-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OhJem9YnSCnin8v0LmBCWcerBIuqfQZJUOE7YwLmayAfLERg9ZEH/4hmVI9tBeyJ LHv+v2BOwbXmbUOMUz5f9w== 0001193125-08-078842.txt : 20080410 0001193125-08-078842.hdr.sgml : 20080410 20080410141133 ACCESSION NUMBER: 0001193125-08-078842 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080410 DATE AS OF CHANGE: 20080410 EFFECTIVENESS DATE: 20080410 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Genworth Life of New York VA Separate Account 1 CENTRAL INDEX KEY: 0001044035 IRS NUMBER: 222882416 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-140908 FILM NUMBER: 08749623 BUSINESS ADDRESS: STREET 1: 6610 WEST BROAD STREET CITY: RICHMOND STATE: VA ZIP: 23230 BUSINESS PHONE: 804-281-6000 MAIL ADDRESS: STREET 1: 6610 WEST BROAD STREET CITY: RICHMOND STATE: VA ZIP: 23230 FORMER COMPANY: FORMER CONFORMED NAME: GE CAPITAL LIFE SEPARATE ACCOUNT II DATE OF NAME CHANGE: 19970808 0001044035 S000009720 Genworth Life of New York VA Separate Account 1 C000048003 RetireReady Bonus NY VA 497 1 d497.txt 497 SUPPLEMENT DATED APRIL 10, 2008 TO PROSPECTUS DATED JUNE 30, 2007 FOR FLEXIBLE PREMIUM VARIABLE DEFERRED ANNUITY CONTRACTS ISSUED BY GENWORTH LIFE INSURANCE COMPANY OF NEW YORK THROUGH ITS GENWORTH LIFE OF NEW YORK VA SEPARATE ACCOUNT 1 This supplement updates certain information contained in your prospectus. Please read it and keep it with your prospectus for future reference. On March 18, 2008, the Board of Trustees (the "Board") for the XTF Advisors Trust (the "Trust") voted to liquidate the ETF 60 Portfolio (the "Portfolio"). The Board concluded that the Portfolio should cease operations due to its relatively small asset size and insufficient evidence of future asset growth opportunities. In accordance with the Board's decision to terminate operations, beginning on May 1, 2008, the Portfolio will no longer accept any purchase orders in anticipation of a final liquidation of the Portfolio on June 20, 2008. Assets held by the Separate Account invested in the Portfolio will be transferred at the close of trading on the New York Stock Exchange on June 20, 2008, to the GE Investments Funds, Inc. -- Money Market Fund. You may make transfers from the Portfolio to one or more of the Subaccounts investing in the Portfolios listed below. Please note, however, that the Portfolio is also part of the Investment Strategy for certain of the living benefit rider options. The benefits a contract owner receives under these living benefit riders may be reduced if, after the transfer, the owner's assets are not allocated in accordance with the prescribed Investment Strategy for the rider. Contract owners that own Lifetime Income Plus 2008 must always allocate assets in accordance with the Investment Strategy. The current Investment Strategy for the living benefit riders (excluding the ETF 60 Portfolio) is also provided below. Transfers made from the Portfolio during the period of April 10, 2008 to June 20, 2008 will not be considered a transfer for the purpose of calculating the number of transfers that may be made each calendar year without invoking our right to assess a transfer charge or for purposes of calculating the number of transfers that can be made each calendar year by U.S. Mail, voice response, telephone or facsimile. 42514NY SUPPE 04/10/08 Subaccounts:
Adviser (and Sub-Adviser(s), Subaccount Investing In Investment Objective as applicable) ------------------------------------------------------------------------------------------------- AIM VARIABLE AIM V.I. International Growth Seeks to provide long-term growth A I M Advisors, Inc. INSURANCE FUNDS Fund -- Series II shares of capital. ------------------------------------------------------------------------------------------------- ALLIANCEBERNSTEIN AllianceBernstein Balanced Seeks to maximize total return AllianceBernstein, L.P. VARIABLE PRODUCTS Wealth Strategy Portfolio -- consistent with the adviser's SERIES FUND, INC. Class B determination of reasonable risk ------------------------------------------------------------------------------------------------- AllianceBernstein Long-term growth of capital. AllianceBernstein, L.P. International Value Portfolio -- Class B ------------------------------------------------------------------------------------------------- BLACKROCK VARIABLE BlackRock Global Allocation Seeks high total investment return. BlackRock Advisors, LLC SERIES FUNDS, INC. V.I. Fund -- Class III (subadvised by BlackRock Investment Management, LLC and BlackRock Asset Management U.K. Limited) ------------------------------------------------------------------------------------------------- COLUMBIA FUNDS Columbia Marsico The fund seeks long-term growth of Columbia Management VARIABLE INSURANCE International Opportunities capital. Advisors, LLC (subadvised TRUST I Fund, Variable Series -- by Marsico Capital Class B Management, LLC) ------------------------------------------------------------------------------------------------- EATON VANCE VT Floating-Rate Income Fund To provide a high level of current Eaton Vance Management VARIABLE TRUST income. ------------------------------------------------------------------------------------------------- FIDELITY(R) VARIABLE VIP Balanced Portfolio -- Seeks income and capital growth Fidelity Management & INSURANCE PRODUCTS Service Class 2 consistent with reasonable risk. Research Company (FMR) FUND (subadvised by Fidelity Investments Money Management, Inc. (FIMM), FMR Co., Inc. (FMRC), Fidelity Research & Analysis Company (FRAC), Fidelity Management & Research (U.K.) Inc. (FMR U.K.), Fidelity International Investment Advisors (FIIA), Fidelity International Investment Advisors (U.K.) Limited (FIIA(U.K.)L), and Fidelity Investments Japan Limited (FIJ)) ------------------------------------------------------------------------------------------------- VIP Contrafund(R) Portfolio -- Seeks long-term capital FMR (subadvised by FMRC, Service Class 2 appreciation. FRAC, FMR U.K., FIIA, FIIA(U.K.)L, and FIJ) ------------------------------------------------------------------------------------------------- VIP Equity-Income Seeks reasonable income. The fund FMR (subadvised by FMRC, Portfolio -- Service Class 2 will also consider the potential for FRAC, FMR U.K., FIIA, capital appreciation. The fund's goal FIIA(U.K.)L, and FIJ) is to achieve a yield which exceeds the composite yield on the securities comprising the Standard & Poors 500/SM/ Index (S&P 500(R)). ------------------------------------------------------------------------------------------------- VIP Investment Grade Bond Seeks as high a level of current FMR (subadvised by FRAC, Portfolio -- Service Class 2 income as is consistent with the FIIA and FIIA(U.K.)L) preservation of capital. ------------------------------------------------------------------------------------------------- VIP Mid Cap Portfolio -- Seeks long-term growth of capital. FMR (subadvised by FMRC, Service Class 2 FRAC, FMR U.K., FIIA, FIIA(U.K.)L, and FIJ) -------------------------------------------------------------------------------------------------
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Adviser (and Sub-Adviser(s), Subaccount Investing In Investment Objective as applicable) -------------------------------------------------------------------------------------------------- FRANKLIN TEMPLETON Franklin Income Securities Seeks to maximize income while Franklin Advisers, Inc. VARIABLE INSURANCE Fund -- Class 2 Shares maintaining prospects for capital PRODUCTS TRUST appreciation. The fund normally invests in both equity and debt securities. The fund seeks income by investing in corporate, foreign and U.S. Treasury bonds as well as stocks with dividend yields the manager believes are attractive. -------------------------------------------------------------------------------------------------- Franklin Templeton VIP The fund's principal investment goal Franklin Templeton Services, Founding Funds Allocation is capital appreciation. Its secondary LLC (the fund's Fund -- Class 2 Shares goal is income. administrator) -------------------------------------------------------------------------------------------------- Mutual Shares Securities Seeks capital appreciation, with Franklin Mutual Advisers, Fund -- Class 2 Shares income as a secondary goal. The LLC fund normally invests primarily in equity securities of companies the manager believes are undervalued. The fund also invests, to a lesser extent in risk arbitrage securities and distressed companies. -------------------------------------------------------------------------------------------------- Templeton Growth Securities Seeks long-term capital growth. The Templeton Global Advisors Fund -- Class 2 Shares fund normally invests primarily in Limited equity securities of companies located anywhere in the world, including those in the U.S. and in emerging markets. -------------------------------------------------------------------------------------------------- GE INVESTMENTS Mid-Cap Equity Fund Seeks long-term growth of capital GE Asset Management FUNDS, INC. and future income. Incorporated -------------------------------------------------------------------------------------------------- Money Market Fund/1/ Seeks a high level of current income GE Asset Management consistent with the preservation of Incorporated capital and maintenance of liquidity. -------------------------------------------------------------------------------------------------- S&P 500(R) Index Fund/2/ Seeks growth of capital and GE Asset Management accumulation of income that Incorporated (subadvised by corresponds to the investment return SSgA Funds Management, of S&P's 500 Composite Stock Inc.) Index. -------------------------------------------------------------------------------------------------- Total Return Fund -- Class 3 Seeks the highest total return, GE Asset Management Shares composed of current income and Incorporated capital appreciation, as is consistent with prudent investment risk. -------------------------------------------------------------------------------------------------- JANUS ASPEN SERIES Balanced Portfolio -- Service Seeks long-term capital growth, Janus Capital Management Shares consistent with preservation of LLC capital and balanced by current income. -------------------------------------------------------------------------------------------------- Forty Portfolio -- Service A non-diversified portfolio/3/ that Janus Capital Management Shares seeks long-term growth of capital. LLC -------------------------------------------------------------------------------------------------- MFS(R) VARIABLE MFS(R) Total Return Series -- The fund's investment objective is to Massachusetts Financial INSURANCE TRUST Service Class Shares seek total return. The fund's Services Company objective may be changed without shareholder approval. --------------------------------------------------------------------------------------------------
/1/ During extended periods of low interest rates, the yields of the Money Market Fund may become extremely low and possibly negative. /2/ "Standard & Poor's," "S&P," and "S&P 500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by GE Asset Management Incorporated. The S&P 500(R) Index Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's, and Standard & Poor's makes no representation or warranty, express or implied, regarding the advisability of investing in this portfolio or the Policy. 3 /3/ A non-diversified portfolio is a portfolio that may hold a larger position in a smaller number of securities than a diversified portfolio. This means that a single security's increase or decrease in value may have a greater impact on the return and the net asset value of a non-diversified portfolio than a diversified portfolio.
Adviser (and Sub-Adviser(s), Subaccount Investing In Investment Objective as applicable) ------------------------------------------------------------------------------------------------- OPPENHEIMER Oppenheimer Balanced Fund/ Seeks a high total investment return, OppenheimerFunds, Inc. VARIABLE ACCOUNT VA -- Service Shares which includes current income and FUNDS capital appreciation in the value of its shares. ------------------------------------------------------------------------------------------------- Oppenheimer Main Street Seeks capital appreciation. OppenheimerFunds, Inc. Small Cap Fund/VA -- Service Shares ------------------------------------------------------------------------------------------------- PIMCO VARIABLE Long-Term U.S. Government Seeks maximum total return, Pacific Investment INSURANCE TRUST Portfolio -- Administrative consistent with preservation of Management Company LLC Class Shares capital and prudent investment management. ------------------------------------------------------------------------------------------------- Low Duration Portfolio -- Seeks maximum total return, Pacific Investment Administrative Class Shares consistent with preservation of Management Company LLC capital and prudent investment management. ------------------------------------------------------------------------------------------------- Total Return Portfolio -- Seeks maximum total return, Pacific Investment Administrative Class Shares consistent with preservation of Management Company LLC capital and prudent investment management. ------------------------------------------------------------------------------------------------- THE PRUDENTIAL SERIES Jennison 20/20 Focus Seeks long-term growth of capital. Prudential Investments LLC FUND Portfolio -- Class II (subadvised by Jennison Associates LLC) ------------------------------------------------------------------------------------------------- Natural Resources Portfolio -- Seeks long-term growth of capital. Prudential Investments LLC Class II (subadvised by Jennison Associates LLC) ------------------------------------------------------------------------------------------------- THE UNIVERSAL Equity and Income Portfolio -- Seeks both capital appreciation and Morgan Stanley Investment INSTITUTIONAL FUNDS, Class II Shares current income. Management Inc. INC. ------------------------------------------------------------------------------------------------- VAN KAMPEN LIFE Comstock Portfolio -- Class II Seeks capital growth and income Van Kampen Asset INVESTMENT TRUST Shares through investments in equity Management securities, including common stocks, preferred stocks and securities convertible into common and preferred stocks. -------------------------------------------------------------------------------------------------
The current Investment Strategy for the living benefit riders is as follows: (1) owners may allocate assets to the following Designated Subaccounts: AllianceBernstein Variable Products Series Fund, Inc. -- AllianceBernstein Balanced Wealth Strategies Portfolio -- Class B BlackRock Variable Series Funds, Inc. -- BlackRock Global Allocation V.I. Fund -- Class III Shares; Fidelity Variable Insurance Products Fund -- VIP Balanced Portfolio -- Service Class 2; Franklin Templeton Variable Insurance Products Trust -- Franklin Income Securities Fund -- Class 2 Shares; Franklin Templeton Variable Insurance Products Trust -- Franklin Templeton VIP Founding Funds Allocation Fund -- Class 2 Shares GE Investments Funds, Inc. -- Total Return Fund -- Class 3 Shares; 4 Janus Aspen Series -- Balanced Portfolio -- Service Shares; MFS(R) Variable Insurance Trust -- MFS(R) Total Return Series -- Service Class Shares; Oppenheimer Variable Account Funds -- Oppenheimer Balanced Fund/VA -- Service Shares; and/or The Universal Institutional Funds, Inc. -- Equity and Income Portfolio -- Class II Shares; OR (2) for owners who have elected Lifetime Income Plus 2008, owners may allocate assets to Asset Allocation Model A, B, C or D; or for owners who have elected another living benefit rider, owners may allocate assets to the Build Your Own Asset Allocation Model C. Not all of these Portfolios may be available in all states or all markets. Prospectuses for the Portfolios listed above may be obtained free of charge from our Service Center by calling: 800 313.5282 or by writing: Genworth Insurance Company of New York Variable Annuity Service Center 6610 West Broad Street Richmond, Virginia 23230 Please be sure to include your name, the Annuitant's name, your contract number and your current mailing address on any written correspondence so that we may be sure the correct prospectuses are mailed to you. 5 -----END PRIVACY-ENHANCED MESSAGE-----