NYLIAC VARIABLE ANNUITY SEPARATE ACCOUNT III
497, 1997-12-16
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                         MAINSTAY PLUS VARIABLE ANNUITY
                                  INVESTING IN
                  NYLIAC VARIABLE ANNUITY SEPARATE ACCOUNT-III


     SUPPLEMENT DATED JANUARY 1, 1998 TO PROSPECTUS DATED NOVEMBER 15, 1997


         This Supplement describes information relating to individual flexible
premium MainStay Plus Variable Annuity policies ("Policies") offered by New York
Life Insurance and Annuity Corporation. This Supplement provides information
that a prospective investor should know before investing. Please read it
carefully and retain it for future reference. This Supplement is not valid
unless accompanied by the current prospectus for the Policies ("Policy
Prospectus"). Defined terms used but not defined in this Supplement have the
same meaning as in the Policy Prospectus.

         Effective January 1, 1998, the name of one of the Funds under the
Policies and the name of one of the Eligible Portfolios thereof will be changed.
Acacia Capital Corporation will be renamed "Calvert Variable Series, Inc." and
its Calvert Responsibly Invested Balanced Portfolio will be renamed "Calvert
Social Balanced Portfolio." All references in the Policy Prospectus to the
Acacia Capital Corporation and Calvert Responsibly Invested Balanced Portfolio
should be changed to Calvert Variable Series, Inc. and Calvert Social Balanced
Portfolio, respectively.

                 NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
                            (A DELAWARE CORPORATION)
                                51 MADISON AVENUE
                            NEW YORK, NEW YORK 10010


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