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MainStay Premium Plus Variable Annuity
Investing in
NYLIAC Variable Annuity Separate Account-III
Supplement Dated August 25, 2000 to Prospectus dated June 26, 2000
The purpose of this supplement is to correct a printing error in the June 26,
2000 prospectus for the MainStay Premium 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.
On page 30 of the prospectus, the first paragraph under section (c) Periodic
Partial Withdrawals is changed as follows:
You may elect to receive regularly scheduled partial
withdrawals from the policy. These periodic partial withdrawals may be
paid on a monthly, quarterly, semi-annual, or annual basis. You will
elect the frequency of the withdrawals and the day of the month for the
withdrawals to be made. We will make all withdrawals on the day of each
calendar month you specify, or on the next Business Day (if the day you
have specified is not a Business Day or does not exist in that month).
You must specify the Investment Divisions and/or the Fixed Account from
which the periodic partial withdrawals will be made. The minimum amount
under this feature is $100, or such lower amount as we may permit.
Periodic partial withdrawals may be taxable transactions and the 10%
penalty tax provisions may be applicable. (See "Federal Tax Matters -
Taxation of Annuities in General" at page 37.) If you do not specify
otherwise, we will withdraw money on a pro-rata basis from each
Investment Division and/or the Fixed Account. You may not elect to
receive periodic partial withdrawals from the DCA Advantage Plan
Account.
