497 1 d783718d497.htm MEMBERS LIBERTY VA Members Liberty VA

MEMBERS® LANDMARK SM VARIABLE ANNUITY

MEMBERS® FREEDOM SM VARIABLE ANNUITY

MEMBERS® EXTRA SM VARIABLE ANNUITY

MEMBERS® LIBERTY SM VARIABLE ANNUITY

Issued by

TRANSAMERICA LIFE INSURANCE COMPANY

SEPARATE ACCOUNT VA B

Supplement Dated September 20, 2019

to the

Prospectuses dated May 1, 2017

Effective on or about November 1, 2019, based on changes to the underlying fund portfolios, the following changes apply:

 

OLD

SUBACCOUNT NAME

  

NEW

SUBACCOUNT NAME

  

OLD

PORTFOLIO NAME

  

NEW

PORTFOLIO NAME

TA BlackRock Equity Smart Beta 100    TA BlackRock iShares Edge 100    Transamerica BlackRock Equity Smart Beta 100 VP    Transamerica BlackRock iShares Edge 100 VP
TA BlackRock Smart Beta 40    TA BlackRock iShares Edge 40    Transamerica BlackRock Smart Beta 40 VP    Transamerica BlackRock iShares Edge 40 VP
TA BlackRock Smart Beta 50    TA BlackRock iShares Edge 50    Transamerica BlackRock Smart Beta 50 VP    Transamerica BlackRock iShares Edge 50 VP
TA BlackRock Smart Beta 75    TA BlackRock iShares Edge 75    Transamerica BlackRock Smart Beta 75 VP    Transamerica BlackRock iShares Edge 75 VP

Effective on or about November 1, 2019 (the “Merger Date”), based on changes to the underlying fund portfolios, the following mergers will occur:

 

EXISTING SUBACCOUNT

  

ACQUIRING SUBACCOUNT

  

EXISTING PORTFOLIO

  

ACQUIRING

PORTFOLIO

TA Madison Balanced Allocation    TA JPMorgan Asset Allocation – Moderate    Transamerica Madison Balanced Allocation VP    Transamerica JPMorgan Asset Allocation – Moderate VP
TA Madison Conservative Allocation    TA JPMorgan Asset Allocation - Conservative    Transamerica Madison Conservative Allocation VP    Transamerica JPMorgan Asset Allocation-Conservative VP

Effective on or about October 25, 2019 (the “Closure Date”), the Existing Subaccounts will be closed to new investments:

“Closed to new investments” means no one can allocate additional amounts (either through policy transfers or additional premiums) to the Existing Subaccount after the Closure Date.

Effective on or about November 1, 2019, the following subaccounts will generally be available to contracts.

 

SUBACCOUNT

  

UNDERLYING FUND PORTFOLIO

  

ADVISOR/SUB-ADVISER

TA JPMorgan Asset Allocation – Conservative    Transamerica JPMorgan Asset Allocation – Conservative VP    J.P. Morgan Investment Management Inc.
Investment Objective: Seeks current income and preservation of capital.
TA JPMorgan Asset Allocation – Moderate    Transamerica JPMorgan Asset Allocation – Moderate VP    J.P. Morgan Investment Management Inc.
Investment Objective: Seeks capital appreciation and current income.

We have been informed that on or about November 1, 2019, the underlying funds referenced above under Existing Subaccount will merge into the Acquiring Subaccounts. If you would like to transfer out of the Existing or Acquiring Subaccounts prior to or after the merger date, you may transfer your policy value to any of the subaccounts listed in your Prospectus.

Please make sure that a transfer request does not violate any allocation guidelines and/or restrictions in place for your policy applicable to allocation instructions for premium payments or other purposes (for example, dollar cost averaging or asset rebalancing). As of the start of business on the Merger Date, you may no longer use automated transfer features such as asset rebalancing or dollar cost averaging with the

 

This Prospectus Supplement must be accompanied or preceded

by the Prospectus for the

Members® Variable Annuity Series dated May 1, 2018, Members® Landmark SM Variable Annuity, Members® Freedom SM Variable Annuity, Members® Extra SM Variable Annuity, and Members® Liberty SM Variable Annuity dated May 1, 2017


Existing Subaccount. If you are using an automated transfer feature such as asset rebalancing or dollar cost averaging with the Existing Subaccount, you should contact us immediately to make alternate arrangements. If you have not made alternate arrangements by the Merger Date, any subsequent allocations to the Existing Subaccount will be directed to the money market subaccount.

You will not be charged for the transfer made due to the merger. In addition, if you reallocate your policy value to another subaccount due to the merger, you will not be charged for the transfer to another available subaccount if made prior to the merger or within 30 days after the merger date. This reallocation also will not count as a transfer for purposes of any free transfers that you receive each policy year.

 

This Prospectus Supplement must be accompanied or preceded

by the Prospectus for the

Members® Variable Annuity Series dated May 1, 2018, Members® Landmark SM Variable Annuity, Members® Freedom SM Variable Annuity, Members® Extra SM Variable Annuity, and Members® Liberty SM Variable Annuity dated May 1, 2017