SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size 8/04/20 Jnlny Separate Account I 485BPOS 8/10/20 3:680K → Jnlny Separate Account I ⇒ NY Perspective II (Contracts offered for sale on & after June 24, 2019) |
Document/Exhibit Description Pages Size 1: 485BPOS Post-Effective Amendment of a Form N-1 or N-1A HTML 205K Registration 3: EX-99.10 Exhibit 99.10 Kpmg Consent HTML 6K 2: EX-99.9 Exhibit 99.9 Legal Opinion HTML 9K
485(b) NY PII (After 6-24-19) (08-10-20) Combined Document |
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933 | [ ] | |
Pre-Effective Amendment No. | [ ] | |
Post-Effective Amendment No. 5 | [X] | |
and/or |
Amendment No. 545 | [X] |
Approximate
Date of Proposed Public Offering: | ||
It is proposed that this filing will become effective (check appropriate box) | ||
[ ] | immediately upon filing pursuant to paragraph (b) | |
[X] | on August 10, 2020 pursuant to paragraph (b) | |
[ ] | 60 days after filing pursuant to paragraph (a)(1) | |
[ ] | on
(date) pursuant to paragraph (a)(1). | |
If appropriate, check the following box: | ||
[ ] | this post-effective amendment designates a new effective date for a previously filed post-effective amendment | |
Title of Securities Being Registered: the variable portion of Flexible Premium Variable and Fixed Deferred Annuity contracts |
Maximum Annual Charge | Current Annual Charge | |
For
Life GMWB With Bonus, Annual Step-Up to the Highest Quarterly Contract Value, and Earnings-Sensitive Withdrawal Amount (“LifeGuard Freedom Net® GMWB”) with the Income Stream Max GAWA% Table 12 | 3.00% | 1.68% |
Joint For Life GMWB With Bonus, Annual Step-Up to the Highest Quarterly Contract Value, and Earnings-Sensitive Withdrawal Amount (“LifeGuard Freedom Net® With Joint Option GMWB”) with the Income Stream Max GAWA% Table 13 | 3.00% | 1.80% |
For
Life GMWB With Bonus and Step-Up to the Highest Quarterly Contract Value (“LifeGuard Freedom Flex® GMWB”) with the Income Stream Max GAWA% Table and the 6% Bonus and Annual Step-Up 14 | 3.00% | 1.68% |
Joint For Life GMWB With Bonus and Step-Up to the Highest Quarterly Contract Value (“LifeGuard Freedom Flex® With Joint Option GMWB”) with the Income Stream Max GAWA% Table and the 6% Bonus and Annual Step-Up 15 | 3.00% | 1.80% |
Ř | In
the section titled “For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Annual Step-Up And Earnings-Sensitive Withdrawal Amount (“LifeGuard Freedom Net GMWB”) Charge.” appearing under “CONTRACT CHARGES” on page 41 of the prospectus, the charge table is deleted and replaced with the following: |
Maximum Annual Charge | Current Annual Charge | Maximum Increase to Annual Charge (at one time) | |
With
Income Stream Max GAWA% Table and Annual Step-Up | 3.00% | 1.53% | 0.24% |
With Income Stream Max GAWA% Table and Annual Step-Up to Highest Quarterly Contract Value | 3.00% | 1.68% | 0.24% |
With Income Stream Value GAWA% Table and Annual Step-Up | 1.80% | 0.90% | 0.12% |
With
Income Stream Value GAWA% Table and Annual Step-Up to Highest Quarterly Contract Value | 2.10% | 1.05% | 0.12% |
Charge Basis | GWB | ||
Charge Frequency | Monthly | ||
PLEASE NOTE: For GMWBs issued before August 10, 2020, please see Appendix D for the applicable charges. |
Ř | In the section titled “Joint For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Annual Step-Up And Earnings-Sensitive Withdrawal Amount (“LifeGuard Freedom Net With Joint Option GMWB”) Charge.” appearing under “CONTRACT CHARGES” on page 42 of the prospectus, the charge table is deleted and replaced with the following: |
Maximum
Annual Charge | Current Annual Charge | Maximum Increase to Annual Charge (at one time) | |
With Income Stream Max GAWA% Table and Annual Step-Up | 3.00% | 1.65% | 0.24% |
With Income Stream Max GAWA% Table and Annual Step-Up to Highest Quarterly Contract Value | 3.00% | 1.80% | 0.24% |
With Income
Stream Value GAWA% Table and Annual Step-Up | 2.40% | 1.20% | 0.24% |
With Income Stream Value GAWA% Table and Annual Step-Up to Highest Quarterly Contract Value | 2.70% | 1.35% | 0.24% |
Charge Basis | GWB | ||
Charge Frequency | Monthly | ||
PLEASE
NOTE: For GMWBs issued before August 10, 2020, please see Appendix D for the applicable charges. |
Ř | In the section titled “For Life Guaranteed Minimum Withdrawal Benefit With Bonus And Step-Up (“LifeGuard Freedom Flex GMWB”) Charge.” appearing under “CONTRACT CHARGES” on page 43 of the prospectus, the charge tables are deleted and replaced with the following: |
LifeGuard
Freedom Flex GMWB With Income Stream Max GAWA% Table | |||
Options | Maximum Annual Charge | Current Annual Charge | Maximum Increase to Annual Charge (at one time) |
4% Bonus and Annual Step-Up | 2.58% | 1.29% | 0.24% |
4% Bonus and Annual Step-Up to the Highest Quarterly Contract Value | 2.88% | 1.44% | 0.24% |
5%
Bonus and Annual Step-Up | 2.76% | 1.38% | 0.24% |
5% Bonus and Annual Step-Up to the Highest Quarterly Contract Value | 3.00% | 1.53% | 0.24% |
6% Bonus and Annual Step-Up | 3.00% | 1.53% | 0.24% |
6% Bonus and Annual Step-Up
to the Highest Quarterly Contract Value | 3.00% | 1.68% | 0.24% |
Charge Basis | GWB | ||
Charge Frequency | Monthly | ||
PLEASE NOTE: For GMWBs issued before August 10, 2020, please see Appendix D for the applicable charges. |
LifeGuard
Freedom Flex GMWB With Income Stream Value GAWA% Table | |||
Options | Maximum Annual Charge | Current Annual Charge | Maximum Increase to Annual Charge (at one time) |
4% Bonus and Annual Step-Up | 1.26% | 0.63% | 0.12% |
4% Bonus and Annual Step-Up to the Highest Quarterly Contract Value | 1.56% | 0.78% | 0.12% |
5%
Bonus and Annual Step-Up | 1.50% | 0.75% | 0.12% |
5% Bonus and Annual Step-Up to the Highest Quarterly Contract Value | 1.80% | 0.90% | 0.12% |
6% Bonus and Annual Step-Up | 1.80% | 0.90% | 0.12% |
6% Bonus and Annual Step-Up
to the Highest Quarterly Contract Value | 2.10% | 1.05% | 0.12% |
Charge Basis | GWB | ||
Charge Frequency | Monthly | ||
PLEASE NOTE: For GMWBs issued before August 10, 2020, please see Appendix D for the applicable charges. |
Ř | In the section titled “Joint For Life Guaranteed Minimum Withdrawal Benefit With Bonus And Step-Up (“LifeGuard Freedom Flex With Joint Option GMWB”) Charge.” appearing under “CONTRACT CHARGES” on page 44 of the prospectus, the charge tables are deleted and replaced with the following: |
LifeGuard
Freedom Flex With Joint Option GMWB With Income Stream Max GAWA% Table | |||
Options | Maximum Annual Charge | Current Annual Charge | Maximum Increase to Annual Charge (at one time) |
4% Bonus and Annual Step-Up | 2.76% | 1.38% | 0.24% |
4% Bonus and Annual Step-Up to the Highest Quarterly Contract Value | 3.00% | 1.53% | 0.24% |
5%
Bonus and Annual Step-Up | 3.00% | 1.50% | 0.24% |
5% Bonus and Annual Step-Up to the Highest Quarterly Contract Value | 3.00% | 1.65% | 0.24% |
6% Bonus and Annual Step-Up | 3.00% | 1.65% | 0.24% |
6% Bonus and
Annual Step-Up to the Highest Quarterly Contract Value | 3.00% | 1.80% | 0.24% |
Charge Basis | GWB | ||
Charge Frequency | Monthly | ||
PLEASE NOTE: For GMWBs issued before August 10, 2020, please see Appendix D for the applicable charges. |
LifeGuard
Freedom Flex With Joint Option GMWB With Income Stream Value GAWA% Table | |||
Options | Maximum Annual Charge | Current Annual Charge | Maximum Increase to Annual Charge (at one time) |
4% Bonus and Annual Step-Up | 1.86% | 0.93% | 0.12% |
4% Bonus and Annual Step-Up to the Highest Quarterly Contract Value | 2.16% | 1.08% | 0.12% |
5%
Bonus and Annual Step-Up | 2.10% | 1.05% | 0.12% |
5% Bonus and Annual Step-Up to the Highest Quarterly Contract Value | 2.40% | 1.20% | 0.24% |
6% Bonus and Annual Step-Up | 2.40% | 1.20% | 0.24% |
6% Bonus and Annual Step-Up
to the Highest Quarterly Contract Value | 2.70% | 1.35% | 0.24% |
Charge Basis | GWB | ||
Charge Frequency | Monthly | ||
PLEASE NOTE: For GMWBs issued before August 10, 2020, please see Appendix D for the applicable charges. |
Ř | In the subsections titled “Guaranteed Withdrawal Balance Adjustment.” under both the section titled “Joint For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Annual Step-Up And Earnings-Sensitive Withdrawal Amount (“LifeGuard Freedom Net With Joint Option GMWB”).” on page 79 of the prospectus, and the section titled “LifeGuard Freedom Flex With Joint Option GMWB”).” on page 101 of the prospectus, The GWB Adjustment Date definition is revised as follows: |
• | The Contract Anniversary on or immediately following the Designated Life’s 70th (71st for GMWBs issued before August 10, 2020) birthday, Or |
• | The 12th
Contract Anniversary following the effective date of this endorsement. |
Ř | In the subsections titled “Guaranteed Withdrawal Balance Adjustment.” under both the section titled “For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Annual Step-Up And Earnings-Sensitive Withdrawal Amount (“LifeGuard Freedom Net GMWB”)” on page 67 of the prospectus, and the section titled “Joint
For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Annual Step-Up And Earnings-Sensitive Withdrawal Amount (“LifeGuard Freedom Net With Joint Option GMWB”).” on page 79 of the prospectus, the first two bullet points under the header “The GWB adjustment is determined as follows:” are deleted and replaced with the following: |
• | On the effective date of this endorsement, the GWB adjustment is equal to 180% (200% for GMWBs issued before August 10, 2020) of the GWB, subject to a maximum of $10,000,000. |
• | With
each subsequent Premium received after this GMWB is effective and prior to the first Contract Anniversary following this GMWB’s effective date, the GWB adjustment is recalculated to equal the GWB adjustment prior to the Premium payment plus 180% (200% for GMWBs issued before August 10, 2020) of the Premium payment, net of any applicable Premium taxes, subject to a maximum of $10,000,000. (See Example 3 in Appendix C under section “II. LifeGuard Freedom Net”.) |
Ř | In the section titled “Guaranteed Minimum Withdrawal Benefits for a Single Life or two Covered Lives with Combinations of Optional Bonus Percentage Amounts,
Annual or Quarterly Contract Value-Based Step-Ups, and Guaranteed Death Benefit (“LifeGuard Freedom Flex GMWB” and “LifeGuard Freedom Flex with Joint Option GMWB”).” on page 85 of the prospectus, the fourth sentence of the last full paragraph is revised as follows: |
Ř | In the subsections titled “Guaranteed
Withdrawal Balance Adjustment.” under both the section titled “LifeGuard Freedom Flex GMWB.” on page 91 of the prospectus, and the section titled “LifeGuard Freedom Flex with Joint Option GMWB.” on page 101 of the prospectus, the first two bullet points under the header “The GWB adjustment is determined as follows:” are deleted and replaced with the following: |
• | On the effective date of this endorsement, the GWB adjustment is equal to 170% of the GWB for Contracts with the 4% Bonus option, 180% of the GWB for Contracts with the 5%
Bonus option, and 190% of the GWB for Contracts with the 6% Bonus option, subject to a maximum of $10 million. For GMWBs issued before August 10, 2020, the GWB adjustment is equal to 200% of the GWB, subject to a maximum of $10 million. |
• | With each subsequent Premium received after this GMWB is effective and prior to the first Contract Anniversary following this GMWB’s effective date, the GWB adjustment is recalculated to equal the GWB adjustment prior to the Premium payment plus the applicable GWB adjustment percentage of the Premium payment, net of any applicable Premium taxes, subject to a maximum of $10 million. (See Example 3 in Appendix C
under section “III. LifeGuard Freedom Flex”.) |
Ř | In the subsections titled “Bonus.” under both the section titled “For Life Guaranteed Minimum Withdrawal Benefit With Bonus, Annual Step-Up And Earnings-Sensitive Withdrawal Amount (“LifeGuard Freedom Net GMWB”)” on page 71 of the prospectus, and the section titled “Joint For Life Guaranteed Minimum Withdrawal Benefit With Bonus,
Annual Step-Up And Earnings-Sensitive Withdrawal Amount (“LifeGuard Freedom Net With Joint Option GMWB”).” on page 84 of the prospectus, all references to the 6% Bonus are deleted and replaced with references to a 5% Bonus. |
Ř | In the section titled “Guaranteed Minimum Withdrawal Benefits for a Single Life or two Covered Lives with Combinations of Optional Bonus Percentage Amounts, Annual or Quarterly Contract Value-Based Step-Ups, and Guaranteed Death Benefit (“LifeGuard Freedom Flex GMWB” and “LifeGuard Freedom Flex with Joint Option GMWB”).” on page 85 of the prospectus, in the “Available Option Combinations”
table for the LifeGuard Freedom Flex GMWB, all references to the 5, 6, and 7% Bonus options are deleted and replaced with references to the 4, 5, and 6% Bonus options. In the “Available Option Combinations” table for the LifeGuard Freedom Flex with Joint Option GMWB, all references to the 5 and 6% Bonus options are deleted and replaced with references to the 4, 5, and 6% Bonus options. |
Ř | In the subsection titled “Withdrawals.” under
the section titled “LifeGuard Freedom Flex GMWB.” on page 88 of the prospectus, the first paragraph through the Guaranteed Annual Withdrawal Amount percentage (“GAWA%”) tables are deleted and replaced with the following: |
Ages | Income
Stream Max GAWA% Table | Income Stream Value GAWA% Table |
35 – 64 | 4.00% | 3.00% |
65 – 74 | 5.00% | 4.00% |
75 – 80 | 5.50% | 4.50% |
81+ | 6.00% | 5.00% |
Ř | In
the subsections titled “Step-up.” and “Bonus.” under the section titled “LifeGuard Freedom Flex GMWB.” on pages 92 and 95, respectively, of the prospectus, all references to the 5, 6, and 7% Bonus options are deleted and replaced with references to the 4, 5, and 6% Bonus options. |
Ř | In the subsections titled “Step-up.” and “Bonus.” under the section titled “LifeGuard Freedom Flex with Joint Option GMWB.”
on pages 102 and 106, respectively, of the prospectus, all references to the 5 and 6% Bonus options are deleted and replaced with references to the 4, 5, and 6% Bonus options. |
Ř | In addition, the LifeGuard Freedom Flex GMWB Bonus option required for election of the corresponding LifeGuard Freedom Flex Death Benefit is revised from 6% Bonus option to 5% Bonus option. All references throughout the prospectus to the availability of the LifeGuard Freedom Flex DB NY are revised to reflect that it is now available only in conjunction with the election of the LifeGuard Freedom Flex GMWB with 5% Bonus option selected. |
Ř | In the subsection titled “II. LIFEGUARD FREEDOM NET” under the section titled “APPENDIX C (GMWB Prospectus Examples)” beginning on page C-4 of the prospectus, the prospectus is revised as follows: |
1. | The first paragraph of the LifeGuard Freedom Net subsection
is deleted and replaced with the following: |
2. | The information following the “Notes” bullet under “Example 1” on page C-4 of the prospectus is deleted and replaced with the following: |
s | Your
initial Bonus Base is set equal to your GWB. |
s | Your initial GWB Adjustment is set equal to 180% times your initial GWB. |
s | Your initial GMWB Earnings Determination Baseline is set equal to your initial Premium payment. |
3. | The information following the
“Notes” bullet under “Example 3” on page C-4 of the prospectus is deleted and replaced with the following: |
s | Your GAWA is recalculated upon payment of an additional Premium (as described above) only if such payment occurs after your GAWA % has been determined. |
s | Your Bonus Base is increased by the Premium payment, subject to a maximum of $10,000,000. |
s | If
the Premium payment occurs prior to the first Contract Anniversary, your GWB Adjustment is increased by the Premium payment, net of any applicable taxes, times 180%, subject to a maximum of $10,000,000. For example, if you make an additional Premium payment, net of any applicable taxes, of $50,000 prior to your first Contract Anniversary, and your GWB Adjustment value before the additional Premium payment is $180,000, then the GWB Adjustment is increased by 180% of the additional Premium payment, net of any applicable taxes. The resulting GWB Adjustment is $180,000 + $90,000 = $270,000. |
s | If the Premium payment occurs on or after the first Contract Anniversary, your GWB Adjustment is increased by the Premium payment, subject to a maximum of
$10,000,000. For example, if you make an additional Premium payment, net of any applicable taxes, of $50,000 after your first Contract Anniversary, and your GWB Adjustment value before the additional Premium payment is $180,000, then the GWB Adjustment is increased by 100% of the additional Premium payment, net of any applicable taxes. The resulting GWB Adjustment is $180,000 + $50,000 = $230,000. |
s | Your GMWB Earnings Determination Baseline is increased by the Premium payment. The GMWB Earnings Determination Baseline is not subject to a maximum of $10,000,000. |
4. | The
information contained in Examples “8a” and “8b” under “Example 8” on page C-9 of the prospectus is deleted and replaced with the following: |
• | Example 8a: This example demonstrates what happens if at the end of a Contract Year in which you have taken no withdrawals, your GWB is $100,000, your Bonus Base is $100,000, and your GAWA is $5,000: |
s | Your new GWB is recalculated to equal $105,000, which is equal to your GWB
plus 5% of your Bonus Base ($100,000 + $100,000 * 0.05 = $105,000). |
s | Your GAWA for the next year is recalculated to equal $5,250, which is the greater of 1) your GAWA prior to the application of the bonus ($5,000) or 2) 5% of your new GWB ($105,000 * 0.05 = $5,250). |
s | After the application of the bonus, if you continued to take annual withdrawals equal to your GAWA, it would take an additional 20 years to deplete your GWB ($105,000 / $5,250 per year = 20 years), provided that there are no further adjustments made to your
GWB or your GAWA (besides the annual reduction of your GWB by the amount of the withdrawal) and that the withdrawals are taken prior to the Latest Income Date. However, if the For Life Guarantee is in effect, withdrawals equal to your GAWA could continue for the rest of your life (or in the case of Joint Owners, until the first death of the Joint Owners or until the death of the last surviving Covered Life if your endorsement is a For Life GMWB with Joint Option), even beyond 20 years, provided that the withdrawals are taken prior to the Latest Income Date. |
• | Example 8b: This example demonstrates what happens if at the end of a Contract Year in which you have taken no withdrawals, your GWB is $90,000,
your Bonus Base is $100,000, and your GAWA is $5,000: |
s | Your new GWB is recalculated to equal $95,000, which is equal to your GWB plus 5% of your Bonus Base ($90,000 + $100,000 * 0.05 = $95,000). |
s | Your GAWA for the next year remains $5,000, which is the greater of 1) your GAWA prior to the application of the bonus ($5,000) or 2) 5% of your new GWB ($95,000 * 0.05 = $4,750). |
s | After
the application of the bonus, if you continued to take annual withdrawals equal to your GAWA, it would take an additional 19 years to deplete your GWB ($95,000 / $5,000 per year = 19 years), provided that there are no further adjustments made to your GWB or your GAWA (besides the annual reduction of your GWB by the amount of the withdrawal) and that the withdrawals are taken prior to the Latest Income Date. However, if the For Life Guarantee is in effect, withdrawals equal to your GAWA could continue for the rest of your life (or in the case of Joint Owners, until the first death of the Joint Owners or until the death of the last surviving Covered Life if your endorsement is a For Life GMWB with Joint Option), even beyond 19 years, provided that the withdrawals are taken prior to the Latest Income Date. |
5. | The information contained in Examples “11a” and “11b” under “Example 11” on page C-11 of the prospectus is deleted and replaced with the following: |
• | Example 11a: This example demonstrates what happens if on the GWB Adjustment Date, your GWB is $160,000, your GWB Adjustment is $180,000, and you have taken no withdrawals on or prior
to the GWB Adjustment Date: |
s | Your new GWB is recalculated to equal $180,000, which is the greater of 1) your GWB prior to the application of the GWB Adjustment ($160,000) or 2) the GWB Adjustment ($180,000). |
• | Example 11b: This example demonstrates what happens if on the GWB Adjustment Date, your GWB is $210,000, your GWB Adjustment is $180,000, and you have taken no withdrawals on or prior to the GWB Adjustment Date: |
s | Your
new GWB is recalculated to equal $210,000, which is the greater of 1) your GWB prior to the application of the GWB Adjustment ($210,000) or 2) the GWB Adjustment ($180,000). |
Ř | In the subsection titled “III. LIFEGUARD FREEDOM FLEX” under the section titled “APPENDIX C (GMWB Prospectus Examples)” beginning on page C-14 of the prospectus, the prospectus is revised as follows: |
1. | The
first paragraph of the LifeGuard Freedom Flex subsection is deleted and replaced with the following: |
2. | The information following the “Notes” bullet under “Example
1” on page C-14 of the prospectus is deleted and replaced with the following: |
s | Your initial Bonus Base is set equal to your GWB. |
s | Your initial GWB Adjustment is set equal to 190% times your initial GWB. |
s | If your endorsement
includes a GMWB Death Benefit provision, your initial GMWB Death Benefit is set equal to your initial GWB. |
3. | The information following the “Notes” bullet under “Example 3” on page C-14 of the prospectus is deleted and replaced with the following: |
s | Your GAWA is recalculated upon payment of an additional Premium (as described above) only if such payment occurs after your GAWA%
has been determined. |
s | Your Bonus Base is increased by the Premium payment, net of any applicable taxes, subject to a maximum of $10,000,000. |
s | If the Premium payment occurs prior to the first Contract Anniversary, your GWB Adjustment is increased by the Premium payment, net of any applicable taxes, times 190%, subject to a maximum of $10,000,000. For example, if, as in Example 3a, you make an additional Premium payment, net of any applicable taxes, of $50,000 prior to your first Contract Anniversary, and your GWB Adjustment
value before the additional Premium payment is $190,000, then the GWB Adjustment is increased by 190% of the additional Premium payment, net of any applicable taxes. The resulting GWB Adjustment is $190,000 + $95,000 = $285,000. |
s | If the Premium payment occurs on or after the first Contract Anniversary, your GWB Adjustment is increased by the Premium payment, net of any applicable taxes, subject to a maximum of $10,000,000. For example, if you make an additional Premium payment, net of any applicable taxes, of $50,000 after your first Contract Anniversary, and your GWB Adjustment value before the additional Premium payment is $190,000, then the GWB Adjustment is increased by |
s | If your endorsement includes a GMWB Death Benefit provision, your GMWB Death Benefit is increased by the Premium payment, net of any applicable taxes, subject to a maximum of $10,000,000. |
4. | The
information contained in Examples “8a” and “8b” under “Example 8” on page C-19 of the prospectus is deleted and replaced with the following: |
• | Example 8a: This example demonstrates what happens if at the end of a Contract Year in which you have taken no withdrawals, your GWB is $100,000, your Bonus Base is $100,000, and your GAWA is $5,000: |
s | Your new GWB is recalculated to equal $106,000, which is equal to your GWB
plus 6% of your Bonus Base ($100,000 + $100,000 * 0.06 = $106,000). |
s | Your GAWA for the next year is equal $5,300, which is 5% of your new GWB ($106,000 * 0.05 = $5,300). |
s | After the application of the Bonus, if you continued to take annual withdrawals equal to your GAWA, it would take an additional 20 years to deplete your GWB ($106,000 / $5,300 per year = 20 years), provided that there are no further adjustments made to your GWB or your GAWA (besides the annual reduction of your GWB by the amount of the withdrawal) and
that the withdrawals are taken prior to the Latest Income Date. However, if the For Life Guarantee is in effect, withdrawals equal to your GAWA could continue for the rest of your life (or in the case of Joint Owners, until the first death of the Joint Owners or until the death of the last surviving Covered Life if your endorsement is a For Life GMWB with Joint Option), even beyond 20 years, provided that the withdrawals are taken prior to the Latest Income Date. |
• | Example 8b: This example demonstrates what happens if at the end of a Contract Year in which you have taken no withdrawals, your GWB is $90,000, your Bonus Base is $100,000, and your GAWA is $5,000: |
s | Your
new GWB is recalculated to equal $96,000, which is equal to your GWB plus 6% of your Bonus Base ($90,000 + $100,000 * 0.06 = $96,000). |
s | Your GAWA for the next year remains $5,000, which is the greater of 1) your GAWA prior to the application of the Bonus ($5,000) or 2) 5% of your new GWB ($96,000 * 0.05 = $4,800). |
s | After the application of the Bonus, if you continued to take annual withdrawals equal to your GAWA, it would take approximately an additional 20 years to deplete your GWB ($96,000 / $5,000 per year = approximately
20 years), provided that there are no further adjustments made to your GWB or your GAWA (besides the annual reduction of your GWB by the amount of the withdrawal) and that the withdrawals are taken prior to the Latest Income Date. However, if the For Life Guarantee is in effect, withdrawals equal to your GAWA could continue for the rest of your life (or in the case of Joint Owners, until the first death of the Joint Owners or until the death of the last surviving Covered Life if your endorsement is a For Life GMWB with Joint Option), even beyond 20 years, provided that the withdrawals are taken prior to the Latest Income Date. |
5. | The information contained in Examples “11a” and “11b”
under “Example 11” on page C-21 of the prospectus is deleted and replaced with the following: |
• | Example 11a: This example demonstrates what happens if on the GWB Adjustment Date, your GWB is $160,000, your GWB Adjustment is $190,000, and you have taken no withdrawals on or prior to the GWB Adjustment Date: |
s | Your new GWB is recalculated to equal $190,000, which is the greater of 1) your GWB prior to the application of the GWB Adjustment
($160,000) or 2) the GWB Adjustment ($190,000). |
• | Example 11b: This example demonstrates what happens if on the GWB Adjustment Date, your GWB is $210,000, your GWB Adjustment is $190,000, and you have taken no withdrawals on or prior to the GWB Adjustment Date: |
s | Your new GWB is recalculated to equal $210,000, which is the greater of 1) your GWB prior to the application of the GWB Adjustment ($210,000) or 2) the GWB Adjustment ($190,000). |
Exhibit | Description |
1. |
2. | Not Applicable. |
a. |
b. |
a. |
b. |
c. |
d. |
e. |
f. |
g. |
h. |
i. |
j. |
k. |
l. |
m. |
n. |
o. |
p. |
q. |
r. |
s. |
t. |
ff. |
gg. |
hh. |
ii. |
jj. |
kk. |
ll. |
mm. |
nn. |
oo. |
a. |
b. |
c. |
d. |
a. |
b. |
c. |
a. |
b. |
8. |
9. | Opinion
and Consent of Counsel, attached hereto. |
10. | Consent of Independent Registered Public Accounting Firm, attached hereto. |
11. | Not Applicable. |
12. | Not
Applicable. |
Name and Principal Business Address | Positions and Offices with Depositor |
2900 Westchester Ave. | Director |
Michigan State University C337 Wells Hall 619 Red Cedar Road | Director |
2900 Westchester Ave. | Director |
300 Innovation Drive | Director |
300 Innovation Drive | President |
1 Corporate Way | Executive
Vice President & Chief Financial Officer |
1 Corporate Way | Executive Vice President, General Counsel & Secretary |
300 Innovation Drive | Chief Commercial Officer |
Bradley O. Harris 300 Innovation Drive | Executive Vice President & Chief Risk Officer |
1 Corporate Way | Executive
Vice President, Chief Operating Officer, Chair and Director |
Kenneth H. Stewart 1 Corporate Way | Executive Vice President, Corporate Development |
Savvas
(Steve) P. Binioris 1 Corporate Way | Senior Vice President |
1 Corporate Way | Senior Vice President, Controller & Treasurer |
Devkumar D. Ganguly 1 Corporate Way | Senior
Vice President & Chief Information Officer |
Guillermo E. Guerra 1 Corporate Way | Senior Vice President & Group Chief Information Security Officer |
1 Corporate Way | Senior Vice President & Director |
Thomas P. Hyatte 1 Corporate Way | Senior Vice President & Deputy General Counsel |
Dana S. Rapier 1 Corporate Way | Senior Vice President, Chief Human Resources Officer |
Stacey
L. Schabel 1 Corporate Way | Senior Vice President, Chief Audit Executive |
Marcia L. Wadsten 1 Corporate Way | Senior Vice President, Chief Actuary & Appointed Actuary |
Richard C. White 1 Corporate Way | Senior Vice President |
Marina
C. Ashiotou 225 W. Wacker Drive Suite 1200 | Vice President |
Dennis A. Blue 1 Corporate Way | Vice President |
1 Corporate Way | Vice
President & Director |
Pamela L. Bottles 1 Corporate Way | Vice President |
Andrew
Campbell 1 Corporate Way | Vice President |
William T. Devanney, Jr. 1 Corporate Way | Vice President |
Lisa I. Fox 300 Innovation Drive | Vice President |
Heather
Gahir 1 Corporate Way | Vice President |
Joseph K. Garrett 1 Corporate Way | Vice President |
Scott J. Golde 1 Corporate Way | Vice President, Deputy General Counsel |
Robert
W. Hajdu 1 Corporate Way | Vice President |
1 Corporate Way | Vice President & Director |
Courtney Hoffman 225 W. Wacker Drive Suite 1200 | Vice
President |
Thomas A. Janda 1 Corporate Way | Vice President |
Scott F. Klus 1
Corporate Way | Vice President |
Toni L. Klus 1 Corporate Way | Vice
President |
Matthew F. Laker 300 Innovation Drive | Vice President |
Diahn M. McHenry 1
Corporate Way | Vice President |
Ryan T.
Mellott 1 Corporate Way | Vice President, Illustration Actuary |
Dean M. Miller 300 Connell Drive Suite 2100 | Vice President |
Jacky Morin 300 Connell Drive Suite 2100 | Vice
President |
James A. Schultz 1 Corporate Way | Vice President & Assistant Treasurer |
Muhammad S. Shami 1
Corporate Way | Vice President |
Bhatt L. Vadlamani 1 Corporate Way | Vice
President |
Brian M. Walta 1 Corporate Way | Vice President |
(a) | Jackson
National Life Distributors LLC acts as general distributor for the JNLNY Separate Account I. Jackson National Life Distributors LLC also acts as general distributor for the Jackson National Separate Account - I, the Jackson National Separate Account III, the Jackson National Separate Account IV, the Jackson National Separate Account V, the JNLNY Separate Account II, the JNLNY Separate Account IV, the Jackson Sage Variable Annuity Account A, the Jackson Sage Variable Life Account A, the Jackson SWL Variable Annuity Fund I, the JNL Series Trust, JNL Variable Fund LLC, JNL Investors Series Trust, and Jackson Variable Series Trust. |
(b) | Directors and Officers of Jackson National Life Distributors
LLC: |
Name and Business Address | Positions and Offices with Underwriter |
300 Innovation Drive | Chairman & Manager |
Steve P. Binioris 1 Corporate Way | Manager |
Bradley
O. Harris 300 Innovation Drive | Manager |
Aimee DeCamillo 300 Innovation Drive | President, Chief Executive Officer & Manager |
Scott Romine 300 Innovation Drive | President of Advisory Solutions |
Scott
Golde 1 Corporate Way | General Counsel |
Alison Reed 300 Innovation Drive | Executive Vice President, Operations |
Marc Socol 300 Innovation Drive | Executive Vice President, National Sales Manager |
Bill
Burrow 300 Innovation Drive | Senior Vice President |
Dana R. Melesky Flegler 1 Corporate Way | Senior Vice President |
Elizabeth Griffith 300 Innovation Drive | Senior Vice President |
Aileen
Herndon 300 Innovation Drive | Senior Vice President |
Julie Hughes 1 Corporate Way | Senior Vice President |
Heidi Kaiser 1 Corporate Way | Senior Vice President & Chief Compliance Officer |
Greg
Masucci 300 Innovation Drive | Senior Vice President |
Tim Munsie 300 Innovation Drive | Senior Vice President |
Brian Sward 300 Innovation Drive | Senior Vice President |
Bryan
Wilhelm 300 Innovation Drive | Senior Vice President |
Ty Anderson 300 Innovation Drive | Vice President |
J. Edward Branstetter, Jr. 300 Innovation Drive | Vice President |
Lauren
L. Caputo 300 Innovation Drive | Vice President |
Michelle Carroll 1 Corporate Way | Vice President |
Court Chynces 300 Innovation Drive | Vice President |
Bill
Dixon 300 Innovation Drive | Vice President |
Heather Fitzgerald 300 Innovation Drive | Vice President |
Ashley S. Golson 300 Innovation Drive | Vice President |
Thomas
Hurley 300 Innovation Drive | Vice President |
Mark Jones 300 Innovation Drive | Vice President |
Matt Lemieux 300 Innovation Drive | Vice President |
Kristine
Lowry 300 Innovation Drive | Vice President, FinOp & Controller |
Joseph Patracuollo 300 Innovation Drive | Vice President |
Allison Pearson 300 Innovation Drive | Vice President |
Kimberly
Plyler 300 Innovation Drive | Vice President |
Ryan Riggen 300 Innovation Drive | Vice President |
Sam Rosenbrock 300 Innovation Drive | Vice President |
David
Russell 300 Innovation Drive | Vice President |
Daniel Starishevsky 300 Innovation Drive | Vice President |
Michael Story 1 Corporate Way | Vice President |
Jeremy Swartz 300 Innovation Drive | Vice President |
Kendall
Wetzel 300 Innovation Drive | Vice President |
Sutton White 300 Innovation Drive | Vice President |
Myles Womack 300 Innovation Drive | Vice President |
Phil
Wright 300 Innovation Drive | Vice President |
Kristan L. Richardson 1 Corporate Way | Secretary |
Name of Principal Underwriter | Net Underwriting Discounts and Commissions | Compensation on Redemption | Brokerage Commissions | Compensation |
Jackson
National Life Distributors LLC | Not Applicable | Not Applicable | Not Applicable | Not Applicable |
a) | Jackson
National Life Insurance Company of New York hereby undertakes to file a post-effective amendment to this registration statement as frequently as is necessary to ensure that the audited financial statements in the registration statement are never more than sixteen (16) months old for so long as payment under the variable annuity contracts may be accepted. |
b) | Jackson National Life Insurance Company of New York hereby undertakes to include either (1) as part of any application to purchase a contract offered by the Prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a postcard or similar written communication affixed to or included in the Prospectus
that the applicant can remove to send for a Statement of Additional Information. |
c) | Jackson National Life Insurance Company of New York hereby undertakes to deliver any Statement of Additional Information and any financial statement required to be made available under this Form promptly upon written or oral request. |
d) | Jackson National Life Insurance Company of New York represents that the fees and charges deducted under
the contract, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by Jackson National Life Insurance Company of New York. |
e) | The Registrant hereby represents that any contract offered by the prospectus and which is issued pursuant to Section 403(b) of the Internal Revenue Code of 1986 as amended, is issued by the Registrant in reliance upon, and in compliance with, the Securities and Exchange Commission's industry-wide no-action letter to the American Council of Life Insurance (publicly available November 28, 1988) which permits withdrawal restrictions to the extent necessary to comply with IRS Section 403(b)(11). |
* | ||
Michael
I. Falcon, President | ||
* | ||
Axel André,
Executive Vice President and Chief Financial Officer | ||
* | ||
Laura
L. Prieskorn, Executive Vice President, Chief Operating Officer, Chair and Director | ||
* | ||
Michael
A. Costello, Senior Vice President, Controller and Treasurer | ||
* | ||
Barrett
M. Bonemer, Vice President and Director | ||
* | ||
Laura
L. Hanson, Vice President and Director |
* | ||
Patrick G. Boyle, Director | ||
* | ||
R. Kevin Clinton, Director | ||
* | ||
Nancy F. Heller, Director | ||
* | ||
Scott E. Romine, Director |
Michael I. Falcon, President |
/s/
AXEL ANDRÉ |
Axel André, Executive Vice President and Chief Financial Officer |
Aimee R. DeCamillo, Chief Commercial Officer |
Laura L. Prieskorn, Chief Operating Officer, Chair and Director |
Michael A. Costello, Senior Vice President, Controller,
and Treasurer |
Barrett M. Bonemer, Vice President and Director |
/s/ LAURA
L. HANSON |
Laura L. Hanson, Vice President and Director |
/s/ PATRICK G. BOYLE |
Patrick G. Boyle, Director |
/s/
R. KEVIN CLINTON |
R. Kevin Clinton, Director |
/s/ NANCY F. HELLER |
Nancy F. Heller, Director |
/s/
SCOTT E. ROMINE |
Scott E. Romine, Director |
Exhibit No. | Description |
9. | Opinion
and Consent of Counsel. |
10. | Consent of Independent Registered Public Accounting Firm. |
This ‘485BPOS’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Effective on: | 8/10/20 | 485BPOS, 497J | ||
Filed on: | 8/4/20 | 485BPOS | ||
6/30/20 | ||||
4/27/20 | 485BPOS, 497, EFFECT | |||
12/31/19 | 24F-2NT, N-CEN | |||
6/24/19 | 485BPOS, 497, EFFECT | |||
12/31/18 | 24F-2NT, 24F-2NT/A, N-CEN | |||
12/31/17 | 24F-2NT, 24F-2NT/A, NSAR-U | |||
List all Filings |