Rule 497(e)

File Nos. 333-158546 and 811-03972

FUTUREFUNDS SELECT

A Group Fixed and Variable Deferred Annuity Contract

Issued by

FutureFunds Series Account

of

Great-West Life & Annuity Insurance Company

Supplement dated June 7, 2017

to the Prospectus dated May 1, 2017

This Supplement amends certain information contained in the Prospectus dated May 1, 2017

1. Great-West Profile Funds Merger:

As previously announced in the Supplement dated April 17, 2017 to the Prospectus dated April 22, 2016, and also referenced in the May 1, 2017 Prospectus, the merger of the Great-West Profile I Funds (the acquired funds) into the Great-West Profile II Funds (the acquiring funds) was expected to occur on or about June 16, 2017. The merger date has been delayed to on or about July 14, 2017.

2. Great-West Stock Index Fund Merger:

As previously announced in the Supplement dated April 17, 2017 to the Prospectus dated April 22, 2016,, and also referenced in the May 1, 2017 Prospectus, the merger of the Great-West Stock Index Fund (the acquired fund) into the Great-West S&P 500^® Index Fund (the acquiring fund) was expected to occur on or about June 16, 2017. The merger date has been delayed to on or about July 14, 2017.

3. Great-West U.S. Government Mortgage Securities Fund Name Change:

Effective on or about July 14, 2017, the Great-West U.S. Government Mortgage Securities Fund will be re-named the Great-West U.S. Government Securities Fund. Therefore, effective on or about July 14, 2017, all references in the Prospectus or Statement of Additional Information to this Fund are amended to be references to the Great-West U.S. Government Securities Fund.

4. Allocating Your Money:

The listing for the Great-West Moderately Conservative Profile I Fund - Investor Class Shares appearing on page 2 of the Prospectus is deleted and replaced with the following:

“Great-West Moderately Conservative Profile I Fund - Investor Class Shares*    

(effective on or about July 14, 2017, this portfolio will merge into the Great-West Moderately Conservative Profile II Fund - Investor Class Shares, and become the Great-West Moderately Conservative Profile Fund - Investor Class Shares).”

If you have any questions regarding this Supplement, please call Great-West toll-free at (800) 537-2033.

This Supplement must be accompanied by, and read in conjunction with, the current Prospectus and

Statement of Additional Information dated May 1, 2017.

Please read this Supplement carefully and retain it for future reference.