of the International Equity Portfolio; and
o The New York Emerging Growth subaccount (BEG) invests in the
shares of the Emerging Growth Portfolio.
o The New York Capital Resource subaccount (BCR) invests in shares
of the Capital Resource Fund.
o The New York Special Income subaccount (BSI) invests in shares of
the Special Income Fund.
o The New York Managed subaccount (BMG) invests in shares of the
Managed Fund.
Income, capital gains and capital losses of each subaccount are
credited or charged to that subaccount alone. No subaccount will
be charged with liabilities or expenses of any other subaccount or
of IDS Life of New York's general business. All obligations
arising under the certificates are general obligations of IDS Life
of New York.
<PAGE>
PAGE 18
The Variable Account was established on October 8, 1991 under New
York law. On Oct. 14, 1993 the name of the Variable Account was
changed from IDS Life of New York Account SLB to IDS Life of New
York Account SBS. The Variable Account is registered as a single
unit investment trust under the 1940 Act. The Variable Account
meets the definition of a separate account under the federal
securities laws. This registration does not involve any
supervision by the SEC of IDS Life of New York's management or
investment practices and policies.
The Internal Revenue Service (IRS) has issued final regulations
relating to the diversification requirements under section 817(h)
of the Code. Each Portfolio and Fund intends to comply with those
diversification requirements. See the accompanying prospectuses
for further tax information regarding the Portfolios and Funds.
The U.S. Treasury and the IRS have been developing a revenue ruling
concerning investment control. The ruling may address the number
of subaccounts offered under an annuity and the number of exchanges
among the subaccounts that would be allowed before an Annuity or
Certificate owner would be considered to have investment control
and thus would be currently taxed on the income earned on the
underlying portfolio assets. This issue is still being studied by
the IRS and the timing of further action is unknown. IDS Life of
New York reserves the right to modify the Annuity and related
Certificates, as necessary, to prevent the Annuity or Certificate
owner from being currently taxed as the owner of the underlying
assets of the Variable Account for federal income tax purposes.
IDS Life of New York intends to comply with all U.S. Treasury
guidance to insure that the Annuity continues to qualify as an
annuity for federal income tax purposes.
Investment Goals and Policies of the Portfolios and Funds
The investment goals of the Portfolios and Funds are as follows:
The Money Market Portfolio's goal is maximum current income to the
extent consistent with the preservation of capital and the
maintenance of liquidity. In seeking to achieve its goal, the
Portfolio will invest in short-term money market instruments deemed
to present minimal credit risks and considered to be "Eligible
Securities" as defined by the SEC.
The Intermediate High Grade Portfolio's goal is to provide as high
a level of current income as is consistent with the protection of
capital. In seeking to achieve its goal, the Portfolio will
invest, under normal market conditions, substantially all, but not
less than 65 percent, of its assets in U.S. government securities
and in high grade corporate bonds of U.S. issuers (i.e., bonds
rated within the two highest rating categories by Moody's Investors
Service, Inc. or Standard & Poor's Corporation or, if not rated,
bonds believed to be of comparable quality).
<PAGE>
PAGE 19
The Diversified Strategic Income Portfolio's goal is high current
income. In seeking to achieve its goal, the Portfolio will
allocate and reallocate its assets primarily among three types of
fixed-income securities -- U.S. government and mortgage related
securities, foreign government bonds and corporate bonds rated
below investment grade (commonly known as junk bonds). See the
section of the Smith Barney Series Fund's prospectus entitled
"Medium-, Lower- and Unrated Securities" for further information on
these bonds.
The Equity Income Portfolio's primary goal is current income.
Long-term capital appreciation is a secondary goal. In seeking to
achieve its goals, the Portfolio will invest principally in
dividend-paying common stocks of companies whose prospects for
dividend growth and capital appreciation are considered favorable,
concentrating at least 25% of its assets in the utility industry.
The Equity Index Portfolio's goal is to provide investment results
that, before deduction of operating expenses, match the price and
yield performance of U.S. publicly traded common stocks, as
measured by the S&P 500. Once the Portfolio reaches a sufficient
asset size, it will seek to achieve its goal by owning all 500
stocks in the S&P 500 in proportion to their actual market
capitalization weightings.
The Growth & Income Portfolio's goal is income and long-term
capital growth. In seeking to achieve its goal, the Portfolio will
invest in income-producing equity securities, including dividend
paying common stocks, securities that are convertible into common
stocks and warrants meeting certain specified investment criteria.
The Appreciation Portfolio's goal is long-term appreciation of
capital. In seeking to achieve its goal, the Portfolio will invest
primarily in equity and equity-related securities that are believed
to afford attractive opportunities for appreciation.
The Total Return Portfolio's goal is to provide shareholders with
total return, consisting of long-term capital appreciation and
income. In seeking to achieve its goal, the Portfolio will
primarily invest in a diversified portfolio of dividend-paying
common stocks.
The International Equity Portfolio's goal is to provide a total
return on its assets from growth of capital and income. In seeking
to achieve its goal, under normal market conditions the Portfolio
will invest at least 65% of its assets in a diversified portfolio
of equity securities of established non-United States issuers.
The Emerging Growth Portfolio's goal is to provide capital
appreciation. In seeking to achieve its goal, the Portfolio will
invest at least 65% of its total assets in common stocks of small-
and medium-sized companies, both domestic and foreign, in the early
stages of their life cycle, that its investment adviser believes
have the potential to become major enterprises.
<PAGE>
PAGE 20
The Capital Resource Fund's goal is capital appreciation. In
seeking to achieve its goal, the Fund will invest primarily in U.S.
common stocks and other securities convertible into common stock,
diversified over many different companies in a variety of
industries.
The Special Income Fund's goal is to provide a high level of
current income while conserving the value of the investment for the
longest period of time. In seeking to achieve its goal, the Fund
will invest primarily in high-quality, lower-risk corporate bonds
issued by many different companies in a variety of industries, and
in government bonds.
The Managed Fund's goal is maximum total investment return. In
seeking to achieve its goal, the Fund will invest primarily in U.S.
common stocks, securities convertible into common stock, warrants,
fixed income securities (primarily high-quality corporate bonds)
and money market instruments. The Fund invests in many different
companies in a variety of industries.
IDS Life of New York does not guarantee that the Portfolios and
Funds will meet their investment goals. Whether they achieve their
goals depends on a number of factors including their managements'
ability to manage the risks of changing economic conditions.
The organizations that perform services for the Portfolios and
Funds are listed below:
Name Service
Van Kampen American Capital Asset Investment Adviser to the
Management, Inc. Emerging Growth Portfolio
American Express Financial Investment Advisor to Capital
Corporation Resource, Special Income and
Managed Funds
IDS Life Insurance Company Investment Manager to Capital
Resource, Special Income and
Managed Funds
Smith Barney Global Capital Sub-Investment Adviser to the
Management, Inc. Diversified Strategic Income
Portfolio
Smith Barney Mutual Funds Investment Adviser to the Money
Management, Inc. Market Portfolio, the
Intermediate High Grade
Portfolio, the
Diversified Strategic
Income Portfolio, the
Equity Income Portfolio, the
Growth & Income Portfolio, the
Appreciation Portfolio, the
Total Return Portfolio and the
International Equity Portfolio
and Administrator to each
Portfolio<PAGE>
PAGE 21
Travelers Investment Management Investment Adviser to the Equity
Company Index Portfolio
Davis Skaggs Investment Investment Advisor to the Total
Management Return Portfolio
PNC Bank, National Association Custodian
American Express Trust Company Custodian to the Funds
Morgan Stanley Trust Company Subcustodian to the Funds
First Data Investor Services Transfer and Dividend Paying
Group, Inc., formerly The Agent
Shareholder Services Group, Inc.
Smith Barney Inc. Distributor
Detailed information about each Portfolio and Fund, including the
risks related to investing in them is in the separate prospectuses.
Be sure to read them carefully. There are deductions from, and
fees and expenses paid out of, the assets of the Portfolios and
Funds that are described in these prospectuses.
Using the Annuity and Certificate
Buying the Certificate
Your Smith Barney Financial Consultant will help you prepare your
application, which will be sent with your purchase payment to IDS
Life of New York's home office in Albany. If your application is
complete, IDS Life of New York will apply your payment as of the
next close of business after it is received. If IDS Life of New
York cannot accept your application within five days, it will be
declined and your payment will be returned to you.
When IDS Life of New York accepts your application, a Certificate
will be sent to you.
When you apply for the Certificate, you can select the Fixed
Account and/or the subaccount(s) in which you wish to invest and
the amounts to be allocated to each. You also select how you wish
to make purchase payments. Your purchase payments will be
allocated to the Fixed Account and/or the subaccount(s) according
to your election as of the next close of business after your
payment is received.
IDS Life of New York reserves the right to impose a maximum issue
age for nonqualified Certificates of age 75 and a maximum issue age
for qualified Certificates of age 65.
Ownership -- As owner, you have all rights and may receive all
benefits under the Certificate. The Certificate can be owned in
joint tenancy only in spousal situations.
Retirement Date -- A retirement date is established when you apply
for the Certificate. If you need to change it, send written
instructions to IDS Life of New York's home office at least 30 days<PAGE>
PAGE 22
before you wish the change to become effective.
For nonqualified Certificates, the retirement date cannot be later
than the annuitant's 85th birthday or 10 years after issue,
whichever is later.
If you are buying this Certificate to fund a Section 401(k) plan,
custodial or trusteed plan, IRA or TSA plan, to avoid penalty
taxes, retirement payments generally must not begin earlier than
the date the annuitant turns 59-1/2 or later than April 1 of the
year following the calendar year in which he or she reaches age
70-1/2. However, in no case can the retirement date be later than
the annuitant's 85th birthday or 10 years after issue, whichever is
later.
Naming a Beneficiary -- You may name a beneficiary under your
Certificate. If the annuitant dies before the retirement date and
there is no beneficiary, then you will be the beneficiary. If you
die before the retirement date and there is no beneficiary, then
your estate will be the beneficiary.
IRAs and Other Qualified Plans
The Certificate may be bought in connection with a retirement plan
qualified under Sections 401, 403 or 408 of the Code. These plans
include:
o IRAs and Simplified Employee Pension plans (SEPs);
o Custodial and trusteed pension and profit sharing plans;
o Section 401(k) plans; and
o Section 403(b) plans (TSAs).
Your purchase of the Certificate in connection with a qualified
plan will be subject to applicable federal law and any rules of the
plan itself.
Purchase Payments
Amount of Purchase Payments -- You must make an initial lump sum
purchase payment for the Certificate and you may make additional
purchase payments for the Certificate. The initial purchase
payment must be at least $5,000 for nonqualified Certificates and
at least $500 for qualified Certificates. After making the initial
purchase payment, you may make additional payments of at least $500
for nonqualified Certificates and at least $50 for qualified
Certificates. Additional purchase payments can be mailed directly
to IDS Life of New York. The maximum total purchase payments for
your Certificate in the first and later years is $1,000,000. IDS
Life of New York reserves the right to increase this maximum amount
on a uniform basis for all Certificate owners in a class.
Qualified Plans -- If you invest in the Certificate in connection
with a qualified plan, that plan's limits on annual contributions
also will apply.
<PAGE>
PAGE 23
Allocating your Purchase Payments -- Your purchase payment(s) will
be allocated to the Fixed Account and/or the subaccount(s) you have
selected as of IDS Life of New York's next close of business
currently the same as the close of the New York Stock Exchange
(NYSE) after IDS Life of New York receives your payment. For
nonqualified Certificates, the minimum value of your investment in
a subaccount or in the Fixed Account is $500. This $500 minimum
does not apply to qualified Certificates.
Transferring Your Money Between Accounts
Prior to retirement, you may make unlimited transfers of your money
from one subaccount to another by making a written request. There
are some restrictions on transferring to or from the Fixed Account
as discussed in the section called "Information on the Fixed
Account of the Annuity." IDS Life of New York will make the
transfer at its next close of business. There is no charge for
transfers. However, unless the transfer is an automated transfer
described below, IDS Life of New York does require that your
transfer be for:
o at least $500; or
o your entire balance in that subaccount, if less.
Automated Transfers -- You may establish automated transfers of
certificate values between the subaccounts and/or the Fixed Account
through a one-time written request or other method acceptable to
IDS Life of New York. The minimum automated transfer amount is
$100. Such transfers may be made on a monthly, quarterly,
semi-annual or annual basis. You may start or stop this service at
any time, but you must give IDS Life of New York 30 days' notice to
change any automated transfer instructions that are currently in
place. Automated transfers are subject to all of the other Annuity
provisions and terms, including provisions relating to the transfer
of money between subaccounts.
For information on restrictions on automated transfers of
certificate values between the Fixed Account and the subaccounts
see the section called "Information on the Fixed Account of the
Annuity."
Before transferring any part of your certificate value, you should
consider the risks involved in switching investments. IDS Life of
New York may, in its sole discretion and subject to regulatory
approval, suspend or modify these transfer privileges at any time.
Telephone Transfers -- You also may request a transfer by
telephone. IDS Life of New York has the authority to honor any
telephone requests believed to be authentic and will use reasonable
procedures to confirm that they are. This includes asking
identifying questions and tape recording calls. As long as the
procedures are followed, neither IDS Life of New York nor its <PAGE>
PAGE 24
affiliates will be liable for any loss resulting from fraudulent
requests. If IDS Life of New York receives your transfer request
before its close of business (normally 4 p.m. Eastern time), it
will be processed that day. Calls received after its close of
business will be processed the next business day. At times when
the volume of telephone requests is unusually high, IDS Life of New
York will take special measures to seek to ensure that your call is
answered as promptly as possible. A telephone transfer request
will not be allowed within 30 days of a phoned-in address change.
You may request that telephone transfers not be authorized from
your account by writing IDS Life of New York.
Certificate Charges and Charges Against the Variable Account
Certificate Administrative Charge -- IDS Life of New York charges
your Certificate an administrative fee of $30 each year. This
charge is for establishing and maintaining your records. IDS Life
of New York deducts it from the certificate value on each
certificate anniversary. If you fully surrender your Certificate,
IDS Life of New York will deduct a reduced certificate
administrative charge that is prorated based on the number of days
from your last certificate anniversary to the date of full
surrender. The certificate administrative charge cannot be
increased and does not apply after a retirement payment plan
begins. IDS Life of New York does not expect to profit from the
certificate administrative charge.
Variable Account Administrative Charge -- This charge is deducted
daily from the subaccounts of the Variable Account. The charge
equals an effective annual rate of 0.25 percent of the daily net
asset value of the subaccounts and is paid to IDS Life of New York.
It covers certain administrative and operating expenses of the
subaccounts incurred by IDS Life of New York such as accounting,
legal and data processing fees, and expenses involved in the
preparation and distribution of reports and prospectuses. The
Variable Account administrative charge cannot be increased and does
not apply after a retirement payment plan begins. IDS Life of New
York does not expect to profit from the Variable Account
administrative charge.
Mortality and Expense Risk Fee -- This charge is deducted daily
from the subaccounts of the Variable Account. The charge equals an
effective annual rate of 1.25 percent of the daily net asset value
of the subaccounts and is paid to IDS Life of New York. It covers
IDS Life of New York's annuity mortality risk and expense risk.
IDS Life of New York estimates that approximately two-thirds of
this fee is for assumption of the mortality risk, and one-third is
for assumption of the expense risk.
The mortality risk arises from IDS Life of New York's guarantee to
make retirement payments according to the terms of the Certificate
no matter how long a specific annuitant lives and no matter how
long the entire group of IDS Life of New York annuitants live. If,
<PAGE>
PAGE 25
as a group, IDS Life of New York annuitants outlive the life
expectancy that has been assumed in the actuarial tables, IDS Life
of New York must take money from its general assets to meet its
obligations. If, as a group, IDS Life of New York annuitants do
not live as long as expected, IDS Life of New York could profit
from the mortality risk fee.
The expense risk is the risk that the certificate administrative
charge and Variable Account administrative charge, which cannot be
increased, will not cover IDS Life of New York's expenses. Any
deficit would have to be made up from IDS Life of New York's
general assets. IDS Life of New York could profit from the expense
risk fee if the annual administrative charges exceed expenses.
Although IDS Life of New York does not expect to profit from the
administrative charges, IDS Life of New York does expect to profit
from the mortality and expense risk fee. Any profit realized by
IDS Life of New York from this fee would be available to it for any
proper corporate purpose, including, among other things, payment of
distribution (selling) expenses. IDS Life of New York does not
expect that the surrender charge, which is discussed in the
following paragraphs, will cover sales and distribution expenses
incurred by IDS Life of New York in connection with the
Certificates.
Surrender Charges -- If you surrender part or all of your
Certificate, you may be subject to a surrender charge. A surrender
charge applies if all or part of the certificate value is
surrendered during the first six payment years following a purchase
payment. The surrender charge starts at 6 percent of a purchase
payment in the first payment year and is reduced by 1 percent each
payment year thereafter. This means that there is no surrender
charge after six payment years. In addition, there is no surrender
charge when certificate values are applied to a retirement payment
plan or for a death benefit. The surrender charge is used to help
defray expenses incurred in the sale of the Certificates including
commissions and other promotional or distribution expenses
associated with the printing and distribution of prospectuses and
sales material.
After the first certificate year, you may surrender up to 10
percent of your prior certificate anniversary value in one or more
surrenders each certificate year without incurring a surrender
charge. The 10 percent free withdrawal provision is subject to
other Annuity provisions and terms including those on partial
surrenders.
In addition, after the first certificate year there is no surrender
charge on certificate earnings, which equal:
1) the certificate value at the time of surrender; minus
2) the sum of all purchase payments received that have not been
previously surrendered; minus
3) the amount of the 10 percent free withdrawal, if applicable.
<PAGE>
PAGE 26
For purposes of determining the amount of any surrender charge,
surrenders will be deemed to be taken first from any applicable 10
percent free withdrawal amount; next, from certificate earnings (in
excess of any 10 percent free withdrawal amount); and finally from
purchase payments (on a first in-first out basis).
Surrender Charge Calculation -- The following example illustrates
how the surrender charge is calculated:
<TABLE><CAPTION>
Assumptions:
<S> <C>
Initial purchase payment at Certificate issue date of April 29, 1996.................. $10,000
Subsequent purchase payment on July 1, 1999........................................... 20,000
Account value on Certificate anniversary on April 29, 2000............................ 40,000
Account value on October 12, 2000..................................................... 42,000
</TABLE><TABLE><CAPTION>
Full Surrender on October 12, 2000:
Basis of Rate of Dollar Amount
Charge Surrender Charge of Charge Explanation of Charge
<S> <C> <C> <C>
$ 4,000 None $ 0 10% of certificate value surrendered free
$ 8,000 None $ 0 No charge on certificate earnings
$10,000 2% $ 200 Payment made in certificate year 1; surrendered at payment year 5 rate
$20,000 5% $1,000 Payment made in certificate year 4; surrendered at payment year 2 rate
Total Surrender Charge: $1,200
Partial Surrender of $25,000 on October 12, 2000:
__________________________________________________________________________________________________________________________________
Basis of Rate of Dollar Amount of
Charge Surrender Charge Charge Explanation of Charge
$ 4,000 None $ 0 10% of certificate value surrendered free
$ 8,000 None $ 0 No charge on certificate earnings
$10,000 2% $ 200 Payment made in certificate year 1; surrendered at payment year 5 rate
$ 3,000 5% $ 150 Payment made in certificate year 4; surrendered at payment year 2 rate
Total Surrender Charge: $ 350
</TABLE>
Surrender Charge on Partial Surrender -- The surrender charge is
deducted from the certificate value remaining after the owner is
paid the partial surrender amount requested. For example, if the
owner requested a partial surrender net check amount of $1,000 and
the surrender charge rate that applied to that amount were 5
percent, the owner would receive the $1,000 requested and the
surrender charge amount would be $52.63 for a total withdrawal of
$1,052.63.
Possible Reduction in Charges -- In some cases, IDS Life of New
York may expect to incur lower sales and administrative expenses or
perform fewer services. In those cases, IDS Life of New York may,
in its discretion, reduce or eliminate certain administrative and
surrender charges. However, IDS Life of New York expects this to
occur infrequently, if at all.
Surrendering Your Certificate
As owner, you may surrender all or part of your Certificate's value
at any time before the retirement date by making a written request.
You may have to pay surrender charges as previously explained.
Also, if you fully surrender your Certificate, a prorated portion
of the certificate administrative charge based on the number of
days from your last certificate anniversary to the date of full
surrender will be deducted at the time of surrender. No surrenders
may be made after the retirement date.<PAGE>
PAGE 27
You may have to pay a 10 percent IRS penalty tax for surrenders
made before you reach age 59-1/2. In addition, if you purchased
the Certificate in connection with a qualified plan such as a
401(k) plan or a TSA (but not an IRA) and amount surrendered is
paid to you instead of being directly rolled over to an IRA or
another eligible qualified plan, 20 percent income tax withholding
may be imposed. See the section called "Federal Tax Information."
Finally, certain restrictions may apply to participants in TSA
plans. See the section called "Tax-Sheltered Annuities."
Tax-Sheltered Annuities -- The Code imposes certain restrictions on
an owner's right to receive early distributions attributable to
salary reduction contributions from a Certificate purchased in
connection with a retirement plan qualified under Section 403(b) as
a TSA.
Distributions attributable to salary reduction contributions made
after Dec. 31, 1988, plus the earnings on them, or to transfers or
rollovers of such amounts from other contracts, may be made from
the TSA only if the owner has attained age 59-1/2, has become
disabled as defined in the Code, has separated from the service of
the employer that purchased the Certificate or has died.
Additionally, if the owner should encounter a financial hardship
(within the meaning of the Code), he or she may receive a
distribution of all certificate values attributable to salary
reduction contributions made after Dec. 31, 1988, but not of the
earnings on them. These restrictions do not apply to the Dec. 31,
1988 value or to transfers or exchanges of contract values within
the Certificate or to another registered variable annuity contract
or investment vehicle available through the employer.
Even though a distribution may be permitted under these rules
(e.g., for hardship or after separation from service), it may
nonetheless be subject to a 10 percent IRS penalty tax (in addition
to income tax) as a premature distribution and to 20 percent income
tax withholding. See the section called "Federal Tax Information."
In addition, for certain types of contributions under a Section
403(b) annuity to be excluded from taxable income, the employer
must comply with certain nondiscrimination requirements. You
should consult your employer to determine whether the
nondiscrimination rules apply to you.
Systematic Withdrawals - IDS Life of New York allows you to
establish systematic withdrawals of certificate values through a
one-time written request or other method acceptable to IDS Life of
New York. Amounts of up to 10 percent of the certificate value at
the beginning of the certificate year may be withdrawn. The
minimum systematic withdrawal amount from the certificate is $100,
and such withdrawals can be made on a monthly, quarterly,
semiannual or annual basis. You may designate systematic
withdrawals be made from the Annuity in one of the following ways:
o withdrawing a specific total dollar amount prorated from all
subaccounts and/or the Fixed Account in which you have a balance
(if no other choice is made, amounts will be withdrawn under this
method);<PAGE>
PAGE 28
o withdrawing a specific total dollar amount and also specifying
which percentage of that total amount will be withdrawn from all
subaccounts and/or the Fixed Account in which you have a balance;
or
o withdrawing only the interest credited to the Fixed Account over
the systematic withdrawal period.
The minimum certificate value required to begin systematic
withdrawals is $5,000. You may start or stop this service at any
time, but must give IDS Life of New York 30 days' notice to change
any systematic withdrawal instructions that are currently in place.
IDS Life of New York will not deduct surrender charges for
first-year systematic withdrawals of amounts up to 10 percent of
the initial purchase payment.
Systematic withdrawals may result in income taxes, withholding
taxes and penalty taxes being applied to all or a portion of the
amount withdrawn. You should consult your tax advisor regarding
the tax consequences of systematic withdrawals.
Partial Surrenders -- The minimum amount you may surrender is $500.
You cannot make a partial surrender if it would reduce the value of
your investment in a subaccount or in the Fixed Account to less
than $500 unless the value of your investment in a subaccount or in
the Fixed Account is fully withdrawn.
If you have a balance in more than one subaccount and/or in the
Fixed Account and request a partial surrender, IDS Life of New York
will withdraw money from all the subaccounts and/or the Fixed
Account in the same proportion as your value in each subaccount or
in the Fixed Account bears to your total certificate value, unless
you request otherwise.
A partial surrender request not exceeding $40,000 may be made by
telephone. IDS Life of New York has the authority to honor any
telephone requests believed to be authentic and will use reasonable
procedures to confirm that they are. This includes asking
identifying questions and tape recording calls. As long as the
procedures are followed, neither IDS Life of New York nor its
affiliates will be liable for any loss resulting from fraudulent
requests. At times when the volume of telephone requests is
unusually high, IDS Life of New York will take special measures to
ensure that your call is answered as promptly as possible. A
telephone surrender request will not be allowed within 30 days of a
phoned-in address change.
You may request that telephone withdrawals not be authorized from
your account by writing IDS Life of New York.
Total Surrenders -- IDS Life of New York will compute the value of
your Certificate at the close of business, currently the same as
the close of the NYSE, after receipt of your request for a complete
surrender. IDS Life of New York may ask you to return the
Certificate.
<PAGE>
PAGE 29
Receiving Payment -- Payment will be mailed within seven days after
IDS Life of New York receives your request. However, IDS Life of
New York may postpone payment if:
o the surrender value includes a purchase payment check that has
not cleared;
o the NYSE is closed, except for normal holiday and weekend
closings;
o trading on the NYSE is restricted according to the rules of the
SEC;
o an emergency, as defined by the rules of the SEC, makes it
impracticable for the Portfolios and Funds to sell securities or to
value the Portfolios' or Funds' net assets; or
o the SEC permits a delay in payment for the protection of owners.
Payment in Case of Death before Retirement Payments Begin
Prior to the retirement date, if you or the annuitant die before
the initial fifth certificate anniversary, IDS Life of New York
will pay the beneficiary the greater of:
1) the certificate value; or
2) the amount of purchase payments (minus any surrenders).
On or after the initial fifth certificate anniversary, and each
subsequent fifth certificate anniversary, IDS Life of New York will
pay the beneficiary the greater of:
1) the certificate value; or
2) a minimum guaranteed death benefit which equals:
a) the death benefit calculated as of the previous fifth
certificate anniversary; plus
b) any purchase payments made since the previous fifth
certificate anniversary; minus
c) any surrenders since the previous fifth certificate
anniversary.
If Your Spouse is Sole Beneficiary -- If you, as owner of the
Certificate, die before the retirement date and your spouse is the
only beneficiary of the Certificate, your spouse may keep the
Certificate as owner and annuitant. To do this, within 60 days
after IDS Life of New York receives proof of death, it must receive
written instructions from your spouse to keep the Certificate in
force.
<PAGE>
PAGE 30
Section 401(k) Plans, TSAs, Custodial and Trusteed Plans, and IRAs
- -- If you buy the Certificate in connection with a Section 401(k)
plan, custodial or trusteed plan or as an IRA or TSA and you die
before reaching age 70-1/2 and your spouse is the only beneficiary,
your spouse may keep the Certificate in force until the date on
which you would have reached age 70-1/2 or such other date as
provided in the Code. To do this, within 60 days after IDS Life of
New York receives proof of death, it must receive written
instructions from your spouse to keep the Certificate in force.
Paying the Beneficiary -- Unless you have given IDS Life of New
York other written instructions, IDS Life of New York will pay the
beneficiary in a single lump sum payment. The beneficiary may
elect to receive payment any time within 5 years after the date of
death. Payments made from a Certificate purchased to fund certain
qualified plans to a surviving spouse instead of being directly
rolled over into an IRA may be subject to 20 percent income tax
withholding. See the section called "Federal Tax Information."
IDS Life of New York may make payments under any retirement payment
plan available under this Annuity if:
o the beneficiary asks IDS Life of New York in writing within 60
days after IDS Life of New York receives proof of death;
o payments begin no later than one year after death; and
o the payment period does not extend beyond the beneficiary's life
or life expectancy in accordance with applicable provisions of the
Code.
When paying the certificate value to the beneficiary, IDS Life of
New York will determine the Certificate's value at the next close
of the NYSE after IDS Life of New York's death claim requirements
are fulfilled. Interest, if any, is paid at a rate no less than
that required by applicable law. IDS Life of New York will mail
payment to the beneficiary within seven days after all death claim
requirements are fulfilled.
Settlement Value of Your Certificate
The amount available on the retirement date to provide payments
under a retirement payment plan is the current value of your
investment, called the certificate value. Because Portfolio or
Fund investments (other than those in the Money Market Portfolio)
fluctuate in value each day, there can be no guarantee that the
certificate value will exceed, or even equal, the amount of your
purchase payments. You will receive quarterly statements showing
your certificate value and any other information required by
applicable law at least annually.
On your retirement date, the certificate value is applied to IDS
Life of New York's current fixed table of settlement rates, which
will be at least as favorable as that contained in the Certificate.
IDS Life of New York then calculates lifetime annuity payments
according to the retirement payment plan you choose.
<PAGE>
PAGE 31
A unisex table of settlement rates will apply, except when the
Certificate is used to fund an IRA or a nonqualified plan.
Payout Options at Retirement
As the owner of the Certificate, you have the right to decide how
retirement payments are to be made. You may select one of the
retirement payment plans outlined below, or you and IDS Life of New
York may mutually agree on other payment arrangements. Annuity
payments will be made on a fixed basis. A fixed annuity is one
with payments that are guaranteed by IDS Life of New York as to
dollar amount. Fixed annuity payments after the first payment will
never be more or less than the first payment.
Retirement Payment Plans -- You may choose any one of these payment
plans by giving IDS Life of New York written instructions at least
30 days before the retirement date:
o Plan A - Life Annuity - No Refund -- Monthly payments are made
until the annuitant's death. Payments end with the last monthly
payment before the annuitant's death; no further payments will be
made. You should understand that if the annuitant dies after only
the first monthly payment, no further payments will be made.
o Plan B - Life Annuity with 5, 10 or 15 Years Certain -- Monthly
payments are made until the annuitant's death. However, payments
are guaranteed for 5, 10 or 15 years. If the annuitant dies before
all guaranteed payments have been made, IDS Life of New York will
continue making those guaranteed payments to you, if living; if
not, to your beneficiary; or, if no beneficiary is named, to your
estate.
o Plan C - Life Annuity - Installment Refund -- Monthly payments
are made until the annuitant's death. However, payments are
guaranteed to continue for at least the number of months determined
by dividing the certificate value at the time of retirement by the
amount of the monthly payment. If the annuitant dies before all
guaranteed payments have been made, IDS Life of New York will
continue making those guaranteed payments to you, if living; if
not, to your beneficiary; or, if no beneficiary is named, to your
estate.
o Plan D - Joint and Last Survivor Life Annuity - No Refund --
Monthly payments are made while both the annuitant and a joint
annuitant are living. If either annuitant dies, monthly payments
continue at the full amount until the death of the surviving
annuitant. Payments end with the death of the second annuitant,
and no further payments will be made. You should understand that
if both the annuitant and the joint annuitant die after only the
first monthly payment, no further payments will be made.
<PAGE>
PAGE 32
o Plan E - Period Certain Annuity -- Monthly payments are made for
a period of years. The period of years may be no less than 10
years and no more than 30 years. Even if the annuitant lives
beyond the period of years selected, no further payments will be
made. However, if the annuitant dies before the end of the period
selected, IDS Life of New York will continue making monthly
payments to you, if living; if not, to your beneficiary; or, if no
beneficiary is named, to your estate.
Restrictions for Some Qualified Plans -- If your Certificate was
purchased in connection with a Section 401(k) plan, custodial or
trusteed plan, or as a TSA or an IRA, you must select a payment
plan (in accordance with the applicable provisions of the Code)
that provides for payments:
o over the life of the annuitant;
o over the joint lives of the annuitant and beneficiary;
o for a period not exceeding the life expectancy of the annuitant;
or
o for a period not exceeding the joint life expectancies of the
annuitant and beneficiary.
If IDS Life of New York Does Not Receive Instructions -- You must
give IDS Life of New York written instructions for paying
retirement benefits at least 30 days before the retirement date.
If you do not, IDS Life of New York will make payments under Plan
B, with 120 monthly payments guaranteed.
If Monthly Payments Would be Less than $50 -- IDS Life of New York
will calculate your certificate value at the retirement date. If
the calculations show that monthly payments would be less than $50,
IDS Life of New York reserves the right to change the frequency of
the retirement payments or to pay the certificate value in one lump
sum.
Death After Retirement Payments Begin -- If you or the annuitant
die after retirement payments begin, any amount payable, as
provided in the retirement payment plan in effect, will be
continued to the beneficiary, if living; if not, the owner, if
living; if not, the owner's estate.
Changing Ownership
You may change ownership of your Certificate at any time by filing
a change of ownership form with IDS Life of New York at its home
office. No change of ownership will be binding upon IDS Life of
New York until the change is received and recorded. IDS Life of
New York takes no responsibility for the validity of the change.
If you have a qualified plan, the Certificate may not be sold,
assigned, transferred, discounted or pledged as collateral for a
loan or as security for the performance of an obligation or for any
other purpose to any person other than IDS Life of New York. <PAGE>
PAGE 33
However, if the owner is a trust or custodian, or an employer
acting in a similar capacity, ownership of a Certificate may be
transferred to the annuitant.
The value of any part of a nonqualified Certificate assigned or
pledged is taxed like a cash withdrawal to the extent allocable to
investment in the Certificate.
Transfer of a nonqualified Certificate to another person without
adequate consideration is considered a gift and the transfer may be
considered a surrender of the Certificate for federal income tax
purposes. The income on the Certificate will be taxed to the
transferor (original owner), who may be subject to a 10 percent IRS
penalty tax for early withdrawal. The transferee's (new owner's)
investment in the Certificate will be the value of the Certificate
at the time of the transfer. Consult with your tax advisor before
taking any action.
Federal Tax Information
Under current law, there is no liability for federal income tax on
any increase in the Certificate's value until payments are made,
except as discussed above in "Changing Ownership." However, since
federal tax consequences cannot always be anticipated, you should
consult a tax advisor if you have any questions about the taxation
of your Certificate.
You are not taxed on your investment in the Certificate. Your
investment generally includes purchase payments made into the
Certificate with after-tax dollars. If the investment in the
Certificate was made by you or on your behalf with pre-tax dollars
as part of a qualified retirement plan, such amounts are not
considered to be part of your investment in the Certificate and
will be taxed when paid to you.
If you surrender part or all of your Certificate before the date on
which retirement payments begin, you will be taxed on the payments
that you receive to the extent that the value of your Certificate
exceeds your investment. In addition, you may have to pay a 10
percent IRS penalty tax for early withdrawal and, for surrenders
from Certificates purchased to fund qualified plans and TSAs, 20
percent income tax withholding may be imposed.
If payments begin under a nonqualified Certificate, a portion of
each payment will be subject to tax and a portion of each payment
will be considered a return of part of your investment in the
Certificate and will not be taxed. All amounts received after your
investment is recovered will be subject to tax. If payments begin
under a qualified Certificate, for example an IRA, TSA, or Section
401(k) plan, all of the payments generally will be subject to
taxation except to the extent that the contributions were made with
after-tax dollars.
Unlike life insurance proceeds, the death benefit under your
Certificate is not tax exempt. The gain, if any, is taxable as
ordinary income to the beneficiary in the year(s) he or she
receives the payments.
<PAGE>
PAGE 34
Federal tax law requires that all nonqualified deferred
contractsissued by the same company to the same owner during a
calendar year be treated as a single, unified contract. The amount
of income included and taxed in a distribution (or a transaction
deemed a distribution under federal tax law) taken from any one of
such contracts is determined by aggregating all such contracts.
The income earned on a Certificate held by such entities as
corporations, partnerships or trusts generally will be treated as
ordinary income received during that year.
You may have to pay a 10 percent IRS penalty tax on any amount
includable in your ordinary income. This penalty will not apply to
any amount received:
o after you reach age 59-1/2;
o because of your death;
o because you become disabled (as defined in the Code);
o if the distribution is part of a series of substantially equal
periodic payments made at least annually, over your life or life
expectancy (or joint lives or life expectancies of you and your
designated beneficiary); or
o if it is allocable to an investment before Aug. 14, 1982 (except
for Certificates in qualified plans).
These are the major exceptions to the 10 percent IRS penalty tax.
Additional exceptions may apply depending upon whether your
Certificate is qualified. For qualified Certificates, other
penalties apply if you surrender a Certificate before the plan
specifies that payments can be made under the plan.
In general if you receive all or a portion of the value of a
Certificate you purchased to fund a qualified plan such as a 401(k)
plan or TSA (but not an IRA), mandatory 20 percent income tax
withholding will be imposed at the time the payment is made. In
addition, federal income tax and the 10 percent IRS penalty tax for
early withdrawals may apply to amounts properly includable in
income. This mandatory 20 percent income tax withholding will not
be imposed if:
o instead of receiving the payment, you elect to have the payment
rolled over directly to an IRA or another eligible qualified plan;
o the payment is one of a series of substantially equal periodic
payments made at least annually, over your life or life expectancy
(or joint lives or life expectancies of you and your designated
beneficiary) or made over a period of 10 years or more; or
o the payment is a minimum distribution required under the Code.
<PAGE>
PAGE 35
These are the major exceptions to the mandatory 20 percent income
tax withholding. Payments made to a surviving spouse instead of
being directly rolled over to an IRA may be subject to 20 percent
income tax withholding. For taxable distributions that are not
subject to the mandatory 20 percent withholding, federal income tax
will be withheld from the taxable part of your distribution unless
you elect otherwise. State withholding also may be imposed on
taxable distributions.
You will receive a tax statement for any year in which you receive
a taxable distribution from your Certificate.
Our discussion of federal tax laws is based on our understanding of
these laws as they are currently interpreted. Either federal tax
laws or current interpretations of them may change. You are urged
to consult your tax advisor regarding your specific circumstances.
Additional Information about the Annuity and Certificates
Accumulation Units
When your purchase payments are allocated to the subaccount(s) you
have chosen, they will be converted into accumulation units. The
number of accumulation units to be credited to your Certificate is
determined by dividing the purchase payment by the accumulation
unit value.
Accumulation Unit Value -- The accumulation unit value for each
subaccount was originally set at $1. IDS Life of New York
determines the current accumulation unit value by taking the last
accumulation unit value for that subaccount and multiplying it by
the current net investment factor.
Net Investment Factor -- The net investment factor is determined
by:
o adding the Portfolio's or Fund's net asset value per share and
the per share amount of any current dividend or capital gain
distribution made by the Portfolio or Fund and held in the
subaccount;
o dividing that sum by the last net asset value per share; and
o subtracting the percentage factor representing the mortality and
expense risk fee and Variable Account administrative charge from
the result.
Because the net investment factor may be greater or less than one,
the accumulation unit value may increase or decrease. You bear
this investment risk.
Distribution of the Certificates
Smith Barney Inc. is the principal underwriter of the Certificate.
IDS Life of New York pays total commissions of up to 7.0% of the
total purchase payments received on the Certificates.
<PAGE>
PAGE 36
About the Portfolios and Funds
Voting Rights -- As the Certificate owner, you have voting rights
in the Smith Barney Series Fund and the Portfolios and in the
Funds, the shares of which are held by the subaccounts in which you
have invested. IDS Life of New York will vote the shares of each
Portfolio and Funds in which you have a beneficial interest
according to the instructions received from you. The number of
votes you have is determined by applying your percentage interest
in the subaccount to the total number of votes allowed to the
subaccount.
IDS Life of New York calculates votes separately for each
subaccount, and will do this not more than 60 days before a meeting
of beneficial owners of the Portfolios and Funds. Owners with an
interest in the matter or matters being considered will receive
notice of these meetings, proxy materials and a statement of the
number of votes to which they are entitled.
If you do not give IDS Life of New York voting instructions, it
will vote your shares in the same proportion as the votes for which
it has received instructions. IDS Life of New York also will vote
the shares for which it has voting rights in the same proportion as
the votes for which it has received instructions. See the
accompanying prospectuses for a detailed description of voting
rights in the Portfolios and Funds.
Substitution of Investments -- If shares of any Portfolio or Funds
should not be available for purchase by the appropriate subaccount
or if, in the judgment of IDS Life of New York's management,
further investment in such shares is no longer appropriate in view
of the purposes of the subaccount, shares of another registered,
open-end management investment company may be substituted for
Portfolio or Fund shares held in the subaccounts. If deemed by IDS
Life of New York to be in the best interest of persons having
voting rights under the Annuity, the Variable Account may be
operated as a management company under the 1940 Act or it may be
deregistered under such Act in the event such registration is no
longer required. In the event of any such substitution or change,
IDS Life of New York, without the consent or approval of the
owners, may amend the Annuity and related Certificates and take
whatever action is necessary and appropriate.
However, no such substitution or change will be made without any
necessary approval of the SEC and state insurance department. IDS
Life of New York will notify owners of any substitution or change.
Information on the Fixed Account of the Annuity
In addition to the thirteen subaccounts of the Variable Account
described in this prospectus, the Annuity has a Fixed Account
available for allocation of purchase payments. Generally, the
information in the section called "Using the Annuity and
Certificate" applies in a like manner to the Fixed Account.
However, there are some differences.
<PAGE>
PAGE 37
The Fixed Account operates like a traditional annuity. Fixed
annuity cash values increase based on interest rates that may
change from time to time but are guaranteed by IDS Life of New
York. Interest is credited and compounded daily to yield an
effective annual interest rate. The minimum guaranteed interest
rate is 4 percent. Purchase payments and transfers to the Fixed
Account become part of the general account of IDS Life of New York.
In contrast, purchase payments and transfers to the subaccounts of
the Variable Account go into a segregated asset account; they are
not mingled with IDS Life of New York's main portfolio of
investments that support fixed annuity obligations. The gains
achieved or losses suffered by the segregated asset account have no
effect on the Fixed Account.
The Annuity allows you to transfer certificate values between the
Fixed Account and the subaccounts, but such transfers are
restricted as follows:
1. You may transfer certificate values from the Fixed Account to
the subaccount(s) or from the subaccount(s) to the Fixed Account up
to six times per certificate year, subject to restrictions #2 and
#3 below.
2. If a transfer is made from the Fixed Account to the
subaccount(s), no subsequent transfer from any subaccount back to
the Fixed Account may be made for six months from the last transfer
date from the Fixed Account.
3. Except for automated transfers of certificate values, transfers
must be for at least $500 or your entire balance in the Fixed
Account, if less.
IDS Life of New York may, in its sole discretion and subject to
regulatory approval, suspend or modify these transfer privileges at
any time.
The Annuity allows you to make automated transfers of certificate
values between the Fixed Account and the subaccounts, but such
transfers may not exceed an amount that, if continued, would
deplete the Fixed Account within 12 months. The minimum automated
transfer amount is $100. Such transfers may be made on a monthly,
quarterly, semiannual or annual basis. The limit on transfers
between the Fixed Account and subaccounts to six times per year may
be waived if the automated transfer of certificate values service
is in effect. You may start or stop this service at any time, but
you must give IDS Life of New York 30 days' notice to change any
automated transfer instructions that are currently in place.
Automated transfers are subject to all of the other Annuity
provisions and terms.
If you make any type of transfer from the Fixed Account, you may
not transfer certificate values from any subaccount back to the
Fixed Account for six months from the last transfer date from the
Fixed Account.
<PAGE>
PAGE 38
The mortality and expense risk charge and the Variable Account
administrative charge do not apply to values allocated to the Fixed
Account. However, the other charges described in this prospectus
do apply to the Fixed Account.
Because of exemptive and exclusionary provisions, interests in IDS
Life of New York's general account have not been registered under
the Securities Act of 1933, as amended (1933 Act), nor is the
general account registered as an investment company under the 1940
Act. Accordingly, neither the general account of IDS Life of New
York nor any interests therein are generally subject to the
provisions of the 1933 or 1940 Acts, and IDS Life of New York has
been advised that the staff of the SEC has not reviewed the
disclosures in this prospectus that relate to the Fixed Account.
Disclosures regarding the Fixed Account of the Annuity and the
general account of IDS Life of New York, however, may be subject to
certain generally applicable provisions of the federal securities
laws relating to the accuracy and completeness of statements made
in the prospectuses.
Table of Contents of the SAI
Page
Performance Information..........................................
Rating Agencies..................................................
Principal Underwriter............................................
Independent Auditors.............................................
Mortality and Expense Risk Fee...................................
Prospectus.......................................................
Financial Statements
IDS Life of New York Account SBS
IDS Life Insurance Company of New York
___________________________________________________________________
If you would like to receive a copy of the SAI for:
Symphony Annuity
(IDS Life of New York Account SBS)
please return this request to:
IDS Life Insurance Company of New York
P.O. Box 5144
Albany, New York 12205
Your name___________________________________________
Address_____________________________________________
City_________________________ State______ Zip_______
<PAGE>
PAGE 39
STATEMENT OF ADDITIONAL INFORMATION
for
SYMPHONY ANNUITY
IDS LIFE OF NEW YORK ACCOUNT SBS
April 29, 1996
IDS Life of New York Account SBS is a separate account established
and maintained by IDS Life Insurance Company of New York (IDS Life
of New York).
This Statement of Additional Information (SAI), dated April 29,
1996, is not a prospectus. It should be read together with the
Account's prospectus, dated April 29, 1996, which may be obtained
from your Smith Barney Financial Consultant, or by writing or
calling IDS Life of New York Annuity Service at the address or
telephone number below.
IDS Life Insurance Company of New York
20 Madison Avenue Extension
Albany, NY 12203
(518) 869-8613
<PAGE>
PAGE 40
TABLE OF CONTENTS
Performance Information........................................
Rating Agencies................................................
Principal Underwriter..........................................
Independent Auditors...........................................
Mortality and Expense Risk Fee.................................
Prospectus.....................................................
Financial Statements
- IDS Life of New York Account SBS.......................
- IDS Life Insurance Company of New York.................
<PAGE>
PAGE 41
PERFORMANCE INFORMATION
Calculation of Yield for the New York Money Market Subaccount
Simple yield for the New York Money Market subaccount will be based
on the: (a) change in the value of a hypothetical investment
(exclusive of capital changes) at the beginning of a seven-day
period for which yield is to be quoted; (b) subtracting a pro rata
share of subaccount expenses accrued over the seven-day period; (c)
dividing the difference by the value of the subaccount at the
beginning of the period to obtain the base period return; and (d)
annualizing the results (i.e., multiplying the base period return
by 365/7). Calculation of effective yield begins with the same
base period return used in the calculation of yield, which is then
annualized to reflect compounding according to the following
formula:
365/7
Effective Yield =[(Base Period Return + 1) ]-1
On Dec. 31, 1995, the Account's simple yield was 2.75% and its
effective yield was 2.79%.
Calculation of Yield for the Non Money Market Subaccounts
For a subaccount other than the Money Market subaccount, quotations
of yield will be based on all investment income earned during a
particular 30-day period, less expenses accrued during the period
(net investment income) and will be computed by dividing net
investment income per accumulation unit by the value of an
accumulation unit on the last day of the period, according to the
following formula:
6
YIELD = 2 [(a-b + 1) - 1]
cd
where: a = dividends and investment income earned during the
period.
b = expenses accrued for the period (net of
reimbursements).
c = the average daily number of accumulation units
outstanding during the period that were entitled
to receive dividends.
d = the maximum offering price per accumulation unit
on the last day of the period.
Yield on the subaccount is earned from the increase in the net
asset value of shares of the portfolio or fund in which the
subaccount invests and from dividends declared and paid by the
fund, which are automatically invested in shares of the portfolio
or fund.
<PAGE>
PAGE 42
Calculation of Average Annual Total Return
Quotations of average annual total return for any subaccount will
be expressed in terms of the average annual compounded rate of
return of a hypothetical investment in the certificate over a
period of one, five and 10 years (or, if less, up to the life of
the subaccount), calculated according to the following formula:
P(1+T)n = ERV
where: P = a hypothetical initial payment of $1,000.
T = average annual total return.
n = number of years.
ERV = Ending Redeemable Value of a hypothetical $1,000
payment made at the beginning of the one-, five
or ten-year (or other) period at the end of the
one-, five- or ten-year (or other) period (or
fractional portion thereof).
Subaccount total return figures reflect the deduction of the
certificate administrative charge, Variable Account administrative
charge and mortality and expense risk fee. Performance figures
will be shown with the deduction of the applicable surrender
charge; in addition, performance figures may be shown without the
deduction of a surrender charge. The Securities and Exchange
Commission (SEC) requires that an assumption be made that the owner
surrenders the entire certificate at the end of the one, five and
ten year periods (or, if less, up to the life of the subaccount)
for which performance is required to be calculated.
Aggregate Total Return
Aggregate total return represents the cumulative change in the
value of an investment over a specific period of time (reflecting
change in a subaccount's accumulation unit value) and is computed
by the following formula:
ERV - P
P
where: P = a hypothetical initial payment of $1,000.
ERV = Ending Redeemable Value of a hypothetical $1,000
payment made at the beginning of the one-, five-,
or ten-year (or other) period at the end of the
one-, five, or ten-year (or other) period (or
fractional portion thereof).
Subaccount total return figures reflect the deduction of the
contract administrative charge and mortality and expense risk fee.
Performance of the subaccounts may be quoted or compared to
rankings, yields, or returns as published or prepared by
independent rating or statistical services or publishers or
publications such as Barron's, Business Week, Forbes, Fortune,
Institutional Investor, Investor's Daily, Kiplinger's Personal
Finance, Money, Morningstar Mutual Fund Values, Mutual Fund<PAGE>
PAGE 43
Forecaster, The New York Times, Stranger's Investment Advisor, USA
Today, U.S. News & World Report and The Wall Street Journal.
RATING AGENCIES
The following chart reflects the ratings given to IDS Life
Insurance Company of New York by independent rating agencies.
These agencies evaluate the financial soundness and claims-paying
ability of insurance companies based on a number of different
factors. This information does not relate to the management or
performance of the variable subaccounts. This information relates
only to the fixed account and reflects IDS Life of New York's
ability to make annuity payouts and to pay death benefits and other
distributions from the certificate.
Rating agency Rating
A.M. Best A+
(Superior)
Duff & Phelps AAA
Moody's Aa2
PRINCIPAL UNDERWRITER
The principal underwriter for the Account is Smith Barney Inc.,
which offers the variable annuity on a continuous basis.
Surrender charges received by IDS Life of New York for 1995, 1994
and 1993 aggregated $464,724, $269,275, and $151,536, respectively.
Commissions paid by IDS Life of New York for 1995, 1994 and 1993
aggregated $681,615, $1,130,352 and $1,244,668, respectively. The
surrender charges were applied toward payment of commissions.
INDEPENDENT AUDITORS
The financial statements of IDS Life of New York Account SBS
including the statements of net assets as of Dec. 31, 1995, and the
related statements of operations for the year then ended and the
related statements of changes in net assets for each of the two
years in the period then ended, and the financial statements of IDS
Life Insurance Company of New York (a wholly owned subsidiary of
IDS Life Insurance Company) at Dec. 31, 1995 and 1994 and for each
of the three years in the period ended Dec. 31, 1995, appearing in
this SAI, have been audited by Ernst & Young LLP, independent
auditors, as stated in their reports appearing herein.
<PAGE>
PAGE 44
MORTALITY AND EXPENSE RISK FEE
IDS Life of New York has represented to the SEC that:
IDS Life of New York has reviewed publicly available information
regarding products of other companies. Based upon this review, IDS
Life of New York has concluded that the mortality and expense risk
fee is within the range of charges determined by industry practice
and that the level of the mortality and expense risk charge is
reasonable in relation to the risks assumed by IDS Life of New York
under the Annuities. IDS Life of New York will maintain at its
principal office, and make available on request of the SEC or its
staff, a memorandum setting forth in detail the variable products
analyzed and the methodology, and results of, its comparative
review.
IDS Life of New York has concluded that there is a reasonable
likelihood that the proposed distribution financing arrangements
made with respect to the Annuities will benefit the Variable
Account and investors in the Annuities. The basis for such
conclusion is set forth in a memorandum which will be made
available to the Commission or its staff on request.
PROSPECTUS
The prospectus dated April 29, 1996, is hereby incorporated in this
SAI by reference.
<PAGE>
PAGE 45
<TABLE>
<CAPTION>
IDS Life of New York Account SBS
________________________________________________________________________________________________________________________
Statements of Net Assets* Dec. 31, 1995
__________________Segregated Asset Subaccounts___________________________
Assets BMO BIH BDS BEM BEX BGI
________________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C>
Investments in shares of mutual fund
portfolios, at market value:
Smith Barney Series Fund Money Market Portfolio -
421,150 shares at net asset value of
$1.00 per share (cost $421,144) $421,144 $ - $ - $ - $ - $ -
Smith Barney Series Fund Intermediate High Grade
Portfolio - 149,948 shares at net asset value of
$10.59 per share (cost $1,521,014) - 1,587,948 - - - -
Smith Barney Series Fund Diversified Strategic Income
Portfolio - 314,978 shares at net asset value
of $10.00 per share (cost $3,113,760) - - 3,149,784 - - -
Smith Barney Series Fund Equity Income Portfolio -
160,580 shares at net asset value of $12.35
per share (cost $1,797,983) - - - 1,983,166 - -
Smith Barney Series Fund Equity Index Portfolio -
110,049 shares at net asset value of $15.58
per share (cost $1,266,098) - - - - 1,714,558 -
Smith Barney Series Fund Growth & Income Portfolio -
170,858 shares at net asset value of $13.73
per share (cost $1,903,390) - - - - - 2,345,880
Smith Barney Series Fund Appreciation Portfolio -
313,958 shares at net asset value of $14.39
per share (cost $3,685,163) - - - - - -
Smith Barney Series Fund Total Return Portfolio -
147,522 shares at net asset value of $12.74
per share (cost $1,666,169) - - - - - -
Smith Barney Series Fund Emerging Growth Portfolio -
70,525 shares at net asset value of $13.76,
per share (cost $707,971) - - - - - -
Smith Barney Series Fund International Equity Portfolio -
142,936 shares at net asset value of $9.98
per share (cost $1,394,061) - - - - - -
421,144 1,587,948 3,149,784 1,983,166 1,714,558 2,345,880
Accounts Receivable from IDS Life of New York
for contract purchase payments - - - - - -
Receivable from mutual fund portfolios
for share redemptions - - - 7,018 25 7
_______________________________________________________________________________________________________________________
Total assets 421,144 1,587,948 3,149,784 1,990,184 1,714,583 2,345,887
_______________________________________________________________________________________________________________________
<PAGE>
PAGE 46
IDS Life of New York Account SBS
____________________________________________________________________________________________________________
Statements of Net Assets* Dec 31, 1995
__________________Segregated Asset Subaccounts_________________________
Assets BAP BTR BEG BIE
____________________________________________________________________________________________________________
Investments in shares of mutual fund
portfolios, at market value:
Smith Barney Series Fund Money Market Portfolio -
421,150 shares at net asset value of
$1.00 per share (cost $421,144) $ - $ - $ - $ -
Smith Barney Series Fund Intermediate High Grade
Portfolio - 149,948 shares at net asset value of
$10.59 per share (cost $1,521,014) - - - -
Smith Barney Series Fund Diversified Strategic Income
Portfolio - 314,978 shares at net asset value
of $10.00 per share (cost $3,113,760) - - - -
Smith Barney Series Fund Equity Income Portfolio -
160,580 shares at net asset value of $12.35
per share (cost $1,797,983) - - - -
Smith Barney Series Fund Equity Index Portfolio -
110,049 shares at net asset value of $15.58
per share (cost $1,266,098) - - - -
Smith Barney Series Fund Growth & Income Portfolio -
170,858 shares at net asset value of $13.73
per share (cost $1,903,390) - - - -
Smith Barney Series Fund Appreciation Portfolio -
313,958 shares at net asset value of $14.39
per share (cost $3,685,163) 4,517,860 - - -
Smith Barney Series Fund Total Return Portfolio -
147,522 shares at net asset value of $12.74
per share (cost $1,666,169) - 1,879,458 - -
Smith Barney Series Fund Emerging Growth Portfolio -
70,525 shares at net asset value of $13.76
per share (cost $707,971) - - 970,428 -
Smith Barney Series Fund International Equity Portfolio -
142,936 shares at net asset value of $9.98
per share (cost $1,394,061) - - - 1,425,947
4,517,860 1,879,458 970,428 1,425,947
Account Receivable from IDS Life of New York for
contract purchase payments - - 7,086 -
Receivable from mutual fund portfolios
for share redemptions 7 16 - 44
Total assets 4,517,867 1,879,474 977,514 1,425,991
____________________________________________________________________________________________________________
<PAGE>
PAGE 47
Liabilities BMO BIH BDS BEM BEX BGI
________________________________________________________________________________________________________________________
Payable to IDS Life of New York for:
Mortality and expense risk fee 422 1,573 3,126 1,964 1,699 2,330
Administrative charge 84 315 625 393 340 466
Contract terminations - - - 7,018 25 7
Payable to mutual fund portfolios for
share redemptions - - - - - -
Total liabilities 506 1,888 3,751 9,375 2,064 2,803
_______________________________________________________________________________________________________________________
Net assets applicable to contracts
in accumulation period $ 420,638 $1,586,060 $3,146,033 $1,980,809 $1,712,519 $2,343,084
_______________________________________________________________________________________________________________________
Accumulation units outstanding 394,848 1,390,013 2,704,108 1,676,729 1,248,903 1,818,942
_______________________________________________________________________________________________________________________
Net asset value per accumulation unit $ 1.07 $ 1.14 $ 1.16 $ 1.18 $ 1.37 $ 1.29
_______________________________________________________________________________________________________________________
*Subaccounts BCR, BSI, and BMG had no activity in 1995.
See accompanying notes to financial statements.
Liabilities BAP BTR BEG BIE
_______________________________________________________________________________________________
Payable to IDS Life of New York for:
Mortality and expense risk fee 4,458 1,808 957 1,435
Administrative charge 892 362 191 287
Contract terminations 7 16 - 44
Payable to mutual fund portfolios for
investments purchased - - 7,086 -
Total liabilities 5,357 2,186 8,234 1,766
_______________________________________________________________________________________________
Net assets applicable to contracts
in accumulation period $4,512,510 $1,877,288 $ 969,280 $1,424,225
_______________________________________________________________________________________________
Accumulation units outstanding 3,535,742 1,401,048 726,609 1,466,940
Net asset value per accumulation unit $ 1.28 $ 1.34 $ 1.33 $ 0.97
_______________________________________________________________________________________________
*Subaccounts BCR, BSI, and BMG had no activity in 1995.
See accompanying notes to financial statements.
<PAGE>
PAGE 48
IDS Life of New York Account SBS
________________________________________________________________________
Statements of Net Assets* Dec. 31, 1995
Combined
Variable
Assets Account
Investments in shares of mutual fund
portfolios, at market value:
Smith Barney Series Fund Money Market Portfolio -
421,150 shares at net asset value of
$1.00 per share (cost $421,144) $ 421,144
Smith Barney Series Fund Intermediate High Grade
Portfolio - 149,948 shares at net asset value of
$10.59 per share (cost $1,521,014) 1,587,948
Smith Barney Series Fund Diversified Strategic Income
Portfolio - 314,978 shares at net asset value
of $10.00 per share (cost $3,113,760) 3,149,784
Smith Barney Series Fund Equity Income Portfolio -
160,580 shares at net asset value of $12.35
per share (cost $1,797,983) 1,983,166
Smith Barney Series Fund Equity Index Portfolio -
110,049 shares at net asset value of $15.58
per share (cost $1,266,098) 1,714,558
Smith Barney Series Fund Growth & Income Portfolio -
170,858 shares at net asset value of $13.73
per share (cost $1,903,390) 2,345,880
Smith Barney Series Fund Appreciation Portfolio -
313,958 shares at net asset value of $14.39
per share (cost $3,685,163) 4,517,860
Smith Barney Series Fund Total Return Portfolio -
147,522 shares at net asset value of $12.74
per share (cost $1,666,169) 1,879,458
Smith Barney Series Fund Emerging Growth Portfolio -
70,525 shares at net asset value of $13.76
per share (cost $707,971) 970,428
Smith Barney Series Fund International Equity Portfolio -
142,936 shares at net asset value of $9.98
per share (cost $1,394,061) 1,425,947
19,996,173
Accounts receivable from IDS Life of New York for
contract purchase payments 7,086
Receivable from mutual fund portfolios
for share redemptions 7,117
Total assets 20,010,376
________________________________________________________________________
<PAGE>
PAGE 49
Combined
Variable
Liabilities Account
________________________________________________________________________
Payable to IDS Life of New York for:
Mortality and expense risk fee 19,772
Administrative charge 3,955
Contract terminations 7,117
Payable to mutual fund portfolios for
investments purchased 7,086
Total liabilities 37,930
________________________________________________________________________
Net assets applicable to contracts in accumulation
period $19,972,446
________________________________________________________________________
*Subaccounts BCR, BSI, and BMG had no activity in 1995.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 50
<TABLE>
<CAPTION>
IDS Life of New York Account SBS
_________________________________________________________________________________________________________________
Statements of Operations* Year ended Dec. 31, 1995
____________________________Segregated Asset Subaccounts___________________________
BMO BIH BDS BEM BEX BGI BAP
_________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income (loss):
Dividend income from mutual
fund portfolios $ 24,239 $ 99,023 $ 191,110 $ 108,423 $ 27,342 $ 45,854 $ 118,090
_________________________________________________________________________________________________________________
Expenses:
Mortality and expense risk
fee (Note 3) 5,844 17,468 37,795 23,956 19,226 26,479 48,331
Administrative charge (Note 4) 1,169 3,494 7,559 4,791 3,845 5,296 9,666
_________________________________________________________________________________________________________________
Total expenses 7,013 20,962 45,354 28,747 23,071 31,775 57,997
_________________________________________________________________________________________________________________
Investment income
(loss) - net 17,226 78,061 145,756 79,676 4,271 14,079 60,093
_________________________________________________________________________________________________________________
Realized and Unrealized Gain (Loss) on Investments - net
_________________________________________________________________________________________________________________
Realized gain (loss) on sales of investments in
mutual fund portfolios:
Proceeds from sales 186,820 124,757 377,970 392,223 68,363 140,302 164,348
Cost of investments sold 186,820 126,236 390,803 396,257 56,037 124,107 143,519
_________________________________________________________________________________________________________________
Net realized gain (loss)
on investments - (1,479) (12,833) (4,034) 12,326 16,195 20,829
Net change in unrealized
appreciation or depreciation
of investments - 124,387 270,765 429,815 423,073 497,153 816,142
_________________________________________________________________________________________________________________
Net gain on investments - 122,908 257,932 425,781 435,399 513,348 836,971
_________________________________________________________________________________________________________________
Net increase in net assets
resulting from operations $ 17,226 $ 200,969 $ 403,688 $ 505,457 $ 439,670 $ 527,427 $ 897,064
_________________________________________________________________________________________________________________
*Subaccounts BCR, BSI, and BMG had no activity in the year ended Dec. 31, 1995.
See accompanying notes to financial statements.
<PAGE>
PAGE 51
IDS Life of New York Account SBS
____________________________________________________________________________
Statements of Operations* Year ended Dec. 31, 1995
Combined
__Segregated Asset Subaccounts___ Variable
BTR BEG BIE Account
____________________________________________________________________________
Investment income (loss):
Dividend income from mutual
fund portfolios $ 77,683 $ - $ 6,327 $ 698,091
____________________________________________________________________________
Expenses:
Mortality and expense
risk fee (Note 3) 17,897 10,533 20,290 227,819
Administrative charge
(Note 4) 3,580 2,107 4,058 45,565
____________________________________________________________________________
Total expenses 21,477 12,640 24,348 273,384
____________________________________________________________________________
Investment income
(loss) - net 56,206 (12,640) (18,021) 424,707
____________________________________________________________________________
Realized and Unrealized Gain (Loss) on Investments - net
____________________________________________________________________________
Realized gain (loss) on sales
of investments in mutual
fund portfolios:
Proceeds from sales 205,180 88,758 493,697 2,242,418
Cost of investments sold 183,151 72,629 514,001 2,193,560
____________________________________________________________________________
Net realized gain (loss)
on investments 22,029 16,129 (20,304) 48,858
Net change in unrealized
appreciation or depreciation
of investments 207,906 280,262 139,570 3,189,073
____________________________________________________________________________
Net gain
on investments 229,935 296,391 119,266 3,237,931
____________________________________________________________________________
Net increase in net assets
resulting from operations $286,141 $283,751 $101,245 $3,662,638
____________________________________________________________________________
*Subaccounts BCR, BSI, and BMG had no activity in the year ended Dec. 31, 1995.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 52
<TABLE>
<CAPTION>
IDS Life of New York Account SBS
_____________________________________________________________________________________________________________________
Statements of Changes in Net Assets* Year ended Dec. 31, 1995
____________________________________Segregated Asset Subaccounts_____________________________
Operations BMO BIH BDS BEM BEX BGI BAP
_____________________________________________________________________________________________________________________
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income
(loss) - net $ 17,226 $ 78,061 $ 145,756 $ 79,676 $ 4,271 $ 14,079 $ 60,093
Net realized gain
(loss) on investments - (1,479) (12,833) (4,034) 12,326 16,195 20,829
Net change in unrealized
appreciation or
depreciation of
investments - 124,387 270,765 429,815 423,073 497,153 816,142
______________________________________________________________________________________________________________________
Net increase in
net assets resulting
from operations 17,226 200,969 403,688 505,457 439,670 527,427 897,064
_____________________________________________________________________________________________________________________
Contract Transactions
_____________________________________________________________________________________________________________________
Variable annuity contract
purchase payments - 2,921 81,011 1,830 1,252 6,751 27,587
Net transfers** (149,680) 694,393 (16,425) 49,842 12,071 99,272 403,159
Surrender benefits and
contract charges (329) (6,208) (229,589) (318,092) (45,952) (106,032) (82,515)
Death benefits - (28,104) (8,789) - - (6,392) (18,187)
_____________________________________________________________________________________________________________________
Increase (decrease) from
contract transactions (150,009) 663,002 (173,792) (266,420) (32,629) (6,401) 330,044
_____________________________________________________________________________________________________________________
Net assets at beginning
of year 553,421 722,089 2,916,137 1,741,772 1,305,478 1,822,058 3,285,402
_____________________________________________________________________________________________________________________
Net assets at end
of year $ 420,638 $ 1,586,060 $ 3,146,033 $ 1,980,809 $ 1,712,519 $ 2,343,084 $ 4,512,510
_____________________________________________________________________________________________________________________
Accumulation Unit Activity
_____________________________________________________________________________________________________________________
Units outstanding at
beginning of year 538,986 733,520 2,866,002 1,926,049 1,273,868 1,820,119 3,267,489
Contract purchase
payments - 2,810 73,102 1,911 1,026 6,025 23,874
Net transfers** (143,824) 684,299 (17,488) 50,789 10,332 88,100 327,210
Surrender benefits and
contract charges (314) (5,727) (208,925) (302,020) (36,323) (89,048) (68,702)
Death benefits - (24,889) (8,583) - - (6,254) (14,129)
_____________________________________________________________________________________________________________________
Units outstanding at
end of year 394,848 1,390,013 2,704,108 1,676,729 1,248,903 1,818,942 3,535,742
_____________________________________________________________________________________________________________________
*Subaccounts BCR, BSI and BMG had no activity in the year ended Dec. 31, 1995.
**Includes transfer activity from (to) other subaccounts and transfers from (to) IDS Life of New York's Fixed Account.
See accompanying notes to financial statements.
<PAGE>
PAGE 53
IDS Life of New York Account SBS
_____________________________________________________________________________
Statements of Changes in Net Assets* Year ended Dec. 31, 1995
Combined
___Segregated Asset Subaccounts___ Variable
Operations BTR BEG BIE Account
_____________________________________________________________________________
Investment income
(loss) - net $ 56,206 $ (12,640) $ (18,021) $ 424,707
Net realized gain
(loss) on investments 22,029 16,129 (20,304) 48,858
Net change in unrealized
appreciation or
depreciation of
investments 207,906 280,262 139,570 3,189,073
_____________________________________________________________________________
Net increase
in net assets resulting
from operations 286,141 283,751 101,245 3,662,638
_____________________________________________________________________________
Contract Transactions
_____________________________________________________________________________
Variable annuity contract
purchase payments - 200 3,108 124,660
Net transfers** 707,206 67,330 (213,530) 1,653,638
Surrender benefits and
contract charges (151,871) (51,267) (145,064) (1,136,919)
Death benefits (25,633) - (17,635) (104,740)
_____________________________________________________________________________
Increase (decrease) from
contract transactions 529,702 16,263 (373,121) 536,639
_____________________________________________________________________________
Net assets at beginning
of year 1,061,445 669,266 1,696,101 15,773,169
_____________________________________________________________________________
Net assets at end
of year $ 1,877,288 $ 969,280 $ 1,424,225 $19,972,446
_____________________________________________________________________________
Accumulation Unit Activity
_____________________________________________________________________________
Units outstanding at
beginning of year 975,070 706,221 1,872,309
Contract purchase
payments - 197 3,370
Net transfers** 563,702 60,454 (238,891)
Surrender benefits and
contract charges (117,588) (40,263) (151,024)
Death benefits (20,136) - (18,824)
_______________________________________________________________
Units outstanding at
end of year 1,401,048 726,609 1,466,940
_______________________________________________________________
* Subaccounts BCR, BSI and BMG had no activity in the year ended Dec. 31, 1995.
**Includes transfer activity from (to) other subaccounts and transfers
from (to) IDS Life of New York's Fixed Account.
See accompanying notes to financial statements.
<PAGE>
PAGE 54
IDS Life of New York Account SBS
_____________________________________________________________________________________________________________________
Statements of Changes in Net Assets* Year ended Dec. 31, 1994
____________________________________Segregated Asset Subaccounts_____________________________
Operations BMO BIH BDS BEM BEX BGI BAP
_____________________________________________________________________________________________________________________
Investment income
(loss) - net $ 10,429 $ 42,067 $ 140,286 $ 57,063 $ 13,143 $ 15,633 $ (12,636)
Net realized gain
(loss) on investments - (11,943) (14,334) (34,668) 312 (1,486) 1,695
Net change in unrealized
appreciation or
depreciation of
investments - (62,133) (256,290) (219,196) (22,569) (98,648) (71,529)
______________________________________________________________________________________________________________________
Net increase (decrease) in
net assets resulting
from operations 10,429 (32,009) (130,338) (196,801) (9,114) (84,501) (82,470)
_____________________________________________________________________________________________________________________
Contract Transactions
_____________________________________________________________________________________________________________________
Variable annuity contract
purchase payments 436,859 297,011 936,978 504,669 130,647 412,899 1,098,452
Net transfers** (346,270) (287,489) 50,371 (130,572) 22,859 108,528 171,193
Surrender benefits and
contract charges (260) (10,752) (116,843) (24,493) (2,906) (6,984) (49,674)
Death benefits - - (10,007) (8,601) - (10,366) (10,351)
_____________________________________________________________________________________________________________________
Increase (decrease) from
contract transactions 90,329 (1,230) 860,499 341,003 150,600 504,077 1,209,620
_____________________________________________________________________________________________________________________
Net assets at beginning
of period 452,663 755,328 2,185,976 1,597,570 1,163,992 1,402,482 2,158,252
_____________________________________________________________________________________________________________________
Net assets at end
of period $ 553,421 $ 722,089 $ 2,916,137 $ 1,741,772 $ 1,305,478 $ 1,822,058 $ 3,285,402
_____________________________________________________________________________________________________________________
Accumulation Unit Activity
_____________________________________________________________________________________________________________________
Units outstanding at
beginning of period 449,727 732,822 2,055,184 1,561,094 1,128,416 1,334,703 2,092,599
Contract purchase
payments 430,435 298,002 891,708 525,661 126,063 399,701 1,067,763
Net transfers** (340,920) (286,350) 42,269 (124,111) 22,235 102,582 165,879
Surrender benefits and
contract charges (256) (10,954) (113,352) (26,884) (2,846) (6,872) (48,703)
Death benefits - - (9,807) (9,711) - (9,995) (10,049)
_____________________________________________________________________________________________________________________
Units outstanding at
end of period 538,986 733,520 2,866,002 1,926,049 1,273,868 1,820,119 3,267,489
_____________________________________________________________________________________________________________________
*Subaccounts BCR, BSI and BMG had no activity in the period Nov. 28, 1994
(commencement of operations) to Dec. 31, 1994.
**Includes transfer activity from (to) other subaccounts and transfers from (to) IDS Life of New York's Fixed Account.
See accompanying notes to financial statements.
<PAGE>
PAGE 55
IDS Life of New York Account SBS
_____________________________________________________________________________
Statements of Changes in Net Assets* Year ended Dec. 31, 1994
Combined
___Segregated Asset Subaccounts___ Variable
Operations BTR BEG BIE Account
_____________________________________________________________________________
Investment income
(loss) - net $ 9,829 $ (7,284) $ (20,011) $ 248,519
Net realized gain
(loss) on investments 443 (4,451) (13,836) (78,268)
Net change in unrealized
appreciation or
depreciation of
investments 1,800 (23,047) (109,492) (861,104)
_____________________________________________________________________________
Net increase (decrease)
in net assets resulting
from operations 12,072 (34,782) (143,339) (690,853)
_____________________________________________________________________________
Contract Transactions
_____________________________________________________________________________
Variable annuity contract
purchase payments 569,387 549,802 1,102,348 6,039,052
Net transfers** 270,576 7,635 431,426 298,257
Surrender benefits and
contract charges (8,196) (7,510) (10,851) (238,469)
Death benefits - - - (39,325)
______________________________________________________________________________
Increase (decrease) from
contract transactions 831,767 549,927 1,522,923 6,059,515
______________________________________________________________________________
Net assets at beginning
of period 217,606 154,121 316,517 10,404 507
______________________________________________________________________________
Net assets at end
of period $1,061,445 $ 669,266 $1,696,101 $15,773,169
______________________________________________________________________________
Accumulation Unit Activity
______________________________________________________________________________
Units outstanding at
beginning of period 211,477 148,221 315,305
Contract purchase
payments 519,803 555,791 1,144,702
Net transfers** 251,307 9,856 423,647
Surrender benefits and
contract charges (7,517) (7,647) (11,345)
Death benefits - - -
_______________________________________________________________
Units outstanding at
end of period 975,070 706,221 1,872,309
_______________________________________________________________
*Subaccounts BCR, BSI and BMG had no activity in the period Nov. 28, 1994
(commencement of operations) to Dec. 31, 1994.
**Includes transfer activity from (to) other subaccounts and transfers
from (to) IDS Life of New York's Fixed Account.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
PAGE 56
Notes to Financial Statements
___________________________________________________________________
1. Organization
IDS Life of New York Account SBS (the Variable Account) was
established on Oct. 8, 1991 as a single unit investment trust of
IDS Life Insurance Company of New York (IDS Life of New York) under
the Investment Company Act of 1940, as amended (the "1940 Act").
Operations of the Variable Account commenced on March 15, 1993.
The Variable Account is comprised of various subaccounts. Each
subaccount invests exclusively in shares of ten portfolios
(collectively, the Portfolios) of the Smith Barney Series Fund or
three funds of the IDS Life Retirement Annuity Mutual Funds
(collectively, the Funds). The assets of each subaccount of the
Variable Account are not chargeable with liabilities arising out of
the business conducted by any other subaccount, account or by IDS
Life of New York. Purchase payments are allocated to any or all
thirteen subaccounts or the Fixed Account. The purchase payments
allocated to the subaccounts are then invested in shares of the
specific Portfolio(s) or Funds selected.
Smith Barney Series Fund (the mutual fund) is registered under the
1940 Act as a diversified, open-end management investment company.
The mutual fund currently offers a selection of ten portfolios.
Purchase payments allocated to the Money Market (BMO) subaccount
invest in shares of the Money Market Portfolio; the Intermediate
High Grade (BIH) subaccount invests in shares of the Intermediate
High Grade Portfolio; the Diversified Strategic Income (BDS)
subaccount invests in shares of the Diversified Strategic Income
Portfolio; the Equity Income (BEM) subaccount invests in shares of
the Equity Income Portfolio; the Equity Index (BEX) subaccount
invests in shares of the Equity Index Portfolio; the Growth &
Income (BGI) subaccount invests in shares of the Growth & Income
Portfolio; the Appreciation (BAP) subaccount invests in shares of
the Appreciation Portfolio; the Total Return (BTR) subaccount
invests in shares of the Total Return Portfolio; the Emerging
Growth (BEG) subaccount invests in shares of the Emerging Growth
Portfolio; and the International Equity (BIE) subaccount invests in
shares of the International Equity Portfolio.
IDS Life Capital Resource Fund, Inc. and IDS Life Special Income
Fund, Inc. commenced operations Oct. 13, 1981. IDS Life Managed
Fund, Inc. commenced operations April 30, 1986. These mutual funds
are registered under the 1940 Act as diversified, open-end
management investment companies. Purchase payments allocated to the
Capital Resource (BCR) subaccount invest in shares of IDS Life
Capital Resource Fund; the Special Income (BSI) subaccount invests
in shares of IDS Life Special Income Fund; and the Managed (BMG)
subaccount invests in shares of IDS Life Managed Fund. Subaccounts
BCR, BSI and BMG had no activity in the period from Nov. 28, 1994
(commencement of operations) to Dec. 31, 1995.
IDS Life Insurance Company, parent company of IDS Life of New York,
serves as investment manager and distributor for the Variable
Account and for the Funds. American Express Financial Corporation
also serves as investment advisor to the Funds. Smith Barney Inc.
<PAGE>
PAGE 57
___________________________________________________________________
1. Organization (continued)
serves as distributor for the mutual fund. Smith Barney Mutual
Funds Management Inc. serves as investment adviser to the Money
Market Portfolio, the Intermediate High Grade Portfolio, the
Diversified Strategic Income Portfolio, the Equity Income
Portfolio, the Growth & Income Portfolio, the Appreciation
Portfolio, the Total Return Portfolio and the International Equity
Portfolio. Travelers Investment Management Company serves as
investment adviser to the Equity Index Portfolio. Van Kampen
American Capital Asset Management, Inc. serves as investment
adviser to the Emerging Growth Portfolio. Smith Barney Global
Capital Management, Inc. serves as sub-investment adviser to the
Diversified Strategic Income Portfolio. Smith Barney Mutual Funds
Management Inc. serves as administrator to each Portfolio. PHC
Bank, National Association serves as the custodian for the
Portfolios. American Express Trust Company serves as custodian and
Morgan Stanley Trust Company serves as subcustodian for the Funds.
___________________________________________________________________
2. Summary of Significant Accounting Policies
Investments in the Mutual Fund
Investments in shares of the Portfolios of the mutual fund or in
shares of the Funds are stated at market value which is the net
asset value per share as determined by the respective portfolio or
fund. Investment transactions are accounted for on the date the
shares are purchased and sold. The cost of investments sold and
redeemed is determined on the average cost method. Dividend
distributions received from the Portfolios or the Funds are
reinvested, net of any expense payable to IDS Life of New York, in
additional shares of the Portfolios or the Funds and are recorded
as income by the subaccounts on the ex-dividend date.
Unrealized appreciation or depreciation of investments in the
accompanying financial statements represents the subaccounts' share
of the Portfolios' or Funds' undistributed net investment income,
undistributed realized gain or loss and the unrealized appreciation
or depreciation on their investment securities.
Federal Income Taxes
IDS Life of New York is taxed as a life insurance company. The
Variable Account is treated as part of IDS Life of New York for
federal income tax purposes. Under existing federal income tax law,
no income taxes are payable with respect to any investment income
of the Variable Account.
___________________________________________________________________
3. Mortality and Expense Risk Fee
IDS Life of New York makes guarantees to the Variable Account that
possible future adverse changes in administrative expenses and
mortality experience of the annuitants will not affect the Variable
Account. The mortality and expense risk fee paid to IDS Life of
New York is deducted daily and is equal, on an annual basis, to
1.25 percent of the daily net asset value of each subaccount.
<PAGE>
PAGE 58
___________________________________________________________________
4. Variable Account Administrative Charge
IDS Life of New York deducts a daily charge equal, on an annual
basis, to 0.25 percent of the daily net asset value of each
subaccount. The charge covers certain administrative and operating
expenses of the subaccounts incurred by IDS Life of New York such
as accounting, legal and data processing fees, and expenses
involved in the preparation and distribution of reports and
prospectuses.
___________________________________________________________________
5. Certificate Administrative Charge
IDS Life of New York deducts an administrative charge of $30 per
year on each certificate anniversary. This charge reimburses IDS
Life of New York for expenses incurred in establishing and
maintaining the annuity records. This charge cannot be
increased and does not apply after a retirement payment plan
begins. IDS Life of New York does not expect to profit from this
charge.
___________________________________________________________________
6. Surrender Charge
IDS Life of New York will use a surrender charge to help it recover
certain expenses relating to the sale of the annuity. The
surrender charge will be deducted for surrenders during the first
six payment years following a purchase payment. Charges by IDS
Life of New York for surrenders are not available on an individual
segregated asset account basis. Charges for all segregated asset
accounts amount to $464,724 in 1995 and $269,275 in 1994. Such
charges are not an expense of the subaccounts or Variable Account.
They are deducted from contract surrender benefits paid by IDS Life
of New York.
___________________________________________________________________
7. Investment Transactions*
The subaccounts' purchases of Portfolio or Fund shares (net of
charges), including reinvestment of dividend distributions, were as
follows:
<TABLE><CAPTION>
Year ended Dec. 31,
Subaccount Investment 1995 1994
<S> <C> <C> <C>
BMO Money Market Portfolio $ 53,836 $ 506,374
BIH Intermediate High Grade Portfolio 866,783 366,264
BDS Diversified Strategic Income Portfolio 350,055 1,258,046
BEM Equity Income Portfolio 205,694 773,605
BEX Equity Index Portfolio 40,437 185,530
BGI Growth & Income Portfolio 148,533 637,649
BAP Appreciation Portfolio 555,786 1,309,065
BTR Total Return Portfolio 791,981 858,531
BEG Emerging Growth Portfolio 92,694 661,027
BIE International Equity Portfolio 102,160 1,772,919
$ 3,207,959 $ 8,329,010
</TABLE>
*Subaccounts BCR, BSI and BMG had no activity in the year ended
Dec. 31, 1995 or the period Nov. 28, 1994 (commencement of
operations) to Dec. 31, 1994.
<PAGE>
PAGE 59
IDS Life of New York Account SBS
Annual Financial Information
Report of Independent Auditors
The Board of Directors
IDS Life Insurance Company of New York
We have audited the accompanying individual and combined statements
of net assets of the segregated asset subaccounts of IDS Life of
New York Account SBS (comprising, respectively, the BMO, BIH, BDS,
BEM, BEX, BGI, BAP, BTR, BEG, BIE, BCR, BSI and BMG subaccounts) as
of December 31, 1995, and the related statements of operations for
the year then ended and the statements of changes in net assets for
each of the two years in the period then ended, except for the BCR,
BSI and BMG subaccounts which are for the period November 28, 1994
(commencement of operations) to December 31, 1995. These financial
statements are the responsibility of the management of IDS Life
Insurance Company of New York. Our responsibility is to express an
opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned at December 31, 1995 with
the affiliated mutual fund manager and the portfolio distributor.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the individual and combined
financial position of the segregated asset subaccounts of IDS Life
of New York Account SBS at December 31, 1995 and the individual and
combined results of their operations and the changes in their net
assets for the periods described above, in conformity with
generally accepted accounting principles.
ERNST & YOUNG LLP
Minneapolis, Minnesota
March 15, 1996
<PAGE>
PAGE 60
IDS Life of New York Financial Information
The financial statements shown below are those of the insurance
company and not those of any other entity. They are included in
the prospectus for the purpose of informing investors as to the
financial condition of the insurance company and its ability to
carry out its obligations under its variable contracts.
<TABLE>
<CAPTION>
IDS Life Insurance Company of New York
Balance Sheets Dec. 31, 1995 Dec. 31, 1994
Assets (thousands)
<S> <C> <C>
Investments:
Fixed maturities:
Held to maturity, at amortized cost
(Fair value: 1995, $683,147; 1994, $653,080) $ 642,580 $ 686,483
Available for sale, at fair value
(Amortized cost: 1995, $577,068;
1994, $474,599) 601,298 455,103
1,243,878 1,141,586
Mortgage loans on real estate
(Fair value: 1995, $168,194; 1994, $157,085) 158,730 164,916
Policy loans 18,035 14,899
Other investments 1,915 1,524
Total investments 1,422,558 1,322,925
Cash and cash equivalents -- 5,262
Accrued investment income 22,572 21,517
Deferred policy acquisition costs 109,800 100,078
Other assets 2,108 1,584
Separate account assets 724,212 506,208
Total assets $2,281,250 $1,957,574
Liabilities and Stockholder's Equity
Liabilities:
Fixed annuities - future policy benefits $1,109,167 $1,087,367
Universal life-type insurance - future
policy benefits 136,475 127,871
Traditional life, disability income and
long-term care insurance - future policy
benefits 42,477 40,546
Policy claims and other policyholders' funds 3,644 3,217
Deferred income taxes 15,663 2,044
Amounts due to brokers 10,000 --
Other liabilities 21,029 18,600
Separate account liabilities 724,212 506,208
Total liabilities 2,062,667 1,785,853
Stockholder's equity:
Capital stock, $10 par value per share; 200,000
shares authorized, issued and outstanding 2,000 2,000
Additional paid-in capital 49,000 49,000
Net unrealized gain (loss) on investments 15,341 (12,369)
Retained earnings 152,242 133,090
Total stockholder's equity 218,583 171,721
Total liabilities and stockholder's equity $2,281,250 $1,957,574
Commitments and contingencies (Note 7)
See accompanying notes.
</TABLE>
<PAGE>
PAGE 61
<TABLE>
<CAPTION>
____________________________________________________________________________
Statements of Income Years ended Dec. 31,
1995 1994 1993
(thousands)
____________________________________________________________________________
<S> <C> <C> <C>
Revenues:
Traditional life, disability income and
long-term care insurance premiums $ 9,280 $ 7,846 $ 7,110
Policyholder and contractholder charges 13,216 11,607 9,634
Mortality and expense risk fees 6,213 4,562 2,904
Net investment income 110,924 108,143 110,147
Net realized gain on investments 1,548 957 1,334
Total revenues 141,181 133,115 131,129
Benefits and expenses:
Death and other benefits - traditional
life, disability income and long-term
care insurance 3,354 6,016 5,715
Death and other benefits - universal
life-type insurance and investment contracts 4,548 3,773 2,465
Increase (decrease) in liabilities for future
policy benefits for traditional life,
disability income and long-term care insurance 1,958 506 (1,343)
Interest credited on universal life-type
insurance and investment contracts 68,630 65,018 68,987
Amortization of deferred policy
acquisition costs 13,085 12,994 10,434
Other insurance and operating expenses 7,474 8,359 7,652
Total benefits and expenses 99,049 96,666 93,910
Income before income taxes 42,132 36,449 37,219
Income taxes 14,745 12,794 13,335
Net income $ 27,387 $ 23,655 $ 23,884
See accompanying notes.
<PAGE>
PAGE 62
__________________________________________________________________________
Statements of Cash Flows Years ended Dec. 31,
1995 1994 1993
(thousands)
Cash flows from operating activities:
Net income $ 27,387 $ 23,655 $ 23,884
Adjustments to reconcile net income to net
cash provided by operating activities:
Issuance - policy loans, excluding
universal life-type insurance (2,093) (1,365) (1,044)
Repayment - policy loans, excluding
universal life-type insurance 881 849 455
Change in accrued investment income (1,055) (175) (1,476)
Change in deferred policy acquisition
costs, net (11,017) (11,522) (10,622)
Change in liabilities for future policy
benefits for traditional life, disability
income and long-term care insurance 1,931 501 (939)
Change in policy claims and other
policyholders' funds 427 870 282
Change in deferred income taxes (1,301) (4,321) (449)
Change in other liabilities 2,429 (1,711) 4,348
Amortization of premium (accretion
of discount), net (480) 2,464 (1,598)
Net realized gain on investments (1,548) (957) (1,334)
Premiums related to universal life-type
insurance 21,694 19,522 15,141
Surrenders and death benefits related to
universal life-type insurance (13,164) (13,208) (9,785)
Interest credited to account balances related
to universal life-type insurance 7,036 6,640 6,892
Policyholder and contractholder
charges, non-cash (6,962) (6,000) (5,663)
Other, net (508) 689 (780)
Net cash provided by operating activities $ 23,657 $ 15,931 $ 17,312
Cash flows from investing activities:
Fixed maturities held to maturity:
Purchases $(37,540) $(36,560) $ --
Maturities, sinking fund payments and calls 34,216 78,757 --
Sales 28,905 2,649 --
Fixed maturities available for sale:
Purchases (133,503) (117,965) --
Maturities, sinking fund payments and calls 44,234 70,316 --
Sales 8,839 14,533 --
Investment securities:
Purchases -- -- (331,900)
Maturities, sinking fund payments and calls -- -- 265,059
Sales -- -- 28,519
Other investments, excluding policy loans:
Purchases (1,939) (47,353) (65,202)
Sales 5,993 2,975 2,568
Change in amounts due to brokers 10,000 (4,952) (10,448)
Net cash used in investing activities (40,795) (37,600) (111,404)
Cash flows from financing activities:
Activity related to investment contracts:
Considerations received 137,737 168,947 149,269
Surrenders and death benefits (177,531) (198,963) (119,158)
Interest credited to account balances 61,594 58,378 62,250
Issuance - policy loans, universal life-type
insurance (4,870) (3,907) (3,403)
Repayment - policy loans, universal life-type
insurance 2,946 2,476 1,886
Cash dividend to parent (8,000) -- --
Net cash provided by financing activities 11,876 26,931 90,844
Net (decrease) increase in cash and cash
equivalents (5,262) 5,262 (3,248)
Cash and cash equivalents at beginning
of year 5,262 - 3,248
Cash and cash equivalents at end of year $ -- $ 5,262 $ --
See accompanying notes.
</TABLE>
<PAGE>
PAGE 63
IDS Life Insurance Company of New York
Notes to Financial Statements ($ thousands)
1. Summary of significant accounting policies
Nature of business
IDS Life Insurance Company of New York (the Company) is engaged in
the insurance and annuity business in the state of New York. The
Company's principal products are deferred annuities and universal
life insurance which are issued primarily to individuals. It
offers single premium and annual premium deferred annuities on both
a fixed and variable dollar basis. Immediate annuities are offered
as well. The Company's insurance products include universal life
(fixed and variable), whole life, single premium life and term
products (including waiver of premium and accidental death
benefits). The Company also markets disability income and long-
term care insurance.
The Company's principal annuity product in terms of amount in force
is the fixed deferred annuity. The annuity contract guarantees a
minimum interest rate during the accumulation period (the time
before annuity payments begin), although the Company normally pays
a higher rate reflective of current market rates. The fixed
annuity provides for a surrender charge during the first seven to
ten years after a purchase payment is made. The Company has also
adopted a practice whereby the higher current rate is guaranteed
for a specified period. The Company also offers a variable annuity
product under the name Flexible Annuity. This is a fixed/variable
annuity offering the purchasers a choice among mutual funds with
portfolios of equities, bonds, managed assets and/or short-term
securities, and the Company's general account, as the underlying
investment vehicles. With respect to funds applied to the variable
portion of the annuity, the purchaser, rather than the Company,
assumes the investment risks and receives the rewards inherent in
the ownership of the underlying investment. The Flexible Annuity
provides for a surrender charge during the first six years after a
purchase payment is made.
The Company's principal insurance product is the flexible-premium,
adjustable-benefit universal life insurance policy. In this type
of insurance policy, each premium payment accumulates interest in a
cash value account. The policyholder has access to the cash
surrender value in whole or in part after the first year. The size
of the cash value of the fund can also be controlled by the
policyholder by increasing or decreasing premiums, subject only to
maintaining a required minimum to keep the policy in force.
Monthly deductions from the cash value of the policy are made for
the cost of insurance, expense charges and any policy riders.
Basis of presentation
The Company is a wholly owned subsidiary of IDS Life Insurance
Company (IDS Life), which is a wholly owned subsidiary of American
Express Financial Corporation, which is a wholly owned subsidiary
of American Express Company. The accompanying financial
statements have been prepared in conformity with generally accepted
<PAGE>
PAGE 64
1. Summary of significant accounting policies (continued)
accounting principles which vary in certain respects from reporting
practices prescribed or permitted by the New York Department of
Insurance as reconciled in Note 11.
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates.
Investments
Fixed maturities that the Company has both the positive intent and
the ability to hold to maturity are classified as held to maturity
and carried at amortized cost. All other fixed maturities and all
marketable equity securities are classified as available for sale
and carried at fair value. Unrealized gains and losses on
securities classified as available for sale are carried as a
separate component of stockholder's equity.
Management determines the appropriate classification of fixed
maturities at the time of purchase and reevaluates the
classification at each balance sheet date.
Mortgage loans on real estate are carried principally at the unpaid
principal balances of the related loans. Policy loans are carried
at the aggregate of the unpaid loan balances which do not exceed
the cash surrender values of the related policies. Other
investments include interest rate caps and equity securities. When
evidence indicates a decline in the underlying value or earning
power of individual investments which is other than temporary such
investments are written down to fair value by a charge to income.
Equity securities are carried at market value and the related net
unrealized appreciation or depreciation is reported as a credit or
charge to stockholder's equity.
Realized investment gain or loss is determined on an identified
cost basis.
Prepayments are anticipated on certain investments in mortgage-
backed securities in determining the constant effective yield used
to recognize interest income. Prepayment estimates are based on
information received from brokers who deal in mortgage-backed
securities.
Statements of cash flows
The Company considers investments with a maturity at the date of
their acquisition of three months or less to be cash equivalents.
These securities are carried principally at amortized cost which
approximates fair value.
<PAGE>
PAGE 65
1. Summary of significant accounting policies (continued)
Supplementary information to the statements of cash flows for the
years ended Dec. 31 is summarized as follows:
1995 1994 1993
Cash paid during the year for:
Income taxes $15,026 $17,386 $14,138
Interest on borrowings 742 147 235
Recognition of profits on fixed annuity contracts and insurance
policies
The Company issues single premium deferred annuity contracts that
provide for a service fee (surrender charge) at annually decreasing
rates upon withdrawal of the annuity accumulation value by the
contract owner. No sales fee is deducted from the contract
considerations received on these contracts ("no load" annuities).
All of the Company's single premium deferred annuity contracts
provide for crediting the contract owners' accumulations at
specified rates of interest. Such rates are revised by the Company
from time to time based on changes in the market investment yield
rates for fixed-income securities.
Profits on single premium deferred annuities and installment
annuities are recognized by the Company over the lives of the
contracts and represent the excess of investment income earned from
investment of contract considerations over interest credited to
contract owners and other expenses.
The retrospective deposit method is used in accounting for
universal life-type insurance. This method recognizes profits over
the lives of the policies in proportion to the estimated gross
profits expected to be realized.
Premiums on traditional life, disability income and long-term care
insurance policies are recognized as revenue when collected or due,
and related benefits and expenses are associated with premium
revenue in a manner that results in recognition of profits over the
lives of the insurance policies. This association is accomplished
by means of the provision for future policy benefits and the
deferral and subsequent amortization of policy acquisition costs.
Deferred policy acquisition costs
The costs of acquiring new business, principally sales
compensation, policy issue costs, underwriting and certain sales
expenses, have been deferred on insurance and annuity contracts.
The deferred acquisition costs for single premium deferred
annuities and installment annuities are amortized based upon
surrender charge revenue and a portion of the excess of investment
income earned from investment of the contract considerations over
the interest credited to contract owners. The costs for universal
life-type insurance are amortized over the lives of the policies as
a percentage of the estimated gross profits expected to be realized
on the policies. For traditional life, disability income and long-
term care insurance policies, the costs are amortized over an
appropriate period in proportion to premium revenue.<PAGE>
PAGE 66
1. Summary of significant accounting policies (continued)
Liabilities for future policy benefits
Liabilities for universal life-type insurance, single premium
deferred annuities and installment annuities are accumulation
values.
Liabilities for fixed annuities in a benefit status are based on
the Progressive Annuity Table with interest at 5 percent, the 1971
Individual Annuity Table with interest at 7 percent or 8.25
percent, or the 1983a Table with various interest rates ranging
from 5.5 percent to 9.5 percent, depending on year of issue.
Liabilities for future benefits on traditional life insurance have
been computed principally by the net level premium method, based on
anticipated rates of mortality (approximating the 1965-1970 Select
and Ultimate Basic Table for policies issued after 1980 and the
1955-1960 Select and Ultimate Basic Table for policies issued prior
to 1981 and the 1975-1980 Select and Ultimate Basic Table for term
insurance policies issued after 1986), policy persistency derived
from IDS Life's experience data (first-year rates ranging from
approximately 70 percent to 90 percent and increasing rates
thereafter), and estimated future investment yields of 4 percent
for policies issued before 1974 and 5.25 percent for policies
issued from 1974 to 1980. Cash value plans issued in 1980 and
later assume future investment rates that grade from 9.5 percent to
5 percent over 20 years. Term insurance issued from 1981 to 1984
assumes an 8 percent level investment rate, and term insurance
issued from 1985 to 1994 assumes investment rates that grade from
10 percent to 6 percent over 20 years, and term insurance issued
after 1994 assumes investment rates that grade from 8 percent to
6.5 percent over 7 years.
Liabilities for future disability income policy benefits have been
computed principally by the net level premium method, based on the
1964 Commissioners Disability Table with the 1958 Commissioners
Standard Ordinary Mortality Table at 3 percent interest for persons
disabled in 1980 and prior, 8 percent interest for persons disabled
from 1981 to 1991, 7 percent interest for persons disabled in 1992
and 6 percent interest for persons disabled after 1992.
Liabilities for future benefits on long-term care insurance have
been computed principally by the net level premium method, using
morbidity rates based on the 1985 National Nursing Home Survey and
mortality rates based on the 1983a Table. The interest rate basis
is 9.5 percent grading to 7 percent over ten years for policies
issued from 1989 to 1992, 7.75 percent grading to 7 percent over
four years for policies issued after 1992, 8 percent for claims
incurred in 1989 to 1991, 7 percent for claims incurred in 1992 and
6 percent for claims incurred after 1992.
Reinsurance
The maximum amount of life insurance risk retained by the Company
on any one life is $750 of life and waiver of premium benefits plus
$50 of accidental death benefits. The maximum amount of disability
income risk retained by the Company on any one life is $6 of
<PAGE>
PAGE 67
1. Summary of significant accounting policies (continued)
monthly benefit for benefit periods longer than three years. The
excesses are reinsured with other life insurance companies on a
yearly renewable term basis.
Federal income taxes
The Company's taxable income is included in the consolidated
federal income tax return of American Express Company. The Company
provides for income taxes on a separate return basis, except that,
under an agreement between American Express Financial Corporation
and American Express Company, tax benefit is recognized for losses
to the extent they can be used on the consolidated tax return. It
is the policy of American Express Financial Corporation to
reimburse a subsidiary for any tax benefit.
Included in other liabilities at Dec. 31, 1995 and 1994 are $3,971
and $3,161, respectively, payable to IDS Life for federal income
taxes.
Separate account business
The separate account assets and liabilities represent funds held
for the exclusive benefit of the variable annuity and variable life
insurance contract owners. The Company receives a monthly cost of
insurance charge and receives a minimum death benefit guarantee fee
from variable life insurance separate accounts and a mortality and
expense assurance fee from the variable annuity and variable life
insurance separate accounts.
The Company makes contractual mortality assurances to the variable
annuity contract owners that the net assets of the separate
accounts will not be affected by future variations in the actual
life expectancy experience of the annuitants and the beneficiaries
from the mortality assumptions implicit in the annuity contracts.
The Company makes periodic fund transfers to, or withdrawals from,
the separate accounts for such actuarial adjustments for variable
annuities that are in the benefit payment period. The Company
guarantees, for the variable life insurance policyholders, the
contractual insurance rate and that the death benefit will never be
less than the death benefit at the date of issuance.
Accounting changes
The Financial Accounting Standards Board's (FASB) SFAS No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-
Lived Assets to Be Disposed Of," is effective Jan. 1, 1996. The
new rule is not expected to have a material impact on the Company's
results of operations or financial condition.
The Company's adoption of SFAS No. 114 as of Jan. 1, 1995 is
discussed in Note 2.
The Company adopted SFAS No. 115, "Accounting for Certain
Investments in Debt and Equity Securities." The effect of adopting
the new rule was to increase stockholder's equity by approximately
$12 million, net of tax, as of Jan. 1, 1994, but the adoption had
no impact on the Company's net income.<PAGE>
PAGE 68
1. Summary of significant accounting policies (continued)
Reclassification
Certain 1994 and 1993 amounts have been reclassified to conform to
the 1995 presentation.
2. Investments
Fair values of investments in fixed maturities represent quoted
market prices and estimated values when quoted prices are not
available. Estimated values are determined by established
procedures involving, among other things, review of market indices,
price levels of current offerings of comparable issues, price
estimates and market data from independent brokers and financial
files.
Changes in net unrealized appreciation (depreciation) of
investments for the years ended Dec. 31 are summarized as follows:
1995 1994 1993
Fixed maturities:
Held to maturity $73,970 $(84,244) $ --
Available for sale 43,726 (38,226) --
Investment securities -- -- 25,350
Net realized gain (loss) on investments for the years ended Dec. 31
is summarized as follows:
1995 1994 1993
Fixed maturities $1,997 $948 $1,316
Other investments (449) 9 18
$1,548 $957 $1,334
The amortized cost, gross unrealized gains and losses and fair
value of investments in fixed maturities and equity securities at
Dec. 31, 1995 are as follows:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Fair
Held to maturity Cost Gains Losses Value
<S> <C> <C> <C> <C>
U.S. Government agency
obligations $ 5,003 $ 199 $ -- $ 5,202
State and municipal
obligations 150 -- 2 148
Corporate bonds and
obligations 578,253 41,939 2,027 618,165
Mortgage-backed securities 59,174 846 388 59,632
$642,580 $42,984 $2,417 $683,147
<PAGE>
PAGE 69
2. Investments (continued)
Gross Gross
Amortized Unrealized Unrealized Fair
Available for sale Cost Gains Losses Value
State and municipal
obligations $ 105 $ 10 $ -- $ 115
Corporate bonds and
obligations 248,973 17,470 497 265,946
Mortgage-backed securities 327,990 9,157 1,910 335,237
Total fixed maturities 577,068 26,637 2,407 601,298
Equity securities 10 -- -- 10
$577,078 $26,637 $2,407 $601,308
</TABLE>
The change in net unrealized gain (loss) on available for sale
securities included as a separate component of stockholder's equity
was $27,710 in 1995.
The amortized cost, gross unrealized gains and losses and fair
value of investments in fixed maturities and equity securities at
Dec. 31, 1994 are as follows:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Fair
Held to maturity Cost Gains Losses Value
<S> <C> <C> <C> <C>
U.S. Government agency
obligations $ 398 $ 2 $ 18 $ 382
Corporate bonds and
obligations 622,422 6,564 33,976 595,010
Mortgage-backed securities 63,663 580 6,555 57,688
$686,483 $7,146 $40,549 $653,080
Gross Gross
Amortized Unrealized Unrealized Fair
Available for sale Cost Gains Losses Value
U.S. Government agency
obligations $ 10,000 $ -- $ 135 $ 9,865
State and municipal
obligations 104 1 -- 105
Corporate bonds and
obligations 142,447 2,632 2,447 142,632
Mortgage-backed securities 322,048 381 19,928 302,501
Total fixed maturities 474,599 3,014 22,510 455,103
Equity securities 332 -- 197 135
$474,931 $3,014 $22,707 $455,238
</TABLE>
The change in net unrealized gain (loss) on available for sale
securities included as a separate component of stockholder's equity
was $(12,393) in 1994.
The amortized cost and fair value of investments in fixed
maturities at Dec. 31, 1995 by contractual maturity are shown
below. Expected maturities will differ from contractual
maturities because borrowers may have the right to call or prepay
obligations with or without call or prepayment penalties.
<PAGE>
PAGE 70
2. Investments (continued)
Amortized Fair
Held to maturity Cost Value
Due in one year or less $ 18,748 $ 19,136
Due from one to five years 99,486 105,747
Due from five to ten years 367,875 392,671
Due in more than ten years 97,297 105,961
Mortgage-backed securities 59,174 59,632
$642,580 $683,147
Amortized Fair
Available for sale Cost Value
Due in one year or less $ 15,296 $ 15,473
Due from one to five years 80,249 85,561
Due from five to ten years 108,127 114,937
Due in more than ten years 45,406 50,090
Mortgage-backed securities 327,990 335,237
$577,068 $601,298
During the year ended Dec. 31, 1995, fixed maturities classified as
held to maturity were sold with proceeds of $28,905 and gross
realized gains and losses on such sales were $1,055 and $121,
respectively. The sale of these fixed maturities was due to
significant deterioration in the issuers' creditworthiness. As a
result of adopting the FASB Special Report, "A Guide to
Implementation of Statement 115 on Accounting for Certain
Investments in Debt and Equity Securities," the Company
reclassified securities with a book value of $15,607 and net
unrealized gains of $144 from held to maturity to available for
sale in December 1995.
In addition, fixed maturities available for sale were sold during
1995 with proceeds of $8,839 and gross realized gains and losses on
such sales were $nil and $74, respectively.
During the year ended Dec. 31, 1994, fixed maturities classified as
held to maturity were sold with proceeds of $2,649 and gross
realized gains and losses on such sales were $nil and $86,
respectively. The sale of these fixed maturities was due to
significant deterioration in the issuers' creditworthiness.
In addition, fixed maturities available for sale were sold during
1994 with proceeds of $14,533 and gross realized gains and losses
on such sales were $181 and $308, respectively.
At Dec. 31, 1995, bonds carried at $262 were on deposit with the
state of New York as required by law.
Net investment income for the years ended Dec. 31 is summarized as
follows:
<PAGE>
PAGE 71
2. Investments (continued)
1995 1994 1993
Interest on fixed maturities $ 97,092 $ 93,800 $100,940
Interest on mortgage loans 13,888 13,226 8,424
Other investment income 1,291 1,219 1,220
Interest on cash equivalents 186 363 63
112,457 108,608 110,647
Less investment expenses 1,533 465 500
$110,924 $108,143 $110,147
At Dec. 31, 1995, investments in fixed maturities comprised 87
percent of the Company's total invested assets. Securities are
rated by Moody's and Standard & Poor's (S&P), except for securities
carried at approximately $144 million which are rated by American
Express Financial Corporation internal analysts using criteria
similar to Moody's and S&P. A summary of investments in fixed
maturities, at amortized cost, by rating on Dec. 31 is as follows:
Rating 1995 1994
Aaa/AAA $ 391,321 $ 393,736
Aa/AA 17,572 18,857
Aa/A 9,950 9,710
A/A 209,483 191,694
A/BBB 61,912 57,206
Baa/BBB 357,445 340,271
Baa/BB 46,029 48,552
Below investment grade 125,936 101,056
$1,219,648 $1,161,082
At Dec. 31, 1995, 90 percent of the securities rated Aaa/AAA are
GNMA, FNMA and FHLMC mortgage-backed securities. No holdings of
any other issuer are greater than 1 percent of the Company's total
investments in fixed maturities.
At Dec. 31, 1995, approximately 11.2 percent of the Company's
invested assets were mortgage loans on real estate. Summaries of
mortgage loans by region and by type of real estate are as follows:
<TABLE>
<CAPTION>
Dec. 31, 1995 Dec. 31, 1994
On Balance Commitments On Balance Commitments
Region Sheet to Purchase Sheet to Purchase
<S> <C> <C> <C> <C>
West North Central $ 23,705 $ -- $ 26,660 $--
East North Central 34,207 -- 35,018 --
South Atlantic 38,802 2,033 39,516 18
Middle Atlantic 23,502 -- 24,061 --
Pacific 13,150 -- 13,297 --
Mountain 14,937 5,084 15,218 --
New England 8,982 -- 9,674 --
East South Central 1,613 7,407 1,629 --
West South Central 277 -- 288 --
159,175 14,524 165,361 18
Less allowance for losses 445 -- 445 --
$158,730 $14,524 $164,916 $18
<PAGE>
PAGE 72
2. Investments (continued)
Dec. 31, 1995 Dec. 31, 1994
On Balance Commitments On Balance Commitments
Property type Sheet to Purchase Sheet to Purchase
Apartments $ 64,136 $ 7,988 $ 65,389 $18
Department/retail stores 55,308 -- 57,608 --
Office buildings 12,367 6,536 13,107 --
Industrial buildings 13,255 -- 13,583 --
Medical buildings 5,255 -- 6,704 --
Nursing/retirement 6,565 -- 6,644 --
Other 2,012 -- 2,038 --
Hotels/motels 277 -- 288 --
159,175 14,524 165,361 18
Less allowance for losses 445 -- 445 --
$158,730 $14,524 $164,916 $18
</TABLE>
Mortgage loan fundings are restricted by state insurance regulatory
authority to 80 percent or less of the market value of the real
estate at the time of origination of the loan. The Company holds
the mortgage document, which gives the right to take possession of
the property if the borrower fails to perform according to the
terms of the agreement. The fair value of the mortgage loans is
determined by a discounted cash flow analysis using mortgage
interest rates currently offered for mortgages of similar
maturities. Commitments to purchase mortgages are made in the
ordinary course of business. The fair value of the mortgage
commitments is $nil.
As of Jan. 1, 1995, the Company adopted Statement of Financial
Accounting Standards No. 114, "Accounting by Creditors for
Impairment of a Loan" (SFAS No. 114), as amended by Statement of
Financial Accounting Standards No. 118, "Accounting by Creditors
for Impairment of a Loan - Income Recognition and Disclosures".
The adoption of the new rules did not have a material impact on the
Company's results of operations or financial condition.
SFAS No. 114 applies to all loans except for smaller-balance
homogeneous loans, that are collectively evaluated for impairment.
Impairment is measured as the excess of the loan's recorded
investment over its present value of expected principal and
interest payments discounted at the loan's effective interest rate,
or the fair value of collateral. The amount of the impairment is
recorded as a reserve for investment losses.
Based on management's judgment as to the ultimate collectibility of
principal, interest payments received are either recognized as
income or applied to the recorded investment in the loan until it
has been recovered. Once the recorded investment has been
recovered, any additional payments are recognized as interest
income.
The reserve for investment losses is maintained at a level that
management believes is adequate to absorb estimated credit losses
in the portfolio. The level of the reserve account is determined
based on several factors, including historical experience, expected
future principal and interest payments, estimated collateral
values, and current and anticipated economic and political
conditions. Management regularly evaluates the adequacy of the
reserve for investment losses.
<PAGE>
PAGE 73
2. Investments (continued)
At Dec. 31, 1995, the Company's recorded investment in impaired
loans was $2,052 with a reserve of $445. During the year, the
average recorded investment in impaired loans was $3,003. There
was no change in the reserve for investment losses from the prior
year.
The Company recognized $204 of interest income related to impaired
loans for the year ended Dec. 31, 1995.
3. Income taxes
The Company qualifies as a life insurance company for federal
income tax purposes. As such, the Company is subject to the
Internal Revenue Code provisions applicable to life insurance
companies.
Income tax expense consists of the following:
1995 1994 1993
Federal income taxes:
Current $15,146 $16,419 $13,164
Deferred (1,301) (4,320) (449)
13,845 12,099 12,715
State income taxes-current 900 695 620
Income tax expense $14,745 $22,794 $13,335
Increases (decreases) to the federal tax provision applicable to
pretax income based on the statutory rate are attributable to:
<TABLE>
<CAPTION>
1995 1994 1993
Provision Rate Provision Rate Provision Rate
<S> <C> <C> <C> <C> <C> <C>
Federal income taxes based
on the statutory rate $14,746 35.0% $12,757 35.0% $13,026 35.0%
Increases (decreases) are
attributable to:
Tax-excluded interest
and dividend income (464) (1.1) (554) (1.5) (557) (1.5)
Other, net (437) (1.0) (104) (0.3) 246 0.7
Federal income taxes $13,845 32.9% $12,099 33.2% $12,715 34.2%
</TABLE>
A portion of life insurance company income earned prior to 1984 was
not subject to current taxation but was accumulated, for tax
purposes, in a "policyholders' surplus account." At Dec. 31, 1995,
the Company had a policyholders' surplus account balance of $798.
The policyholders' surplus account is only taxable if dividends to
the stockholder exceed the stockholder's surplus account or if the
Company is liquidated. Deferred income taxes of $279 have not been
established because no distributions of such amounts are
contemplated.
Significant components of the Company's deferred tax assets and
liabilities as of Dec. 31 are as follows:
<PAGE>
PAGE 74
3. Income taxes (continued)
1995 1994
Deferred tax assets:
Policy reserves $ 26,237 $21,567
Investments -- 3,331
Other 2,791 2,991
Total deferred tax assets 29,028 27,889
Deferred tax liabilities:
Deferred policy acquisition costs 33,001 29,933
Investments 11,690 --
Total deferred tax liabilities 44,691 29,933
Net deferred tax liabilities $(15,663) $(2,044)
The Company is required to establish a "valuation allowance" for
any portion of the deferred tax assets that management believes
will not be realized. In the opinion of management, it is more
likely than not that the Company will realize the benefit of the
deferred tax assets, and, therefore, no such valuation allowance
has been established.
4. Stockholder's equity
Retained earnings available for distribution as dividends to the
parent are limited to the Company's surplus as determined in
accordance with accounting practices prescribed by the New York
Department of Insurance. Statutory unassigned surplus aggregated
$85,964 as of Dec. 31, 1995 and $70,974 as of Dec. 31, 1994 (see
Note 3 with respect to the income tax effect of certain
distributions).
Dividends paid to parent were $8,000 in 1995, $nil in 1994 and $nil
in 1993.
During 1995, the Company incurred a loss of $235 on the sale of an
interest rate cap to IDS Life. This loss has been reflected as a
direct charge to stockholder's equity in the accompanying financial
statements.
5. Retirement plan and services
Until July 1, 1995, the Company participated in the IDS Retirement
Plan of American Express Financial Corporation which covered all
permanent employees age 21 and over who had met certain employment
requirements. Effective July 1, 1995, the IDS Retirement Plan was
merged with American Express Company's American Express Retirement
Plan, which simultaneously was amended to include a cash balance
formula and a lump sum distribution option. Employer contributions
to the plan are based on participants' age, years of service and
total compensation for the year. Funding of retirement costs for
this plan complies with the applicable minimum funding requirements
specified by ERISA. The Company's share of the total net periodic
pension cost was $nil in 1995, 1994 and 1993.
<PAGE>
PAGE 75
5. Retirement plan and services (continued)
The Company has a "Sales Benefit Plan" which is an unfunded,
noncontributory retirement plan for all eligible financial
advisors. Total plan costs for 1995, 1994 and 1993, which are
calculated on the basis of commission earnings of the individual
financial advisors, were $1,392, $1,372 and $1,042, respectively.
Such costs are included in deferred policy acquisition costs.
The Company also participates in defined contribution pension plans
of American Express Company which cover all employees who have met
certain employment requirements. Company contributions to the
plans are a percent of either each employee's eligible compensation
or basic contributions. Costs of these plans charged to operations
in 1995, 1994 and 1993 were $231, $251 and $201, respectively.
The Company participates in defined benefit health care plans of
American Express Financial Corporation that provide health care and
life insurance benefits to retired employees and retired financial
advisors. The plans include participant contributions and service-
related eligibility requirements. Upon retirement, such employees
are considered to have been employees of American Express Financial
Corporation. American Express Financial Corporation expenses these
benefits and allocates the expenses to its subsidiaries.
Accordingly, costs of such benefits to the Company are included in
employee compensation and benefits and cannot be identified on a
separate company basis. At Dec. 31, 1995, the total accumulated
post retirement benefit obligation, has been recorded as a
liability by American Express Financial Corporation.
6. Incentive plan and operating expenses
The Company maintains a "Persistency Payment Plan." Under the
terms of this plan, financial advisors earn additional compensation
based on the volume and persistency of insurance sales. The total
costs for the plan for 1995, 1994 and 1993 were $1,720, $1,287 and
$1,387, respectively. Such costs are included in deferred policy
acquisition costs.
Charges by IDS Life and American Express Financial Corporation for
the use of joint facilities, marketing services and other services
aggregated $12,122, $9,314 and $7,421 for 1995, 1994 and 1993,
respectively. Certain of the costs assessed to the Company are
included in deferred policy acquisition costs.
7. Commitments and contingencies
At Dec. 31, 1995 and 1994, traditional life insurance and universal
life-type insurance in force aggregated $3,502,851 and $3,155,571,
respectively, of which $163,462 and $162,956 were reinsured at the
respective year ends.
In addition, the Company has a stop loss reinsurance agreement with
IDS Life covering ordinary life benefits. IDS Life agrees to pay
all death benefits incurred each year which exceed 125 percent of
normal claims, where normal claims are defined in the agreement as
.095 percent of the mean retained life insurance in force.
<PAGE>
PAGE 76
7. Commitments and contingencies (continued)
Premiums ceded to IDS Life amounted to $85, $76 and $67 for the
years ended Dec. 31, 1995, 1994 and 1993, respectively. Claim
recoveries under the terms of this reinsurance agreement were $nil
in 1995, 1994 and 1993.
Premiums ceded to reinsurers other than IDS Life amounted to $269,
$721 and $741 for the years ended Dec. 31, 1995, 1994 and 1993,
respectively. Reinsurance recovered from reinsurers other than IDS
Life amounted to $576, $14 and $379 for the years ended Dec. 31,
1995, 1994 and 1993.
Reinsurance contracts do not relieve the Company from its primary
obligations to policyholders.
The Company has an agreement to assume a block of extended term
life insurance business. The amount of insurance in force related
to this agreement was $392,106 and $447,317 at Dec. 31, 1995 and
1994, respectively. The accompanying statement of income includes
premiums of $nil for the years ended Dec. 31, 1995, 1994 and 1993,
and decrease in liabilities for future policy benefits of $2,039,
2,538 and $3,032 related to this agreement for the years ended Dec.
31, 1995, 1994 and 1993, respectively.
8. Lines of credit
The Company has available lines of credit with two banks
aggregating $30,000 at 40 to 80 basis points over each bank's cost
of funds. Outstanding borrowings under these agreements were $nil
at Dec. 31, 1995 and 1994.
9. Derivative financial instruments
The Company enters into transactions involving derivative
financial instruments to manage its exposure to interest rate risk,
including hedging specific transactions. The Company manages risks
associated with these instruments as described below. The Company
does not hold derivative instruments for trading purposes.
Market risk is the possibility that the value of the derivative
financial instruments will change due to fluctuations in a factor
from which the instrument derives its value, primarily an interest
rate. The Company is not impacted by market risk related to
derivatives held for non-trading purposes beyond that inherent in
cash market transactions. Derivatives held for purposes other than
trading are largely used to manage risk and, therefore, the cash
flow and income effects of the derivatives are inverse to the
effects of the underlying transactions.
Credit risk is the possibility that the counterparty will not
fulfill the terms of the contract. The Company monitors credit
exposure related to derivative financial instruments through
established approval procedures, including setting concentration
limits by counterparty and industry, and requiring collateral,
where appropriate. A vast majority of the Company's counterparties
are rated A or better by Moody's and Standard & Poor's.
<PAGE>
PAGE 77
9. Derivative financial instruments (continued)
The notional or contract amount of a derivative financial
instrument is generally used to calculate the cash flows that are
received or paid over the life of the agreement. Notional amounts
are not recorded on the balance sheet. Notional amounts far exceed
the related credit exposure.
Credit exposure related to interest rate caps is measured by
replacement cost of the contracts. The replacement cost represents
the fair value of the instruments.
<TABLE>
<CAPTION>
Notional Carrying Fair Total Credit
Dec. 31, 1995 Amount Value Value Exposure
<S> <C> <C> <C> <C>
Assets:
Interest rate caps $300,000 $1,905 $745 $745
Dec. 31, 1994
Assets:
Interest rate caps $200,000 $1,389 $828 $828
</TABLE>
The fair values of derivative financial instruments are based on
market values, dealer quotes or pricing models. The interest rate
caps expire on various dates from 1997 to 2000.
Interest rate caps are used to manage the Company's exposure to
rising interest rates. These instruments are used primarily to
protect the margin between interest rates earned on investments and
the interest rates credited to related annuity contract holders.
The cost of interest rate caps is amortized to interest expense
over the life of the contracts and payments received as a result
of these agreements are recorded as a reduction of interest expense
when realized. The amortized cost of interest rate cap contracts
is included in other investments.
10. Fair values of financial instruments
The Company discloses fair value information for most on- and off-
balance sheet financial instruments for which it is practical to
estimate that value. Fair values of life insurance obligations,
receivables and all non-financial instruments, such as deferred
acquisition costs are excluded. Off-balance sheet intangible
assets, such as the value the field force, are also excluded.
Management believes the value of excluded assets is significant.
The fair value of the Company, therefore, cannot be estimated by
aggregating the amounts presented.
<PAGE>
PAGE 78
10. Fair values of financial instruments (continued)
<TABLE>
<CAPTION>
1995 1994
Carrying Fair Carrying Fair
Financial Assets Value Value Value Value
<S> <C> <C> <C> <C>
Investments:
Fixed maturities (Note 2):
Held to maturity $ 642,580 $ 683,147 $ 686,483 $ 653,080
Available for sale 601,298 601,298 455,103 455,103
Mortgage loans on real
estate (Note 2) 158,730 168,194 164,916 157,085
Other:
Equity securities (Note 2) 10 10 135 135
Derivative financial
instruments (Note 9) 1,905 745 1,389 828
Cash and cash equivalents
(Note 1) -- -- 5,262 5,262
Separate accounts assets
(Note 1) 724,212 724,212 506,208 506,208
Financial Liabilities
Future policy benefits for
fixed annuities 1,038,431 1,005,004 1,025,881 991,358
Separate account liabilitie 678,263 645,389 474,958 448,665
</TABLE>
At Dec. 31, 1995 and 1994, the carrying amount and fair value of
future policy benefits for fixed annuities exclude life insurance-
related contracts carried at $67,843 and $59,803, respectively,
and policy loans of $2,893 and $1,683, respectively. The fair
value of these benefits is based on the status of the annuities at
Dec. 31, 1995 and 1994. The fair value of deferred annuities is
estimated as the carrying amount less any surrender charges and
related loans. The fair value for annuities in non-life contingent
payout status is estimated as the present value of projected
benefit payments at rates appropriate for contracts issued in 1995
and 1994.
At Dec. 31, 1995 and 1994, the fair value of liabilities related to
separate accounts is estimated as the carrying amount less
applicable surrender charges and less variable insurance contracts
carried at $45,949 and $31,250, respectively.
11. Statutory insurance accounting practices
Reconciliations of net income for 1995, 1994 and 1993 and
stockholder's equity at Dec. 31, 1995 and 1994, as shown in the
accompanying financial statements, to that determined using
statutory accounting practices are as follows:
<TABLE>
<CAPTION>
1995 1994 1993
<S> <C> <C> <C>
Net income, per accompanying
financial statements $ 27,387 $23,655 $23,884
Deferred policy acquisition costs (9,722) (12,187) (10,622)
Adjustments of future policy
benefit liabilities (10,655) 13,741 13,597
Deferred federal income taxes (1,301) (4,321) (462)
Provision for losses on investments -- (1,652) 438
Separate account gains 20,769 142 2,708
Other, net (1,678) 755 (1,182)
Net income, on basis of
statutory accounting practices
$24,800 $20,133 $28,361
<PAGE>
PAGE 79
11. Statutory insurance accounting practices (continued)
1995 1994
Stockholder's equity, per
accompanying financial
statements $218,583 $171,721
Deferred policy acquisition costs (109,800) (100,078)
Adjustments of future policy
benefit liabilities 23,172 33,827
Deferred federal income taxes 15,663 2,044
Securities valuation reserve (18,029) (15,939)
Adjustments of separate account
liabilitiess 34,326 13,557
Net unrealized loss on
investments (24,231) 19,497
Premiums due 925 851
Deferred revenue liability 794 834
Allowance for losses 445 445
Non-admitted assets (578) (503)
Interest maintenance reserve (2,442) (2,110)
Other, net 347 249
Stockholder's equity, on basis
of statutory accounting
practices $139,175 $124,395
</TABLE>
<PAGE>
PAGE 80
Report of Independent Auditors
The Board of Directors
IDS Life Insurance Company of New York
We have audited the accompanying balance sheets of IDS Life
Insurance Company of New York (a wholly owned subsidiary of IDS
Life Insurance Company) as of December 31, 1995 and 1994, and the
related statements of income and cash flows for each of the three
years in the period ended December 31, 1995. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of IDS
Life Insurance Company of New York at December 31, 1995 and 1994,
and the results of its operations and its cash flows for each of
the three years in the period ended December 31, 1995, in
conformity with generally accepted accounting principles.
As discussed in Note 1 to the financial statements, the Company
changed its method of accounting for certain investments in debt
and equity securities in 1994.
Ernst & Young LLP
February 2, 1996
Minneapolis, Minnesota
<PAGE>
PAGE 81
PART C
Item 24. Financial Statements and Exhibits
(a) Financial Statements included in Part B of this Registration
Statement:
IDS Life of New York Account SBS:
Statements of Net Assets at Dec. 31, 1995.
Statements of Operations for year ended Dec. 31, 1995.
Statements of Changes in Net Assets for each of the two
years in the period ended Dec. 31, 1995.
Notes to Financial Statements.
Report of Independent Auditors dated March 15, 1996.
IDS Life Insurance Company of New York:
Balance Sheets at Dec. 31, 1995 and Dec. 31, 1994.
Statements of Income for the years ended Dec. 31, 1995,
1994 and 1993.
Statements of Cash Flows for the years ended Dec. 31,
1995, 1994 and 1993.
Notes to Financial Statements.
Report of Independent Auditors dated February 2, 1996.
(b) Exhibits:
1.1 Copy of Resolution of the Board of Directors of IDS Life
Insurance Company of New York establishing Account SLB on
October 8, 1991, filed electronically as Exhibit 1.1 to Post-
Effective Amendment No. 5 to Registration Statement No. 33-
45776 is incorporated herein by reference.
1.2 Copy of Consent in Writing in Lieu of a Meeting of Resolution
of the Board of Directors of IDS Life Insurance Company of New
York Account SLB establishing three additional subaccounts on
October 8, 1991, filed electronically as Exhibit 1.2 to Post-
Effective Amendment No. 5 to Registration Statement No. 33-
45776 is incorporated herein by reference.
2. Not applicable.
3. Form of Distribution Agreement between IDS Life Insurance
Company of New York and Shearson Lehman Brothers Inc., the
principal underwriter, filed electronically as Exhibit 3 to
Post-Effective Amendment No. 5 to Registration Statement No.
33-45776 is incorporated herein by reference.
4.1 Revised form of Group Flexible Premium Deferred Combination
Fixed and Variable Annuity Contract (No. 39377 GP) filed
electronically as Exhibit 4.1 to Post-Effective Amendment No.
5 to Registration Statement No. 33-45776 is incorporated
herein by reference.
4.2 Copy of Group Deferred Variable Annuity Certificate (No.
39377) filed electronically as Exhibit 4.2 to Post-Effective
Amendment No. 5 to Registration Statement No. 33-45776 is
incorporated herein by reference.<PAGE>
PAGE 82
5.1 Revised form of Group Deferred Variable Annuity Application
(No. 38614 GP) filed electronically as Exhibit 5.1 to Post-
Effective Amendment No. 5 to Registration Statement No. 33-
45776 is incorporated herein by reference.
5.2 Copy of Variable Annuity Group Enrollment Application (No.
38614) filed electronically as Exhibit 5.2 to Post-Effective
Amendment No. 5 to Registration Statement No. 33-45776 is
incorporated herein by reference.
6.1 Copy of the Revised Charter of IDS Life of New York, dated
April 1992, filed electronically as Exhibit 6.1 to Post-
Effective Amendment No. 4 to Registration Statement No. 33-
45776/811-6560 is hereby incorporated by reference.
6.2 Copy of the Amended By-Laws of IDS Life of New York, dated May
1992, filed electronically as Exhibit 6.1 to Post-Effective
Amendment No. 4 to Registration Statement No. 33-45776/811-
6560 is hereby incorporated by reference.
7. Not applicable.
8. Not applicable.
9. Opinion of Counsel and consent to its use as to the legality
of the securities being registered was filed with Registrant's
most recent 24f-2 notice filed on or about Feb. 23, 1996.
10. Consent of Independent Auditors is filed electronically
herewith.
11. Financial Statement Schedules and Report of Independent
Auditors, filed electronically herewith.
Financial Statement Schedules:
Schedule I - Summary of Investments Other than
Investments in Related Parties
Schedule III - Supplementary Insurance Information
Schedule IV - Reinsurance
Schedule V - Valuation and Qualifying Accounts
Report of Independent Auditors dated February 2, 1996.
All other schedules to the financial statements required by
Article 7 of Regulation S-X are not required under the related
instructions or are inapplicable and, therefore, have been
omitted.
12. Not applicable.
13. Copy of schedule for computation of each performance quotation
filed electronically as Exhibit 13 to Post-Effective Amendment
No. 5 to Registration Statement No. 33-45776 is incorporated
herein by reference.
<PAGE>
PAGE 83
14. Financial Data Schedule is filed electronically herewith.
15. Power of Attorney to sign this Registration Statement dated
April 16, 1996, is filed electronically herewith.
<PAGE>
PAGE 84
Item 25. Directors and Officers of the Depositor (IDS Life
Insurance Company)
<TABLE><CAPTION>
Positions and
Name Principal Business Address Offices with Depositor
<S> <C> <C>
Timothy V. Bechtold IDS Tower 10 Vice President-Risk
Minneapolis, MN 55440 Management Products
David J. Berry IDS Tower 10 Vice President
Minneapolis, MN 55440
Alan R. Dakay IDS Tower 10 Vice President-
Minneapolis, MN 55440 Institutional Insurance
Marketing
Robert M. Elconin IDS Tower 10 Vice President
Minneapolis, MN 55440
Morris Goodwin Jr. IDS Tower 10 Vice President and Treasurer
Minneapolis, MN 55440
Lorraine R. Hart IDS Tower 10 Vice President-Investments
Minneapolis, MN 55440
David R. Hubers IDS Tower 10 Director
Minneapolis, MN 55440
James M. Jensen IDS Tower 10 Vice President-Insurance
Minneapolis, MN 55440 Product Development
Richard W. Kling IDS Tower 10 Director and President
Minneapolis, MN 55440
Paul F. Kolkman IDS Tower 10 Director and Executive
Minneapolis, MN 55440 Vice President
Ryan R. Larson IDS Tower 10 Vice President
Minneapolis, MN 55440
Janis E. Miller IDS Tower 10 Director and Executive
Minneapolis, MN 55440 Vice President-
Variable Assets
James A. Mitchell IDS Tower 10 Director, Chairman of
Minneapolis, MN 55440 the Board and Chief
Executive Officer
Barry J. Murphy IDS Tower 10 Director and Executive
Minneapolis, MN 55440 Vice President-
Client Service
James R. Palmer IDS Tower 10 Vice President-Taxes
Minneapolis, MN 55440
Stuart A. Sedlacek IDS Tower 10 Director and Executive
Minneapolis, MN 55440 Vice President-Assured
Assets
<PAGE>
PAGE 85
Item 25. Directors and Officers of the Depositor (IDS Life Insurance Company (cont'd)
F. Dale Simmons IDS Tower 10 Vice President-
Minneapolis, MN 55440 Real Estate
Loan Management
William A. Stoltzmann IDS Tower 10 Vice President, General
Minneapolis, MN 55440 Counsel and Secretary
Melinda S. Urion IDS Tower 10 Director, Executive
Minneapolis, MN 55440 Vice President and
Controller
</TABLE>
Item 26. Persons Controlled by or Under Common Control with the
Depositor or Registrant
IDS Life Insurance Company of New York is a wholly owned
subsidiary of IDS Life Insurance Company which is a wholly
owned subsidiary of American Express Financial
Corporation. American Express Financial Corporation is a
wholly owned subsidiary of American Express Company
(American Express).
The following list includes the names of major
subsidiaries of American Express.
Jurisdiction
Name of Subsidiary of Incorporation
I. Travel Related Services
American Express Travel Related
Services Company, Inc. New York
II. International Banking Services
American Express Bank Ltd. Connecticut
III. Companies engaged in Investors Diversified Financial Services
American Centurion Life Assurance Company New York
American Enterprise Investment Services Inc. Minnesota
American Enterprise Life Insurance Company Indiana
American Express Financial Advisors Inc. Delaware
American Express Financial Corporation Delaware
American Express Insurance Agency of Nevada Inc. Nevada
American Express Minnesota Foundation Minnesota
American Express Service Corporation Delaware
American Express Tax and Business Services Inc. Minnesota
American Express Trust Company Minnesota
American Partners Life Insurance Company Arizona
AMEX Assurance Company Illinois
IDS Advisory Group Inc. Minnesota
IDS Aircraft Services Corporation Minnesota
IDS Cable Corporation Minnesota
IDS Cable II Corporation Minnesota
IDS Capital Holdings Inc. Minnesota
IDS Certificate Company Delaware
IDS Deposit Corp. Utah
IDS Fund Management Limited U.K.<PAGE>
PAGE 86
Item 26. Persons Controlled by or Under Common Control with the
Depositor or Registrant (Continued)
Jurisdiction
Name of Subsidiary of Incorporation
IDS Futures Corporation Minnesota
IDS Futures III Corporation Minnesota
IDS Insurance Agency of Alabama Inc. Alabama
IDS Insurance Agency of Arkansas Inc. Arkansas
IDS Insurance Agency of Massachusetts Inc. Massachusetts
IDS Insurance Agency of Mississippi Ltd. Mississippi
IDS Insurance Agency of New Mexico Inc. New Mexico
IDS Insurance Agency of North Carolina Inc. North Carolina
IDS Insurance Agency of Ohio Inc. Ohio
IDS Insurance Agency of Texas Inc. Texas
IDS Insurance Agency of Utah Inc. Utah
IDS Insurance Agency of Wyoming Inc. Wyoming
IDS International, Inc. Delaware
IDS Life Insurance Company Minnesota
IDS Life Insurance Company of New York New York
IDS Management Corporation Minnesota
IDS Partnership Services Corporation Minnesota
IDS Plan Services of California, Inc. Minnesota
IDS Property Casualty Insurance Company Wisconsin
IDS Real Estate Services, Inc. Delaware
IDS Realty Corporation Minnesota
IDS Sales Support Inc. Minnesota
IDS Securities Corporation Delaware
Investors Syndicate Development Corp. Nevada
Item 27. Number of Contractowners
On March 31, 1996, there were 140 contract owners of
qualified contracts. There were 438 owners of
nonqualified contracts.
Item 28. Indemnification
The By-Laws of the depositor provide that to the extent
permitted and in the manner prescribed by law, the
Corporation shall indemnify any person made, or
threatened to be made,a party to any action, suit or
proceeding, civil or criminal, by reason of the fact that
he, his testator or intestate, is or was Director or
Officer of the Corporation or of any other corporation of
any type or kind, domestic or foreign, which he served in
any capacity at the request of the Corporation, against
judgements, fines, amounts paid in settlement and
reasonable expenses (which the Corporation may advance),
including attorneys' fees, actually and necessarily
incurred as a result of such action, suit or proceeding,
or any appeal therein.
The foregoing right of indemnification shall not be
exclusive of any other right to which any such person may
be entitled. Neither the adoption of this provision nor
any modification or repeal hereof, or of any provision of
any applicable law shall, unless otherwise required by
law, enlarge or diminish any right of indemnification of
a Director or Officer as it existed at the time of<PAGE>
PAGE 87
accrual of the alleged cause of action asserted in the
threatened or pending action, suit or proceeding in which
the expenses were incurred or other amount was paid.
The Board, in its discretion, may authorize the
Corporation to indemnify any person, other than a
Director or Officer, for expenses incurred or other
amounts paid in any civil or criminal action, suit or
proceeding, to which such person was, or was threatened
to be, made a party by reason of the fact that he, his
testator or intestate, is or was an employee or agent of
the Corporation or of any other corporation of any type
or kind, domestic or foreign, which he served in any
capacity at the request of the Corporation, against
judgements, fines, amounts paid in settlement and
reasonable expenses (which the Corporation may advance),
as a result of such action, suit or proceeding, or any
appeal therein.
Insofar as indemnification for liability arising under
the Securities Act of 1933 may be permitted to director,
officers and controlling persons of the registrant
pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification
is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the
payment by the registrant of expenses incurred or paid by
a director, officer or controlling person of the
registrant in the successful defense of any action, suit
or proceeding) is asserted by such director, officer or
controlling person in connection with the securities
being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by
it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
Item 29. Principal Underwriters.
(a) Smith Barney Inc. currently acts as principal
underwriter for various investment companies and various
series of unit investment trusts.
Smith Barney Inc. is a wholly owned subsidiary of Smith
Barney Holdings Inc. ("Holdings") and an indirect wholly-
owned subsidiary of The Travelers Inc.
(b) The information required by this Item 29 with
respect to each director and officer of Smith Barney Inc.
is incorporated by reference to Schedule A of Form BD
filed by Smith Barney Inc. pursuant to the Securities
Exchange Act of 1934.
(c) Not applicable.<PAGE>
PAGE 88
Item 30. Location of Accounts and Records
IDS Life Insurance Company of New York
20 Madison Avenue Extension
Albany, NY 12203
Item 31. Management Services
Not applicable.
Item 32. Undertakings
(a),(b)&(c) These undertakings were filed with Pre-
Effective Amendment No. 1 to Registration
Statement No. 33-45776/811-6560.
(d) Registrant represents that it is relying upon the
no-action assurance given to the American Council of
Life Insurance (pub. avail. Nov. 28, 1988).
Further, Registrant represents that it has complied
with the provisions of paragraphs (1) - (4) of that
no-action letter.
<PAGE>
PAGE 89
SIGNATURES
As required by the Securities Act of 1933 and the Investment
Company Act of 1940, IDS Life Insurance Company of New York, on
behalf of the Registrant, certifies that it meets the requirements
for effectiveness of this Amendment to its Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and has
duly caused this Registration Statement to be signed on its behalf
in the City of Minneapolis, and State of Minnesota, on the 24th day
of April, 1996.
IDS LIFE OF NEW YORK ACCOUNT SBS
(Registrant)
By IDS Life Insurance Company of New York
(Sponsor)
By /s/ Richard W. Kling*
Richard W. Kling
President
As required by the Securities Act of 1933, this Registration
Statement has been signed by the following persons in the
capacities indicated on the 24th day of April, 1996.
Signature Title
/s/ Richard W. Kling* Director, Chairman of the
Richard W. Kling Board and President
/s/ John C. Boeder* Director and Chief
John C. Boeder Operating Officer
/s/ Roger C. Corea* Director
Roger C. Corea
/s/ Charles A. Cuccinello* Director
Charles A. Cuccinello
/s/ Milton R. Fenster* Director
Milton R. Fenster
/s/ Robert Hatton* Director, Vice President
Robert Hatton and Chief Operating Officer
/s/ Edward Landes* Director
Edward Landes
/s/ Michael P. Monaco* Director
Michael P. Monaco
/s/ Stephen P. Norman* Director
Steven P. Norman
/s/ Louise M. Parent* Director
Louise M. Parent
<PAGE>
PAGE 90
Signature Title
/s/ Carl Platou* Director
Carl Platou
/s/ Gordon H. Ritz* Director
Gordon H. Ritz
/s/ Michael R. Woodward* Director
Michael R. Woodward
* Signed pursuant to Power of Attorney, dated April 16, 1996, filed
electronically herewith by:
Mary Ellyn Minenko
<PAGE>
PAGE 91
CONTENTS OF POST-EFFECTIVE AMENDMENT NO. 6
This Registration Statement is comprised of the following papers
and documents:
The Cover Page.
Cross-reference sheet.
Part A.
The prospectus.
Part B.
Statement of Additional Information.
Financial Statements.
Part C.
Other Information.
The signatures.
Exhibits.
<PAGE>
PAGE 1
IDS LIFE OF NEW YORK ACCOUNT SBS
Registration No. 33-45776/811-6560
EXHIBIT INDEX
10. Consent of Independent Auditors.
11. Financial Statement Schedules and Report of Independent
Auditors.
14. Financial Data Schedules:
IDS Life of New York Account SBS
IDS Life Insurance Company of New York
15. Power of Attorney dated April 16, 1996.
<PAGE>
PAGE 1
CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the caption
"Independent Auditors" and to the use of our reports dated February
2, 1996 on the financial statements and schedules of IDS Life
Insurance Company of New York and our report dated March 15, 1996
on the financial statements of IDS Life of New York Account SBS in
Post Effective Amendment No. 6 to the Registration Statement (Form
N-4 No. 33-45776) for the registration of the IDS Life Account SBS
to be offered by IDS Life Insurance Company of New York.
Ernst & Young LLP
Minneapolis, Minnesota
April 23, 1996
<PAGE>
PAGE 1
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY OF NEW YORK
SCHEDULE I - SUMMARY OF INVESTMENTS
OTHER THAN INVESTMENTS IN RELATED PARTIES ($ thousands)
AS OF DECEMBER 31, 1995
Column A Column B Column C Column D
Amount at which
Type of Investment Cost Value shown in the
balance sheet
<S> <C> <C> <C>
Fixed maturities:
Held to maturity:
United States Government and
government agencies and
authorities (a) $ 19,863 $ 19,914 $ 19,863
States, municipalities and
political subdivisions 150 148 150
All other corporate bonds 622,567 663,085 622,567
Total held to maturity 642,580 683,147 642,580
Available for sale:
United States Government and
government agencies and
authorities (b) 145,261 148,087 148,087
States, municipalities and
political subdivisions 105 115 115
All other corporate bonds 431,703 453,096 453,096
Total available for sale 577,069 $ 601,298 601,298
Mortgage loans on real estate 158,730 XXXXXXXXXX 158,730
Policy loans 18,035 XXXXXXXXXX 18,035
Other investments 1,915 1,915
Total investments $ 1,398,329 XXXXXXXXXX $ 1,422,558
(a) - Includes mortgage-backed securities with a cost and market value of $14,860 and $14,712,
respectively.
(b) - Includes mortgage-backed securities with a cost and market value of $145,261 and $148,087,
respectively.
</TABLE>
<PAGE>
PAGE 2
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY OF NEW YORK
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION ($ thousands)
FOR THE YEAR ENDED DECEMBER 31, 1995
Column A Column B Column C Column D Column E Column F
Segment Deferred Future Unearned Other policy Premium
policy policy premiums claims and revenue
acquisition benefits, benefits
cost losses, payable
claims and
loss
expenses
<S> <C> <C> <C> <C> <C>
Annuities $ 65,283 $1,109,167 $ - $ 2,222 $ -
Life, DI and
Long--term Care
Insurance 44,517 178,952 - 1,422 9,280
Total $ 109,800 $1,288,119 $ - $ 3,644 $9,280
Column A Column G Column H Column I Column J Column K
Segment Net Benefits, Amortization Other Premiums
investment claims, of deferred operating written
income losses and policy expenses
settlement acquisition
expenses costs
Annuities $ 95,323 $ 171 $ 9,138 $ 6,908 N/A
Life, DI and
Long--term Care
Insurance 15,601 9,689 3,947 566 N/A
Total $ 110,924 $ 9,860 $ 13,085 $ 7,474 N/A
</TABLE>
<PAGE>
PAGE 3
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY OF NEW YORK
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION ($ thousands)
FOR THE YEAR ENDED DECEMBER 31, 1994
Column A Column B Column C Column D Column E Column F
Segment Deferred Future Unearned Other policy Premium
policy policy premiums claims and revenue
acquisition benefits, benefits
cost losses, payable
claims and
loss
expenses
<S> <C> <C> <C> <C> <C>
Annuities $ 61,442 $1,087,367 $ - $ 1,348 $ -
Life, DI and
Long-term Care
Insurance 38,636 168,417 - 1,869 7,846
Total $ 100,078 $1,255,784 $ - $ 3,217 $7,846
Column A Column G Column H Column I Column J Column K
Segment Net Benefits, Amortization Other Premiums
investment claims, of deferred operating written
income losses and policy expenses
settlement acquisition
expenses costs
Annuities $ 92,583 $ 81 $ 9,392 $ 4,765 N/A
Life, DI and
Long-term Care
Insurance 15,560 10,214 3,602 3,594 N/A
Total $ 108,143 $ 10,295 $ 12,994 $ 8,359 N/A
</TABLE>
<PAGE>
PAGE 4
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY OF NEW YORK
SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION ($ thousands)
FOR THE YEAR ENDED DECEMBER 31, 1993
Column A Column B Column C Column D Column E Column F
Segment Deferred Future Unearned Other policy Premium
policy policy premiums claims and revenue
acquisition benefits, benefits
cost losses, payable
claims and
loss
expenses
<S> <C> <C> <C> <C> <C>
Annuities $ 53,300 $1,059,005 $ - $ 1,707 $ -
Life, DI and
Long-term Care
Insurance 34,591 160,962 - 640 7,110
Total $ 87,891 $1,219,967 $ - $ 2,347 $7,110
Column A Column G Column H Column I Column J Column K
Segment Net Benefits, Amortization Other Premiums
investment claims, of deferred operating written
income losses and policy expenses
settlement acquisition
expenses costs
Annuities $ 93,943 $ 103 $ 7,707 $ 4,459 N/A
Life, DI and
Long-term Care
Insurance 16,204 6,733 2,727 3,193 N/A
Total $ 110,147 $ 6,836 $ 10,434 $ 7,652 N/A
</TABLE>
<PAGE>
PAGE 5
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY OF NEW YORK
SCHEDULE IV - REINSURANCE ($ thousands)
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
Column A Column B Column C Column D Column E Column F
Gross amount Ceded to other Assumed from Net % of amount
companies other companies Amount assumed to net
<S> <C> <C> <C> <C> <C>
For the year ended
December 31, 1995
Life insurance
in force $ 3,110,745 $ 163,462 $ 392,106 $ 3,339,389 11.74%
Premiums:
Life insurance
& annuities $ 2,327 $ 185 $ -- $ 2,142 0.00%
DI & long-term care
insurance 7,221 83 -- 7,138 0.00%
Total premiums $ 9,548 $ 268 $ 0 $ 9,280 0.00%
For the year ended
December 31, 1994
Life insurance
in force $ 3,602,888 $ 162,956 $ 447,317 $ 3,887,249 11.51%
Premiums:
Life insurance
& annuities $ 2,219 $ 209 $ -- $ 2,010 0.00%
DI & long--term care
insurance 5,919 83 -- 5,836 0.00%
Total premiums $ 8,138 $ 292 $ 0 $ 7,846 0.00%
For the year ended
December 31, 1993
Life insurance
in force $ 2,933,830 $ 172,973 $ 512,555 $ 3,273,412 15.66%
Premiums:
Life insurance
& annuities $ 2,250 $ 187 $ -- $ 2,063 0.00%
DI & long--term care
insurance 5,140 93 -- 5,047 0.00%
Total premiums $ 7,390 $ 280 $ 0 $ 7,110 0.00%
</TABLE>
<PAGE>
PAGE 6
<TABLE>
<CAPTION>
IDS LIFE INSURANCE COMPANY OF NEW YORK
SCHEDULE V - VALUATION AND QUALIFYING ACCOUNTS ($ thousands)
FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993
Column A Column B Column C Column D Column E
Additions
--------------
Balance at Charged to
Description Beginning Charged to Other Accounts- Deductions- Balance at End
of Period Costs & Expenses Describe Describe of Period
<S> <C> <C> <C> <C> <C>
For the year ended
December 31, 1995
- ------------------------------
Reserve for
Mortgage Loans $ 445 $ 0 $0 $0 $ 445
Reserve for
Fixed Maturities $ 0 $ 26 $0 $0 $ 26
For the year ended
December 31, 1994
- ------------------------------
Reserve for
Mortgage Loans $ 445 $ 0 $0 $0 $ 445
Reserve for
Fixed Maturities $1,652 $(1,652) $0 $0 $ 0
For the year ended
December 31, 1993
- ------------------------------
Reserve for
Mortgage Loans $ 500 $ (55) $0 $0 $ 445
Reserve for
Fixed Maturities $1,159 $ 493 $0 $0 $1,652
</TABLE>
<PAGE>
PAGE 7
Report of Independent Auditors
The Board of Directors
IDS Life Insurance Company of New York
We have audited the financial statements of IDS Life Insurance
Company of New York (a wholly owned subsidiary of IDS Life
Insurance Company) as of December 31, 1995 and 1994, and for each
of the three years in the period ended December 31, 1995, and have
issued our report thereon dated February 2, 1996 (included
elsewhere in this Registration Statement).
Our audits also included the financial statement schedules listed
in Item 24(b) of this Registration Statement. These schedules are
the responsibility of the Company's management. Our responsibility
is to express an opinion based on our audits.
In our opinion, the financial statement schedules referred to
above, when considered in relation to the basic financial
statements taken as a whole, present fairly, in all material
respects, the information set forth therein.
Ernst & Young LLP
Minneapolis, Minnesota
February 2, 1996
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK>
<NAME> IDS Life of New York Account SBS
<SERIES>
<NAME>
<NUMBER>
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<PERIOD-TYPE> YEAR
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 17476753
<INVESTMENTS-AT-VALUE> 19996173
<RECEIVABLES> 14203
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20010376
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (37930)
<TOTAL-LIABILITIES> (37930)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 16363882
<SHARES-COMMON-PRIOR> 15979633
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTIONS-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 19972446
<DIVIDEND-INCOME> 698091
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (273384)
<NET-INVESTMENT-INCOME> 424707
<REALIZED-GAINS-CURRENT> 48858
<APPREC-INCREASE-CURRENT> 3189073
<NET-CHANGE-FROM-OPS> 3662638
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<GROSS-EXPENSE> (273384)
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<PAGE>
<ARTICLE> 7
<LEGEND>
<CIK>
<NAME> IDS Life Insurance Company of New York
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLAR
<FISCAL-YEAR-END> DEC-31-1995 DEC-31-1994
<PERIOD-START> JAN-01-1995 JAN-01-1994
<PERIOD-END> DEC-31-1995 DEC-31-1994
<PERIOD-TYPE> YEAR YEAR
<EXCHANGE-RATE> 1 1
[DEBT-HELD-FOR-SALE] 601298 455103
[DEBT-CARRYING-VALUE] 642580 686483
[DEBT-MARKET-VALUE] 683147 653080
[EQUITIES] 10 135
[MORTGAGE] 158730 164916
<REAL-ESTATE 0 0
[TOTAL-INVEST] 1422558 1322925
[CASH] 0 5262
[RECOVER-REINSURE] 40 3
[DEFERRED-ACQUISITION] 109800 100078
[TOTAL-ASSETS] 2281250 1957574
[POLICY-LOSSES] 1288119 1255784
[UNEARNED-PREMIUMS] 0 0
[POLICY-OTHER] 0 0
[POLICY-HOLDER-FUNDS] 3644 3217
[NOTES-PAYABLE] 0 0
[COMMON] 2000 2000
[PREFERRED-MANDATORY] 0 0
[PREFERRED] 0 0
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[TOTAL-LIABILITY-AND-EQUITY] 2281250 1957574
[PREMIUMS] 9280 7846
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[OTHER-INCOME] 19429 16170
[BENEFITS] 78490 75313
[UNDERWRITING-AMORTIZATION] 13085 12994
[UNDERWRITING-OTHER] 7474 8359
[INCOME-PRETAX] 42132 36449
[INCOME-TAX] 14745 12794
[INCOME-CONTINUING] 27387 23655
[DISCONTINUED] 0 0
[EXTRAORDINARY] 0 0
[CHANGES] 0 0
[NET-INCOME] 27387 23655
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[RESERVE-OPEN] 1702 450
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</TABLE>
<PAGE>
PAGE 1
IDS LIFE INSURANCE COMPANY OF NEW YORK
POWER OF ATTORNEY
City of Albany
State of New York
Each of the undersigned, as officers and/or directors of the
below listed unit investment trusts that previously have filed
registration statements and amendments thereto pursuant to the
requirements of the Securities Act of 1933 and the Investment
Company Act of 1940 with the Securities and Exchange Commission:
1933 Act 1940 Act
Reg. Number Reg. Number
IDS Life of New York 4, 5, 6, 9, 10,
11, 12, 13 and 14
IDS Life of New York Employee Benefit
Annuity 33-52567 811-3500
IDS Life of New York 4, 5, 6, 9, 10,
11, 12, 13 and 14
IDS Life of New York Flexible Annuity 33-4174 811-3500
IDS Life of New York 4, 5, 6, 9, 10,
11, 12, 13 and 14
IDS Life of New York Variable
Retirement and Combination Retirement
Annuity 2-78194 811-3500
IDS Life of New York Account 8
Flexible Premium Variable Life
Insurance Policy 33-15290 811-5213
IDS Life of New York Account SBS
IDS Life Symphony Annuity 33-45776 811-6560
IDS Life of New York Account 7
Single Premium Variable Life
Insurance Policy 33-10334 811-4913
hereby constitutes and appoints William A. Stoltzmann, Mary Ellyn
Minenko, Eileen J. Newhouse and Timothy S. Meehan or any one of
them, as her or his attorney-in-fact and agent, to sign for her or
him in her or his name, place and stead any and all filings,
applications (including applications for exemptive relief),
periodic reports, registration statements (with all exhibits and
other documents required or desirable in connection therewith)
other documents, and amendments thereto and to file such filings,
applications, periodic reports, registration statements other
documents, and amendments thereto with the Securities and Exchange
Commission, and any necessary states, and grants to any or all of
them the full power and authority to do and perform each and every
act required or necessary in connection therewith.
<PAGE>
PAGE 2
Dated the 16th day of April, 1996.
/s/ John C. Boeder /s/ Michael P. Monaco
John C. Boeder Michael P. Monaco
/s/ Roger C. Corea /s/ Stephen P. Norman
Roger C. Corea Stephen P. Norman
/s/ Charles A. Cuccinello /s/ Louise M. Parent
Charles A. Cuccinello Louise M. Parent
/s/ Milton R. Fenster /s/ Carl N. Platou
Milton R. Fenster Carl N. Platou
/s/ Robert A. Hatton /s/ Gordon H. Ritz
Robert A. Hatton Gordon H. Ritz
/s/ Richard W. Kling /s/ Michael R. Woodward
Richard W. Kling Michael R. Woodward
/s/ Edward Landes
Edward Landes
