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MEMBERS® EXTRASM VARIABLE ANNUITY

Issued by

TRANSAMERICA LIFE INSURANCE COMPANY

SEPARATE ACCOUNT VA B

Supplement Dated February 2, 2015

to the

Prospectus dated May 1, 2014

Effective February 17, 2015, the following hereby amends, and to the extent inconsistent replaces, the corresponding paragraph in the Retirement Income Max® Benefit - Withdrawal Percentage section in the prospectus:

Withdrawal Percentage. We use the withdrawal percentage to calculate the rider withdrawal amount. The withdrawal percentage is determined by the annuitant’s age (or the annuitant’s spouse’s age if younger and the joint life option is elected) at the time of the first withdrawal taken on or after the rider anniversary immediately following the annuitant’s (or the annuitant’s spouse’s if younger and the joint life option is elected) 59th birthday. The withdrawal percentage is as follows:

 

Age at time
of first
withdrawal

    Single Life
Option Riders
Issued on or after
February 17, 2015		   Joint Life
Option Riders
Issued on or after
February 17, 2015		   Single Life
Option Riders
Issued
May 1, 2014 to
February 16, 2015		   Joint Life
Option Riders
Issued
May 1, 2014 to
February 16, 2015		   Single Life
Option Riders
Issued December 12,
2011 to
May 1, 2014		   Joint Life
Option Riders
Issued December 12,
2011 to
May 1, 2014
0-58    0.00%   0.00%   0.00%   0.00%   0.00%   0.00%
59-64    4.20%   3.80%   4.30%   4.00%   4.30%   3.80%
65-79    5.20%   4.80%   5.30%   5.00%   5.30%   4.80%
³ 80    6.20%   5.80%   6.30%   6.00%   6.30%   5.80%

 

Age at time
of first
withdrawal

    Single Life
Option Riders
Issued Prior to
December 12,
2011		   Joint Life
Option Riders
Issued Prior to
December 12,
2011
0-58    0.00%   0.00%
59-64    4.50%   4.10%
65-74    5.50%   5.10%
³ 75    6.50%   6.10%

Please note, once established, the withdrawal percentage will not generally increase even though the annuitant’s age increases except in certain instances involving automatic step-ups.

Effective on or about February 17, 2015, the following subaccount will no longer be a Designated Investment Option under the Retirement Income Max® Rider for riders purchased on or after February 17, 2015:

TA Vanguard ETF – Balanced – Service Class

Please note: In order to receive the rates effective May 1, 2014 to February 16, 2015 and for you to invest in this Designated Investment Option, your application must be signed on or before February 16, 2015. The completed application must be received no later than close of business February 27, 2015, and funds must be received by close of the New York Stock Exchange March 12, 2015. If these conditions are not met, your application will be considered not in good order. If you decide to proceed with the purchase of the Retirement Income Max® Rider, additional paperwork may be required.

This Prospectus Supplement must be accompanied or preceded

by the Prospectus for the

Members® ExtraSM Variable Annuity Series dated May 1, 2014