<PAGE> 1
As filed with the Securities and Exchange Commission on September 26, 2000
Registration No. 811-08904
333-30706
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Form N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ( )
Pre-Effective Amendment No. ( )
Post-Effective Amendment No. 3 ( X )
and
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
Amendment No. 16 ( X )
NYLIAC VARIABLE ANNUITY SEPARATE ACCOUNT-III
(Exact Name of Registrant)
NEW YORK LIFE INSURANCE AND
ANNUITY CORPORATION
(Name of Depositor)
51 Madison Avenue, New York, New York 10010
(Address of Depositor's Principal Executive Office)
Depositor's Telephone Number: (212) 576-7000
Linda M. Reimer, Esq.
New York Life Insurance and Annuity Corporation
51 Madison Avenue
New York, New York 10010
(Name and Address of Agent for Service)
Copy to:
Richard Choi, Esq. Sheila K. Davidson, Esq.
Freedman, Levy, Kroll & Simonds Senior Vice President
1050 Connecticut Avenue and General Counsel
Suite 825 New York Life Insurance Company
Washington, D.C. 20036 51 Madison Avenue
New York, New York 10010
Approximate Date of Proposed Public Offering: Continuous
It is proposed that this filing will become effective (check appropriate box)
[ ] immediately upon filing pursuant to paragraph (b) of Rule 485.
[ ] on (date) pursuant to paragraph (b) of Rule 485.
[X] 60 days after filing pursuant to paragraph (a)(1) of Rule 485.
[ ] on (date) pursuant to paragraph (a) (1) of Rule 485.
If appropriate, check the following box:
[ ] This post-effective amendment designates a new effectiveness date for
a previously filed post-effective amendment.
Title of Securities Being Registered:
Units of interest in a separate account under variable annuity
contracts.
<PAGE> 2
Explanatory Note
Registrant is filing this post-effective amendment ("Amendment") for the purpose
of (i) adding a supplement to the prospectus and statement of additional
information for the MainStay Premium Plus Variable Annuity policies ("Policies")
contained in the registration statement to describe a single premium version of
the Policies, and (ii) adding exhibits related to such single premium version.
NYLIAC is offering the single premium version of the Policies in states where
the flexible premium version is not available. The single premium version is
essentially identical to the flexible premium version except the single premium
version provides for (i) only one premium payment, (ii) a lower surrender
charge, and (iii) a lower minimum accumulation value required to elect certain
options. The Amendment is not intended to amend or delete any part of the
Registration Statement, except as specifically noted herein.
<PAGE> 3
SUPPLEMENT DATED __________, 2000,
TO THE JUNE 26, 2000 PROSPECTUS
FOR
MAINSTAY PREMIUM PLUS VARIABLE ANNUITY
FROM
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
(A DELAWARE CORPORATION)
51 MADISON AVENUE, NEW YORK, NEW YORK 10010
INVESTING IN
NYLIAC VARIABLE ANNUITY SEPARATE ACCOUNT-III
NYLIAC is offering an individual single premium version of the MainStay Premium
Plus Variable Annuity policies ("policies") in states where the flexible premium
version of the policies is not available. This supplement modifies the June 26,
2000 prospectus for the Policies to describe the single premium version of the
policies.
Please keep this supplement for future reference together with the prospectus.
All capitalized terms have the same meaning as those included in the prospectus.
The principal differences between the single premium version and the flexible
premium version of the policies are as follows. Under the single premium
policies:
1) You make only one premium payment;
2) There is a lower surrender charge; and
3) There is a lower minimum accumulation value required to elect
dollar cost averaging, automatic asset reallocation, or the
interest sweep option.
Accordingly, for single premium policies, the prospectus is amended in the
following respects:
SINGLE PREMIUM ONLY
When reading the supplement together with the prospectus, keep in mind
that only one premium payment is permitted under the single premium
policies and only one Credit will be credited to such premium payment.
Exceptions to this rule apply only in cases where part of your purchase
payment is funded from another source, such as a 1035 exchange, rollover,
or transfer from an institution. In such cases, we may receive parts of
your purchase payment on different business days.
Accordingly, except in the circumstances described above, all references
throughout the prospectus to premium payments in the plural (and any
Credits thereon) should be read to mean the singular. Further, references
to allocations of premium payments (and any Credits thereon) should be
read to mean an allocation of the premium payment or any portion thereof
(and any Credit thereon). Naturally, any features or services that relate
to multiple premium payments are not applicable to the single premium
policy. The Credit Rate is shown on the Policy Data Page of your policy.
In addition, replace the definition of "Credit" on page __ of the
prospectus, with the following:
CREDIT--An amount we will apply to your Accumulation Value at the time
of your premium payment. The Credit is calculated as a percentage
("Credit Rate") of the premium payment.
Replace all references to "Payment Year" throughout the prospectus with
"Policy Year," and delete the definition of "Payment Year" on page __.
Replace question "6." on page __ with the following:
6. WHAT IS THE MINIMUM AND MAXIMUM PREMIUM PAYMENT?
<PAGE> 4
Unless we permit otherwise, the minimum premium payment is
$2,000 for Qualified Policies and $5,000 for Non-Qualified Policies.
The maximum premium payment we accept is $1,000,000 without prior
approval. For Qualified Policies, you may not make a premium payment in
excess of the amount permitted by law for the plan.
SURRENDER CHARGE
Under the single premium policies, the surrender charge is as follows:
<TABLE>
<CAPTION>
-------------------------------------------------------
SURRENDER
---------
POLICY YEAR CHARGE
-------------------------------------------------------
<S> <C>
1 8%
-------------------------------------------------------
2 8%
-------------------------------------------------------
3 7%
-------------------------------------------------------
4 6%
-------------------------------------------------------
5 5%
-------------------------------------------------------
6 4%
-------------------------------------------------------
7 3%
-------------------------------------------------------
8 2%
-------------------------------------------------------
9+ 0%
-------------------------------------------------------
</TABLE>
Therefore, all references in the prospectus to the surrender charge, such
as in the "Fee Table" on pages __ and __, under question "5." on page __,
under "Selecting the Variable Annuity That's Right for You" on page __,
and under "Charges and Deductions - Amount of Surrender Charges" on page,
__ are modified accordingly.
Also, as a result of the lower surrender charge under the single premium
policies, the first expense example in the Fee Table on page __ is
modified as follows:
You would pay the following expenses on a hypothetical $1,000
investment in each of the Investment Divisions listed, assuming a 5%
annual return on assets:
1. If you surrender your policy at the end of the stated time period:
<TABLE>
<CAPTION>
1 YEAR 3 YEARS 5 YEARS 10 YEARS
-------- -------- -------- --------
<S> <C> <C> <C> <C>
MainStay VP Capital Appreciation....................... $ 97.44 $140.61 $175.31 $265.37
MainStay VP Cash Management............................ $ 96.39 $137.43 $169.92 $253.96
MainStay VP Convertible................................ $ 98.29 $143.18 $179.69 $274.58
MainStay VP Government................................. $ 97.15 $139.74 $173.84 $262.26
MainStay VP High Yield Corporate Bond.................. $ 96.95 $139.16 $172.85 $260.18
MainStay VP International Equity....................... $101.71 $153.49 $197.11 $310.71
MainStay VP Total Return............................... $ 97.06 $139.45 $173.36 $261.23
MainStay VP Value...................................... $ 97.53 $140.89 $175.80 $266.39
MainStay VP Bond....................................... $ 96.30 $137.14 $169.42 $252.91
MainStay VP Growth Equity.............................. $ 96.19 $136.85 $168.93 $251.87
MainStay VP Indexed Equity............................. $ 94.96 $133.10 $162.53 $238.23
American Century Income & Growth....................... $ 99.62 $147.20 $186.49 $288.78
Dreyfus Large Company Value............................ $100.57 $150.06 $191.33 $298.82
Eagle Asset Management Growth Equity................... $ 99.62 $147.20 $186.49 $288.78
Lord Abbett Developing Growth.......................... $100.57 $150.06 $191.33 $298.82
Alger American Small Capitalization.................... $100.10 $148.64 $188.92 $293.81
Calvert Social Balanced................................ $100.00 $148.35 $188.43 $292.80
Fidelity VIP Contrafund(R)............................. $ 97.91 $142.04 $177.75 $270.50
Fidelity VIP Equity-Income............................. $ 96.95 $139.16 $172.85 $260.18
Janus Aspen Series Balanced............................ $ 97.91 $142.04 $177.75 $270.50
Janus Aspen Series Worldwide Growth.................... $ 98.20 $142.90 $179.22 $273.57
MFS(R) Growth With Income Series....................... $ 99.90 $148.06 $187.95 $291.80
MFS(R) Research Series................................. $ 99.72 $147.49 $186.99 $289.80
Morgan Stanley UIF Emerging Markets Equity............. $108.55 $173.86 $231.13 $379.17
T. Rowe Price Equity Income............................ $ 99.62 $147.20 $186.49 $288.78
Van Eck Worldwide Hard Assets.......................... $103.52 $158.89 $206.18 $329.26
</TABLE>
Also, as a result of the lower surrender charge under the single premium
policies, the Average Annual Total Returns (If Surrendered) for the 3
Year and 5 Year periods, on pages __ and __, are modified as follows:
<PAGE> 5
<TABLE>
<CAPTION>
MAINSTAY VP
MAINSTAY VP MAINSTAY VP HIGH YIELD
CAPITAL CASH MAINSTAY VP MAINSTAY VP CORPORATE
INVESTMENT DIVISIONS: APPRECIATION MANAGEMENT CONVERTIBLE GOVERNMENT BOND
--------------------- ------------ ----------- ----------- ----------- -----------
PORTFOLIO INCEPTION DATE: 1/29/93 1/29/93 10/1/96 1/29/93 5/1/95
--------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (IF SURRENDERED)
<S> <C> <C> <C> <C> <C>
3 Year...................................... 25.37% 1.24% 16.06% 1.59% 5.64%
5 Year...................................... 25.69% 2.64% 4.45%
Since Portfolio Inception................... 19.99% 2.63% 16.21% 3.51% 9.34%
</TABLE>
<TABLE>
<CAPTION>
EAGLE ASSET
MANAGEMENT LORD ABBETT CALVERT ALGER AMERICAN
GROWTH DEVELOPING SOCIAL SMALL FIDELITY VIP II
INVESTMENT DIVISIONS: EQUITY GROWTH BALANCED CAPITALIZATION CONTRAFUND(R)
--------------------- ------ ----------- -------- -------------- ---------------
PORTFOLIO INCEPTION DATE: 5/1/98 5/1/98 9/2/86 9/20/88 1/3/95
--------------------------------------------
AVERAGE ANNUAL TOTAL RETURN (IF SURRENDERED)
<S> <C> <C> <C> <C> <C>
3 Year..................................... 12.52% 19.13% 22.59%
5 Year..................................... 15.61% 20.23%
Since Portfolio Inception.................. 43.10% 6.22% 9.89% 18.93%% 25.32%
</TABLE>
<TABLE>
<CAPTION>
AMERICAN DREYFUS
MAINSTAY VP MAINSTAY VP MAINSTAY VP MAINSTAY VP CENTURY LARGE
INTERNATIONAL TOTAL MAINSTAY VP MAINSTAY VP GROWTH INDEXED INCOME & COMPANY
EQUITY RETURN VALUE BOND EQUITY EQUITY GROWTH VALUE
------------- ----------- ----------- ----------- ----------- ----------- --------- --------
5/1/95 1/29/93 5/1/95 1/23/84 1/23/84 1/29/93 5/1/98 5/1/98
<S> <C> <C> <C> <C> <C> <C> <C>
14.77% 17.00% 4.85% 1.76% 24.27% 23.75%
17.90% 4.80% 24.97% 25.71%
13.00% 13.90% 11.49% 7.52% 13.78% 19.09% 10.16% -0.47%
</TABLE>
<TABLE>
<CAPTION>
MORGAN
STANLEY
JANUS ASPEN MFS(R) UIF T. ROWE
FIDELITY VIP JANUS ASPEN SERIES GROWTH MFS(R) EMERGING PRICE VAN ECK
EQUITY- SERIES WORLDWIDE WITH INCOME RESEARCH MARKETS EQUITY WORLDWIDE
INCOME BALANCED GROWTH SERIES SERIES EQUITY INCOME HARD ASSETS
------------ ------------ ------------ ------------ --------- ---------- ---------- -----------
10/9/86 9/13/93 9/13/93 10/9/95 7/26/95 10/1/96 3/31/94 9/1/89
<S> <C> <C> <C> <C> <C> <C> <C>
11.34% 24.13% 33.89% 15.62% 18.08% 10.51% 9.43% -9.78%
16.20% 22.28% 31.16% 16.03% -1.03%
11.85% 18.52% 27.52% 18.53% 19.70% 9.04% 15.03% 2.15%
</TABLE>
Also, replace the third paragraph under "Charges and Deductions -
Surrender Charges" on page __ with the following:
The maximum surrender charge will be 8% of the amount withdrawn. The
percentage of the surrender charge varies, depending upon the length
of time the premium payment or portion thereof is in your policy
before it is withdrawn. Unless required otherwise by state law, the
surrender charge for amounts withdrawn or surrendered during the first
two Policy Years is 8% of the amount withdrawn or surrendered. This
charge then declines by 1% per year for each additional Policy Year,
until the eighth Policy Year, after which no charge is made.
MAINTENANCE OF POLICY VALUE/LAPSE
Replace the paragraph under question "8." on page __, and under
"Distributions Under the Policy - Our Right to Cancel" on page __ with
the following:
If a partial withdrawal, together with any surrender charges, would
reduce the Accumulation Value of your policy to less than $2,000, we
reserve the right to terminate your policy. We will notify you of our
intention to exercise this right 90 days prior to terminating your
policy. If we terminate your policy, we will pay you the Accumulation
Value of your policy in one lump sum.
Replace the heading of question "8." on page __ with: "8. MAY WE
TERMINATE YOUR POLICY?"
<PAGE> 6
MINIMUM ACCUMULATION VALUES
Replace all references to a minimum Accumulation Value of $5,000
required to elect the Dollar Cost Averaging option or the Automatic
Asset Reallocation option, with a minimum Accumulation Value of $2,500.
Also replace all references to NYLIAC's ability to cancel these options
if the Accumulation Value is less than $5,000, with $2,500.
Replace all references to a minimum Fixed Accumulation Value of $5,000
required to elect the Interest Sweep Option, with a minimum Fixed
Accumulation Value of $2,500. Also replace all references to NYLIAC's
ability to cancel this option if the Fixed Accumulation Value is less
than $5,000, with $2,500.
<PAGE> 7
SUPPLEMENT DATED ________, 2000,
TO THE JUNE 26, 2000 STATEMENT OF
ADDITIONAL INFORMATION
FOR
MAINSTAY PREMIUM PLUS VARIABLE ANNUITY
FROM
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
(A DELAWARE CORPORATION)
51 MADISON AVENUE, NEW YORK, NEW YORK 10010
INVESTING IN
NYLIAC VARIABLE ANNUITY SEPARATE ACCOUNT-III
NYLIAC is offering an individual single premium version of the MainStay Premium
Plus Variable Annuity policies ("policies") in states where the flexible
premium version of the policies is not available. This supplement modifies the
June 26, 2000 statement of additional information for the Policies to describe
the single premium version of the policies.
When reading the supplement together with the statement of additional
information, keep in mind that only one premium payment is permitted under the
single premium policies and only one Credit will be credited to such premium
payment. Exceptions to this rule apply only in cases where part of your
purchase payment is funded from another source, such as a 1035 exchange,
rollover, or transfer from an institution. In such cases, we may receive parts
of your purchase payment on different business days.
Accordingly, except in the circumstances described above, all references
throughout the statement of additional information to premium payments in the
plural (and any Credits thereon) should be read to mean the singular.
Naturally, any features or services that relate to multiple premium payments
are not applicable to the single premium policy.
<PAGE> 8
PART C. OTHER INFORMATION
Part C is hereby amended to include the following exhibits:
(4)(d) Specimen Policy for MainStay Premium Plus Variable Annuity (Single
Premium).
(5)(c) Form of application for a policy for MainStay Premium Plus Variable
Annuity (Single Premium).
(9)(c) Opinion and Consent of Thomas F. English, Esq.
<PAGE> 9
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act
of 1940, the Registrant has caused this Amendment to the Registration Statement
to be signed on its behalf, in the City and State of New York on this 25th day
of September, 2000.
NYLIAC VARIABLE ANNUITY
SEPARATE ACCOUNT-III
(Registrant)
By: /s/ DAVID J. KRYSTEL
-----------------------------
David J. Krystel
Vice President
NEW YORK LIFE INSURANCE AND
ANNUITY CORPORATION
(Depositor)
By: /s/ DAVID J. KRYSTEL
-----------------------------
David J. Krystel
Vice President
As required by the Securities Act of 1933, this Amendment to the Registration
Statement has been signed by the following persons in the capacities and on the
date indicated.
Howard I. Atkins* Executive Vice President and Director
(Principal Financial Officer)
Frank M. Boccio* Director
John A. Cullen* Vice President and Controller (Principal
Accounting Officer)
Michael G. Gallo* Director
Solomon Goldfinger* Director
Phillip J. Hildebrand* Director
Richard M. Kernan, Jr.* Director
Robert D. Rock* Senior Vice President and Director
Frederick J. Sievert* President and Director (Principal Executive
Officer)
Seymour Sternberg* Director
George J. Trapp* Director
*By: /s/ DAVID J. KRYSTEL
----------------------------------
David J. Krystel
Attorney-in-Fact
September 25, 2000
* Pursuant to Powers of Attorney previously filed.
<PAGE> 10
EXHIBIT INDEX
Exhibit
Number Description
(4)(d) Specimen Policy - MainStay Premium Plus
Variable Annuity (Single Premium)
(5)(c) Form of application for a policy - MainStay
Premium Plus Variable Annuity (Single Premium)
(9)(c) Opinion and Consent of Thomas F. English, Esq.
