Nyliac Variable Annuity Separate Account III

04/22/2026 | Press release | Distributed by Public on 04/22/2026 12:35

Summary Prospectus for New Investors by Investment Company (Form 497VPI)

SUMMARY PROSPECTUS FOR NEW INVESTORS
May 1, 2026
New York Life Flexible Premium Variable Annuity III
From
NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
Issued through
NYLIAC Variable Annuity Separate Account-III
NYLIAC Variable Annuity Separate Account-IV
This summary prospectus summarizes key features of the New York Life Flexible Premium Variable Annuity III policy.
Before you invest, you should review the prospectus for the New York Life Flexible Premium Variable Annuity III policies, which contains more information about the policy's features, benefits, and risks. You can find this document and other information about the policy online at https://dfinview.com/NewYorkLife/TAHD/flex-iii. You can also obtain this information at no cost by calling our Variable Products Service Center at 1-800-598-2019 or by sending an email request with your name and mailing address to [email protected].
You can sign up for electronic delivery of your summary prospectus, updates to the summary prospectus or other communications by logging into your account at www.newyorklife.com or the New York Life Mobile Application ("mobile application" or "mobile app") which is available for download on the Apple App Store and Google Play Store. If you sign up for electronic delivery, we will apply a one-time $30 e-delivery credit to your Accumulation Value in accordance with your allocation instructions in the Policy Year in which you register.
You may cancel your policy within 10 days of delivery of the policy without paying fees or penalties. In some states, this cancellation period may be longer. Upon cancellation, you will receive either (i) a full refund of the amount you paid with your application, or (ii) your policy value (Accumulation Value), less any e-delivery credit. You should review the prospectus, or consult with your registered representative, for additional information about the specific cancellation terms that apply.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission's staff and is available at www.Investor.gov.
Table of Contents 
Page
Definitions
2
Overview Of The Policy
5
Important Information You Should Consider About The Policy
7
Benefits Available Under The Policies
11
Buying The Policy
14
Making Withdrawals: Accessing Money In Your Policy
15
Additional Information about Fees
17
Appendix 1
1
-1
i
Definitions
Accumulation Unit-An accounting unit we use to calculate the Variable Accumulation Value prior to the Annuity Commencement Date. Each Investment Division of the Separate Account has a distinct variable Accumulation Unit value.
Accumulation Value-The sum of the Variable Accumulation Value, the Fixed Account Accumulation Value (if applicable), and the DCA Advantage Account Accumulation Value of a policy.
ADBR Reset Value-On the First Policy Anniversary, the Annual Death Benefit Rider (ADBR) Reset Value is the greater of (a) the Accumulation Value on the first Policy Anniversary or (b) the Return of Premium Death Benefit. The ADBR Reset Value on the second and each subsequent Reset Anniversary is defined as the greater of (a) the Accumulation Value on the current Reset Anniversary or (b) the Reset Value on the prior Reset Anniversary, plus any premium payments applied since the prior Reset Anniversary, less any ADBR Reset Value Proportional Reductions since the prior Reset Anniversary.
ADBR Reset Value Proportional Reduction-An amount equal to the amount withdrawn from the policy after the first policy anniversary (including applicable surrender charges), divided by the policy's Accumulation Value immediately preceding the withdrawal, multiplied by the ADBR Reset Value immediately preceding the withdrawal.
Adjusted Premium Payment-The total dollar amount of premium payments made under the policy and allocated to the Investment Divisions of the Separate Account and DCA Advantage Account reduced by any withdrawals and applicable surrender charges in excess of any gain in the policy.
Allocation Options-The Investment Divisions of the Separate Account, the DCA Advantage Account and the Fixed Account.
Annuitant-The person or persons named on the Policy Data Page and whose life or lives determine the Income Payments.
Annuity Commencement Date-The date on which we are to make the first Income Payment under the policy, which cannot be later than the date you attain age 115.
Base Contract Charge-Mortality and Expense Risk and Administrative Costs Charge (M&E Charge).
Business Day(s)-Generally, any day on which the New York Stock Exchange (NYSE) is open for trading. Our Business Day ends at 4:00 p.m. Eastern Time or the close of regular trading of the NYSE, if earlier.
Consideration-A premium payment, or a portion thereof and/or, if allowable, a transfer amount from an Investment Division to the Fixed Account.
Dollar Cost Averaging (DCA) Advantage Account- A non-variable Allocation Option to which you may allocate Premium Payments, subject to the limitations described on the Policy Data Page, and from which amounts are transferred to the Investment Divisions proportionally on a monthly basis. The DCA Advantage Account duration is shown on the Policy Data Page. We credit the DCA Advantage Account with a fixed interest rate. The benefits payable under the DCA Advantage Account (including principal and interest) are payable from NYLIAC's general account and are subject to the claims-paying ability of NYLIAC.
Dollar Cost Averaging (DCA) Advantage Account Accumulation Value-The sum of premium payments allocated to the DCA Advantage Account, plus interest credited on those premium payments, less any transfers and partial withdrawals from the DCA Advantage Account, and less any surrender charges, policy service charges and rider charges deducted from the DCA Advantage Account. The DCA Advantage Account Accumulation Value will never be less than the DCA Advantage Account portion of the Nonforfeiture Value.
Fixed Account-An account that is credited with a fixed interest rate which NYLIAC declares and is not part of the Separate Account. The benefits payable under the Fixed Account (including principal and interest) are payable from NYLIAC's general account and are subject to the claims-paying ability of NYLIAC.
Fixed Account Accumulation Value-The sum of premium payments and, if allowable, transfers allocated to the Fixed Account, plus interest credited on those premium payments and, if allowable, transfers, less any transfers and partial withdrawals from the Fixed Account, and less any surrender charges, policy service charges and rider charges
2
assessed on and deducted from the Fixed Account. The Fixed Account Accumulation Value will never be less than the Fixed Account portion of the Nonforfeiture Value.
Good Order-Good Order is the standard that we apply when we determine whether an instruction is satisfactory. An instruction will be considered in Good Order if it complies with our administrative procedures and is sufficiently complete and clear that we do not need to exercise any discretion to follow such instruction or complete the transaction and that it complies with all relevant laws and regulations. We may delay or reject a request if it is not in Good Order. Good Order means the actual receipt by us of instructions relating to the requested transaction in writing or by other means we then permit (such as by telephone or electronic transmission), along with all forms and other information or documentation necessary to complete the request.
Income Payments-Periodic payments NYLIAC makes after the Annuity Commencement Date.
Investment Division-The variable investment options available under the policy. Each Investment Division invests exclusively in shares of a specified Portfolio.
Life Income-Guaranteed Period Payment Option-The default Income Payment option available under this policy. Monthly payments made under this option are made over the life of the Annuitant(s) with a guarantee of 10 years of payments, even if the Annuitant dies before the 10-year period has expired.
M&E Charge-The Mortality and Expense Risk and Administrative Costs Charge. Also referred to as a "Base Contract Charge."
Non-Qualified Policies-Policies that are not available for use by individuals in connection with employee retirement plans intended to qualify for special federal income tax treatment under Sections 403(b), 408, and 408A of the Internal Revenue Code. Non-Qualified Policies include policies issued for other retirement plans or arrangements, including plans qualifying under Section 401(a) of the Internal Revenue Code.
Nonforfeiture Rate-The rate used to calculate the Fixed Account and DCA Advantage Account Nonforfeiture Values. This rate, as shown on the Policy Data Page, is equal to the lesser of: a) 3.00%, and b) a rate that is not less than 1.00% and determined by using the six-month average of the five-year Constant Maturity Treasury Rate reported by the Federal Reserve for December through May (for period beginning July 1) and June through November (for period beginning January 1), rounded to the nearest .05%, minus 1.25%.
Nonforfeiture Value-The Nonforfeiture Value is equal to 87.50% of the Consideration(s) allocated to the Fixed Account and/or to the DCA Advantage Account accumulated at the Nonforfeiture Rate since the Payment Date or transfer date, minus any amounts withdrawn or transferred from the Fixed Account and/or the DCA Advantage Account, with the remaining amount accumulated at the Nonforfeiture Rate since the date of withdrawal or transfer.
NYLIAC, we, our or us-New York Life Insurance and Annuity Corporation.
Owner (you, your)-The individual(s) or entity(ies) designated as the Owner in the policy, or as subsequently changed after issue, who is entitled to exercise all rights under the policy.
Payment Date-The Business Day on which we receive a premium payment at the address specified in this Summary Prospectus to receive such payment.
Payment Year(s)-With respect to any premium payment, the year(s) beginning on the date such premium payment is made to the policy.
Policy Anniversary-An anniversary of the Policy Date shown on the Policy Data Page.
Policy Data Page-Page 2 of the policy which contains the policy specifications.
Policy Date-The date from which we measure Policy Years, quarters, months, and Policy Anniversaries. It is shown on the Policy Data Page.
Policy Year-A year starting on the Policy Date. Subsequent Policy Years begin on each Policy Anniversary, unless otherwise indicated.
Portfolios-The mutual fund portfolios in which the corresponding Investment Divisions invest.
3
Qualified Policies-Policies for use by individuals under employee retirement plans that are intended to qualify for special federal income tax treatment under Sections 403(b), 408, and 408A of the Internal Revenue Code. Qualified Policies do not include policies issued for any other retirement plans or arrangements, including plans qualifying under Section 401(a) of the Internal Revenue Code.
Return of Premium Death Benefit-The total dollar amount of premium payments made under this Policy reduced by any Return of Premium Death Benefit Proportional Withdrawals.
Return of Premium Death Benefit Proportional Withdrawal-An amount equal to the amount withdrawn from this Policy (including any amount withdrawn that may include surrender charges), divided by this Policy's Accumulation Value immediately preceding the withdrawal, multiplied by the Return of Premium Death Benefit immediately preceding the withdrawal.
Separate Account-NYLIAC Variable Annuity Separate Account-III or NYLIAC Variable Annuity Separate Account-IV, each a segregated asset account we established to receive and invest premium payments paid under the policies. The Separate Account's Investment Divisions, in turn, purchase shares of Portfolios.
Standard Death Benefit-The death benefit that comes standard under the base policy. It guarantees that your beneficiaries will receive the greatest of: (i) your Accumulation Value; (ii) the Return of Premium Death Benefit; or (iii) the Step-up Death Benefit.
Step-up Death Benefit-the Accumulation Value as of the Policy Anniversary immediately following the expiration of the Surrender Charge Period for the first premium payment, plus any other premium payments made since that Policy Anniversary, reduced proportionally by any amounts withdrawn from the policy since that Policy Anniversary.
Surrender Charge Free Amount-You may withdraw a certain amount from your policy each Policy Year without having to pay a surrender charge on that amount. We call this the Surrender Charge Free Amount.
Surrender Charge Period-The period of time during which a partial withdrawal or surrender could be subject to a surrender charge.
Variable Accumulation Value-The sum of the current Accumulation Unit value(s) for each of the Investment Divisions multiplied by the number of Accumulation Units held in the respective Investment Division.
VPSC-The Variable Products Service Center.
4
Overview Of The Policy
Q.
What is this policy, and what is it designed to do?
A.
The New York Life Flexible Premium Variable Annuity III is designed to assist individuals with their long-term retirement planning or other long-term needs through investments in a variety of Allocation Options during an accumulation (savings) phase of the policy. The policy also offers death benefits to protect your designated beneficiaries. You can also elect to supplement your retirement income by converting your Accumulation Value into a stream of Income Payments (sometimes called annuity payments). This policy is only appropriate if you have a long investment time horizon. It is not intended for people who may need to make early or frequent withdrawals or intend to engage in frequent trading in the Portfolios.
Q.
How do I accumulate assets in the policy and receive income from the policy?
A.
Your policy has two phases:
●
the savings (accumulation) phase, when you make premium payments to us, and
●
the annuity (income) phase, when we make Income Payments to you.
Accumulation (Savings) Phase
During the accumulation (savings) phase of the policy, you can invest your premium payments in:
●
a variety of Investment Divisions (you may choose up to 18). Each Investment Division invests in a corresponding (mutual fund) Portfolio, each of which has its own investment strategies, investment adviser(s), expense ratios, and returns.
●
a Fixed Account option, which offers a guaranteed fixed interest rate for one-year periods; and
●
a DCA Advantage Account, which transfers amounts automatically to the Investment Divisions you choose in up to six monthly increments and pays you interest on amounts remaining in the DCA Advantage Account.
Additional information about the Portfolios, the Fixed Account and the DCA Advantage Account is provided in Appendix 1: Investment Options Available Under the Policy.
Annuity (Income) Phase
You can elect to annuitize your policy and turn your Accumulation Value into a fixed stream of Income Payments (sometimes called annuity payments) from NYLIAC. If you do that, we will make payments over the life of the Annuitant(s) for 10 years, even if the Annuitant dies sooner. This is called the Life Income - Guaranteed Period Payment Option. We may offer other options, at our discretion, where permitted by state law. We do not currently offer variable Income Payment options.
Please note that when you annuitize, your Accumulation Value will be converted to Income Payments and you may no longer withdraw money at will from your policy. However, you may elect partial annuitization and apply a portion of your Accumulation Value towards one of the Income Payment options we may offer, while the remainder of the policy can remain invested in your Allocation Options and will continue to provide the opportunity to accumulate Accumulation Value on a tax-deferred basis. All benefits (including guaranteed minimum death benefits and living benefits) terminate when you annuitize your entire Accumulation Value.
Q.
What are the policy's primary features and options?
Base Contract Charge (M&E Charge) options. You can choose to have your Mortality and Expense Risk and Administrative Costs Charge ("M&E Charge") assessed based on either the Accumulation Value of the policy (which invests in Separate Account III) or your Adjusted Premium Payments (which invests in Separate Account IV). You must choose your M&E Charge option at the time of application. The M&E Charge assessed to your policy will be based on the option that you choose. Once the M&E Charge option is chosen it cannot be changed. For Accumulation Value-based M&E Charge policies, the M&E Charge is assessed based on the Accumulation Value of the policy and will vary with fluctuations in the policy's Accumulation Value. For Premium-based M&E Charge policies, the M&E Charge is assessed based on your Adjusted Premium Payments and will not vary with
5
fluctuations in the policy's Accumulation Value. Please see "CHARGES AND DEDUCTIONS-Annual Policy Expenses-Base Contract Charges (M&E Charge)" in the Prospectus for more information.
The amount of Premium-based M&E Charges deducted from your Accumulation Value will be unaffected by fluctuations in market performance. In a rising market, the Premium-based M&E Charge structure will benefit you because, when calculated as a percentage of separate account assets, the Premium-based M&E Charge will be reduced. In a flat or declining market, the Premium-based M&E Charge will result in a higher charge when calculated as a percentage of separate account assets. The amount of Accumulation Value-based M&E Charges assessed to your policy will be affected by fluctuations in market performance. However, the Accumulation Value-based M&E Charge structure may be more advantageous in a flat or declining market.
Accessing your money. Until you annuitize (begin Income Payments), you have full access to your money. You can choose to withdraw part or all of your Accumulation Value at any time (through partial withdrawals, periodic partial withdrawals, hardship withdrawals or surrendering the policy). However, if you withdraw more than the Surrender Charge Free Amount during the Surrender Charge Period before age 59½, you may have to pay a surrender charge and/or taxes, including tax penalties (see "CHARGES AND DEDUCTIONS-Transaction Expenses-Exceptions to Surrender Charges" in the Prospectus).
Tax treatment. Your premium payments accumulate on a tax-deferred basis. This means your earnings are not taxed until you take money out of your policy, such as when (1) you make a withdrawal; (2) you receive an Income Payment from the policy; or (3) upon payment of a death benefit.
Loans-TSA plans/Accumulation Value-based M&E Charge policies only. You may be able to borrow some of your Accumulation Value subject to certain conditions only if you (i) purchased your policy in connection with a 403(b) (TSA) plan, and (ii) chose to have your M&E charges based on the Accumulation Value of your policy.
Death benefits. Your policy includes a Standard Death Benefit. It guarantees that your beneficiaries will receive the greatest of: (i) your Accumulation Value; (ii) the Return of Premium Death Benefit; or (iii) the Step-up Death Benefit. For an additional fee, you can also purchase the ADBR at the time of application. The ADBR may increase the amount of money payable to your designated beneficiaries upon your death.
Living Needs Benefit/Unemployment benefit. At no additional charge, we currently include a Living Needs Benefit/Unemployment Rider with all policies. This benefit increases the amount that can be withdrawn from your policy without a surrender charge when certain qualifying events occur.
Waiver of Surrender Charges for Home Health Care Benefit. At no additional charge, we include a Waiver of Surrender Charges for Home Health Care Rider with all policies issued to owners who are age 76 or greater. This benefit waives surrender charges if you begin receiving home health care services from a licensed home health care provider, for at least 60 days during the six month period immediately preceding the partial withdrawal or surrender. Before you are entitled to benefits under this rider, the policy must have been in force for at least one Policy Year and have a minimum Accumulation Value of $5,000.
Automatic asset rebalancing and dollar cost averaging. At no additional charge, you may select automatic asset rebalancing, which automatically rebalances your value in the Investment Divisions to maintain your chosen percentage allocation. Also, at no additional charge, you may select either (i) traditional dollar cost averaging, which automatically transfers a specific amount of money from any Investment Division to any combination of Investment Divisions and/or Fixed Account at set intervals, or (ii) the DCA Advantage Account, which is an Allocation Option that transfers amounts automatically to the Investment Divisions you choose in up to six monthly increments and pays you interest on amounts remaining in the account. (You may not elect traditional dollar cost averaging if you have elected automatic asset rebalancing.)
Interest sweep. At no additional charge, you may select the interest sweep option which automatically transfers interest earned on the Fixed Account to be transferred to one or any combination of Investment Divisions.
Electronic Delivery. You may elect to receive electronic delivery of current prospectuses related to this policy, as well as other policy-related documents.
6
Important Information You Should Consider About The Policy  
FEES, EXPENSES AND ADJUSTMENTS
LOCATION IN
PROSPECTUS
Are There
Charges for Early
Withdrawals?
Yes. In most jurisdictions,* if you withdraw more than the Surrender
Charge Free Amount within the first nine Policy Years, you will be
assessed a surrender charge. The maximum surrender charge is 7% of
the amount withdrawn during the first three Policy Years, declining to
0% over that nine-year period. For example, if you make an early
withdrawal within the first three Policy Years, you could pay a surrender
charge of up to $7,000 on a $100,000 investment. The withdrawal
amount could be reduced by taxes or tax penalties.
*Policies issued in New York are subject to a different surrender charge
schedule. See "Transaction Expenses" in the ADDITIONAL
INFORMATION ABOUT FEES section.
CHARGES AND
DEDUCTIONS -
Transaction
Expenses
-Surrender
Charges
 
FEE TABLE
Are There
Transaction
Charges?
Yes. In addition to surrender charges, we reserve the right to assess a
transaction charge if you transfer cash value between investment
options more than 12 times a year, or if a premium payment is returned
for insufficient funds. A loan processing fee may apply if you take a
policy loan. Although we do not currently charge for such transactions,
we reserve the right to charge up to $30 per transaction.
CHARGES AND
DEDUCTIONS
-Transaction
Expenses
 
FEE TABLE
Are There
Ongoing Fees
and Expenses?
Yes. The table below describes the fees and expenses that you may
pay each year, depending on the investment options and optional
benefits you choose. Please refer to your Policy Data Page for
information about the specific fees you will pay each year based on the
options you have elected.
CHARGES AND
DEDUCTIONS -
Annual Policy
Expenses; Annual
Portfolio Expenses;
Optional Benefit
Expense
 
FEE TABLE
ANNUAL FEE
MINIMUM
MAXIMUM
Base contract1
1.10%
1.40%
CHARGES AND
DEDUCTIONS -
Annual Policy
Expenses
Portfolio fees and expenses2
0.37%
1.42%
CHARGES AND
DEDUCTIONS -
Annual Portfolio
Expenses
Optional benefits available for an
additional charge (for a single
optional benefit, if elected)3
0.25%
0.25%
CHARGES AND
DEDUCTIONS -
Optional Benefit
Expenses
7
1 As a percentage of Accumulation Value after the Surrender Charge
Period for the initial premium (Minimum Base Contract Charge) and as
a percentage of Adjusted Premium Payments during the Surrender
Charge Period for the initial premium (Maximum Base Contract Charge)
plus a percentage attributable to the Annual Policy Service Charge.
2 As a percentage of average net Portfolio assets. The range in fees
and expenses is for the year ended December 31, 2025 and will
change from year to year.
3 As an annualized percentage of the ADBR Reset Value.
Because your policy is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your
policy, the following table shows the lowest and highest cost you could
pay each year, based on current charges. This estimate assumes that
you do not take withdrawals from the policy, which could add
surrender charges that substantially increase costs.
LOWEST ANNUAL COST
 
$1,386.98
HIGHEST ANNUAL COST
 
$2,578.58
Assumes:
•Investment of $100,000
•5% annual appreciation
•Least expensive combination of
Base Contract Charges and
Portfolio fees and expenses
•No optional benefits
•No sales charges
•No additional purchase
payments, transfers or
withdrawals
Assumes:
•Investment of $100,000
•5% annual appreciation
•Most expensive combination of
Base Contract Charges,
optional benefits, and Portfolio
fees and expenses
•No sales charges
•No additional purchase
payments, transfers or
withdrawals
RISKS
LOCATION IN
PROSPECTUS
Is There a Risk of
Loss from Poor
Performance?
Yes. You can lose money by investing in this policy.
PRINCIPAL RISKS
OF INVESTING IN
THE POLICY
Is This a
Short-Term
Investment?
No. This policy is not designed for short-term investing and is not
appropriate for an investor who readily needs access to cash.
Surrender charges apply for up to the first nine Policy Years. They will
reduce the value of your policy if you withdraw money during that time.
Withdrawals may also be subject to federal and state income taxes and
tax penalties. The benefits of tax deferral and living benefit protections
also mean the policy is more beneficial to investors with a long time
horizon.
PRINCIPAL RISKS
OF INVESTING IN
THE POLICY
What are the
Risks Associated
with the
Allocation
Options?
•An investment in this policy is subject to the risk of poor investment
performance and can vary depending on the performance of the
variable investment options (e.g., Portfolios) and guaranteed options
(e.g. the Fixed Account and DCA Advantage Account) you choose.
•Each investment option (including the Fixed Account and the DCA
Advantage Account) has its own unique risks.
•You should review the prospectuses for the available Portfolios and
description in this prospectus of the Fixed Account and the DCA
Advantage Account before making an investment decision.
PRINCIPAL RISKS
OF INVESTING IN
THE POLICY
8
What are the
Risks Related to
the Insurance
Company?
An investment in the policy is subject to the risks related to NYLIAC,
including that any obligations, guarantees, and benefits of the policy
are subject to the claims-paying ability of NYLIAC. If NYLIAC
experiences financial distress, it may not be able to meet its obligations
to you. More information about NYLIAC is available upon request from
NYLIAC by calling 1-800-598-2019.
PRINCIPAL RISKS
OF INVESTING IN
THE POLICY
RESTRICTIONS
LOCATION IN
PROSPECTUS
Are There Limits
on the
Investment
Options?
Yes.
•We limit the number of Investment Divisions you may choose. You
may allocate premium payments and Accumulation Value to as many
as 18 different Investment Divisions, plus the Fixed Account and the
DCA Advantage Account, at any one time, some of which may not be
available under your policy.
•We reserve the right to charge $30 for each transfer when you
transfer money between Investment Divisions in excess of 12 times in
a Policy Year.
•Additional restrictions apply with respect to transfers to and from the
Fixed Account and the DCA Advantage Account.
•We reserve the right to limit transfers in circumstances of frequent
transfers or to prevent market timing.
•We reserve the right to remove, close or substitute Portfolios as
investment options that are available under the policy.
THE POLICIES -
Policy Application
and Premium
Payments,
Transfers and
Limits on Transfers
NYLIAC AND THE
SEPARATE
ACCOUNTS -
Additions,
Deletions or
Substitutions of
Investments
Are There
Restrictions on
Policy Benefits?
Yes.
•Certain optional benefits may limit withdrawals or other rights under
the policy.
•Under certain benefits, a withdrawal could reduce the value of a
benefit by more than the dollar amount of the withdrawal and/or could
terminate the benefit.
•You are required to have a minimum Accumulation Value for some
optional benefits.
•We may modify or discontinue an optional benefit at any time.
•Some optional benefits cannot be cancelled without surrendering
your policy.
DESCRIPTION OF
BENEFITS
TAXES
LOCATION IN
PROSPECTUS
What are the
Policy's Tax
Implications?
•Consult with a tax professional to determine the tax implications of
an investment in, withdrawals from and surrenders of this policy.
•If you purchase the policy through a tax-qualified plan or individual
retirement account (IRA), such plan or IRA already provides tax
deferral under the Internal Revenue Code and there are fees and
charges in an annuity that may not be included in such other
investments. Therefore, the tax deferral of the policy does not provide
additional benefits.
•Premiums that are made on a pre-tax basis as well as earnings on
your policy are taxed at ordinary income tax rates when you withdraw
them, and you may have to pay a 10% penalty tax if you take a
withdrawal before age 59½.
FEDERAL TAX
MATTERS
CONFLICTS OF INTEREST
LOCATION IN
PROSPECTUS
9
How are the
Investment
Professionals
Compensated?
Your registered representative may receive compensation for selling
this policy to you, in the form of commissions, asset-based
compensation, allowances for expenses, and other compensation
programs. Your registered representative may have a financial incentive
to offer or recommend this policy over another investment.
DISTRIBUTION AND
COMPENSATION
ARRANGEMENTS
Should I
Exchange my
Policy?
Your registered representative may have a financial incentive to offer
you a new policy in place of the one you own. You should only consider
exchanging your policy if you determine, after comparing the features,
fees, risks of both policies, and any fees or penalties to terminate the
existing policy, that it is in your best interest to purchase the new policy
rather than continue to own your existing policy.
THE POLICIES -
Tax-Free
Section 1035
Exchanges;
Selecting the
Variable Annuity
That's Right for You
10
Benefits Available Under The Policies
The following tables summarize information about the benefits available under the policy.
STANDARD DEATH BENEFIT
(automatically included with the policy) 
NAME OF
BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
Standard Death
Benefit
Guarantees your
beneficiaries will receive a
benefit at least equal to the
greatest of: (i) your
Accumulation Value or (ii) the
Return of Premium Death
Benefit or (iii) the Step-up
Death Benefit.
No additional charge
•Withdrawals could
significantly reduce the
benefit (possibly by an
amount substantially
greater than the actual
amount withdrawn).
OPTIONAL DEATH BENEFIT AVAILABLE FOR A FEE 
NAME OF
BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
Annual Death
Benefit Reset
(ADBR) Rider
Provides a new locked-in
higher death benefit each
year from the Policy Date
("Reset Anniversary"), if your
investments increase in
value.
Maximum Charge: 1.00%
 
(Charge calculated as an
annualized percentage of the
ADBR Reset Value as of the
last Policy Anniversary or as
of the Policy Date if within
the first Policy Year,
deducted quarterly).
•Only available at the time
of application to
policyowners aged 75 or
younger.
•Resets will continue on
Reset Anniversaries until
the Owner (or Annuitant if
the Owner is not a natural
person) is age 85.
•In certain jurisdictions, an
ownership change or
assignment will terminate
the benefit.
•Withdrawals could
significantly reduce the
benefit (possibly by an
amount substantially
greater than the actual
amount withdrawn).
•You cannot cancel the rider
without surrendering the
policy.
OTHER OPTIONAL BENEFITS INCLUDED WITH ALL POLICIES AT NO ADDITIONAL COST 
NAME OF
BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
Living Needs
Benefit /
Waives Surrender Charges if
the Owner experiences
None
•Policy must have been in
force for at least one year
11
NAME OF
BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
Unemployment
Rider
certain "qualifying events"
such as: (i) confinement to a
health care facility for 60
consecutive days;
(ii) terminal illness; or
(iii) disability. If the Owner
becomes unemployed, the
rider waives Surrender
Charges on a one-time
withdrawal of up to 50% of
your Accumulation Value.
and have a minimum
Accumulation Value of
$5,000.
•Qualifying Event (as
defined in the rider) must
occur after the Policy Date.
•Not available if any Owner
has attained age 86 on the
Policy Date.
•For the Disability portion of
the rider, any withdrawal
after your 66th birthday will
not be eligible for the rider
benefit and surrender
charges may apply.
•Unemployment must be for
at least 60 consecutive
days.
•A determination letter from
your state's Department of
Labor is required for
unemployment benefit.
Waiver of Surrender
Charges for Home
Health Care
Qualifying Event
Rider
Waives 100% of Surrender
Charges if eligible Owner
receives Home Health Care
Services by a Home Health
Care Provider.
None
•Policy must have been in
force for at least one year
and have a minimum
Accumulation Value of
$5,000.
•Qualifying Event (as
defined in the rider) must
occur after the Policy Date.
•Only available at time of
application for Owners who
are age 76 or greater when
the policy is issued.
•Owner must have received
Home Health Care
Services from a Home
Health Care Provider for at
least 60 days during the
six-month period
immediately preceding the
partial withdrawal or
surrender. The Home
Heath Care Provider must
be an organization or
individual that is licensed to
provide home health care
to chronically ill individuals
in their home or residence.
•We reserve the right to
request satisfactory proof
12
NAME OF
BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
of eligibility prior to each
request for a partial
withdrawal or full policy
surrender.
Automatic Asset
Rebalancing
Automatically rebalances
your Variable Accumulation
Value (either quarterly,
semi-annually, or annually) to
maintain the percentage
allocated to each Investment
Division at a pre-set level.
None
•Cannot be used with the
traditional Dollar Cost
Averaging option.
•You must have a minimum
Accumulation Value of
$2,500 to elect automatic
asset rebalancing, and a
minimum of $2,500 to
continue it as scheduled.
Traditional Dollar
Cost Averaging
Automatically transfers a
specific amount of money
from any Investment Division
to any combination of
Investment Divisions and/or
Fixed Account at set
intervals.
None
•Cannot be used with the
Automatic Asset
Rebalancing option.
•For premium based M&E
Charge policies, amounts
cannot be transferred to
the Fixed Account (if
applicable).
•You must have a minimum
Accumulation Value of
$2,500 to elect this option,
and a minimum of $2,000
to continue as scheduled.
The DCA
Advantage Account
Allows you to set up
automatic dollar cost
averaging using the DCA
Advantage Account when an
initial premium payment or a
subsequent premium
payment of at least $2,000 is
made. The DCA Advantage
Account transfers amounts
automatically to the
Investment Divisions you
choose in up to six monthly
increments and pays you
interest on amounts
remaining in the DCA
Advantage Account.
None
•DCA Advantage Account
duration may not extend
beyond the Annuity
Commencement Date.
•You may not have more
than one DCA Advantage
Account open at the same
time.
•You must allocate a
minimum of $2,000 to the
DCA Advantage Account;
any premium payment less
than $2,000 will be
allocated directly to the
Investment Divisions in
accordance with the
instructions we have on
file.
•You cannot make transfers
into the DCA Advantage
Account from any
Allocation Option.
•The annual effective
interest rate for the DCA
Advantage Account shown
13
NAME OF
BENEFIT
PURPOSE
MAXIMUM FEE
BRIEF DESCRIPTION OF
RESTRICTIONS/
LIMITATIONS
on your Policy Data Page
applies only to your initial
premium payment. Interest
rates applied to
subsequent premium
payments allocated to the
DCA Advantage Account
may differ.
•The benefits payable under
the DCA Advantage
Account (including principal
and interest) are payable
from NYLIAC's general
account and are subject to
its claim-paying ability.
Interest Sweep
Automatically transfers
interest earned on the Fixed
Account to one or any
combination of Investment
Divisions.
None
•Frequency of the transfers
can be monthly, quarterly,
semi-annually, or annually.
•You must have a minimum
of $2,500 in the Fixed
Account to elect this option
(but this amount may be
reduced at our discretion)
and a minimum of $2,000
to continue as scheduled.
Buying The Policy
Q.
How do I purchase the New York Life Flexible Premium Variable Annuity III policy?
A.
To purchase a policy, you must complete an application. Your registered representative will submit your application, along with your initial premium payment, to us. Acceptance of applications is subject to NYLIAC's rules. We reserve the right to reject any application or initial premium payment.
Q.
How much can I contribute and how are my premium payments invested?
A.
You may allocate premium payments in up to 18 of the available Investment Divisions, the DCA Advantage Account, and the Fixed Account.
Qualified Policies
The minimum initial premium payment for Qualified Policies is as follows:
(a)
for Internal Revenue Code Section 403(b) Tax Sheltered Annuities ("TSAs"), a $2,000 single premium or $50 per month;
(b)
for IRAs and Roth IRAs, a $2,000 single premium or a $1,200 initial premium payment plus pre-authorized monthly deductions of $100 per month;
(c)
for deferred compensation plans, $50 per month;
(d)
for SEP plans, $2,000 initial premium payment or $50 per month if part of a pre-authorized billing arrangement; and
14
(e)
for SIMPLE IRAs, $2,000 initial premium payment or $50 per month if part of a pre-authorized billing arrangement.
For Qualified Policies you may not make premium payments in excess of the amount permitted by law for the plan indicated. Additional non-scheduled premium payments must be at least $500, or such lower amount as we may permit at any time.
Non-Qualified Policies
Unless we permit otherwise, the minimum initial premium payment is $5,000 (or $2,500 plus $100 per month from a pre-authorized billing arrangement) for Non-Qualified Policies.
For all policies, additional non-scheduled premium payments must be at least $500, or such lower amount as we may permit at any time. The currently available methods of payment are direct payments to NYLIAC or any other method agreed to by us. The maximum aggregate amount of premium payments we accept is $2,000,000 without prior approval.
Subsequent premium payments should be sent to one of the following addresses: 
Regular Mail
Express Mail
Subsequent Premium
Payments
NYLIAC
75 Remittance Drive
Suite 3021
Chicago, IL 60675-3021
NYLIAC
5450 N Cumberland Avenue
Suite 100
Chicago, IL 60656-1422
Subsequent premium payments will be allocated to your policy at the close of the Business Day on which they are received by NYLIAC. We will apply any subsequent premium payments according to the allocation instructions we have on file at the time of premium payment.
You can submit additional premiums at any time before you reach Age 80. Acceptance of initial and subsequent premium payments is subject to our Sales Standards that are used to determine whether a recommended transaction, relating to your policy, complies with applicable standards of conduct.
Q.
When will any premium payments that I make be credited to my account?
A.
If the application is in Good Order, we will issue the policy and allocate the initial premium payment to the Allocation Options you have selected within two Business Day after we receive it. If your application is not in Good Order, or if you do not give us complete instructions about how to allocate your premium payment among the Allocation Options, we may delay issuing your policy and crediting your account while we obtain the missing information. However, we will not hold your initial purchase payment for more than five Business Days without your permission.
Making Withdrawals: Accessing Money In Your Policy
Q.
Can I access the money in my account during the Accumulation (Savings) Phase?
A.
During the accumulation (savings) phase of your policy, you have full access to your money. You can choose to withdraw your Accumulation Value at any time (although if you withdraw amounts early, you may have to pay a surrender charge and/or taxes, including tax penalties).


You can access the money in your policy by making a withdrawal, which will reduce the Accumulation Value of your policy (including the amount of your death benefit). However, withdrawing the Accumulation Value of your policy below a certain level will terminate your policy.

Certain benefits may limit withdrawals under the policy. Certain withdrawals could substantially reduce the benefits available under the policy or a rider (possibly by an amount greater than the actual amount withdrawn) or even terminate certain benefits.
15
Q.
Are there limitations and consequences associated with taking money out of my policy during the Accumulation (Savings) Phase?
A.
Yes. These limitations and consequences include:
 
Limitations on withdrawal amounts
The minimum amount you can withdraw is $500,
unless we agree otherwise. Currently, online
withdrawals cannot exceed $250,000 and telephone
partial withdrawals cannot exceed $100,000. If you
request a withdrawal for amounts greater than $50,000
in writing we may require additional verification of your
identity.
Surrender charges and taxes
As described above, there may be surrender charges
and tax consequences when you take out money.
Negative impact of withdrawal on benefits and
guarantees of your policy
A withdrawal may have a negative impact on certain
standard benefits or optional benefits that you may
elect. It may significantly reduce the value of the
benefit (possibly by an amount greater than the actual
amount withdrawn) or even terminate certain benefits.
A withdrawal may also be a taxable transaction and a
10% penalty tax could be applicable.
Q.
What is the process to request a withdrawal of money from my policy?
A.
You can request to withdraw a portion of your Accumulation Value or surrender your policy in full at any time before the Annuity Commencement Date and while the Annuitant is living. If you want to surrender your policy, you must contact your Registered Representative or send us a written request in Good Order at one of the below addresses. If you only want to withdraw a portion of your Accumulation Value, you can either request a partial withdrawal by contacting your Registered Representative, online at www.newyorklife.com or through the mobile application, by telephone at 1-800-598-2019, or by sending us a written request Good Order at one of the following addresses:
 
Regular Mail
Express Mail
Surrender or Withdrawal
Requests
NYLIAC Variable Products Service Center
Madison Square Station
P.O. Box 922
New York, NY 10159
NYLIAC Variable Products Service Center
51 Madison Avenue
Floor 3B, Room 0304
New York, NY 10010
Generally, withdrawal or surrender requests received in Good Order before the end of the Business Day will be processed that day. If we receive your request after the close of the Business Day, or on a day that is not a Business Day, your requested payment will be processed the next Business Day. Generally, NYLIAC will pay all surrenders or withdrawals within seven days of receipt of all required information in Good Order.
Q.
Can I access the money in my account during the Annuity (Income) Phase?
A.
You can elect to annuitize your policy and turn your Accumulation Value into a fixed stream of Income Payments (sometimes called annuity payments) from NYLIAC. If you do that, payments will be made over the life of the Annuitant(s) and are guaranteed for 10 years, even if the Annuitant dies sooner. This is called the Life Income - Guaranteed Period Payment Option. We may offer other options at our discretion. Once you annuitize, your Accumulation Value will be converted to Income Payments and you may no longer withdraw money at will from your policy.
You may, however, elect partial annuitization and apply a portion of your Accumulation Value towards one of the Income Payment options we may offer, while the remainder of your Accumulation Value can remain invested in your Allocation Options and will continue to provide the opportunity to accumulate Accumulations Value on a tax-deferred basis. All benefits (including guaranteed minimum death benefits and living benefits) terminate when you annuitize your entire Accumulation Value.
16
Additional Information about Fees
The following tables describe the fees and expenses that you will pay when buying, owning, making withdrawals from, or surrendering the policy. Please refer to your Policy Data Page for information about the specific fees you will pay each year based on the options you have elected.
The first table describes the fees and expenses that you will pay at the time that you buy the policy, make withdrawals or surrender the policy, or transfer Accumulation Value between investment options. State premium taxes may also be deducted.
Transaction Expenses
Surrender Charges (as a percentage of amount withdrawn). In most jurisdictions,* the below surrender charges are applied to amounts in excess of the Surrender Charge Free Amount that you may withdraw each Policy Year. 
Policy Year
1
2
3
4
5
6
7
8
9
10+
Surrender Charge
7.00%
7.00%
7.00%
6.00%
5.00%
4.00%
3.00%
2.00%
1.00%
0.00%
*For policies issued in New York with an application signed on or after November 13, 2023, the surrender charges (as a percentage of the amount withdrawn) applied to amounts in excess of the Surrender Charge Free Amount that you may withdraw each Policy Year are: 
Policy Year
1
2
3
4
5
6
7
8+
Surrender Charge
8.00%
8.00%
7.00%
6.00%
5.00%
4.00%
3.00%
0.00%
 
Other Transaction Charges
Guaranteed
Maximum Charge
Current
Charge
Transfer Fee (charged for transfers in excess of 12 in a Policy Year)
$30
$0
Payments Returned for Insufficient Funds
$20
$0
Loan Processing Fee (TSA Plans only)
$25
$0
The next table describes the fees and expenses that you will pay each year during the time that you own the policy (not including Portfolio fees and expenses).
If you choose to purchase an optional benefit, you will pay additional charges, as shown below.
17
Annual Policy Expenses
Base Contract Charges (Without Optional Benefits) 
Policies with Accumulation
Value-based Base Contract Charges1
Policies with Premium-based
Base Contract Charges2
Administrative
Expense3
$30
$30
Base Contract
Expenses4
Guaranteed
Maximum Charge
Current Charge
Guaranteed
Maximum Charge
Current Charge
1.35%
 
(During the
Surrender Charge
Period)
1.30%
 
(During the
Surrender Charge
Period)
1.55%
 
(During the
Surrender Charge
Period)
1.40%
 
(During the
Surrender Charge
Period)
1.15%
 
(After the Surrender
Charge Period)
1.10%
 
(After the Surrender
Charge Period)
1.35%
 
(After the Surrender
Charge Period)
1.20%
 
(After the Surrender
Charge Period)
1
As an annualized percentage of daily Variable Accumulation Value.
2
As an annualized percentage of Adjusted Premium Payments.
3
We call this fee the "Annual Policy Service Charge" in your policy and elsewhere in the prospectus. This fee is waived for policies that have $50,000 or more of Accumulation Value on a given Policy Anniversary.
4
We call this the "Mortality and Expense Risk and Administrative Costs Charge (M&E)" in your policy and elsewhere in this summary prospectus.
Optional Benefit Expenses
The following table applies to Optional Benefits currently available for purchase: 
Annual Death Benefit Reset Rider
Guaranteed
Maximum Charge
Current
Charge
(calculated as an annualized percentage of the ADBR Reset Value as of
the last Policy Anniversary (or as of the Policy Date if within the first Policy
Year), deducted on a quarterly basis; for a detailed explanation of the term
"ADBR Reset Value," see "DESCRIPTION OF BENEFITS - Annual Death
Benefit Reset (ADBR) Rider").
1.00%
0.25%
The next table shows the minimum and maximum total operating expenses charged by the Portfolios that you may pay periodically during the time that you own the policy. The expenses may change over time and may be higher or lower in the future. A complete list of Portfolios available under the policy, including their annual expenses, may be found in APPENDIX 1.
Annual Portfolio Expenses 
Minimum
Maximum
Expenses that are deducted from the Portfolio assets, including
management fees, distribution and/or service (12b-1) fees, and other
expenses.1
Before fee waivers and expense reimbursements
0.37%
1.42%
After fee waivers and expense reimbursements2
0.28%
1.34%
1
Shown as a percentage of average net assets for the fiscal year ended December 31, 2025.
18
2
Fee waivers and expense reimbursements are generally expected to continue through April 30, 2027 and may be terminated at any time thereafter at the option of the Portfolio company.
Example
This Example is intended to help you compare the cost of investing in the Investment Divisions of the policy with the cost of investing in other annuity contracts that offer variable options. These costs include transaction expenses, annual policy expenses and Annual Portfolio Expenses.
This Example assumes all Accumulation Value is allocated to the Investment Divisions. Your costs could differ from those shown below if you invest in the Fixed Account or the DCA Advantage Account.
The Example assumes that you invest $100,000 in the Investment Divisions for the time periods indicated. The Example also assumes that your investment has a 5% return each year, and assumes the most expensive combination of Base Contract Charges, Annual Portfolio Expenses and optional benefits for an additional charge.* Although your actual costs may be higher or lower, based on these assumptions your costs would be: 
Years
1 yr
3 yr
5 yr
10 yr
If you surrender your policy at the end of the applicable time
period:
$10,442.37
$16,160.39
$21,072.13
$33,596.85
If you annuitize at the end of the applicable time period:
$10,442.37
$9,495.60
$16,129.52
$33,596.85
If you do not surrender your policy:
$3,106.00
$9,495.60
$16,129.52
$33,596.85
*Assumes you have elected a policy with premium-based Base Contract charges with the ADBR.
19
Appendix 1
Investment Options Available Under the Policy
The following is a list of Portfolios available under the policy, which is subject to change, as discussed in the prospectus. You can find the prospectuses and other information about the Portfolios online at https://dfinview.com/NewYorkLife/TAHD/flex-iii. You can also request this information at no cost by calling the VPSC at 1-800-598-2019 or by sending an email request with your name and mailing address to [email protected].
The current expenses and performance information below reflects fees and expenses of the Portfolios but does not reflect the other fees and expenses that your policy may charge. Expenses would be higher and performance would be lower if these charges were included. Each Portfolio's past performance is not necessarily an indication of future performance. 
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Large Cap Equity
NYLIM VP American Century Large Cap Equity
(formerly NYLI VP American Century Sustainable
Equity) - Service Class
 
Adviser: New York Life Investment
Management LLC ("New York Life Investments") /
Subadviser: American Century Investment
Management, Inc.
0.93%
11.06%
13.68%
11.58%
Asset Allocation
NYLIM VP Balanced (formerly NYLI VP Balanced)
- Service Class
 
Adviser: New York Life Investments / Subadvisers:
NYL Investors LLC ("NYL Investors") and
Wellington Management Company LLP
("Wellington")
0.97%
11.16%
7.14%
7.04%
Investment
Grade Bond
NYLIM VP Bond (formerly NYLI VP Bond) -
Service Class
 
Adviser: New York Life Investments / Subadviser:
NYL Investors
0.80%
6.57%
(0.88)%
1.71%
Sector
NYLIM VP CBRE Global Infrastructure (formerly
NYLI VP CBRE Global Infrastructure) - Service
Class
 
Adviser: New York Life Investments / Subadviser:
CBRE Investment Management Listed Real Assets
LLC
1.20%
15.31%
6.79%
2.39%
Asset Allocation
NYLIM VP Conservative Allocation (formerly NYLI
VP Conservative Allocation) - Service Class
 
Adviser: New York Life Investments
0.80%
9.29%
3.67%
5.14%
Large Cap Equity
NYLIM VP Dimensional U.S. Equity (formerly NYLI
VP Dimensional U.S. Equity) - Service Class
 
Adviser: New York Life Investments / Subadviser:
Dimensional Fund Advisors LP
0.79%
13.46%
12.11%
12.40%
Appendix 1-1
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Large Cap Equity
NYLIM VP Epoch U.S. Equity Yield (formerly NYLI
VP Epoch U.S. Equity Yield) - Service Class
 
Adviser: New York Life Investments / Subadviser:
Epoch Investment Partners, Inc. ("Epoch")
0.93%
13.96%
11.74%
9.69%
Asset Allocation
NYLIM VP Equity Allocation (formerly NYLI VP
Equity Allocation) - Service Class
 
Adviser: New York Life Investments
0.94%
13.69%
7.90%
9.07%
Sector
NYLIM VP Fidelity Institutional AM® Utilities
(formerly NYLI VP Fidelity Institutional AM®
Utilities) - Service Class
 
Adviser: New York Life Investments / Subadviser:
FIAM LLC ("FIAM")
0.93%
13.50%
12.06%
10.69%
Non-Investment
Grade Bond
NYLIM VP Floating Rate (formerly NYLI VP
Floating Rate) - Service Class
 
Adviser: New York Life Investments / Subadviser:
NYL Investors
0.89%
4.86%
5.16%
4.74%
Asset Allocation
NYLIM VP Growth Allocation (formerly NYLI VP
Growth Allocation) - Service Class
 
Adviser: New York Life Investments
0.89%
12.24%
7.06%
8.05%
Alternatives
NYLIM VP Hedge Multi-Strategy (formerly NYLI
VP Hedge Multi-Strategy) - Service Class
 
Adviser: New York Life Investments
1.26%
7.78%
2.67%
1.81%
Asset Allocation
NYLIM VP Income Builder (formerly NYLI VP
Income Builder) - Service Class
 
Adviser: New York Life Investments / Subadvisers:
Epoch and MacKay Shields LLC ("MacKay")
0.88%
16.70%
6.29%
7.13%
Asset Allocation
NYLIM VP Janus Henderson Balanced (formerly
NYLI VP Janus Henderson Balanced) - Service
Class
 
Adviser: New York Life Investments / Subadviser:
Janus Henderson Investors US LLC ("Janus
Henderson")
0.83%
14.76%
8.30%
9.91%
Non-Investment
Grade Bond
NYLIM VP MacKay Convertible (formerly NYLI VP
MacKay Convertible) - Service Class
 
Adviser: New York Life Investments / Subadviser:
MacKay
0.84%
16.11%
5.34%
10.10%
Appendix 1-2
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Non-Investment
Grade Bond
NYLIM VP MacKay High Yield Corporate Bond
(formerly NYLI VP MacKay High Yield Corporate
Bond) - Service Class
 
Adviser: New York Life Investments / Subadviser:
MacKay
0.84%
6.60%
4.18%
5.87%
Non-Investment
Grade Bond
NYLIM VP MacKay Strategic Bond (formerly NYLI
VP MacKay Strategic Bond) - Service Class
 
Adviser: New York Life Investments / Subadviser:
MacKay
0.90%
8.60%
3.73%
4.14%
Investment
Grade Bond
NYLIM VP MacKay U.S. Infrastructure Bond
(formerly NYLI VP MacKay U.S. Infrastructure
Bond) - Service Class
 
Adviser: New York Life Investments / Subadviser:
MacKay
0.82%
8.17%
(0.15)%
1.13%
Large Cap Equity
NYLIM VP MFS® Investors Trust (formerly NYLI
VP MFS® Investors Trust) - Service Class
 
Adviser: New York Life Investments / Subadviser:
Massachusetts Financial Services Company
("MFS")
1.00%
N/A
N/A
N/A
Large Cap Equity
NYLIM VP MFS® Research (formerly NYLI VP
MFS® Research) - Service Class
 
Adviser: New York Life Investments / Subadviser:
MFS
1.01%
N/A
N/A
N/A
Asset Allocation
NYLIM VP Moderate Allocation (formerly NYLI VP
Moderate Allocation) - Service Class
 
Adviser: New York Life Investments
0.83%
11.02%
5.36%
6.61%
Sector
NYLIM VP Natural Resources (formerly NYLI VP
Natural Resources) - Initial Class
 
Adviser: New York Life Investments / Subadviser:
Newton Investment Management North America,
LLC ("NIMNA")
0.85%
15.20%
17.27%
10.88%
Sector
NYLIM VP Newton Technology Growth (formerly
NYLI VP Newton Technology Growth) - Service
Class
 
Adviser: New York Life Investments / Subadviser:
NIMNA
1.03%
N/A
N/A
N/A
Appendix 1-3
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Investment
Grade Bond
NYLIM VP PIMCO Real Return (formerly NYLI VP
PIMCO Real Return) - Service Class
 
Adviser: New York Life Investments / Subadviser:
Pacific Investment Management Company LLC
("PIMCO")
1.34%
7.89%
1.11%
3.03%
International/
Global
Equity
NYLIM VP PineStone International Equity
(formerly NYLI VP PineStone International Equity)
- Service Class
 
Adviser: New York Life Investments / Subadviser:
PineStone Asset Management Inc.
1.11%
12.01%
(0.05)%
5.18%
Large Cap Equity
NYLIM VP S&P 500 Index (formerly NYLI VP S&P
500 Index) - Service Class
 
Adviser: New York Life Investments
0.37%
17.43%
14.00%
14.34%
Small/Mid Cap
Equity
NYLIM VP Schroders Mid Cap Opportunities
(formerly NYLI VP Schroders Mid Cap
Opportunities) - Service Class
 
Adviser: New York Life Investments / Subadviser:
Schroder Investment Management North America
Inc.
1.08%
7.00%
4.79%
7.12%
Small/Mid Cap
Equity
NYLIM VP Small Cap Growth (formerly NYLI VP
Small Cap Growth) - Service Class
 
Adviser: New York Life Investments / Subadvisers:
Brown Advisory, LLC and Segall Bryant & Hamill,
LLC
1.11%
4.63%
1.38%
8.68%
Money Market
NYLIM VP U.S. Government Money Market
(formerly NYLI VP U.S. Government Money
Market) - Initial Class
 
Adviser: New York Life Investments
/ Subadviser: NYL Investors
0.28%
4.05%
3.02%
1.89%
Small/Mid Cap
Equity
NYLIM VP Wellington Small Cap (formerly NYLI
VP Wellington Small Cap) - Service Class
 
Adviser: New York Life Investments / Subadviser:
Wellington
1.00%
9.26%
5.66%
7.15%
Large Cap Equity
NYLIM VP Winslow Large Cap Growth (formerly
NYLI VP Winslow Large Cap Growth) - Service
Class
 
Adviser: New York Life Investments
/ Subadviser: Winslow Capital Management, LLC
1.00%
14.07%
12.41%
15.85%
Appendix 1-4
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Large Cap Equity
AB VPS Relative Value Portfolio - Class B
 
Adviser: AllianceBernstein L.P.
0.85%
10.20%
11.15%
10.30%
Asset Allocation
American Funds® IS Asset Allocation Fund -
Class 4
 
Adviser: Capital Research and Management
CompanySM ("CRMC")
0.79%
15.59%
8.70%
9.50%
Investment
Grade Bond
American Funds® IS The Bond Fund of America®
- Class 4
 
Adviser: CRMC
0.72%
6.98%
(0.38)%
2.11%
Investment
Grade Bond
American Funds® IS Capital World Bond Fund® -
Class 4
 
Adviser: CRMC
0.98%
9.03%
(2.76)%
0.97%
Large Cap Equity
American Funds® IS Growth Fund - Class 4
 
Adviser: CRMC
0.83%
19.93%
13.09%
17.67%
Large Cap Equity
American Funds® IS Growth-Income Fund -
Class 4
 
Adviser: CRMC
0.78%
17.77%
13.62%
13.63%
International/
Global
Equity
American Funds® IS New World Fund® - Class 4
 
Adviser: CRMC
1.07%
27.92%
5.06%
8.98%
International/
Global
Equity
American Funds® IS SMALL CAP World Fund®
(formerly American Funds® IS Global Small
Capitalization Fund) - Class 4
 
Adviser: CRMC
1.15%
14.33%
0.23%
6.96%
Investment
Grade Bond
American Funds® IS U.S. Government Securities
Fund® - Class 4
 
Adviser: CRMC
0.75%
7.54%
(0.49)%
1.45%
Large Cap Equity
American Funds® IS Washington Mutual Investors
Fund - Class 4
 
Adviser: CRMC
0.75%
16.90%
13.60%
12.08%
Asset Allocation
BlackRock® Global Allocation V.I. Fund - Class III
 
Adviser: BlackRock Advisors, LLC ("BlackRock") /
Subadvisers: BlackRock (Singapore) Limited and
BlackRock International Limited
1.01%
19.42%
5.51%
7.33%
Appendix 1-5
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Non-Investment
Grade Bond
BlackRock® High Yield V.I. Fund - Class III
 
Adviser: BlackRock / Subadviser: BlackRock
International Limited
0.78%
9.09%
4.57%
6.07%
Large Cap Equity
BNY Mellon Sustainable U.S. Equity Portfolio -
Service Shares
 
Adviser: BNY Mellon Investment Adviser, Inc. /
Subadviser: Newton Investment Management
Limited
0.91%
15.67%
11.65%
13.27%
Non-Investment
Grade Bond
Columbia Variable Portfolio - Emerging Markets
Bond Fund - Class 2
 
Adviser: Columbia Management Investment
Advisers, LLC ("Columbia")
1.00%
12.65%
1.47%
4.03%
Investment
Grade Bond
Columbia Variable Portfolio - Intermediate Bond
Fund - Class 2
 
Adviser: Columbia
0.77%
8.84%
(0.68)%
2.52%
Small/Mid Cap
Equity
Columbia Variable Portfolio - Small Cap Value
Discovery Fund (formerly Columbia Variable
Portfolio - Small Cap Value Fund) - Class 2
 
Adviser: Columbia
1.13%
14.66%
12.19%
11.20%
Small/Mid Cap
Equity
Columbia Variable Portfolio - Small Company
Growth Fund - Class 2
 
Adviser: Columbia
1.12%
21.69%
3.32%
14.89%
Alternatives
DWS Alternative Asset Allocation VIP - Class B
 
Adviser: DWS Investment Management Americas
Inc. / Subadviser: RREEF America LLC
1.31%
10.03%
4.88%
4.52%
Investment
Grade Bond
Fidelity® VIP Bond Index Portfolio - Service Class
2
 
Adviser: Fidelity Management & Research
Company LLC ("FMR") / Subadvisers: Other
investment advisers
0.39%
6.76%
(0.81)%
N/A
Large Cap Equity
Fidelity® VIP ContrafundSM Portfolio - Service
Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.79%
21.42%
15.08%
15.49%
International/
Global
Equity
Fidelity® VIP Emerging Markets Portfolio -
Service Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
1.12%
40.79%
5.62%
10.66%
Appendix 1-6
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Large Cap Equity
Fidelity® VIP Equity-Income PortfolioSM - Service
Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.71%
18.75%
12.13%
11.32%
Small/Mid Cap
Equity
Fidelity® VIP Extended Market Index Portfolio -
Service Class 2
 
Adviser: FMR / Subadviser: Geode Capital
Management, LLC ("Geode")
0.37%
12.03%
7.75%
N/A
Asset Allocation
Fidelity® VIP FundsManager® 60% Portfolio -
Service Class
 
Adviser: FMR
0.63%
15.71%
6.67%
8.19%
Large Cap Equity
Fidelity® VIP Growth Opportunities Portfolio -
Service Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.81%
21.73%
11.04%
19.64%
Sector
Fidelity® VIP Health Care Portfolio - Service
Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.84%
14.10%
3.92%
N/A
International/
Global Equity
Fidelity® VIP International Capital Appreciation
Portfolio - Service Class 2
 
Adviser: FMR / Subadvisers: FIL Investment
Advisors
1.02%
18.36%
5.99%
9.53%
International/
Global
Equity
Fidelity® VIP International Index Portfolio -
Service Class 2
 
Adviser: FMR / Subadviser: Geode
0.41%
32.82%
7.76%
N/A
Investment
Grade Bond
Fidelity® VIP Investment Grade Bond Portfolio -
Service Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.62%
6.93%
(0.21)%
2.45%
Small/Mid Cap
Equity
Fidelity® VIP Mid Cap Portfolio - Service Class 2
 
Adviser: FMR / Subadvisers: Other investment
advisers
0.80%
11.49%
9.83%
10.31%
Sector
Franklin Gold and Precious Metals VIP Fund -
Class 2
 
Adviser: Franklin Advisers, Inc. ("Franklin
Advisers")
0.95%
N/A
N/A
N/A
Appendix 1-7
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Asset Allocation
Franklin Templeton Aggressive Model Portfolio -
Class II
 
Adviser: Franklin Templeton Fund Adviser, LLC
("FTFA") / Subadviser: Franklin Advisers
0.88%
17.04%
10.14%
N/A
Asset Allocation
Franklin Templeton Moderately Aggressive Model
Portfolio - Class II
 
Adviser: FTFA / Subadviser: Franklin Advisers
0.82%
15.01%
7.87%
N/A
Asset Allocation
Franklin Templeton Moderate Model Portfolio -
Class II
 
Adviser: FTFA / Subadviser: Franklin Advisers
0.82%
13.18%
6.49%
N/A
Asset Allocation
Franklin Templeton Moderately Conservative
Model Portfolio - Class II
 
Adviser: FTFA / Subadviser: Franklin Advisers
0.82%
11.51%
4.91%
N/A
Asset Allocation
Franklin Templeton Conservative Model
Portfolio - Class II
 
Adviser: FTFA / Subadviser: Franklin Advisers
0.85%
9.04%
2.65%
N/A
International/
Global Equity
Goldman Sachs VIT International Equity Insights
Fund - Service Class
 
Adviser: Goldman Sachs Asset Management, L.P.
1.05%
5.80%
5.19%
4.61%
International/
Global
Equity
Invesco V.I. EQV International Equity Fund -
Series II Shares
 
Adviser: Invesco Advisers, Inc. ("Invesco")
1.15%
16.23%
3.42%
5.95%
Small/Mid Cap
Equity
Invesco V.I. Main Street Small Cap Fund® -
Series II Shares
 
Adviser: Invesco
1.09%
8.44%
8.07%
10.31%
Small/Mid Cap
Equity
Janus Henderson Enterprise Portfolio - Service
Shares
 
Adviser: Janus Henderson
0.97%
7.41%
7.35%
12.51%
International/
Global
Equity
Janus Henderson Global Research Portfolio -
Service Shares
 
Adviser: Janus Henderson
1.07%
20.60%
12.23%
12.64%
Investment
Grade Bond
Lord Abbett Series Fund, Inc. - Short Duration
Income Portfolio - Class VC
 
Adviser: Lord, Abbett & Co. LLC
0.72%
5.90%
2.25%
2.62%
Appendix 1-8
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Large Cap Equity
LVIP ClearBridge Appreciation Fund (formerly
ClearBridge Variable Appreciation Portfolio) -
Service Class
 
Adviser: Lincoln Financial Investments Corporation
/ Subadviser: ClearBridge Investments, LLC
0.95%
14.19%
12.44%
13.05%
International
Equity
MFS® International Intrinsic Equity Portfolio
(formerly MFS® International Intrinsic Value
Portfolio) - Service Class
 
Adviser: MFS
1.14%
32.96%
7.02%
9.68%
Mid Cap
Equity
MFS® Mid Cap Value Portfolio - Service Class
 
Adviser: MFS
1.04%
5.75%
9.90%
9.69%
International/
Global
Equity
MFS® Research International Portfolio - Service
Class
 
Adviser: MFS
1.15%
21.75%
5.25%
7.27%
Small/Mid Cap
Equity
Neuberger Berman AMT Mid Cap Growth
Portfolio - Class S
 
Adviser: Neuberger Berman Investment Advisers
LLC
1.11%
5.23%
4.27%
10.71%
Small/Mid Cap
Equity
Nomura VIP Small Cap Value Series (formerly
Macquarie VIP Small Cap Value Series) -
Service Class
 
Adviser: Delaware Management Company, a
series of Nomura Investment Management
Business Trust
1.04%
7.83%
8.93%
8.84%
Investment
Grade Bond
PIMCO VIT Income Portfolio - Advisor Class
 
Adviser: PIMCO
1.02%
10.08%
3.31%
N/A
Investment
Grade Bond
PIMCO VIT International Bond Portfolio (U.S.
Dollar-Hedged) - Advisor Class
 
Adviser: PIMCO
1.19%
3.85%
0.93%
2.78%
Investment
Grade Bond
PIMCO VIT Low Duration Portfolio - Advisor
Class
 
Adviser: PIMCO
0.76%
5.42%
1.47%
1.69%
Investment
Grade Bond
PIMCO VIT Short-Term Portfolio - Advisor Class
 
Adviser: PIMCO
0.75%
4.57%
3.14%
2.65%
Investment
Grade Bond
PIMCO VIT Total Return Portfolio - Advisor Class
 
Adviser: PIMCO
0.83%
8.78%
(0.08)%
2.26%
Appendix 1-9
Type
Portfolio
Adviser/Sub-adviser
Current
Expenses*
Average Annual Total Returns
(as of 12/31/25)
1 year
5 year
10 year
Sector
Principal VC Real Estate Securities Account -
Class 2
 
Adviser: Principal Global Investors, LLC /
Subadviser: Principal Real Estate Investors, LLC
1.03%
0.92%
4.61%
5.67%
International/
Global
Equity
Putnam VT International Value Fund - Class IB
 
Adviser: Putnam Investment Management, LLC /
Subadvisers: Franklin Advisers, Inc., Franklin
Templeton Investment Management Limited and
The Putnam Advisory Company, LLC
1.06%
34.68%
12.49%
8.86%
Large Cap Equity
Voya Growth and Income Portfolio - Class S
 
Adviser: Voya Investments, LLC ("Voya") /
Subadviser: Voya Investment Management Co.
LLC ("VIM")
0.92%
17.94%
15.18%
14.33%
Investment
Grade Bond
Voya Intermediate Bond Portfolio - Class S
 
Adviser: Voya / Subadviser: VIM
0.80%
7.46%
(0.09)%
2.42%
*
Current Expenses take into account expense reimbursement or fee waiver arrangements in place that are generally expected to continue through April 30, 2027 and may be terminated at any time thereafter at the option of the Fund. Annual expenses for the Portfolio for the year ended December 31, 2025 reflect temporary fee reductions under such an arrangement.
  The following is a list of fixed options currently available under the policy. We may change the features of the fixed options listed below and offer new fixed options. We will provide you with written notice before doing so. 
Name
Term
Guaranteed
Minimum Interest
Rate
Fixed Account
N/A
0.05%
DCA Advantage
Account
6 months
0.05%
Appendix 1-10
Back Cover Page
This Summary Prospectus incorporates by reference the New York Life Flexible Premium Variable Annuity III full statutory prospectus and the Statement of Additional Information (SAI), both dated May 1, 2026, as amended or supplemented. The full statutory prospectus and the SAI are posted on our website, https://dfinview.com/NewYorkLife/TAHD/flex-iii. The full prospectus and SAI for the policy may be obtained, free of charge, in any manner shown on the front page of this Summary Prospectus.
Separate Account III EDGAR contract identifier #C000154618
 
Separate Account IV EDGAR contract identifier #C000154619
Nyliac Variable Annuity Separate Account III published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 22, 2026 at 18:36 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]