Clear Income Fixed Annuity MVA

A fixed deferred annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB) designed for clients who are looking for income with some liquidity.

Early access withdrawal

All withdrawals taken prior to or in excess of your guaranteed lifetime withdrawals will result in a proportional reduction to the Income Base. However, not all withdrawals will result in surrender charges or MVA. MVA and surrendercharge-free withdrawals include the greatest of: 
- Annual GLWB amount (once lifetime withdrawals have begun) 
- 10% of the Accumulation Value as of the previous anniversary 
- 10% of the current Accumulation Value 
- 100% of the gain earned in the policy (for policies with a premium amount of $100,000 or more) - Annual required minimum distribution (RMD) amount 

Market Value Adjustment (MVA)
This product is also available with a Market Value Adjustment (MVA) provision that allows NYLIAC to offer a potentially higher initial interest rate than for a product that does not offer this adjustment. The MVA provision must be elected at policy issue and only applies when the policy owner surrenders or makes a withdrawal from the contract that is greater than the surrendercharge-free withdrawal amount during the surrender-charge period. An MVA is not applicable after the surrender-charge period is over. The MVA will add or deduct an amount from your annuity or from the withdrawal amount you receive. The amount of the MVA is determined by a formula that measures the change in the U.S. Treasury Constant Maturity yield, plus the applicable Bloomberg Barclays U.S. Corporate Bond Index from the issue date to the surrender or excess withdrawal date.7 If the interest rates on which the MVA is based are higher than when you purchased the annuity, the MVA will likely be negative, meaning an additional amount may be deducted from either your annuity or your withdrawal amount. Conversely, if the interest rates on which the MVA is based are lower than when you purchased your annuity, the MVA will likely be positive, meaning money may be added to either your annuity or to your withdrawal amount. The MVA cannot decrease the surrender value of the policy below the premiums paid (less prior withdrawals and applicable charges and taxes) accumulated at the guaranteed minimum interest rate as stated in your contract. However, the applicable surrender charges may further reduce the Accumulation Value below the premium paid or the amount you receive when you make a partial withdrawal or fully surrender the policy. Refer to the New York Life Clear Income Fixed Annuity – FP Series Examples and Explanation flyer for more information.

Note: TSP funds have to be rolled into an IRA.