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LIFESTAGES(SM) - A VARIABLE ANNUITY
INVESTING IN
NYLIAC VARIABLE ANNUITY SEPARATE ACCOUNT-III
SUPPLEMENT DATED JANUARY 1, 1998 TO PROSPECTUS DATED MAY 1, 1997
This Supplement describes information relating to individual flexible
premium LifeStages(SM) 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
