<PAGE> 1
MainStay Plus Variable Annuity
Investing in
NYLIAC Variable Annuity Separate Account - III
-------------------------------------------------------------------------------
Supplement Dated July 1, 2000 to Prospectus Dated May 1, 2000
The purpose of this supplement is to correct a printing error in the May
1, 2000 prospectus for the MainStay Plus Variable Annuity policies
("policies"). Please read this supplement carefully and retain it for future
reference. This supplement is not valid unless it is accompanied by a current
prospectus for the policies. The terms we use in this supplement have the same
meanings as in the prospectus for the policies.
In the answer to Question 10 "What Happens If I Die or the Annuitant Dies
Before the Annuity Commencement Date?" on page 12 of the prospectus, and in the
section "Death Before Annuity Commencement" on page 33 of the prospectus,
replace each reference to "proportional withdrawals" with "partial
withdrawals."
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
(A DELAWARE CORPORATION)
51 MADISON AVENUE
NEW YORK, NEW YORK 10010
MPVA-SUPPOAS-6/00
