As filed with the Securities and Exchange Commission on April 23, 2024
SECURITIES AND EXCHANGE COMMISSION
UNDER
THE
SECURITIES ACT OF 1933
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Pre-Effective Amendment No. |
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Post-Effective Amendment No. 29 (File No.
333-139760) |
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UNDER
THE
INVESTMENT COMPANY ACT OF 1940
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Amendment No. 157 (File No. 811-07355) |
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(Check appropriate box or boxes)
RIVERSOURCE VARIABLE ANNUITY ACCOUNT
(Exact Name of Registrant)
RiverSource Life Insurance Company
(Name of Depositor)
70100 Ameriprise Financial Center, Minneapolis, MN 55474
(Address of Depositor's Principal Executive Offices) (Zip Code)
Depositor's Telephone Number, including Area Code (612) 678-5337
Nicole D. Wood, 50605 Ameriprise Financial Center, Minneapolis, MN 55474
(Name and Address of Agent for Service)
It is proposed that this filing will become effective (check appropriate box)
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immediately upon filing pursuant to paragraph (b) of Rule 485 |
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on May 1, 2024 pursuant to paragraph (b) of Rule 485 |
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60 days after filing pursuant to paragraph (a)(1) of Rule 485 |
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on [date] pursuant to paragraph (a)(1) of Rule 485 |
If appropriate, check the following box:
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This post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
Prospectus
Signature Select Variable Annuity
Individual Flexible Premium Deferred Combination Fixed/Variable
Annuity
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RiverSource Life Insurance Company (RiverSource Life) |
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829 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) RiverSource Variable Annuity Account |
This prospectus contains information that you should know before investing in the
RiverSource Signature Select Variable Annuity (Contract), a flexible premium deferred combination fixed/variable annuity contracts issued by RiverSource Life
Insurance Company (“RVS Life”, “we”, “us” and “our”). This prospectus describes two versions of the contracts: the Current Contract (applications signed on or after Nov. 30, 2009, subject to state availability) and the Original Contract
(applications signed prior to Nov. 30, 2009, or in states where the Current Contract was unavailable). The information in this prospectus applies to all contracts unless stated otherwise. All material terms and conditions of the contracts,
including material state variations and distribution channels, are described in this prospectus.
The contracts are no longer available for new purchases. These contracts are no longer being sold and
this prospectus is designed for current contract owners. In addition to the possible state variations, you should note that your Contract features and charges may vary depending on the date on which you purchased your Contract. For more information
about the particular features, charges and options applicable to you, please contact your financial professional or refer to your contract for contract variation information and timing.
Additional information about certain investment products, including variable
annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at
Investor.gov.
The Securities and Exchange Commission has
not approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a
criminal offense.
RiverSource Signature Select Variable Annuity — Prospectus 1
2 RiverSource Signature Select Variable Annuity — Prospectus
RiverSource Signature Select Variable Annuity — Prospectus 3
These terms can help you understand details about your contract.
Accumulation
unit: A measure of the value of each subaccount prior of the application of amounts to an annuity payment plan.
Annuitant: The person or persons on whose life or life expectancy the annuity payouts are based.
Annuitization start date: The date when annuity payments
begin according to the applicable annuity payment plan (referred to as “Retirement date” in the
Original Contract). Throughout this prospectus when we use the term “Annuitization start date,”
it includes the term “Retirement date.”
Annuity
payouts: An amount paid at regular intervals under one of several plans.
Assumed investment rate: The rate of return we assume
your investments will earn when we calculate your initial annuity payout amount using the annuity table in
your contract. The standard assumed investment rate we use is 5% but you may request we substitute an
assumed investment rate of 3.5%.
Beneficiary: The person you designate to receive benefits in case of the owner’s death (Current Contract), or owner’s or annuitant’s death (Original Contract) while the contract is in force.
Close of
business: The time the New York Stock Exchange (NYSE) closes (4 p.m. Eastern time unless the NYSE closes earlier).
Code: The Internal Revenue Code of 1986, as amended.
Contingent annuitant (Current Contract): The person who becomes the annuitant when the current annuitant dies prior to the annuitization start date. In the case of joint ownership, one owner must also be the contingent
annuitant.
Contract: A deferred annuity contract that permits you to accumulate money for retirement by making one or more purchase payments. It provides for lifetime or other forms of payouts beginning at a specified time in the future.
Contract
value: The total value of your contract before we deduct any applicable charges.
Contract year: A period of 12 months, starting on the effective date of your contract and on each anniversary of the effective date.
Fixed account: Part of our general account which includes the regular fixed account and the Special DCA fixed account (Current Contract) or the one-year fixed account and the DCA fixed account (Original Contract). Amounts you allocate to the fixed account earn interest rates we declare periodically.
Funds: A portfolio of an open-end management investment company that is registered with the Securities and Exchange Commission (the "SEC") in which the Subaccounts invest. May also be referred to as an underlying Fund.
Good order: We cannot process your transaction request relating to the contract until we have received the request in good order at our Service Center. “Good order” means the actual receipt of the requested transaction in writing, along with all information, forms and supporting legal documentation necessary to effect the transaction. To be in “good order,” your instructions must be sufficiently clear so that we do not need
to exercise any discretion to follow such instructions. This information and documentation generally
includes your completed request; the contract number; the transaction amount (in dollars); the names of and
allocations to and/or from the subaccounts and the fixed account affected by the requested transaction;
Social Security Number or Taxpayer Identification Number; and any other information, forms or supporting
documentation that we may require. For certain transactions, at our option, we may require the signature of
all contract owners for the request to be in good order. With respect to purchase requests, “good
order” also generally includes receipt of sufficient payment by us to effect the purchase. We may, in
our sole discretion, determine whether any particular transaction request is in good order, and we reserve the right to change or waive any good order requirements at any time.
Guarantee Period: The number of successive 12-month periods that a guaranteed interest rate is credited.
Guarantee Period Accounts (GPAs): A nonunitized separate account
to which you may allocate purchase payments or transfer contract value of at least $1,000. These accounts
have guaranteed interest rates for guarantee periods we declare when you allocate purchase payments or transfer contract value to a GPA. These guaranteed rates and periods of time may vary by state. Unless an exception applies, transfers or surrenders from a GPA done more than 30 days before
the end of the guarantee period will receive a market value adjustment, which may result in a gain or
loss.
Market Value Adjustment (MVA): A positive or negative
adjustment assessed if any portion of a Guarantee Period Account is surrendered or transferred more than 30 days
before the end of its guarantee period.
Owner (you,
your): The person or persons identified in the contract as owners(s) of the contract, who has or have the right to control the contract (to decide on investment allocations, transfers, payout options, etc.). Usually, but not always, the owner is also the annuitant.
During the owner’s life, the owner is responsible for taxes, regardless of whether he or she receives
the contract’s benefits. The owner or any joint owner may be a non-natural person (e.g. irrevocable
trust or corporation) or a revocable trust. If any owner is a
4 RiverSource Signature Select Variable Annuity — Prospectus
non-natural person or
revocable trust, the annuitant will be deemed to be the owner for contract provisions that are based on the
age or life of the owner. When the contract is owned by a revocable trust or irrevocable grantor trust, the
annuitant selected should be the grantor of the trust to assure compliance with Section 72(s) of the Code.
Any contract provisions that are based on the age of the owner will be based on the age of the oldest
owner. Any ownership change, including continuation of the contract by your spouse under the spousal
continuation provision of the contract, redefines “owner”, “you” and “your”.
Qualified annuity: A contract that you purchase to fund one of the following tax-deferred retirement plans that is subject to applicable federal law and any rules of the
plan itself:
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Individual Retirement Annuities (IRAs) including inherited IRAs under Section 408(b) of the Code
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Roth IRAs including inherited Roth IRAs under Section 408A of the Code
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Simplified Employee Pension (SEP) plans under Section 408(k) of the Code
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Custodial and investment only plans under Section 401(a) of the Code
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Tax-Sheltered Annuity (TSA) rollovers under Section 403(b) of the Code
A qualified annuity will
not provide any necessary or additional tax deferral if it is used to fund a retirement plan that is
already tax deferred.
All other contracts are considered nonqualified annuities.
Rider effective date: The date a rider becomes effective as stated in the rider.
Separate
Account: An insulated segregated account, the assets of which are invested solely in an underlying Fund. We call this the Variable Account.
Service Center: Our department that processes all transaction and service requests for the contracts. We consider all transaction and service requests received when they arrive in good order at the Service Center. Any transaction or service requests sent or directed to any
location other than our Service Center may end up delayed or not processed. Our Service Center address
and telephone number are listed on the first page of the prospectus.
Subaccount: A division of the Variable Account, each of which invests in one Fund.
Surrender value: The amount you are entitled to receive if you make a full surrender from your contract (referred to as “Withdrawal value” in the Original Contract). It is the contract value minus any applicable
charges, plus any positive or negative market value adjustment. Throughout this prospectus when we use the term “Surrender” it includes the term
“Withdrawal”.
Valuation
date: Any normal business day, Monday through Friday, on which the NYSE is open, up to the time it closes. At the NYSE close, the next valuation date begins. We calculate the accumulation unit value of each subaccount on each valuation date. If we receive your purchase payment or any transaction request (such as a transfer or surrender request) in good order at our Service
Center before the close of business, we will process your payment or transaction using the accumulation
unit value we calculate on the valuation date we received your payment or transaction request. On the other
hand, if we receive your purchase payment or transaction request in good order at our Service Center at or
after the close of business, we will process your payment or transaction using the accumulation unit value
we calculate on the next valuation date. If you make a transaction request by telephone (including by fax),
you must have completed your transaction by the close of business in order for us to process it using the
accumulation unit value we calculate on that valuation date. If you were not able to complete your
transaction before the close of business for any reason, including telephone service interruptions or
delays due to high call volume, we will process your transaction using the accumulation unit value we
calculate on the next valuation date.
Variable
account: Refers to the RiverSource Variable Annuity Account, a separate
account established to hold contract owners’ assets allocated to the Subaccounts, each of which
invests in a particular Fund.
Withdrawal
value: The amount you are entitled to receive if you make a full withdrawal from your contract (referred
to as “Surrender value” in the Current Contract). It is the contract value minus any applicable
charges, plus any positive or negative market value adjustment. Throughout this prospectus when we use the term “Surrender” it includes the term “Withdrawal”.
RiverSource Signature Select Variable Annuity — Prospectus 5
Important Information You Should Consider
About the Contracts
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Location in
Statutory
Prospectus |
Charges for Early
Withdrawals |
Both Contracts. If you make an early withdrawal, you may be assessed a surrender charge of up to 7% of the purchase payment withdrawn. For example, if you make an early withdrawal, you could pay a surrender charge
of up to $7,000 on a $100,000 investment. |
Fee Table and
Examples
Charges–
Surrender Charge |
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We do not assess any transaction charges. |
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Ongoing Fees and
Expenses (annual
charges) |
The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. Please refer to
your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. |
Fee Table and
Examples
Expenses –
Product Charges
Appendix A: Funds
Available Under
the Contract |
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(varies death benefit option and size
of Contract value) |
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Fund options
(funds fees and expenses)(2) |
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Optional benefits available for an
additional charge
(for a single optional benefit, if
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(1) As a percentage of average daily subaccount value. Includes the Mortality and Expense
Fee, Variable Account Administrative Charge, and Contract Administrative Charge.
(2) As a percentage of Fund net assets.
(3) As a percentage of Contract Value or the greater of Contract Value or applicable
guaranteed benefit amount (varies by optional benefit). The Minimum is a
percentage of Contract value. The Maximum is a percentage of the greater of Contract value or minimum contract accumulation value (MCAV).
Because your Contract is customizable, the choices you make affect how
much you will pay. To help you understand the cost of owning your Contract,
the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do
not take withdrawals from the Contract, which could add surrender charges that substantially increase costs. |
Lowest Annual Cost:
$1,649
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Highest Annual Cost:
$3,941
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Assumes:
•Investment of $100,000 •5% annual appreciation
•Least expensive combination of Contract features and Fund fees
and expenses
•No optional benefits •No additional purchase payments,
transfers or withdrawals
•No sales charge |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Most expensive combination of Contract features, optional
benefits and Fund fees and
expenses
•No sales charge •No additional purchase payments,
transfers or withdrawals |
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You can lose money by investing in this Contract including loss of principal. |
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Location in
Statutory
Prospectus |
Not a Short-Term
Investment |
•The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. •The Contracts have surrender charges, which may reduce the value of
your Contract if you withdraw money during surrender charge period.
Surrenders may also reduce or terminate contract guarantees.
•The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the contract is generally more beneficial to investors
with a long term investment horizon. |
Principal Risks
Charges–
Surrender Charge |
Risks Associated
with Investment
Options |
•An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. •Each investment option, including the regular Fixed Account(Current
Contract), one-year Fixed Account(Original Contract),and the Guarantee
Period Accounts (GPAs) investment options has its own unique risks. •You should review the investment options before making any investment
decisions. |
Principal Risks
The Variable Account and the
Funds
The Guarantee Period Accounts (GPAs) The Fixed Account |
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An investment in the Contract is subject to the risks related to us. Any
obligations (including under the Fixed Account) or guarantees and benefits
of the Contract that exceed the assets of the Separate Account are subject
to our claims-paying ability. If we experience financial distress, we may not
be able to meet our obligations to you. More information about
RiverSource Life, including our financial strength ratings, is
available by contacting us at 1-800-862-7919
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Principal Risks
The General
Account |
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•Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the annuitization start date, and once per contract year after the
annuitization start date. •Certain transfers out of the GPAs will be subject to an MVA.
•GPAs, the regular Fixed Account(Current Contract), the one-year Fixed Account(Original Contract) are subject to certain restrictions.
•We reserve the right to modify, restrict or suspend your transfer privileges if we determine that your transfer activity constitutes market
timing.
•We reserve the right to add, remove or substitute Funds. We also reserve the right, upon notification to you, to close or restrict any Funds. |
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments |
RiverSource Signature Select Variable Annuity — Prospectus 7
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Location in
Statutory
Prospectus |
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•Certain optional benefits limit or restrict the investment options you may
select under the Contract. If you later decide you do not want to invest in
those approved investment options, you must request a full
surrender. •Certain optional benefits may limit subsequent purchase payments. •Withdrawals in excess of the amount allowed under certain optional
benefits may substantially reduce the benefit or even terminate
the benefit. |
Buying Your
Contract —Purchase Payments Optional Benefits – SecureSource Stages 2 Rider -
Important
SecureSource
Stages 2 Rider Considerations Appendix J: GWB Rider – Investment Allocation Restrictions Appendix I: GWB for Life Rider – Investment Allocation Restrictions Appendix M: SecureSource Rider – Investment Allocation Restrictions Appendix N: SecureSource 20 Rider – Investment Allocation Restrictions Appendix O: SecureSource Stages Rider – Investment Allocation Restrictions Appendix A: Funds Available Under the Optional Benefits Offered Under the Contract |
8 RiverSource Signature Select Variable Annuity — Prospectus
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Location in
Statutory
Prospectus |
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•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract •If you purchase the contract through a tax-qualified plan or individual
retirement account, you do not get any additional tax benefit.
•Earnings under your contract are taxed at ordinary income tax rates generally when withdrawn. You may have to pay a tax penalty if you take
a withdrawal before age 59½. |
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Investment
Professional
Compensation |
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. This financial incentive may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. |
About the Service
Providers |
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If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new Contract in
place of the one you own. You should only exchange a Contract you already
own if you determine, after comparing the features, fees, and risks of both
Contracts, that it is better for you to purchase the new Contract rather than continue to own your existing Contract. |
Buying Your
Contract – Contract
Exchanges |
RiverSource Signature Select Variable Annuity — Prospectus 9
Overview of the Contract
Purpose: The purpose of the contracts is to allow you to accumulate money for retirement or a similar long-term goal. You do this
by making one or more purchase payments.
We no longer offer new contracts. However, you have the option of making additional purchase payments in the future, subject to certain limitations.
The contracts offer various optional features and benefits that
may help you achieve financial goals.
It may be appropriate for you if you have a long-term investment horizon and your financial goals are consistent with the terms and conditions of the contract.
It is not intended for investors whose liquidity needs require frequent withdrawals
in excess of free amount. If you plan to manage your investment in the contract by frequent or short-term trading, the contract is not suitable for you.
The contracts have two phases: the Accumulation Phase and the Income Phase.
Accumulation Phase. During the Accumulation Phase, you make purchase payments by investing in:
available Subaccounts, each of which has a particular investment objective, investment strategies, fees and expenses; the regular Fixed Account(Current Contract), the
one-year Fixed Account(Original Contract), the Special DCA Fixed Account(Current Contract), the DCA Fixed Account(Original Contract) and GPAs which earn interest at rates that we adjust periodically and declare when you make an allocation to that account. These accounts, in turn, may earn returns
that increase the value of the contract. If the contract value goes to zero due to underlying fund’s performance or deduction of fees, the contract will no longer be in force and the contract (including any death benefit riders) will
terminate. The GPAs have guaranteed interest rates for guarantee periods we declare when you allocate purchase payments or transfer contract value to them. A positive or negative MVA is assessed if any portion of a Guarantee Period
Account is surrendered or transferred more than thirty days before the end of its guarantee period. A prospectus containing more information regarding the GPA interests under the
contracts is registered with the SEC (See File
No. 333-263041). You may be able to purchase an optional benefit to reduce the investment risk you assume under your contract.
A list of funds and additional information regarding each fund in which you can invest is
provided in Appendix A --Funds Available Under the Contract.
If you have one of the Guaranteed withdrawal benefit riders, you can withdraw a guaranteed amount from the contract during the Accumulation phase. The amount of money you accumulate under your contract depends (in part) on the
performance of the Subaccounts you choose or the rates you earn on allocations to the regular or one-year
Fixed Account, Special DCA or DCA
Fixed Account and GPAs. You may transfer money between investment options during the Accumulation Phase, subject to certain restrictions. Your contract value impacts the value of your contract’s benefits during the Accumulation Phase, including any optional benefits, as well as the amount available for withdrawal,
annuititzation and death benefits.
Income Phase. The Income Phase begins when you (or your beneficiary) choose to annuitize the contract. You can apply your contract value(less any applicable premium tax
and/or other charges) to an annuity payout plan that begins on the annuitization start date or any other date you elect. You may choose from a variety of plans that can help meet your retirement or other income
needs. We can make payouts on a fixed or variable basis, or both. You cannot take withdrawals of contract
value or surrender the contract during the Income Phase.
All optional death benefits terminate after the annuitization start date. All
optional living benefits terminate after the annuitization start unless you chose the Guaranteed Withdrawal Benefit Annuity Payout Option or Remaining Benefit Annuity Payout Option
Contract Classes. This prospectus describes two contracts. Each contract has different expenses. For the Current Contract, available for
applications signed on or after Nov.30, 2009, the combination of death benefit guarantee and surrender charge schedule determines the mortality and expense risk fees. For the
Original Contracts, available for applications signed prior to Nov.30, 2009, the combination of the death benefit guarantee, surrender charge schedule, tax qualification, and application signed date determines the mortality and expense risk fees.
Death Benefits. If you die during the Accumulation Phase, we will pay to your beneficiary or beneficiaries an amount at least equal to the contract value. You may have elected one of the optional death
benefits under the contract for an additional fee. Death benefits must be elected at the time that the contract is purchased. Each optional death benefit is designed to provide a greater amount payable upon death. After the death benefit is paid, the contract will terminate.
10 RiverSource Signature Select Variable Annuity — Prospectus
Optional
Living Benefits. You may have elected one of the optional living benefits under the contract for an additional fee. Guaranteed withdrawal benefit riders are designed to provide a guaranteed income stream that may last as long as
you live, subject to you following the rules of the rider. In this prospectus we use the term “SecureSource series” to
refer to SecureSource Stages rider, SecureSource Stages 2
rider, SecureSource rider and SecureSource 20 rider. The
Accumulation Protector Benefit rider provides a guaranteed contract value at the end of a specified Waiting Period. Guaranteed Minimum Income Benefit riders are designed to provide a guaranteed minimum lifetime income, regardless of the
volatility inherent in the investments in the Subaccounts.
Withdrawals. You may withdraw all or part of your contract value at any time during the Accumulation Phase. If you request a full withdrawal, the contract will terminate. You also may establish automated partial withdrawals. Withdrawals
may be subject to charges and income taxes (including an IRS penalty that may apply if you withdraw prior to reaching age 59½) and may have other tax consequences. In this prospectus a withdrawal is considered a surrender.
Tax Treatment. You can transfer money between Subaccounts, the regular Fixed Account and GPAs without tax implications,
and earnings (if any) on your investments are generally tax-deferred. Generally, earnings are not taxed until they are distributed, which may occur when making a withdrawal, upon
receiving an annuity payment, or upon payment of the death benefit.
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Dollar Cost Averaging Programs. Automated Dollar Cost Averaging allows you, at no additional cost, to
transfer a set amount monthly between Subaccounts or from the regular fixed account(Current Contract), the one-year fixed account or DCA fixed
account, (Original Contract) to one or more eligible Subaccounts. Special Dollar Cost Averaging (SDCA),
only available for new purchase payments, allows the systematic transfer from the Special DCA fixed
account(Current Contract) to one or more eligible Subaccounts over a 6 or 12 month period.
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Asset Rebalancing. Allows you, at no additional cost, to automatically rebalance the Subaccount portion
of your contract value on a periodic basis.
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Automated Partial Surrenders. An optional service allowing you to set up automated partial surrenders
from the GPAs,fixed account,
one-year fixed account, Special DCA
fixed account(Current Contract), DCA fixed fixed account, Regular fixed account(Original Contract) or the Subaccounts.
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Electronic Delivery. You may register for the electronic delivery of your current prospectus and other
documents related to your contract.
RiverSource Signature Select Variable Annuity — Prospectus 11
Fee Table and Examples
The following tables describe the fees and expenses that you will
pay when buying, owning and making a surrender
from the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.
The first table describes the fees and expenses that you paid at
the time that you bought the Contract and will pay when you make a
surrender from the Contract. State premium taxes also may be
deducted.
(applications signed on or after Nov. 30, 2009, subject to state availability)
Surrender charges (as a percentage of purchase payments
surrendered) |
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Number of completed years
from date of each purchase payment* |
Surrender charge percentage applied to each purchase payment |
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The next table describes the fees and expenses that you will
pay each year during the time that you
own the contract (not including funds fees and expenses).
*
According to our current administrative practice, for the purpose of surrender charge calculation, we consider that the year is completed one day prior to the anniversary of the day each purchase payment was received.
(assessed annually and upon full surrender)
Annual contract administrative charge |
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Annual contract administrative charge if your contract value equals
or exceeds $50,000 |
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Contract administrative charge at full surrender
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Prior to 5/4/2020, the contract administrative charge was $40.
Base Contract Expenses
(as a percentage of average
contract value in the variable account)
You must choose one of the death benefit guarantees. The death benefit you choose determines the mortality and expense risk fee you pay. The table below shows the death benefit guarantees available to you and their cost. The
variable account administrative charge is in addition to the mortality and expense risk
fee.
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Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
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5% Accumulation Death Benefit |
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CV Death Benefit is available only after an ownership change or spousal continuation if any owner or spouse who continues the contract is over age 85 and therefore cannot qualify for the ROPP death benefit.
Optional Benefit Expenses
12 RiverSource Signature Select Variable Annuity — Prospectus
Benefit Protector® Death Benefit
rider fee |
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Benefit Protector® Plus Death
Benefit rider fee |
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(As a percentage of the contract value charged annually on the contract anniversary.)
If eligible, you may have selected one of the following optional living benefits if available in your state. The fees apply only if you have selected one of these benefits. Investment allocation restrictions apply.
SecureSource Stages 2SM – Single life
rider fee |
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SecureSource Stages2SM – Joint life rider fee |
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(Charged annually on the contract anniversary as a percentage of contract value or the total Benefit Base, whichever is greater.)
Accumulation Protector Benefit® rider
fee |
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Initial annual rider fee
and annual rider fee for
elective step-ups before
10/20/2012 |
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(Charged annually on the contract anniversary as a percentage of the contract value or
the Minimum Contract Accumulation Value, whichever is greater.)
Current annual rider fees for elective step-up (including elective spousal
continuation step-up) requests on/after 10/20/2012 are shown in the table
below.
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If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
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SecureSource® Stages – Single life
rider fee |
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SecureSource® Stages – Joint life rider
fee |
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(Charged annually on the contract anniversary as a percentage of the contract value or the Benefit Base, whichever is greater.)
RiverSource Signature Select Variable Annuity — Prospectus 13
Original Contract:
(applications signed prior to Nov. 30, 2009 or in states where the Current Contract was not available)
Surrender charges (as a percentage of purchase payments
surrendered) |
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Number of completed years
from date of each purchase payment* |
Surrender charge percentage applied to each purchase payment |
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The next table describes the fees and expenses that you will
pay each year during the time that you
own the contract (not including funds fees and expenses).
*
According to our current administrative practice, for the purpose of surrender charge calculation, we consider that the year is completed one day prior to the anniversary of the day each purchase payment was received.
(assessed annually and upon full surrender)
Annual contract administrative charge and at full surrender |
|
(We will waive this charge when your contract value is $50,000 or more on the
current contract anniversary. Upon full surrender of the contract, we will assess this charge even if your contract value equals or exceeds $50,000.)
Base Contract Expenses
(as a percentage of average contract value in the variable account)
You must choose one of the death benefit guarantees. The death benefit you
choose determines the mortality and expense risk fee you pay. The table below shows the death benefit guarantees available to you and their cost. The variable account administrative charge is in addition to the mortality and expense risk
fee.
| |
Mortality and
expense risk fee |
Variable account
administrative charge |
Total variable
account expense |
| |
|
|
|
| |
|
|
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5% Accumulation Death Benefit |
|
|
|
| |
|
|
|
Optional Benefit
Expenses
Benefit Protector® Death Benefit
rider fee |
|
Benefit Protector® Plus Death
Benefit rider fee |
|
(As a percentage of the contract value charged annually on the contract anniversary.)
If eligible, you may have selected one of the following optional living benefits if available in your state. The fees apply only if you have selected one of these benefits. Investment allocation restrictions apply.
Accumulation Protector Benefit® rider
fee |
|
14 RiverSource Signature Select Variable Annuity — Prospectus
| |
|
Initial annual rider fee
and annual rider fee for
elective step-ups before
04/29/2013 |
| |
|
|
| |
|
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(Charged annually on the contract anniversary as a percentage of the contract value or
the Minimum Contract Accumulation Value, whichever is greater.)
Current annual rider fees for elective step-up (including elective spousal
continuation step-up) requests on/after 04/29/2013 are shown in the table
below.
| |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
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SecureSource®20 – Single life rider
fee |
|
|
SecureSource®20 – Joint life rider
fee |
|
|
(Charged annually on the contract anniversary as a percentage of the contract value or the total Remaining Benefit Amount, whichever is greater.)
| |
|
Initial annual rider fee(1) |
5/1/2007 – 5/31/2008, Single Life |
|
|
5/1/2007 – 5/31/2008, Joint Life |
|
|
6/1/2008 – 1/25/2009, Single Life |
|
|
6/1/2008 – 1/25/2009, Joint Life |
|
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1/26/2009 and later, Single Life |
|
|
1/26/2009 and later, Joint Life |
|
|
(Charged annually on the contract anniversary as a percentage of the contract value or the total Remaining Benefit Amount, whichever is greater.)
(1)
Effective Dec. 18, 2013 if you request an elective step up or the elective spousal
continuation step up, or move to a Portfolio Navigator fund that is more aggressive than your current Portfolio Navigator fund allocation, the fee that will apply to your rider
will correspond to the fund in which you are invested following the change as shown in the table below.
| |
|
Portfolio Navigator Funds |
All Portfolio
Stabilizer
funds |
Variable
Portfolio –
Conservative
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Moderately
Conservative
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Moderate
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Moderately
Aggressive
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Aggressive
Portfolio
(Class 2),
(Class 4) |
5/1/2007 – 5/31/2008, Single Life |
|
|
|
|
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5/1/2007 – 5/31/2008, Joint Life |
|
|
|
|
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6/1/2008 – 1/25/2009, Single Life |
|
|
|
|
|
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6/1/2008 – 1/25/2009, Joint Life |
|
|
|
|
|
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1/26/2009 and later, Single Life |
|
|
|
|
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1/26/2009 and later, Joint Life |
|
|
|
|
|
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Guarantor Withdrawal Benefit for Life® rider
fee |
|
|
RiverSource Signature Select Variable Annuity — Prospectus 15
(Charged annually on the
contract anniversary as a percentage of the contract value or the total Remaining Benefit Amount, whichever is greater.)
(2)
Effective Dec. 18, 2013 if you request an elective step up or the elective spousal
continuation step up or move to a Portfolio Navigator fund that is more aggressive than your current Portfolio Navigator fund allocation, the fee that will apply to your rider
will correspond to the fund in which you are invested following the change as shown in the table below.
| |
Current fee as of 12/18/13 |
Portfolio Stabilizer funds |
|
Portfolio Navigator funds: |
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Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
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Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
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Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
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Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
|
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
|
Guarantor Withdrawal Benefit rider fee |
|
|
(As a percentage of contract value charged annually on the contract anniversary.)
(3)
Effective Dec. 18, 2013 if you request an elective step up or the elective spousal
continuation step up or move to a Portfolio Navigator fund that is more aggressive than your current Portfolio Navigator fund allocation, the fee that will apply to your rider
will correspond to the fund in which you are invested following the change as shown in the table below.
| |
Current fee as of 12/18/13 |
Portfolio Stabilizer funds |
|
Portfolio Navigator funds: |
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
|
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
|
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
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Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
|
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
|
Income Assurer Benefit® – MAV
rider fee |
|
|
Income Assurer Benefit® – 5%
Accumulation Benefit Base rider fee |
|
|
Income Assurer Benefit® – Greater
of MAV or 5% Accumulation Benefit Base rider fee |
|
|
(As a percentage of the guaranteed income benefit base
charged annually on the contract anniversary.)
(4)
For applications signed prior to Oct. 7, 2004, the following current annual rider charges apply: Income Assurer Benefit – MAV — 0.55%, Income Assurer Benefit – 5% Accumulation Benefit Base — 0.70%; and Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base — 0.75%.
The next table shows the minimum and maximum total operating expenses charged by the funds that you may pay periodically during the time that you own the contract. A complete list
of funds available under the contract, including their annual expenses, may be found in Appendix A.
Minimum and maximum annual operating expenses for the funds
(Including management, distribution (12b-1) and/or service fees and other expenses)(1)
Total Annual Fund Expenses |
|
|
(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses) |
|
|
(1)
Total annual fund operating expenses are deducted from amounts that are allocated to the
fund. They include management fees and other expenses and may include distribution (12b-1) fees. Other expenses may include service fees that may be used to compensate service
providers, including us and our affiliates, for administrative and contract owner services provided on behalf of the fund. The amount of these payments will vary by fund and may be significant.
See “The Variable Account and the Funds” for additional information, including potential conflicts of interest these payments may create. Distribution (12b-1) fees are used to finance any activity that is primarily intended to result in the sale of fund shares. Because 12b-1 fees are paid out of fund assets on an ongoing basis, you may pay more if you select subaccounts investing in funds that have adopted 12b-1 plans than if you select subaccounts investing in
funds that have not adopted 12b-1
plans. For a more complete
description of each fund’s fees and expenses and important disclosure regarding payments the fund
and/or its affiliates make, please review the fund’s prospectus and SAI.
These examples are intended to help you compare the cost of
investing in these contracts with the cost of investing in other variable annuity contracts. These costs include Transaction Expenses, Annual Contract Expenses, and Annual Fund expenses.
16 RiverSource Signature Select Variable Annuity — Prospectus
These
examples assume that you invest $100,000 in the contract for the time periods indicated. These examples also assume that your investment has a 5% return each
year. The “Maximum” example further assumes the most expensive combination of Annual Contract Expenses reflecting the maximum charges, Annual
Fund Expenses* and optional benefits available. The “Minimum” example further assumes the least expensive combination of Annual Contract Expenses reflecting the current charges, Annual Fund Expenses and that no optional benefits are selected. Although your actual costs may be higher or lower, based on these assumptions your maximum and minimum costs would be:
(applications signed on or after Nov. 30, 2009, subject to state
availability)
Maximum Expenses. These examples assume that you select the MAV Death Benefit, the SecureSource Stages 2 – Joint Life rider and the Benefit Protector Plus Death Benefit. Although your actual costs may be higher or
lower, based on the assumptions your costs would be:
*
Note: Certain funds are not available for contracts with living benefit riders and may have higher fund expenses than the associated fund expenses shown here.
If you surrender your contract at the end of the applicable time period: |
If you do not surrender your contract or if you select an annuity payout plan at the end of the applicable time period: |
| |
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| |
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Minimum Expenses. These examples assume that you select the ROPP Death Benefit and do not select
any optional benefits. Although your actual costs may be higher, based on these assumptions your costs would be:
If you surrender your contract at the end of the applicable time period: |
If you do not surrender your contract or if you select an annuity payout plan at the end of the applicable time period: |
| |
|
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|
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| |
|
|
|
|
|
|
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(applications signed prior to Nov. 30, 2009 or in states where the Current Contract was not available)
Maximum Expenses. These examples assume that you select the MAV Death Benefit,
the Accumulation Protector Benefit rider and the Benefit Protector Plus Death Benefit. Although your actual costs may be higher or lower, based on
the assumptions your costs would be:
*
Note: Certain funds are not available for contracts with living benefit riders and may have higher fund expenses than the associated fund expenses shown here.
If you surrender your contract at the end of the applicable time period: |
If you do not surrender your contract or if you select an annuity payout plan at the end of the applicable time period: |
| |
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| |
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Minimum Expenses. These examples assume that you select the ROP Death Benefit and do not select any optional benefits. Although your
actual costs may be higher, based on these assumptions your costs would be:
If you surrender your contract at the end of the applicable time period: |
If you do not surrender your contract or if you select an annuity payout plan at the end of the applicable time period: |
| |
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THE EXAMPLES ARE ILLUSTRATIVE ONLY. YOU SHOULD NOT CONSIDER THESE EXAMPLES AS A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES WILL BE HIGHER OR LOWER THAN THOSE SHOWN DEPENDING UPON WHICH OPTIONAL BENEFIT YOU ELECT OTHER THAN INDICATED IN THE EXAMPLES OR IF YOU ALLOCATE
CONTRACT VALUE TO ANY OTHER AVAILABLE SUBACCOUNTS.
RiverSource Signature Select Variable Annuity — Prospectus 17
Principal Risks of Investing in the Contracts
Risk of Loss. Variable annuities involve risks, including possible loss of principal. Your losses could
be significant. This contract is not a deposit or obligation of, or guaranteed or endorsed by, any bank. This contract is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency.
Short-Term Investment Risk. This contract is not designed for short-term investing and may not be appropriate for an investor who needs ready access
to cash. The benefits of tax deferral and long-term income mean that this contract is more beneficial to investors with a long-term investment horizon.
Withdrawal Risk. You should carefully consider the risks associated with withdrawals under the contract. Withdrawals may be subject to a significant withdrawal charge, depending on the option you select. If you make a withdrawal
prior to age 59½, there may be adverse tax consequences, including a 10% IRS penalty tax. A withdrawal may reduce the value of your standard and optional benefits. A total withdrawal (surrender) will result in the termination of your contract.
Subaccount Risk. Amounts that you invest in the subaccounts are subject to the risk of poor investment
performance. You assume the investment risk. Generally, if the subaccounts that you select make money, your contract value goes up, and if they lose money, your contract value goes down. Each subaccount’s performance depends on the performance of
its underlying Fund. Each underlying Fund has its own investment risks, and you are exposed to the Fund’s investment risks when you invest in a subaccount. You are responsible for selecting subaccounts that are appropriate for you based on your own individual circumstances,
investment goals, financial situation, and risk tolerance. For risks associated with any Fixed Account
options, see Financial Strength and Claims-Paying Ability Risk below.
Selection Risk. The optional benefits under the contract were designed for different financial goals and to protect against different
financial risks. There is a risk that you may not choose, or may not have chosen, the benefit or benefits (if any) that are best suited for you based on your present or future
needs and circumstances, and the benefits that are more suited for you (if any) may not be elected after your contract is issued. In addition, if you elected an optional benefit and do not use it and if
the contingencies upon which the benefit depend never occur, you will have paid for an optional benefit that did not provide a financial benefit. There is also a risk that any
financial return of an optional benefit, if any, will ultimately be less than the amount you paid for the benefit.
Investment Restrictions Risk. Certain optional benefits limit the investment options that are available
to you and limit your ability to take certain actions under the contract. These investment requirements are designed to reduce our risk that we will have to make payments to you from our own assets. In turn, they may also limit the potential growth of your
contract value and the potential growth of your guaranteed benefits. This may conflict with your personal investment objectives.
Managed Volatility Fund Risk. The Portfolio Stabilizer funds are managed volatility funds that employ a strategy designed to reduce overall volatility
and downside risk. These risk management techniques help us manage our financial risks associated with the contract’s guarantees, like living and death benefits, because they reduce the incidence of extreme outcomes including the probability of large gains or losses. However, these strategies can also limit your
participation in rising equity markets, which may limit the potential growth of your contract value and the potential growth of your guaranteed benefits and may therefore conflict with your personal investment objectives. Certain Funds
advised by our affiliate, Columbia Management, employ such risk management strategies. If you elect certain optional benefits under the contract, we require you to invest in these funds, which may limit your ability to increase your benefit. Costs associated with running a managed volatility strategy may also adversely impact the performance of managed
volatility funds.
Purchase Payment Risk. Your ability to make subsequent purchase payments is subject to restrictions. We reserve the right to limit or restrict
purchase payments in certain contract years or based on age, and in conjunction with certain optional
living and death benefit riders with advance notice. Also, our prior approval may be required before
accepting certain purchase payments. We reserve the right to limit certain annuity features (for example, investment options) if prior approval is required. There is no guarantee that you will always be permitted to make purchase payments.
Financial Strength and Claims-Paying Ability Risk. All guarantees under the contract that are paid from
our general account (including under any Fixed Account option) are subject to our financial strength and claims-paying ability. If we experience financial distress, we may not be
able to meet our obligations to you.
Cybersecurity Risk. Increasingly, businesses are dependent on the
continuity, security, and effective operation of various technology systems. The nature of our business depends on the continued effective operation of our systems and those of our business partners.
This dependence makes us susceptible to operational and information security risks
from cyber-attacks. These risks may include the following:
•
the corruption or destruction of data;
•
theft, misuse or dissemination of data to the public, including your information we hold; and
18 RiverSource Signature Select Variable Annuity — Prospectus
•
denial of
service attacks on our website or other forms of attacks on our systems and the software and hardware we use to run them.
These attacks and their consequences can negatively impact your contract, your privacy, your ability to conduct transactions on your contract, or your ability to receive timely service from us. The risk of cyberattacks may be higher
during periods of geopolitical turmoil. There can be no assurance that we, the underlying funds in your contract, or our other business partners will avoid losses affecting your contract due to any successful cyber-attacks or information
security breaches.
Potential Adverse Tax Consequences. Tax considerations vary by individual facts and circumstances. Tax rules may change without notice. Generally, earnings
under your contract are taxed at ordinary income tax rates when withdrawn. You may have to pay a tax penalty if you take a withdrawal before age 59 ½. If you purchase a
qualified annuity to fund a retirement plan that is tax-deferred, your contract will not provide any necessary or additional tax deferral beyond what is provided in that retirement plan. Consult a tax professional.
The Variable Account and the Funds
Variable Account. The variable account was established under Indiana law on July 15, 1987. The variable
account, consisting of Subaccounts, is registered together as a single unit investment trust under the Investment Company Act of 1940 (the 1940 Act). This registration does not involve any supervision of our management or investment practices and
policies by the SEC. All obligations arising under the contracts are general obligations of RiverSource Life.
The variable account meets the definition of a separate account under federal securities laws. Income, gains, and
losses credited to or charged against the variable account reflect the variable account’s own investment experience and not the investment experience of RiverSource Life’s other assets. The variable account’s assets are held separately from RiverSource Life’s assets and are not chargeable with liabilities incurred in any other business of RiverSource Life. RiverSource Life is obligated to pay all amounts promised to contract owners under the contracts. The variable account includes other Subaccounts that are available under contracts that are not described in this prospectus.
The IRS has issued guidance on investor control but may issue additional guidance in the future. We reserve the right to
modify the contract or any investments made under the terms of the contract so that the investor control rules do not apply to treat the contract owner as the owner of the Subaccount assets rather than the owner of an annuity contract. If
the contract is not treated as an annuity contract for tax purposes, the owner may be subject to current taxation on any current or accumulated income credited to the contract.
We intend to comply with all federal tax laws so that the contract qualifies as an
annuity for federal tax purposes. We reserve the right to modify the contract as necessary in order to qualify the contract as an annuity for federal tax purposes.
The Funds: The contract currently offers subaccounts investing in shares of the Funds. Information
regarding each Fund, including (i) its name, (ii) its investment objective, (iii) its investment adviser and any sub-investment adviser, (iv) current expenses, and (v) performance may be found in the Appendix A to this prospectus.
Please read the Funds’ prospectuses carefully for facts you should know
before investing. These prospectuses containing more detailed information about the Funds are available by contacting us at 70100 Ameriprise Financial Center, Minneapolis, MN 55474, telephone: 1-800-862-7919, website: Ameriprise.com/variable annuities.
•
Investment objectives: The investment managers and advisers cannot guarantee that the Funds will meet
their investment objectives.
•
Fund name and management: An underlying Fund in which a subaccount invests may have a name, portfolio manager, objectives, strategies and
characteristics that are the same or substantially similar to those of a publicly-traded retail mutual fund. Despite these similarities, an underlying fund is not the same as any
publicly-traded retail mutual fund. Each underlying fund will have its own unique portfolio holdings, fees, operating expenses and operating results. The results of each underlying fund may differ significantly from any publicly-traded retail mutual
fund.
•
Eligible purchasers: All Funds are available to serve as the underlying investment options for variable annuities and variable life
insurance policies. The Funds are not available to the public (see “Fund Name and Management” above). Some Funds also are available to serve as investment options for
tax-deferred retirement plans. It is possible that in the future for tax, regulatory or other reasons, it may be disadvantageous for variable annuity accounts and variable
life insurance accounts and/or tax-deferred retirement plans to invest in the available Funds simultaneously. Although we and the Funds’ providers do not currently foresee any such disadvantages, the boards of directors or trustees of
each Fund will monitor events in order to identify any material conflicts between annuity owners, policy owners and tax-deferred retirement plans and to determine what action, if any, should be taken in response to a conflict. If a
board were to conclude that it should establish separate Fund providers for the variable annuity, variable life insurance and tax-deferred retirement plan accounts, you would not bear any expenses associated with establishing
RiverSource Signature Select Variable Annuity — Prospectus 19
separate
Funds. Please refer to the Funds’ prospectuses for risk disclosure regarding simultaneous investments by variable annuity, variable life insurance and tax-deferred
retirement plan accounts. Each Fund intends to comply with the diversification requirements under Section 817(h) of the Code.
•
Asset allocation programs may impact Fund performance: Asset allocation programs in general may negatively impact the performance of an underlying Fund. Even if you do not
participate in an asset allocation program, a Fund in which your subaccount invests may be impacted if it is included in an asset allocation program. Rebalancing or reallocation under the terms of the asset allocation program may cause a Fund to lose money if it must sell large
amounts of securities to meet a redemption request. These losses can be greater if the Fund holds securities that are not as liquid as others, for example, various types of bonds, shares of smaller companies and securities of foreign
issuers. A Fund may also experience higher expenses because it must sell or buy securities more frequently than it otherwise might in the absence of asset allocation program
rebalancing or reallocations. Because asset allocation programs include periodic rebalancing and may also include reallocation, these effects may occur under the asset allocation program we offer or under asset allocation programs used in conjunction with the contracts and
plans of other eligible purchasers of the Funds.
•
Funds available under the contract: We seek to provide a broad array of underlying Funds taking into account the fees and charges imposed by each Fund and
the contract charges we impose. We select the underlying Funds in which the subaccounts initially invest and when there is substitution (see “Substitution of
Investments”). We also make all decisions regarding which Funds to retain in a contract, which Funds to add to a contract and which Funds will no longer be offered in a contract. In making these decisions, we may consider various objective and subjective
factors. Objective factors include, but are not limited to Fund performance, Fund expenses, classes of Fund shares available, size of the Fund and investment objectives and investing style of the Fund. Subjective factors include, but
are not limited to, investment sub-styles and process, management skill and history at other Funds and portfolio concentration and sector weightings. We also consider the levels and types of revenue a Fund, its distributor,
investment adviser, subadviser, transfer agent or their affiliates pay us and our affiliates. This revenue includes, but is not limited to compensation for administrative services provided with respect to the Fund and support of marketing
and distribution expenses incurred with respect to the Fund.
•
Money Market fund yield: In low interest rate environments, money market fund yields may decrease to a level where the deduction of fees and
charges associated with your contract could result in negative net performance, resulting in a corresponding decrease in your contract value.
•
Conflicts of Interest with Certain Funds Advised by Columbia Management. We are an affiliate of
Ameriprise Financial, Inc., which is the parent company of Columbia Management Investment Advisers, LLC (Columbia Management). Columbia Management acts as investment adviser to several funds of funds, including Portfolio Navigator and
Portfolio Stabilizer funds. As such, it retains full discretion over the investment activities and investment decisions of the Funds. These Funds invest in other registered
mutual funds. In providing investment advisory services for the Funds and the underlying funds in which those Funds respectively invest, Columbia Management is, together with its affiliates, including us, subject to competing interests that may influence its
decisions. These competing interests typically arise because Columbia Management or one of its affiliates serves as the investment adviser to the underlying funds and may provide other services in connection with such underlying funds,
and because the compensation we and our affiliates receive for providing these investment advisory and other services varies depending on the underlying fund.
•
Revenue we receive from the Funds and potential conflicts of interest:
Expenses We May Incur on Behalf of the Funds
When a subaccount invests in a Fund, the Fund holds a
single account in the name of the variable account. As such, the variable account is actually the shareholder of the Fund. We, through our variable account, aggregate the transactions of numerous contract owners and submit net purchase and redemption requests to the Funds on a daily basis.
In addition, we track individual contract owner transactions and provide confirmations, periodic statements, and other required mailings. These costs would normally be borne by
the Fund, but we incur them instead.
Besides incurring these administrative expenses on behalf of the Funds, we also incur distributions expenses in selling our contracts. By extension, the distribution expenses we incur benefit the Funds we make available due to
contract owner elections to allocate purchase payments to the Funds through the subaccounts. In addition, the Funds generally incur lower distribution expenses when offered through our variable account in contrast to being sold on a
retail basis.
A complete list of why we may receive this revenue, as well as
sources of revenue, is described in detail below.
Payments the Funds May Make to
Us
We or our affiliates may receive from each of the Funds, or their affiliates, compensation including but not limited to
expense payments. These payments are designed in part to compensate us for the expenses we may incur on behalf of the funds. In addition to these payments, the funds may compensate us for wholesaling activities or to participate in
educational or marketing seminars sponsored by the funds.
20 RiverSource Signature Select Variable Annuity — Prospectus
We or our
affiliates may receive revenue derived from the 12b-1 fees charged by the funds. These fees are deducted from the assets of the funds. This revenue and the amount by which it can
vary may create conflicts of interest. The amount, type, and manner in which the revenue from these sources is computed vary by fund.
Conflicts of Interest These Payments May Create
When we determined the charges to impose under the
contracts, we took into account anticipated payments from the funds. If we had not taken into account these anticipated payments, the charges under the contract would have been
higher. Additionally, the amount of payment we receive from a fund or its affiliate may create an incentive for us to include that fund as an investment option and may influence our decision regarding which funds to include in the
variable account as subaccount options for contract owners. Funds that offer lower payments or no payments may also have corresponding expense structures that are lower, resulting in decreased overall fees and expenses to
shareholders.
We offer funds managed by our affiliates Columbia Management and Columbia Wanger Asset Management, LLC (Columbia Wanger). We have additional financial incentive to offer our affiliated Funds because additional assets held
by them generally results in added revenue to us and our parent company, Ameriprise Financial, Inc. Additionally, employees of Ameriprise Financial, Inc. and its affiliates, including our employees, may be separately incented to
include the affiliated Funds in the products, as employee compensation and business unit operating goals at all levels are tied to the success of the company. Currently, revenue received from our affiliated Funds comprises the
greatest amount and percentage of revenue we derive from payments made by the Funds.
The Amount
of Payments We Receive from the Funds
We or our affiliates receive revenue which ranges up to 0.65% of the average daily net assets invested in the Funds through this and other contracts we and our affiliates issue.
Why revenues are paid to us: In accordance with applicable laws, regulations and the terms of the agreements under which such revenue is paid, we or
our affiliates may receive revenue, including, but not limited to expense payments and non-cash compensation, for various purposes:
•
Compensating, training and educating investment professionals who sell the contracts.
•
Granting access to our employees whose job it is to promote sales of the contracts by
authorized selling firms and their investment professionals, and granting access to investment professionals of our affiliated selling firms.
•
Activities or services we or our affiliates provide that assist in the promotion and
distribution of the contracts including promoting the Funds available under the contracts to contract owners, authorized selling firms and investment professionals.
•
Providing sub-transfer agency and shareholder servicing to contract owners.
•
Promoting, including and/or retaining the Fund’s investment portfolios as underlying
investment options in the contracts.
•
Advertising,
printing and mailing sales literature, and printing and distributing prospectuses and reports.
•
Furnishing
personal services to contract owners, including education of contract owners regarding the Funds, answering routine inquiries regarding a Fund, maintaining accounts or providing
such other services eligible for service fees as defined under the rules of the Financial Industry Regulatory Authority (FINRA).
•
Subaccounting services, transaction processing, recordkeeping and administration.
•
Sources of revenue received from affiliated Funds: The affiliated Funds are managed by Columbia
Management or Columbia Wanger. The sources of revenue we receive from these affiliated Funds, or from the Funds’ affiliates, may include, but are not necessarily limited to, the following:
•
Assets of the
Fund’s adviser, sub-adviser, transfer agent, distributor or an affiliate of these. The revenue resulting from these sources may be based either on a percentage of average
daily net assets of the Fund or on the actual cost of certain services we provide with respect to the Fund. We may receive this revenue either in the form of a cash payment or it may be allocated to us.
•
Compensation
paid out of 12b-1 fees that are deducted from Fund assets.
•
Sources of revenue received from unaffiliated Funds: The unaffiliated Funds are not managed by an affiliate of ours. The sources of revenue we receive from these
unaffiliated Funds, or the Funds’ affiliates, may include, but are not necessarily limited to, the following:
•
Assets of the Fund’s adviser, sub-adviser, transfer agent, distributor or an affiliate
of these. The revenue resulting from these sources may be based on a percentage of average daily net assets of the Fund or on the actual cost of certain services we provide with respect to the Fund. We receive this revenue in the form of a cash payment.
•
Compensation paid out of 12b-1 fees that are deducted from Fund assets.
RiverSource Signature Select Variable Annuity — Prospectus 21
The Guarantee Period Accounts (GPAs) and
Market Value Adjustment (MVA)
The GPAs may not be available in some states.
Currently, unless you have elected one of the optional living benefit riders, you may allocate purchase payments to one or more of the GPAs with guarantee periods declared by us. These periods of time may vary by state. The required
minimum investment in each GPA is $1,000.
(Exception: if a PN program model portfolio includes one or more GPAs, the required minimum investment does not apply.)
These accounts are not offered after the annuitization start
date.
Each GPA pays an interest rate that is declared at the time of your allocation to
that account. Interest is credited daily. That interest rate is fixed for the guarantee period that you chose. We may periodically change the declared interest rate for any future allocations to these accounts, but we will not change the rate paid on any Contract Value already allocated
to a GPA.
A positive or negative MVA is assessed if any Contract Value allocated to a GPA is surrendered or transferred to another investment option more than thirty days before the end of its guarantee period.
We will not apply an MVA to Contract Value you transfer or surrender out of the GPAs during the 30-day period ending on the last day of the guarantee period (the “30-day Rule”).
During this 30 day window, which precedes the end of your GPA investment’s
guarantee period, you may elect one of the following options: (i) reinvest the Contract Value in a new GPA with the same guarantee period ; (ii) transfer the Contract Value to a GPA with a different guarantee period; (iii) transfer the Contract Value to any of the subaccounts or the regular Fixed Account, or surrender the Contract Value
(subject to applicable surrender and transfer provisions). If we do not receive any instructions by the end of your guarantee period, we will automatically transfer the Contract Value into the
shortest GPA term offered in your state.
Per the 30-day Rule, we guarantee the contract value allocated to the GPAs,
including the interest credited, if you do not make any transfers or surrenders from the GPAs prior to 30 days before the end of the guarantee period. At all other times, and unless one of the exceptions to the 30-day Rule described below applies, we will apply an MVA if you
surrender or transfer contract value from a GPA including surrenders under the
SecureSource series of riders, the Guarantor Withdrawal Benefit for Life rider or the Guarantor Withdrawal Benefit, or you elect an annuity payout plan while
you have contract value invested in a GPA. We will refer to these transactions as “early surrenders.” The application of an MVA may result in either a gain or loss of contract value.
For the Current Contract, the 30-day Rule does not apply and no MVA will apply
to:
amounts surrendered under contract provisions that waive surrender charges for Hospital or Nursing Home Confinement and
Terminal Illness Disability Diagnosis;
amounts transferred automatically under the PN program; and
amounts deducted for fees and charges.
Amounts we pay as death claims will not be reduced by any MVA.
For the Original Contract, the 30-day Rule does not apply and no MVA will apply
to:
transfers from a one-year GPA occurring under an automated dollar-cost averaging program or interest sweep strategy;
automatic rebalancing under any PN program model portfolio we offer which contains one or more GPAs. However, an MVA may
apply if you transfer to a new PN program investment option;
amounts applied to an annuity payout plan while a PN program model portfolio containing one or more GPAs is in effect;
amounts deducted for fees and charges; or
amounts we pay as death claims.
When you request an early surrender, we adjust
the early surrender amount by an MVA formula. The MVA is sensitive to changes in current interest rates. The MVA, which can be zero, positive or negative, reflects the relationship between
the guaranteed interest rate that applies to the GPA from which you are taking an early surrender and the interest rate we are then currently crediting on new GPAs that mature at the same time. The magnitude of any
applicable MVA will depend on of the difference in these guaranteed interest rates at the time of the
surrender and the time remaining in
your guarantee period and your guaranteed interest rate. If interest rates have increased, the MVA will generally be
22 RiverSource Signature Select Variable Annuity — Prospectus
negative and the early
surrender amount will be less; if interest rates have decreased, the MVA will generally be positive and the early surrender amount will be increased.
This is summarized in the following table:
| |
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Less than the new GPA rate + 0.10% |
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Equal to the new GPA rate + 0.10% |
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Greater than the new GPA rate + 0.10% |
|
For the MVA formula and an example, see below. Please refer to the prospectus containing
more information about GPA and MVA, registered with the SEC (See
File No. 333-263041).
As the examples below demonstrate, the application of an MVA may result in either a
gain or a loss of contract value. We refer to all of the transactions described below as “early
surrenders.”
•
You purchase a contract and allocate part of your purchase payment to the ten-year GPA;
and
•
we guarantee an interest rate of 3.0% annually for your ten-year guarantee period; and
•
after three years, you decide to make a surrender
from your GPA. In other words, there are seven years left in your guarantee period.
Remember that the MVA depends partly on the interest rate of a new GPA for the same number of years as the guarantee period remaining on your GPA. In this case, that is seven years.
Example 1: Remember that your GPA is earning 3.0%. Assume at the time of your surrender new GPAs that we offer with a seven-year guarantee period are earning 3.5%. We add 0.10% to the 3.5% rate to get 3.6%.
Your GPA’s 3.0% rate is less than the 3.6% rate, so the MVA will be negative.
Example 2: Remember again that your GPA is earning 3.0%, and assume that new GPAs that we offer with a seven-year guarantee period
are earning 2.5%. We add 0.10% to the 2.5% rate to get 2.6%. In this example, since your GPA’s 3.0% rate is greater than the 2.6% rate, the MVA will be positive. To
determine that adjustment precisely, you will have to use the formula described
below.
The precise MVA formula we apply is as follows:
| |
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rate earned in the GPA from which amounts are being transferred or
surrendered. |
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current rate for a new guarantee period equal to the remaining term in the current guarantee period. |
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number of months remaining in the current guarantee period (rounded up). |
Using assumptions similar to those we used in the examples above:
•
You purchase a contract and allocate part of your purchase payment to the ten-year
GPA;
•
we guarantee an interest rate of 3.0% annually for your ten-year guarantee period; and
•
after three years, you decide to make a $1,000 surrender from your GPA. In other words, there are seven years left in your guarantee period.
Example 1: You request an early surrender of $1,000 from your ten-year GPA earning a guaranteed interest rate of 3.0%. Assume at the time of your surrender new
GPAs that we offer with a seven-year guarantee period are earning 3.5%. Using the formula above, we determine the MVA as follows:
In this example, the MVA is a negative $39.84.
RiverSource Signature Select Variable Annuity — Prospectus 23
Example
2: You request an early surrender of
$1,000 from your ten-year GPA earning a guaranteed interest rate of 3.0%. Assume at the time of your
surrender new GPAs that we offer with a seven-year guarantee period are earning 2.5%. Using the formula above, we determine the MVA as follows:
In this example, the MVA is a positive $27.61.
Please note that when you allocate your purchase payment to the ten-year GPA and your purchase payment is in its fourth
year from receipt at the beginning of the guarantee period, your surrender charge percentage is 6%. (See “Charges — Surrender Charge.”) We do not apply MVAs to the amounts we
deduct for surrender charges, so we would deduct the surrender charge from your early surrender after we applied the MVA. Also note that when you request an early surrender, we surrender an amount from your GPA that will give you the net amount you requested after we apply
the MVA and any applicable surrender charge, unless you request otherwise.
The current interest rate we offer on the GPA will change periodically at our
discretion. It is the rate we are then paying on purchase payments, renewals and transfers paid under this class of contracts for guarantee period durations equaling the remaining guarantee period of the GPA to which the formula is being applied.
24 RiverSource Signature Select Variable Annuity — Prospectus
The General Account
The general account includes all assets owned by RiverSource Life, other than those in the Variable Account and our other separate accounts. Subject to applicable state law, we have sole discretion to decide how assets of the general
account will be invested. The assets held in our general account support the guarantees under your contract
including any optional benefits offered under the contract. These guarantees are subject to the claims-paying ability and financial strength of RiverSource Life. You should be aware that our general account is exposed to many of the same risks normally associated with a portfolio of fixed-income securities including interest rate, option, liquidity and credit risk. You should also be aware that we issue other types of annuities and financial instruments and products as well, and
these obligations are satisfied from the assets in our general account. Our general account is not segregated or insulated from the claims of our creditors. The financial statements contained in the SAI include a further discussion of
the risks inherent within the investments of the general account. The fixed account is supported by our general account that we make available under the contract.
Amounts allocated to the fixed account are part of our general account. For the Current Contract, the fixed account
includes the regular fixed account and the Special DCA fixed account. For the Original Contract, the fixed account includes the one-year fixed account and the DCA fixed account. We credit interest on amounts you allocate to the fixed
account at rates we determine from time to time at our discretion. Interest rates credited in excess of the guaranteed rate generally will be based on various factors related to future investment earnings. The guaranteed minimum interest
rate offered will never be less than the fixed account minimum interest rate required under state law.
We back the principal and interest guarantees relating to the fixed account. These guarantees are subject to the
creditworthiness and continued claims-paying ability of RiverSource Life
Because of exemptive and exclusionary provisions, we have not
registered interests in the fixed account as securities under the Securities Act of 1933 nor have any of these accounts been registered as investment companies under the Investment Company Act of 1940. Accordingly, neither the fixed account nor any interests in the fixed account are
subject to the provisions of these Acts.
The fixed account has not been registered with the SEC. Disclosures regarding the
fixed account, however, are subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements made in a prospectus.
(applications signed on or after Nov. 30, 2009, subject to state
availability)
The Regular Fixed Account
Unless the PN program we offer is in effect, you may allocate purchase payments or
transfer contract value to the regular fixed account. The value of the regular fixed account increases as we credit interest to the regular fixed account. We credit and compound interest daily based on a 365-day year (366 in a leap year) so as to produce the annual effective
rate which we declare. The interest rate we apply to each purchase payment or transfer to the regular fixed account is guaranteed for one year. Thereafter, we will change the
rates from time to time at our discretion, but your interest rate for each purchase payment or transfer will never change more frequently than annually. There are restrictions on transfers from this account and may be restrictions on the amount you can allocate to this account (see
“Making the Most of Your Contract — Transfer policies”).
The Special DCA Fixed Account
You may allocate purchase payments to the Special DCA fixed account. You may not transfer contract value to the Special
DCA fixed account.
You may allocate your entire purchase payment to the Special DCA fixed account for a term of six or twelve months. We
reserve the right to offer shorter or longer terms for the Special DCA fixed account.
In accordance with your investment instructions, we transfer
amounts from the Special DCA fixed account to the subaccounts or investment option you select under your living benefit rider monthly so that, at the end of the Special DCA fixed account term, the balance of the Special DCA fixed account is zero. The amount of each transfer equals the
remaining Special DCA fixed account value on the date of the transfer divided by the number of remaining transfers in the program. You may not change the amount of transfers. The first Special DCA monthly transfer occurs one day after we
receive your payment. You may not use the regular fixed account or any GPA as a destination for the Special DCA monthly transfer. (Exception: if a PN program is in effect, and
the PN program investment option you selected, if
RiverSource Signature Select Variable Annuity — Prospectus 25
applicable, includes the
regular fixed account or any GPA, amounts will be transferred from the Special DCA fixed account to the regular fixed account or GPA according to the allocation percentage
established for the PN program investment option you have selected.)
The value of the Special DCA fixed account increases when we credit interest to the
Special DCA fixed account, and decreases when we make monthly transfers from the Special DCA fixed account. When you allocate a purchase payment to the Special DCA fixed account, the interest rates applicable to that purchase payment will be the rates in effect for
the Special DCA fixed account term you choose on the date we receive your purchase payment. The applicable interest rate is guaranteed for the length of the term for the Special DCA fixed account term you choose. We credit and compound
interest daily based on a 365-day year (366 in a leap year) so as to produce the annual effective rate which we declare. We credit interest only on the declining balance of the
Special DCA fixed account; we do not credit interest on amounts that have been transferred from the Special DCA fixed account. As a result, the net effective interest rates
we credit will be less than the declared annual effective rates. Generally, we will credit the Special DCA fixed account with interest at the same annual effective rate we apply to the regular fixed account on the date we receive your
purchase payment, regardless of the length of the term you select. From time to time, we may credit interest to the Special DCA fixed account at promotional rates that are higher than those we credit to the regular fixed account. We
reserve the right to declare different annual effective rates:
•
for the Special DCA fixed account and the regular fixed account; and
•
for the Special DCA fixed accounts with terms of differing length.
Alternatively, you may
allocate your purchase payment to any combination of the following which equals one hundred percent of the amount you invest:
•
the Special DCA fixed account for a six month term;
•
the Special
DCA fixed account for a twelve month term;
•
the Portfolio Stabilizer or Portfolio Navigator fund if you have one of the optional living
benefit riders;
•
unless you have elected one of the optional living benefit riders, to the regular fixed
account, the GPAs and/or the subaccounts, subject to investment minimums and other restrictions we may impose on investments in the regular account and the GPAs.
Once you establish a Special DCA fixed account, you cannot allocate
additional purchase payments to it. However, you may establish another Special DCA fixed account and allocate new purchase payments to it.
If you participate in a PN program, and you change to a different PN program investment option while a Special DCA fixed
account term is in progress, we will allocate transfers from the Special DCA fixed account to your newly-elected PN program investment option.
If your contract permits, and you discontinue your participation in a PN program while a Special DCA fixed account term
is in progress, we will allocate transfers from your Special DCA fixed account for the remainder of the term to the subaccounts in accordance with your current Special DCA fixed account allocation instructions. If your current Special
DCA fixed account allocation instructions include a fund to which allocations are restricted and you do not provide new instructions, we will transfer prorated amounts to the valid portion of your allocation
instruction.
You may discontinue any Special DCA fixed account before the end of its term by giving us notice. If you do so, we will
transfer the remaining balance of the Special DCA fixed account to the Portfolio Stabilizer or Portfolio Navigator fund in which you are invested if a living benefit rider is selected, or if no living benefit rider is selected, in accordance with your investment instructions to us to the regular fixed account, the GPAs and/or the subaccounts, subject to investment
minimums and other restrictions we may impose on investments in the regular fixed account and the GPAs, including but not limited to, any limitations described in this prospectus on transfers (see “Transfer policies”).
Dollar-cost averaging from the Special DCA fixed account does not guarantee that any subaccount will gain in value nor
will it protect against a decline in value if market prices fall. For an example of how Special DCA dollar-cost averaging works, see table below showing the Special DCA fixed account for a six-month term.
26 RiverSource Signature Select Variable Annuity — Prospectus
How
Special dollar-cost averaging works
By spreading the investment over the term of the Special DCA |
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Number of units purchased |
you automatically buy
more units when the
per unit market price is low |
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and fewer units when the per unit market price is high. |
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You paid an average price of $18.11. per unit over the 6 months, while the
average market price actually was $18.33.
(applications signed prior to Nov. 30, 2009 or in states where the Current Contract was not available)
The One-Year Fixed Account
Unless the PN program we offer is in effect, you may allocate purchase payments or
transfer contract value to the one-year fixed account. The value of the one-year fixed account increases as we credit interest to the one-year fixed account. We credit and compound interest daily based on a 365-day year (366 in a leap year) so as to produce the annual
effective rate which we declare. We credit the one-year fixed account with the current guaranteed annual rate that is in effect on the date we receive your purchase payment or
you transfer contract value to the one-year fixed account. The interest rate we apply to each purchase payment or transfer to the one-year fixed account is guaranteed for one year. There are restrictions on the amount you can allocate to the one-year fixed account as well as on transfers
from this account (see “Making the Most of Your Contract — Transfer policies”).
(Applies to contracts with applications signed on or after May 1, 2006 and if available in your state)
You may allocate purchase payments to the DCA fixed account. You may not transfer
contract value to the DCA fixed account.
You may allocate your entire purchase payment to the DCA fixed account for a term
of six or twelve months. We reserve the right to offer shorter or longer terms for the DCA fixed account.
In accordance with your investment instructions, we transfer a pro rata amount from the DCA fixed account to your
investment allocations monthly so that, at the end of the DCA fixed account term, the balance of the DCA fixed account is zero. The first DCA monthly transfer occurs one day after we receive your payment.
The value of the DCA fixed account increases when we credit
interest to the DCA fixed account, and decreases when we make monthly transfers from the DCA fixed account. When you allocate a purchase payment to the DCA fixed account, the interest rates applicable to that purchase payment will be the rates in effect for the DCA fixed account term you
choose on the date we receive your purchase payment. The applicable interest rate is guaranteed for the length of the term for the DCA fixed account term you choose. We credit and compound interest daily based on a 365-day year (366 in a
leap year) so as to produce the annual effective rate which we declare. We credit interest only on the declining balance of the DCA fixed account; we do not credit interest on
amounts that have been transferred from the DCA fixed account. As a result, the net effective interest rates we credit will be less than the declared annual effective rates.
Generally, we will credit the DCA fixed account with interest at the same annual effective rate we apply to the one-year fixed account on the date we receive your purchase payment, regardless of the length of the term you select. From time
to time, we may credit interest to the DCA fixed account at promotional rates that are higher than those we credit to the one-year fixed account. We reserve the right to declare different annual effective rates:
•
for the DCA fixed account and the one-year fixed account;
•
for the DCA
fixed accounts with terms of differing length;
•
for amounts in the DCA fixed account that are transferred to the one-year fixed
account;
•
for amounts in the DCA fixed account that are transferred to the GPAs;
•
for amounts in the DCA fixed account that are transferred to the subaccounts.
Alternatively, you may
allocate your purchase payment to any combination of the following which equals one hundred percent of the amount you invest:
•
the DCA fixed account for a six month term;
RiverSource Signature Select Variable Annuity — Prospectus 27
•
the DCA fixed
account for a twelve month term;
•
the Portfolio Stabilizer or Portfolio Navigator fund, if you have one of the optional living
benefit riders;
•
unless you have elected one of the optional living benefit riders, to the one-year fixed
account, the GPAs and/or the subaccounts, subject to investment minimums and other restrictions we may impose on investments in the one-year fixed account and the GPAs.
If you make a purchase payment while a DCA fixed account term is in
progress, you may allocate your purchase payment among the following:
•
to the DCA fixed account term(s) then in effect. Amounts you allocate to an existing DCA
fixed account term will be transferred out of the DCA fixed account over the remainder of the term. For example, if you allocate a new purchase payment to an existing DCA fixed account term of six months when only two months remains in the six month term, the
amount you allocate will be transferred out of the DCA fixed account over the remaining two months of the term;
•
to the
Portfolio Stabilizer or Portfolio Navigator fund, if you have one of the optional living benefit riders;
•
unless you
have elected one of the optional living benefit riders, then to the one-year fixed account, the GPAs and/or the subaccounts, subject to investment minimums and other restrictions
we may impose on investments in the one-year fixed account and the GPAs.
If
no DCA fixed account term is in progress when you make an additional purchase payment, you may allocate it according to the rules above for the allocation of your initial
purchase payment.
If you participate in a PN program, and you change to a different PN program investment option while a DCA fixed account
term is in progress, we will allocate transfers from the DCA fixed account to your newly-elected PN program investment option.
If your contract permits, and you discontinue your participation in a PN program investment option while a DCA fixed
account term is in progress, we will allocate transfers from the DCA fixed account for the remainder of the term in accordance with your investment instructions to us to the one-year fixed account, the GPAs and the subaccounts, subject
to investment minimums and other restrictions we may impose on investments in the one-year fixed account and the GPAs, including but not limited to, any limitations described in
this prospectus on transfers (see “Transfer policies”).
You may discontinue any DCA fixed account before the end of its term by
giving us notice. If you do so, we will transfer the remaining balance of the DCA fixed account whose term you are ending to the PN program investment option in effect, or if no PN program investment option is in effect, in accordance with your investment instructions to us to the
one-year fixed account, the GPAs and/or the subaccounts, subject to investment minimums and other restrictions we may impose on investments in the one-year fixed account and the GPAs, including but not limited to, any limitations
described in this prospectus on transfers (see “Transfer policies”).
Dollar-cost averaging from the DCA fixed account does not
guarantee that any subaccount will gain in value nor will it protect against a decline in value if market prices fall. For a discussion of how dollar-cost averaging works, see
“Making the Most of your Contract — Automated Dollar-Cost Averaging.”
New contracts are not currently being offered.
We are required by law to obtain personal information from you which we used to verify your identity. If you do not
provide this information we reserve the right to refuse to issue your contract or take other steps we deem reasonable. As the owner, you have all rights and may receive all benefits under the contract. You may select a qualified or
nonqualified annuity. You can own a nonqualified annuity in joint tenancy with rights of survivorship only in spousal situations. You cannot own a qualified annuity in joint tenancy. For the Current Contract, you can buy a contract if you
are 85 or younger. For the Original Contract, you can buy a contract if you and the annuitant are age 85 or younger. (The age limit may be younger for qualified annuities in some states.)
When you applied, you could have selected:
(applications signed on or after Nov. 30, 2009, subject to state
availability)
•
GPAs, the regular fixed account (if included), the Special DCA fixed account and/or subaccounts in which you want to
invest;
•
how you want to make purchase payments;
•
the optional PN program(1); and
28 RiverSource Signature Select Variable Annuity — Prospectus
•
one of the
following optional death benefits:
–
5% Accumulation Death Benefit; or
–
Enhanced Death Benefit.
•
one of the following additional optional death benefits:
–
Benefit
Protector Death Benefit rider(2); or
–
Benefit Protector Plus Death Benefit rider(2).
In addition, you could have also selected one of the following optional living
benefits:
•
SecureSource Stages 2 riders;
•
SecureSource Stages
riders;
•
Accumulation Protector Benefit rider
The Current Contract provides for allocation of purchase payments to the GPAs, the regular fixed account, the Special DCA fixed account and/or the subaccounts of the variable account subject to the $1,000 required minimum
investment for the GPAs. We currently allow you to allocate the total amount of purchase payment to the regular fixed account. We reserve the right to limit purchase payment allocations to the regular fixed account at any time on a non-discriminatory
basis with notification, subject to state restrictions. You cannot allocate purchase payments to the fixed account for six months following a partial surrender from the fixed account, a lump sum transfer from the regular fixed account, or
termination of automated transfers from the Special DCA fixed account prior to the end of the Special DCA fixed account term.
(applications signed prior to Nov. 30, 2009 or in states where the Current Contract was not
available)
•
GPAs, the one-year fixed account, if part of your contract, the DCA fixed account if part of your contract and/or
subaccounts in which you want to invest;
•
how you want
to make purchase payments;
•
the optional PN program(1); and
•
one of the following optional death benefits:
–
5% Accumulation Death Benefit; or
–
Enhanced Death Benefit.
•
one of the following additional optional death benefits:
–
Benefit
Protector Death Benefit rider(2); or
–
Benefit Protector Plus Death Benefit rider(2).
In addition, if available in your state, could have also selected one of the following optional living benefits:
•
SecureSource 20 riders;
•
Accumulation Protector Benefit rider;
•
Guarantor
Withdrawal Benefit for Life rider;
•
Guarantor Withdrawal Benefit rider;
•
Income Assurer Benefit – MAV rider;
•
Income Assurer
Benefit – 5% Accumulation Benefit Base rider; or
•
Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base rider.
(1)
There is no additional charge for this feature.
(2)
Not available with 5% Accumulation or Enhanced Death Benefit.
The Original Contract provides for allocation of purchase payments to the GPAs, the one-year fixed account (if part of your contract), the DCA fixed account (if part of your contract) and/or to the subaccounts of the variable account in even
1% increments subject to the $1,000 required minimum investment for the GPAs. The amount of any purchase payment allocated to the one-year fixed account in total cannot exceed 30% of the purchase
payment. More than 30% of a purchase payment may be so allocated if you establish an automated dollar-cost averaging arrangement with respect to
RiverSource Signature Select Variable Annuity — Prospectus 29
the purchase payment
according to procedures currently in effect. We reserve the right to further limit purchase payment allocations to the one-year fixed account if the interest rate we are then
crediting on new purchase payments allocated to the one-year fixed account is equal to the minimum interest rate stated in the contract.
For both the Current Contract and the Original
Contract:
We will credit additional eligible purchase payments
you make to your accounts on the valuation date we receive them. If we receive an additional purchase payment at our Service Center before the close of business, we will credit
any portion of that payment allocated to the subaccounts using the accumulation unit value we calculate on the valuation date we received the payment. If we receive an additional purchase payment at our Service Center at or after the close
of business, we will credit any portion of that payment allocated to the subaccounts using the accumulation unit value we calculate on the next valuation date after we received the payment.
You may make monthly payments to your contract under a Systematic Investment Plan
(SIP). You must make an initial purchase payment of $10,000. Then, to begin the SIP, you will complete and send a form and your first SIP payment along with your application.
There is no charge for SIP. You can stop your SIP payments at any time.
In most states, you may make additional purchase payments to nonqualified and
qualified annuities until the annuitization start date.
Householding and delivery of certain documents
With your prior consent, RiverSource Life and its affiliates may use and
combine information concerning accounts owned by members of the same household and provide a single paper copy of certain documents to that household. This householding of documents may include prospectuses, supplements, annual reports, semiannual reports and proxies.
Your authorization remains in effect unless we are notified otherwise. If you wish to continue receiving multiple copies of these documents, you can opt out of householding by
calling us at 1.866.273.7429. Multiple mailings will resume within 30 days after we receive your opt out request.
You should only exchange a contract you already own if you determine,
after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your
existing contract.
Generally, you can exchange one annuity for another or for a qualified long-term care insurance policy in a
“tax-free” exchange under Section 1035 of the Code. You can also do a partial exchange from one annuity contract to another annuity contract, subject to Internal Revenue Service (IRS) rules. You also generally can exchange a life insurance policy for an annuity. However, before making an exchange, you should compare both contracts carefully because the features
and benefits may be different. Fees and charges may be higher or lower on your old contract than on the new contract. You may have to pay a surrender charge when you exchange out of your old contract and a new surrender charge
period may begin when you exchange into the new contract. If the exchange does not qualify for Section 1035 treatment, you also may have to pay federal income tax on the distribution. State income taxes may also apply. You
should not exchange your old contract for the new contract or buy the new contract in addition to your old contract, unless you determine it is in your best interest. (See “Taxes — 1035 Exchanges.”)
The Annuitization Start Date
For both the Current Contract and the Original Contract:
Annuity payouts begin on the annuitization start date. This means that the contract will be annuitized or converted to a
stream of monthly payments. If your contract is annuitized, the contract goes into payout and only the annuity payout provisions continue. You will no longer have access to your contract value. This means that the death benefit and any
optional benefits you have elected will end. When we processed your application, we established the maximum age then in effect (or contract anniversary if applicable). Unless otherwise elected by you, all annuitization start dates are now
automatically set to the maximum age of 95 now in effect. You can also change the annuitization start date, provided you send us written instructions at least 30 days before annuity payouts begin.
The annuitization start date must be:
•
no earlier than the 30th day after the contract’s effective date; and no later than
•
the
owner’s 95th birthday or the tenth contract anniversary, if later,
•
or such other date as agreed to by us but not later than the owner’s 105th
birthday.
Six months prior to your annuitization start date, we will contact you with your
options including the option to postpone your annuitization start date to a future date. You can choose to delay the annuitization of your contract to a date beyond age 95, to the extent allowed by applicable state law and tax laws.
30 RiverSource Signature Select Variable Annuity — Prospectus
If you do not make an
election, annuity payouts using the contract’s default option of annuity payout Plan B – Life with 10 years certain will begin on the annuitization start date and
your monthly annuity payments will continue for as long as the annuitant lives. If the annuitant does not survive 10 years, we will continue to make payments until 10 years of
payments have been made. Some distributors require annuitization by age 95. In that case, the option to continue to defer the annuitization start date after age 95 is not available.
Generally, if you own a qualified annuity (for example, an IRA) and tax laws
require that you take distributions from your annuity prior to your annuitization start date, your contract will not be automatically annuitized (subject to state requirement). However, if you choose, you can elect to request annuitization or take surrenders to meet your required
minimum distributions.
Please see ”SecureSource Stages 2/SecureSource Stages/SecureSource 20 — Other Provisions" section regarding
options under this rider at the annuitization start date.
We will pay to your named beneficiary the death benefit if it becomes payable while the contract is in force and before
the annuitization start date. If there is more than one beneficiary, we will pay each beneficiary’s
designated share when we receive their completed claim. A beneficiary will bear the investment risk of the variable account until we receive the beneficiary’s completed claim. If there is no named beneficiary, the default provisions of your contract will apply.
(See “Benefits in Case of Death” for more about beneficiaries.)
If you select one of the SecureSource series – Joint Life rider, please consider carefully whether or not you wish to change the beneficiary of your annuity contract. The rider will
terminate if the surviving covered spouse can not utilize the spousal continuation provision of the contract when the death benefit is payable.
Purchase payment amounts and purchase payment timing may vary by state and be
limited under the terms of your contract.
Minimum initial purchase payment
Minimum additional purchase payments
$100 for all other payment types
Maximum total purchase payments (without our approval)
(applications signed on or after Nov.
30, 2009, subject to state availability)
Maximum total purchase payments* based on your age on the effective date of the payment:
For the first year and total: through age 85 |
|
| |
|
For each subsequent year: through age 85 |
|
| |
|
(applications signed prior to Nov. 30, 2009 or in states where the Current Contract was not available)
Maximum total purchase payments*
Additional purchase payment restrictions for contracts with the Guarantor Withdrawal Benefit rider, Guarantor Withdrawal Benefit for Life rider, or
SecureSource riders.
Effective Jan. 26, 2009, after initial purchase payments are received, limited additional purchase payments allowed for
contracts with the Guarantor Withdrawal Benefit rider, Guarantor Withdrawal Benefit for Life rider, or SecureSource riders, subject to state restrictions. Initial purchase payments are: 1) payments received with the application, and 2) Tax Free Exchanges, rollovers, and transfers listed on the annuity application, paper work initiated within 30 days from the
application signed date and received within 180 days from the application signed
date.
RiverSource Signature Select Variable Annuity — Prospectus 31
For contracts issued in all
states except those listed below, the only additional purchase payments that will be allowed on/after Jan. 26, 2009 are the maximum annual contribution permitted by the Code for
qualified annuities.
For contracts issued in Florida, New Jersey, and Oregon, additional purchase payments to your variable annuity contract
with the Guarantor Withdrawal Benefit rider, Guarantor Withdrawal Benefit for Life rider, or SecureSource riders will be
limited to $100,000 for the life of your contract. The limit does not apply to initial purchase payments.
Additional purchase payment restrictions for the
SecureSource Stages 2 riders, SecureSource Stages riders and SecureSource 20 riders
Effective Feb. 27, 2012, no additional purchase payments are allowed for contracts with SecureSource
Stages 2 riders, SecureSource Stages riders and SecureSource 20
riders subject to certain exceptions listed below.
Certain exceptions apply and the following additional purchase payments will be allowed on or after Feb. 27, 2012:
a.
Current tax year contributions for TSAs and Custodial and investment only plans under Section 401(a) of the Code, up to
the annual limit set by the IRS.
b.
Prior and current tax year contributions up to the annual limit set up by the IRS for any
Qualified Accounts except TSAs and 401(a)s. This annual limit applies to IRAs, Roth IRAs and SEP plans.
We reserve the right to change these current rules any time, subject to state restrictions.
The riders also prohibit additional purchase payments while the rider is effective, if (1) you decline a rider fee increase, or (2) the Annual Lifetime Payment (ALP) is established and your contract value on an anniversary is less than four
times the ALP. (For the purpose of this calculation only, the ALP is determined using percentage B, as described under “Optional Living Benefits — SecureSource Stages 2 Riders, SecureSource Stages
Riders and SecureSource 20 Riders.”)
Additional purchase payment restrictions for the
Accumulation Protector Benefit rider
Additional purchase payments are prohibited during the waiting period after the first 180 days immediately following the effective date of the Accumulation Protector Benefit rider.
For the Current Contract, additional purchase payments are also allowed within 180
days from the last contract anniversary if you exercise the elective step up option.
Subject to state restrictions, we reserve the right to change
the above purchase payment limitations, including making further restrictions, upon written notice.
*
These limits apply in total to all RiverSource Life annuities you own unless a higher maximum applies to your contract. We reserve the right to waive or increase the maximum limit. For qualified annuities, the Code’s limits on annual contributions also apply. Additional purchase payments for inherited IRA contracts cannot be made unless the payment is IRA money inherited from the same decedent.
How to Make Purchase Payments
Send your check along with your name and contract number to:
RiverSource Life Insurance Company
829 Ameriprise Financial
Center
Minneapolis, MN 55474
Contact your investment professional to complete the necessary SIP
paperwork.
Limitations on Use of Contract
If mandated by applicable law, including, but not limited to, federal
anti-money laundering laws, we may be required to reject a purchase payment. We may also be required to block an owner’s access to contract values or to satisfy other statutory
obligations. Under these circumstances, we may refuse to implement requests for transfers, surrenders or
death benefits until instructions are received from the appropriate governmental authority or a court of competent jurisdiction.
32 RiverSource Signature Select Variable Annuity — Prospectus
Charges
If you surrender all or part of your contract value before the annuitization start date, we may deduct a surrender charge
from the contract value that is surrendered. As described below, a surrender charge applies to each purchase payment you make. The surrender charge lasts for 7 years
from the date of each purchase payment. (See “Expense Summary.”)
You may surrender an amount during any contract year without a surrender charge. We call this amount the total free
amount (FA for the Current Contract, TFA for the Original Contract). Throughout this prospectus when we use the acronym FA, it includes TFA. The FA varies depending on whether your contract includes one of the
SecureSource series
of riders, the Guarantor Withdrawal Benefit for Life rider or the Guarantor Withdrawal Benefit rider:
Current Contract without SecureSource Stages rider
The FA is the greater of:
•
10% of the contract value on the prior contract anniversary, less any prior surrenders taken in the current contract
year; or
•
current contract earnings.
During the first contract year, the FA is the greater of:
•
10% of all purchase payments applied prior to your surrender request, less any amounts surrendered prior to your surrender request that represent the FA; or
•
current
contract earnings.
Original Contract without SecureSource 20 rider, SecureSource rider, Guarantor Withdrawal Benefit for Life rider or
Guarantor Withdrawal Benefit rider
The FA is the greater of:
•
10% of the contract value on the prior contract anniversary(1), less any prior surrenders taken in the current contract year; or
•
current contract earnings.
Current Contract with SecureSource Stages rider
The FA is the greatest of:
•
10% of the contract value on the prior contract anniversary, less any prior surrenders taken
in the current contract year;
•
current
contract earnings; or
•
the Remaining Annual Lifetime Payment (this amount will be zero during the waiting
period).
During the first contract year, the FA is the greatest of:
•
10% of all purchase payments applied prior to your surrender request, less any amounts surrendered prior to your surrender request that represent the FA; or
•
current
contract earnings.
Original Contract with SecureSource 20 rider, SecureSource rider or Guarantor Withdrawal Benefit for Life
rider
The FA is the greatest of:
•
10% of the contract value on the prior contract anniversary(1), less any prior surrenders taken in the current contract year;
•
current contract earnings; or
•
the greater of the Remaining Benefit Payment or the Remaining Annual Lifetime Payment (for the
SecureSource 20 rider, Remaining Benefit Payment and the Remaining Annual Lifetime Payment are zero during the waiting period).
Original Contract with Guarantor Withdrawal Benefit rider
The FA is the greatest of:
•
10% of the contract value on the prior contract anniversary(1), less any prior surrenders taken in the current contract year;
•
current contract earnings; or
RiverSource Signature Select Variable Annuity — Prospectus 33
•
the Remaining
Benefit Payment.
(1)
We consider your initial purchase payment to be the prior contract anniversary’s contract value during the first contract year.
Amounts surrendered in excess of the FA may be subject to a surrender charge as described below.
A surrender charge will apply if the amount you surrender includes any of your prior purchase payments that are still
within their surrender charge schedule. To determine whether your surrender includes any of your prior purchase payments that are still within their surrender charge schedule, we surrender amounts from your contract in the following
order:
1.
First, we surrender the FA. Contract earnings are surrendered first, followed by purchase
payments. We do not assess a surrender charge on the FA. We surrender payments that are considered part of the FA on a first-in, first-out (FIFO) basis for the Current Contract, and last-in, first-out (LIFO) basis for the Original Contract.
2.
Next, we surrender purchase payments received that are beyond the surrender charge period shown in your contract. We
surrender these payments on a FIFO basis. We do not assess a surrender charge on these payments.
3.
Finally, we
surrender any additional purchase payments received that are still within the surrender charge period shown in your contract. We surrender these payments on a FIFO basis. We do
assess a surrender charge on these payments.
The amount of purchase
payments surrendered is calculated using a prorated formula based on the percentage of contract value being surrendered. As a result, the amount of purchase payments surrendered
may be greater than the amount of contract value surrendered.
We determine your surrender charge by multiplying each of your payments surrendered
which could be subject to a surrender charge by the applicable surrender charge percentage (see “Expense Summary”), and then adding the total surrender charges.
For a partial surrender, we will determine the amount of contract value that needs
to be surrendered, which after any surrender charge and any positive or negative market value adjustment, will equal the amount you request.
Example: Each time you make a purchase payment under the contract, a surrender charge schedule attaches to that purchase
payment. The surrender charge percentage for each purchase payment declines according to the surrender charge schedule shown in your contract. (The surrender charge percentages for the 7-Year surrender charge schedule are shown
in a table in the “Expense Summary”.) For example, during the first two years after a purchase payment is made, the surrender charge percentage attached to that payment is 7%. The surrender charge percentage for that payment
during the seventh year after it is made is 2%. At the beginning of the eighth year after that purchase payment is made, and thereafter, there is no longer a surrender charge as
to that payment.
For an example, see Appendix B.
Waiver of surrender charges
We do not assess surrender charges for:
•
surrenders each year that represent the total free amount for that year;
•
required minimum distributions from a qualified annuity to the extent that they exceed the free amount. The amount on
which surrender charges are waived can be no greater than the RMD amount calculated under your specific contract currently in force. (Please note that, if you are buying a new
contract with inherited IRA money, we will not waive surrender charges for a five-year distribution and, therefore, if that option is selected, you should choose a surrender charge period that is no longer than the time remaining in the five-year period.);
•
amounts
applied to an annuity payment plan (Exception: As described below, if you select annuity
payout Plan E, and choose later to surrender the value of your remaining annuity payments, we will assess a surrender charge. )
•
surrenders made as a result of one of the “Contingent events” described below to
the extent permitted by state law. For the Current Contract, waiver of surrender charges for Contingent events will not apply to Tax Free Exchanges, rollovers and transfers to another annuity contract;
•
amounts we
refunded to you during the free look period; and
•
Surrenders you make if you are confined to a hospital or nursing home and have been for the prior 60 days or confinement
began within 30 days following a 60 day confinement period. Such confinement must begin after the contract issue date. Your contract will include this provision when you are
under age 76 at contract issue. You must
34 RiverSource Signature Select Variable Annuity — Prospectus
provide us
with a letter containing proof satisfactory to us of the confinement as of the date you request the surrender. We must receive your surrender request no later than 91 days after
your release from the hospital or nursing home. The amount surrendered must be paid directly to you.
•
Surrenders you
make if you are disabled with a medical condition and are diagnosed in the second or later contract years with reasonable medical certainty, that the disability will result in
death within 12 months or less from the date of the diagnosis. You must provide us with a licensed physician’s statement containing the terminal illness diagnosis, the expected date of death and the date the terminal illness was initially diagnosed. The amount surrendered must be
paid directly to you.
•
Surrenders you make if you or the annuitant are confined to a hospital or nursing home and have been for the prior 60
days. Your contract will include this provision when you and the annuitant are under age 76 at contract issue. You must provide proof satisfactory to us of the confinement as of
the date you request the surrender.
•
Surrenders you make if you or the annuitant are diagnosed in the second or later contract
years as disabled with a medical condition that with reasonable medical certainty will result in death within 12 months or less from the date of the diagnosis. You must provide us with a licensed physician’s statement containing the terminal illness diagnosis and the date the terminal illness was initially diagnosed.
Liquidation charge under Annuity Payout Plan E — Payouts for
a specified period: If you are receiving variable annuity payments under this annuity payout plan, you can
choose to surrender those payments. The amount that you can surrender is the present value of any remaining variable payouts. The discount rate we use in the calculation will be
5.17% if the assumed investment return is 3.5% and 6.67% if the assumed investment return is 5%. The liquidation charge equals the present value of the remaining payouts using the assumed investment return minus the present value of
the remaining payouts using the discount rate.
Fixed Payouts: Surrender charge for Fixed Annuity Payout Plan E – Payouts for a specified period: If you are receiving
annuity payments under this annuity payout plan, you can choose to take a surrender and surrender charge may apply.
A surrender charge will be assessed against the
present value of any remaining guaranteed payouts surrendered. The discount rate we use in determining present values varies based on: (1) the contract value originally applied to the fixed
annuitization; (2) the remaining years of guaranteed payouts; (3) the annual effective interest rate and periodic payment amount for new immediate annuities of the same duration as the remaining years of guaranteed payouts; and (4) the
interest spread (currently 1.50%). If we do not currently offer immediate annuities, we will use rates and values applicable to new annuitizations to determine the discount rate.
Once the discount rate is applied and we have determined the present value of the
remaining guaranteed payouts you surrendered, the present value determined will be multiplied by the
surrender charge percentage in the table below and deducted from the present value to determine the net present value you will
receive.
Number of Completed Years Since Annuitization
|
Surrender charge percentage |
| |
|
| |
|
| |
|
| |
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| |
|
| |
|
| |
|
*We do not permit
surrenders in the first year after annuitization.
We will provide a quoted present value (which includes the deduction of any surrender charge). You must then formally elect, in a form acceptable to us, to receive this value. The remaining guaranteed
payouts following surrender will be
reduced to zero.
Possible group reductions: In some cases we may incur lower sales and administrative expenses due to the size of the group, the average
contribution and the use of group enrollment procedures. In such cases, we may be able to reduce or eliminate the contract administrative and surrender charges. However, we expect this to occur infrequently.
RiverSource Signature Select Variable Annuity — Prospectus 35
Annual Contract Expenses
Base Contract Expenses consist of the contract administrative charge and mortality
and expense risk fee.
Contract Administrative Charge
We charge this fee for establishing and maintaining your records. For the Original Contract, we deduct $40 from the
contract value on your contract anniversary or, if earlier, when the contract is fully surrendered. For the Current Contract, we deduct $50* from the contract value on your contract anniversary or, if earlier, when the contract is fully
surrendered. We prorate this charge among the GPAs, the regular fixed account, Special DCA fixed account and the subaccounts in the same proportion your interest in each account bears to your total contract value. Some states also
limit any contract charge that applies to the fixed account.
We will waive this charge when your contract value is $50,000 or more on the
current contract anniversary. For the Current Contract, we reserve the right to charge up to $20 after the first contract anniversary for contracts with contract value of $50,000 or more.
If you take a full surrender from your contract, we will deduct the charge at the
time of surrender regardless of the contract value. We cannot increase the annual contract administrative charge for the Original Contract. This charge does not apply to amounts applied to an annuity payment plan or to the death benefit (other than when deducted from the Full
Surrender Value component of the death benefit for the Current Contract).
*Prior to May 5, 2020, the contract administrative charge for the Current Contract
was $40.
Variable Account Administrative Charge
We apply this charge daily to the subaccounts. It is reflected in the unit
values of your subaccounts and it totals 0.15% of their average daily net assets on an annual basis. It covers certain administrative and operating expenses of the subaccounts such as accounting, legal and data processing fees and expenses involved in the preparation and distribution
of reports and prospectuses. We cannot increase the variable account administrative charge.
Mortality and Expense Risk Fee
We charge these fees daily to the subaccounts as a percentage of the daily contract value in the variable account. The
unit values of your subaccounts reflect these fees. These fees cover the mortality and expense risk that we assume. These fees do not apply to the GPAs or the fixed account. The fees listed below are the current fees and they cannot be
changed.
The mortality and expense risk fee you pay is determined by the death benefit guarantee in effect:
(applications signed on or after Nov. 30, 2009, subject to state availability)
| |
Mortality and expense risk fee |
| |
|
| |
|
| |
|
5% Accumulation Death Benefit |
|
| |
|
*
CV Death Benefit is available only after an ownership change or spousal continuation if any
owner or spouse who continues the contract is over age 85 and therefore cannot qualify for the ROPP death benefit.
(applications signed prior to Nov. 30, 2009 or in states where the Current Contract
was not available)
| |
Mortality and expense risk fee |
| |
|
| |
|
5% Accumulation Death Benefit |
|
| |
|
Mortality risk arises because of our guarantee to pay a death benefit and our
guarantee to make annuity payouts according to the terms of the contract, no matter how long a specific owner or annuitant lives and no matter how long our entire group of owners or annuitants live. If, as a group, owners or annuitants outlive the life expectancy we
assumed in our actuarial tables, then we must take money from our general assets to meet our obligations. If, as a
36 RiverSource Signature Select Variable Annuity — Prospectus
group, owners or annuitants
do not live as long as expected, we could profit from the mortality risk fee. We deduct the mortality risk fee from the subaccounts during the annuity payout period even if the
annuity payout plan does not involve a life contingency.
Expense risk arises because we cannot increase the contract administrative charge
for the Original Contract, we are limited on how much we can increase the contract administrative charge
for the Current Contract, and we cannot increase the variable account administrative charge and these charges may not cover our expenses. We would have to make up any deficit from our general assets. We could profit from the expense risk fee if future
expenses are less than expected.
The subaccounts pay us the mortality and expense risk fee they accrued as
follows:
•
first, to the extent possible, the subaccounts pay this fee from any dividends distributed from the funds in which they
invest;
•
then, if necessary, the funds redeem shares to cover any remaining fees payable.
We may use any profits we realize from the subaccounts’ payment to us of the mortality and expense risk fee for any proper corporate purpose, including, among others, payment of distribution (selling) expenses. We do not expect that the
surrender charge will cover sales
and distribution expenses.
Optional Living Benefit Charges
Accumulation Protector Benefit Rider Fee
We deduct an annual charge from your contract value on your contract anniversary for this optional benefit only if you
select it. The charge is percentage of the greater of your contract value or the minimum contract accumulation value. See tables below for the applicable percentage. For contract applications signed on or after May 3, 2010, we prorate
this charge among all accounts and the subaccounts in the same proportion as your interest in each bears to your total contract value. For contract applications signed prior to June 1, 2009, the charge will be prorated among the GPAs, the
one-year fixed account and the subaccounts. We will modify this prorated approach to comply with state regulations where necessary.
Once you elect the Accumulation Protector Benefit rider, you may not cancel it and
the charge will continue to be deducted until the end of the waiting period. If the contract or rider is terminated for any reason, we will deduct the charge, adjusted for the number of calendar days coverage was in place since we last deducted the charge.
The Accumulation Protector Benefit rider charge will not exceed a maximum of 1.75%.
We may change the rider fee at our discretion and on a nondiscriminatory
basis.
We will not change the Accumulation Protector Benefit rider fee in effect on your contract after the rider effective date
unless:
(a)
you choose the annual elective step-up or elective spousal continuation step-up after we
have exercised our rights to increase the rider fee; or
(b)
you change your
PN program investment option after we have exercised our rights to increase the rider fee or vary the rider fee for each PN program investment option.
We exercised our right to increase the rider fee upon elective step-up or elective spousal continuation step-up and vary the fee depending on whether your contract value is invested in one of the Portfolio Navigator or Portfolio Stabilizer
funds at the time of the elective step-up or spousal continuation step-up. You will pay the fee that is in effect on the valuation date we receive your written request to step-up. Currently, we waive our right to increase the fee for investment option changes. There is no assurance that we will not exercise our right in the future.
If you request an elective step-up or the elective spousal
continuation step-up, the fee that will apply to your rider will correspond to the fund in which you are invested at that time, as shown in the table below.
| |
|
Initial annual rider fee
and annual rider fee for
elective step-ups before
10/20/2012 |
| |
|
|
| |
|
|
RiverSource Signature Select Variable Annuity — Prospectus 37
| |
|
Initial annual rider fee
and annual rider fee for
elective step-ups before
10/20/2012 |
| |
|
|
(Charged annually on the contract anniversary as a percentage of the contract value or
the Minimum Contract Accumulation Value, whichever is greater.)
Current annual rider fees for elective step-up (including elective spousal
continuation step-up) requests on/after 10/20/2012 are shown in the table
below.
| |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
| |
|
|
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|
|
| |
|
|
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|
|
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|
| |
|
|
| |
|
|
| |
|
Initial annual rider fee
and annual rider fee for
elective step-ups before
04/29/2013 |
| |
|
|
| |
|
|
(Charged annually on the contract anniversary as a percentage of the contract value or
the Minimum Contract Accumulation Value, whichever is greater.)
Current annual rider fees for elective step-up (including elective spousal
continuation step-up) requests on/after 04/29/2013 are shown in the table
below.
| |
If invested in Portfolio Navigator fund at the time of step-up: |
If invested in Portfolio Stabilizer fund at the time of step-up: |
| |
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|
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If your annual rider fee changes during the contract year, on the next contract
anniversary we will calculate an average rider fee that reflects the various different fees that were in effect that year, adjusted for the number of calendar days each fee was in effect.
Subject to the terms of your contract, we reserve the right to further increase the
rider fees to the maximum limit provided by your rider and to vary the rider fees based on the fund you select.
The automatic step-up option available under your rider will not impact your rider fee.
Please see the “Optional Living Benefits —
Accumulation Protector Benefit Rider” section for a full description and rules applicable to elective and automatic step-up options under your rider.
The charge does not apply after the annuitization start date.
SecureSource Stages 2 Rider Charge
We deduct an annual charge for this optional feature only if you select it. The
current annual charges are:
•
SecureSource Stages 2 — Single Life rider, 0.95%
•
SecureSource Stages 2 — Joint Life rider, 1.15%
38 RiverSource Signature Select Variable Annuity — Prospectus
The charge is based on the
greater of the benefit base (BB) or the anniversary contract value, but not more than the maximum BB of $10,000,000.
We deduct the charge from your contract value on your contract anniversary. We prorate this charge among all accounts
and subaccounts in the same proportion as your interest in each bears to your total contract value. We will modify this prorated approach to comply with state regulations where necessary.
Once you elect the SecureSource Stages 2 rider, you may not cancel it (except as described below), and the charge will
continue to be deducted until the contract or rider is terminated or until the contract value reduces to zero. If the contract or rider is terminated for any reason, we will deduct the charge, adjusted for the number of calendar days
coverage was in place since we last deducted the charge.
Currently the SecureSource Stages 2 rider fee does not vary with the PN program investment option selected; however,
we reserve the right to vary the rider fee for each investment option. The SecureSource
Stages 2 — Single Life rider fee will not exceed a maximum of 1.75%. The SecureSource Stages 2 — Joint Life rider fee will not exceed a maximum of 2.25%.
The following describes how your annual rider fee may increase:
1.
We may increase the annual rider fee at our discretion and on a nondiscriminatory basis. Your annual rider fee will
increase if we declare an increase to the fee with written notice 30 days in advance except as described below. The new fee will be in effect on the date we declare in the written notice.
(A)
You can decline
this increase and therefore all future fee increases if we receive your written request prior to the date of the fee increase, in which case you permanently relinquish:
(i)
all future annual step-ups, and for the Joint Life rider, spousal continuation
step-ups,
(ii)
any ability to make additional purchase payments,
(iii)
any future rider credits, and the credit base (CB) will be permanently reset to
zero,
(iv)
any increase to the lifetime payment percentage due to changing age bands on subsequent
birthdays and rider anniversaries, and
(v)
the ability to
change your investment option to one that is more aggressive than your current investment option. Any change to a less aggressive investment option will further limit the
investment options available to the then current and less aggressive investment
options.
(B)
You can terminate this rider if your annual rider fee after any increase is more than 0.25
percentage points higher than your fee before the increase and if we receive your written request to terminate the rider prior to the date of the fee increase.
2.
Your annual rider fee may increase if you elect to change to a more aggressive investment
option than your current investment option and if the new investment option has a higher current annual rider fee. The annual rider fees associated with the available investment option may change at our discretion, however these changes will not apply to
this rider unless you change your current investment option to a more aggressive one. The new fee will be in effect on the valuation date we receive your written request to
change your investment option. You cannot decline this type of fee increase. To avoid it, you must stay in the same investment option or move to a less aggressive one. Also, this type of fee increase does not allow you to terminate the rider.
If your rider fee
increases, on the next contract anniversary, we will calculate an average rider fee, for the preceding contract year only, that reflects the various different fees that were in
effect that year, adjusted for the number of calendar days each fee was in effect.
The fee does not apply after the annuitization start
date.
We deduct a charge based on the greater of the contract anniversary value or the total Remaining Benefit Amount (RBA)
for this optional feature only if you select it as follows:
| |
|
|
5/1/2007 – 5/31/2008, Single Life |
|
|
5/1/2007 – 5/31/2008, Joint Life |
|
|
6/1/2008 – 1/25/2009, Single Life |
|
|
6/1/2008 – 1/25/2009, Joint Life |
|
|
1/26/2009 and later, Single Life |
|
|
1/26/2009 and later, Joint Life |
|
|
RiverSource Signature Select Variable Annuity — Prospectus 39
We deduct the charge from
your contract value on your contract anniversary. We prorate this charge among the GPAs, the fixed account and the subaccounts in the same proportion as your interest in each
bears to your total contract value. We will modify this prorated approach to comply with state regulations where necessary.
Once you elect a SecureSource
rider, you may not cancel it and the charge will continue to be deducted until the contract or rider is
terminated, or the contract value reduces to zero. If the contract or rider is terminated for any reason, we will deduct the charge from the proceeds payable adjusted for the
number of calendar days coverage was in place since we last deducted the charge. If the RBA reduces to zero but the contract value has not been depleted, you will continue to be charged.
We may increase the rider fee at our discretion and on a nondiscriminatory basis.
However, the rider fee will not exceed the maximum fees as shown in the table above.
We will not change the SecureSource rider fee in effect on your contract after the rider effective date unless:
(a)
you choose the annual elective step up or the elective spousal continuation step up after we have exercised our rights
to increase the rider fee; or
(b)
you elect to change your PN program investment option after we have exercised our rights to
increase the rider fee or vary the rider fee for each PN program investment option.
Effective Dec. 18, 2013, we exercised our right to increase the rider fee and vary the fee depending on the fund to which your contract value is invested. Beginning Dec. 18, 2013, if you:
•
request an elective step up or the elective spousal continuation step up, or
•
move to a Portfolio Navigator fund that is more aggressive than the Portfolio Navigator fund you are currently allocated
to,
the fee that will apply to your rider will correspond to the fund in which you are currently invested as shown in the table below.
If you move to a Portfolio Navigator fund that is less aggressive than the
Portfolio Navigator fund you are currently allocated to, your fee will not increase and may decrease according to the table below.
| |
|
Portfolio Navigator funds |
| |
All Portfolio
Stabilizer
funds |
Variable
Portfolio –
Conservative
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Moderately
Conservative
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio – Moderate Portfolio (Class 2), (Class 4) |
Variable
Portfolio –
Moderately
Aggressive
Portfolio
(Class 2),
(Class 4) |
Variable
Portfolio –
Aggressive
Portfolio
(Class 2),
(Class 4) |
5/1/2007 – 5/31/2008, Single Life |
|
|
|
|
|
|
5/1/2007 – 5/31/2008, Joint Life |
|
|
|
|
|
|
6/1/2008 – 1/25/2009, Single Life |
|
|
|
|
|
|
6/1/2008 – 1/25/2009, Joint Life |
|
|
|
|
|
|
1/26/2009 and later, Single Life |
|
|
|
|
|
|
1/26/2009 and later, Joint Life |
|
|
|
|
|
|
On your next contract anniversary, if your contract value is allocated to a fund subject to a fee increase, you will have
30 days following the anniversary to choose from the following:
1
Remain invested in your current Portfolio Navigator fund and elect to step up (when
available) and lock in your contract gains. If you make this decision, your rider fee will increase.
2.
Move to one of the Portfolio Stabilizer funds. If you do this, your rider fee will not increase, but remember that you
will lose your access to invest in the Portfolio Navigator funds.
3.
Do not elect a step
up. You will not lock in contract gains, but your rider fee will stay the same.
During the 30 days following your contract anniversary, if your contract
value is allocated to a fund subject to a fee increase, we will automatically process any available step up and lock in any contract gains, as well as reactivate automatic step ups, when contract value is transferred:
1.
to a Portfolio Stabilizer fund;
2.
to a less aggressive Portfolio Navigator fund that is not subject to a fee increase, if applicable; or
3.
to a more aggressive Portfolio Navigator fund.
The step up and lock in
of any contract gains will occur as of the date of the transfer described above.
40 RiverSource Signature Select Variable Annuity — Prospectus
Rider fees may increase or
decrease as you move to various funds. Your fee will increase if you transfer your contract value to a more aggressive Portfolio Navigator fund with a higher fee. If you transfer
to a less aggressive Portfolio Navigator fund or transfer to a Portfolio Stabilizer fund, your fee may decrease. Certain rider fees may not change depending on the fund in which your contract value is allocated.
We will notify you in writing about your opportunity to elect to step up (if
eligible) and incur the higher rider fee or maintain your guaranteed amount at its current level and keep your rider fee the same. If you are subject to a fee increase, you will receive a letter from us approximately 30 days before your next annuity contract anniversary. This
letter will describe the potential opportunity to elect a step up to increase your guaranteed income and how to make the election (if eligible). You will have a 30 day period beginning on your next contract anniversary to choose whether to step up and accept the fee increase. The Step up and new fee will be effective on the date we receive your request for the
step up (Step up date).
For purposes of determining the duration of the “30 day window”
following your contract anniversary to elect to step up or to transfer funds to lock in any available contract gains, the following will apply:
1.
the duration of your window is determined on a calendar day basis;
2.
under our current
administrative process we will accept your request on the 31st calendar day if we receive it prior to the close of the NYSE; and
3.
if your window ends on a day the NYSE is closed, we must receive your request no later than the close of the NYSE on the
preceding Valuation Date.
Each year, we will continue to provide you written notice of your options with
respect to elective step ups and the fee increase until you are no longer subject to a fee increase. Once you have taken action that results in a higher fee, you will become eligible for automatic step ups under the rider.
Before you elect a step up resulting in an increased rider fee,
you should carefully consider the benefit of the contract value gains you are locking-in and the increased rider fee compared to your other options including
whether it is appropriate to consider moving to a fund with a lower corresponding rider fee.
Subject to the terms of your contract, we reserve the right to further increase the rider fee up to the maximum limit
provided by your rider. Currently, the rider fee does not vary among the Portfolio Stabilizer funds, but we reserve the right to vary the fees among the Portfolio Stabilizer funds in the future.
If you choose the elective step up, the elective spousal continuation step up, or
change your investment option after we have exercised our rights to increase the rider fee as described above, you will pay the fee that is in effect on the valuation date we receive your written request to step up or change your investment option. On the next contract
anniversary, we will calculate an average rider fee, for the preceding contract year only, that reflects the various different charges that were in effect that year, adjusted for the number of calendar days each fee was in effect.
The charge does not apply after the annuitization start date.
For an example of how your fee will vary upon elective step up or spousal
continuation step up, please see Appendix N.
SecureSource Stages Rider Fee
We deduct a charge for this optional feature only if you select it as follows:
•
SecureSource Stages – Single Life rider, 1.10%
•
SecureSource Stages – Joint Life rider, 1.35%
The fee is based on the greater of the benefit base (BB) or the anniversary contract value, but not more than the maximum BB of $10,000,000.
We deduct the charge from your contract value on your contract anniversary. We
prorate this charge among all accounts and subaccounts in the same proportion as your interest in each bears to your total contract value. We will modify this prorated approach to comply with state regulations where necessary.
Once you elect the SecureSource Stages rider, you may not cancel it (except as described below), and the charge will
continue to be deducted until the contract or rider is terminated, or the contract value reduces to zero. If the contract or rider is terminated for any reason, we will deduct the charge adjusted for the number of calendar days coverage was in
place since we last deducted the charge.
Currently the SecureSource Stages rider fee does not vary with the PN program investment option selected; however,
we reserve the right to vary the rider fee for each PN program investment option. The
SecureSource Stages – Single Life rider fee will not exceed a maximum of 2.00%. The SecureSource Stages – Joint Life rider fee will not exceed a maximum of 2.50%.
RiverSource Signature Select Variable Annuity — Prospectus 41
The following describes how
your annual rider fee may increase:
1.
We may increase the annual rider fee at our discretion and on a nondiscriminatory basis. Your annual rider fee will
increase if we declare an increase to the fee with written notice 30 days in advance except as described below. The new fee will be in effect on the date we declare in the written notice.
(A)
You can decline
this increase and therefore all future fee increases if we receive your written request prior to the date of the fee increase, in which case you permanently relinquish:
(i)
all future annual step-ups, and for the Joint Life rider, spousal continuation step-ups,
any ability to make additional purchase payments,
(ii)
any future rider
credits, and the credit base (CB) will be permanently reset to zero,
(iii)
any increase to the lifetime payment percentage due to changing age bands on subsequent
birthdays and rider anniversaries, and
(iv)
the ability to
change your PN program investment option to one that is more aggressive than your current investment option. Any change to a less aggressive PN program investment option will
further limit the PN program investment options available to the then current and less aggressive PN program investment options.
(B)
You can terminate this rider if your annual rider fee after any increase is more than 0.25
percentage points higher than your fee before the increase and if we receive your written request to terminate the rider prior to the date of the fee increase.
2.
Your annual rider fee may increase if you elect to change to a more aggressive PN program
investment option than your current PN program investment option and if the new PN program investment option has a higher current annual rider fee. The annual rider fees associated with the available PN program investment options may change at our
discretion, however these changes will not apply to this rider unless you change your current PN program investment option to a more aggressive one. The new fee will be in effect
on the valuation date we receive your written request to change your PN program investment option. You cannot decline this type of fee increase. To avoid it, you must stay in the same PN program investment option or move to a less aggressive model. Also, this type of fee
increase does not allow you to terminate the rider.
If your annual rider fee increases, on the next contract anniversary, we will
calculate an average rider fee, for the preceding contract year only, that reflects the various different fees that were in effect that year, adjusted for the number of calendar days each fee was in effect.
The charge does not apply after the annuitization start date.
SecureSource 20 Rider Fee
We deduct a charge based on the greater of the contract anniversary value or the total Remaining Benefit Amount (RBA)
for this optional feature only if you select it as follows:
•
SecureSource 20 – Single Life rider, 1.25%;
•
SecureSource 20 – Joint Life rider, 1.55%.
We deduct the charge from your contract value on your contract anniversary. We prorate this charge among all accounts and subaccounts in the same proportion as your interest in each bears to your total contract value. We will modify this
prorated approach to comply with state regulations where necessary.
Once you elect the SecureSource 20 rider, you may not cancel it (except as described below), and the charge will continue to be deducted until the contract or rider is terminated, or the contract value reduces to zero. If the contract or rider is terminated for any reason, we will deduct the charge from the proceeds payable adjusted for the number of
calendar days coverage was in place since we last deducted the fee. If the RBA reduces to zero but the contract value has not been depleted, you will continue to be charged.
Currently the SecureSource 20 rider fee does not vary with the PN program investment option selected; however, we
reserve the right to vary the rider fee for each PN program investment option. The
SecureSource 20 – Single Life rider fee will not exceed a maximum charge of 2.00%. The SecureSource 20 – Joint Life rider fee will not exceed a maximum charge of 2.50%.
The following describes how your annual rider fee may increase:
1.
We may increase the annual rider fee at our discretion and on a nondiscriminatory basis. Your
annual rider fee will increase if we declare an increase to the fee with written notice 30 days in advance except as described below. The new fee will be in effect on the date we declare in the written notice.
42 RiverSource Signature Select Variable Annuity — Prospectus
(A)
You can decline
this increase and therefore all future fee increases if we receive your written request prior to the date of the fee increase, in which case you permanently relinquish:
(i)
all future annual step-ups, and for the Joint Life rider, spousal continuation
step-ups,
(ii)
any ability to make additional purchase payments,
(iii)
any pending increase to the ALP due to the 20% credit on the later of the third rider
anniversary or the date the ALP is established, and
(iv)
the ability to
change your PN program investment option to one that is more aggressive than your current one. Any change to a less aggressive PN program investment option will further limit the
PN program investment options available to the then current and less aggressive PN program model portfolios or investment options.
(B)
You can terminate this rider if your annual rider fee increase after any increase is more
than 0.25 percentage points higher than your fee before the increase and if we receive your written request to terminate the rider prior to the date of the fee increase.
2.
Your annual rider fee may increase if you elect to change to a more aggressive PN program
investment option than your current PN program investment options and if the new PN program investment option has a higher current annual rider fee. The annual rider fees associated with the available PN program model portfolios or investment options
may change at our discretion, however these changes will not apply to this rider unless you change your current PN program investment option to a more aggressive one. The new fee
will be in effect on the valuation date we receive your written request to change your PN program investment option. You cannot decline this type of fee increase. To avoid it, you must stay in the same PN program investment option or move to a less aggressive PN program
investment option. Also, this type of fee increase does not allow you to terminate the rider.
If your annual rider fee
increases, on the next contract anniversary, we will calculate an average rider fee, for the preceding contract year only, that reflects the various different fees that were in
effect that year, adjusted for the number of calendar days each fee was in effect.
The charge does not apply after the annuitization start
date.
Guarantor Withdrawal Benefit for Life Rider Fee(1)
We deduct an annual charge based on the greater of the contract anniversary value or the total Remaining Benefit Amount
(RBA) for this optional feature only if you select it. The initial fee is 0.65%. We deduct the charge from your contract value on your contract anniversary. We prorate this
charge among the GPAs, the one-year fixed account and the subaccounts in the same proportion as your interest in each bears to your total contract value. We will modify this
prorated approach to comply with state regulations where necessary.
Once you elect the Guarantor Withdrawal Benefit for Life rider, you may not
cancel it and the charge will continue to be deducted until the contract is terminated, the contract value reduces to zero. If the contract is terminated for any reason or on the annuitization start date, we will
deduct the charge from the proceeds payable adjusted for the number of calendar days coverage was in place since we last deducted the fee. If the RBA goes to zero but the
contract value has not been depleted, you will continue to be charged.
The Guarantor Withdrawal Benefit for Life rider charge will not exceed a
maximum fee of 1.50%.
We may increase the rider fee at our discretion and on a nondiscriminatory basis.
We will not change the Guarantor Withdrawal Benefit for Life rider fee in
effect on your contract after the rider effective date unless:
(a)
you choose the annual elective step up or the elective spousal continuation step up after
we have exercised our rights to increase the rider fee; or
(b)
you elect to
change your PN program investment option after we have exercised our rights to increase the rider fee or vary the rider fee for each PN program investment option.
Effective Dec. 18, 2013, we exercised our right to increase the rider fee and vary the fee depending on the fund to which your contract value is invested. Beginning Dec. 18, 2013, if you:
•
request an elective step up or the elective spousal continuation step up, or
•
move to a Portfolio Navigator fund that is more aggressive than the Portfolio Navigator fund you are currently allocated
to,
the fee that will apply to your rider will correspond to the fund in which you are currently invested as shown in the table below.
(1)
See disclosure in Appendix J.
RiverSource Signature Select Variable Annuity — Prospectus 43
If you move to a Portfolio
Navigator fund that is less aggressive than the Portfolio Navigator fund you are currently allocated to, your fee will not increase and may decrease according to the table
below.
| |
|
Current annual rider fee as of 12/18/13 |
Portfolio Stabilizer funds |
|
|
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
|
|
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
|
|
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
|
|
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
|
|
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
|
|
On your next contract anniversary, if your contract value is allocated to a fund subject to a fee increase, you will have 30 days following the anniversary to choose from the following:
1.
Remain invested in your current Portfolio Navigator fund and elect to step up (when available) and lock in your contract
gains. If you make this decision, your rider fee will increase.
2.
Move to one of the Portfolio Stabilizer funds. If you do this, your rider fee will not increase,
but remember that you will lose your access to invest in the Portfolio Navigator
funds.
3.
Do not elect a step up, if eligible. You will not lock in contract gains, but your rider fee
will stay the same.
During the 30 days following your contract anniversary, if your contract value is
allocated to a fund subject to a fee increase, we will automatically process any available step up and lock in any contract gains, as well as reactivate automatic step ups, when contract value is transferred:
1.
to a Portfolio Stabilizer fund;
2.
to a less aggressive Portfolio Navigator fund that is not subject to a fee increase, if applicable; or
3.
to a more aggressive Portfolio Navigator fund.
The step up and lock in
of any contract gains will occur as of the date of the transfer described above.
Rider fees may increase or decrease as you move to various funds. Your fee will
increase if you transfer your contract value to a more aggressive Portfolio Navigator fund with a higher fee. If you transfer to a less aggressive Portfolio Navigator fund or transfer to a Portfolio Stabilizer fund, your fee may decrease. Certain rider fees may not change
depending on the fund in which your contract value is allocated.
We will notify you in writing about your opportunity to elect to step up (if
eligible) and incur the higher rider fee or maintain your guaranteed amount at its current level and keep your rider fee the same. If you are subject to a fee increase, you will receive a letter from us approximately 30 days before your next annuity contract anniversary. This
letter will describe the potential opportunity to elect a step up to increase your guaranteed income and how to make the election if eligible. You will have a 30 day period beginning on your next contract anniversary to choose whether to step
up and accept the fee increase. The step up and new fee will be effective on the date we receive your request for the step up (Step up date).
For purposes of determining the duration of the “30 day window”
following your contract anniversary to elect to step up or to transfer funds to lock in any available contract gains, the following will apply:
1.
the duration of your window is determined on a calendar day basis;
2.
under our current
administrative process we will accept your request on the 31st calendar day if we receive it prior to the close of the NYSE; and
3.
if your window ends on a day the NYSE is closed, we must receive your request no later than the close of the NYSE on the
preceding Valuation Date.
Each year, we will continue to provide you written notice of your options with
respect to elective step ups and the fee increase until you are no longer subject to a fee increase. Once you have taken action that results in a higher fee, you will become eligible for automatic step ups under the rider.
Before you elect a step up resulting in an increased rider fee,
you should carefully consider the benefit of the contract value gains you are locking-in and the increased rider fee compared to your other options including
whether it is appropriate to consider moving to a fund with a lower corresponding rider fee.
Subject to the terms of your contract, we reserve the right to further increase the rider fee up to the maximum limit
provided by your rider. Currently, the rider fee does not vary among the Portfolio Stabilizer funds, but we reserve the right to vary the fees among the Portfolio Stabilizer funds in the future.
44 RiverSource Signature Select Variable Annuity — Prospectus
If you choose the elective
step up, the elective spousal continuation step up, or change your investment option after we have exercised our rights to increase the rider fee as described above, you will pay
the fee that is in effect on the valuation date we receive your written request to step up or change your investment option. On the next contract anniversary, we will calculate an average fee, for the preceding contract year only, that reflects the various different
charges that were in effect that year, adjusted for the number of calendar days each fee was in effect.
The charge does not apply after the annuitization start date.
For an example of how your fee will vary upon elective step up or spousal continuation step up, please see Appendix R.
Guarantor Withdrawal Benefit Rider Fee(1)
This fee information applies to both Rider A and Rider B
unless otherwise noted.
We deduct an annual charge based on contract value for this optional feature only if you select it. The initial fee is
0.55%. We deduct the charge from your contract value on your contract anniversary. We prorate this charge among the GPAs, the one-year fixed account and the subaccounts in the same proportion as your interest in each bears to your
total contract value. We will modify this prorated approach to comply with state regulations where necessary.
Once you elect the Guarantor Withdrawal Benefit rider, you may not cancel it and the charge will continue to be deducted
until the contract is terminated, the contract value reduces to zero. If the contract is terminated for any reason or on the annuitization start date, we will deduct
the charge from the proceeds payable adjusted for the number of calendar days coverage was in place since we last deducted the fee. If the Remaining Benefit Amount (RBA) goes to
zero but the contract value has not been depleted, you will continue to be charged.
The Guarantor Withdrawal Benefit rider fee will not exceed a
maximum charge of 1.50%.
We may increase the rider fee at our discretion and on a nondiscriminatory basis.
We will not change the Guarantor Withdrawal Benefit rider fee in effect on
your contract after the rider effective date unless:
(a)
you choose the annual elective step up or elective spousal continuation step up after we
have exercised our rights to increase the rider fee; or
(b)
you elect to
change your PN program investment option after we have exercised our rights to increase the rider fee or vary the rider fee for each PN program investment option.
Effective Dec. 18, 2013, we exercised our right to increase the rider fee and vary the fee depending on the fund to which your contract value is invested.
Beginning Dec. 18, 2013, if you:
•
request an elective step up or the elective spousal continuation step up, or
•
move to a
Portfolio Navigator fund that is more aggressive than the Portfolio Navigator fund you are currently allocated to,
the fee that will apply to your rider will correspond to the fund in which you are currently invested as shown in the table below.
If you move to a Portfolio Navigator fund that is less aggressive than the
Portfolio Navigator fund you are currently allocated to, your fee will not increase and may decrease according to the table below.
| |
|
Current annual rider fee as of 12/18/13 |
Portfolio Stabilizer funds |
|
|
Portfolio Navigator funds: |
|
|
Variable Portfolio – Conservative Portfolio (Class 2), (Class 4)
|
|
|
Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class
4) |
|
|
Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
|
|
|
Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class
4) |
|
|
Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
|
|
|
On your next contract anniversary after, if your contract value is allocated to a fund subject to a fee increase, you will have 30 days following the anniversary to choose from the following:
1.
Remain invested in your current Portfolio Navigator fund and elect to step up (when available) and lock in your contract
gains. If you make this decision, your rider fee will increase.
(1)
See disclosure in Appendix K.
RiverSource Signature Select Variable Annuity — Prospectus 45
2.
Move to one of the
Portfolio Stabilizer funds. If you do this, your rider fee will not increase, but remember that you will lose your access to invest in the Portfolio Navigator funds.
3.
Do not elect a step up, if eligible. You will not lock in contract gains, but your rider fee will stay the same.
For the enhanced rider, if during the 30 days following your contract anniversary, your contract value is allocated to a fund subject to a fee increase, we will automatically process any available step up and lock in any contract gains, as
well as reactivate automatic step ups, when contract value is transferred:
1.
to a Portfolio Stabilizer fund;
2.
to a less aggressive Portfolio Navigator fund that is not subject to a fee increase, if
applicable; or
3.
to a more aggressive Portfolio Navigator fund.
For original riders, you must always elect to step up your rider values. The step up and lock in of any contract gains will occur as of the date of the transfer described above.
Rider fees may increase or decrease as you move to various funds. Your fee will
increase if you transfer your contract value to a more aggressive Portfolio Navigator fund with a higher fee. If you transfer to a less aggressive Portfolio Navigator fund or transfer to a Portfolio Stabilizer fund, your fee may decrease. Certain rider fees may not change
depending on the fund in which your contract value is allocated.
We will notify you in writing about your opportunity to elect to step up (if
eligible) and incur the higher rider fee or maintain your guaranteed amount at its current level and keep your rider fee the same. For original riders or enhanced riders subject to a fee increase, you will receive a letter from us approximately 30 days before your next annuity contract anniversary. This letter will describe the potential opportunity to elect a step up to increase your guaranteed income and
how to make the election if eligible. You will have a 30 day period beginning on your next contract anniversary to choose whether to step up and accept the fee increase. For enhanced riders and original riders with an application signed date
on or after 4/29/2005, if approved in your state, the step up and new fee will be effective on the date we receive your request for the step up (Step up date). For original riders with an application signed date before 4/29/2005, the step
up will be effective as of your contract anniversary and the fee for your rider will be the fee that was in effect for your current fund on the anniversary.
For purposes of determining the duration of the “30 day window”
following your contract anniversary to elect to step up or to transfer funds to lock in any available contract gains, the following will apply:
1.
the duration of your window is determined on a calendar day basis;
2.
under our current
administrative process we will accept your request on the 31st calendar day if we receive it prior to the close of the NYSE; and
3.
if your window ends on a day the NYSE is closed, we must receive your request no later than the close of the NYSE on the
preceding Valuation Date.
Under the enhanced rider, each year, we will continue to provide you written notice
of your options with respect to elective step ups and the fee increase until you are no longer subject to a fee increase. Once you have taken action that results in a higher fee, you will become eligible for automatic step ups under the rider.
Before you elect a step up resulting in an
increased rider fee, you should carefully consider the benefit of the contract value gains you are locking-in and the increased rider fee compared to your other
options including whether it is appropriate to consider moving to a fund with a lower corresponding rider fee.
Subject to the terms of your contract, we reserve the right to further increase the rider fee up to the maximum limit
provided by your rider. Currently, the rider fee does not vary among the Portfolio Stabilizer funds, but we reserve the right to vary the fees among the Portfolio Stabilizer funds in the future.
If you choose the annual or spousal continuation elective step up or change your
investment option after we have exercised our rights to increase the rider fee as described above, you will pay the fee that is in effect on the effective date of your step up or investment option change. On the next contract anniversary, we will calculate an average rider
fee, for the preceding contract year only, that reflects the various different charges that were in effect that year, adjusted for the number of calendar days each fee was in effect.
The charge does not apply after the annuitization start
date.
For an example of how your fee will vary upon elective step up or spousal
continuation step up, please see Appendix P.
Income Assurer Benefit Rider Fee
We deduct a charge for this optional feature only if you selected it. We determine
the charge by multiplying the guaranteed income benefit base by the charge for the Income Assurer Benefit rider you select. There are three Income Assurer Benefit rider options available under your contract (see “Optional Benefits — Income Assurer Benefit Riders”)
46 RiverSource Signature Select Variable Annuity — Prospectus
and each has a different
guaranteed income benefit base calculation. The charge for each Income Assurer Benefit rider is as follows:
| |
|
|
Income Assurer Benefit – MAV |
|
|
Income Assurer Benefit – 5% Accumulation Benefit Base |
|
|
Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base |
|
|
(1)
For applications signed prior to Oct. 7, 2004, the following current annual rider charges
apply: Income Assurer Benefit – MAV — 0.55%, Income Assurer Benefit — 5% Accumulation Benefit Base — 0.70%; and Income Assurer Benefit – Greater of
MAV or 5% Accumulation Benefit Base — 0.75%.
We deduct the charge from
the contract value on your contract anniversary. We prorate this charge among the GPAs , the one-year fixed
account and the subaccounts in the same proportion your interest in each account bears to your total
contract value. We will modify this prorated approach to comply with state regulations where necessary. If the contract is terminated for any reason or on the annuitization start date, we will deduct the fee from the proceeds payable adjusted for the number of calendar days coverage was in place since
we last deducted the fee.
Currently the Income Assurer Benefit rider fee does not vary with the PN program investment option selected; however, we
reserve the right to increase this fee and/or vary the rider fee for each PN program investment option but not to exceed the maximum charges shown above. We cannot change the
Income Assurer Benefit charge after the rider effective date, unless you change your PN program investment option after we have exercised our rights to increase the fee and/or charge a separate fee for each PN program investment option. If you choose to change your PN program
investment option after we have exercised our rights to increase the rider fee, you will pay the fee that is in effect on the valuation date we receive your written request to change your PN program investment option. On the next contract
anniversary, we will calculate an average rider fee, for the preceding contract year only, that reflects the various different charges that were in effect that year, adjusted for the number of calendar days each fee was in effect.
For an example of how each Income Assurer Benefit rider fee is calculated, see Appendix K.
Optional Death Benefit Charges
Benefit Protector Death Benefit Rider Fee
We deduct a charge for the optional feature only if you select it. The current annual fee is 0.25% of your contract value on each contract anniversary. We prorate this charge among all accounts and subaccounts in the same proportion your
interest in each account bears to your total contract value. We will modify this prorated approach to comply with state regulations where necessary.
For the Current Contract, on the annuitization start date and if the contract is terminated for any reason except your
election to terminate the rider during the 30 day window after certain anniversaries, we will deduct the fee from the contract value adjusted for the number of calendar days coverage was in place during the contract year. For the Original
Contract, on the annuitization start date and if the contract is terminated for any reason other than death, we will deduct the fee from the contract value adjusted for the number of calendar days coverage was in place since we last
deducted the fee.
We cannot increase this annual charge after the rider effective date.
Benefit Protector Plus Death Benefit Rider Fee
We charge a fee for the optional feature only if you select it. The current annual
fee is 0.40% of your contract value on each contract anniversary. We prorate this fee among all accounts and subaccounts in the same proportion your interest in each account bears to your total contract value. We will modify this prorated approach to comply with state
regulations where necessary.
For the Current Contract, on the annuitization start date and if the contract is terminated for any reason except your
election to terminate the rider during the 30 day window after certain anniversaries, we will deduct the fee from the contract value adjusted for the number of calendar days coverage was in place during the contract year.
For the Original Contract, on the annuitization start date and if the contract is terminated for any reason other than
death, we will deduct the fee from the contract value adjusted for the number of calendar days coverage was in place since we last deducted the fee.
We cannot increase this annual charge after the rider effective date.
RiverSource Signature Select Variable Annuity — Prospectus 47
Fund Fees and Expenses
There are deductions from and expenses paid out of the assets of the funds that are
described in the prospectuses for those funds.
Certain state and local governments impose premium taxes on us (up to 3.5%). These taxes depend upon your state of
residence or the state in which the contract was issued. Currently, we deduct any applicable premium tax on
the annuitization start date, but we reserve the right to deduct this tax at other times such as when you
make purchase payments or when you make a full surrender from your contract.
We value your accounts as follows:
We value the amounts you allocate to the GPAs directly in dollars. The value of the GPAs equals:
•
the sum of your purchase payments and transfer amounts allocated to the GPAs;
•
plus interest
credited;
•
minus the sum of amounts
surrendered (including any applicable
surrender charges) and amounts
transferred out;
•
minus any prorated portion of the contract administrative charge; and
•
minus the prorated portion of the fee for any of the following optional benefits you have
selected:
–
Accumulation Protector Benefit rider;
–
SecureSource series rider
–
Guarantor Withdrawal Benefit for Life rider;
–
Guarantor Withdrawal Benefit rider;
–
Income Assurer Benefit rider;
–
Benefit Protector rider; or
–
Benefit Protector Plus rider.
We value the amounts you allocate to the fixed account
directly in dollars. The value of the fixed account equals:
•
Current
Contract: the sum of your purchase payments allocated to the regular fixed account and the Special DCA
fixed account, and transfer amounts to the regular fixed account (including any positive or negative MVA on amounts transferred from the GPAs);
•
Original Contract: the sum of your purchase payments allocated to the one-year fixed account (if included) and the
DCA fixed account (if included), and transfer amounts to the one-year fixed account (including any positive or negative MVA on amounts transferred from the GPAs);
•
plus interest credited;
•
minus the sum of amounts surrendered (including
any applicable surrender charges)
and amounts transferred out;
•
minus any prorated portion of the contract administrative charge; and
•
minus the prorated portion of the fee for any of the following optional benefits you have
selected:
–
Accumulation Protector Benefit rider;
–
SecureSource series rider
–
Guarantor Withdrawal Benefit for Life rider;
–
Guarantor Withdrawal Benefit rider;
–
Income Assurer Benefit rider;
–
Benefit Protector rider; or
–
Benefit Protector Plus rider.
48 RiverSource Signature Select Variable Annuity — Prospectus
Subaccounts
We convert amounts you allocated to the subaccounts into accumulation units. Each
time you make a purchase payment or transfer amounts into one of the subaccounts, we credit a certain
number of accumulation units to your contract for that subaccount. Conversely, we subtract a certain number of accumulation units from your contract each time you take a partial surrender; transfer
amounts out of a subaccount; or we assess a contract administrative charge, a surrender charge, or fee for any optional contract riders with annual charges (if applicable).
The accumulation units are the true measure of investment
value in each subaccount during the accumulation period. They are related to, but not the same as, the net asset value of the fund in which the subaccount invests. The dollar
value of each accumulation unit can rise or fall daily depending on the variable account expenses, performance of the fund and on certain fund expenses.
Here is how we calculate accumulation unit values:
Number of units: To calculate the number of accumulation units for a particular subaccount, we divide
your investment by the current accumulation unit value.
Accumulation unit value: The current accumulation unit value for each subaccount equals the last value times the subaccount’s current net
investment factor.
We determine the net investment factor by:
•
adding the fund’s current net asset value per share, plus the per share amount of any
accrued income or capital gain dividends to obtain a current adjusted net asset value per share; then
•
dividing that sum by the previous adjusted net asset value per share; and
•
subtracting the
percentage factor representing the mortality and expense risk fee and the variable account administrative charge from the result.
Because the net asset value of the fund may fluctuate, the accumulation unit value may increase or decrease. You bear all the investment risk in a subaccount.
Factors that affect subaccount accumulation units: Accumulation units may change in two ways — in
number and in value.
The number of accumulation units you own may fluctuate due to:
•
additional purchase payments you allocate to the subaccounts;
•
transfers into
or out of the subaccounts (including any positive or negative MVA on amounts transferred from the GPAs);
and the deduction of a prorated portion of:
•
the contract administrative charge; and
•
the fee for any of the following optional benefits you have selected:
–
Accumulation Protector Benefit rider;
–
SecureSource series of riders;
–
Guarantor Withdrawal Benefit for Life rider;
–
Guarantor Withdrawal Benefit rider;
–
Income Assurer Benefit rider;
–
Benefit Protector rider; or
–
Benefit Protector Plus rider.
Accumulation unit values
will fluctuate due to:
•
changes in fund net asset value;
•
fund dividends distributed to the subaccounts;
•
fund capital
gains or losses;
•
fund operating expenses; and
•
mortality and expense risk fee and the variable account administrative charge.
RiverSource Signature Select Variable Annuity — Prospectus 49
Making the Most of Your Contract
Automated Dollar-Cost Averaging
Currently, you can use automated transfers to take advantage of dollar-cost
averaging (investing a fixed amount at regular intervals). For example, for the Original Contract, you might transfer a set amount monthly from a relatively conservative subaccount to a more aggressive one, or to
several others, or from the one-year GPA or one-year fixed account to one or more subaccounts. Automated transfers are not available for GPA terms of two or more years. You can also
obtain the benefits of dollar-cost averaging by setting up regular automatic SIP payments or by establishing an interest sweep strategy. Interest sweeps are a monthly transfer of
the interest earned from the one-year GPA or one-year fixed account into the subaccounts of your choice. If you participate in an interest sweep strategy the interest you earn on the
one-year GPA or one-year fixed account will be less than the annual interest rate we apply because there
will be no compounding. For the Current Contract, you might transfer a set amount monthly from a relatively
conservative subaccount to a more aggressive one, or to several others, or from the regular fixed account to one or more subaccounts. You may not set up an automated transfer to or from the GPAs or set up an automated transfer to the regular
fixed account. You can also obtain the benefits of dollar-cost averaging by setting up regular automatic SIP payments. The Current Contract does not allow an interest sweep
strategy. There is no charge for dollar-cost averaging.
This systematic approach can help you benefit from fluctuations in accumulation
unit values caused by fluctuations in the market values of the funds. Since you invest the same amount each period, you automatically acquire more units when the market value falls and fewer units when it rises. The potential effect is to lower your average cost per unit.
How dollar-cost averaging works
By investing an equal number of dollars each month |
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Number of units purchased |
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you automatically buy
more units when the
per unit market price is low |
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and fewer units
when the per unit
market price is high. |
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You paid an average price of $17.91 per unit over the 10 months, while the
average market price actually was $18.10.
Dollar-cost averaging does not guarantee that any subaccount will gain in value nor will it protect against a decline in value if market prices fall. Because dollar-cost averaging involves continuous investing, your success will depend upon
your willingness to continue to invest regularly through periods of low price levels. Dollar-cost averaging can be an effective way to help meet your long-term goals. For specific features contact your investment professional.
Dollar-cost averaging as described in this section is not available when the PN
program is in effect. However, subject to certain restrictions, dollar-cost averaging is available through the Special DCA fixed account (Current Contract) and the DCA fixed account (Original Contract). See the “Special DCA Fixed Account”, “DCA Fixed Account” and “Portfolio Navigator Program and Portfolio Stabilizer Funds” sections in this prospectus for details.
You can ask us in writing to automatically rebalance the subaccount portion of your contract value either quarterly,
semiannually, or annually. The period you select will start to run on the date we record your request. On the first valuation date of each of these periods, we automatically will rebalance your contract value so that the value in each
subaccount matches your current subaccount percentage allocations. These percentage allocations must be in whole numbers. There is no charge for asset rebalancing. The contract value must be at least $2,000.
You can change your percentage allocations or your rebalancing
period at any time by contacting us in writing. We will restart the rebalancing period you selected as of
the date we record your change. You also can ask us in writing to stop rebalancing your contract value. You must allow 30 days for us to change any instructions that currently
are in place. For more information on asset rebalancing, contact your investment professional.
50 RiverSource Signature Select Variable Annuity — Prospectus
Different rules apply to
asset rebalancing under the PN program (see “Portfolio Navigator Program and Portfolio Stabilizer Funds” below and “Appendix I — Asset Allocation Program for Contracts with Applications Signed Before May 1, 2006”).
As long as you are not participating in a PN program, asset rebalancing is available for use with the Special DCA fixed
account (Current Contract) and the DCA fixed account (Original Contract) (see “Special DCA Fixed Account” and “DCA Fixed Account”) only if your subaccount allocation for asset rebalancing is exactly the same as your subaccount
allocation for transfers from the Special DCA fixed account and the DCA fixed account. If you change your subaccount allocations under the asset rebalancing program or the Special DCA fixed account and the DCA fixed account, we will
automatically change the subaccount allocations so they match. If you do not wish to have the subaccount allocation be the same for the asset rebalancing program and the Special DCA fixed account and the DCA fixed account, you must
terminate the asset rebalancing program or the Special DCA fixed account and the DCA fixed account, as you may choose.
Portfolio Navigator Program (PN program) and Portfolio Stabilizer Funds
PN Program. You are required to participate in the PN program if
your contract includes optional living benefit riders. Under the PN program, your contract value is allocated to a PN program investment. The PN program investment options
are currently five funds of funds, each of which invests in underlying funds in proportions that vary among the funds of funds in light of each fund of funds’ investment objective (“Portfolio Navigator funds”). The PN program is available for both nonqualified and qualified annuities.
The Portfolio Navigator funds. We offer the following Portfolio Navigator funds:
1.
Variable Portfolio – Aggressive Portfolio
2.
Variable Portfolio – Moderately Aggressive Portfolio
3.
Variable Portfolio
– Moderate Portfolio
4.
Variable Portfolio – Moderately Conservative Portfolio
5.
Variable Portfolio – Conservative Portfolio
Each Portfolio Navigator
fund is a fund of funds with the investment objective of seeking a high level of total return consistent with a certain level of risk, which it seeks to achieve by investing in
various underlying funds.
For additional information about the Portfolio Navigator funds’ investment strategies, see the Funds’ prospectus.
If your contract does not include one of the living benefit riders, you may not participate in the PN program, but you may
choose to allocate your contract value to one or more of the Portfolio Navigator
funds.
Beginning November 18, 2013, if you have selected one of the SecureSource series riders, Guarantor Withdrawal Benefit for Life riders, Guarantor Withdrawal Benefit rider or Accumulation Protector Benefit rider, as an alternative
to the Portfolio Navigator funds in the PN program, we have made available to you new funds, known as Portfolio Stabilizer funds.
The Portfolio Stabilizer funds. The Portfolio Stabilizer funds currently available are:
1.
Variable Portfolio – Managed Risk Fund (Class 2) (1)
2.
Variable Portfolio – Managed Risk U. S. Fund (Class 2) (1)
3.
Variable Portfolio – Managed Volatility Conservative Fund (Class 2)
4.
Variable Portfolio – Managed Volatility Conservative Growth Fund (Class 2)
5.
Variable Portfolio
– Managed Volatility Moderate Growth Fund (Class 2)
6.
Variable Portfolio – Managed Volatility Growth Fund (Class 2)
7.
Variable Portfolio – U.S. Flexible Conservative Growth Fund (Class 2) (2)
8.
Variable Portfolio – U.S. Flexible Moderate Growth Fund (Class 2) (2)
9.
Variable Portfolio – U.S. Flexible Growth Fund (Class 2) (2)
(1) Available to Current Contract owners effective Sept.
18, 2017.
(2) Available to Current Contract owners effective Nov. 14, 2016.
Each Portfolio Stabilizer fund has an investment objective of pursuing total return while seeking to manage the Fund’s exposure to equity market volatility.
For additional information about the Portfolio Stabilizer funds’ investment
strategies, see the Funds’ prospectuses.
You may choose to remain invested in your current Portfolio Navigator fund, move to a different Portfolio Navigator fund, or move to a Portfolio Stabilizer fund. Your decision should be made based on your own individual investment objectives
and financial situation and in consultation with your investment professional.
RiverSource Signature Select Variable Annuity — Prospectus 51
Please
note that if you are currently invested in a Portfolio Navigator fund as part of the PN program and choose to reallocate your contract value to the Portfolio
Stabilizer funds, you will no longer have access to any of the Portfolio Navigator funds, but you may change to any of the other Portfolio Stabilizer funds,
subject to the transfer limits applicable to your rider.
If your contract does not include the living benefit riders, you may
not participate in the PN program, but you may choose to allocate your contract value to one or more of the Portfolio Navigator funds. You should review any PN program, Portfolio Navigator funds and Portfolio Stabilizer funds information, including the funds’ prospectus, carefully. Your investment professional can provide you with additional information and can answer questions you may have on the PN
program, Portfolio Navigator funds and Portfolio Stabilizer funds.
The PN program static model portfolios. If you have chosen to remain
invested in a “static” PN program model portfolio investment option, your assets will remain invested in accordance with your current model portfolio, and you will
not be provided with any updates to the model portfolio or reallocation recommendations. (The last such reallocation recommendation was provided in 2009.) Each model portfolio consists of underlying funds and/or any GPAs (if included)
according to the allocation percentages stated for the model portfolio. If you are participating in the PN program through a model portfolio, you instruct us to automatically rebalance your contract value quarterly in order to maintain alignment
with these allocation percentages.
Special rules apply to the GPAs if they are included in a model portfolio. Under
these rules:
•
no MVA will apply when rebalancing occurs within a specific model portfolio (but an MVA may apply if you elect to
transfer to a fund of funds);
•
no MVA will
apply when you elect an annuity payout plan while your contract value is invested in a model portfolio. (See “Guarantee Period Accounts — Market Value
Adjustment.”)
If you choose to remain in a static model portfolio, the investments and investment
styles and policies of the underlying funds in which your contract value is invested may change. Accordingly, your model portfolio may change so that it is no longer appropriate for your needs, even though your allocations to underlying funds do not change. Furthermore, the
absence of periodic updating means that existing underlying funds will not be replaced as may be appropriate due to poor performance, changes in management personnel, liquidation, merger or other factors. Your investment professional
can help you determine whether your continued investment in a static model portfolio is appropriate for you.
Investing in the Portfolio Stabilizer funds, the Portfolio Navigator funds and PN static model portfolios (the Funds). You are responsible for determining which investment option is best for you. Currently, the PN
program includes five Portfolio Navigator funds (and under the previous PN program, five static model portfolios investment options), with risk profiles ranging from conservative to aggressive in relation to one another. There are four Portfolio Stabilizer funds
currently available to the Original Contracts (applications signed prior to Nov. 30, 2009). If you have an Original Contract and your contract includes a living benefit rider you may only invest in one Portfolio Stabilizer or Portfolio
Navigator fund at a time. If you have a Current Contract with a living benefit rider and you are invested in the Portfolio Navigator fund, you may only invest in one Portfolio Navigator fund. If you have a Current Contract with a living benefit rider and you are invested in the Portfolio Stabilizer fund, effective Nov. 14, 2016, this limitation will not apply and you may invest in more than one Portfolio Stabilizer fund at the time. Your investment professional can help you determine
which investment option most closely matches your investing style, based on factors such as your investment goals, your tolerance for risk and how long you intend to invest. There is no guarantee that the investment option you select is
appropriate for you based on your investment objectives and/or risk profile. We and Columbia Management are not responsible for your decision to select a certain investment option or your decision to transfer to a different investment
option.
If you initially allocate qualifying purchase payments to the DCA fixed account
(Original Contract) or Special DCA fixed account (Current Contract), when available (see “The
Special DCA Fixed Account” and “DCA Fixed Account”), and you are invested in the Portfolio Stabilizer funds or one of the Portfolio Navigator funds, we will
make monthly transfers in accordance with your instructions from the DCA fixed account (Original Contract) or Special DCA fixed account (Current Contract), into the investment option or model portfolio you have chosen.
Before you decide to transfer contract value to the Portfolio Stabilizer funds, you and your investment professional
should carefully consider the following:
•
Whether the Portfolio Stabilizer funds meet your personal investment objectives and/or risk
tolerance.
•
Whether you would like to continue to invest in a Portfolio Navigator fund. If you decide to
transfer your contract value to a Portfolio Stabilizer fund, you permanently lose your ability to invest in any of the Portfolio Navigator funds if you have a living benefit rider. If you decide to no longer invest your contract value in the Portfolio Stabilizer funds, your
only option will be to terminate your contract by requesting a full surrender.
Surrender charges and tax penalties may apply.
52 RiverSource Signature Select Variable Annuity — Prospectus
•
Whether the
total expenses associated with an investment in a Portfolio Stabilizer fund is appropriate for you. For total expenses associated with the rider, you should consider not only the
variation of the rider fee, but also the variation in fees among the various funds. You should also consider your overall investment objective, as well as how total fees and your selected fund’s investment objective may impact the amount of any step up opportunities in the
future.
If your contract includes a living benefit rider, you may request
a change to your Fund selection
(or a transfer from your PN program static model portfolio to either a Portfolio Navigator fund
or a Portfolio Stabilizer fund) up to two times per contract year by written request on an
authorized form or by another method agreed to by us. Effective Sept. 18, 2017, Current Contract
owners may request a change to Fund selection up to four times per contract year by written request
on an authorized form or by another method agreed to by us. If you make such a change, we may
charge you a higher fee for your rider. However, an initial transfer from a Portfolio
Navigator fund to a Portfolio Stabilizer fund will not count toward the limit of two or four
transfers per year. Current Contract owners may also set up asset rebalancing and
change their percentage allocations, but those changes will count towards the four times per year
limit. If your contract includes a SecureSource series rider, we reserve the right to limit the number of changes if required to comply with the written
instructions of a fund (see “Market Timing”). If your contract includes the GWB for Life rider
or
SecureSource series rider, we reserve the right to limit the number of investment options from which you can select, subject to state
restrictions. If you decide to annuitize your contract, your rider will terminate and you will no longer have access to the Portfolio Stabilizer funds. If your living benefit
rider is terminated, you may remain invested in the Portfolio Stabilizer funds, but you will not be allowed to allocate future purchase payments or make transfers to these funds.
Substitution and modification. We reserve the right to add, remove or substitute Funds. We also reserve the right, upon notification to you, to close
or restrict any Fund. Any change will apply to current allocations and/or to future payments and transfers. Any substitution of Funds may be subject to SEC or state insurance
departments approval.
We reserve the right to change the terms and conditions of the PN program or to change the availability of the
investment options upon written notice to you. This includes but is not limited to the right to:
•
limit your choice of investment options based on the amount of your initial purchase payment;
•
cancel required
participation in the program after 30 days written notice;
•
substitute a fund of funds for your model portfolio, if applicable, if permitted under
applicable securities law; and
•
discontinue the PN program after 30 days written notice.
Risks associated with the Funds. An investment in a Fund involves
risk. Principal risks associated with an investment in a Fund may be found in the relevant Fund’s prospectus. There is no assurance that the Funds will achieve their
respective investment objectives. In addition, there is no guarantee that the Fund’s strategy will have its intended effect or that it will work as effectively as is intended.
Investing in a Portfolio Navigator fund, Portfolio Stabilizer fund or PN program
static model portfolio does not guarantee that your contract will increase in value nor will it protect in a decline in value if market prices fall. Depending on future market conditions and considering only the potential return on your investment in the Fund, you might benefit (or benefit
more) from selecting alternative investment options.
For more information and a list of the risks associated with investing in the
Funds, including volatility and volatility management risk associated with Portfolio Stabilizer funds, please consult the applicable Funds’ prospectuses and “The Variable Account and the Funds – Conflicts of Interest with Certain Funds Advised by Columbia Management” section in this prospectus.
Conflicts of interest. In providing investment advisory services for the Funds and the underlying funds in which those Funds respectively
invest, Columbia Management is, together with its affiliates, including us, subject to competing interests that may influence its decisions.
For additional information regarding the conflicts of interest to which Columbia Management may be subject, see the
Funds’ prospectuses and “The Variable Account and the Funds – Conflicts of Interest with Certain Funds Advised by Columbia Management” section in this prospectus.
Automatic reallocation after taking withdrawal. If you selected the SecureSource, SecureSource 20 or any SecureSource Stages riders, under the rules currently applicable to investments in the Portfolio
Navigator funds, your contract value will be automatically reallocated to the Moderate option, Variable Portfolio — Moderate Portfolio once you begin taking withdrawals if the fund you are invested in is more aggressive. By contrast, under the rules applicable to
investments in the Portfolio Stabilizer funds, your contract value will not automatically be reallocated to a more conservative investment option after you begin taking withdrawals.
RiverSource Signature Select Variable Annuity — Prospectus 53
Living
benefits requiring participation in the PN program or investing in the Portfolio Stabilizer funds:
•
Accumulation Protector Benefit rider: You cannot terminate the Accumulation Protector Benefit rider. As long as the Accumulation Protector Benefit rider is
in effect, your contract value must be invested in one of the PN program investment options or in one of the Portfolio Stabilizer funds. For contracts with applications signed on
or after Jan. 26, 2009, you cannot select the Portfolio Navigator Aggressive investment option, or transfer to the Portfolio Navigator Aggressive investment option while the rider is in effect. The Accumulation Protector Benefit rider
automatically ends at the end of the waiting period and you then have the option to cancel your participation in the PN program. At all other times, if you do not want to invest in any of the PN program investment options or the
Portfolio Stabilizer funds, you must terminate your contract by requesting a full withdrawal. Withdrawal charges and tax penalties may apply.
•
SecureSource series or Guarantor Withdrawal Benefit for Life rider: The SecureSource series rider or the Guarantor Withdrawal Benefit for Life rider requires that your contract value be invested in one of the PN program
investment options or in the Portfolio Stabilizer funds, for the life of the contract. Subject to state restrictions, we reserve the right to limit the number of investment options from which you can select based on the dollar amount of purchase
payments you make. Because you cannot terminate the SecureSource series rider or the Guarantor Withdrawal
Benefit for Life rider once you have selected it, you must terminate your contract by requesting a full surrender if you do not want to invest in any of the PN program investment options or the Portfolio Stabilizer funds. Surrender charges
and tax penalties may apply.
Living benefit requiring participation in the PN program:
•
Income Assurer Benefit rider: The Income Assurer Benefit rider requires that your contract value be
invested in one of the PN program investment options for the life of the contract. You can terminate the Income Assurer Benefit rider during the 30-day period after the first rider anniversary and at any time after the expiration of the waiting period. At
all other times you cannot terminate the Income Assurer Benefit rider once you have selected it and you must
terminate your contract by requesting a full surrender if you do not want to invest in any of the PN program
investment options. Surrender charges and tax penalties may apply.
Transferring Among Accounts
The transfer rights discussed in this section do not apply if you have selected one
of the optional living benefit riders.
For the Current
Contract, you may transfer contract value from any one subaccount, GPAs, the regular fixed account and the Special DCA fixed account to another subaccount before the
annuitization start date. For the Original Contract, you may transfer contract value from any one subaccount, GPAs, the one-year fixed account, or the DCA fixed account to
another subaccount before the annuitization start date. Certain restrictions apply to transfers involving the GPAs, the regular fixed account and the one-year fixed account. You may not transfer contract value to the Special DCA fixed
account or the DCA fixed account. You may not transfer contract value from the Special DCA fixed account or the DCA fixed account except as part of automated monthly transfers.
The date your request to transfer will be processed depends on when and how we receive it:
For transfer requests received in writing:
•
If we receive your transfer request at our Service Center in good order before the close of the NYSE (4:00pm Eastern
time unless the NYSE closes earlier), we will process your transfer using the accumulation unit value we calculate on the valuation date we received your transfer request.
•
If we receive
your transfer request at our Service Center in good order at or after the close of the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your transfer
using the accumulation unit value we calculate on the next valuation date after we received your transfer request.
For transfer requests received by phone:
•
If we receive your transfer request at our Service Center in good order before the close of
the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your transfer using the accumulation unit value we calculate on the valuation date we received your transfer request.
•
If we receive
your transfer request at our Service Center in good order at or after the close of the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your transfer
using the accumulation unit value we calculate on the next valuation date after we received your transfer request.
There is no charge for transfers. Before making a transfer, you should consider the risks involved in changing investments. Transfers out of the GPAs will be subject to an MVA if done more than 30 days before the end of the
guarantee period.
We may suspend or modify transfer privileges at any time.
For information on transfers after annuity payouts begin, see “Transfer policies”
below.
54 RiverSource Signature Select Variable Annuity — Prospectus
Transfer
policies
•
Before the annuitization start date, you may transfer contract values between the subaccounts, or from the subaccounts
to the GPAs and the regular fixed account at any time. However, if you made a transfer from the regular fixed account to the subaccounts or the GPAs, took a partial surrender
from the fixed account or terminated automated transfers from the Special DCA fixed account, you may not make a transfer from any subaccount or GPA to the regular fixed account for six months following that transfer, partial surrender or
termination.
•
You may transfer contract values from the regular fixed account to the subaccounts or the
GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). Transfers from the regular fixed account are not subject
to an MVA. You may transfer the entire contract value to the regular fixed account. Subject to state
restrictions, we reserve the right to limit transfers to the regular fixed account at any time on a non-discriminatory basis with notification. Transfers out of the regular fixed account, including automated transfers, are limited to 30% of
regular fixed account value at the beginning of the contract year(1) or $10,000, whichever is greater. Because of this limitation, it may take you several years to transfer all your
contract value from the regular fixed account. You should carefully consider whether the regular fixed account meets your investment criteria before you invest. Subject to state
restrictions, we reserve the right to change the percentage allowed to be transferred from the regular fixed account at any time on a non-discriminatory basis with notification.
•
You may
transfer contract values from a GPA any time after 60 days of transfer or payment allocation to the account. Transfers made more than 30 days before the end of the guarantee
period will receive an MVA, which may result in a gain or loss of contract value, unless an exception applies (see “The Guarantee Period Accounts (GPAs) — Market
Value Adjustment (MVA)”).
•
You may not
transfer contract values from the subaccounts, the GPAs or the regular fixed account into the Special DCA fixed account. However, you may transfer contract values as automated
monthly transfers from the Special DCA fixed account to the subaccounts or the PN program model portfolio or investment option in effect. (See “Special DCA Fixed Account.”)
•
After the annuitization start date, you may not make transfers to or from the GPAs or the
fixed account, but you may make transfers once per contract year among the subaccounts. During the annuity payout period, we reserve the right to limit the number of subaccounts in which you may invest. On the annuitization start date, you must transfer all
contract value out of your GPAs and Special DCA fixed account.
(1)
All purchase payments received into the regular fixed account prior to your transfer request are considered your
beginning of contract year value during the first contract year.
•
Before the annuitization start date, you may transfer contract values between the
subaccounts, or from the subaccounts to the GPAs and the one-year fixed account if part of your contract, at any time. However, if you made a transfer from the one-year fixed account to the subaccounts or the GPAs, you may not make a transfer from any subaccount
or GPA back to the one-year fixed account for six months following that transfer.
•
You may transfer contract values from the one-year fixed account to the subaccounts or the
GPAs once a year on or within 30 days before or after the contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). Transfers from the one-year fixed account are not
subject to an MVA. The amount of contract value transferred to the one-year fixed account cannot result in the value of the one-year fixed account being greater than 30% of the contract value. Transfers out of the one-year fixed account
are limited to 30% of one-year fixed account values at the beginning of the contract year or $10,000, whichever is greater. Because of this limitation, it may take you several
years to transfer all your contract value from the one-year fixed account. You should carefully consider whether the one-year fixed account meets your investment criteria before you invest. Subject to state restrictions, we reserve the right to further limit transfers to or from the
one-year fixed account if the interest rate we are then crediting on new purchase payments allocated to the one-year fixed account is equal to the minimum interest rate stated in the contract.
•
You may
transfer contract values from a GPA any time after 60 days of transfer or payment allocation to the account. Transfers made more than 30 days before the end of the guarantee
period will receive an MVA, which may result in a gain or loss of contract value, unless an exception applies (see “The Guarantee Period Accounts (GPAs) — Market
Value Adjustment (MVA)”).
•
You may not
transfer contract values from the subaccounts, the GPAs, or the one-year fixed account into the DCA fixed account. However, you may transfer contract values as automated monthly
transfers from the DCA fixed account to any of the investment options available under your contract, subject to investment minimums and other restrictions we may impose on investments in the one-year fixed account and the GPA, as described above. (See “DCA
Fixed Account.”)
RiverSource Signature Select Variable Annuity — Prospectus 55
•
After the
annuitization start date, you may not make transfers to or from the GPAs or the fixed account, but you may make transfers once per contract year among the subaccounts. During the
annuity payout period, we reserve the right to limit the number of subaccounts in which you may invest. On the annuitization start date, you must transfer all contract value out of your GPAs and DCA fixed account.
Market timing can reduce the value of your investment in the contract. If market
timing causes the returns of an underlying fund to suffer, contract value you have allocated to a subaccount that invests in that underlying fund will be lower too. Market timing can cause you, any joint owner of the contract and your beneficiary(ies) under the contract a
financial loss.
We seek to prevent market timing. Market timing is frequent or
short-term trading activity. We do not accommodate short-term trading activities. Do not buy a contract if you wish to use short-term trading strategies to
manage your investment. The market timing policies and procedures described below apply to transfers among the subaccounts within the contract. The underlying funds in which the subaccounts invest have their own market timing policies and procedures. The market timing policies of the underlying funds may be more restrictive than the market timing policies and procedures we apply to transfers among the subaccounts of the contract, and may include redemption fees. We reserve the right to modify our market timing policies and procedures at any time without prior notice to you.
Market timing may hurt the performance of an underlying fund in which a subaccount
invests in several ways, including but not necessarily limited to:
•
diluting the value of an investment in an underlying fund in which a subaccount
invests;
•
increasing the transaction costs and expenses of an underlying fund in which a subaccount
invests; and,
•
preventing the investment adviser(s) of an underlying fund in which a subaccount invests from
fully investing the assets of the fund in accordance with the fund’s investment objectives.
Funds available as investment options under the contract that invest in securities that trade in overseas securities markets may be at greater risk of loss from market timing, as market timers may seek to take advantage of changes in the
values of securities between the close of overseas markets and the close of U.S. markets. Also, the risks of market timing may be greater for underlying funds that invest in
securities such as small cap stocks, high yield bonds, or municipal securities, that may be traded infrequently.
In order to help protect you and the underlying funds from the potentially harmful effects of market timing activity, we apply the following market timing policy to discourage frequent transfers of contract value among the subaccounts of the variable account:
We try to distinguish market timing from transfers that we believe
are not harmful, such as periodic rebalancing for purposes of an asset allocation, dollar-cost averaging and asset rebalancing program that may be described in this prospectus. There is no set number of transfers that constitutes market timing. Even one transfer in related accounts
may be market timing. We seek to restrict the transfer privileges of a contract owner who makes more than three subaccount transfers in any 90 day period. We also reserve the right to refuse any transfer request, if, in our sole
judgment, the dollar amount of the transfer request would adversely affect unit
values.
If we determine, in our sole judgment, that your transfer activity constitutes market timing, we may modify, restrict or
suspend your transfer privileges to the extent permitted by applicable law, which may vary based on the state law that applies to your contract and the terms of your contract. These restrictions or modifications may include, but not be
limited to:
•
requiring transfer requests to be submitted only by first-class U.S. mail;
•
not accepting hand-delivered transfer requests or requests made by overnight mail;
•
not accepting
telephone or electronic transfer requests;
•
requiring a minimum time period between each transfer;
•
not accepting transfer requests of an agent acting under power of attorney;
•
limiting the
dollar amount that you may transfer at any one time;
•
suspending the transfer privilege; or
•
modifying instructions under an automated transfer program to exclude a restricted fund if you do not provide new
instructions.
Subject to applicable state law and the terms of each contract, we will
apply the policy described above to all contract owners uniformly in all cases. We will notify you in writing after we impose any modification, restriction or suspension of
your transfer rights.
56 RiverSource Signature Select Variable Annuity — Prospectus
Because we exercise
discretion in applying the restrictions described above, we cannot guarantee that we will be able to identify and restrict all market timing activity. In addition, state law and
the terms of some contracts may prevent us from stopping certain market timing activity. Market timing activity that we are unable to identify and/or restrict may impact the performance of the underlying funds and may result in lower contract values.
In addition to the market timing policy described
above, which applies to transfers among the subaccounts within your contract, you should carefully review the market timing policies and procedures of the
underlying funds. The market timing policies and procedures of the underlying funds may be materially different than those we impose on transfers among the subaccounts within your contract and may include mandatory redemption fees as well as other measures to discourage frequent transfers. As an intermediary for the underlying funds, we are required to assist them in applying their market timing policies and procedures to transactions involving the purchase and exchange of fund shares. This assistance may include, but not be limited to, providing the underlying fund upon request with your Social Security Number, Taxpayer Identification Number or other United States government-issued identifier, and the details of your contract transactions involving the underlying fund. An underlying fund, in its sole discretion, may instruct us at any time to prohibit you from making further transfers of contract value to or from the underlying fund, and we must follow this instruction. We reserve the right to administer and collect on behalf of an underlying fund any redemption fee imposed by an underlying fund. Market timing policies and procedures adopted by underlying funds may affect your investment in the contract in several ways, including but not limited to:
•
Each fund may restrict or refuse trading activity that the fund determines, in its sole discretion, represents market
timing.
•
Even if we determine that your transfer activity does not constitute market timing under the
market timing policies described above which we apply to transfers you make under the contract, it is possible that the underlying fund’s market timing policies and procedures, including instructions we receive from a fund may require us to reject your
transfer request. For example, while we will attempt to execute transfers permitted under any asset allocation, dollar-cost averaging and asset rebalancing programs that may be described in this prospectus, we cannot guarantee that
an underlying fund’s market timing policies and procedures will do so. Orders we place to purchase fund shares for the variable account are subject to acceptance by the
fund. We reserve the right to reject without prior notice to you any transfer request if the fund does not accept our order.
•
Each underlying fund is responsible for its own market timing policies, and we cannot guarantee that we will be able to
implement specific market timing policies and procedures that a fund has adopted. As a result, a fund’s returns might be adversely affected, and a fund might terminate our
right to offer its shares through the variable account.
•
Funds that are available as investment options under the contract may also be offered to
other intermediaries who are eligible to purchase and hold shares of the fund, including without limitation, separate accounts of other insurance companies and certain retirement plans. Even if we are able to implement a fund’s market timing policies,
we cannot guarantee that other intermediaries purchasing that same fund’s shares will do so, and the returns of that fund could be adversely affected as a result.
For more
information about the market timing policies and procedures of an underlying fund, the risks that market timing pose to that fund, and to determine whether an
underlying fund has adopted a redemption fee, see that fund’s prospectus.
How to request a Transfer or Surrender
Send your name, contract number, Social Security Number or Taxpayer Identification
Number* and signed request for a transfer or surrender to our Service Center:
RiverSource Life Insurance Company
829 Ameriprise Financial Center
Minneapolis, MN
55474
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$250 or entire account balance** |
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$500 or entire account balance |
RiverSource Signature Select Variable Annuity — Prospectus 57
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Contract value or entire account balance |
*
Failure to provide a Social Security Number or Taxpayer Identification Number may result in mandatory tax withholding on the taxable portion of the distribution.
**
The contract value after a partial surrender must be at least $500.
2 By automated transfers and automated partial surrenders
Your investment professional can help you set up automated transfers among your subaccounts, regular fixed account
(Current Contract), the one-year fixed account (Original Contract) or GPAs or automated partial surrenders from the GPAs, regular fixed account, one-year fixed account, Special DCA fixed account (Current Contract), DCA fixed account
(Original Contract) or the subaccounts.
You can start or stop this service by written request or other method acceptable to
us.
You must allow 30 days for us to change any instructions that are currently in place.
•
Automated transfers from the one-year fixed account (Original Contact only) to any one of the subaccounts may not exceed
an amount that, if continued, would deplete the one-year fixed account within 12 months.
•
Automated transfers from the regular fixed account (Current Contract only) are limited to 30% of the regular fixed
account values at the beginning of the contract year or $10,000, whichever is
greater.
•
Automated surrenders may be restricted by applicable law under some contracts.
•
You may not make systematic purchase payments if automated partial surrenders are in effect.
•
If the PN
program is in effect, you are not allowed to set up automated transfers except in connection with a Special DCA fixed account (Current Contract) or DCA fixed account (Original
Contract) (see “Special DCA Fixed Account”, “Fixed Account — DCA Fixed Account” and “Making the Most of Your Contract — Portfolio
Navigator Program and Portfolio Stabilizer Funds”).
•
Automated
partial surrenders may result in income taxes and penalties on all or part of the amount surrendered.
•
If you have
one of the SecureSource series of riders, the Guarantor Withdrawal Benefit for Life rider
or the Guarantor Withdrawal Benefit rider, you may set up automated partial surrenders up to the benefit amount available for withdrawal under the rider.
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$250 quarterly, semiannually or annually |
We answer telephone requests promptly, but you may experience delays when the call volume is unusually high. If you are
unable to get through, use the mail procedure as an alternative.
We will honor any telephone transfer or surrender requests that we believe are authentic and we will use reasonable procedures to confirm that they are. This includes asking identifying questions and recording calls. As long as we follow
the procedures, we (and our affiliates) will not be liable for any loss resulting from fraudulent requests.
Telephone transfers and surrenders are
automatically available. You may request that telephone transfers and surrenders not be authorized from
your account by writing to us.
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$250 or entire account balance |
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$500 or entire account balance |
58 RiverSource Signature Select Variable Annuity — Prospectus
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Contract value or entire account balance |
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Contract value or entire account balance |
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You may surrender all or part of your contract at any time before the annuitization start date by sending us a written
request or calling us.
The date your surrender request will be processed depends on when and how we
receive it:
For surrender requests received in writing:
•
If we receive your surrender request at our Service Center in good order before the close of
the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your surrender using the accumulation unit value we calculate on the valuation date we received your surrender request.
•
If we receive
your surrender request at our Service Center in good order at or after the close of the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your surrender
using the accumulation unit value we calculate on the next valuation date after we received your surrender request.
For surrender requests received by phone:
•
If we receive your surrender request at our Service Center in good order before the close of
the of the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your surrender using the accumulation unit value we calculate on the valuation date we received your surrender request.
•
If we receive
your surrender request at our Service Center in good order at or after the close of the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your surrender
using the accumulation unit value we calculate on the next valuation date after we received your surrender request.
We may ask you to return the contract. You may have to pay a contract administrative charge, surrender charges or any applicable optional rider charges (see “Charges”), federal income taxes and penalties. State and local income taxes may also apply (see “Taxes”). You cannot make surrenders after the annuitization start date except under Variable Annuity Payout Plan E. (See “The Annuity Payout Period — Annuity Payout Plans.”)
Any partial surrenders you take under the contract will reduce
your contract value. As a result, the value of your death benefit or any optional benefits you have elected will also be reduced. If you have elected one of the SecureSource series of riders, the Guarantor Withdrawal Benefit for Life rider or the Guarantor
Withdrawal Benefit rider and your partial surrenders in any contract year exceed the permitted surrender amount under the terms of the rider, your benefits under the rider may be reduced (see “Optional Benefits”). The first partial surrender request during the first contract year, for the SecureSource Stages 2 rider
and any partial surrender request that reverses previous step-ups during the 3-year waiting period or exceeds the amount allowed under the riders and impacts the guarantees
provided, will not be considered in good order until we receive a signed Benefit Impact Acknowledgement. This form shows the projected effect of the surrender on the rider benefits or a verbal acknowledgement that you understand and accept the impacts
that have been explained to you.
In addition, surrenders you are required to take to satisfy RMDs under the Code may
reduce the value of certain death benefits and optional benefits (see “Taxes — Qualified Annuities — Required Minimum Distributions”).
If you have a balance in more than one account and you request a partial surrender, we will automatically surrender from
all your subaccounts, GPAs, the Special DCA fixed account and/or the regular fixed account in the same proportion as your value in each account correlates to your total contract value, unless requested otherwise(1). The minimum
contract value after partial surrender is $500.
If you have a balance in more than one account and you request a partial surrender, we will automatically surrender from
all your subaccounts, GPAs, the DCA fixed account, and/or the one-year fixed account in the same proportion as your value in each account correlates to your total contract value,
unless requested otherwise(1).
RiverSource Signature Select Variable Annuity — Prospectus 59
After executing a partial
surrender, the value in each subaccount, one-year fixed account or GPA must be either zero or at least $50.
(1)
If you elected one of the SecureSource series of riders, you do not have the option to request from which account to surrender.
1 By regular or express
mail
•
mailed to address of record.
NOTE: We will charge you a fee if you request express mail
delivery.
•
request that payment be sent electronically to your bank;
•
pre-authorization required.
We may choose to permit you to have checks issued and delivered to an
alternate payee or to an address other than your address of record. We may also choose to allow you to direct wires or other electronic payments to accounts owned by a third-party. We may have additional good order requirements that must be met prior to processing requests to
make any payments to a party other than the owner or to an address other than the address of record. These requirements will be designed to ensure owner instructions are genuine
and to prevent fraud.
Normally, we will send the payment within seven days after receiving your request in good order. However, we may
postpone the payment if:
–
the NYSE is closed, except for normal holiday and weekend closings;
–
trading on the NYSE is restricted, according to SEC rules;
–
an emergency, as defined by SEC rules, makes it impractical to sell securities or value the
net assets of the accounts; or
–
the SEC
permits us to delay payment for the protection of security holders.
We may also postpone payment of the amount attributable to a purchase payment as
part of the total surrender amount until cleared from the originating financial institution.
Participants in Tax-Sheltered Annuities
If the contract is intended to be used in connection with an employer sponsored 403(b) plan, additional rules relating to
this contract can be found in the annuity endorsement for tax sheltered 403(b) annuities. Unless we have made special arrangements with your employer, the contract is not intended for use in connection with an employer sponsored 403(b)
plan that is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). In the event that the employer either by affirmative election or
inadvertent action causes contributions under a plan that is subject to ERISA to be made to this contract, we will not be responsible for any obligations and requirements under
ERISA and the regulations thereunder, unless we have prior written agreement with the employer. You should consult with your employer to determine whether your 403(b) plan is subject to ERISA.
In the event we have a written agreement with your employer to administer the plan
pursuant to ERISA, special rules apply as set forth in the TSA endorsement.
The employer must comply with certain nondiscrimination
requirements for certain types of contributions under a TSA contract to be excluded from taxable income. You should consult your employer to determine whether the nondiscrimination rules apply to you.
The Code imposes certain restrictions on your right to receive early distributions
from a TSA:
•
Distributions attributable to salary reduction contributions (plus earnings) made after Dec. 31, 1988, or to transfers
or rollovers from other contracts, may be made from the TSA only if:
–
you are at
least age 59½;
–
you are disabled as defined in the Code;
–
you severed employment with the employer who purchased the contract;
60 RiverSource Signature Select Variable Annuity — Prospectus
–
the
distribution is because of your death;
– you are terminally ill as defined in the Code;
– you are adopting or are having a baby;
– your are supplying Personal or Family Emergency
Expense;
– you are a Domestic Abuse Victim;
– you are in need to cover Expenses and losses on account of
a FEMA declared disaster;
–
the distribution is due to plan termination; or
–
you are a qualifying military reservist.
•
If you encounter a financial hardship (as provided by the Code), you may be eligible to receive a distribution of all
contract values attributable to salary reduction contributions made after Dec. 31, 1988, but not the earnings on them.
•
Even though a distribution may be permitted under the above rules, it may be subject to IRS
taxes and penalties (see “Taxes”)
•
The above
restrictions on distributions do not affect the availability of the amount credited to the contract as of Dec. 31, 1988. The restrictions also do not apply to transfers or
exchanges of contract value within the contract, or to another registered variable annuity contract or investment vehicle available through the employer.
For the Current Contract, if you have a nonqualified
annuity and are a natural person (excluding a revocable trust), you may change the annuitant or contingent annuitant if the request is made prior to the annuitization start date
and while the existing annuitant or contingent annuitant is living. The change will become binding on us when we receive it. If you and the annuitant are not the same person and the annuitant dies before the annuitization start date, the owner becomes
the annuitant unless a contingent annuitant has been previously selected. You may not change the annuitant if you have a qualified annuity or there is non-natural or revocable
trust ownership.
For the Original Contract, annuitant changes are not allowed.
You may change ownership of your nonqualified annuity at any time by completing a change of ownership form we approve
and sending it to our Service Center. We will honor any change of ownership request received in good order that we believe is authentic and we will use reasonable procedures to
confirm authenticity. If we follow these procedures, we will not take any responsibility for the validity of the change.
If you have a nonqualified annuity, you may incur income tax liability by transferring, assigning or pledging any part of it. (See “Taxes.”)
If you have a qualified annuity, you may not sell, assign, transfer, discount or
pledge your contract as collateral for a loan, or as security for the performance of an obligation or for any other purpose except as required or permitted by the Code. However, if the owner is a trust or custodian, or an employer acting in a similar capacity, ownership of the
contract may be transferred to the annuitant.
Please consider carefully whether or not you wish to change ownership of your
annuity contract. If you elected any optional contract features or riders and any owner was not an owner before the change, all owners (including any prior owner who is still an owner after the ownership change) (along with the annuitant for the Original Contract) will be
subject to all limitations and/or restrictions of those features or riders just as if they were purchasing a new contract.
If you have an Income Assurer Benefit rider and/or the Benefit Protector Plus rider, the riders will terminate upon
transfer of ownership of the annuity contract.
For the Original Contract, our current administrative practice is that if you have
the Benefit Protector rider, the owner can choose to terminate the Benefit Protector rider during the 30-day window following the effective date of the ownership change.
For the Current Contract, if you have the Benefit Protector rider, if any owner is
older than age 75 immediately following the ownership change, the rider will terminate upon change of ownership. If all owners are younger than age 76, the rider continues unless the owner chooses to terminate it during the 30-day window following the effective date of the
ownership change. The Benefit Protector death benefit values may be reset (see “Optional Death Benefits – Benefit Protector Death Benefit Rider”).
RiverSource Signature Select Variable Annuity — Prospectus 61
For the Current Contract,
the death benefit may change due to a change of ownership. If any owner is older than age 85 immediately following the ownership change, the MAV Death Benefit, 5% Accumulation
Death Benefit and EDB will terminate, the ROPP Death Benefit will be unavailable, and the Contract Value Death Benefit will apply. If any owner is older than age 79 but all owners are younger than age 86, the MAV Death Benefit, the 5% Accumulation Death Benefit, and
the EDB will terminate and the ROPP Death Benefit will apply. If all owners are age 79 or younger, the ROPP Death Benefit, MAV Death Benefit, 5% Accumulation Death Benefit or EDB
will continue. The ROPP Death Benefit, MAV Death Benefit, 5% Accumulation Death Benefit and EDB values may be reset (see “Benefits in the Case of Death”). If the
death benefit that applies to your contract changes due to an ownership change, the mortality and expense risk fee may change as well (see “Charges – Mortality and Expense Risk Fee”).
The SecureSource series – Joint Life rider, if selected, only allows transfer of the ownership of
the annuity contract between covered spouses or their revocable trust(s); no other ownership changes are allowed while this rider is in force, subject to state restrictions. For the SecureSource Stages 2 – Joint Life rider, if ownership is transferred from a covered spouse to their revocable trust(s), the annuitant
must be one of the covered spouses. The Accumulation Protector Benefit, the SecureSource
– Single Life, the Guarantor Withdrawal Benefit for Life and the Guarantor Withdrawal Benefit riders
will continue upon transfer of ownership of the annuity contract and the values may be reset. For SecureSource rider and Guarantor Withdrawal Benefit for Life rider, any ownership change that impacts the
guarantees provided will not be considered in good order until we receive a signed Benefit Impact Acknowledgement form showing the projected effect of the ownership change on the rider benefits or a verbal acknowledgement that you understand and accept the
impacts that have been explained to you. For the Secure Source Stages 2 – Single Life riders, Secure Source 20 – Single Life and
SecureSource Stages – Single Life riders, joint ownership and joint annuitants are
not allowed and an ownership change that results in different covered person will terminate the rider, subject to state restrictions. (See “Optional Benefits.”)
62 RiverSource Signature Select Variable Annuity — Prospectus
The following table
summarizes information about the benefits available under the Contracts.
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Brief Description of
Restrictions/ Limitations |
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Allows the systematic transfer
of a specified dollar amount
among the subaccounts or
from the one-year fixed account to one or more
eligible subaccounts |
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•Automated transfers not available for GPA terms of 2 or more years •Not available when the PN
program is in effect |
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Allows you to have your
investments periodically
rebalanced among the
subaccounts to your
pre-selected percentages |
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•You must have $2,000 in Contract Value to
participate.
•We require 30 days notice for you to change or cancel the program •You can request rebalancing
to be done either quarterly,
semiannually or annually |
Automated
Partial
Surrenders/
Systematic
Withdrawals |
Allows automated partial
surrenders from the contract |
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•Additional systematic
payments are not allowed
with automated partial
surrenders
•For contracts with a Guarantor Withdrawal Benefit rider, Guarantor Withdrawal Benefit for Life rider or SecureSource riders, you may set up automated partial surrenders up to the benefit available for withdrawals under the rider •May result in income taxes
and IRS penalty on all or a
portion of the amounts
surrendered |
RiverSource Signature Select Variable Annuity — Prospectus 63
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Brief Description of
Restrictions/ Limitations |
Nursing Home or
Hospital
Confinement |
Allows you to withdraw
contract value without a
surrender charge |
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• For the Current Contract, you must be confined to a hospital or nursing home for the prior 60 days or confinement began within 30 days following a 60 day confinement period • For the Original Contract,
you must be confined to a
hospital or nursing home for
the prior 60 days
• You must be under age 76 on the contract issue date and confinement must start after the contract issue date •Must receive your surrender
request no later than 91
days after your release from
the hospital or nursing home
•Amount withdrawn must be paid directly to you |
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Allows you to withdraw
contract value without a
surrender charge |
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•Terminal Illness diagnosis must occur in after the first contract year •Must be terminally ill and
not expected to live more
than 12 months from the
date of the licensed
physician statement
•Must provide us with a licensed physician’s statement containing the terminal illness diagnosis and the date the terminal illness was initially diagnosed •Amount withdrawn must be
paid directly to you |
Contract Value
(CV) Death
Benefit |
Provides a basic death benefit
equal to the greater of the Full
Surrender Value or the
Contract Value, after any rider charges have been deducted |
1.45% of
contract value
in the variable
account |
|
•Available for the Current
Contract owners after an
ownership change or
spousal continuation if any
owner or spouse who
continues the contract is
over age 85 and not
qualified for the ROPP death
benefit |
64 RiverSource Signature Select Variable Annuity — Prospectus
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Brief Description of
Restrictions/ Limitations |
ROPP Death
Benefit (Current
Contract)
ROP Death
Benefit (Original
Contract) |
ROPP Death Benefit:
provides a death benefit equal
to the greatest of these values
minus any applicable rider
charges:Contract Value, the
ROPP value, or the Full
Surrender Value
ROP Death Benefit:
provides a death benefit equal
to the greater of these values
minus any applicable rider
charges:Contract Value, or
total purchase payments
minus adjusted partial
surrenders |
|
|
•Must be elected at contract issue •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals, and
such reductions could be
significant
•Annuitizing the Contract terminates the benefit |
1.45% of
contract value
in the variable
account |
|
| |
|
1.45% of
contract value
in the variable
account |
|
| |
Provides a death benefit equal
to the greatest of these values
minus any applicable rider
charges: Contract Value, total
purchase payments minus
adjusted partial surrenders, or
the MAV on the date of death |
|
|
•Available for the Contract owners age 79 and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary on/after your
81st birthday
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant. •Annuitizing the Contract
terminates the benefit |
1.70% of
contract value
in the variable
account |
|
| |
|
1.65% of
contract value
in the variable
account |
|
5% Accumulation
Death Benefit |
Provides a death benefit equal
to the greatest of these values
minus any applicable rider
charges: Contract Value, total
purchase payments applied to
the contract minus adjusted
partial withdrawals, or the 5%
variable account floor |
|
|
•Available to owners age 79
and younger
•Must be elected at contract issue •No longer eligible to
increase on any contract
anniversary on/after your
81st birthday
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •Annuitizing the Contract
terminates the benefit |
1.85% of
contract value
in the variable
account |
|
| |
|
1.80% of
contract value
in the variable
account |
|
RiverSource Signature Select Variable Annuity — Prospectus 65
| |
|
|
|
Brief Description of
Restrictions/ Limitations |
Enhanced Death
Benefit (EDB) |
Provides a death benefit equal
to the greatest of these values
minus any applicable rider
charges: Contract Value, total
purchase payments applied to
the contract minus adjusted
partial withdrawals, the MAV
on the date of death or the 5%
variable account floor |
|
|
•Available to owners age 79 and younger •Must be elected at contract
issue
•No longer eligible to increase on any contract anniversary on/after your 81st birthday •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant
•Annuitizing the Contract terminates the benefit |
1.90% of
contract value
in the variable
account |
|
| |
|
1.85% of
contract value
in the variable
account |
|
| |
Benefit Protector
Death Benefit |
Provides an additional death
benefit, based on a
percentage
of contract earnings, to help
offset expenses after death
such as funeral expenses or
federal and state taxes |
|
|
• Available to owners age 75 and younger •Must be elected
at contract issue
•Not available with Benefit Protector Plus, the 5% Accumulation Death benefit or Enhanced Death Benefit •For contract owners age 70
and older, the benefit
decreases from 40% to 15%
of earnings
•Annuitizing the Contract terminates the benefit |
Benefit Protector
Plus Death
Benefit |
Provides the benefits payable
under the Benefit Protector,
plus a percentage of purchase
payments made within
60 days of contract issue not
previously surrendered |
|
|
• Available to owners age 75
and younger
•Must be elected at contract issue •Available only for transfers,
exchanges or rollovers
•Not available with Benefit Protector, the 5% Accumulation Death benefit or Enhanced Death Benefit •For contract owners age 70
and older, the benefit
decreases from 40% to 15%
of earnings
•Annuitizing the Contract terminates the benefit •The percentage of exchange
purchase payments varies
by age and is subject to a
vesting schedule. |
66 RiverSource Signature Select Variable Annuity — Prospectus
| |
|
|
|
Brief Description of
Restrictions/ Limitations |
Guarantor
Withdrawal
Benefit Rider |
Provides a guaranteed
minimum withdrawal benefit
that gives you the right to take
limited partial withdrawals in
each contract year that over
time will total an amount equal
to your purchase payments. |
|
0.55%-1.00% Varies by issue date, elective step up date and the Fund selected |
•Available to owners age 79 or younger •Must be elected at contract
issue
•Not available under an inherited qualified annuity
•Subject to Investment Allocation restrictions •Certain withdrawals could
significantly reduce the
guaranteed amounts under
the rider and the rider will
terminate if the contract value goes to zero due to an
excess withdrawal
•Limitations on additional purchase payments •If you take withdrawals
during the first 3-years the
step ups will not be allowed
until the third anniversary |
Guarantor
Withdrawal
Benefit for Life
Rider |
Provides a lifetime income or
return of premium option
regardless of investment
performance |
1.50% of
contract value or the total Remaining Benefit Amount, whichever is greater |
0.65% - 1.10% Varies by issue date, elective step up date and the Fund selected |
•Available to owners age 80
or younger
•Must be elected at contract issue •Not available under an
inherited qualified annuity •Subject to Investment
Allocation restrictions
•Certain withdrawals could significantly reduce the guaranteed amounts under the rider and the rider will terminate if the contract
value goes to zero due to an excess withdrawal •If you take withdrawals
during the first 3-years the
step ups will not be allowed
until the third anniversary
•Limitations on additional purchase payments |
RiverSource Signature Select Variable Annuity — Prospectus 67
| |
|
|
|
Brief Description of
Restrictions/ Limitations |
Accumulation
Protector Benefit
rider |
Provides 100% of initial
investment or 80% of highest
contract anniversary value
(adjusted for partial
surrenders) at the end of
10 year waiting period,
regardless of investment
performance |
1.75% of
contract value or the Minimum Contract Accumulation Value |
0.55% – 1.75%
Varies by issue
date, elective
step up date
and the Fund
selected |
•Available to owners age 80 or younger •Must be elected at contract
issue
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals. Such reductions could be significant •The rider ends when the
Waiting Period expires
•Limitations on additional purchase payments •Subject to Investment
Allocation restrictions
•Elective Step ups restart the Waiting Period |
| |
Provides a lifetime income or
return of premium option
regardless of investment
performance |
Single Life: 1.75% Joint Life:
2.25% of contract
value or the Benefit Base, whichever is greater |
Single Life: 0.95% Joint Life:
1.15% |
•Available to owners age 85
or younger
•Must be elected at contract issue •Available as a Single Life or
Joint Life option
•Not available under an inherited qualified annuity
•Subject to Investment Allocation restrictions •Certain withdrawals could
significantly reduce the
guaranteed amounts under
the rider and the rider will
terminate if the contract value goes to zero due to an
excess withdrawal.
•Withdrawals in the first year will lock in the lower income percentage for the life of the rider •Limitations on additional
purchase payments |
68 RiverSource Signature Select Variable Annuity — Prospectus
| |
|
|
|
Brief Description of
Restrictions/ Limitations |
SecureSource Stages riders |
Provides a lifetime income or
return of premium option
regardless of investment
performance |
Single Life: 2.00% Joint Life:
2.50% of
contract value or the Benefit Base, whichever is greater |
Single Life: 1.10% Joint Life:
1.35% |
•Available to owners age 80 or younger •Must be elected at contract
issue
•Available as a Single Life or Joint Life option •Not available under an
inherited qualified annuity •Subject to Investment
Allocation restrictions
•Certain withdrawals could significantly reduce the guaranteed amounts under the rider and the rider will terminate if the contract
value goes to zero due to an excess withdrawal •Withdrawals during the
3-year waiting period will set
your benefits to zero until
the end of the waiting period
when they will be
reestablished based on your
contract value at that time •Limitations on additional
purchase payments |
| |
Provides a lifetime income or
return of premium option
regardless of investment
performance |
Contracts
signed on/after
1/26/
2009)Single Life: 2.00%
Joint Life: 2.50% of contract value
or the
Remaining
Benefit
Amount,
whichever is
greater
Contracts
signed prior to
1/26/2009
Single Life: 1.50% Joint Life:
1.75% of
contract value or the Remaining Benefit Amount, whichever is greater |
Single Life: 0.65% – 1.30% Joint Life:
0.85% – 1.60% Varies by issue date, elective step up date and the Fund selected |
•Available to owners age 80
or younger
•Must be elected at contract issue •Available as a Single Life or
Joint Life option
•Not available under an inherited qualified annuity
•Subject to Investment Allocation restrictions •Certain withdrawals could
significantly reduce the
guaranteed amounts under
the rider and the rider will
terminate if the contract value goes to zero due to an
excess withdrawal
•If you take withdrawals during the first 3-years the step ups will not be allowed until the third anniversary •Limitations on additional
purchase payments |
RiverSource Signature Select Variable Annuity — Prospectus 69
| |
|
|
|
Brief Description of
Restrictions/ Limitations |
| |
Provides guaranteed minimum
income through annuitization
regardless of investment
performance |
Income Assurer
Benefit – MAV
1.50% of the
guaranteed
income base |
Income Assurer
Benefit – MAV
0.30% or
0.55% Varies by issue date |
•Available to owners age 75
or younger
•Not available with anu other living benefit riders •The rider has a 10 year
Waiting period
•Available as: Income Assurer Benefit – MAV; Income Assurer Benefit – 5% Accumulation Benefit Base; and Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base |
Income Assurer
Benefit – 5%
Accumulation
Benefit Base
1.75% of the
guaranteed
income base |
Income Assurer
Benefit – 5%
Accumulation
Benefit Base
0.60% or
0.70% Varies by issue date come base |
Income Assurer
Benefit –
Greater of MAV
or 5%
Accumulation
Benefit Base
2.00% of the
guaranteed
income base |
Income Assurer
Benefit –
Greater of MAV
or 5%
Accumulation
Benefit Base
0.65% or
0.75%
Varies by issue
date |
Benefits in Case of Death
(applications signed on or after Nov. 30, 2009, subject to state availability)
We will pay the death benefit to your beneficiary upon your death if you die before the annuitization start date while this contract is in force. If
a contract has more than one person as the owner, we will pay the benefits upon the first to die of any owner. The basic death benefit available under your contract at contract
issue is the ROPP Death Benefit. In addition to the ROPP Death Benefit, we also offer the following optional death benefits at contract issue:
•
5% Accumulation Death Benefit; or
•
Enhanced Death Benefit.
If it is available in your state and if you are age 79 or younger at
contract issue, you can elect any one of the above optional death benefits. If you are age 80 or older at contract issue, the ROPP Death Benefit will apply.
Once you elect a death benefit, you cannot change it; however the death benefit that applies to your contract may change
due to an ownership change (see “Changing Ownership”) or continuation of the contract by the spouse under the spousal continuation provision.
We show the death benefit that applies to your contract at issue on your contract’s data page. The death benefit
determines the mortality and expense risk fee that is assessed against the subaccounts. (See “Charges — Mortality and Expense Risk Fee.”)
We will base the benefit paid on the death benefit coverage in effect on the date
of your death.
Here are some
terms that are used to describe the death benefits:
Adjusted partial surrenders (calculated for ROPP and MAV Death Benefits) |
|
|
| |
| |
|
the amount by which the contract value is reduced as a result of the partial surrender. |
| |
|
the applicable ROPP value or MAV on the date of (but prior to) the partial surrender |
| |
|
contract value on the date of (but prior to) the partial surrender. |
70 RiverSource Signature Select Variable Annuity — Prospectus
Covered Life Change: is either continuation of the contract by a spouse under the spousal continuation
provision, or an ownership change where any owner after the ownership change was not an owner prior to the change.
Contract Value Death Benefit (CV Death Benefit): is the death benefit available if any owner after an
ownership change or spouse who continues the contract under the spousal continuation provision is over age 85 and therefore cannot qualify for the ROPP death benefit. Under this benefit, we will pay the beneficiary the greater of:
–
the Full Surrender Value, or
–
the contract value after any rider charges have been deducted.
Full Surrender Value: is the contract value immediately prior to the
surrender (immediately prior to payment of a death claim for death benefits) less:
•
pro rata rider charges,
•
any positive or negative market value adjustment.
Return of Purchase Payments (ROPP) Death Benefit
The ROPP Death Benefit is the basic death benefit on the contract that will pay
your beneficiaries no less than your purchase payments adjusted for surrenders. If you die before the
annuitization start date and while this contract is in force, the death benefit will be the greatest of:
1.
the contract value after any rider charges have been deducted,
3.
the Full Surrender Value.
ROPP Value: is the total purchase payments on the contract issue date. Additional purchase payments will be added to the ROPP value. Adjusted partial surrenders will be subtracted from the ROPP value.
After a covered life change for a spouse who continues the contract and is
age 85 or younger, we reset the ROPP value to the contract value on the date of the continuation after any rider charges have been deducted and after any increase to the contract value due to the death benefit that would otherwise have been paid (without regard to the Full Surrender
Value). If the spouse who continues the contract is age 86 or older, the ROPP Death Benefit will terminate and he or she will be eligible for the CV death benefit.
After a covered life change other than for the spouse who continues the contract,
if the prior owner and current owners are eligible for the ROPP death benefit we reset the ROPP value on the valuation date we receive your request for the ownership change to the contract value after any rider charges have been deducted, if the contract value is less.
If the prior owner was not eligible for the ROPP but all current owners are eligible, we reset the ROPP value to the
contract value after any rider charges have been deducted on the valuation date we receive your request for the ownership change.
If available in your state and you are age 79 or younger at
contract issue, you may select one of the death benefits described below at the time you purchase your contract. The death benefits do not provide any additional
benefit before the first contract anniversary and may not be appropriate for certain older issue ages because the benefit values may be limited after age 80. Be sure to discuss with your investment professional whether or not these death benefits are appropriate for your situation.
Maximum Anniversary Value (MAV) Death Benefit
The MAV Death Benefit provides that if you die while the contract is in force and before the annuitization start date, the
death benefit will be the greatest of these values:
1.
contract value after any rider charges have been deducted;
2.
the ROPP value as described above;
4.
the Full Surrender Value as described above.
The MAV equals the ROPP
value prior to the first contract anniversary. Every contract anniversary prior to the earlier of your 81st birthday or your death, we compare the MAV to the current contract
value and we reset the MAV to the higher amount. The MAV is increased by any additional purchase payments
and reduced by adjusted partial surrenders.
RiverSource Signature Select Variable Annuity — Prospectus 71
After a covered life change
for a spouse who is age 79 or younger and continues the contract, we reset the MAV to the contract value on the date of the continuation after any rider charges have been
deducted and after any increase to the contract value due to the death benefit that would otherwise have been paid (without regard to the Full Surrender Value).
After a covered life change other than for a spouse who continues the contract, if all owners are under age 80, we reset the MAV on the valuation date we receive your request for the ownership change to the lesser of these two values:
(a)
the contract value after any rider charges have been deducted, or
(b)
the MAV on that
date, but prior to the reset.
If your spouse chooses to continue the contract under the spousal continuation
provision, the death benefit available for the spouse’s beneficiaries depends on the spouse’s age. If your spouse was age 79 or younger when the contract was continued, he or she will continue to be eligible for the MAV. If your spouse is over age 79 but younger than age 86
when the contract was continued, he or she will be eligible for the ROPP death benefit. If your spouse is age 86 or older when the contract was continued, he or she will be eligible for the CV death benefit.
5% Accumulation Death Benefit
The 5% Accumulation Death Benefit provides that if you die while the contract is in force and before the annuitization start date, the death benefit will be the greatest of these values:
1.
contract value after any rider charges have been deducted;
2.
the ROPP value as described above;
3.
the 5% accumulation
death benefit floor;
4.
the Full Surrender Value as described above.
The key terms and provisions of the 5% Accumulation Death Benefit are:
5% Accumulation Death Benefit Floor: is equal to the sum of:
1.
the contract value in the Excluded Accounts (currently, regular fixed account and GPAs), if any,
and
2.
the variable account floor.
Protected Account Base (PAB) and Excluded Account Base (EAB):
Adjustments to variable account floor require tracking amounts representing purchase payments, not previously surrendered, that are allocated or transferred to the Protected Accounts (currently, subaccounts and the Special DCA fixed account) and Excluded
Accounts.
–
PAB equals amounts representing purchase payments, not previously surrendered or transferred, that are in the Protected Accounts.
–
EAB equals amounts representing purchase payments, not previously surrendered or transferred, that are in the Excluded Accounts.
Variable Account Floor: Variable account floor is PAB increased on
contract anniversaries prior to the earlier of your 81st birthday or your death.
Net Transfer: If multiple transfers are made on the same valuation day, they are combined to determine the net amount of contract
value being transferred between the Protected Accounts and Excluded Accounts. This net transfer amount is used to adjust the EAB, PAB and variable account floor values.
Establishment of Variable Account Floor, PAB and EAB
On the contract date, 1) variable account floor and PAB are
established as your initial purchase payment allocated to the Protected Accounts; and 2) EAB is established
as your initial purchase payment allocated to the Excluded Accounts.
Adjustments to Variable Account Floor, PAB and EAB
Variable account floor, PAB and EAB are adjusted by the following:
1.
When an additional purchase payment is made;
(A)
any payment you
allocate to the Protected Accounts are added to PAB and to variable account floor, and
(B)
any payment you
allocate to the excluded accounts are added to EAB.
2.
When transfers are made to the Protected Accounts from the Excluded
Accounts, we increase PAB and variable account floor, and we reduce EAB.
72 RiverSource Signature Select Variable Annuity — Prospectus
The amount we deduct from EAB and add to PAB and to variable account floor is calculated for each net transfer using the following formula:
| |
|
the amount the contract value in the Excluded Accounts is reduced by the net transfer |
| |
|
EAB on the date of (but prior to) the transfer |
| |
|
the contract value in the Excluded Accounts on the date of (but prior to) the transfer. |
3.
When partial surrenders are made from the Excluded Accounts, we reduce EAB by the same amount as calculated above for transfers from the Excluded Accounts, using surrender amounts
in place of transfer amounts. Partial surrenders from Excluded Accounts do not increase PAB.
4.
When transfers are made to the Excluded Accounts from the Protected Accounts, we reduce PAB
and variable account floor, and increase EAB.
The amounts we deduct from PAB and variable account floor are calculated for each net transfer using the following formula:
| |
|
the amount the contract value in the Protected Accounts is reduced by the net transfer |
| |
|
the applicable PAB or variable account floor on the date of (but prior to) the transfer |
| |
|
the contract value in the Protected Accounts on the date of (but prior to) the transfer. |
The amount we subtract from PAB is added to EAB.
5.
When partial surrenders are made from the Protected Accounts, we reduce PAB and variable
account floor by the same amount as calculated above for transfers from the Protected Accounts, using surrender amounts in place of transfer amounts. Partial surrenders from Protected Accounts do not increase EAB.
6.
After a covered life change for a spouse who continues the contract, variable account floor
and PAB are reset to the contract value in the Protected Accounts on the date of continuation. EAB is reset to the contract value in the Excluded Accounts on the date of continuation. The contract value is after any rider charges have been deducted and
after any increase to the contract value due to the death benefit that would otherwise have been paid (without regard to the Full Surrender Value).
7.
After a covered life change other than for a spouse who continues the contract, variable
account floor, PAB and EAB are reset on the valuation date we receive your written request for the covered life change if all owners are eligible for the 5% Accumulation Death Benefit.
Variable
account floor and PAB are reset to the lesser of A or B where:
| |
|
the contract value (after any rider charges have been deducted) in the Protected Accounts on that date,
and |
| |
|
Variable account floor on that date (but prior to the reset). |
EAB is reset to the lesser of A or B where:
| |
|
the contract value (after any rider charges have been deducted) in the Excluded Accounts on that date,
and |
| |
|
EAB on that date (but prior to the reset). |
8.
On a contract anniversary when variable account floor is greater than
zero:
(A)
On the first contract anniversary, we increase variable account floor by an amount equal to
5%, multiplied by variable account floor as of 60 days after the contract date.
(B)
On each subsequent contract anniversary prior to the earlier of your 81st birthday or your
death, we increase variable account floor by 5%, multiplied by the prior contract anniversary’s variable account floor.
(C)
Any variable account floor increase on contract anniversaries does not increase PAB or
EAB.
For contracts issued in New Jersey and Washington state, the cap on the variable account floor is 200% of PAB.
If your spouse chooses to continue the contract under the spousal continuation provision, the death benefit available
for the spouse’s beneficiaries depends on the spouse’s age. If your spouse was age 79 or younger when the contract was continued, he or she will continue to be eligible for the 5% Accumulation Death Benefit. If your spouse is over age
79 but younger than age 86 when the contract was continued, he or she will be eligible for the ROPP death benefit. If your spouse is age 86 or older when the contract was
continued, he or she will be eligible for the CV Death Benefit.
RiverSource Signature Select Variable Annuity — Prospectus 73
Enhanced
Death Benefit (EDB)
The Enhanced Death Benefit provides that if you
die while the contract is in force and before the annuitization start date, the death benefit will be the greatest of these values:
1.
contract value after any rider charges have been deducted;
2.
the ROPP value as
described above;
3.
the MAV as described above;
4.
the 5% accumulation death benefit floor as described above; or
5.
the Full Surrender
Value as described above.
If your spouse chooses to continue the contract under spousal continuation
provision, the death benefit available for the spouse’s beneficiaries depends on the spouse’s age. If your spouse was age 79 or younger when the contract was continued, he or she will continue to be eligible for the Enhanced Death Benefit. If your spouse is over age 79 but
younger than age 86 when the contract was continued, he or she will be eligible for the ROPP death benefit. If your spouse is age 86 or older when the contract was continued, he or she will be eligible for the CV Death Benefit.
For an example of how each death benefit is calculated, see Appendix C.
(applications signed prior to Nov. 30, 2009 or in states where the Current Contract
was not available)
We will pay the death benefit to your beneficiary upon the earlier of your death or the annuitant’s death. If a
contract has more than one person as the owner or annuitant, we will pay the benefits upon the first to die of any owner or the annuitant. The basic death benefit available under your contract at contract issue is the ROP Death Benefit. In addition
to the ROP Death Benefit, we also offer the following optional death benefits at contract issue:
•
5% Accumulation Death Benefit; or
•
Enhanced Death Benefit.
If it is available in your state and if both you and the annuitant are age
79 or younger at contract issue, you can elect any one of the above death benefits. If either you or the annuitant are age 80 or older at contract issue, the ROP Death Benefit will apply. Once you elect a death benefit, you cannot change it. We show the death benefit that applies in your
contract on your contract’s data page. The death benefit you select determines the mortality and expense risk fee that is assessed against the subaccounts. (See “Charges — Mortality and Expense Risk Fee.”)
We will base the benefit paid on the death benefit coverage you chose when you purchased the contract.
Here are some terms used to describe the death benefits:
Adjusted partial surrenders (calculated for ROP and MAV Death Benefits) |
|
|
| |
| |
|
the amount by which the contract value is reduced as a result of the partial surrender. |
| |
|
the applicable ROP value or MAV on the date of (but prior to) the partial surrender. |
| |
|
contract value on the date of (but prior to) the partial surrender. |
Return of Purchase Payments (ROP) Death Benefit
The ROP Death Benefit is the basic death benefit on the contract that will pay your
beneficiaries no less than your purchase payments, adjusted for surrenders. If you or the annuitant die
before the annuitization start date and while this contract is in force, the death benefit will be the greater of these two values, minus any applicable rider charges:
2.
total purchase payments
applied to the contract minus adjusted partial surrenders.
The ROP Death Benefit
will apply unless you select one of the alternative death benefits described immediately below.
If available in your state and both you and the annuitant are age
79 or younger at contract issue, you may select one of the death benefits described below at the time you purchase your contract. The death benefits do not
provide any additional benefit before the first contract anniversary and may not be appropriate for certain older issue ages because the benefit values may be limited after age 80. Be sure to discuss with your investment professional whether or not these death benefits are appropriate for your situation.
74 RiverSource Signature Select Variable Annuity — Prospectus
Maximum
Anniversary Value (MAV) Death Benefit
The MAV Death Benefit provides
that if you or the annuitant die while the contract is in force and before the annuitization start date, the death benefit will be the greatest of these three values, minus any
applicable rider charges:
2.
total purchase payments
applied to the contract minus adjusted partial surrenders; or
3.
the MAV on the date of death.
Maximum Anniversary Value (MAV): is zero prior to the first contract
anniversary. On the first contract anniversary, we set the MAV as the greater of these two values:
(a)
current contract value; or
(b)
total purchase payments applied to the contract minus adjusted partial surrenders.
Thereafter, we increase the MAV by any additional purchase payments and reduce the MAV by adjusted partial
surrenders. Every contract anniversary after that prior to the earlier of your or the annuitant’s
81st birthday, we compare the MAV to the current contract value and we reset the MAV to the higher amount.
5% Accumulation Death Benefit
The 5% Accumulation Death Benefit provides that if you or the annuitant die while
the contract is in force and before the annuitization start date, the death benefit will be the greatest of these three values, minus any applicable rider charges:
2.
total purchase payments
applied to the contract minus adjusted partial surrenders; or
3.
the 5% variable account floor.
The key terms and provisions of the 5% Accumulation Death Benefit are:
5% Variable Account Floor: is the sum of the value of the GPAs, the one-year fixed account and the
variable account floor. There is no variable account floor prior to the first contract anniversary. On the first contract anniversary, we establish the variable account floor as:
•
the amounts allocated to the subaccounts and the DCA fixed account at issue increased by
5%;
•
plus any subsequent amounts allocated to the subaccounts and the DCA fixed account;
•
minus adjusted transfers and partial surrenders
from the subaccounts or the DCA fixed account.
Thereafter, we continue to add subsequent purchase payments allocated to the subaccounts or the DCA fixed account and subtract adjusted transfers and partial surrenders from the subaccounts or the DCA fixed account. On each contract anniversary after the first, through age 80, we add an amount to the variable account floor equal to 5% of the
prior anniversary’s variable account floor. We stop adding this amount after you or the annuitant reach age 81 or after the earlier of your or the annuitant’s death.
5% variable account floor adjusted transfers or partial surrenders |
|
|
| |
| |
|
the amount by which the contract value in the subaccounts and the DCA fixed account is reduced as a result
of the partial surrender or transfer from the subaccounts or the DCA fixed account.
|
| |
|
variable account floor on the date of (but prior to) the transfer or partial surrender. |
| |
|
value of the subaccounts and the DCA fixed account on the date of (but prior to) the transfer or partial
surrender. |
The amount of purchase payments surrendered or transferred from any subaccount or fixed account (if applicable) or GPA account is calculated as (a)
times (b) where:
(a)
is the amount of purchase payments in the account or subaccount on the date of but prior to the current surrender
or transfer; and
(b)
is the ratio of the amount of contract value transferred or surrendered from the account or
subaccount to the value in the account or subaccount on the date of (but prior to) the current surrender or transfer.
For contracts issued in New Jersey, the cap on the variable account floor is 200% of the sum of the purchase payments allocated to the subaccounts and the DCA fixed account that have not been surrendered or transferred out of the
subaccounts or DCA fixed account.
NOTE: The 5% variable account floor is calculated differently and is not the same value as the Income Assurer Benefit 5%
variable account floor.
RiverSource Signature Select Variable Annuity — Prospectus 75
Enhanced
Death Benefit (EDB)
The Enhanced Death Benefit provides that if you or
the annuitant die while the contract is in force and before the annuitization start date, the death benefit will be the greatest of these four values, minus any applicable rider
charges:
2.
total purchase payments
applied to the contract minus adjusted partial surrenders;
3.
the MAV on the date of death as described above; or
4.
the 5% variable account floor as described above.
For an example of how
each death benefit is calculated, see Appendix D.
If You Die
Before the Annuitization Start Date
When paying the
beneficiary, we will process the death claim on the valuation date our death claim requirements are fulfilled. We will determine the contract’s value using the accumulation
unit value we calculate on that valuation date. We pay interest, if any, at a rate no less than required by law. We will mail payment to the beneficiary within seven days after our death claim requirements are fulfilled. Death claim requirements generally include due proof of death and will
be detailed in the claim materials we send upon notification of death.
For the Current Contract:
If your spouse is sole beneficiary and you die before the annuitization start date,
your spouse may keep the contract as owner with the contract value equal to the death benefit that would otherwise have been paid (without regard to the Full Surrender Value). To do this your spouse must, on the date our death claim requirements are fulfilled, give us written
instructions to continue the contract as owner.
There will be no surrender charges on the contract from that point forward unless
additional purchase payments are made. If you elected any optional contract features or riders, your spouse will be subject to all limitations and/or restrictions of those features or riders just as if they were purchasing a new contract and the values may be reset.
(see “Optional Benefits” and “Benefits in the Case of Death”). If the death benefit applicable to the contract changes due to spousal continuation, the mortality and expense risk fee may change as well (see “Charges — Mortality and Expense Risk Fee”).
If your beneficiary is not your spouse, or your spouse does not elect spousal
continuation, we will pay the beneficiary in a single sum unless you give us other written instructions. Generally, we must fully distribute the death benefit within five years of your death. However, the beneficiary may receive payouts under any annuity payout plan available under
this contract if:
•
the beneficiary elects in writing, and payouts begin no later than one year after your death,
or other date as permitted by the IRS; and
•
the payout
period does not extend beyond the beneficiary’s life or life expectancy.
For the Original Contract:
If your spouse is sole beneficiary and you die before the annuitization start date, your spouse may keep the contract as
owner with the contract value equal to the death benefit that would otherwise have been paid. To do this your spouse must, on the date our death claim requirements are fulfilled, give us written instructions to continue the contract as
owner.
There will be no surrender charges on the contract from that point forward unless additional purchase payments are made. If you elected any optional contract features or riders, your spouse and the new annuitant (if applicable) will be
subject to all limitations and/or restrictions of those features or riders just as if they were purchasing a new contract and the values may be reset. (See “Optional Benefits” and “Optional Death Benefits”.)
If your beneficiary is not your spouse, or your spouse does not elect spousal continuation, we will pay the beneficiary in
a single sum unless you give us other written instructions. Generally, we must fully distribute the death benefit within five years of your death. However, the beneficiary may receive payouts under any annuity payout plan available under
this contract if:
•
the beneficiary elects in writing, and payouts begin no later than one year after your death,
or other date as permitted by the IRS; and the payout period does not extend beyond December 31 of the 10th year following your death or the applicable life
expectancy for an eligible designated beneficiary.
The information below has been revised to reflect proposed regulations issued by the Internal Revenue Service that
describe the requirements for required minimum distributions when a person or entity inherit assets held in an IRA, 403(b) or qualified retirement plan. This proposal is not final and may change. Contract owners are advised to work with
76 RiverSource Signature Select Variable Annuity — Prospectus
a tax professional to
understand their required minimum distribution obligations under the proposed regulations and federal law. The proposed regulations can be found in the Federal Register,
Vol. 87, No. 37, dated Thursday, February 24, 2022.
For the Current Contract:
•
Spouse beneficiary: If you have not elected an annuity payout plan, and if your spouse is the sole
beneficiary, your spouse may either elect to treat the contract as his/her own, so long as he or she is eligible to do so, or elect an annuity payout plan or another plan agreed to by us. If your spouse elects a payout option, the payouts must begin no
later than the year in which you would have reached age 73. If you attained age 73 at the time of death, payouts must begin no later than Dec. 31 of the year following the year of your death.
Your spouse may elect to assume ownership of the contract with the contract value equal to the death benefit that would otherwise have been paid (without regard to the Full Surrender Value). To do this your spouse must, on the date
our death claim requirements are fulfilled, give us written instructions to continue the contract as owner. There will be no surrender charges on the contract from that point forward unless additional purchase payments are made. If you elected any optional contract features or riders, your spouse will be subject to all limitations and/or restrictions of those features or riders just as if they were purchasing a new contract and the values may be reset (see “Optional Benefits”, “Optional Death Benefits” and “Benefits in the Case of Death”). If the death benefit applicable to the contract changes due to spousal continuation, the mortality and expense risk fee may change as well (see “Charges
— Mortality and Expense Risk Fee”). If your spouse is the sole beneficiary and elects to treat the contract his/her own as an inherited IRA, the SecureSource Stages and SecureStages 2 riders will terminate.
If you purchased this contract as an inherited IRA and your spouse is the sole beneficiary, he or she can elect to
continue this contract as an inherited IRA. Your spouse must follow the schedule of minimum surrenders established based on your life expectancy and must withdraw his or her entire inherited interest by December 31 of the 10th year following
your date of death.
If you purchased this contract as an inherited IRA and your spouse is not the sole beneficiary, he or she can elect an alternative payment plan for their share of the death benefit and all optional death benefits and living benefits will
terminate. Your spouse must follow the schedule of minimum surrenders established based on your life expectancy. Your spouse must follow the schedule of minimum surrenders established based on your life expectancy and must withdraw
his or her entire inherited interest by December 31 of the 10th year following
your date of death.
•
Non-spouse beneficiary: If you have not elected an annuity payout plan, and if death occurs on or after
Jan. 1, 2020, the beneficiary is required to withdraw his or her entire inherited interest by December 31 of the 10th year following
your date of death unless they qualify as an “eligible designated beneficiary.” Your beneficiary may be required to take distributions during the 10-year period if you died after your Required Beginning Date. Eligible designated
beneficiaries may continue to take proceeds out over your life expectancy if you died prior to your Required Beginning Date or over the greater of your life expectancy or their life expectancy if you died after your Required Beginning Date.
Eligible designated beneficiaries include the surviving spouse:
•
a lawful child of the owner under the age of 21 (remaining amount must be withdrawn by the
earlier of the end of the year the minor turns 31 or end of the 10th year following the minor's death);
•
disabled within the meaning of Code section 72(m)(7);
•
chronically ill within the meaning of Code section 7702B(c)(2);
•
any other person who is not more than 10 years younger than the owner.
However, non-natural beneficiaries, such as estates and charities, are subject to a five-year rule to distribute the IRA if you died prior to your Required Beginning Date.
We will pay the beneficiary in a single sum unless the beneficiary
elects to receive payouts under a payout plan available under this contract and:
•
the
beneficiary elects in writing, and payouts begin, no later than one year following the year of your death; and
•
the payout
period does not extend beyond December 31 of the 10th year following your death or the applicable life expectancy for an eligible designated beneficiary.
•
Spouse and Non-spouse beneficiary: If a beneficiary elects an alternative payment plan which is an
inherited IRA, all optional death benefits and living benefits will terminate. In the event of your beneficiary’s death, their beneficiary can elect to take a lump sum payment or annuitize the contract to deplete it within 10 years of your beneficiary’s
death.
•
Annuity payout plan: If you elect an annuity payout plan, the payouts to your beneficiary may continue depending on the annuity payout plan
you elect, subject to adjustment to comply with the IRS rules and regulations.
RiverSource Signature Select Variable Annuity — Prospectus 77
For the
Original Contract:
•
Spouse beneficiary: If you have not elected an annuity payout plan, and if your spouse is the sole
beneficiary, your spouse may either elect to treat the contract as his/her own, so long as he or she is eligible to do so, or elect an annuity payout plan or another plan agreed to by us. If your spouse elects a payout option, the payouts must begin no
later than the year in which you would have reached age 72. If you attained age 72 at the time of death, payouts must begin no later than Dec. 31 of the year following the year of your death.
Your spouse may elect to assume ownership of the contract with the contract value equal to the death benefit that would otherwise have been paid. To do this your spouse must, on the date our death claim requirements are fulfilled,
give us written instructions to continue the contract as owner. There will be no surrender charges on the
contract from that point forward unless additional purchase payments are made. If you
elected any optional contract features or riders, your spouse and the new annuitant (if applicable) will be subject to all limitations and/or restrictions of those features or riders just as if they were purchasing a new contract and the values may be reset. (See “Optional
Benefits” and “Optional Death Benefits”.)
•
Non-spouse beneficiary: If you have not elected an annuity payout plan, and if death occurs on or after Jan. 1, 2020, the beneficiary is
required to withdraw his or her entire inherited interest by December 31 of the 10th year following your date of death unless they qualify as an “eligible designated beneficiary.” Your
beneficiary may be required to take distributions during the 10-year period if you died after your Required Beginning Date. Eligible designated beneficiaries may continue to take proceeds out over your life expectancy if you died prior to your Required Beginning
Date or over the greater of your life expectancy or their life expectancy if you died after your Required Beginning Date. Eligible designated beneficiaries include the surviving spouse:
•
a lawful child of the owner under the age of 21 majority (remaining amount must be withdrawn
by the earlier of the end of the year the minor turns 31 or end of the 10th year following the minor's death);
•
disabled within the meaning of Code section 72(m)(7);
•
chronically ill within the meaning of Code section 7702B(c)(2);
•
any other person who is not more than 10 years younger than the owner.
However, non-natural beneficiaries, such as estates and charities, are subject to a five-year rule to distribute the IRA if you died prior to your Required Beginning Date.
We will pay the beneficiary in a single sum unless the beneficiary
elects to receive payouts under a payout plan available under this contract if:
•
the
beneficiary elects in writing, and payouts begin, no later than one year following the year of your death; and
•
the payout
period does not extend beyond the beneficiary’s life or life expectancy for an eligible designated beneficiary. (Payout plans are limited if the beneficiary is not an
eligible designated beneficiary.)
•
Spouse and Non-spouse beneficiary: If a beneficiary elects an alternative payment plan which is an inherited IRA, all optional death benefits and living
benefits will terminate. In the event of your beneficiary’s death, their beneficiary can elect to take a lump sum payment or annuitize the contract to deplete it within 10
years of your beneficiary’s death.
•
Annuity payout plan: If you elect an annuity payout plan, the payouts to your beneficiary may continue depending on the annuity payout plan
you elect, subject to adjustment to comply with the IRS rules and regulations.
How we handle contracts under unclaimed property laws
Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of
inactivity of one to five years from either 1) the contract’s maturity date (the latest day on which income payments may begin under the contract) or 2) the date the death benefit is due and payable. If a contract matures or we determine a
death benefit is payable, we will use our best efforts to locate you or designated beneficiaries. If we are unable to locate you or a beneficiary, proceeds will be paid to the abandoned property division or unclaimed property office of the
state in which the beneficiary or you last resided, as shown in our books and records, or to our state of domicile. Generally, this surrender of property to the state is commonly referred to as “escheatment”. To avoid escheatment, and ensure an effective process for your beneficiaries, it is important that your personal address and beneficiary
designations are up to date, including complete names, date of birth, current addresses and phone numbers, and taxpayer identification numbers for each beneficiary. Updates to your address or beneficiary designations should be sent
to our Service Center.
Escheatment may also be required by law if a known beneficiary fails to demand or present an instrument or document to
claim the death benefit in a timely manner, creating a presumption of abandonment. If your beneficiary steps forward (with the proper documentation) to claim escheated annuity
proceeds, the state is obligated to pay any such proceeds it is holding.
78 RiverSource Signature Select Variable Annuity — Prospectus
For nonqualified deferred
annuities, non-spousal death benefits are generally required to be distributed and taxed within five years from the date of death of the owner.
The assets held in our general account support the guarantees under your contract, including optional death benefits and
optional living benefits. To the extent that we are required to pay you amounts in addition to your contract value under these benefits, such amounts will come from our general
account assets. You should be aware that our general account is exposed to the risks normally associated with a portfolio of fixed-income securities, including interest rate,
option, liquidity and credit risk. You should also be aware that we issue other types of insurance and financial products as well, and we also pay our obligations under these products from assets in our general account. Our general account is
not segregated or insulated from the claims of our creditors. The financial statements contained in the SAI include a further discussion of the risks inherent within the
investments of the general account.
SecureSource Stages 2 Rider
The SecureSource Stages 2 rider is an optional benefit that you can add to your contract for an additional charge. This benefit is intended to
provide to you, after the lifetime benefit is established, a specified withdrawal amount annually for life, even if your contract value is zero, subject to the terms and
provisions described in this section. If the lifetime benefit is not established and contract value goes to zero due to a withdrawal, the contract and the rider will terminate.
(see “Other provisions – Rules for Surrender”). Additionally, this benefit offers a credit feature to help in low or poor performing markets and a step up feature to lock in contract anniversary gains.
The SecureSource Stages 2 rider may be appropriate for you if you intend to make periodic withdrawals from
your annuity contract after the waiting period and wish to ensure that market performance will not adversely affect your ability to withdraw income over your lifetime. This rider may not be appropriate for you if you do not intend to limit
withdrawals to the amount allowed in order to receive the full benefits of the rider.
Your benefits under the rider can be reduced if any of the
following occurs:
•
If you take any withdrawals during the 1-year waiting period, the lifetime benefit amount
will be determined using percentage B for the appropriate age band as long as rider benefits are payable;
•
If you withdraw more than the allowed withdrawal amount in a contract year, or you take
withdrawals before the lifetime benefit is available;
•
If you take a
withdrawal and later choose to allocate your contract value to a fund of funds that is more aggressive than the target fund;
•
If the contract value is 20% or more below purchase payments increased by any contract
anniversary gains or rider credits and adjusted for withdrawals (see withdrawal adjustment base described below).
The SecureSource Stages 2 rider guarantees that, regardless of investment performance, you may take withdrawals up to the lifetime benefit amount
each contract year after the lifetime benefit is established. Your age at the time of the first withdrawal will determine the age band for as long as benefits are payable except
as described in the lifetime payment percentage provision.
As long as your total withdrawals during the current year do not exceed the
lifetime benefit amount, you will not be assessed a surrender charge. If you withdraw a larger amount, the excess amount will be assessed any applicable surrender charges and benefits will be reduced in accordance with excess withdrawal processing. At any time, you may
withdraw any amount up to your entire surrender value, subject to excess withdrawal processing under the rider.
Subject to conditions and limitations, the rider also guarantees that you or your beneficiary will get back purchase
payments you have made, increased by annual step-ups, through withdrawals over time. Any amount we pay in excess of your contract value is subject to our financial strength and claims-paying ability.
Subject to conditions and limitations, the lifetime benefit
amount can be increased if a rider credit is available or your contract value has increased on a rider anniversary. The principal back guarantee can also be increased if your
contract value has increased on a rider anniversary.
There are two optional SecureSource Stages 2 riders available under your contract:
•
SecureSource Stages 2 — Single Life
•
SecureSource Stages 2 — Joint Life
The information in this section applies to both SecureSource Stages 2 riders, unless otherwise noted.
RiverSource Signature Select Variable Annuity — Prospectus 79
For the purpose of this
rider, the term “withdrawal” has the same meaning as the term “surrender” in the contract or any other riders
The SecureSource Stages 2
— Single Life rider covers one person. The SecureSource Stages 2 — Joint Life
Rider covers two spouses jointly who are named at contract issue. You may elect only the
SecureSource Stages 2 — Single Life rider or the SecureSource Stages 2 — Joint Life rider, not both, and you may not switch riders later. You must elect the rider when you purchase
your contract. The rider effective date will be the contract issue date.
The SecureSource Stages 2 rider is an optional benefit that you may select for an additional annual charge
if:
•
Single Life: you are 85 or younger on the date the contract is issued; or
•
Joint Life: you and your spouse are 85 or younger on the date the contract is
issued.
The SecureSource Stages 2 riders are not available under an inherited qualified annuity.
The SecureSource Stages 2 rider
guarantees that after the waiting period, regardless of the investment performance of your contract, you will be able to withdraw up to a certain amount each year from the
contract before the annuitization start date until:
•
Single Life: death (see “At Death” heading below).
•
Joint Life: the death of the last surviving covered spouse (see ”Joint Life
only: Covered Spouses” and “At Death” headings below).
The key terms associated with the SecureSource Stages 2 rider are:
Age Bands: Each age band is associated with a two lifetime payment percentages. The covered person
(Joint Life: the younger covered spouse) must be at least the youngest age shown in the first age band for the annual lifetime payment to
be established. After the annual lifetime payment is established, in addition to your age, other factors determine when you move to a higher age band.
Annual Lifetime Payment (ALP): the lifetime benefit amount available each contract year after the
covered person (Joint Life: the younger covered spouse) has reached the youngest age in the first age band. After the waiting period, the annual
withdrawal amount guaranteed by the rider can vary each contract year.
Annual Step-Up: an increase in the benefit base and/or the principal back guarantee and a possible increase in the lifetime payment
percentage that is available each rider anniversary if your contract value increases, subject to certain conditions.
Benefit Base (BB): used to calculate the annual lifetime payment and the annual rider charge. The BB
cannot be withdrawn in a lump sum or annuitized and is not payable as a death
benefit.
Credit Base (CB): used to calculate the rider credit. The CB cannot be withdrawn or annuitized and is
not payable as a death benefit.
Excess Withdrawal: (1) a withdrawal taken before the annual lifetime payment is established, or (2) a withdrawal that is greater than the
remaining annual lifetime payment after the annual lifetime payment is established.
Excess Withdrawal Processing: a reduction in benefits if a withdrawal is taken before the annual lifetime payment is established or if a withdrawal
exceeds the remaining annual lifetime payment.
Lifetime Payment Percentage: used to calculate your annual lifetime
payment. Two percentages (“percentage A” and “percentage B”) are used for each age band. The difference between percentage A and percentage B is referred
to as the income bonus. Percentage B is referred to as the minimum lifetime payment percentage.
Principal Back Guarantee (PBG): a guarantee that total withdrawals will not be less than purchase
payments you have made, increased by annual step-ups, as long as there is no excess withdrawal or benefit reset.
Remaining Annual Lifetime Payment (RALP): as you take withdrawals during a contract year, the remaining
amount that the rider guarantees will be available for withdrawal that year is reduced. After the annual lifetime payment is established, the RALP is the guaranteed amount that can be withdrawn during the remainder of the current contract
year.
Rider Credit: an amount that can be added to the benefit base on each of the first ten contract anniversaries based on a rider credit
percentage of 8% for the first anniversary and 6% thereafter, as long as no withdrawals have been taken since the rider effective date and you do not decline any annual rider fee
increase. Investment performance and excess withdrawals may reduce or eliminate the benefit of any rider credits. Rider credits may result in higher rider charges that may exceed the benefit from the credits.
80 RiverSource Signature Select Variable Annuity — Prospectus
Waiting
Period: the period of time before you can take a withdrawal without limiting benefits under the rider. If you take any withdrawals during the waiting period, the lifetime benefit amount will be determined using percentage B, the
minimum lifetime payment percentage, for the appropriate age band and percentage A, and therefore the income bonus, will not be available as long as rider benefits are payable. The waiting period starts on the rider effective date and ends on the day prior to the first anniversary.
Withdrawal: the amount by which your contract value is reduced as a result of any withdrawal request. It may differ from the amount
of your request due to any surrender charge and any market value adjustment.
Withdrawal Adjustment Base (WAB): one of the components used to determine the lifetime payment percentage after the waiting period. The WAB cannot be
withdrawn or annuitized and is not payable as a death benefit.
Important SecureSource Stages
2 Rider Considerations
You should consider whether a SecureSource Stages 2 rider is appropriate for you taking into account the following considerations:
You will begin paying the rider charge as of the rider effective date, even if you
do not begin taking withdrawals for many years. It is possible that your contract performance, fees and charges, and withdrawal pattern may be such that your contract value will not be depleted in your lifetime and you will not receive any monetary value under the rider.
•
Lifetime Benefit Limitations: The lifetime benefit is subject to certain limitations, including but not
limited to:
Single Life: Once the contract value equals zero, payments are made for as long as the covered person is living (see “If
Contract Value Reduces to Zero” heading below). However, if the contract value is greater than zero, the lifetime benefit terminates at the first death of any owner even if
the covered person is still living (see “At Death” heading below). This possibility may present itself when there are multiple contract owners — when one of the
contract owners dies the lifetime benefit terminates even though other contract owners are still living.
Joint Life: Once the contract value equals zero, payments are made for as long as
either covered spouse is living (see “If Contract Value Reduces to Zero” heading below). However, if the contract value is greater than zero, the lifetime benefit terminates at the death of the last surviving covered spouse (see “At Death” heading below).
•
Withdrawals: Please consider carefully when you start taking withdrawals from this rider. If you take
any withdrawals during the 1-year waiting period, the lifetime benefit amount will be determined using percentage B for the appropriate age band and percentage A, and therefore the income bonus, will not be available as long as rider benefits
are payable. Any withdrawals in the first 10 years will terminate any remaining rider credits. Also, if you withdraw more than the allowed withdrawal amount in a contract year or
take withdrawals before the lifetime benefit is available (“excess withdrawal”), the guaranteed amounts under the rider will be reduced.
•
Investment Allocation Restrictions: You must elect one of the approved investment options. These funds
are expected to reduce our financial risks and expenses associated with certain living benefits. Although the funds’ investment strategies may help mitigate declines in your contract value due to declining equity markets, the funds’
investment strategies may also curb your contract value gains during periods of positive performance by the equity markets. Additionally, investment in the funds may decrease the number and amount of any benefit base increase
opportunities. We reserve the right to add, remove or substitute approved investment options at any time and in our sole discretion in the future. This requirement limits your choice of investment options. This means you will not be
able to allocate contract value to all of the subaccounts, GPAs or the regular fixed account that are available under the contract to contract owners who do not elect the rider. (See “Making the Most of Your Contract — Portfolio
Navigator Program and Portfolio Stabilizer Funds.”) You may allocate purchase payments to the Special DCA fixed account, when available, and we will make monthly transfers into the investment option you have chosen. You may make two
elective investment option changes per contract year; we reserve the right to limit elective investment option changes if required to comply with the written instructions of a
fund (see “Market Timing”).
The following provisions apply to contracts invested in a
Portfolio Navigator fund:
•
You can allocate your contract value to any available Portfolio Navigator fund during the
following times: (1) prior to your first withdrawal and (2) following a benefit reset due to an investment option change as described below but prior to any subsequent withdrawal. During these accumulation phases, you may request to change your investment option
to any available investment option.
•
Immediately following a withdrawal your contract value will be reallocated to the target
investment option classification as shown in your contract if your current investment option is more aggressive than the target investment option classification. This automatic reallocation is not included in the total number of allowed investment
option changes per contract year. The target investment option is currently the Moderate investment option. We reserve the right to change the target investment option to an
investment option classification that is more aggressive than the Moderate investment option after 30 days written notice.
•
After you have taken a withdrawal and prior to any benefit reset, you are in a withdrawal
phase. During withdrawal phases you may request to change your investment option to the target investment option or any investment option that is more conservative than the target investment option without a benefit reset as described below. If
RiverSource Signature Select Variable Annuity — Prospectus 81
you are in
a withdrawal phase and you choose to allocate your contract value to an investment option that is more aggressive than the target investment option, you will be in the
accumulation phase again and your rider benefit will be reset as follows:
1.
the BB, PBG and WAB will be reset to the contract value, if less than their current amount;
and
2.
the ALP and RALP, if available, will be recalculated.
You may request to change your investment option by written request on an authorized form or by another method agreed to by us.
•
Non-Cancelable: Once elected, the SecureSource Stages 2 rider may not be cancelled (except as provided under “Rider Termination” heading below) and the charge will
continue to be deducted until the contract or rider is terminated or the contract value reduces to zero (described below).
Dissolution of marriage does not terminate the SecureSource Stages
2 — Joint Life rider and will not reduce the fee we charge for this rider. The benefit under the
SecureSource Stages 2 — Joint Life rider continues for the covered spouse who is the owner of the contract (or annuitant in the case of nonnatural or revocable trust ownership). The rider will
terminate at the death of the contract owner because the original covered spouse will be unable to elect the spousal continuation provision of the contract (see ”Joint Life only: Covered Spouses” below).
•
Joint Life: Limitations on Contract Owners, Annuitants and Beneficiaries: Since the
joint life benefit will terminate unless the surviving covered spouse continues the contract under the spousal option to continue the contract upon the owner’s death provision, only ownership arrangements that permit such continuation are allowed at rider issue. In general, the covered spouses should be joint owners, or one covered spouse should be the owner and the other covered
spouse should be named as the sole primary beneficiary.
You are responsible for establishing ownership arrangements that will allow for
spousal continuation.
If you select the SecureSource Stages 2 — Joint Life rider, please consider carefully whether or not you wish to change the beneficiary of your annuity
contract. The rider will terminate if the surviving covered spouse cannot utilize the spousal continuation provision of the contract when the death benefit is payable.
•
Limitations on Purchase Payments: We reserve the right to limit the cumulative amount of purchase
payments (subject to state restrictions), which may limit your ability to make additional purchase payments to increase your contract value as you may have originally intended. For current purchase payment restrictions, please see “Buying
Your Contract —Purchase Payments”.
•
Interaction with Total Free Amount (FA) contract provision: The FA is the amount you are allowed to withdraw from the contract in each contract year without incurring a surrender
charge (see “Charges — Surrender Charge”). The FA may be greater than the remaining annual lifetime payment under this rider. Any amount you withdraw under the
contract’s FA provision that exceeds the remaining annual lifetime payment is subject to the excess withdrawal processing described below.
You should consult your tax advisor before you select this optional
rider if you have any questions about the use of the rider in your tax situation because:
•
Tax Considerations for Nonqualified Annuities: Under current federal income tax law, withdrawals under
nonqualified annuities, including withdrawals taken from the contract under the terms of the rider, are treated less favorably than amounts received as annuity payments under the contract (see “Taxes — Nonqualified Annuities”). Withdrawals are taxable income to the extent of earnings. Withdrawals of earnings before age 59½ may also incur a 10% IRS early
withdrawal penalty. You should consult your tax advisor before you select this optional rider if you have any questions about the use of the rider in your tax situation.
•
Tax Considerations for Qualified Annuities: Qualified annuities have minimum distribution rules that govern the timing and amount of distributions from the annuity
contract (see “Taxes — Qualified Annuities — Required Minimum Distributions”). If you have a qualified annuity, you may need to take an RMD during the
waiting period the lifetime benefit amount will be determined using percentage B for as long as rider benefits are payable. While the rider permits certain excess withdrawals to be taken for the purpose of satisfying RMD requirements for your contract alone
without reducing future benefits guaranteed under the rider, there can be no guarantee that changes in the federal income tax law after the effective date of the rider will not
require a larger RMD to be taken, in which case, future guaranteed withdrawals under the rider could be reduced. See Appendix G for additional information.
•
Treatment of non-spousal distributions: Unless you are married your beneficiary will be required to
take distributions as a non-spouse which may result in significantly decreasing the value of the rider. Please note civil unions and domestic partnerships generally are not recognized as marriages for federal tax purposes. For additional information see
“Taxes — Other — Spousal status” section of this prospectus.
82 RiverSource Signature Select Variable Annuity — Prospectus
Lifetime Benefit Description
Single Life only: Covered Person: the person whose life is used to determine when the annual lifetime payment is established, and the duration of the ALP payments (see “Annual Lifetime Payment (ALP)” heading below). The covered person is the oldest contract owner. If any owner is a nonnatural person (e.g., an irrevocable trust or corporation) or a
revocable trust, the covered person is the oldest annuitant.
Joint Life only: Covered Spouses: the contract owner and his or her legally married spouse as defined under federal
law, as named on the application for as long as the marriage is valid and in effect. If any contract owner is a nonnatural person or a revocable trust, the covered spouses are the annuitant and the legally married spouse of the annuitant. The
covered spouses lives are used to determine when the annual lifetime payment is established, and the duration of the ALP payments (see “Annual Lifetime Payment (ALP)” heading below). The covered spouses are established on the rider effective date and cannot be changed.
Annual Lifetime Payment (ALP): the lifetime benefit amount available each contract year after the covered person
(Joint Life: younger covered spouses) has reached age 50. When the ALP is established and at all times thereafter, the ALP is equal
to the BB multiplied by the lifetime payment percentage. Anytime the lifetime payment percentage or BB changes as described below, the ALP will be recalculated. After the waiting
period and when the ALP is established, the first withdrawal taken in each contract year will set and fix the lifetime payment percentage for the remainder of the contract
year.
If you withdraw less than the ALP in a contract year, the unused portion does not
carry over to future contract years.
Single Life: The ALP is established on the later
of the rider effective date if the covered person has reached age 50, or the date the covered person’s attained age equals age 50.
Joint Life: The ALP is established on the earliest of the following dates:
•
The rider effective date if the younger covered spouse has already reached age 50.
•
The date the
younger covered spouse’s attained age equals age 50.
•
Upon the first death of a covered spouse, then either: (a) the date we receive a written
request when the death benefit is not payable and the surviving covered spouse has already reached age 50, (b) the date spousal continuation is effective when the death benefit is payable and the surviving covered spouse has already reached age 50,
or (c) the date the surviving covered spouse reaches age 50.
•
Following dissolution of marriage of the covered spouses, then either (a) the date we receive
a written request if the remaining covered spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) has already reached age 50, or (b) the date the remaining covered spouse who is the owner (or annuitant in the case of
nonnatural or revocable trust ownership) reaches age 50.
Remaining Annual Lifetime Payment (RALP): the annual lifetime
payment guaranteed for withdrawal for the remainder of the contract year. The RALP is established at the same time as the ALP. The RALP equals the ALP less all withdrawals
in the current contract year, but it will not be less than zero.
Lifetime Payment Percentage: used to calculate the annual lifetime payment. Two percentages are used for a given age band, percentage A or
percentage B, depending on the factors described below.
•
50-58, percentage A is 4% and percentage B is 3%.
•
59-64, percentage A is 5% and percentage B is 4%.
•
65-79,
percentage A is 6% and percentage B is 5%.
•
80 and older, percentage A is 7% and percentage B is 6%.
The age band for the lifetime payment percentage is determined at the following times:
•
When the ALP is established: The age band used to calculate the initial ALP is the percentage for the covered
person’s attained age (Joint Life: younger covered spouse’s attained age).
•
On the covered
person’s subsequent birthdays (Joint Life: younger covered
spouse’s subsequent birthdays): Except as noted below, if the covered person’s new attained age (Joint Life: younger covered spouse’s attained age) is in a higher age band, then the higher age band will be used to determine the appropriate lifetime payment percentage.
(However, if you decline any rider fee increase or if a withdrawal has been taken since the ALP was established, then the lifetime payment percentage will not change on subsequent birthdays.)
•
Upon annual
step ups (see “Annual step ups” below).
•
For the Joint life rider, upon death or change in marital status: In the event of death or
dissolution of marriage: (A) If no withdrawal has been taken since the ALP was established and no rider fee increase has been declined, the lifetime payment percentage will be reset based on the Age Band for the remaining covered spouse’s attained age.
(B) If the ALP is not established but the remaining covered spouse has reached the youngest age in the first Age
RiverSource Signature Select Variable Annuity — Prospectus 83
Band, the
remaining covered spouse’s attained age will be used to determine the age band for the lifetime payment percentage. In the event of remarriage of the covered spouses to
each other, the lifetime payment percentage used is the percentage for the younger covered spouse’s attained age.
The following determines whether percentage A or percentage B is used for each applicable age
band:
During the waiting period, percentage B will be used. If you take a withdrawal in the waiting period, percentage B will be
used and the income bonus will not be available for as long as rider benefits are payable.
If no withdrawal is taken during the waiting period, after the waiting period a comparison of your contract value and the
withdrawal adjustment base (WAB) determines whether percentage A or percentage B is used to calculate the ALP
unless the percentage is fixed as described below. Market volatility, a prolonged flat, low or down market, rider credits, and the deduction of charges all impact whether you are eligible for percentage A or percentage B. On each valuation
date, if the benefit determining percentage is less than the 20% adjustment threshold, then percentage A is used in calculating your ALP, otherwise percentage B is used. The benefit determining percentage is calculated as follows, but it
will not be less than zero:
| |
|
Contract value at the end of the prior valuation period |
| |
|
WAB at the end of the prior valuation period |
After the ALP is established and after the waiting period, the first withdrawal taken in each contract year will set and fix the lifetime payment percentage for the remainder of the contract year. Beginning on the next rider anniversary, the
lifetime payment percentage can change on each valuation day as described above until a withdrawal is taken in that contract year.
However, at the earliest of (1), (2) or (3) below Percentage A and Percentage B
will be set and remain fixed as long as the benefit is payable:
•
if the ALP is established, when your contract value on a rider anniversary is less than two
times the benefit base (BB) multiplied by percentage B for your current age band, or
•
when the
contract value reduces to zero, or
•
on the date of death (Joint Life: remaining covered spouse’s date of death) when a death benefit is
payable.
For certain periods of time at our discretion and on a non-discriminatory basis,
your lifetime payment percentage may be set by us to percentage A if more favorable to you.
Determination of Adjustments of Benefit Values: Your lifetime benefit values (benefit base (BB), credit
base (CB) and withdrawal adjustment base (WAB)) and principal back guarantee (PBG) are determined at the following times and are subject to a maximum amount of $10 million each:
•
On the contract date: The WAB, CB, BB and PBG are set equal to the initial purchase
payment.
•
When an additional purchase payment is made: If the WAB and CB are greater than zero, the WAB
and CB will be increased by the amount of each additional purchase payment. The BB and PBG will be increased by the amount of each additional purchase payment.
•
When a withdrawal is taken: If the CB is greater than zero, the CB will be permanently reset to zero when the first
withdrawal is taken, and there will be no additional rider credits.
When a withdrawal
is taken:
(a)
If the first withdrawal is taken during the waiting period, the WAB will be permanently
reset to zero. If the first withdrawal is taken after the waiting period, the WAB will be reduced by the “adjustment for withdrawal,” as defined below.
(b)
If the ALP is established and the withdrawal is less than or equal to the RALP, the BB does
not change and the PBG is reduced by the amount of the withdrawal, but it will not be less than zero.
(c)
If the ALP is not established, excess withdrawal processing will occur as follows. The BB
will be reduced by the “adjustment for withdrawal,” and the PBG will be reduced by the greater of the amount of the withdrawal or the “adjustment for withdrawal,” but it will not be less than zero.
(d)
If the ALP is
established and the withdrawal is greater than the RALP, excess withdrawal processing will occur as follows:
The PBG will be reset to the lesser of:
(i)
the PBG reduced by the amount of the withdrawal, but it will not be less than zero;
or
84 RiverSource Signature Select Variable Annuity — Prospectus
(ii)
the PBG minus
the RALP on the date of (but prior to) the withdrawal and further reduced by an amount calculated as follows, but it will not be less than zero:
| |
|
the amount of the withdrawal minus the RALP |
| |
|
the PBG minus the RALP on the date of (but prior to) the withdrawal |
| |
|
the contract value on the date of (but prior to) the withdrawal minus the RALP |
The BB will be reduced by an amount as calculated below:
| |
|
the amount of the withdrawal minus the RALP |
| |
|
the BB on the date of (but prior to) the withdrawal |
| |
|
the contract value on the date of (but prior to) the withdrawal minus the RALP. |
Adjustment for Withdrawal Definition: When the WAB, PBG or BB is reduced by a withdrawal in the same proportion as the contract value is reduced, the
proportional amount deducted is the “adjustment for withdrawal.” The “adjustment for withdrawal” is calculated as follows:
| |
|
the amount the contract value is reduced by the withdrawal |
| |
|
the WAB, BB or PBG (as applicable) on the date of (but prior to) the withdrawal |
| |
|
the contract value on the date of (but prior to) the withdrawal. |
Rider Anniversary Processing: The following describes how the WAB, BB and PBG are calculated on rider anniversaries, subject to the maximum amount of
$10 million for each, and how the lifetime payment percentage can change on rider anniversaries.
•
The WAB on rider anniversaries: Unless the WAB is permanently reset to zero or you decline any rider
fee increase, the WAB (after any rider credit is added) will be increased to the contract value, if the contract value is greater.
•
Rider Credits: If you did not take any withdrawals and you did not decline any rider fee increase,
rider credits are available for the first ten contract anniversaries. On the first anniversary, the rider credit equals the credit base (CB) 180 days following the rider effective date multiplied by 8%. On any subsequent anniversaries, the rider credit equals
the CB as of the prior rider anniversary multiplied by 6%. On the first anniversary the BB and WAB will be set to the greater of the current BB, or the BB 180 days following the contract date increased by the rider credit and any
additional purchase payments since 180 days following the rider effective date. On any subsequent rider credit dates the BB and WAB will be set to the greater of the current BB, or the BB on the prior anniversary increased by the rider
credit and any additional purchase payments since the prior anniversary. If the CB is greater than zero, the CB will be permanently reset to zero on the 10th rider anniversary after any adjustment to the WAB and BB, and there will be no
additional rider credits.
•
Annual step ups: Beginning with the first rider anniversary, an annual step-up may be available. If you decline any rider fee increase,
future annual step-ups will no longer be available.
The annual step-up will be executed on any rider anniversary where
the contract value (after charges are deducted) is greater than the PBG or the BB after any rider credit is added. If an annual step-up is executed, the PBG, BB and lifetime payment percentage will be adjusted as follows: The PBG will be increased to the contract value, if the
contract value is greater. The BB (after any rider credit is added) will be increased to the contract value, if the contract value is greater. If the covered person’s attained age (Joint Life: younger covered spouses attained age) on the rider anniversary is in a higher age band and (1) there is an increase to BB due to a step-up or (2) the BB is at
the maximum of $10,000,000 so there was no step-up of the BB, then the higher age band will be used to determine the appropriate lifetime payment percentage, regardless of any prior withdrawals.
Required Minimum Distributions (RMD): If you are taking RMDs from your contract and your RMD calculated
separately for your contract is greater than the remaining annual lifetime payment on the most recent contract anniversary, the portion of your RMD that exceeds the benefit amount will not be subject to excess withdrawal processing provided that
the following conditions are met:
•
The annual lifetime payment is established;
•
The RMD is for your contract alone;
RiverSource Signature Select Variable Annuity — Prospectus 85
•
The RMD is
based on your recalculated life expectancy taken from the Uniform Lifetime Table under the Code; and
•
The RMD amount
is otherwise based on the requirements of section 401(a) (9), related Code provisions and regulations thereunder that were in effect on the contract date.
RMD rules follow the calendar year which most likely does not coincide with your contract year and therefore may limit when you can take your RMD and not be subject to excess withdrawal processing. If any withdrawal is taken in the waiting
period, including RMDs, Percentage B for the applicable age band will be used as long as rider benefits are payable. Any withdrawals taken before the annual lifetime payment is
established or withdrawing amounts greater than the remaining annual lifetime payment that do not meet these conditions will result in excess withdrawal processing. The amount in excess of the RALP that is not subject to excess withdrawal processing will be recalculated if the ALP
changes due to lifetime payment percentage changes. See Appendix F for additional information.
Spousal Option to Continue the Contract upon Owner’s Death (Spousal Continuation):
Single Life: If a surviving spouse elects to continue the contract and continues the
contract as the new owner under the spousal continuation provision of the contract, the
SecureSource Stages 2 — Single Life rider terminates.
Joint Life: If a surviving spouse is a covered spouse and elects the spousal
continuation provision of the contract as the new owner, the SecureSource Stages 2 — Joint Life rider also continues. However, if the covered spouse continues the contract as an inherited IRA or
as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate. The surviving covered spouse can name a new beneficiary; however, a new
covered spouse cannot be added to the rider.
Unless you decline a rider fee increase, at the time of spousal continuation, a
step-up may be available. All annual step-up rules (see “Rider Anniversary Processing — Annual Step-Up” heading above) also apply to the spousal continuation step-up except that the RALP will be reduced for any prior withdrawals in that contract year. The WAB, if
greater than zero, will be increased to the contract value if the contract value is greater. The spousal continuation step-up is processed on the valuation date spousal continuation is effective.
Rules for Surrender: Minimum contract values following surrender no longer apply to your contract. For withdrawals, the withdrawal will be
taken from all accounts and the variable subaccounts in the same proportion as your interest in each bears to the contract value. You cannot specify from which accounts the
withdrawal is to be taken.
If your contract value is reduced to zero, the CB, if greater than zero, will be permanently reset to zero, and there will be no additional rider credits. Also, the following will occur:
•
If the ALP is not established and if the contract value is reduced to zero as a result of
market performance, fees or charges, then the owner must wait until the ALP would be established, and the ALP will be paid annually until the death of the covered person (Joint Life: both covered spouses).
•
If the ALP is established and if the contract value is reduced to zero as a result of market
performance, fees or charges, or as a result of a withdrawal that is less than or equal to the RALP, then the owner will receive the ALP paid annually until the death of the covered person (Joint Life: both covered spouses).
•
These annualized amounts will be paid in monthly installments. If the monthly payment is less
than $100, We have the right to change the frequency, but no less frequently than annually.
•
We will no longer accept additional purchase payments.
•
No more charges will be collected for the rider.
•
The current ALP is fixed for as long as payments are made.
•
The death benefit becomes the remaining schedule of annual lifetime payments, if any, until
total payments to the owner and the beneficiary are equal to the PBG at the time the contract value falls to zero.
•
The amount paid in the current contract year will be reduced for any prior withdrawals in
that contract year.
•
If the ALP is not established and if the contract value is reduced to zero as a result of a
withdrawal taken before the ALP is established, this rider and the contract will terminate.
•
If the ALP is established and if the contract value is reduced to zero as a result of a withdrawal that is greater than
the RALP, this rider and the contract will terminate.
Single Life: If the contract is jointly owned and an owner dies when the contract
value is greater than zero, the lifetime benefit for the covered person will cease even if the covered person is still living or if the contract is continued under the spousal continuation option.
86 RiverSource Signature Select Variable Annuity — Prospectus
Joint Life: If the death benefit becomes payable at the death of a covered spouse,
the surviving covered spouse must utilize the spousal continuation option to continue the lifetime benefit. If spousal continuation is not available, the rider terminates. The lifetime benefit ends at the death of the surviving covered spouse.
If the contract value is greater than zero when the death benefit becomes payable,
the beneficiary may:
•
elect to take the death benefit under the terms of the contract, or
•
elect to take the principal back guarantee available under this rider, or
•
continue the contract and the SecureSource Stages 2 — Joint Life rider under the spousal continuation option.
For single and joint life, the beneficiary may elect the principal back guarantee under this rider if payments begin no later than one year after your death and the payout period does not extend beyond the beneficiary’s life or life
expectancy. If elected, the following will occur:
1.
If the PBG is greater than zero and the ALP is established, the ALP on the date of death will
be paid until total payments to the beneficiary are equal to the PBG on the date of death.
2.
If the PBG is greater than zero and the ALP is not established, the BB on the date of death
multiplied by the lifetime payment percentage used for the youngest age of the covered spouses in the first age band will be paid annually until total payments to the beneficiary are equal to the PBG on the date of death.
In
either of the above cases:
•
After the date of death, there will be no additional rider credits or annual step-ups.
•
The lifetime payment percentage used will be set as of the date of death.
•
The amount paid in the current contract year will be reduced for any prior withdrawals in
that year.
3.
On the date of death (Joint Life: remaining covered spouse’s date of death), if the CB is greater
than zero, the CB will be permanently reset to zero, and there will be no additional rider credits.
4.
If the PBG equals zero, the benefit terminates. No further payments are made.
Contract Ownership Change:
Single Life: If allowed by state law, change of ownership is subject to our approval. If there is a change of ownership and the
covered person remains the same, the rider continues with no change to any of the rider benefits. Effective May 1, 2016, joint ownership and joint annuitants are not allowed
except for contracts issued in California. If there is a change of ownership and the covered person would be different, the rider terminates.
Joint Life: Ownership changes are only allowed between the covered spouses or their
revocable trust(s) and are subject to our approval, if allowed by state law. No other ownership changes are allowed as long as the rider is in force.
Assignment: If allowed by state law, an assignment is subject to our approval.
Annuity Provisions: If your annuitization start date is the maximum annuitization start date, you can
choose one of the payout options available under the contract or an alternative fixed annuity payout option available under the SecureSource Stages 2 rider. Under the rider’s payout option, the minimum amount payable shown
in Table B, will not apply and you will receive the annual lifetime payment provided by this rider until the later of the death of the covered person (Joint Life: both covered spouses) or depletion of the principal back guarantee. If you choose to receive the ALP,
the amount payable each year will be equal to the annual lifetime payment on the annuitization start date. The amount paid in the current contract year will be reduced for any prior withdrawals in that year. These annualized amounts will be
paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually. For more information about annuity payout plans, please see “The Annuity Payout
Period - Annuity Payout Plans.”
If you choose to receive the ALP rather than a payout option available under the
contract, all other contract features, rider features and charges terminate after the annuitization start date except for the PBG.
The SecureSource Stages 2 rider cannot be terminated either by you or us except as follows:
•
Single Life: a change of ownership that would result in a different covered person will terminate the rider.
•
Single Life: after the death benefit is payable, the rider will terminate.
•
Single Life: spousal continuation will terminate the rider.
•
Joint Life: After the death benefit is payable the rider will terminate if anyone
other than a covered spouse continues the contract. However, if the covered spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate.
•
On the
annuitization start date, the rider will terminate.
RiverSource Signature Select Variable Annuity — Prospectus 87
•
You may
terminate the rider if your annual rider fee after any increase is more than 0.25 percentage points higher than your fee before the increase. (see “Charges — SecureSource Stages 2 rider charge”).
•
When the contract value is zero and either the annual lifetime payment is not established or
a withdrawal in excess of the remaining annual lifetime payment is taken, the rider will terminate.
•
Termination of the contract for any reason will terminate the rider.
For an example, see Appendix E.
Accumulation Protector Benefit Rider
The Accumulation Protector Benefit rider is an optional benefit, available for contract applications signed on or after
May 3, 2010, that you may select for an additional charge. We have offered a different version of the Accumulation Protector Benefit rider for the Original Contract with applications signed prior to June 1, 2009. The description of the
Accumulation Protector Benefit rider in this section applies to both Original and Current contracts unless noted otherwise. The Accumulation Protector Benefit rider specifies a waiting period that ends on the benefit date. The
Accumulation Protector Benefit rider provides a one-time adjustment to your contract value on the benefit date if your contract value is less than the Minimum Contract Accumulation Value (defined below) on that benefit date. On the benefit
date, if the contract value is equal to or greater than the Minimum Contract Accumulation Value, as determined under the Accumulation Protector Benefit rider, the Accumulation
Protector Benefit rider ends without value and no benefit is payable.
If the contract value falls to zero as the result of adverse market
performance or the deduction of fees and/or charges at any time during the waiting period and before the benefit date, the contract and all riders, including the Accumulation
Protector Benefit rider will terminate without value and no benefits will be paid.
Exception: if you are still living on the benefit date, we will pay you an amount equal to the Minimum Contract Accumulation Value as determined under the
Accumulation Protector Benefit rider on the valuation date your contract value reached zero.
For the Current Contract, if you are (or if the owner is a non-natural person, then the annuitant is) age 80 or younger at
contract issue and this rider is available in your state, you may elect the Accumulation Protector Benefit rider at the time you purchase your contract and the rider effective date will be the contract issue date. For the Original Contract, you
may have elected the Accumulation Protector Benefit rider at the time you purchased your contract and the rider effective date was the contract issue date. The Accumulation Protector Benefit rider may not be terminated once you have
elected it except as described in the “Terminating the Rider” section below. An additional charge for the Accumulation Protector Benefit rider will be assessed
annually during the waiting period. The rider ends when the waiting period expires and no further benefit will be payable and no further charges for the rider will be deducted.
After the waiting period, you have the following options:
•
Continue your contract;
•
Take partial surrenders or make a full surrender; or
•
Annuitize your
contract.
The Accumulation Protector Benefit rider may not be purchased with the optional
SecureSource Stages 2 rider.
You should consider whether an Accumulation Protector Benefit rider is appropriate for you
because:
•
you must be invested in one of the approved investment options. This requirement limits your choice of investments. This
means you will not be able to allocate contract value to all of the subaccounts, GPAs or the regular fixed account that are available under the contract to other contract owners
who do not elect this rider. You may allocate qualifying purchase payments to the Special DCA fixed account, when available (see “The Special DCA Fixed Account”), and
we will make monthly transfers into the investment option you have chosen. (See “Making the Most of Your Contract — Portfolio Navigator Program and Portfolio Stabilizer Funds”);
•
you may not
make additional purchase payments to your contract during the waiting period after the first 180 days immediately following the effective date of the Accumulation Protector
Benefit rider. Some exceptions apply (see “Additional Purchase Payments with Elective Step up” below). In addition, we reserve the right to change these additional purchase payment limitations, including making further restrictions, upon written
notice;
•
if you purchase this contract as a qualified annuity, for example, an IRA, you may need to
take partial surrenders from your contract to satisfy the RMDs under the Code. Partial surrenders, including those used to satisfy RMDs, will reduce any potential benefit that the Accumulation Protector Benefit rider provides. You should consult your tax advisor
if you have any questions about the use of this rider in your tax situation;
•
if you think you may surrender all of your contract value before you have held your contract
with this benefit rider attached for 10 years, or you are considering selecting an annuity payout option within 10 years of the effective date of your contract, you should consider whether this optional benefit is right for you. You must hold the contract a
minimum of 10 years from the effective date of the Accumulation Protector Benefit rider, which is the length of the
88 RiverSource Signature Select Variable Annuity — Prospectus
waiting
period under the Accumulation Protector Benefit rider, in order to receive the benefit, if any, provided by the Accumulation Protector Benefit rider. In some cases, as described
below, you may need to hold the contract longer than 10 years in order to qualify for any benefit the Accumulation Protector Benefit rider may provide;
•
the 10 year
waiting period under the Accumulation Protector Benefit rider will restart if you exercise the elective step up option (described below) or your surviving spouse exercises the
spousal continuation elective step up (described below); and
•
the 10 year
waiting period under the Accumulation Protector Benefit rider may be restarted if you elect to change your investment option to one that causes the Accumulation Protector Benefit
rider charge to increase (see “Charges”).
Be sure to discuss with your investment professional whether an Accumulation
Benefit rider is appropriate for your situation.
Here are some general terms that are used to
describe the operation of the Accumulation Protector Benefit:
Benefit Date: This is the first valuation date immediately following the expiration of the waiting period.
Minimum Contract Accumulation
Value (MCAV): An amount calculated under the Accumulation Protector Benefit rider. The contract value will
be increased to equal the MCAV on the benefit date if the contract value on the benefit date is less than the MCAV on the benefit date.
Adjustments for Partial Surrenders: The adjustment made for each partial surrender from the contract is
equal to the amount derived from multiplying (a) and (b) where:
(a)
is 1 minus the ratio of the contract value on the date of (but immediately after) the
partial surrender to the contract value on the date of (but immediately prior to) the partial surrender; and
(b)
is the MCAV on the date of (but immediately prior to) the partial surrender.
Waiting Period: The waiting period for the rider is 10 years.
We reserve the right to restart the waiting period on the latest contract anniversary if you change your investment
option after we have exercised our rights to increase the rider fee.
Your initial MCAV is equal to your initial purchase payment. It is increased by the amount of any subsequent purchase payments received within the first 180 days that the rider is effective. It is reduced by any adjustments for partial surrenders
made during the waiting period.
On each contract anniversary after the effective date of the rider, the MCAV will
be set to the greater of:
1. 80% of the contract value (after charges are deducted) on the contract anniversary; or
2. the MCAV immediately prior to the automatic step up.
The automatic step up does not create contract value, guarantee the performance of any investment option, or provide a
benefit that can be surrendered or paid upon death. Rather, the automatic step up is an interim calculation used to arrive at the final MCAV, which is used to determine whether a
benefit will be paid under the rider on the benefit date.
The automatic step up of the MCAV does not restart the waiting period or increase the charge (although the total fee for the rider may increase).
Within thirty days following each contract anniversary after the rider effective date, but prior to the benefit date, you
may notify us in writing that you wish to exercise the annual elective step up option. You may exercise this elective step up option only once per contract year during this 30 day period. If your contract value (after charges are deducted) on
the valuation date we receive your written request to step up is greater than the MCAV on that date, your MCAV will increase to 100% of that contract value.
We may increase the fee for your rider (see “Charges — Accumulation
Protector Benefit Rider Charge”). The revised fee would apply to your rider if you exercise the annual elective step up, your MCAV is increased as a result, and the revised fee is higher than your annual rider fee before the elective step up. Elective step ups will also result in a restart of the waiting period as of the most recent contract anniversary.
The elective step up does not create contract value, guarantee the performance of
any investment option or provide any benefit that can be surrendered or paid upon death. Rather the elective step up is an interim calculation used to arrive at the final MCAV, which is used to determine whether a benefit will be paid under the rider on the benefit date.
RiverSource Signature Select Variable Annuity — Prospectus 89
For
Original Contracts:
We have the right to restrict the elective step up option on inherited IRAs, but we currently allow them. Please consider
carefully if an elective step up is appropriate if you own an inherited IRA because the elective step up will restart the waiting period and the required minimum distributions for an inherited IRA may significantly decrease the future benefit
payable under this rider. We reserve the right to restrict the elective step up option on inherited IRAs in the future.
The elective step up option is not available if the benefit date would be after the annuitization start date. See “The Annuitization Start Date” section for options available to you.
The elective step up option is not available for inherited IRAs or if the benefit date would be after the annuitization start date. (see “The Annuitization Start Date” section for annuitization start date
options)
Additional Purchase Payments with Annual Elective Step ups — Current Contract Only
If your MCAV is increased as a result of elective step up, you have 180 days from the latest contract anniversary to
make additional purchase payments, if allowed under the base contract. The MCAV will include the amount of any additional purchase payments received during this period. We reserve the right to change these additional purchase
payment limitations.
If a spouse chooses to continue the contract under the spousal continuation provision, the rider will continue as part of
the contract. Once, within the thirty days following the date of spousal continuation, the spouse may choose to exercise an elective step up. The spousal continuation elective step up is in addition to the annual elective step up. If the
contract value on the valuation date we receive the written request to exercise this option is greater than the MCAV on that date, we will increase the MCAV to that contract value. If the MCAV is increased as a result of the elective step up
and we have increased the charge for the Accumulation Protector Benefit rider, the spouse will pay the charge that is in effect on the valuation date we receive their written request to step up for the entire contract year. In addition, the
waiting period will restart as of the most recent contract anniversary.
Change of Ownership or Assignment
Subject to state limitations, a change of ownership or assignment is subject to our approval.
The rider will terminate under the following conditions:
The rider will terminate before the benefit date without paying a
benefit on the date:
•
you take a full surrender;
•
the contract terminates as a result of the death benefit being paid; or
•
when a beneficiary elects an alternative payment plan which is an inherited IRA.
The rider will terminate on the benefit date.
For an example, see Appendix M.
(For contracts with application signed before July 19,
2010)
If you bought a contract before July 19, 2010 with an
optional living benefit, please use the following table to review the disclosure that applies to the optional living benefit rider you purchased. If you are uncertain as to which
optional living benefit rider you purchased, ask your investment professional, or contact us at the telephone number or address shown on the first page of this prospectus.
If you purchased
a contract(1)...
|
and you selected one of the
following optional living benefits...
|
Disclosure for this benefit may be
found in the following Appendix: |
| |
Guarantor Withdrawal Benefit (“Rider B”) |
|
April 29, 2005 – April 30, 2006 |
Guarantor Withdrawal Benefit (“Rider A”) |
|
May 1, 2006 – April 30, 2007 |
Guarantor Withdrawal Benefit for Life |
|
| |
|
|
| |
|
|
| |
|
|
90 RiverSource Signature Select Variable Annuity — Prospectus
If you purchased
a contract(1) |
and you selected one of the
following optional living benefits...
|
Disclosure for this benefit may be found in the following Appendix: |
| |
SecureSource Stages Rider |
|
(1)
These dates are approximate and will vary by state; your actual contract and any riders are
the controlling documents.
Optional Additional Death Benefits
Benefit Protector Death Benefit Rider (Benefit Protector)
The Benefit Protector is intended to provide an additional benefit to your beneficiary to help offset expenses after your
death such as funeral expenses or federal and state taxes. This is an optional benefit that you may select for an additional annual charge (see “Charges”). The Benefit Protector provides reduced benefits if you (Current Contract) or you or the annuitant (Original Contract) are 70 or older at the rider effective date, The Benefit Protector does not provide any additional benefit before the first rider anniversary.
If this rider is available in your state and you (Current Contract) or both you and
the annuitant (Original Contract) are 75 or younger at contract issue, you may choose to add the Benefit Protector to your contract. You must elect the Benefit Protector at the time you purchase your contract and your rider effective date will be the contract issue date. You may
not select this rider if you select the Benefit Protector Plus, the 5% Accumulation Death Benefit or Enhanced Death Benefit.
Qualified annuities have minimum distribution rules that govern the timing and
amount of distributions from the annuity contract (see “Taxes — Qualified Annuities — Required Minimum Distributions”). Since the benefit paid by the
rider is determined by the amount of earnings at death, the amount of the benefit paid may be reduced as a result of taking any surrenders including RMDs. Be sure to discuss with your investment professional and tax advisor whether or not the
Benefit Protector is appropriate for your situation.
The Benefit Protector provides that if you (Current Contract) or you or the
annuitant (Original Contract) die after the first rider anniversary, but before the annuitization start date, and while this contract is in force, we will pay the
beneficiary:
•
the applicable death benefit, plus:
•
40% of your
earnings at death if you (Current Contract) or you and the annuitant (Original Contract) were under age 70 on the rider effective date; or
•
15% of your earnings at death if you (Current Contract) or you or the annuitant (Original
Contract) were 70 or older on the rider effective date.
For the Current Contract,
if this rider is effective after the contract date or if there has been a covered life change, remaining purchase payment is established or set as the contract value on the rider
effective date or, if later, the date of the most recent covered life change. Thereafter, remaining purchase payments is increased by the amount of each additional purchase payment and adjusted for each partial surrender.
Earnings at death: For purposes of the Benefit Protector and Benefit Protector Plus riders, this is an amount equal to the applicable
death benefit minus remaining purchase payments (also referred to as purchase payments not previously surrendered under the Original Contract). Partial surrenders will come from
any earnings before reducing purchase payments in the contract. The earnings at death may not be less than zero and may not be more than 250% of the purchase payments not previously surrendered that are one or more years old.
Note: Purchase payments not previously surrendered is calculated differently and is not the same value as purchase payments
not previously surrendered used in the surrender charge calculation.
Terminating the Benefit Protector
•
You may terminate the rider within 30 days after the first rider anniversary.
•
You may terminate the rider within 30 days after any rider anniversary beginning with the seventh rider anniversary.
•
The rider will terminate when you make a full surrender from the contract or on the annuitization start date.
•
Your spouse may terminate the rider within 30 days following the effective date of the spousal continuation if your
spouse is age 75 or younger.
•
A new owner
may terminate the rider within 30 days following the effective date of an ownership change if the new owner is age 75 or younger.
•
The rider will terminate for a spousal continuation or ownership change if the spouse or new owner is age 76 or older at
the time of the change.
•
The rider will terminate after the death benefit is payable, unless the spouse continues the
contract under spousal continuation provision.
RiverSource Signature Select Variable Annuity — Prospectus 91
•
The rider will
terminate when a beneficiary elects an alternative payment plan which is an inherited IRA.
•
You may terminate the rider within 30 days of the first rider anniversary.
•
You may
terminate the rider within 30 days of any rider anniversary beginning with the seventh rider anniversary.
•
Our current
administrative practice allows a new owner or your spouse to terminate the rider within 30 days following the effective date of the ownership change or spousal
continuation.
•
The rider will terminate when you make a full surrender from the contract or on the
annuitization start date.
•
The rider will terminate when a beneficiary elects an alternative payment plan which is an
inherited IRA.
If your spouse is the sole beneficiary and you die before the annuitization start date, your spouse may keep the contract as owner. For Current Contract, your
spouse will be subject to all the limitations and restrictions of the rider just as if they were purchasing a new contract and the age of the new spouse at the time of the change
will be used to determine the earnings at death percentage going forward. If your spouse does not qualify for the rider on the basis of age we will terminate the rider. If they do qualify for the rider on the basis of age we will set the contract value equal to the death benefit that would otherwise have been paid (without regard to the Full Surrender Value) and we will substitute
this new contract value on the date of death for “remaining purchase payments” used in calculating earnings at death.
For Current Contract, after a covered life change other than a spouse that continues the contract, the new owner will be
subject to all the limitations and restrictions of the rider just as if they were purchasing a new contract and the age of the new owner at the time of the change will be used to determine the earnings at death percentage going forward. If the
new owner does not qualify for the rider on the basis of age we will terminate the rider. If they do qualify for the rider on the basis of age we will substitute the contract
value on the date of the ownership changes for remaining purchase payments used in calculating earnings at death.
For an example, see Appendix G.
Benefit Protector Plus Death Benefit Rider (Benefit Protector Plus)
The Benefit Protector Plus is intended to provide an additional benefit to your beneficiary to help offset expenses after
your death such as funeral expenses or federal and state taxes. This is an optional benefit that you may select for an additional annual charge (see “Charges”). The Benefit Protector Plus provides reduced benefits if you (Current
Contract), or you or the annuitant (Original Contract) are 70 or older at the rider effective date. It does not provide any additional benefit before the first rider anniversary and it does not provide any benefit beyond what is offered under the
Benefit Protector rider during the second rider year. Be sure to discuss with your investment professional whether or not the Benefit Protector Plus is appropriate for your situation.
If this rider is available in your state and you (Current Contract) or both you and
the annuitant (Original Contract) are 75 or younger at contract issue, you may choose to add the Benefit Protector Plus to your contract. You must elect the Benefit Protector Plus at the time you purchase your contract and your rider effective date will be the contract issue
date. This rider is only available for transfers, exchanges or rollovers. If this is a non-qualified annuity, transfers, exchanges or rollovers must be from another annuity or life insurance policy. You may not select this rider if you select
the Benefit Protector Rider, 5% Accumulation Death Benefit or the Enhanced Death Benefit.
Qualified annuities have minimum distribution rules that govern the timing and amount of distributions from the annuity
contract (see “Taxes — Qualified Annuities — Required Minimum Distributions”). Since the benefit paid by the rider is determined by the amount of earnings at death, the amount of the benefit paid may be reduced as a result of taking any
surrenders including RMDs. Be sure to discuss with your investment professional and tax advisor whether or not the Benefit Protector Plus is appropriate for your situation.
The Benefit Protector Plus provides that if you (Current Contract), or you or the
annuitant (Original Contract) die after the first rider anniversary, but before the annuitization start date, and while this contract is in force, we will pay the beneficiary:
•
the benefits payable under the Benefit Protector described above, plus:
•
a percentage of purchase payments made within 60 days of contract issue not previously surrendered as follows:
Rider year when death occurs; |
Percentage if you (Current Contract) or you
and the annuitant (Original Contract) are
under age 70 on the rider effective date |
Percentage if you (Current Contract) or you
or the annuitant (Original Contract) are
70 or older on the rider effective date |
| |
|
|
| |
|
|
| |
|
|
92 RiverSource Signature Select Variable Annuity — Prospectus
Another way to describe the
benefits payable under the Benefit Protector Plus rider is as follows:
•
the applicable death benefit plus:
Rider year when death occurs; |
If you (Current Contact) or you and the
annuitant (Original Contract) are under
age 70 on the rider effective date, add… |
If you (Current Contract) or you or the
annuitant (Original Contract) are age 70
or older on the rider effective date, add… |
| |
|
|
| |
40% x earnings at death (see above) |
|
| |
40% x (earnings at death + 25%
of initial purchase payment*) |
15% x (earnings at death + 25%
of initial purchase payment*) |
| |
40% x (earnings at death + 50% of initial purchase payment*) |
15% x (earnings at death + 50% of initial purchase payment*) |
*
Initial purchase payments are payments made within 60 days of rider issue not previously
surrendered.
Terminating the Benefit Protector Plus
•
You may terminate the rider within 30 days of the first rider anniversary.
•
You may
terminate the rider within 30 days of any rider anniversary beginning with the seventh rider anniversary.
•
The rider will
terminate when you make a full surrender from the contract, on the annuitization start date, or when the death benefit is payable.
•
The rider will terminate if there is an ownership change.
•
The rider will
terminate when a beneficiary elects an alternative payment plan which is an inherited IRA.
•
If your spouse is sole beneficiary and you die before the annuitization start date, your spouse may keep the contract as
owner with the contract value equal to the death benefit that would otherwise have been paid (without regard to the Full Surrender Value for the Current Contract). We will then
terminate the Benefit Protector Plus (see “Benefits in Case of Death”).
For
an example, see Appendix H.
The Annuity Payout
Period
As owner of the contract, you have the right to decide
how and to whom annuity payouts will be made starting on the annuitization start date. You may select one of the annuity payout plans outlined below, or we may mutually agree on
other payout arrangements. Currently, we make annuity payments on a monthly, quarterly, semi-annually and annual basis. Assuming the initial payment is on the same date, more frequent payments will generally result in higher total
payments over the year. As discussed below, certain annuity payout options have a “guaranteed period,” during which payments are guaranteed to continue. Longer guaranteed periods will result in lower monthly annuity payment amounts.
We do not deduct surrender charges upon annuitization but surrender charges may be applied when electing to exercise liquidity features we may make available under certain fixed annuity payout options.
You also decide whether we will make annuity payouts on a fixed or variable
basis, or a combination of fixed and variable. The amount available to purchase payouts under the plan you select is the contract value on your annuitization start date after any rider charges have been deducted, plus any positive or negative MVA (less any applicable premium
tax). Additionally, we currently allow you to use part of the amount available to purchase payouts, leaving any remaining contract value to accumulate on a tax-deferred basis. Special rules apply for partial annuitization of your annuity
contract, see “Taxes — Nonqualified Annuities — Annuity payouts” and “Taxes — Qualified Annuities — Annuity payouts.” If you select a variable annuity payout, we reserve the right to limit the number of subaccounts in which you may invest. The GPAs and the Special DCA fixed account (Current Contract) and the DCA fixed account (Original Contract)
are not available during this payout period. Additionally, Portfolio Stabilizer funds are not available during this payout period.
Amounts of fixed and variable payouts depend on:
•
the annuity payout plan you select;
•
the annuitant’s age and, in most cases, sex;
•
the annuity
table in the contract; and
•
the amounts you allocated to the accounts at the annuitization start date.
In addition, for variable annuity payouts only, amounts depend on the investment performance of the subaccounts you select. These payouts will vary from month to month because the performance of the funds will fluctuate. Fixed payouts
generally remain the same from month to month unless you have elected an option providing for increasing payments or are exercising any available liquidity features we may offer and you have elected.
RiverSource Signature Select Variable Annuity — Prospectus 93
For information with
respect to transfers between accounts after annuity payouts begin, (see “Making the Most of Your Contract — Transfer policies”).
The annuity tables in your contract (Table A and Table B) show the amount of the monthly payout for each $1,000 of contract value according to the age and, when applicable, the annuitant’s sex. (Where required by law, we will use
a unisex table of settlement rates.)
Table A shows the amount of the first monthly variable annuity payout assuming that
the contract value is invested at
the beginning of the annuity payout period and earns a 5% rate of return, which is reinvested and helps to support future payouts. If you ask us at least 30 days before the annuitization start date, we will substitute an annuity table based on an assumed 3.5% investment rate for the 5% Table A in the contract. The assumed investment rate affects
both the amount of the first payout and the extent to which subsequent payouts increase or decrease. For example, annuity payouts will increase if the investment return is above the assumed investment rate and payouts will decrease if
the return is below the assumed investment rate. Using a 5% assumed interest rate results in a higher initial payout, but later payouts will increase more slowly when annuity unit values rise and decrease more rapidly when they decline.
Table B shows the minimum amount of each fixed annuity payout. We declare current payout rates that we use in
determining the actual amount of your fixed annuity payout. The current payout rates will equal or exceed the
guaranteed payout rates shown in Table B. We will furnish these rates to you upon request.
We make available variable annuity payouts where payout amounts will vary based on
the performance of the variable account. We may also make fixed annuity payouts available where payments of a fixed amount are made for the period specified in the plan, subject to any surrender we may permit. You may choose an annuity payout plan by giving us
written instructions at least 30 days before the annuitization start date. Generally, you may select one of the Plans A through E below or another plan agreed to by us. Some of the annuity
payout plans may not be available if you have selected the Income Assurer Benefit
rider.
•
Plan A – Life annuity — no refund: We make monthly payouts until the annuitant’s
death. Payouts end with the last payout before the annuitant’s death. We will not make any further payouts. This means that if the annuitant dies after we made only one monthly payout, we will not make any more payouts.
•
Plan B – Life annuity with five, ten, 15 or 20 years certain: (under the Income Assurer Benefit rider: you may select life annuity with ten or 20 years certain): We make monthly
payouts for a guaranteed payout period of five, ten, 15 or 20 years that you elect. This election will determine the length of the payout period in the event if the annuitant
dies before the elected period expires. We calculate the guaranteed payout period from the annuitization
start date. If the annuitant outlives the elected guaranteed payout period, we will continue to make
payouts until the annuitant’s death.
•
Plan C – Life annuity — installment refund: (not available under the Income Assurer Benefit rider): We make monthly payouts until the annuitant’s death, with
our guarantee that payouts will continue for some period of time. We will make payouts for at least the number of months determined by dividing the amount applied under this
option by the first monthly payout, whether or not the annuitant is living.
–
Joint and last survivor life annuity — no refund: We make monthly payouts while both the annuitant and a joint annuitant are living. If either annuitant dies, we will
continue to make monthly payouts at the full amount until the death of the surviving annuitant. Payouts end with the death of the second annuitant.
–
Joint and last survivor life annuity with 20 years certain: We make monthly annuity payouts during the lifetime of the annuitant and joint annuitant. When either the annuitant or
joint annuitant dies, we will continue to make monthly payouts during the lifetime of the survivor. If the survivor dies before we have made payouts for 20 years, we continue to make payouts for the remainder of the 20-year period which begins when the first annuity payout
is made.
•
Plan E – Payouts for a specified period: We make monthly payouts for a specific payout period of ten to 30 years that you elect (under the Income Assurer
Benefit rider, you may elect a payout period of 20 years only). We will make payouts only for the number of years specified whether the annuitant is living or not. Depending on
the selected time period, it is foreseeable that an annuitant can outlive the payout period selected. During the payout period, you can elect to have us determine the present value of any remaining payouts and pay it to you in a lump sum. (Exception: If
you have an Income Assurer Benefit rider and elect this annuity payout plan based on the Guaranteed Income Benefit Base, a lump sum payout is unavailable.) We determine the present value of the remaining annuity payouts which are
assumed to remain level at the amount of the payout that would have been made 7 days prior to the date we
determine the present value.
94 RiverSource Signature Select Variable Annuity — Prospectus
•
Guaranteed Withdrawal Benefit Annuity Payout Option (available only under
contracts with the SecureSource, Guarantor Withdrawal Benefit for Life or Guarantor Withdrawal Benefit riders): This fixed annuity
payout option is an alternative to the above annuity payout plans. This option may not be available if the contract is a qualified annuity. For such contracts, this option will be available only if the guaranteed payment period is less than the life expectancy
of the owner at the time the option becomes effective. Such life expectancy will be computed using a life expectancy table published by the IRS. Under this option, the amount payable each year will be equal to the remaining schedule of
GBPs, but the total amount paid will not exceed the total RBA at the time you begin this fixed payout option (see “Optional Benefits — SecureSource Riders”, “Appendix J: Guarantor Withdrawal Benefit for Life Rider”
or “Appendix K: Guarantor Withdrawal Benefit Rider”). The amount paid in the current contract year will be reduced for any prior withdrawals in that year. These annualized amounts will be paid in the frequency that you elect. The
frequencies will be among those offered by us at the time but will be no less frequent than annually. If, at the death of the owner, total payouts have been made for less than the RBA, the remaining payouts will be paid to the
beneficiary.
•
Remaining Benefit Annuity Payout Option (available only under contracts with the SecureSource 20 rider): This fixed annuity payout option is an alternative to the above annuity payout plans. This option may not be available
if the contract is a qualified annuity. For such contracts, this option will be available only if the guaranteed payment period is less than the life expectancy of the owner at the time the option becomes effective. Such life expectancy will be
computed using a life expectancy table published by the IRS. Under this option, the amount payable each year will be equal to the remaining schedule of GBPs, but the total amount paid will not exceed the total RBA at the time you begin
this fixed payout option (see “Optional Benefits — SecureSource 20
Riders”). The amount paid in the current contract year will be reduced for any prior withdrawals in that year. These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequent
than annually. If, at the death of the owner, total payouts have been made for less than the RBA, the remaining payouts will be paid to the beneficiary.
For Plan A, if the annuitant dies before the initial payment, no payments will be made. For Plan B, if the annuitant dies before the initial payment, the payments will continue for the guaranteed payout period. For Plan C, if the annuitant dies
before the initial payment, the payments will continue for the installment refund period. For Plan D, if both annuitants die before the initial payment, no payments will be made; however, if one annuitant dies before the initial payment, the
payments will continue until the death of the surviving annuitant.
In addition to the annuity payout plans described above, we may offer
additional payout plans. Terms and conditions of annuity payout plans will be disclosed at the time of election, including any associated fees or charges. It is important to remember that the election and use of liquidity features will result in payouts ceasing.
The annuitant's age at the time annuity payments commence will
affect the amount of each payment for annuity payment plans involving lifetime income. The amount of each annuity payment to older annuitants will be greater than
for younger annuitants because payments to older annuitants are expected to be fewer in number. For annuity payment plans that do not involve lifetime income, the length of the guaranteed period will affect the amount of each payment. With a shorter guaranteed period, the amount of each annuity payment will be greater. Payments that occur more
frequently will be smaller than those occurring less frequently.
Utilizing a liquidity feature to surrender the underlying value of remaining payouts may result in the assessment of a
surrender charge (See “Charges — Surrender charge”) or a 10% IRS penalty tax. (See “Taxes.”).
The annuitant's age at the time annuity payments commence will affect the amount of each payment for annuity payment
plans involving lifetime income. The amount of each annuity payment to older annuitants will be greater than for younger annuitants because payments to older
annuitants are expected to be fewer in number.
Annuity payout plan requirements for qualified annuities: If your
contract is a qualified annuity, you have the responsibility for electing a payout plan under your contract that complies with applicable law. Your contract describes your payout plan options. The options will meet certain IRS regulations governing RMDs if the payout plan meets the
incidental distribution benefit requirements, if any, and the payouts are made:
•
in equal or substantially equal payments over a period not longer than your life expectancy, or over the joint life
expectancy of you and your designated beneficiary; or
•
over a period
certain not longer than your life expectancy or over the joint life expectancy of you and your designated beneficiary.
For qualified and nonqualified contracts with the SecureSource
Stages rider, on the annuitization start date you can choose one of the payout options available under the
contract or an alternative fixed annuity payout option available under the rider. Under the rider’s payout option, the minimum amount payable shown in Table B will not
apply, and you will receive the ALP provided by this rider until the later of the death of covered person (Joint Life: both covered spouses) or depletion of the PBG. If you choose to receive the ALP, the amount payable each year will be equal to the
ALP on the annuitization start date. The amount paid in the current contract year will be reduced for any prior
RiverSource Signature Select Variable Annuity — Prospectus 95
withdrawals in that year.
These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than
annually. If you choose to receive the ALP rather than a payout option available under the contract, all other contract features, rider features and charges terminate after the annuitization start date except for the principal back guarantee. You must select a payout plan as of
the annuitization start date set forth in your contract.
If we do not receive instructions: You must give us written instructions for the annuity payouts at least 30 days before the annuitization start date. If
you do not, we will make payouts under Plan B, with 120 monthly payouts guaranteed.
If monthly payouts would be less than $20: We will calculate the amount of monthly payouts at the time amounts are applied to an annuity payout plan. If the
calculations show that monthly payouts would be less than $20, we have the right to pay the amount that would otherwise have been applied to a plan to the owner in a lump sum or
to change the frequency of the payouts.
Death after annuity payouts begin: If you (Current Contract), or you or the annuitant (Original Contract) dies after annuity payouts begin, we will pay
any amount payable to the beneficiary as provided in the annuity payout plan in effect. Payments to beneficiaries are subject to adjustment to comply with the IRS rules and
regulations.
Under current law, your contract has a tax-deferral feature. Generally, this means
you do not pay income tax until there is a taxable distribution (or deemed distribution) from the contract. We will send a tax information reporting form for any year in which we made a taxable or reportable distribution according to our records.
Generally, only the increase in the value of a non-qualified annuity contract over the investment in the contract is
taxable. Certain exceptions apply. Federal tax law requires that all nonqualified deferred annuity contracts issued by the same company (and possibly its affiliates) to the same owner during a calendar year be taxed as a single, unified
contract when distributions are taken from any one of those contracts.
Annuity payouts: Generally, unlike surrenders described below,
the income taxation of annuity payouts is subject to exclusion ratios (for fixed annuity payouts) or annual excludable amounts (for variable annuity payouts). In other words,
in most cases, a portion of each payout will be ordinary income and subject to tax, and a portion of each payout will be considered a return of part of your investment in the contract and will not be taxed. All amounts you receive after your
investment in the contract is fully recovered will be subject to tax. Under Annuity Payout Plan A: Life annuity — no refund, where the annuitant dies before your investment in the contract is fully recovered, the remaining portion of the
unrecovered investment may be available as a federal income tax deduction to the owner for the last taxable year. Under all other annuity payout plans, where the annuity payouts end before your investment in the contract is fully
recovered, the remaining portion of the unrecovered investment may be available as a federal income tax deduction to the taxpayer for the tax year in which the payouts end. (See “The Annuity Payout Period — Annuity Payout Plans.”)
Federal tax law permits taxpayers to annuitize a portion of their nonqualified annuity while leaving the remaining balance
to continue to grow tax-deferred. Under the partial annuitization rules, the portion annuitized must be received as an annuity for a period of 10 years or more, or for the lives of one or more individuals. If this requirement is met, the
annuitized portion and the tax-deferred balance will generally be treated as two separate contracts for income tax purposes only. If a contract is partially annuitized, the investment in the contract is allocated between the deferred and
the annuitized portions on a pro rata basis.
Surrenders: Generally, if you
surrender all or part of your nonqualified annuity the annuitization start date, including
surrenders under any optional withdrawal benefit rider, your surrender will be taxed to the extent that the contract value immediately before the withdrawal exceeds the investment in the contract. Different rules may apply if you exchange
another contract into this contract.
You also may have to pay a 10% IRS penalty for surrenders of taxable income you make before reaching age 59½ unless certain exceptions apply.
Withholding: If you receive taxable income as a result of an annuity payout or surrender, including surrenders under any optional withdrawal benefit rider, we may deduct federal, and in some cases state withholding against the payment. Any
withholding represents a prepayment of your income tax due for the year. You take credit for these amounts on your annual income tax return. As long as you have provided us with a valid Social Security Number or Taxpayer Identification
Number, and you have a valid U.S. address, you may be able to elect not to have federal income tax withholding occur.
96 RiverSource Signature Select Variable Annuity — Prospectus
If the payment is part of
an annuity payout plan, we generally compute the amount of federal income tax withholding using payroll tables. You may complete our Form W-4P to use in calculating the
withholding if you want withholding other than the default (single filing status with no adjustments). If the distribution is any other type of payment (such as partial or full surrender) we compute federal
income tax withholding using 10% of the taxable portion unless you elect a different percentage via our Form W-4R or another acceptable method.
The federal income tax withholding requirements differ if we deliver payment outside the United States or you are a
non-resident alien.
Some states also may impose income tax withholding requirements similar to the
federal withholding described above or may allow you to elect withholding. If this should be the case, we may deduct state income tax withholding from the payment.
Federal and state tax withholding rules are subject to change. Annuity payouts and
surrenders are subject to the tax withholding rules in effect at the time that they are made, which may differ from the rules described above.
Death benefits to beneficiaries: The death benefit under a nonqualified contract is not exempt from
estate (federal or state) taxes. In addition, for income tax purposes, any amount your beneficiary receives that exceeds the remaining investment in the contract is taxable as ordinary income to the beneficiary in the year he or she receives the payments.
(See also “Benefits in Case of Death — If You Die Before the Annuitization Date”).
Net Investment Income Tax: Certain investment income of high-income individuals (as well as estates and trusts) is subject to a 3.8% net
investment income tax (as an addition to income taxes). For individuals, the 3.8% tax applies to the lesser of (1) the amount by which the taxpayer’s modified adjusted
gross income exceeds $200,000 ($250,000 for married filing jointly and surviving spouses; $125,000 for married filing separately) or (2) the taxpayer’s “net
investment income.” Net investment income includes taxable income from nonqualified annuities. Annuity holders are advised to consult their tax advisor regarding the possible implications of this additional tax.
Annuities owned by corporations, partnerships
or irrevocable trusts: For nonqualified annuities, any annual increase in the value of annuities held by
such entities (non-natural persons) generally will be treated as ordinary income received during that year. However, if the trust was set up for the benefit of a natural
person(s) only, the income may remain tax-deferred until surrendered or paid out.
Penalties: If you receive amounts from your nonqualified annuity before reaching age 59½, you may have to pay a 10% IRS
penalty on the amount includable in your ordinary income. However, this penalty will not apply to any amount received:
•
because of your death or in the event of non-natural ownership, the death of annuitant;
•
because you
become disabled (as defined in the Code);
•
if the distribution is part of a series of substantially equal periodic payments, made at
least annually, over your life or life expectancy (or joint lives or life expectancies of you and your beneficiary);
•
if it is allocable to an investment before Aug. 14, 1982; or
•
if annuity
payouts are made under immediate annuities as defined by the Code.
Transfer of ownership: Generally, if you transfer ownership of a nonqualified annuity without receiving adequate consideration, the transfer
may be taxed as a surrender for federal income tax purposes. If the transfer is a currently taxable event for income tax purposes, the original owner will be taxed on the amount of deferred earnings at the time
of the transfer and also may be subject to the 10% IRS penalty discussed earlier. In this case, the new owner’s investment in the contract will be equal to the investment in the contract at the time of the transfer plus any earnings
included in the original owner’s taxable income as a result of the transfer. In general, this rule does not apply to transfers between spouses or former spouses. Similar rules apply if you transfer ownership for full consideration.
Please consult your tax advisor for further details.
1035 Exchanges: Section 1035 of the Code permits nontaxable exchanges of certain insurance policies, endowment contracts, annuity
contracts and qualified long-term care insurance contracts while providing for continued tax deferral of earnings. In addition, Section 1035 permits the carryover of the
investment in the contract from the old policy or contract to the new policy or contract. In a 1035 exchange one policy or contract is exchanged for another policy or contract. The following can qualify as nontaxable exchanges: (1) the exchange of a life insurance policy for another life
insurance policy or for an endowment, annuity or qualified long-term care insurance contract, (2) the exchange of an endowment contract for an annuity or qualified long-term care insurance contract, or for an endowment contract under
which payments will begin no later than payments would have begun under the contract exchanged, (3) the exchange of an annuity contract for another annuity or for a qualified long-term care insurance contract, and (4) the exchange of a
qualified long-term care insurance contract for a qualified long-term care insurance contract. Additionally, other tax rules apply. However, if the life insurance policy has an outstanding loan, there may be tax consequences. Depending on the
RiverSource Signature Select Variable Annuity — Prospectus 97
issue date of your original
policy or contract, there may be tax or other benefits that are given up to gain the benefits of the new policy or contract. Consider whether the features and benefits of the new
policy or contract outweigh any tax or other benefits of the old contract.
For a partial exchange of an annuity contract for another annuity
contract, the 1035 exchange is generally tax-free. The investment in the original contract and the earnings on the contract will be allocated proportionately between the original and new contracts. However, per IRS Revenue Procedure 2011-38, if surrenders are taken from either contract within the 180-day period following a partial 1035 exchange, the IRS will apply general
tax principles to determine the appropriate tax treatment of the exchange and subsequent surrender. As a result, there may be unexpected tax consequences. You should consult your tax advisor before taking any surrender from either contract during the 180-day
period following a partial exchange.
Assignment: If you assign or pledge your contract as collateral for a loan, earnings on purchase payments you made after Aug. 13,
1982 will be taxed as a deemed distribution and also may be subject to the 10% penalty as discussed above.
Adverse tax consequences may result if you do not ensure that contributions,
distributions and other transactions under the contract comply with the law. Qualified annuities have minimum distribution rules that govern the timing and amount of distributions. You should refer to your retirement plan’s Summary Plan Description, your IRA disclosure statement, or consult a tax advisor for additional information about the distribution rules applicable to your situation.
When you use your contract to fund a retirement plan or IRA that is already tax-deferred under the Code, the contract will
not provide any necessary or additional tax deferral. If your contract is used to fund an employer sponsored plan, your right to benefits may be subject to the terms and conditions of the plan regardless of the terms of the contract.
Annuity payouts: Under a qualified annuity, except a Roth IRA, Roth 401(k) or Roth 403(b), the entire
payout generally is includable as ordinary income and is subject to tax unless: (1) the contract is an IRA to which you made non-deductible contributions; or (2) you rolled after-tax dollars from a retirement plan into your IRA; or 3) the contract is used to fund a retirement plan and you or your employer have contributed after-tax dollars; or (4) the contract is used to fund a
retirement plan and you direct such payout to be directly rolled over to another eligible retirement plan such as an IRA. We may permit partial annuitizations of qualified annuity contracts. If we accept partial annuitizations, please remember
that your contract will still need to comply with other requirements such as required minimum distributions and the payment of taxes. Prior to considering a partial annuitization on a qualified contract, you should discuss your decision
and any implications with your tax adviser. Because we cannot accurately track certain after tax funding sources, we will generally report any payments on partial annuitizations as ordinary income except in the case of a qualified distribution
from a Roth IRA.
Annuity payouts from Roth IRAs: In general, the entire payout from a Roth IRA can be free from income and penalty taxes if you have attained age
59½ and meet the five year holding period.
Surrenders: Under a qualified annuity, except a Roth IRA, Roth 401(k) or Roth 403(b), the entire surrender will generally be includable as ordinary income and is subject to tax unless: (1) the contract is an IRA to which you
made non-deductible contributions; or (2) you rolled after-tax dollars from a retirement plan into your IRA; or (3) the contract is used to fund a retirement plan and you or your employer have contributed after-tax dollars; or (4) the contract is used to
fund a retirement plan and you direct such surrender to be directly rolled over to another eligible retirement plan such as an IRA.
Surrenders from Roth IRAs: In general, the entire payout from a Roth IRA can be free from income and penalty taxes if you have attained age
59½ and meet the five year holding period or another qualifying event such as death or disability.
Required Minimum Distributions: Retirement plans (except for Roth IRAs) are subject to required surrenders called required minimum distributions (“RMDs”) beginning at age 73. RMDs are based on the fair market value
of your contract at year-end divided by the life expectancy factor. Certain death benefits and optional riders may be considered in determining the fair market value of your contract for RMD purposes. This may cause your RMD to be higher. Inherited
IRAs (including inherited Roth IRAs) are subject to special required minimum distribution rules. You should consult your tax advisor prior to making a purchase for an explanation of the potential tax implications to
you.
Withholding for IRAs, Roth IRAs, SEPs and SIMPLE IRAs: If you receive taxable income as a result of an
annuity payout or a surrender,
including surrenders under any optional withdrawal benefit rider, we may deduct withholding against the
payment. Any withholding represents a prepayment of your tax due for the year. You take credit for these amounts on your annual income tax return. As long as you have provided us with a valid Social Security Number or Taxpayer
Identification Number, you can elect not to have any withholding occur.
98 RiverSource Signature Select Variable Annuity — Prospectus
If the payment is part of
an annuity payout plan, we generally compute the amount of federal income tax withholding using payroll tables. You may complete our Form W-4P to use in calculating the
withholding if you want withholding other than the default (single filing status with no adjustments). If the distribution is any other type of payment (such as partial or full surrender) we compute federal
income tax withholding using 10% of the taxable portion unless you elect a different percentage via our Form W-4R or another acceptable method.
The federal income tax withholding requirements differ if we deliver payment outside the United States or you are a
non-resident alien.
Some states also may impose income tax withholding requirements similar to the
federal withholding described above. If this should be the case, we may deduct state income tax withholding from the payment.
Withholding for all other qualified annuities: If you receive directly all or part of the contract
value from a qualified annuity, mandatory 20% federal income tax withholding (and possibly state income tax withholding) generally will be imposed at the time the payout is made from the plan. Any withholding represents a prepayment of your tax due for the
year. You take credit for these amounts on your annual income tax return. This mandatory withholding will not be imposed if instead of receiving the distribution check, you elect to have the distribution rolled over directly to an IRA or another eligible plan. Payments made to a surviving spouse instead of being directly rolled over to an IRA are also
subject to mandatory 20% income tax withholding.
In the below situations, the distribution is subject to optional withholding
instead of the mandatory 20% withholding. We will withhold 10% of the distribution amount unless you elect otherwise.
•
the payout is one in a series of substantially equal periodic payouts, made at least annually, over your life or life
expectancy (or the joint lives or life expectancies of you and your designated beneficiary) or over a specified period of 10 years or more;
•
the payout is a RMD as defined under the Code;
•
the payout is made on account of an eligible hardship; or
•
the payout is
a corrective distribution.
State withholding also may be imposed on taxable distributions.
Penalties: If you receive amounts from your qualified contract before reaching age 59½, you may
have to pay a 10% IRS penalty on the amount includable in your ordinary income. However, this penalty generally will not apply to any amount received:
•
because you become disabled (as defined in the Code);
•
if the
distribution is part of a series of substantially equal periodic payments made at least annually, over your life or life expectancy (or joint lives or life expectancies of you
and your beneficiary);
•
if the distribution is made following severance from employment during or after the calendar
year in which you attain age 55 (TSAs and annuities funding 401(a) plans only);
•
to pay certain
medical or education expenses (IRAs only); or
•
if the distribution is made from an inherited IRA or others as allowed by the IRS.
Death benefits to beneficiaries: The entire death benefit generally
is taxable as ordinary income to the beneficiary in the year he/she receives the payments from the qualified annuity. If you made non-deductible contributions to a traditional IRA, the portion of any distribution from the contract that represents after-tax contributions is not taxable as ordinary income to your beneficiary. Under current IRS requirements you are responsible for keeping all records tracking your non-deductible contributions to an IRA. Death benefits under a
Roth IRA generally are not taxable as ordinary income to the beneficiary if certain distribution requirements are met. (See also “Benefits in Case of Death — If you
Die Before the Annuitization
Date”).
Change of retirement plan type: IRS regulations allow for rollovers of certain retirement plan
distributions. In some circumstances, you may be able to have an intra-contract rollover, keeping the same features and conditions. If the annuity contract you have does not support an intra-contract rollover, you are able to request an IRS approved rollover to
another annuity contract or other investment product that you choose. If you choose another annuity contract or investment product, you will be subject to new rules, including a new surrender charge schedule for an annuity contract, or other product rules as applicable.
Assignment: You may not assign or pledge your qualified contract as collateral for a loan.
RiverSource Signature Select Variable Annuity — Prospectus 99
Other
Special considerations if you select any optional rider: As of the date of this prospectus, we believe that charges related to these riders are not subject to current taxation.
Therefore, we will not report these charges as partial surrenders from your contract. However, the IRS may
determine that these charges should be treated as partial surrenders subject to taxation to the extent of
any gain as well as the 10% tax penalty for surrenders before the age of 59½, if applicable, on the taxable portion.
We reserve the right to report charges for these riders as partial surrenders if we, as a withholding and reporting agent, believe that we are required to report them. In addition, we will report any benefits attributable to these riders on
your death (Current Contract), or your or the annuitant's death (Original Contract) as an annuity death
benefit distribution, not as proceeds from life insurance.
Important: Our discussion of federal tax laws is based upon our understanding of current interpretations of these laws. Federal
tax laws or current interpretations of them may change. For this reason and because tax consequences are complex and highly individual and cannot always be anticipated, you
should consult a tax advisor if you have any questions about taxation of your
contract.
RiverSource Life’s tax status: We are taxed as a life insurance company under the Code. For
federal income tax purposes, the subaccounts are considered a part of our company, although their operations are treated separately in accounting and financial statements. Investment income is reinvested in the fund in which each subaccount invests and
becomes part of that subaccount’s value. This investment income, including realized capital gains, is not subject to any withholding for federal or state income taxes. We reserve the right to make such a charge in the future if there is a
change in the tax treatment of variable annuities or in our tax status as we then understand it.
The company includes in its taxable income the net investment income derived from the investment of assets held in its subaccounts because the company is considered the owner of these assets under federal income tax law. The company
may claim certain tax benefits associated with this investment income. These benefits, which may include foreign tax credits and the corporate dividend received deduction,
are not passed on to you since the company is the owner of the assets under federal tax law and is taxed on the investment income generated by the assets.
Tax qualification: We intend that the contract qualify as an annuity for federal income tax purposes.
To that end, the provisions of the contract are to be interpreted to ensure or maintain such tax qualification, in spite of any other provisions of the contract. We reserve the right to amend the contract to reflect any clarifications that may be needed or
are appropriate to maintain such qualification or to conform the contract to any applicable changes in the tax qualification requirements. We will send you a copy of any amendments.
Spousal status: When it comes to your marital status and the identification and naming of any spouse as a beneficiary or party to your
contract, we will rely on the representations you make to us. Based on this reliance, we will issue and administer your contract in accordance with these representations. If you
represent that you are married and your representation is incorrect or your marriage is deemed invalid for federal or state law purposes, then the benefits and rights under your contract may be different.
If you have any questions as to the status of your relationship as a marriage, then
you should consult an appropriate tax or legal advisor.
As a contract owner with investments in the subaccounts, you may vote on important fund policies until annuity payouts
begin. Once they begin, the person receiving them has voting rights. We will vote fund shares according to the instructions of the person with voting rights.
Before annuity payouts begin, the number of votes you have is determined by
applying your percentage interest in each subaccount to the total number of votes allowed to the subaccount.
After annuity payouts begin, the number of votes you have is equal to:
•
the reserve held in each subaccount for your contract; divided by
•
the net asset
value of one share of the applicable fund.
As we make annuity payouts, the reserve for the contract decreases; therefore, the number of votes also will decrease.
We calculate votes separately for each subaccount. We will send notice of shareholders’ meetings, proxy materials and a statement of the number of votes to which the voter is entitled. We are the legal owner of all fund shares and
therefore hold all voting rights. However, to the extent required by law, we will vote the shares of each fund according to instructions we receive from policy owners. We will vote shares for which we have not received instructions and shares
that we or our affiliates own in our own names in the same proportion as the votes for which we received instructions. As a result of this proportional voting, in cases when a small number of contract owners vote, their votes will have a
greater impact and may even control the outcome.
100 RiverSource Signature Select Variable Annuity — Prospectus
Substitution of Investments
We may substitute the funds in which the subaccounts invest if:
•
laws or regulations change;
•
the existing funds become unavailable; or
•
in our
judgment, the funds no longer are suitable (or are not the most suitable) for the subaccounts.
If any of these
situations occur, we have the right to substitute a fund currently listed in this prospectus (existing fund) for another fund (new fund), provided we obtain any required SEC and
state insurance law approval. The new fund may have higher fees and/or operating expenses than the existing fund. Also, the new fund may have investment objectives and policies and/or investment advisers which differ from the existing fund.
•
combine any two or more subaccounts;
•
transfer assets to and from the subaccounts or the variable account; and
•
eliminate or
close any subaccounts.
We will notify you of any substitution or change.
In the event of any such substitution or change, we may amend the contract and take whatever action is necessary and
appropriate without your consent or approval. We will obtain any required prior approval of the SEC or state insurance departments before making any substitution or change.
The financial statements for the RiverSource Variable Annuity Account, as well as the consolidated financial statements of RiverSource Life, are in the Statement of Additional Information. A current Statement of Additional Information may
be obtained, without charge, by calling us at 1-800-862-7919, or can be found online at www.ameriprise.com/variableannuities.
About the Service Providers
RiverSource Distributors, Inc. (RiverSource Distributors), our affiliate, serves as the principal underwriter and general
distributor of the contract. Its offices are located at 70100 Ameriprise Financial Center, Minneapolis, MN 55474. RiverSource Distributors is a wholly-owned subsidiary of Ameriprise Financial, Inc.
New contracts are not currently being offered.
•
Only securities broker-dealers (“selling firms”) registered with the SEC and
members of the FINRA may sell the contract.
•
The contracts
are continuously offered to the public through authorized selling firms. We and RiverSource Distributors have a sales agreement with the selling firm. The sales agreement
authorizes the selling firm to offer the contracts to the public. RiverSource Distributors pays the selling firm (or an affiliated insurance agency) for contracts its investment professionals sell. The selling firm may be required to return sales commissions under certain circumstances
including but not limited to when contracts are returned under the free look period.
Payments We May Make to Selling Firms
•
We may use compensation plans which vary by selling firm. For example, some of these plans pay selling firms a
commission of up to 8.00% each time a purchase payment is made. We may also pay ongoing trail commissions of up to
1.25% of the contract value. We do not pay or withhold payment of trail commissions based on which investment options you select.
•
We may pay selling firms an additional sales commission of up to 1.00% of purchase payments for a period of time we select. For example, we may offer to pay an additional sales commission to
get selling firms to market a new or enhanced contract or to increase sales during the period.
RiverSource Signature Select Variable Annuity — Prospectus 101
•
In addition to
commissions, we may, in order to promote sales of the contracts, and as permitted by applicable laws and regulation, pay or provide selling firms with other promotional
incentives in cash, credit or other compensation. We generally (but may not) offer these promotional incentives to all selling firms. The terms of such arrangements differ between selling firms. These promotional incentives may include but are not limited to:
•
sponsorship of
marketing, educational, due diligence and compliance meetings and conferences we or the selling firm may conduct for investment professionals, including subsidy of travel, meal,
lodging, entertainment and other expenses related to these meetings;
•
marketing
support related to sales of the contract including for example, the creation of marketing materials, advertising and newsletters;
•
providing service to contract owners; and
•
funding other events sponsored by a selling firm that may encourage the selling firm’s
investment professionals to sell the contract.
These promotional incentives or reimbursements may be calculated as a
percentage of the selling firm’s aggregate, net or anticipated sales and/or total assets attributable to sales of the contract, and/or may be a fixed dollar amount. As
noted below this additional compensation may cause the selling firm and its investment professionals to favor the contracts.
Sources of Payments to Selling Firms
When we pay the commissions and other compensation described above from our assets. Our assets may include:
•
revenues we receive from fees and expenses that you will pay when buying, owning and making a surrender from the contract (see “Expense Summary”);
•
compensation we or an affiliate receive from the underlying funds in the form of distribution and services fees (see
“The Variable Account and the Funds — The Funds”);
•
compensation we or an affiliate receive from a fund’s investment adviser, subadviser,
distributor or an affiliate of any of these (see “The Variable Account and the Funds — The Funds”); and
•
revenues we receive from other contracts we sell that are not securities and other businesses we conduct.
You do not directly pay the commissions and other compensation described above as the result of a specific charge or deduction under the contract. However, you may pay part or all of the commissions and other compensation described above
indirectly through:
•
fees and expenses we collect from contract owners, including surrender charges; and
•
fees and expenses charged by the underlying subaccount funds in which you invest, to the
extent we or one of our affiliates receive revenue from the funds or an affiliated person.
Potential Conflicts of Interest
Compensation payment arrangements made with selling firms can potentially:
•
give selling firms a heightened financial incentive to sell the contract offered in this prospectus over another
investment with lower compensation to the selling firm.
•
cause selling
firms to encourage their investment professionals to sell you the contract offered in this prospectus
instead of selling you other alternative investments that may result in lower compensation to the selling firm.
•
cause selling firms to grant us access to its investment professionals to promote sales of the contract offered in this prospectus, while denying that access to other firms offering similar
contracts or other alternative investments which may pay lower compensation to the selling firm.
Payments to Investment Professionals
•
The selling firm pays its investment professionals. The selling firm decides the compensation and benefits it will pay its investment professionals.
•
To inform yourself of any potential conflicts of interest, ask the investment professional before you buy, how the selling firm and its
investment professionals are being compensated and the amount of the compensation that each will receive if you buy the contract.
We issue the contracts. We are a stock life insurance company organized in 1957 under the laws of the state of Minnesota
and are located at 829 Ameriprise Financial Center, Minneapolis, MN 55474. We are a wholly-owned subsidiary of Ameriprise Financial, Inc.
102 RiverSource Signature Select Variable Annuity — Prospectus
We conduct a conventional
life insurance business. We are licensed to do business in 49 states, the District of Columbia and American Samoa. Our primary products currently include fixed and variable
annuity contracts (including indexed linked annuity contracts) and life insurance policies.
RiverSource Life is involved in the normal course of business in legal proceedings which include regulatory inquiries,
arbitration and litigation, including class actions, concerning matters arising in connection with the conduct of its activities. These include proceedings specific to the Company as well as proceedings generally applicable to business
practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts, and employment relationships. Uncertain economic
conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that
regulators increase the scope or frequency of examinations of the Company or the insurance industry generally.
As with other insurance companies, the level of regulatory activity and inquiry concerning the Company’s businesses
remains elevated. From time to time, the Company and its affiliates, including Ameriprise Financial Services, LLC (“AFS”) and RiverSource Distributors, Inc. receive requests for information from, and/or are subject to examination or claims by various state, federal and other domestic authorities. The Company and its affiliates typically have numerous
pending matters, which includes information requests, exams or inquiries regarding their business activities and practices and other subjects, including from time to time: sales and distribution of various products, including the
Company’s life insurance and variable annuity products; supervision of associated persons, including AFS financial advisors and RiverSource Distributors Inc.’s wholesalers; administration of insurance and annuity claims; security of client information; and transaction monitoring systems and controls. The Company and its affiliates have cooperated and
will continue to cooperate with the applicable regulators.
These legal proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss. The Company cannot
predict with certainty if, how or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a loss or range of loss can be reasonably estimated for any proceeding. An adverse outcome in one
or more proceedings could eventually result in adverse judgments, settlements, fines, penalties or other sanctions, in addition to further claims, examinations or adverse
publicity that could have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity.
RiverSource Signature Select Variable Annuity — Prospectus 103
Appendices
Table of Contents and Cross-Reference Table
| |
|
|
|
Appendix A: Funds Available Under the Contracts |
|
|
|
Appendix B: Example — Surrender Charges |
|
Charges — Surrender Charges |
|
Appendix C: Example — Death Benefits |
|
Benefits in Case of Death |
|
Appendix D: Example — SecureSource series of riders |
|
Optional Benefits — Optional Living Benefits |
|
Appendix E: SecureSource series of riders — Additional
RMD Disclosure |
|
Optional Benefits — Optional Living Benefits |
|
Appendix F: Example — Benefit Protector Death Benefit
Rider |
|
Optional Benefits — Benefit Protector Death Benefit Rider
|
|
Appendix G: Example — Benefit Protector Plus Death Benefit
Rider |
|
Optional Benefits — Benefit Protector Plus Death Benefit
Rider |
|
Appendix H: Asset Allocation Program for Contracts with
Applications Signed Before May 1, 2006 |
|
|
|
Appendix I: Guarantor Withdrawal Benefit for Life Rider
Disclosure |
|
|
|
Appendix J: Guarantor Withdrawal Benefit Rider Disclosure |
|
|
|
Appendix K: Example — Income Assurer Benefit Riders
Disclosure |
|
|
|
Appendix L: Example — Accumulation Protector Benefit Rider
|
|
Optional Benefits — Optional Living Benefits |
|
Appendix M: SecureSource Rider Disclosure |
|
|
|
Appendix N: SecureSource 20 Rider Disclosure |
|
Optional Benefits — Optional Living Benefits |
|
Appendix O: SecureSource Stages Rider Disclosure |
|
|
|
Appendix P: Example — Withdrawal Benefit Riders: Elective Step Up or Elective Spousal Continuation Step Up |
|
Optional Benefits — Optional Living Benefits |
|
The purpose of these appendices is first to illustrate the operation of various contract features and riders; second, to
provide additional disclosure regarding various contract features and riders; and lastly, to provide information about funds available under the contracts.
In order to demonstrate the contract features and riders, an example may show
hypothetical contract values. These contract values do not represent past or future performance. Actual contract values may be more or less than those shown and will depend on a number of factors, including but not limited to the investment experience of the subaccounts,
GPAs, Special DCA fixed account, (Current Contract), DCA fixed account, (Original Contract), regular fixed account (Current Contract), and one-year fixed account (Original
Contract) and the fees and charges that apply to your contract.
The examples of death benefits and optional riders in appendices include a partial
surrender to illustrate the effect of a partial surrender on the particular benefit. These examples are intended to show how the optional riders operate, and do not take into account whether the rider is part of a qualified contract. Qualified contracts are subject to required
minimum distributions at certain ages which may require you to take partial surrenders from the contract (see “Taxes — Qualified Annuities — Required Minimum Distributions”). If you are considering the addition of certain death benefits and/or optional riders to a qualified contract, you should consult your tax advisor prior to making a purchase for an
explanation of the potential tax implications to you.
104 RiverSource Signature Select Variable Annuity — Prospectus
Appendix A:Funds Available Under the Contracts
The following is a list of funds available under the contract. More information
about the funds is available in the
prospectuses for the funds, which
may be amended from time to time and can be found online at riversource.com. You can also request this information at no cost by calling 1-800-862-7919 or by sending an email
request to riversource.annuityservice@ampf.com. Depending on the optional benefits you choose, and contract application sign date, you may not be
able to invest in certain funds. See table below, “Funds Available Under the Optional Benefits
Offered Under the
Contract”.
The current expenses and performance information below
reflects fee and expenses of the funds, but do not reflect the other fees and expenses that your contract may
charge. Expenses would be higher and performance would be lower if these other charges were included. Each fund’s past performance is not necessarily an indication of
future performance.
| |
Fund and
Adviser/Sub-Adviser |
Current Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Seeks to maximize total
return consistent with
AllianceBernstein's
determination of
reasonable risk. |
AB VPS Balanced Hedged Allocation
Portfolio (Class B)
AllianceBernstein L.P. |
|
|
|
|
Seeks long-term growth
of capital. |
AB VPS International Value Portfolio
(Class B)
AllianceBernstein L.P. |
|
|
|
|
Seeks long-term growth
of capital. |
AB VPS Relative Value Portfolio (Class B)
AllianceBernstein L.P. |
|
|
|
|
Seeks long-term growth
of capital. |
AB VPS Sustainable Global Thematic
Portfolio (Class B)
AllianceBernstein L.P. |
|
|
|
|
Seeks investment
results that are greater
than the total return
performance of publicly
traded common stocks
of medium-size
domestic companies in
the aggregate, as
represented by the
Standard & Poor's
MidCap 400® Index. |
BNY Mellon Investment Portfolios, MidCap
Stock Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc. |
|
|
|
|
Seeks capital
appreciation. |
BNY Mellon Investment Portfolios,
Technology Growth Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc.,
adviser; Newton Investment Management
North America, LLC, sub-investment adviser.
|
|
|
|
|
Seeks long-term capital
growth consistent with
the preservation of
capital. Its secondary
goal is current income. |
BNY Mellon Variable Investment Fund,
Appreciation Portfolio - Service Shares
BNY Mellon Investment Adviser, Inc.,
adviser; Fayez Sarofim & Co.,
sub-investment adviser. |
|
|
|
|
RiverSource Signature Select Variable Annuity — Prospectus 105
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Seeks long-term growth
of capital. Under normal
circumstances, the fund
invests at least 80% of
its assets in equity
securities of companies
with small market
capitalizations and
related investments. |
ClearBridge Variable Small Cap Growth
Portfolio - Class I
Legg Mason Partners Fund Advisor, LLC,
investment manager; ClearBridge
Investments, LLC, sub-adviser. (Western
Asset Management Company manages the
portion of cash and short-term investments
allocated to it) |
|
|
|
|
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital. |
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Emerging
Markets Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal. |
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with high
current income as its
primary objective and,
as its secondary
objective, capital
growth. |
Columbia Variable Portfolio - High Yield Bond
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with a high
total return through
current income and
capital appreciation. |
Columbia Variable Portfolio - Income
Opportunities Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time. |
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Large Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
106 RiverSource Signature Select Variable Annuity — Prospectus
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Seeks to provide
shareholders with
long-term capital
appreciation. |
Columbia Variable Portfolio - Large Cap Index
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Overseas Core
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with
long-term growth of
capital. |
Columbia Variable Portfolio - Select Large
Cap Value Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with
growth of capital. |
Columbia Variable Portfolio - Select Mid Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with
long-term growth of
capital. |
Columbia Variable Portfolio - Select Mid Cap
Value Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks long-term capital
appreciation. |
Columbia Variable Portfolio - Small Cap
Value Fund (Class 2)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with
current income as its
primary objective and,
as its secondary
objective, preservation
of capital. |
Columbia Variable Portfolio -
U.S. Government Mortgage Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
The portfolio is
designed to achieve
positive total return
relative to the
performance of the
Bloomberg Commodity
Index Total Return
("BCOM Index"). |
Credit Suisse Trust - Commodity Return
Strategy Portfolio, Class 1
Credit Suisse Asset Management, LLC |
|
|
|
|
Non-diversified fund that
seeks to provide
shareholders with total
return that exceeds the
rate of inflation over the
long term. |
CTIVP® - BlackRock Global Inflation-Protected
Securities Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; BlackRock Financial
Management, Inc., subadviser; BlackRock
International Limited, sub-subadviser.
|
|
|
|
|
Seeks to provide
shareholders with
long-term capital growth. |
CTIVP® - Principal Blue Chip Growth Fund
(Class 1)
Columbia Management Investment Advisers,
LLC, adviser; Principal Global Investors, LLC,
subadviser. |
|
|
|
|
RiverSource Signature Select Variable Annuity — Prospectus 107
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Seeks to provide
shareholders with
long-term growth of
capital. |
CTIVP® - Victory Sycamore Established Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Victory Capital Management
Inc., subadviser. |
|
|
|
|
Seeks high level of
current income. |
Eaton Vance VT Floating-Rate Income Fund -
Initial Class
Eaton Vance Management |
|
|
|
|
Seeks long-term capital
appreciation. |
Fidelity® VIP Contrafund® Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
|
|
|
|
Seeks to achieve capital
appreciation. |
Fidelity® VIP Growth Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
|
|
|
|
Seeks as high level of
current income as is
consistent with the
preservation of capital. |
Fidelity® VIP Investment Grade Bond
Portfolio Service Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
|
|
|
|
Seeks long-term growth
of capital. |
Fidelity® VIP Mid Cap Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
|
|
|
|
108 RiverSource Signature Select Variable Annuity — Prospectus
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Seeks long-term growth
of capital. |
Fidelity® VIP Overseas Portfolio Service
Class 2
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, FIL Investment Advisers, FIL
Investment Advisers (UK) Limited and FIL
Investments (Japan) Limited,
subadvisers. |
|
|
|
|
Seeks to maximize
income while
maintaining prospects
for capital appreciation.
Under normal market
conditions, the fund
invests in a diversified
portfolio of equity and
debt securities. |
Franklin Income VIP Fund - Class 2
Franklin Advisers, Inc. |
|
|
|
|
Seeks capital
appreciation, with
income as a secondary
goal. Under normal
market conditions, the
fund invests primarily in
U.S. and foreign equity
securities that the
investment manager
believes are
undervalued. |
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
|
|
|
|
Seeks long-term capital
appreciation, with
preservation of capital
as an important
consideration. Under
normal market
conditions, the fund
invests at least 80% of
its net assets in equity
securities of financially
sound companies that
have paid consistently
rising dividends. |
Franklin Rising Dividends VIP Fund - Class 2
Franklin Advisers, Inc. |
|
|
|
|
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of
small-capitalization and
mid-capitalization
companies. |
Franklin Small-Mid Cap Growth VIP Fund -
Class 2
Franklin Advisers, Inc. |
|
|
|
|
RiverSource Signature Select Variable Annuity — Prospectus 109
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Seeks long-term capital
appreciation. |
Goldman Sachs VIT Mid Cap Value Fund -
Institutional Shares
Goldman Sachs Asset Management, L.P.
|
|
|
|
|
Seeks long-term growth
of capital and dividend
income. |
Goldman Sachs VIT U.S. Equity Insights
Fund - Institutional Shares
Goldman Sachs Asset Management, L.P.
|
|
|
|
|
Non-diversified fund that
seeks capital growth. |
Invesco V.I. American Franchise Fund,
Series II Shares
Invesco Advisers, Inc. |
|
|
|
|
Seeks long-term capital
appreciation. |
Invesco V.I. American Value Fund, Series II
Shares
Invesco Advisers, Inc. |
|
|
|
|
Seeks capital
appreciation. |
Invesco V.I. Capital Appreciation Fund,
Series II Shares
Invesco Advisers, Inc. |
|
|
|
|
Seeks capital growth
and income through
investments in equity
securities, including
common stocks,
preferred stocks and
securities convertible
into common and
preferred stocks. |
Invesco V.I. Comstock Fund, Series II Shares
Invesco Advisers, Inc. |
|
|
|
|
Seeks capital
appreciation. |
Invesco V.I. Discovery Mid Cap Growth Fund,
Series II Shares
Invesco Advisers, Inc. |
|
|
|
|
Seeks long-term growth
of capital. |
Invesco V.I. EQV International Equity Fund,
Series II Shares
Invesco Advisers, Inc. |
|
|
|
|
Seeks capital
appreciation. |
Invesco V.I. Global Fund, Series II Shares
Invesco Advisers, Inc. |
|
|
|
|
| |
Invesco V.I. Global Strategic Income Fund,
Series II Shares
Invesco Advisers, Inc. |
|
|
|
|
Seeks long-term growth
of capital. |
Invesco V.I. Health Care Fund, Series II
Shares
Invesco Advisers, Inc. |
|
|
|
|
Seeks long-term growth
of capital. |
Invesco V.I. Main Street Mid Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
|
|
|
|
Seeks capital
appreciation. |
Invesco V.I. Main Street Small Cap Fund®,
Series II Shares
Invesco Advisers, Inc. |
|
|
|
|
Seeks long-term growth
of capital. |
Janus Henderson Research Portfolio:
Service Shares
Janus Henderson Investors US LLC |
|
|
|
|
110 RiverSource Signature Select Variable Annuity — Prospectus
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
The fund pursues
long-term total return
using a strategy that
seeks to protect against
U.S. inflation. |
LVIP American Century Inflation Protection
Fund, Service Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
|
|
|
|
| |
LVIP American Century International Fund,
Service Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
|
|
|
|
Seeks long-term capital
growth. Income is a
secondary objective. |
LVIP American Century Mid Cap Value Fund,
Service Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
|
|
|
|
| |
LVIP American Century Ultra® Fund, Service
Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
|
|
|
|
Seeks long-term capital
growth. Income is a
secondary objective. |
LVIP American Century Value Fund, Service
Class
Lincoln Financial Investments Corporation,
investment adviser; American Century
Investment Management, Inc., investment
sub-adviser. |
|
|
|
|
Seeks capital
appreciation. |
MFS® Massachusetts Investors Growth
Stock Portfolio - Service Class
Massachusetts Financial Services Company
|
|
|
|
|
Seeks capital
appreciation. |
MFS® New Discovery Series - Service
Class Massachusetts Financial Services
Company |
|
|
|
|
| |
MFS® Total Return Series - Service Class
Massachusetts Financial Services Company
|
|
|
|
|
| |
MFS® Utilities Series - Service Class
Massachusetts Financial Services Company
|
|
|
|
|
The Fund seeks
long-term capital growth
by investing primarily in
common stocks and
other equity securities. |
Morgan Stanley VIF Discovery Portfolio,
Class II Shares
Morgan Stanley Investment Management
Inc. |
|
|
|
|
The Fund seeks to
provide current income
and capital
appreciation. |
Morgan Stanley VIF Global Real Estate
Portfolio, Class II Shares
Morgan Stanley Investment Management
Inc., adviser; Morgan Stanley Investment
Management Limited and Morgan Stanley
Investment Management Company,
subadvisers. |
|
|
|
|
RiverSource Signature Select Variable Annuity — Prospectus 111
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
The Fund seeks to
provide above average
current income and
long-term capital
appreciation by
investing primarily in
equity securities of
companies in the U.S.
real estate industry,
including real estate
investment trusts. |
Morgan Stanley VIF U.S. Real Estate
Portfolio, Class II Shares
Morgan Stanley Investment Management
Inc. |
|
|
|
|
Seeks maximum real
return, consistent with
preservation of real
capital and prudent
investment
management. |
PIMCO VIT All Asset Portfolio, Advisor Class2 Pacific Investment Management Company LLC (PIMCO) |
|
|
|
|
Seeks capital
appreciation. |
Putnam VT Global Health Care Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of both
Putnam Investments Limited (PIL) and The
Putnam Advisory Company, LLC (PAC), PIL
and PAC do not currently manage any assets
of the fund. |
|
|
|
|
Seeks capital
appreciation. |
Putnam VT International Equity Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor; Putnam Investments
Limited, sub-adviser. Though the investment
advisor has retained the services of The
Putnam Advisory Company, LLC (PAC), PAC
does not currently manage any assets of the
fund. |
|
|
|
|
Seeks capital
appreciation. |
Putnam VT Small Cap Value Fund - Class IB
Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
|
|
|
|
Seeks long-term capital
appreciation. |
Putnam VT Sustainable Leaders Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
|
|
|
|
112 RiverSource Signature Select Variable Annuity — Prospectus
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Seeks high current
income, consistent with
preservation of capital,
with capital appreciation
as a secondary
consideration. Under
normal market
conditions, the fund
invests at least 80% of
its net assets in debt
securities of any
maturity. |
Templeton Global Bond VIP Fund - Class 2
Franklin Advisers, Inc. |
|
|
|
|
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests
predominantly in equity
securities of companies
located anywhere in the
world, including
developing markets. |
Templeton Growth VIP Fund - Class 2
Templeton Global Advisors Limited |
|
|
|
|
Seeks to provide a high
level of total return that
is consistent with an
aggressive level of risk. |
Variable Portfolio - Aggressive Portfolio
Columbia Management Investment Advisers, LLC |
|
|
|
|
Seeks to provide a high
level of total return that
is consistent with an
aggressive level of risk. |
Variable Portfolio - Aggressive Portfolio
Columbia Management Investment Advisers, LLC |
|
|
|
|
Seeks to provide a high
level of total return that
is consistent with a
conservative level of
risk. |
Variable Portfolio - Conservative Portfolio
Columbia Management Investment Advisers, LLC |
|
|
|
|
Seeks to provide a high
level of total return that
is consistent with a
conservative level of
risk. |
Variable Portfolio - Conservative Portfolio
Columbia Management Investment Advisers, LLC |
|
|
|
|
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Risk Fund
Columbia Management Investment Advisers, LLC |
|
|
|
|
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Risk U.S. Fund
Columbia Management Investment Advisers, LLC |
|
|
|
|
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Conservative Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
|
|
|
|
RiverSource Signature Select Variable Annuity — Prospectus 113
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Conservative Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
|
|
|
|
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility Growth
Columbia Management Investment Advisers, LLC |
|
|
|
|
Pursues total return
while seeking to
manage the Fund’s
exposure to equity
market volatility. |
Variable Portfolio - Managed Volatility
Moderate Growth Fund (Class 2)2,3 Columbia Management Investment Advisers, LLC |
|
|
|
|
Seeks to provide a high
level of total return that
is consistent with a
moderate level of risk. |
Variable Portfolio - Moderate Portfolio
Columbia Management Investment Advisers, LLC |
|
|
|
|
Seeks to provide a high
level of total return that
is consistent with a
moderate level of risk. |
Variable Portfolio - Moderate Portfolio
Columbia Management Investment Advisers, LLC |
|
|
|
|
Seeks to provide a high
level of total return that
is consistent with a
moderately aggressive
level of risk. |
Variable Portfolio - Moderately Aggressive
Columbia Management Investment Advisers, LLC |
|
|
|
|
Seeks to provide a high
level of total return that
is consistent with a
moderately aggressive
level of risk. |
Variable Portfolio - Moderately Aggressive
Columbia Management Investment Advisers, LLC |
|
|
|
|
Seeks to provide a high
level of total return that
is consistent with a
moderately conservative
level of risk. |
Variable Portfolio - Moderately Conservative
Columbia Management Investment Advisers, LLC |
|
|
|
|
Seeks to provide a high
level of total return that
is consistent with a
moderately conservative
level of risk. |
Variable Portfolio - Moderately Conservative
Columbia Management Investment Advisers, LLC |
|
|
|
|
Seeks to provide
shareholders with
long-term capital growth. |
Variable Portfolio - Partners Core Equity Fund
(Class 3)
Columbia Management Investment Advisers,
LLC, adviser; J.P. Morgan Investment
Management Inc. and T. Rowe Price
Associates, Inc., subadvisers. |
|
|
|
|
114 RiverSource Signature Select Variable Annuity — Prospectus
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Seeks to provide
shareholders with
long-term capital
appreciation. |
Variable Portfolio - Partners Small Cap Value
Fund (Class 3)
Columbia Management Investment Advisers,
LLC, adviser; Segall Bryant & Hamill, LLC
and William Blair Investment Management,
LLC, subadvisers. |
|
|
|
|
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - U.S. Flexible Conservative
Columbia Management Investment Advisers, LLC |
|
|
|
|
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - U.S. Flexible Growth Fund
Columbia Management Investment Advisers, LLC |
|
|
|
|
Pursues total return
while seeking to
manage the Fund's
exposure to equity
market volatility. |
Variable Portfolio - U.S. Flexible Moderate
Columbia Management Investment Advisers, LLC |
|
|
|
|
Seeks long-term capital
appreciation. |
Wanger Acorn
Columbia Wanger Asset Management, LLC
|
|
|
|
|
Seeks long-term capital
appreciation. |
Wanger International
Columbia Wanger Asset Management, LLC
|
|
|
|
|
1
This Fund and its investment adviser and/or affiliates have entered into a temporary expense reimbursement arrangement and/or fee waiver. The Fund’s annual expenses reflect temporary fee reductions. Please see the Fund’s prospectus for additional information.
2
This Fund is a fund of funds and invests substantially all of its assets in other
underlying funds. Because the Fund invests in other funds, it will bear its pro rata portion of the operating expenses of those underlying funds, including management
fees.
3
This Fund is managed in a way that is intended to minimize volatility of returns. See
“Principal Risks of Investing in the Contract.”
Funds Available Under the Optional Benefits
Offered Under the Contracts
For
contracts issued with the optional living benefit riders, you are required to invest in the Portfolio Navigator or Portfolio Stabilizer funds listed below (See “Portfolio Navigator Program (PN Program) and Portfolio Stabilizer Funds”):
Portfolio Navigator funds:
1.Variable Portfolio – Aggressive Portfolio (Class 2), (Class 4)
2.Variable Portfolio – Moderately Aggressive Portfolio (Class 2), (Class 4)
3.Variable Portfolio – Moderate Portfolio (Class 2), (Class 4)
4.Variable Portfolio – Moderately Conservative Portfolio (Class 2), (Class 4)
5.Variable Portfolio – Conservative Portfolio (Class 2), (Class
4)
Portfolio Stabilizer Funds:
1.
Variable Portfolio – Managed Risk Fund (Class 2)
2.
Variable Portfolio – Managed Risk U.S. Fund (Class 2)
3.
Variable Portfolio
– Managed Volatility Growth Fund (Class 2)
4.
Variable Portfolio – Managed Volatility Moderate Growth Fund (Class 2)
5.
Variable Portfolio – Managed Volatility Conservative Growth Fund (Class 2)
6.
Variable Portfolio
– Managed Volatility Conservative Fund (Class 2)
7.
Variable Portfolio – U.S. Flexible Growth Fund (Class 2)
8.
Variable Portfolio – U.S. Flexible Moderate Growth Fund (Class 2)
RiverSource Signature Select Variable Annuity — Prospectus 115
9.
Variable Portfolio
– U.S. Flexible Conservative Growth Fund (Class 2)
116 RiverSource Signature Select Variable Annuity — Prospectus
Appendix B: Example — Surrender Charges
Example — Surrender Charges
We determine your surrender charge by multiplying the amount of each purchase payment surrendered which could be subject
to a surrender charge by the applicable surrender charge percentage, and then totaling the surrender charges. We calculate the amount of purchase payments surrendered (PPS)
as:
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purchase payments surrendered that could be subject to a surrender charge |
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(PS – FA) / (CV – FA) × (PP – PPF) |
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purchase payments surrendered that are not subject to a surrender charge |
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FA – contract earnings, but not less than zero |
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purchase payments not previously surrendered (total purchase payments – PPS from all previous
surrenders) |
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amount the contract value is reduced by the surrender |
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total free amount = greater of contract earnings or 10% of prior anniversary’s contract value |
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contract value prior to the surrender |
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XSF + (ACV – XSF) / (CV – TFA) × (PPNPS – XSF) |
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10% of prior anniversary’s contract value – contract earnings, but not less than zero |
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amount the contract value is reduced by the surrender – contract earnings, but not less than zero |
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total free amount = greater of contract earnings or 10% of prior anniversary’s contract value |
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purchase payments not previously surrendered (total purchase payments – PPS from all previous
surrenders) |
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contract value prior to the surrender |
When determining the surrender charge, contract earnings are defined as the contract value, including any positive or negative MVA on amounts being surrendered, less purchase payments not previously surrendered. We determine current
contract earnings by looking at the entire contract value, not the earnings of any particular subaccount, GPA, the regular fixed account (Current Contract), the one-year fixed
account (Original Contract), the Special DCA fixed account (Current Contract) or the DCA fixed account (Original Contract). If the contract value is less than purchase payments
received and not previously surrendered, then contract earnings are zero.
The examples below show how the surrender charge for a full and partial surrender is
calculated for a contract with a seven-year surrender charge schedule. Each example illustrates the amount of the surrender charge for both a contract that experiences gains and a contract that experiences losses, given the same set of
assumptions.
Current Contract: Full surrender
charge calculation — seven-year surrender charge schedule:
This is an example of how we calculate the surrender charge on a contract with a
seven-year (from the date of each purchase payment) surrender charge schedule and the following history:
•
We receive a single $50,000 purchase payment;
•
During the fourth contract year you surrender the contract for its total value. The surrender charge percentage in the
fourth year after a purchase payment is 6.0%; and
•
You have made
no prior surrenders.
We will look at two situations, one where the contract has a gain and another where there is a
loss:
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Contract value just prior to surrender: |
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Contract value on prior anniversary: |
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We calculate the surrender charge as follows: |
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First, we determine the amount of earnings available in the contract at the time of surrender as: |
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Contract value just prior to surrender (CV): |
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Less purchase payments received and not previously surrendered (PP): |
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RiverSource Signature Select Variable Annuity — Prospectus 117
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Earnings in the contract (but not less than zero): |
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Next, we determine the total free amount (FA) available in the contract as the
greatest of the following values: |
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Earnings in the contract: |
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10% of the prior anniversary’s contract value: |
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FA (but not less than zero): |
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Next we determine PPF, the amount by which the total free amount (FA) exceeds
earnings. |
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Less earnings in the contract: |
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PPF (but not less than zero): |
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Next we determine PS, the amount by which the contract value is reduced by the
surrender. |
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Now we can determine how much of the PP is being surrendered (PPS) as follows: |
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= PPF + (PS – FA) / (CV – FA) * (PP – PPF) |
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We then calculate the surrender charge as a percentage of PPS. Note that for a
contract with a loss, PPS may be greater than the amount you request to
surrender: |
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PPSC = amount of PPS subject to a surrender charge: |
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multiplied by the surrender charge rate: |
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The dollar amount you will receive as a result of your full surrender is determined
as: |
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Contract value surrendered: |
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Contract charge (assessed upon full surrender): |
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Net full surrender proceeds: |
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Current Contract: Partial surrender charge calculation — seven-year surrender charge schedule:
This is an example of how we calculate the surrender charge on a contract with a seven-year (from the date of each
purchase payment) surrender charge schedule and the following history:
•
We receive a single $50,000 purchase payment;
•
During the
fourth contract year you request a net partial surrender of $15,000.00. The surrender charge percentage in the fourth year after a purchase payment is 6.0%; and
•
You have made no prior surrenders.
We will look at two situations, one
where the contract has a gain and another where there is a loss:
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Contract value just prior to surrender: |
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118 RiverSource Signature Select Variable Annuity — Prospectus
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Contract value on prior anniversary: |
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We determine the amount of contract value that must be surrendered in order for the net partial surrender proceeds to
match the amount requested. We start with an estimate of the amount of contract value to surrender
and calculate the resulting surrender charge and net partial surrender proceeds as
illustrated below. We then adjust our estimate and repeat until we determine the
amount of contract value to surrender that generates the desired net partial surrender
proceeds. |
We calculate the surrender charge for each estimate as follows: |
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First, we determine the amount of earnings available in the contract at the time of
surrender as: |
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Contract value just prior to surrender (CV): |
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Less purchase payments received and not previously surrendered (PP): |
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Earnings in the contract (but not less than zero): |
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Next, we determine the total free amount (FA) available in the contract as the
greatest of the following values: |
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Earnings in the contract: |
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10% of the prior anniversary’s contract value: |
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FA (but not less than zero): |
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Next we determine PPF, the amount by which the total free amount (FA) exceeds
earnings |
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Less earnings in the contract: |
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PPF (but not less than zero): |
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Next we determine PS, the amount by which the contract value is reduced by the
surrender PS (determined by iterative process described above):
|
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Now we can determine how much of the PP is being surrendered (PPS) as follows: |
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= PPF + PPSC = PPF + (PS – FA) / (CV – FA) * (PP – PPF) |
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We then calculate the surrender charge as a percentage of PPS. Note that for a
contract with a loss, PPS may be greater than the amount you request to
surrender: |
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PPSC = amount of PPS subject to a surrender charge: |
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multiplied by the surrender charge rate: |
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The dollar amount you will receive as a result of your partial surrender is
determined as: |
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Contract value surrendered: |
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Net partial surrender proceeds: |
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RiverSource Signature Select Variable Annuity — Prospectus 119
Original
Contract:
Full surrender charge calculation — seven-year surrender charge schedule:
This is an example of how we calculate the surrender charge on a contract with a seven-year (from the date of each
purchase payment) surrender charge schedule and the following history:
•
We receive a single $50,000 purchase payment;
•
During the
fourth contract year you surrender the contract for its total value. The surrender charge percentage in the fourth year after a purchase payment is 6.0%; and
•
You have made no prior surrenders.
We will look at two situations, one
where the contract has a gain and another where there is a loss:
| |
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Contract value just prior to surrender: |
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Contract value on prior anniversary: |
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|
We calculate the surrender charge as follows: |
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|
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First, we determine the amount of earnings available in the contract at the time of
surrender as: |
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Contract value just prior to surrender (CV): |
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|
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Less purchase payments received and not previously surrendered (PPNPS): |
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Earnings in the contract (but not less than zero): |
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Next, we determine the Total Free Amount (TFA) available in the contract as the
greatest of the following values: |
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Earnings in the contract: |
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10% of the prior anniversary’s contract value: |
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TFA (but not less than zero): |
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Next we determine ACV, the amount by which the contract value surrendered exceeds earnings. |
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Contract value surrendered: |
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Less earnings in the contract: |
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ACV (but not less than zero): |
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Next we determine XSF, the amount by which 10% of the prior anniversary’s
contract value exceeds earnings. |
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10% of the prior anniversary’s contract value: |
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Less earnings in the contract: |
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XSF (but not less than zero): |
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Now we can determine how much of the PPNPS is being surrendered (PPS) as follows: |
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= XSF + (ACV – XSF) / (CV – TFA) × (PPNPS – XSF) |
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We then calculate the surrender charge as a percentage of PPS. Note that for a
contract with a loss, PPS may be greater than the amount you request to
surrender: |
|
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|
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amount of PPS subject to a surrender charge: |
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multiplied by the surrender charge rate: |
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120 RiverSource Signature Select Variable Annuity — Prospectus
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The dollar amount you will receive as a result of your full surrender is determined
as: |
|
|
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Contract value surrendered: |
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|
|
|
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Contract charge (assessed upon full surrender): |
|
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Net full surrender proceeds: |
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Partial surrender charge calculation —
seven-year surrender charge schedule:
This is an example of how we calculate the surrender charge on a contract with a seven-year (from the date of each purchase payment) surrender charge schedule and the following history:
•
We receive a single $50,000 purchase payment;
•
During the
fourth contract year you request a net partial surrender of $15,000.00. The surrender charge percentage in the fourth year after a purchase payment is 6.0%; and
•
You have made no prior surrenders.
We will look at two situations, one
where the contract has a gain and another where there is a loss:
| |
|
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Contract value just prior to surrender: |
|
|
Contract value on prior anniversary: |
|
|
We determine the amount of contract value that must be surrendered in order for the net partial surrender proceeds to
match the amount requested. We start with an estimate of the amount of contract value to surrender
and calculate the resulting surrender charge and net partial surrender proceeds as
illustrated below. We then adjust our estimate and repeat until we determine the
amount of contract value to surrender that generates the desired net partial surrender
proceeds. |
We calculate the surrender charge for each estimate as follows: |
|
|
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First, we determine the amount of earnings available in the contract at the time of
surrender as: |
|
|
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Contract value just prior to surrender (CV): |
|
|
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Less purchase payments received and not previously surrendered (PPNPS): |
|
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Earnings in the contract (but not less than zero): |
|
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Next, we determine the Total Free Amount (TFA) available in the contract as the
greatest of the following values: |
|
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Earnings in the contract: |
|
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10% of the prior anniversary’s contract value: |
|
|
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TFA (but not less than zero): |
|
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Next we determine ACV, the amount by which the contract value surrendered exceeds earnings. |
|
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Contract value surrendered: |
|
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Less earnings in the contract: |
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ACV (but not less than zero): |
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Next we determine XSF, the amount by which 10% of the prior anniversary’s
contract value exceeds earnings. |
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10% of the prior anniversary’s contract value: |
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Less earnings in the contract: |
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XSF (but not less than zero): |
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Now we can determine how much of the PPNPS is being surrendered (PPS) as follows: |
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= XSF + (ACV – XSF) / (CV – TFA) * (PPNPS – XSF) |
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RiverSource Signature Select Variable Annuity — Prospectus 121
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We then calculate the surrender charge as a percentage of PPS. Note that for a
contract with a loss, PPS may be greater than the amount you request to
surrender: |
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amount of PPS subject to a surrender charge: |
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multiplied by the surrender charge rate: |
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The dollar amount you will receive as a result of your partial surrender is
determined as: |
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Contract value surrendered: |
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Net partial surrender proceeds: |
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122 RiverSource Signature Select Variable Annuity — Prospectus
Appendix C: Example — Death Benefits
Example — ROPP Death Benefit
•
You purchase the contract with a payment of $20,000;
•
On the first contract anniversary you make an additional purchase payment of $5,000; and
•
During the
second contract year the contract value falls to $22,000 and you take a $1,500 (including surrender charge) partial surrender; and
•
During the third contract year the contract value grows to $23,000.
We calculate the ROPP Death Benefit as follows: |
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Purchase payments minus adjusted partial surrenders: |
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minus adjusted partial surrenders calculated as: |
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The ROPP Death Benefit, calculated as the greatest of these two values: |
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Example — MAV Death Benefit
•
You purchase the contract with a payment of $25,000;
•
On the first contract anniversary the contract value grows to $26,000; and
•
During the
second contract year the contract value falls to $22,000, at which point you take a $1,500 (including surrender charge) partial surrender, leaving a contract
value of $20,500.
We calculate the MAV Death Benefit, which is based on the greater of three values, as
follows: |
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Purchase payments minus adjusted partial
surrenders: |
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minus adjusted partial surrenders, calculated as: |
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The MAV immediately preceding the date of death: |
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Greatest of your contract anniversary values: |
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plus purchase payments made since the prior anniversary: |
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minus adjusted partial surrenders, calculated as: |
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The MAV Death Benefit, calculated as the greatest of these three values, which is the
MAV: |
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Example — 5% Accumulation Death Benefit
•
You purchase the contract with a payment of $25,000 with $5,000 allocated to the regular fixed account and $20,000 allocated to
the subaccounts;
•
On the first contract anniversary the regular fixed account value is $5,200 and the subaccount value is $17,000. Total contract value is $23,200; and
RiverSource Signature Select Variable Annuity — Prospectus 123
•
During the
second contract year regular fixed account value is $5,300 and the subaccount value is $19,000. Total
contract value is $24,300. You take a $1,500 (including surrender charge) partial surrender all from the subaccounts, leaving the contract value at $22,800.
The death benefit, which is based on the greatest of three values, is calculated as
follows: |
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Purchase payments minus adjusted partial
surrenders: |
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minus adjusted partial surrenders, calculated as: |
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The 5% accumulation death benefit floor: |
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The variable account floor on the first contract anniversary, calculated as: 1.05 ×
$20,000 = |
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plus amounts allocated to the subaccounts since that anniversary: |
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minus the 5% accumulation death benefit floor adjusted partial surrender from the subaccounts, calculated as: |
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variable account floor benefit: |
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plus the regular fixed account value: |
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5% accumulation death benefit floor (value of the regular fixed account and the variable account floor): |
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The 5% Accumulation Death Benefit, calculated as the greatest of these three values,
which is the 5% accumulation death benefit floor:
|
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Example — Enhanced Death Benefit
•
You purchase the contract with a payment of $25,000 with $5,000 allocated to the regular fixed account and $20,000 allocated to
the subaccounts;
•
On the first contract anniversary the regular fixed account value is $5,200 and the subaccount value is $17,000. Total contract value is $23,200; and
•
During the
second contract year the regular fixed account value is $5,300 and the subaccount value is $19,000. Total contract value is $24,300. You take a $1,500 (including surrender charge) partial surrender all from the subaccounts, leaving the contract value at $22,800.
The death benefit, which is based on the greatest of four values, is calculated as
follows: |
|
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|
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Purchase payments minus adjusted partial
surrenders: |
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|
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minus adjusted partial surrenders, calculated as: |
|
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The MAV on the anniversary immediately preceding the date of death: |
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The MAV on the immediately preceding anniversary: |
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plus purchase payments made since that anniversary: |
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minus adjusted partial surrenders made since that anniversary, calculated as: |
|
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for a MAV Death Benefit of: |
|
|
124 RiverSource Signature Select Variable Annuity — Prospectus
| |
The 5% accumulation death benefit floor: |
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The variable account floor on the first contract anniversary calculated as: 1.05 ×
$20,000 = |
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plus amounts allocated to the subaccounts since that anniversary: |
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minus the 5% accumulation death benefit floor adjusted partial surrender from the subaccounts, calculated as: |
|
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variable account floor benefit: |
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plus the regular fixed account value: |
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5% accumulation death benefit floor (value of the regular fixed account and the variable account floor): |
|
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Enhanced Death Benefit, calculated as the greatest of these four values, which is the
5% accumulation death benefit floor: |
|
|
Example — ROP Death Benefit
•
You purchase the contract with a payment of $20,000;
•
On the first contract anniversary you make an additional purchase payment of $5,000;
•
During the
second contract year the contract value falls to $22,000 and you take a $1,500 partial surrender, including surrender charge; and
•
During the third contract year the contract value grows to $23,000.
We calculate the ROP Death Benefit as follows: |
|
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| |
|
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| |
Purchase payments minus adjusted partial
surrenders: |
|
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|
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minus adjusted partial surrenders calculated as: |
|
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|
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ROP Death Benefit, calculated as the greatest of these two values: |
|
|
Example — MAV Death Benefit
•
You purchase the contract with a payment of $25,000;
•
On the first contract anniversary the contract value grows to $26,000; and
•
During the
second contract year the contract value falls to $22,000, at which point you take a $1,500 (including surrender charge) partial surrender, leaving a contract
value of $20,500.
We calculate the MAV Death Benefit, which is based on the greater of three values, as
follows: |
|
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| |
|
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Purchase payments minus adjusted partial
surrenders: |
|
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|
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minus adjusted partial surrenders, calculated as: |
|
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|
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|
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|
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The MAV immediately preceding the date of death: |
|
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| |
Greatest of your contract anniversary values: |
|
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| |
plus purchase payments made since the prior anniversary: |
|
|
RiverSource Signature Select Variable Annuity — Prospectus 125
| |
minus adjusted partial surrenders, calculated as: |
|
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|
|
|
|
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|
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| |
|
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The MAV Death Benefit, calculated as the greatest of these three values, which is the
MAV: |
|
|
Example — 5% Accumulation Death Benefit
•
You purchase the contract with a payment of $25,000 with $5,000 allocated to the one-year
fixed account and $20,000 allocated to the subaccounts; and
•
on the first
contract anniversary, the one-year fixed account value is $5,200 and the subaccount value is $17,000. Total contract value is $23,200; and
•
During the second contract year the one-year fixed account value is $5,300 and the subaccount value is $19,000. Total
contract value is $24,300. You take a $1,500 (including surrender charge) partial surrender all from the subaccounts, leaving the contract value at $22,800.
The death benefit, which is based on the greatest of three values, is calculated as
follows: |
|
|
| |
|
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| |
Purchase payments minus adjusted partial surrenders |
|
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|
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minus adjusted partial surrenders, calculated as: |
|
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The 5% variable account floor: |
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| |
The variable account floor on the first contract anniversary, calculated as: |
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| |
plus amounts allocated to the subaccounts since that anniversary: |
|
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| |
minus the 5% variable account floor adjusted surrenders from the subaccounts,
calculated as: |
|
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| |
|
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| |
variable account floor benefit: |
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| |
plus the one-year fixed account value: |
|
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| |
5% variable account floor (value of the one-year fixed account and the variable
account floor): |
|
|
The 5% Accumulation Death Benefit, calculated as the greatest of these three values,
which is the 5% variable account floor: |
|
|
Example — Enhanced Death Benefit
•
You purchase the contract with a payment of $25,000 with $5,000 allocated to the one-year
fixed account and $20,000 allocated to the subaccounts; and
•
on the first
contract anniversary, the one-year fixed account value is $5,200 and the subaccount value is $17,000. Total contract value is $23,200; and
•
During the second contract year, the one-year fixed account value is $5,300 and the subaccount value is $19,000. Total
contract value is $24,300. You take a $1,500 (including surrender charge) partial surrender all from the subaccounts, leaving the contract value at $22,800.
The death benefit, which is based on the greatest of four values, is calculated as
follows: |
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126 RiverSource Signature Select Variable Annuity — Prospectus
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Purchase payments minus adjusted partial surrenders: |
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minus adjusted partial surrenders, calculated as: |
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The MAV on the anniversary immediately preceding the date of death: |
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The MAV on the immediately preceding anniversary: |
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plus purchase payments made since that anniversary: |
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minus adjusted partial surrenders made since that anniversary, calculated as: |
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for a MAV Death Benefit of: |
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The 5% variable account floor: |
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The variable account floor on the first contract anniversary calculated as: |
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plus amounts allocated to the subaccounts since that anniversary: |
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minus the 5% variable account floor adjusted partial surrender from the subaccounts, calculated as: |
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variable account floor benefit: |
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plus the one-year fixed account value: |
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5% variable account floor (value of the one-year fixed account and the variable account floor): |
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Enhanced Death Benefit, calculated as the greatest of these four values,
which is the 5% variable account floor: |
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RiverSource Signature Select Variable Annuity — Prospectus 127
Appendix D: Example —
SecureSource Series of Riders
SecureSource Stages 2 rider — Example:
•
You purchase the contract with a payment of $100,000 and make no additional payments to the
contract.
•
You are the sole owner and also the annuitant. You (and your spouse for the joint benefit)
are age 61.
•
Annual step ups are applied each anniversary when available, where the contract value is
greater than the PBG and/or the BB. Applied annual step ups are indicated in bold.
•
You elect the
Moderate investment option at issue.
Contract
Duration
in Years |
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Hypothetical
Assumed
Contract Value |
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Benefit
Determining
Percentage |
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(1)
The ALP and RALP are based on percentage B until the end of the 1-year waiting
period.
(2)
Since no withdrawal was taken, at the end of the 1-year waiting period, the ALP and RALP are
recalculated based on percentage A.
(3)
Because the Annual step up increased the BB on the anniversary and the covered
person’s (for the joint benefit, younger covered spouse’s) attained age is in a higher age band, the Lifetime Payment Percentage increased.
(4)
The Lifetime Payment Percentage is based on percentage A when the BDP is less than 20% and
percentage B when the BDP is greater than or equal to 20%.
(5)
The $10,000 withdrawal is greater than the $6,500 RALP allowed under the rider and therefore excess withdrawal processing is applied. The BB and PBG are reset as described in “Lifetime Benefit Description – Determination of Adjustment of Benefit Values”.
SecureSource Stages rider — Example:
•
You purchase the contract with a payment of $100,000 and make no additional payments to the
contract.
•
You are the sole owner and also the annuitant. You (and your spouse for the joint benefit)
are age 61.
•
Annual step ups are applied each anniversary when available, where the contract value is
greater than the PBG and/or the BB. Applied Annual step ups are indicated in bold.
•
You elect the
Moderate PN program investment option at issue.
Contract
Duration
in Years |
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Hypothetical
Assumed
Contract Value |
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Benefit
Determining
Percentage |
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128 RiverSource Signature Select Variable Annuity — Prospectus
Contract
Duration
in Years |
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Hypothetical
Assumed
Contract Value |
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Benefit
Determining
Percentage |
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(1)
The RALP is zero until the end of the 3-Year Waiting Period.
(2)
At the end of the 3-Year waiting period, the RALP is set equal to the ALP.
(3)
Because the Annual step up increased the BB on the anniversary and the covered
person’s (for the joint benefit, younger covered spouse’s) attained age is in a higher age band, the Lifetime Payment Percentage increased.
(4)
The lifetime payment percentage is based on percentage A when the BDP is less than 20% and
percentage B when the BDP is greater than or equal to 20%.
(5)
The $10,000 withdrawal is greater than the $6,500 RALP allowed under the rider and therefore excess withdrawal processing is applied. The BB and PBG are reset as described in “Determination of Adjustment of Benefit Values” in the “Lifetime Benefit Description.”
SecureSource 20 rider — Example:
EXAMPLE #1: Lifetime benefit not established at the time the
contract and rider are purchased.
•
You purchase the contract with a payment of $100,000 and make no additional payments to the
contract.
•
You are the sole owner and also the annuitant. You (and your spouse for the joint benefit)
are age 61.
•
Annual step ups are applied each anniversary when available, where the contract value is
greater than the RBA and/or the contract value times the ALP percentage is greater than the ALP. Applied annual step ups are indicated in bold.
•
You elect the Moderate PN program investment option at issue.
Contract
Duration
in Years |
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Hypothetical
Assumed
Contract Value |
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(1)
The ALP and RALP are established on the contract anniversary following the date the covered person (younger Covered Spouse for Joint) reaches age 65 as the greater of the ELB or the RBA, times the ALP percentage.
(2)
The ALP percentage and GBP percentage are 6% when the BDP is less than 20% and 5% when the BDP is greater than or equal to 20%.
(3)
The $7,500 withdrawal is greater than the $7,140 RALP allowed under the lifetime benefit and
therefore excess withdrawal processing is applied to the ALP, resetting the ALP to the lesser of the prior ALP or the ALP percentage times the contract value following the
withdrawal. The WAB is reset to the ALP after the reset divided by the current ALP percentage. The BDP at the time of withdrawal is less than 20%, so the ALP percentage and GBP percentage are set at 6% for the remainder of the contract year.
(4)
The $10,000 withdrawal is greater than both the $7,500 RBP allowed under the basic benefit and the $5,400 RALP allowed under the lifetime benefit and therefore excess withdrawal processing is applied to both benefits. The GBA is reset to the lesser of the prior GBA or the contract value following the withdrawal. The RBA is reset to the lesser of the prior RBA less the withdrawal or the contract value following the withdrawal. The ALP is reset to the lesser of the prior ALP or the ALP percentage times the contract value following the withdrawal. The WAB is reset to the ALP after the reset divided by the current ALP percentage. The BDP at the time of withdrawal is less than 20%, so the ALP percentage and GBP percentage are set at 6% for the remainder of the contract year.
EXAMPLE
#2: Lifetime benefit established at the time the contract and rider are purchased.
•
You purchase the contract with a payment of $100,000 and make no additional payments to the
contract.
•
You are the sole owner and also the annuitant. You (and your spouse for the joint benefit)
are age 65.
•
Annual step ups are applied each anniversary when available, where the contract value is
greater than the RBA and/or the contract value times the ALP Percentage is greater than the ALP. Applied annual step ups are indicated in bold.
RiverSource Signature Select Variable Annuity — Prospectus 129
•
You elect the
Moderate PN program investment option at issue. On the 7th contract anniversary, you elect to change to the Moderately Aggressive PN program investment option. The target PN
program investment option under the contract is the Moderate PN program investment
option.
Contract
Duration
in Years |
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Hypothetical
Assumed
Contract Value |
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(1)
At the end of the 3-Year waiting period, the RBP and RALP are set equal to the GBP and ALP,
respectively. The 20% rider credit is applied to the lifetime benefit.
(2)
The $7,000 withdrawal is greater than the $6,600 RBP allowed under the basic benefit and therefore excess withdrawal processing is applied to the basic benefit. The GBA is reset to the lesser of the prior GBA or the contract value following the withdrawal. The RBA is reset to the lesser of the prior RBA less the withdrawal or the contract value following the withdrawal. The BDP at the time of withdrawal is less than 20%, so the ALP percentage and GBP percentage are set at 6% for the remainder of the contract year.
(3)
The ALP percentage and GBP percentage are 6% when the BDP is less than 20% and 5% when the BDP is greater than or equal to 20%.
(4)
The $10,000 withdrawal is greater than both the $4,500 RBP allowed under the basic benefit
and the $6,000 RALP allowed under the lifetime benefit and therefore excess withdrawal processing is applied to both benefits. The GBA is reset to the lesser of the prior GBA or
the contract value following the withdrawal. The RBA is reset to the lesser of the prior RBA less the withdrawal or the contract value following the withdrawal. The ALP is reset to the lesser of the prior ALP or the ALP percentage times the contract value following the withdrawal. The WAB is reset to the ALP after the reset divided by the current ALP percentage. The BDP at the time of withdrawal is greater than or equal to 20%, so the ALP percentage and GBP percentage are set at 5% for the remainder of the contract year.
(5)
Allocation to the Moderately Aggressive PN program investment option during a withdrawal phase will reset the benefit. The GBA is reset to the lesser of the prior GBA or the contract value. The RBA is reset to the lesser of the prior RBA or the contract value. The ALP is reset to the lesser of the prior ALP or the ALP percentage times the contract value. The WAB is reset to the ALP after the reset divided by the current ALP percentage. Any future withdrawals will reallocate your contract value to the Moderate PN program investment option if you are invested more aggressively than the Moderate PN program investment option.
SecureSource rider —
Example:
EXAMPLE #1: Single Life Benefit:
Covered Person has not reached age 65 at the time the contract and rider are purchased.
•
You purchase the contract with a payment of $100,000 and make no additional payments to the
contract.
•
You are the sole owner and also the annuitant. You are age 60.
•
Automatic Annual step ups are applied each anniversary when available, where the contract value is greater than the RBA
and/or 6% of the contract value is greater than the ALP. Applied Annual step ups are indicated in bold.
•
You elect the
Moderate PN program investment option at issue. On the 1st contract anniversary, you elect to change to the Moderately Aggressive PN program investment option. The target PN
program investment option under the contract is the Moderate PN program investment
option.
Contract
Duration
in Years |
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Hypothetical
Assumed
Contract Value |
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Lifetime
Withdrawal Benefit |
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130 RiverSource Signature Select Variable Annuity — Prospectus
Contract
Duration
in Years |
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Hypothetical
Assumed
Contract Value |
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Lifetime
Withdrawal Benefit |
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At this point, assuming no additional activity (step ups, excess
withdrawals, purchase payments, spousal continuation, contract ownership change, or PN program investment option changes), you can continue to withdrawal up to either the GBP of $3,850 each year until the RBA is reduced to zero, or the ALP of $3,300 each year until the later of your death
or the RBA is reduced to zero.
(1)
Allocation to the Moderately Aggressive investment option during a withdrawal phase will
reset the benefit. The GBA is reset to the lesser of the prior GBA or the contract value. The RBA is reset to the lesser of the prior RBA or the contract value. The ALP (if
established) is reset to the lesser of the prior ALP or 6% of the contract value. Any future withdrawals will reallocate your contract value to the Moderate PN program investment
option if you are invested more aggressively than the Moderate PN program investment option.
(2)
The ALP and RALP are established on the contract anniversary date following the date the
covered person reaches age 65 as 6% of the RBA.
(3)
The $6,300 withdrawal is greater than the $5,400 RALP allowed under the lifetime withdrawal
benefit and therefore the excess withdrawal processing is applied to the ALP, resetting the ALP to the lesser of the prior ALP or 6% of the contract value following the
withdrawal.
(4)
The $10,000 withdrawal is greater than both the $6,300 RBP allowed under the basic
withdrawal benefit and the $3,840 RALP allowed under the lifetime withdrawal benefit and therefore the excess withdrawal processing is applied to the GBA, RBA, and ALP. The GBA
is reset to the lesser of the prior GBA or the contract value following the withdrawal. The RBA is reset to the lesser of the prior RBA less the withdrawal or the contract
value following the withdrawal. The ALP is reset to the lesser of the prior ALP or 6% of the contract value following the withdrawal.
EXAMPLE #2: Single Life Benefit: Covered Person has reached 65 at the time the contract and rider are purchased.
•
You purchase the contract with a payment of $100,000 and make no additional payments to the
contract.
•
You are the sole owner and also the annuitant. You are age 65.
•
Automatic Annual step ups are applied each anniversary when available, where the contract value is greater than the RBA
and/or 6% of the contract value is greater than the ALP. Applied Annual step ups are indicated in bold.
•
Your death
occurs after 6½ contract years and your spouse continues the contract and rider. Your spouse is over age 65 and is the new Covered Person.
Contract
Duration
in Years |
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Hypothetical
Assumed
Contract Value |
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Lifetime
Withdrawal Benefit |
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At this point, assuming no additional activity (step ups, excess withdrawals,
purchase payments, contract ownership change, or PN program investment option changes), your spouse can continue to withdrawal up to either the GBP of $8,750 each year until the RBA is reduced to zero, or the ALP of $6,600 each year until the later of your spouse’s death or the RBA is reduced to zero.
(1)
The Annual Step-up has not been applied to the RBP or RALP because any withdrawal after step
up during the Waiting Period would reverse any prior step ups prior to determining if the withdrawal is excess. Therefore, during the Waiting Period, the RBP is the amount you
can withdrawal without incurring the GBA and RBA excess withdrawal processing, and the RALP is the amount you can withdrawal without incurring the ALP excess withdrawal processing.
(2)
On the third anniversary (after the end of the waiting period), the RBP and RALP are set
equal to the GBP and ALP, respectively.
(3)
The $8,050 withdrawal is greater than the $6,900 RALP allowed under the lifetime withdrawal
benefit and therefore the excess withdrawal processing is applied to the ALP, resetting the ALP to the lesser of the prior ALP or 6% of the contract value following the
withdrawal.
RiverSource Signature Select Variable Annuity — Prospectus 131
(4)
The $10,000 withdrawal is greater than both the $8,400 RBP allowed under the basic withdrawal benefit and the $7,200 RALP allowed under the lifetime withdrawal benefit and therefore the excess withdrawal processing is applied to the GBA, RBA, and ALP. The GBA is reset to the lesser of the prior GBA or the contract value following the withdrawal. The RBA is reset to the lesser of the prior RBA less the withdrawal or the contract value following the withdrawal. The ALP is reset to the lesser of the prior ALP or 6% of the contract value following the withdrawal.
(5)
At spousal continuation, the ALP is reset to the lesser of the prior ALP or 6% of the
contract value and the RALP is reset to the ALP.
EXAMPLE #3: Joint Life Benefit: Younger Covered Spouse has not
reached 65 at the time the contract and rider are purchased.
•
You purchase the contract with a payment of $100,000 and make no additional payments to the
contract.
•
You are age 59 and your spouse is age 60.
•
Automatic annual step ups are applied each anniversary when available, where the contract value is greater than the RBA
and/or 6% of the contract value is greater than the ALP. Applied annual step ups are indicated in bold.
•
You elect the
Moderate investment option at issue. On the 1st contract anniversary, you elect to change to the Moderately Aggressive PN program investment option. The target PN program
investment option under the contract is the Moderate PN program investment option.
•
Your death
occurs after 9½ contract years and your spouse continues the contract and rider; the lifetime benefit is not reset.
Contract
Duration
in Years |
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Hypothetical
Assumed
Contract Value |
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Lifetime
Withdrawal Benefit |
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At this point, assuming no additional activity (step ups, excess withdrawals,
purchase payments, or PN program investment option changes), your spouse can continue to withdrawal up to either the GBP of $3,850 each year until the RBA is reduced to zero, or the ALP of $3,300 each year until the later of your spouse’s death or the RBA is reduced to zero.
(1)
The ALP and RALP are established on the contract anniversary date following the date the
younger Covered Spouse reaches age 65 as 6% of the RBA.
(2)
Allocation to the Moderately Aggressive PN program model portfolio or investment option during a withdrawal phase will reset the benefit. The GBA is reset to the lesser of the prior GBA or the contract value. The RBA is reset to the lesser of the prior RBA or the contract value. The ALP is reset to the lesser of the prior ALP or 6% of the contract value. Any future withdrawals will reallocate your contract value to the Moderate PN program investment option if you are invested more aggressively than the Moderate PN program investment
option.
(3)
The $6,300 withdrawal is greater than the $5,400 RALP allowed under the lifetime withdrawal
benefit and therefore the excess withdrawal processing is applied to the ALP, resetting the ALP to the lesser of the prior ALP or 6% of the contract value following the
withdrawal.
(4)
The $10,000 withdrawal is greater than both the $6,300 RBP allowed under the basic
withdrawal benefit and the $3,840 RALP allowed under the lifetime withdrawal benefit and therefore the excess withdrawal processing is applied to the GBA, RBA, and ALP. The GBA
is reset to the lesser of the prior GBA or the contract value following the withdrawal. The RBA is reset to the lesser of the prior RBA less the withdrawal or the contract
value following the withdrawal. The ALP is reset to the lesser of the prior ALP or 6% of the contract value following the withdrawal.
EXAMPLE #4: Joint Life Benefit: Younger Covered Spouse has reached 65 at the time the contract and rider are purchased.
•
You purchase the contract with a payment of $100,000 and make no additional payments to the
contract
•
You are age 71 and your spouse is age 70.
132 RiverSource Signature Select Variable Annuity — Prospectus
•
Automatic
Annual step ups are applied each anniversary when available, where the contract value is greater than the RBA and/or 6% of the contract value is greater than the ALP. Applied
annual step ups are indicated in bold.
•
Your death occurs after 6½ contract years and your spouse continues the contract and
rider; the lifetime benefit is not reset.
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At this point, assuming no additional activity (step ups, excess withdrawals,
purchase payments, or PN program investment option changes), your spouse can continue to withdrawal up to either the GBP of $8,750 each year until the RBA is reduced to zero, or the ALP of $7,500 each year until the later of your spouse’s death or the RBA is reduced to zero.
(1)
The Annual step-up has not been applied to the RBP or RALP because any withdrawal after step
up during the waiting period would reverse any prior step ups prior to determining if the withdrawal is excess. Therefore, during the Waiting Period, the RBP is the amount you
can withdrawal without incurring the GBA and RBA excess withdrawal processing, and the RALP is the amount you can withdrawal without incurring the ALP excess withdrawal processing.
(2)
On the third anniversary (after the end of the Waiting Period), the RBP and RALP are set
equal to the GBP and ALP, respectively.
(3)
The $8,050 withdrawal is greater than the $6,900 RALP allowed under the lifetime withdrawal
benefit and therefore the excess withdrawal processing is applied to the ALP, resetting the ALP to the lesser of the prior ALP or 6% of the contract value following the
withdrawal.
(4)
The $10,000 withdrawal is greater than both the $8,400 RBP allowed under the basic
withdrawal benefit and the $7,200 RALP allowed under the lifetime withdrawal benefit and therefore the excess withdrawal processing is applied to the GBA, RBA, and ALP. The GBA
is reset to the lesser of the prior GBA or the contract value following the withdrawal. The RBA is reset to the lesser of the prior RBA less the withdrawal or the contract
value following the withdrawal. The ALP is reset to the lesser of the prior ALP or 6% of the contract value following the withdrawal.
RiverSource Signature Select Variable Annuity — Prospectus 133
Appendix E: SecureSource Series of Riders — Additional Required Minimum Distribution (RMD) Disclosure
This appendix describes our current administrative practice for determining the amount of withdrawals in any contract
year which an owner may take under the SecureSource series of riders to satisfy the RMD rules under 401(a)(9) of the Code without application of the excess withdrawal
processing described in the rider. We reserve the right to modify this administrative practice at any time upon 30 days’ written notice to you.
For SecureSource Stages and
SecureSource 20 riders, owners subject to annual RMD rules under Section 401(a)(9) of
the Code, withdrawing from this contract during the waiting period to satisfy these rules will set your benefits to zero and you will not receive any future rider credit.
Amounts you withdraw from this contract (for SecureSource Stages and SecureSource 20 riders, amounts you withdraw from this contract after the waiting period) to satisfy these rules are not subject to excess withdrawal processing under
the terms of the rider subject to the following rules and our current administrative practice:
For SecureSource and SecureSource 20 riders:
(1)
If on the date we calculated your Annual Life Expectancy Required Minimum Distribution Amount (ALERMDA), it is greater
than the RBP from the beginning of the current contract year*,
•
Basic Additional Benefit Amount (BABA) will be set equal to that portion of your ALERMDA that
exceeds the RBP from the beginning of the current contract year.
•
Any withdrawals
taken in a contract year will count first against and reduce the RBP for that contract year.
•
Once the RBP
for the current contract year has been depleted, any additional amounts withdrawn will count against and reduce the BABA. These withdrawals will not be considered excess
withdrawals with regard to the GBA and RBA as long as they do not exceed the remaining BABA.
•
Once the BABA has been depleted, any additional withdrawal amounts will be considered excess
withdrawals with regard to the GBA and RBA and will subject them all to the excess withdrawal processing described in the SecureSource series of riders.
(2)
If on the date we calculated your ALERMDA, it is greater than the RALP from the beginning of the current contract
year,*
•
A Lifetime Additional Benefit Amount (LABA) will be set equal to that portion of your ALERMDA
that exceeds the RALP from the beginning of the current contract year*.
•
Any withdrawals
taken in a contract year will count first against and reduce the RALP for that contract year.
•
Once the RALP
for the current contract year has been depleted, any additional amounts withdrawn will count against and reduce the LABA. These withdrawals will not be considered excess
withdrawals with regard to the ALP as long as they do not exceed the remaining LABA. Withdrawals will not be considered excess withdrawals unless amounts withdrawn exceed combined RALP and LABA values.
•
Once the LABA
has been depleted, any additional withdrawal amounts will be considered excess withdrawals with regard to the ALP and will subject the ALP to the excess withdrawal processing
described by the SecureSource series of riders.
(3)
If the ALP is established on a policy anniversary where your current ALERMDA is greater than
the new RALP,
•
An initial LABA will be set equal to that portion of your ALERMDA that exceeds the new
RALP.
•
This new LABA will be immediately reduced by the amount that total withdrawals in the current
calendar year exceed the new RALP, but shall not be reduced to less than zero.
For
SecureSource Stages and SecureSource Stages 2 riders:
(1)
Each calendar year, if your ALERMDA is greater than the ALP,
•
A Lifetime
Additional Benefit Amount (LABA) will be set equal to that portion of your ALERMDA that exceeds the ALP.
•
The LABA will be reduced by the total of the amount that each withdrawal in the current
calendar year exceeds the RALP at the time of each withdrawal, but shall not be reduced to less than zero.
•
Any withdrawals taken in a contract year will count first against and reduce the RALP for that
contract year.
•
Once the RALP for the current contract year has been depleted, any additional amounts
withdrawn will count against and reduce the LABA. These withdrawals will not be considered excess withdrawals with regard to the ALP as long as they do not exceed the remaining LABA. Withdrawals will not be considered excess withdrawals unless
amounts withdrawn exceed combined RALP and LABA values.
134 RiverSource Signature Select Variable Annuity — Prospectus
•
Once the LABA has been depleted, any additional withdrawal amounts will be considered excess
withdrawals with regard to the ALP and will subject the ALP to the excess withdrawal processing described by the SecureSource Stages and SecureSource Stages
2.
*
For
SecureSource 20 riders, adjusted for any subsequent changes between 5% and 6% as
described under “GBP Percentage and ALP Percentage”.
(1)
determined by us each calendar year (for SecureSource Stages and SecureSource 20 riders,
starting with the calendar year in which the waiting period ends);
(2)
based on your
initial purchase payment and not the entire interest value in the calendar year of contract issue and therefore may not be sufficient to allow you to withdraw your RMD without
causing an excess withdrawal;
(3)
based solely on the value of the contract to which the SecureSource series rider is attached as of the date we make the determination;
(4)
based on your recalculated life expectancy taken from the Uniform Lifetime Table under the
Code; and
(5)
based on the company’s understanding and interpretation of the requirements for life
expectancy distributions intended to satisfy the required minimum distribution rules under Code Section 401(a)(9) and the Treasury Regulations promulgated thereunder, as applicable on the effective date of this prospectus, to:
1.
an individual
retirement annuity (Section 408(b));
2.
a Roth individual retirement account (Section 408A);
3.
a Simplified Employee Pension plan (Section 408(k));
4.
a tax-sheltered annuity rollover (Section 403(b)).
In the future, the requirements under the Code for such distributions may change and the life expectancy amount calculation provided under your rider within the SecureSource series of riders may not be sufficient to satisfy the requirements under the Code for these types of distributions. In
such a situation, amounts withdrawn to satisfy such distribution requirements will exceed your available RBP or RALP amount and may result in the reduction of your GBA, RBA, and/or ALP as described under the excess withdrawal provision of the rider.
In cases where the Code does not allow the life expectancy of a natural
person to be used to calculate the required minimum distribution amount (e.g., ownership by a trust or a charity), we will calculate the life expectancy RMD amount calculated by us as zero in all years.
Please contact your tax advisor about the impact of those rules prior to purchasing
one of the SecureSource series of riders.
RiverSource Signature Select Variable Annuity — Prospectus 135
Appendix F: Example — Benefit Protector Death Benefit Rider
Example of the Benefit Protector
•
You purchase the contract with a payment of $100,000 and you (Current Contract) or you and
the annuitant (Original Contract) are under age 70; and
•
You select the
MAV Death Benefit.
During the first contract year the contract value
grows to $105,000. The death benefit under the MAV Death Benefit equals the contract value, $105,000. You have not reached the first contract anniversary so the Benefit Protector
does not provide any additional benefit at this time.
On the first contract anniversary the contract value grows to
$110,000. The death benefit equals:
MAV Death Benefit (contract value): |
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plus the Benefit Protector benefit which equals 40% of earnings at death |
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(MAV Death Benefit minus remaining purchase payments for the Current Contract or MAV
Death Benefit minus payments not previously surrendered for the Original
Contract): |
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0.40 × ($110,000 - $100,000) = |
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On the second contract anniversary
the contract value falls to $105,000. The death benefit equals:
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plus the Benefit Protector benefit (40% of earnings at death): |
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0.40 × ($110,000 - $100,000) = |
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During the third contract year the
contract value remains at $105,000 and you request a partial surrender of $50,000, including the applicable 7% surrender charges. We will surrender $10,500 from your contract
value free of charge (10% of your prior anniversary’s contract value). The remainder of the surrender is subject to a 7% surrender charge because your payment is in the third year of the surrender charge schedule, so we will withdraw $39,500 ($36,735
+ $2,765 in surrender charges) from your contract value. Altogether, we will surrender $50,000 and pay you $47,235. We calculate purchase payments not previously surrendered as
$100,000 – $45,000 = $55,000 (remember that $5,000 of the partial surrender is contract earnings). The death benefit equals:
MAV Death Benefit (MAV adjusted for partial surrenders): |
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plus the Benefit Protector benefit (40% of earnings at death): |
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0.40 × ($57,619 - $55,000) = |
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On the third contract anniversary
the contract value falls to $40,000. The death benefit equals the previous death benefit. The reduction in contract value has no effect.
On the ninth contract anniversary the contract value grows to a new high of $200,000. Earnings at death reaches its
maximum of 250% of purchase payments not previously surrendered that are one or more years old.
The death benefit equals: |
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MAV Death Benefit (contract value): |
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plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of
purchase payments not previously surrendered that are one or more years
old) |
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During the tenth contract year you
make an additional purchase payment of $50,000. Your new contract value is now $250,000. The new purchase payment is less than one year old and so it has no effect on the Benefit
Protector value. The death benefit equals:
MAV Death Benefit (contract value): |
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plus the Benefit Protector benefit (40% of earnings at death, up to a maximum of 100% of
purchase payments not previously surrendered that are one or more years
old) |
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136 RiverSource Signature Select Variable Annuity — Prospectus
During the
eleventh contract year the contract value remains $250,000 and the “new” purchase payment is one year old and the value of the Benefit Protector changes. The death
benefit equals:
MAV Death Benefit (contract value): |
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plus the Benefit Protector benefit (40% of earnings at death up to a maximum of 100% of
purchase payments not previously surrendered that are one or more years
old) |
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0.40 × ($250,000 - $105,000) = |
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RiverSource Signature Select Variable Annuity — Prospectus 137
Appendix G: Example — Benefit Protector Plus Death Benefit Rider
Example of the Benefit Protector Plus
•
You purchase the contract with a payment of $100,000 and you (Current Contract) or you and
the annuitant (Original Contract) are under age 70; and
•
you select the
MAV Death Benefit.
During the first contract year the contract value grows to $105,000. The MAV Death Benefit equals the
contract value. You have not reached the first contract anniversary so the Benefit
Protector Plus does not provide any additional benefit at this
time. |
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On the first contract anniversary the contract value grows to $110,000. You have not reached the second
contract anniversary so the Benefit Protector Plus does not provide any benefit
beyond what is provided by the Benefit Protector at this time. The
death benefit equals: |
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MAV Death Benefit (contract value): |
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plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV Death Benefit minus
remaining purchase payments for the Current Contract or MAV Death Benefit minus
payments not previously surrendered for the Original
Contract): |
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0.40 × ($110,000 – $100,000) = |
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On the second contract anniversary the contract value falls to $105,000. The death benefit equals: |
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plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
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0.40 × ($110,000 – $100,000) = |
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plus 10% of purchase payments made within 60 days of contract issue |
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and not previously surrendered: 0.10 × $100,000 = |
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During the third contract year the contract value remains at $105,000 and you request a partial
surrender of $50,000, including the applicable 7% surrender charge. We will
surrender $10,500 from your contract value free of charge (10% of your
prior anniversary’s contract value). The remainder of the
surrender is subject to a 7% surrender charge because your payment is in the third
year of the surrender charge schedule, so we will surrender $39,500
($36,735 + $2,765 in surrender charges) from your contract value.
Altogether, we will surrender $50,000 and pay you $47,235. We calculate purchase payments not previously surrendered as $100,000 – $45,000 = $55,000 (remember that $5,000 of the
partial surrender is contract earnings). The death benefit equals:
|
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MAV Death Benefit (MAV adjusted for partial surrenders): |
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plus the Benefit Protector Plus benefit which equals 40% of earnings at death: |
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0.40 × ($57,619 – $55,000) = |
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plus 10% of purchase payments made within 60 days of contract issue |
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and not previously surrendered: 0.10 × $55,000 = |
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On the third contract anniversary the contract value falls to $40,000. The death benefit equals the
previous death benefit. The reduction in contract value has no effect.
|
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On the ninth contract anniversary the contract value grows to a new high of $200,000. Earnings at death
reaches its maximum of 250% of purchase payments not previously surrendered that are
one or more years old. Because we are beyond the fourth contract
anniversary the Benefit Protector Plus also reaches its maximum of
20%. The death benefit equals: |
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MAV Death Benefit (contract value): |
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plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously surrendered that are one or more years
old |
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plus 20% of purchase payments made within 60 days of contract issue and not previously surrendered:
0.20 × $55,000 = |
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|
138 RiverSource Signature Select Variable Annuity — Prospectus
During the tenth contract year you make an additional purchase payment of $50,000. Your new contract
value is now $250,000. The new purchase payment is less than one year old and so it
has no effect on the Benefit Protector Plus value. The death benefit
equals: |
|
MAV Death Benefit (contract value): |
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plus the Benefit Protector Plus benefit which equals 40% of earnings at death, up to a maximum of 100%
of purchase payments not previously surrendered that are one or more years
old |
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plus 20% of purchase payments made within 60 days of contract issue and not previously surrendered:
0.20 × $55,000 = |
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During the eleventh contract year the contract value remains $250,000 and the “new” purchase payment
is one year old. The value of the Benefit Protector Plus remains constant. The death
benefit equals: |
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MAV Death Benefit (contract value): |
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plus the Benefit Protector Plus benefit which equals 40% of earnings at death (MAV Death Benefit minus
payments not previously surrendered): |
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0.40 × ($250,000 – $105,000) = |
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plus 20% of purchase payments made within 60 days of contract issue |
|
and not previously surrendered: 0.20 × $55,000 = |
|
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|
RiverSource Signature Select Variable Annuity — Prospectus 139
Appendix H: Asset Allocation Program for Contracts With Applications Signed Before May 1, 2006
For contracts with applications signed before May 1, 2006, we offered an
asset allocation program. You could elect to participate in the asset allocation program, and there is no additional charge. If you purchased an optional Accumulation Protector Benefit rider, Guarantor Withdrawal Benefit rider or Income Assurer Benefit rider, you are
required to participate in the asset allocation program under the terms of the rider.
This asset allocation program allows you to allocate your
contract value to a model portfolio that consists of subaccounts and may include certain GPAs (if available
under the asset allocation program), which represent various asset classes. By spreading your contract value among these various asset classes, you may be able to reduce the
volatility in your contract value, but there is no guarantee that this will occur.
Asset allocation does not guarantee that your contract will
increase in value nor will it protect against a decline in value if market prices fall. If you choose or are required to participate in the asset allocation program, you are
responsible for determining which model portfolio is best for you. Your investment professional can help you make this determination. In addition, your investment professional may provide you with an investor questionnaire, a tool that can help you determine which model portfolio is suited to your needs based on factors such as your investment goals, your tolerance
for risk, and how long you intend to invest.
Under the asset allocation program, we have offered five model portfolios ranging
from conservative to aggressive. You may not use more than one model portfolio at a time. You are allowed to request a change to another model portfolio twice per contract year. Each model portfolio specifies allocation percentages to each of the subaccounts, any GPAs that
make up that model portfolio. By participating in the asset allocation program, you authorize us to invest your contract value in the subaccounts, any GPAs according to the
allocation percentages stated for the specific model portfolio you have selected. You also authorize us to automatically rebalance your contract value quarterly beginning three months after the effective date of your contract in order to maintain alignment with the allocation percentages
specified in the model portfolio.
Special rules will apply to the GPAs if they are included in a model portfolio.
Under these rules:
•
no MVA will apply when rebalancing occurs within a specific model portfolio (but an MVA may apply if you elect to
transfer to a new model portfolio); and
•
no MVA will
apply when you elect an annuity payout plan while your contract value is invested in a model portfolio (see “Guarantee Period Accounts — Market Value
Adjustment”).
Under the asset allocation program, the subaccounts, any GPAs that make up the model portfolio you selected and the allocation percentages to those subaccounts, any GPAs will not change unless we adjust the composition of the model portfolio to reflect the liquidation, substitution or
merger of an underlying fund, a change of investment objective by an underlying fund or when an underlying fund stops selling its shares to the variable account. We reserve the
right to change the terms and conditions of the asset allocation program upon written notice to you.
If permitted under applicable securities law, we reserve the right to:
•
reallocate your current model portfolio to an updated version of your current model
portfolio; or
•
substitute a fund of funds for your current model portfolio.
We also reserve the right to discontinue the asset allocation program. We will give you 30 days’ written notice of any such change.
If you elected to participate in the asset allocation program, you may discontinue
your participation in the program at any time by giving us written notice. Upon cancellation, automated rebalancing associated with the asset allocation program will end. You can elect to participate in the asset allocation program again at any time.
140 RiverSource Signature Select Variable Annuity — Prospectus
Appendix I: Guarantor Withdrawal Benefit for Life Rider Disclosure
Guarantor Withdrawal Benefit for Life Rider
The Guarantor Withdrawal Benefit for Life rider is an optional benefit that you may select for an additional annual charge if(1):
•
your contract application is signed on or after May 1, 2006;
•
the rider is
available in your state; and
•
you and the annuitant are 80 or younger on the date the contract is issued.
(1)
The Guarantor Withdrawal Benefit for Life rider is not available under an inherited
qualified annuity.
You must elect the Guarantor Withdrawal Benefit for Life rider when you purchase your
contract. The rider effective date will be the contract issue date.
The Guarantor Withdrawal Benefit for Life rider guarantees that you will be
able to withdraw up to a certain amount each year from the contract, regardless of the investment performance of your contract before the annuity payments begin, until you have recovered at minimum all of your purchase payments. And, under certain limited circumstances defined in
the rider, you have the right to take a specified amount of partial withdrawals in each contract year until death (see “At Death” heading below) — even if the contract value is zero.
Your contract provides for annuity payouts to begin on the annuitization start date (see “Buying Your Contract — The Annuitization Date”). Before the
annuitization start date, you have the right to withdraw some or all of your contract value, less applicable administrative, surrender
and rider charges imposed under the contract at the time of the withdrawal (see “Making the Most of Your Contract — Surrenders”). Because your contract value will fluctuate depending on the performance of the underlying funds in which the subaccounts invest, the contract itself does not
guarantee that you will be able to take a certain withdrawal amount each year before the annuitization
start date, nor does it guarantee the length of time over which such withdrawals can be made before the annuitization start
date.
The Guarantor Withdrawal Benefit for Life rider may be appropriate for you if you
intend to make periodic withdrawals from your annuity contract and wish to ensure that market performance will not adversely affect your ability to withdraw your principal over time.
Under the terms of the Guarantor Withdrawal Benefit for Life rider, the calculation
of the amount which can be withdrawn in each contract year varies depending on several factors, including but not limited to the waiting period (see “Waiting period” heading below) and whether or not the lifetime withdrawal benefit has become
effective:
(1)
The basic withdrawal benefit gives you the right to take limited partial withdrawals in each contract year and
guarantees that over time the withdrawals will total an amount equal to, at minimum, your purchase payments. Key terms associated with the basic withdrawal benefit are “Guaranteed Benefit Payment (GBP),” “Remaining Benefit Payment (RBP),” “Guaranteed Benefit Amount (GBA),” and “Remaining Benefit Amount (RBA).” See these headings below for more information.
(2)
The lifetime withdrawal benefit gives you the right, under certain limited circumstances
defined in the rider, to take limited partial withdrawals until the later of death (see “At Death” heading below) or until the RBA (under the basic withdrawal benefit) is reduced to zero. Key terms associated with the lifetime withdrawal benefit are “Annual
Lifetime Payment (ALP),” “Remaining Annual Lifetime Payment (RALP),” “Covered Person,” and “Annual Lifetime Payment Attained Age (ALPAA).” See these headings below for more information.
Only the basic
withdrawal benefit will be in effect prior to the date that the lifetime withdrawal benefit becomes effective. The lifetime withdrawal benefit becomes effective automatically on
the rider anniversary date after the covered person reaches age 65, or the rider effective date if the covered person is age 65 or older on the rider effective date (see “Annual Lifetime Payment Attained Age (ALPAA)” heading below).
Provided annuity payouts have not begun, the Guarantor Withdrawal Benefit
for Life rider guarantees that you may take the following partial withdrawal amounts each contract year:
•
After the waiting period and before the establishment of the ALP, the rider guarantees that each year you can
cumulatively withdraw an amount equal to the GBP;
•
During the
waiting period and before the establishment of the ALP, the rider guarantees that each year you can cumulatively withdraw an amount equal to the value of the RBP at the beginning
of the contract year;
•
After the waiting period and after the establishment of the ALP, the rider guarantees that
each year you have the option to cumulatively withdraw an amount equal the ALP or the GBP, but the rider does not guarantee withdrawals of the sum of both the ALP and the GBP in a contract year;
•
During the
waiting period and after the establishment of the ALP, the rider guarantees that each year you have the option to cumulatively withdraw an amount equal to the value of the RALP
or the RBP at the beginning of the contract year, but the rider does not guarantee withdrawals of the sum of both the RALP and the RBP in a contract year.
RiverSource Signature Select Variable Annuity — Prospectus 141
If you withdraw less than
the allowed partial withdrawal amount in a contract year, the unused portion cannot be carried over to the next contract year. As long as your partial withdrawals in each
contract year do not exceed the annual partial withdrawal amount allowed under the rider, and there has not been a contract ownership change or spousal continuation of the contract, the guaranteed amounts available for partial withdrawals are protected (i.e., will not decrease).
If you withdraw more than the allowed partial withdrawal amount in a contract year, we call this an “excess withdrawal” under the rider. Excess withdrawals trigger an adjustment of a benefit’s guaranteed amount, which may cause it to be
reduced (see “GBA Excess Withdrawal Processing,” “RBA Excess Withdrawal Processing,” and “ALP Excess Withdrawal Processing” headings below).
Please note that each of the two benefits has its own definition of the allowed
annual withdrawal amount. Therefore a partial withdrawal may be considered an excess withdrawal for purposes of the lifetime withdrawal benefit only, the basic withdrawal benefit only, or both.
If your withdrawals exceed the greater of the RBP or the RALP, surrender charges under the terms of the contract may apply (see “Charges — Surrender
Charges”). The amount we actually deduct from your contract value will be the amount you request plus any applicable surrender charge. Market value adjustments, if applicable, will also be made (see “Guarantee Period Accounts (GPAs) — Market Value Adjustment”). We pay you the amount you request. Any partial surrenders you take under the contract will reduce the value of the death benefits (see “Benefits in Case of
Death”). Upon full surrender
of the contract, you will receive the remaining contract value less any applicable charges (see “Making the Most of Your Contract — Surrender”).
The rider’s guaranteed amounts can be increased at the
specified intervals if your contract value has increased. An annual step up feature is available at each contract anniversary, subject to certain conditions, and may be applied
automatically to your contract or may require you to elect the step up (see “Annual Step Up” heading below). If you exercise the annual step up election, the spousal continuation step up election (see “Spousal Continuation Step Up” heading below) or change your PN investment option, the rider charge may change (see “Charges”).
If you take withdrawals during the waiting period, any prior steps ups applied will be reversed and step ups will not be
available until the third rider anniversary. You may take withdrawals after the waiting period without reversal of prior step ups.
You should consider whether the Guarantor Withdrawal Benefit for Life rider is appropriate for you because:
You will begin paying the rider charge as of the rider effective date, even if you do not begin taking withdrawals for many years. It is possible that your contract performance, fees and charges, and withdrawal pattern may be such that your
contract value will not be depleted in your lifetime and you will not receive any monetary value under the rider.
•
Lifetime Withdrawal Benefit Limitations: The lifetime withdrawal benefit is subject to certain
limitations, including but not limited to:
(a)
Once the
contract value equals zero, payments are made for as long as the oldest owner or annuitant is living (see “If Contract Value Reduces to Zero” heading below). However,
if the contract value is greater than zero, the lifetime withdrawal benefit terminates at the first death of any owner or annuitant (see “At Death” heading below). Therefore, if there are multiple contract owners or the annuitant is not an owner, the rider may terminate or
the lifetime withdrawal benefit may be reduced. This possibility may present itself when:
(i)
There are multiple contract owners — when one of the contract owners dies the benefit terminates even though other contract owners are still living
(except if the contract is continued under the spousal continuation provision of the contract); or
(ii)
The owner and the annuitant are not the same persons — if the annuitant dies before the owner, the benefit terminates even though the owner is still living. This is
could happen, for example, when the owner is younger than the annuitant. This risk increases as the age difference between owner and annuitant increases.
(b)
Excess withdrawals can reduce the ALP to zero even though the GBA, RBA, GBP and/or RBP
values are greater than zero. If the both the ALP and the contract value are zero, the lifetime withdrawal benefit will terminate.
(c)
When the lifetime withdrawal benefit is first established, the initial ALP is based on the
basic withdrawal benefit’s RBA at that time (see “Annual Lifetime Payment (ALP)” heading below), unless there has been a spousal continuation or ownership change. Any withdrawal you take before the ALP is established reduces the RBA and
therefore may result in a lower amount of lifetime withdrawals you are allowed to take.
(d)
Withdrawals can reduce both the contract value and the RBA to zero prior to the
establishment of the ALP. If this happens, the contract and the Guarantor Withdrawal Benefit for Life rider will terminate.
•
Investment Allocation Restrictions: You must be invested in one of the approved investment options.
These funds are expected to reduce our financial risks and expenses associated with certain living benefits. Although the funds’ investment strategies may help mitigate declines in your contract value due to declining equity markets, the funds’
investment strategies may also curb your contract value gains during periods of positive performance by the equity
142 RiverSource Signature Select Variable Annuity — Prospectus
markets.
Additionally, investment in the funds may decrease the number and amount of any benefit base increase opportunities. We reserve the right to add, remove or substitute approved
investment options at any time and in our sole discretion in the future. This requirement limits your choice of investments. This means you will not be able to allocate contract value to all of the subaccounts, GPAs or the one-year fixed account that are available under the
contract to contract owners who do not elect this rider. (See “Making the Most of Your Contract — Portfolio Navigator Program and Portfolio Stabilizer Funds.”) You may allocate purchase payments to the DCA fixed account, when
available, and we will make monthly transfers into the investment option you have chosen. Subject to state
restrictions, we reserve the right to limit the number of investment options from which you can select based on the dollar amount of purchase payments you make.
•
Limitations on Purchase of Other Riders under this Contract: If you select the Guarantor Withdrawal Benefit for Life rider, you may not elect an Income Assurer Benefit rider or the
Accumulation Protector Benefit rider.
•
Non-Cancelable: Once elected, the Guarantor Withdrawal Benefit for Life rider may not be cancelled and the fee will continue to be
deducted until the contract is terminated, the contract value reduces to zero (described below) or after the
annuitization start date.
•
Limitations on Purchase Payments: We reserve the right to limit the cumulative amount of purchase
payments, subject to state restrictions, which may limit your ability to make additional purchase payments to increase your contract value as you may have originally intended. For current purchase payment restrictions, please see “Buying
Your Contract — Purchase Payments”.
•
Interaction with Total Free Amount (TFA) contract provision: The TFA is the amount you are allowed to withdraw from the contract in each contract year without incurring a surrender charge (see “Charges —
Surrender Charge”). The TFA
may be greater than the RBP or RALP under this rider. Any amount you withdraw under the contract’s TFA provision that exceeds the RBP or RALP is subject to the excess
withdrawal processing described below for the GBA, RBA and ALP.
You should consult your
tax advisor before you select this optional rider if you have any questions about the use of this rider in your tax situation:
•
Tax Considerations for Nonqualified Annuities: Under current federal income tax law, withdrawals under
nonqualified annuities, including partial withdrawals taken from the contract under the terms of this rider, are treated less favorably than amounts received as annuity payments under the contract (see “Taxes — Nonqualified Annuities”). Withdrawals before age 59 ½ may incur a 10% IRS early withdrawal penalty and may be considered taxable income.
•
Tax Considerations for Qualified Annuities: Qualified annuities have minimum distribution rules that
govern the timing and amount of distributions from the annuity contract (see “Taxes — Qualified Annuities — Required Minimum Distributions”). If you have a qualified annuity, you may need to take an RMD that exceeds the specified amount of
withdrawal available under the rider. Partial withdrawals in any contract year that exceed the guaranteed amount available for withdrawal may reduce future benefits guaranteed under the rider. While the rider permits certain excess
withdrawals to be made for the purpose of satisfying RMD requirements for this contract alone without reducing future benefits guaranteed under the rider, there can be no guarantee that changes in the federal income tax law after
the effective date of the rider will not require a larger RMD to be taken, in which case, future guaranteed withdrawals under the rider could be reduced. Additionally, RMD rules follow the calendar year which most likely does not coincide with your contract year and
therefore may limit when you can take your RMD and not be subject to excess withdrawal processing.
For owners subject to annual RMD rules under Section 401(a)(9) of the Code, the
amounts you withdraw each year from this contract to satisfy these rules are not subject to excess withdrawal processing under the terms of the rider subject to the following rules and our current administrative practice:
(1)
If on the date we calculated your Annual Life Expectancy Required Minimum Distribution Amount
(ALERMDA), it is greater than the RBP from the beginning of the current contract
year,
•
Basic Additional Benefit Amount (BABA) will be set equal to that portion of your ALERMDA that
exceeds the RBP from the beginning of the current contract year.
•
Any withdrawals
taken in a contract year will count first against and reduce the RBP for that contract year.
•
Once the RBP
for the current contract year has been depleted, any additional amounts withdrawn will count against and reduce the BABA. These withdrawals will not be considered excess
withdrawals with regard to the GBA and RBA as long as they do not exceed the remaining BABA.
•
Once the BABA has been depleted, any additional withdrawal amounts will be considered excess
withdrawals with regard to the GBA and RBA and will subject them all to the excess withdrawal processing described in the Guarantor Withdrawal Benefit for Life rider.
RiverSource Signature Select Variable Annuity — Prospectus 143
(2)
If on the date we
calculated your ALERMDA, it is greater than the RALP from the beginning of the current Contract Year,
•
A Lifetime Additional Benefit Amount (LABA) will be set equal to that portion of your ALERMDA
that exceeds the RALP from the beginning of the current contract year.
•
Any withdrawals
taken in a contract year will count first against and reduce the RALP for that contract year.
•
Once the RALP
for the current contract year has been depleted, any additional amounts withdrawn will count against and reduce the LABA. These withdrawals will not be considered excess
withdrawals with regard to the ALP as long as they do not exceed the remaining LABA.
•
Once the LABA
has been depleted, any additional withdrawal amounts will be considered excess withdrawals with regard to the ALP and will subject the ALP to the excess withdrawal processing
described by the Guarantor Withdrawal Benefit for Life rider.
(3)
If the ALP is
established on a policy anniversary where your current ALERMDA is greater than the new RALP,
•
An initial
LABA will be set equal to that portion of your ALERMDA that exceeds the new RALP.
•
This new LABA will be immediately reduced by the amount that total withdrawals in the current
calendar year exceed the new RALP, but shall not be reduced to less than zero.
The
Annual Life Expectancy Required Minimum Distribution Amount (ALERMDA) is:
(1)
determined by us each calendar year;
(2)
based solely on the value of the contract to which the Guarantor Withdrawal Benefit for Life rider is attached as of the
date we make the determination; and
(3)
is otherwise based on the company’s understanding and interpretation of the
requirements for life expectancy distributions intended to satisfy the required minimum distribution rules under Code Section 401(a)(9) and the Treasury Regulations promulgated thereunder, as applicable on the effective date of this prospectus, to:
1.
an individual retirement annuity (Section 408(b));
2.
a Roth individual retirement account (Section 408A);
3.
a Simplified Employee Pension plan (Section 408(k));
4.
a tax-sheltered annuity rollover (Section 403(b)).
We reserve the right to modify our administrative practice described above and will give you 30 days’ written notice of any such change.
In the future, the requirements under the Code for such
distributions may change and the life expectancy amount calculation provided under your Guarantor Withdrawal Benefit for Life rider may not be sufficient to satisfy the requirements under the Code for these types of distributions. In such a situation, amounts withdrawn to satisfy such
distribution requirements will exceed your available RBP or RALP amount and may result in the reduction of your GBA, RBA, and/or ALP as described under the excess withdrawal provision of the rider.
In cases where the Code does not allow the life expectancy
of a natural person to be used to calculate the required minimum distribution amount (e.g., ownership by a trust or a charity), we will calculate the life expectancy RMD amount calculated by us as zero in all years. The life expectancy required minimum distribution amount calculated by us
will also equal zero in all years.
•
Treatment of non-spousal distributions: Unless you are married your beneficiary will be required to take distributions as a non-spouse which may result in
significantly decreasing the value of the rider. Please note civil unions and domestic partnerships generally are not recognized as marriages for federal tax purposes. For
additional information see “Taxes — Other — Spousal status” section of this prospectus.
•
Limitations on Tax-Sheltered Annuities (TSAs): Your right to take withdrawals is restricted if your
contract is a TSA (see “TSA — Special Provisions”).
For an example,
see “Examples of Guarantor Withdrawal Benefit for Life” below.
Key terms and provisions of the Guarantor Withdrawal Benefit for Life rider are described below:
Partial Withdrawals: A withdrawal of an amount that does not result in a full withdrawal of the
contract. The partial withdrawal amount is a gross amount and will include any surrender charge and any market value adjustment.
Waiting period: The period of time starting on the rider effective date during which the annual step up is not available if you take
withdrawals. The current waiting period is three years.
Guaranteed Benefit Amount (GBA): The total cumulative amount
available for partial withdrawals over the life of the rider under the basic withdrawal benefit. The maximum GBA is $5,000,000. The GBA cannot be withdrawn and is not payable as a death benefit. Rather, the GBA is an interim value used to calculate the amount available for withdrawals
each year under the basic withdrawal benefit (see “Guaranteed Benefit Payment” below). At any time, the total GBA is the sum of the individual GBAs associated with each purchase payment.
144 RiverSource Signature Select Variable Annuity — Prospectus
The GBA is determined at
the following times, calculated as described:
•
At contract issue — the GBA is equal to the initial purchase payment.
•
When you make additional purchase payments — each additional purchase payment has its own GBA equal to the amount of the purchase payment.
•
At step up — (see “Annual Step Up” and “Spousal Continuation Step Up” headings below).
•
When an individual RBA is reduced to zero — the GBA that is associated with that RBA will also
be set to zero.
•
When you make a partial withdrawal during the waiting period and after a
step up — Any prior annual step ups will be reversed. Step up reversal means that the GBA associated
with each purchase payment will be reset to the amount of that purchase payment. The step up reversal will
only happen once during the waiting period, when the first partial withdrawal is
made.
•
When you make a partial withdrawal at any time and the amount withdrawn
is:
(a)
less than or equal to the total RBP — the GBA remains unchanged. If there have been multiple purchase payments, both the total GBA and each
payment’s GBA remain unchanged.
(b)
is greater than the total RBP — GBA excess withdrawal processing will be applied to the GBA. If the partial withdrawal is made during the waiting period, the excess withdrawal processing is applied AFTER any
previously applied annual step ups have been reversed.
GBA Excess Withdrawal Processing
The total GBA will automatically be reset to the lesser of (a)
the total GBA immediately prior to the withdrawal; or (b) the contract value immediately following the withdrawal. If there have been multiple purchase payments, each
payment’s GBA after the withdrawal will be reset to equal that payment’s RBA after the withdrawal plus (a) times (b), where:
(a)
is the ratio of the total GBA after the withdrawal less the total RBA after the withdrawal to the total GBA before the
withdrawal less the total RBA after the withdrawal; and
(b)
is each
payment’s GBA before the withdrawal less that payment’s RBA after the withdrawal.
Remaining Benefit Amount (RBA): Each withdrawal you make reduces the
amount that is guaranteed by this rider as future withdrawals. At any point in time, the RBA equals the amount of GBA that remains available for withdrawals for the remainder of the contract’s life, and total RBA is the sum of the individual RBAs associated with each purchase
payment. The maximum RBA is $5,000,000.
The RBA is determined at the following times, calculated as
described:
•
At contract issue — the RBA is equal to the initial purchase payment.
•
When you make additional purchase payments — each additional purchase payment has its own RBA initially set equal to that payment’s GBA (the amount of
the purchase payment).
•
At step up — (see “Annual Step Up” and “Spousal Continuation Step Up”
headings below).
•
When you make a partial withdrawal during the waiting period and after a
step up — Any prior annual step ups will be reversed. Step up reversal means that the RBA associated
with each purchase payment will be reset to the amount of that purchase payment. The step up reversal will
only happen once during the waiting period, when the first partial withdrawal is
made.
•
When you make a partial withdrawal at any time and the amount withdrawn
is:
(a)
less than or equal to the total RBP — the total RBA is reduced by the amount of the withdrawal. If there have been multiple purchase payments, each
payment’s RBA is reduced in proportion to its RBP.
(b)
is greater than the total RBP — RBA excess withdrawal processing will be applied to the RBA. If the partial withdrawal is made during the waiting period, the excess withdrawal processing is applied AFTER any
previously applied annual step ups have been reversed.
RBA Excess Withdrawal Processing
The total RBA will automatically be reset to the lesser of (a)
the contract value immediately following the withdrawal, or (b) the total RBA immediately prior to the withdrawal, less the amount of the withdrawal.
If there have been multiple purchase payments, both the total RBA and each payment’s RBA will be reset. The total RBA will be reset according to the excess withdrawal processing described above. Each payment’s RBA will be reset in the
following manner:
1.
The withdrawal amount up to the total RBP is taken out of each RBA bucket in proportion to
its individual RBP at the time of the withdrawal; and
2.
The withdrawal
amount above the total RBP and any amount determined by the excess withdrawal processing are taken out of each RBA bucket in proportion to its RBA at the time of the
withdrawal.
RiverSource Signature Select Variable Annuity — Prospectus 145
Guaranteed
Benefit Payment (GBP): At any time, the amount available for partial withdrawals in each contract year
after the waiting period, until the RBA is reduced to zero, under the basic withdrawal benefit. At any point in time, each purchase payment has its own GBP, which is equal to the lesser of that payment’s RBA or 7% of that payment’s GBA, and the total GBP is the sum of the individual GBPs.
During the waiting period, the guaranteed annual withdrawal amount may be less than
the GBP due to the limitations the waiting period imposes on your ability to utilize both annual step-ups and withdrawals (see “Waiting Period” heading above). The guaranteed annual withdrawal amount during the waiting period is equal to the value of the RBP at the
beginning of the contract year.
The GBP is determined at the following times, calculated as
described:
•
At contract issue — the GBP is established as 7% of the GBA value.
•
At each contract anniversary — each payment’s GBP is reset to the lesser of that
payment’s RBA or 7% of that payment’s GBA value.
•
When you make additional purchase payments — each additional purchase payment has its own GBP
equal to 7% of the purchase payment amount.
•
At step up — (see “Annual Step Up” and “Spousal Continuation Step Up”
headings below).
•
When an individual RBA is reduced to zero — the GBP associated with that RBA will also be reset to zero.
•
When you make a partial withdrawal during the waiting period and after a step up — Any prior
annual step ups will be reversed. Step up reversal means that the GBA and the RBA associated with each purchase payment will be reset to the amount of that purchase payment. Each payment’s GBP will be reset to 7% of that purchase payment. The step
up reversal will only happen once during the waiting period, when the first partial withdrawal is made.
•
When you make a partial withdrawal at any time and the amount withdrawn is:
(a)
less than or equal to the total RBP — the GBP remains unchanged.
(b)
is greater than the total RBP — each payment’s GBP is reset to the lesser of that payment’s RBA or 7% of that payment’s GBA
value, based on the RBA and GBA after the withdrawal. If the partial withdrawal is made during the waiting period, the excess withdrawal processing is applied AFTER any
previously applied annual step ups have been reversed.
Remaining Benefit Payment (RBP): The amount available for partial
withdrawals for the remainder of the contract year under the basic withdrawal benefit. At any point in time, the total RBP is the sum of the RBPs for each purchase payment. During the waiting period, when the guaranteed amount maybe less than the GBP, the value of the RBP at the
beginning of the contract year will be that amount that is actually guaranteed each contract year.
The RBP is determined at the following times, calculated as described:
•
At the beginning of each contract year during the waiting period and prior to any withdrawal —
the RBP for each purchase payment is set equal to that purchase payment multiplied by 7%.
•
At the beginning of any other contract year — the RBP for each purchase payment is set equal to
that purchase payment’s GBP.
•
When you make additional purchase payments — each additional purchase payment has its own RBP
equal to that payment’s GBP.
•
At step up — (see “Annual Step Up” and “Spousal Continuation Step Up”
headings below).
•
At spousal continuation — (see “Spousal Option to Continue the Contract” heading below).
•
When an individual RBA is reduced to zero — the RBP associated with that RBA will also be reset
to zero.
•
When you make any partial withdrawal — the total RBP is reset to equal the total RBP immediately prior to the partial withdrawal less the amount of
the partial withdrawal, but not less than zero. If there have been multiple purchase payments, each payment’s RBP is reduced proportionately. If you withdraw an amount greater than the RBP, GBA excess withdrawal processing and
RBA excess withdrawal processing are applied and the amount available for future partial withdrawals for
the remainder of the contract’s life may be reduced by more than the amount of withdrawal. When determining if a withdrawal will result in the excess withdrawal processing,
the applicable RBP will not yet reflect the amount of the current withdrawal.
Covered Person: The person whose life is used to determine when the ALP is established, and the
duration of the ALP payments. The covered person is the oldest contract owner or annuitant. The covered person may change during the contract’s life if there is a spousal continuation or a change of contract ownership. If the covered person changes, we recompute the benefits guaranteed by the rider, based on the life of the new covered person, which may reduce the amount
of the lifetime withdrawal benefit.
146 RiverSource Signature Select Variable Annuity — Prospectus
Annual
Lifetime Payment Attained Age (ALPAA): The covered person’s age after which time the lifetime benefit can be established. Currently, the lifetime benefit can be established on the later of the contract effective date or the contract anniversary date on/following the date the covered person reaches age 65.
Annual Lifetime Payment (ALP): Once established, the ALP at any time is the amount available for withdrawals in each contract year after the waiting
period until the later of death (see “At Death” heading below), or the RBA is reduced to zero, under the lifetime withdrawal benefit. The maximum ALP is $300,000.
Prior to establishment of the ALP, the lifetime withdrawal benefit is not in effect and the ALP is zero.
During the waiting period, the guaranteed annual lifetime withdrawal amount may be less than the ALP due to the
limitations the waiting period imposes on your ability to utilize both annual step-ups and withdrawals (see “Waiting Period” heading above). The guaranteed annual lifetime withdrawal amount during the waiting period is equal to the
value of the RALP at the beginning of the contract year.
The ALP is determined at the following times:
•
The later of the contract effective date or the contract anniversary date on/following the date the covered person reaches age 65 — the ALP is established as 6% of the total RBA.
•
When you make additional purchase payments — each additional purchase payment increases the ALP
by 6% of the amount of the purchase payment.
•
At step ups — (see “Annual Step Up” and “Spousal Continuation Step Up”
headings below).
•
At contract ownership change — (see “Spousal Option to Continue the Contract” and “Contract Ownership Change” headings
below).
•
When you make a partial withdrawal during the waiting period and after a
step up — Any prior annual step ups will be reversed. Step up reversal means that the ALP will be
reset to equal total purchase payments multiplied by 6%. The step up reversal will only happen once during
the waiting period, when the first partial withdrawal is made.
•
When you make a partial withdrawal at any time and the amount withdrawn
is:
(a)
less than or equal to the RALP — the ALP remains unchanged.
(b)
is greater than the RALP — ALP excess withdrawal processing will be applied to the ALP. Please note that if the partial withdrawal is made during the waiting period, the excess withdrawal processing are
applied AFTER any previously applied annual step ups have been reversed.
ALP Excess Withdrawal Processing
The ALP is reset to the lesser of the ALP immediately prior to
the withdrawal, or 6% of the contract value immediately following the withdrawal.
Remaining Annual Lifetime Payment
(RALP): The amount available for partial withdrawals for the remainder of the contract year under the
lifetime withdrawal benefit. During the waiting period, when the guaranteed annual withdrawal amount may be less than the ALP, the value of the RALP at the beginning of the
contract year will be the amount that is actually guaranteed each contract year. Prior to establishment of the ALP, the lifetime withdrawal benefit is not in effect and the RALP is zero.
The RALP is determined at the following times:
•
The later of the contract effective date or the contract anniversary date following the date the covered person reaches age 65, and:
(a)
During the waiting period and prior to any withdrawals — the RALP is established equal to 6% of purchase payments.
(b)
At any other time — the RALP is established equal to the ALP.
•
At the beginning of each contract year during the waiting period and prior to any withdrawals —
the RALP is set equal to the total purchase payments, multiplied by 6%.
•
At the beginning of any other contract year — the RALP is set equal to ALP.
•
When you make additional purchase payments — each additional purchase payment increases the RALP
by 6% of the amount of the purchase payment.
•
At step ups — (see “Annual Step Up” and “Spousal Continuation Step Up”
headings below).
•
When you make any partial withdrawal — the RALP equals the RALP immediately prior to the partial withdrawal less the amount of the partial withdrawal,
but not less than zero. If you withdraw an amount greater than the RALP, ALP excess withdrawal processing is applied and the amount available for future partial withdrawals for the
remainder of the contract’s life may be reduced by more than the amount of withdrawal. When determining if a withdrawal will result in excess withdrawal processing, the applicable RALP will not yet reflect the amount of the current withdrawal.
RiverSource Signature Select Variable Annuity — Prospectus 147
Step Up
Date: The date any step up becomes effective, and depends on the type of step up being applied (see “Annual Step Up” and “Spousal Continuation Step Up” headings below).
Annual Step Up: Beginning with the first contract anniversary, an increase of the GBA, RBA, GBP, RBP, ALP, and/or RALP values may be
available. A step up does not create contract value, guarantee the performance of any investment option, or provide a benefit that can be withdrawn or paid upon death. Rather, a
step up determines the current values of the GBA, RBA, GBP, RBP, ALP, and RALP, and may extend the payment period or increase the allowable payment.
The annual step up is subject to the following rules:
•
The annual step up is available when the RBA or, if established, the ALP, would increase on
the step up date.
•
Only one step up is allowed each contract year.
•
If you take any withdrawals during the waiting period, any previously applied step ups will be reversed and the annual
step up will not be available until the end of the waiting period.
•
If the
application of the step up does not increase the rider charge, the annual step up will be automatically applied to your contract, and the step up date is the contract anniversary
date.
•
If the application of the step up would increase the rider charge, the annual step up is not
automatically applied. Instead, you have the option to step up for 30 days after the contract anniversary. If you exercise the elective annual step up option, you will pay the rider charge in effect on the step up date. If you wish to exercise the elective annual
step up option, we must receive a request from you or your investment professional. The step up date is the date we receive your request to step up. If your request is received after the close of business, the step up date will be the
next valuation day.
•
The ALP and RALP are not eligible for step ups until they are established. Prior to being established, the ALP and RALP
values are both zero.
•
Please note it is possible for the ALP and RALP to step up even if the RBA or GBA do not step
up, and it is also possible for the RBA and GBA to step up even if the ALP or RALP do not step up.
The annual step up resets the GBA, RBA, GBP, RBP, ALP and RALP values as follows:
•
The total RBA will be reset to the greater of the total RBA immediately prior to the step up date or the contract value
(after charges are deducted) on the step up date.
•
The total GBA
will be reset to the greater of the total GBA immediately prior to the step up date or the contract value (after charges are deducted) on the step up date.
•
The total GBP will be reset using the calculation as described above based on the increased GBA and RBA.
•
The total RBP will be reset as follows:
(a)
During the
waiting period and prior to any withdrawals, the RBP will not be affected by the step up.
(b)
At any other time, the RBP will be reset as the increased GBP less all prior withdrawals
made in the current contract year, but never less than zero.
•
The ALP will
be reset to the greater of the ALP immediately prior to the step up date or 6% of the contract value (after charges are deducted) on the step up date.
•
The RALP will be reset as follows:
(a)
During the
waiting period and prior to any withdrawals, the RALP will not be affected by the step up.
(b)
At any other time, the RALP will be reset as the increased ALP less all prior withdrawals
made in the current contract year, but not less than zero.
Spousal
Option to Continue the Contract: If a surviving spouse elects to continue the contract, the Guarantor
Withdrawal Benefit for Life rider also continues. However, if the covered spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate. When the
spouse elects to continue the contract, any remaining waiting period is cancelled; the covered person will be
re-determined and is the covered person referred to below; and the GBA, RBA, GBP, RBP, ALP and RALP values are affected as follows:
•
The GBA, RBA, and GBP values remain unchanged.
•
The RBP is automatically reset to the GBP less all prior withdrawals made in the current contract year, but not less
than zero.
•
If the ALP has not yet been established and the new covered person has not
yet reached age 65 as of the date of continuation — the ALP will be established on
the contract anniversary following the date the covered person reaches age 65 as the lesser of the RBA or the contract anniversary value, multiplied by 6%. The RALP will be
established on the same date equal to the ALP.
148 RiverSource Signature Select Variable Annuity — Prospectus
•
If the ALP has not yet been established but the new covered person is age 65 or older as of the date of continuation — the ALP will be established on the date of continuation as the lesser of the RBA or the
contract value, multiplied by 6%. The RALP will be established on the same date in an amount equal to the ALP less all prior partial withdrawals made in the current contract year, but will never be less than zero.
•
If the ALP has been established but the new covered person has not yet reached age 65 as of the date of continuation — the ALP and RALP will be automatically reset to zero for the period of time
beginning with the date of continuation and ending with the contract anniversary following the date the covered person reaches age 65. At the end of this time period, the ALP will be reset to the lesser of the RBA or the anniversary contract value, multiplied by
6%, and the RALP will be reset to equal the ALP.
•
If the ALP has been established and the new covered person is age 65 or older as of the date of continuation — the ALP will be automatically reset to the lesser of the current ALP or 6% of the contract value on the date of
continuation. The RALP will be reset to the ALP less all prior withdrawals made in the current contract year, but not less than zero.
Please note that the lifetime withdrawal benefit amount may be reduced as a result
of the spousal continuation.
Spousal Continuation Step Up: If a surviving spouse elects to continue the contract, another elective
step up option becomes available. However, if the covered spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate. To exercise the step up, the spouse or
the spouse’s investment professional must submit a request within 30 days of the date of continuation. The step up date is the date we receive the spouse’s request to step up. If the request is received after the close of business, the step up date will be the next valuation day. The GBA, RBA, GBP, RBP, ALP and RALP will be reset in the same fashion as
the annual step up.
The spousal continuation step up is subject to the following rules:
•
If the spousal continuation step up option is exercised and we have increased the charge for the rider, the spouse will
pay the charge that is in effect on the step up date.
It is our current administrative practice to process the spousal continuation step
up as described in the next paragraph; however, we reserve the right to discontinue our administrative practice and will give you 30 days’ written notice of any such change.
At the time of spousal continuation, a step-up may be available. All annual step-up
rules (see “Annual Step-Up” heading above), other than those that apply to the waiting period, also apply to the spousal continuation step-up. If the spousal continuation step-up is processed automatically, the step-up date is the valuation date spousal continuation is effective.
If not, the spouse must elect the step up and must do so within 30 days of the spousal continuation date. If the spouse elects the spousal continuation step up, the step-up date is the valuation date we receive the spouse’s written request to step-up if we receive the request by the close of business on that day, otherwise the next valuation date.
If Contract Value Reduces to Zero: If the contract value reduces to zero and the total RBA remains
greater than zero, you will be paid in the following scenarios:
1)
The ALP has not yet been established and the contract value is reduced to zero for any reason
other than full withdrawal of the contract. In this scenario, you can choose to:
(a)
receive the remaining schedule of GBPs until the RBA equals zero; or
(b)
wait until the rider anniversary on/following the date the covered person reaches age 65,
and then receive the ALP annually until the latter of (i) the death of the covered person, or (ii) the RBA is reduced to zero.
We will notify you of this option. If no election is made, the ALP will be paid.
2)
The ALP has been established and the contract value reduces to zero as a result of fees or charges, or a withdrawal that
is less than or equal to both the RBP and the RALP. In this scenario, you can choose to receive:
(a)
the remaining
schedule of GBPs until the RBA equals zero; or
(b)
the ALP annually until the latter of (i) the death of the covered person, or (ii) the RBA
is reduced to zero. We will notify you of this option. If no election is made, the ALP will be paid.
3)
The ALP has been established and the contract value falls to zero as a result of a withdrawal that is greater than the
RALP but less than or equal to the RBP. In this scenario, the remaining schedule of GBPs will be paid until the RBA equals zero.
4)
The ALP has been established and the contract value falls to zero as a result of a partial withdrawal that is greater
than the RBP but less than or equal to the RALP. In this scenario, the ALP will be paid annually until the death of the covered person.
RiverSource Signature Select Variable Annuity — Prospectus 149
Under any of these
scenarios:
•
The annualized amounts will be paid to you in the frequency you elect. You may elect a frequency offered by us at the
time payments begin. Available payment frequencies will be no less frequent than annually;
•
We will no longer accept additional purchase payments;
•
You will no
longer be charged for the rider;
•
Any attached death benefit riders will terminate; and
•
The death benefit becomes the remaining payments, if any, until the RBA is reduced to zero.
The
Guarantor Withdrawal Benefit for Life rider and the contract will terminate under either of the following two scenarios:
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If the contract value falls to zero as a result of a withdrawal that is greater than both the RALP and the RBP. This is
full withdrawal of the contract.
•
If the
contract value falls to zero as a result of a withdrawal that is greater than the RALP but less than or equal to the RBP, and the total RBA is reduced to zero.
At Death: If the contract value is greater than zero when the death
benefit becomes payable, the beneficiary may elect to take the death benefit as a lump sum under the terms of the contract (see “Benefits in Case of Death”) or the
annuity payout option (see “Guaranteed Withdrawal Benefit Annuity Payout Option” heading below).
If the contract value equals zero and the death benefit becomes payable, the following will occur:
•
If the RBA is greater than zero and the owner has been receiving the GBP each year, the GBP will continue to be paid to
the beneficiary until the RBA equals zero.
•
If the covered person dies and the RBA is greater than zero and the owner has been receiving
the ALP each year, the ALP will continue to be paid to the beneficiary until the RBA equals zero.
•
If the covered person is still alive and the RBA is greater than zero and the owner has been receiving the ALP each
year, the ALP will continue to be paid to the beneficiary until the later of the death of the covered person or the RBA equals zero.
•
If the covered person is still alive and the RBA equals zero and the owner has been receiving
the ALP each year, the ALP will continue to be paid to the beneficiary until the death of the covered person.
•
If the covered person dies and the RBA equals zero, the benefit terminates. No further payments will be made.
Contract Ownership Change: If the contract changes ownership (see
“Changing Ownership”), the covered person will be redetermined and is the covered person referred to below. The GBA, RBA, GBP, RBP values will remain unchanged. The
ALP and RALP will be reset as follows. Our current administrative practice is to only reset the ALP and RALP if the covered person changes due to the ownership change.
•
If the ALP has not yet been established and the new covered person has not
yet reached age 65 as of the ownership change date
— the ALP and the RALP will be established on the contract anniversary following the date the covered
person reaches age 65. The ALP will be set equal to the lesser of the RBA or the anniversary contract value,
multiplied by 6%. If the anniversary date occurs during the waiting period and prior to a withdrawal, the RALP will be set to the lesser of the ALP or total purchase payments multiplied by 6%. If the anniversary date occurs at any other
time, the RALP will be set to the ALP.
•
If the ALP has not yet been established but the new covered person is age 65 or older as of the ownership change date — the ALP and the RALP will be established on the ownership change date. The ALP will be
set equal to the lesser of the RBA or the contract value, multiplied by 6%. If the ownership change date occurs during the waiting period and prior to a withdrawal, the RALP will be set equal to the lesser of the ALP or total purchase payments
multiplied by 6%. If the ownership change date occurs at any other time, the RALP will be set equal to the ALP less all prior withdrawals made in the current contract year but not less than zero.
•
If the ALP has been established but the new covered person has not yet reached age 65 as of the ownership change date — the ALP and the RALP will be reset to zero for the period of time beginning with the
ownership change date and ending with the contract anniversary following the date the covered person reaches age 65. At the end of this time period, the ALP will be reset to the lesser of the RBA or the anniversary contract value, multiplied by 6%. If the
time period ends during the waiting period and prior to any withdrawals, the RALP will be reset to the lesser of the ALP or total purchase payments multiplied by 6%. If the time period ends at any other time, the RALP will be reset to
the ALP.
•
If the ALP has been established and the new covered person is age 65 or
older as of the ownership change date — the ALP and the RALP will be reset on the ownership change
date. The ALP will be reset to the lesser of the current ALP or 6% of the contract value. If the ownership change date occurs during the waiting period and prior to a withdrawal, the RALP will be reset to the lesser of the ALP or total purchase payments multiplied by 6%. If the ownership change date occurs at any other time, the RALP will be reset to the ALP less all prior withdrawals made in the
current contract year but not less than zero.
150 RiverSource Signature Select Variable Annuity — Prospectus
Please note that the
lifetime withdrawal benefit amount may be reduced as a result of the ownership change.
Guaranteed Withdrawal Benefit Annuity Payout Option: Several annuity payout plans are available under the contract. As an alternative to these annuity payout plans, a fixed
annuity payout option is available under the Guarantor Withdrawal Benefit for Life rider.
Under this option the amount payable each year will be equal to the remaining schedule of GBPs, but the total amount
paid over the life of the annuity will not exceed the current total RBA at the time you begin this fixed annuity payout option. These annualized amounts will be paid in the frequency that you elect. The frequencies will be among those
offered by us at that time but will be no less frequent than annually. If, at the death of the owner, total payouts have been made for less than the RBA, the remaining payouts will be paid to the beneficiary (see “The Annuity Payout Period” and “Taxes”).
This option may not be available if the contract is issued to qualify under Section
403 or 408 of the Code, as amended. For such contracts, this option will be available only if the guaranteed payment period is less than the life expectancy of the owner at the time the option becomes effective. Such life expectancy will be computed under the mortality table we
then use to determine current life annuity purchase rates under the contract to which this rider is attached.
This annuity payout option may also be elected by the beneficiary of a contract as a settlement option if payments begin
no later than one year after your death and the payout period does not extend beyond the beneficiary’s life or life expectancy.
Whenever multiple beneficiaries are designated under the contract, each such
beneficiary’s share of the proceeds if they elect this option will be in proportion to their applicable designated beneficiary percentage. Beneficiaries of nonqualified contracts may elect this settlement option subject to the distribution requirements of the contract. We
reserve the right to adjust the future schedule of GBPs if necessary to comply with the Code.
The Guarantor Withdrawal Benefit for Life rider cannot be terminated either by you
or us except as follows:
1.
Annuity payouts under an annuity payout plan will terminate the rider.
2.
Termination of the
contract for any reason will terminate the rider.
Examples of the Guarantor Withdrawal Benefit for Life
Example #1: Covered person has not reached age 65 at the time the contract and rider are purchased.
•
You purchase the contract with a payment of $100,000.
•
You are the sole owner and also the annuitant. You are age 60.
•
You make no
additional payments to the contract.
•
Automatic annual step-ups are applied each anniversary when available, where the contract
value is greater than the RBA and/or 6% of the contract value is greater than the ALP. Applied annual step-ups are indicated in bold.
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At this point, assuming no additional activity (step ups, excess
withdrawals, purchase payments, spousal continuation or contract ownership change), you can continue to withdraw up to either the GBP of $3,850 each year until the RBA is reduced to zero, or the ALP of $3,300 each year until the later of your death or the RBA is reduced to zero.
(1)
The ALP and RALP are established on the contract anniversary date following the date the
covered person reaches age 65.
RiverSource Signature Select Variable Annuity — Prospectus 151
(2)
The $7,000 withdrawal is greater than the $5,160 RALP allowed under the lifetime withdrawal benefit and therefore the excess withdrawal processing is applied to the ALP, resetting the ALP to the lesser of the prior ALP or 6% of the contract value following the withdrawal.
(3)
The $10,000 withdrawal is greater than both the $7,000 RBP allowed under the basic
withdrawal benefit and the $4,200 RALP allowed under the lifetime withdrawal benefit and therefore the excess withdrawal processing is applied to the GBA, RBA, and ALP. The GBA
is reset to the lesser of the prior GBA or the contract value following the withdrawal. The RBA is reset to the lesser of the prior RBA less the withdrawal or the contract
value following the withdrawal. The ALP is reset to the lesser of the prior ALP or 6% of the contract value following the withdrawal.
Example #2: Covered person has reached 65 at the time the contract and rider are purchased.
•
You purchase the contract with a payment of $100,000.
•
You are the sole owner and also the annuitant. You are age 65.
•
You make no
additional payments to the contract.
•
Automatic annual step-ups are applied each anniversary when available, where the contract
value is greater than the RBA and/or 6% of the contract value is greater than the ALP. Applied annual step-ups are indicated in bold.
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At this point, assuming no additional activity (step ups, excess
withdrawals, purchase payments, spousal continuation or contract ownership change), you can continue to withdraw up to either the GBP of $8,750 each year until the RBA is reduced to zero, or the ALP of $7,500 each year until the later of your death or the RBA is reduced to zero.
(1)
The annual step-up has not been applied to the RBP or RALP because any withdrawal after step
up during the waiting period would reverse any prior step ups prior to determining if the withdrawal is excess. Therefore, during the waiting period, the RBP is the amount you
can withdraw without incurring the GBA and RBA excess withdrawal processing, and the RALP is the amount you can withdraw without incurring the ALP excess withdrawal processing.
(2)
On the third anniversary (after the end of the waiting period), the RBP and RALP are set
equal to the GBP and ALP, respectively.
(3)
The $8,050 withdrawal is greater than the $6,900 RALP allowed under the lifetime withdrawal
benefit and therefore the excess withdrawal processing is applied to the ALP, resetting the ALP to the lesser of the prior ALP or 6% of the contract value following the
withdrawal.
(4)
The $10,000 withdrawal is greater than both the $8,400 RBP allowed under the basic
withdrawal benefit and the $7,200 RALP allowed under the lifetime withdrawal benefit and therefore the excess withdrawal processing is applied to the GBA, RBA, and ALP. The GBA
is reset to the lesser of the prior GBA or the contract value following the withdrawal. The RBA is reset to the lesser of the prior RBA less the withdrawal or the contract
value following the withdrawal. The ALP is reset to the lesser of the prior ALP or 6% of the contract value following the withdrawal.
152 RiverSource Signature Select Variable Annuity — Prospectus
Appendix J: Guarantor Withdrawal Benefit Rider Disclosure
Guarantor Withdrawal Benefit Rider
We have offered two versions of the Guarantor Withdrawal Benefit that have been referred to in previous disclosure as Rider A and Rider B. The description of the Guarantor Withdrawal Benefit in this section applies to both Rider A and
Rider B, unless noted otherwise. Rider B is no longer available for purchase.
The Guarantor Withdrawal Benefit is an optional benefit that
was offered for an additional annual charge if(1):
•
your contract application was signed on or after April 30, 2005 in those states where the
SecureSource rider and/or the Guarantor Withdrawal Benefit for Life rider are/were not available;
•
you and the
annuitant were 79 or younger on the date the contract was issued.
•
your contract application was signed prior to April 29, 2005;
•
the rider was
available in your state; and
•
you and the annuitant were 79 or younger on the date the contract was issued.
(1)
The Guarantor Withdrawal Benefit is not available under an inherited qualified
annuity.
You must elect the Guarantor Withdrawal Benefit rider when you purchase your contract (original rider). The original rider you receive at contract issue offers an elective annual step-up and any withdrawal after a step up during the first three
years is considered an excess withdrawal, as described below. The rider effective date of the original rider is the contract issue date.
We will offer you the option of replacing the original rider with a new Guarantor
Withdrawal Benefit (enhanced rider), if available in your state. The enhanced rider offers an automatic annual step-up and a withdrawal after a step up during the first three years is not necessarily an excess withdrawal, as described below. The effective date of the enhanced
rider will be the contract issue date except for the automatic step-up which will apply to contract anniversaries that occur after you accept the enhanced rider. The descriptions below apply to both the original and enhanced riders unless
otherwise noted.
The Guarantor Withdrawal Benefit initially provides a guaranteed minimum withdrawal
benefit that gives you the right to take limited partial withdrawals in each contract year that over time will total an amount equal to your purchase payments. Certain withdrawals and step ups, as described below, can cause the initial guaranteed withdrawal benefit to
change. The guarantee remains in effect if your partial withdrawals in a contract year do not exceed the allowed amount. As long as your withdrawals in each contract year do not exceed the allowed amount, you will not be assessed a surrender
charge. Under the original rider, the allowed amount is the Guaranteed Benefit Payment (GBP — the amount you may withdraw under the terms of the rider in each contract
year, subject to certain restrictions prior to the third contract anniversary, as described below). Under the enhanced rider, the allowed amount is equal to 7% of purchase
payments for the first three years, and the GBP in all other years.
If you withdraw an amount greater than the allowed amount in a contract year, we call this an “excess withdrawal” under the rider. If you make an excess withdrawal under the rider:
•
surrender charges, if applicable, will apply only to the amount of the withdrawal that
exceeds the allowed amount;
•
the guaranteed benefit amount will be adjusted as described below; and
•
the remaining benefit amount will be adjusted as described below.
For a partial withdrawal
that is subject to a surrender charge, the amount we actually deduct from your contract value will be the amount you request plus any applicable surrender charge (see “Charges —Surrender Charge”). Market value adjustments, if applicable, will also be made (see “Guarantee Period Accounts (GPAs) — Market Value Adjustment”). We pay you the amount you request. Any partial withdrawals you take under the contract will reduce the value of the death
benefits (see “Benefits in Case of Death”). Upon full withdrawal of the contract, you will receive the remaining contract value less any applicable charges (see “Surrenders”).
Once elected, the Guarantor Withdrawal Benefit rider may not be cancelled and the
fee will continue to be deducted until the contract is terminated, the contract value reduces to zero (described below) or annuitization start date. If you select the Guarantor Withdrawal Benefit rider, you may not select an Income Assurer Benefit rider or the Accumulation Protector
Benefit rider. If you exercise the annual step up election (see “Elective Step Up” and “Annual Step Up” below), the special spousal continuation step up
election (see “Spousal Continuation and Special Spousal Continuation Step Up” below) or change your Portfolio Navigator model portfolio, the rider charge may change
(see “Charges”).
RiverSource Signature Select Variable Annuity — Prospectus 153
You should consider whether
the Guarantor Withdrawal Benefit is appropriate for you because:
You will begin paying the rider charge as of the rider effective date, even if you do not begin taking withdrawals for many years. It is possible that your contract performance, fees and charges, and withdrawal pattern may be such that your
contract value will not be depleted in your lifetime and you will not receive any monetary value under the rider.
•
Investment Allocation Restrictions: You must elect one of the approved investment options if you purchase a contract on or after May 1,
2006 with this rider (see “Making the Most of Your Contract — Portfolio Navigator Program and Portfolio Stabilizer funds”). These funds are expected to reduce
our financial risks and expenses associated with certain living benefits and death benefits. Although the funds’ investment strategies may help mitigate declines in your contract value due to declining equity markets, the funds’ investment strategies may also
curb your contract value gains during periods of positive performance by the equity markets. Additionally, investment in the funds may decrease the number and amount of any benefit base increase opportunities. We reserve the right to add,
remove, or substitute approved investment options in the future. If you selected this Guarantor Withdrawal Benefit rider before May 1, 2006, you must participate in the asset
allocation program (see “Appendix I: Asset Allocation Program for Contracts Purchased Before May 1, 2006”), however, you may elect to participate in the Portfolio Navigator program after May 1, 2006.
This requirement limits your choice of investment options. This means you will not be able to allocate contract value to all of the subaccounts, GPAs or the one-year fixed
account that are available under the contract to contract owners who do not elect this rider. You may allocate purchase payments to the DCA fixed account, when available, and we will make monthly transfers into the investment option you have chosen.
•
Limitations on Purchase Payments: We reserve the right to limit the cumulative amount of purchase payments, subject to state restrictions, which may
limit your ability to make additional purchase payments to increase your contract value as you may have originally intended. For current purchase payment restrictions, please see
“Buying Your Contract — Purchase Payments”.
•
Interaction with the Total Free Amount (FA) contract provision: The FA is the amount you are allowed to withdraw in each contract year without incurring a surrender charge (see
“Charges — Surrender Charge”). The FA may be greater than GBP under this rider. Any amount you withdraw under the contract’s FA provision that exceeds the
GBP is subject to the excess withdrawal processing for the GBA and RBA described
below.
•
Rider
A — Limitations on Purchase of Other Riders under this Contract: If you select the Guarantor Withdrawal
Benefit rider, you may not elect the Accumulation Protector Benefit rider.
•
Non-Cancelable: Once elected, the Guarantor Withdrawal Benefit rider may not be cancelled and the fee will continue to be deducted
until the contract is terminated, the contract value reduces to zero (described below) or after the annuitization start date.
You should consult your tax advisor if you have any questions about the use of this rider in your tax situation:
•
Tax Considerations for Non-Qualified Annuities: Under current federal income tax law, withdrawals under
nonqualified annuities, including partial withdrawals taken from the contract under the terms of this rider, are treated less favorably than amounts received as annuity payments under the contract (see “Taxes — Nonqualified Annuities”). Withdrawals are taxable to the extent of earnings. Withdrawals before age 59½ may also incur a 10% IRS early
withdrawal penalty.
•
Tax Considerations for Qualified Annuities: Qualified annuities have minimum distribution rules that
govern the timing and amount of distributions from the annuity contract (see “Taxes — Qualified Annuities — Required Minimum Distributions”). If you have a qualified annuity, you may need to take an RMD. If you make a withdrawal in any
contract year to satisfy an RMD, this may constitute an excess withdrawal, as defined below, and the excess
withdrawal processing described below will apply. Under the terms of the enhanced rider, we allow you to satisfy the RMD based on the life expectancy RMD for your contract and the requirements of the Code and regulations in effect when
you purchase your contract, without the withdrawal being treated as an excess withdrawal. It is our current administrative practice to make the same accommodation under the
original rider, however, we reserve the right to discontinue our administrative practice and will give you 30 days’ written notice of any such change.
For owners subject to RMD rules under Section 401(a)(9), our current administrative practice under both the original and the enhanced riders is to allow amounts you withdraw to satisfy these rules without applying excess withdrawal
processing under terms of the rider, subject to the following rules:
(1)
If your Annual Life Expectancy Required Minimum Distribution Amount (ALERMDA) is greater than
the RBP from the beginning of the current contract year, an Additional Benefit Amount (ABA) will be set equal to that portion of your ALERMDA that exceeds the RBP.
(2)
Any withdrawals taken in a contract year will count first against and reduce the RBP for that
contract year.
(3)
Once the RBP for the current contract year has been depleted, any additional amounts
withdrawn will count against and reduce any ABA. These withdrawals will not be considered excess withdrawals as long as they do not exceed the remaining ABA.
154 RiverSource Signature Select Variable Annuity — Prospectus
(4)
Once the ABA has
been depleted, any additional withdrawal amounts will be considered excess withdrawals and will initiate the excess withdrawal processing described in the Guarantor Withdrawal
Benefit rider.
The Annual Life Expectancy Required Minimum Distribution Amount (ALERMDA)
is:
(1)
determined by us each calendar year;
(2)
based solely on
the value of the contract to which the Guarantor Withdrawal Benefit rider is attached as of the date we make the determination; and
(3)
based on the company’s understanding and interpretation of the requirements for life expectancy distributions
intended to satisfy the required minimum distribution rules under Section 401(a)(9) and the Treasury Regulations promulgated thereunder, as applicable, on the effective date of this prospectus to:
1.
an individual
retirement annuity (Section 408(b));
2.
a Roth individual retirement account (Section 408A);
3.
a Simplified Employee Pension plan (Section 408(k));
4.
a tax-sheltered annuity rollover (Section 403(b)).
We reserve the right to modify our administrative practice described above and will give you 30 days’ written notice of any such change.
In the future, the requirements under the Code for such distributions may change
and the life expectancy amount calculation provided under your Guarantor Withdrawal Benefit rider may not be sufficient to satisfy the requirements under the Code for these types of distributions. In such a situation, amounts withdrawn to satisfy such distribution
requirements will exceed your RBP amount and may result in the reduction of your GBA and RBA as described under the excess withdrawal provision of the rider.
Please note that RMD rules follow the calendar year which most likely does not
coincide with your contract year and therefore may limit when you can take your RMD and not be subject to excess withdrawal processing.
In cases where the Code does not allow the life expectancy of a natural person to be used to calculate the required
minimum distribution amount (e.g. ownership by a trust or a charity), we will calculate the life expectancy RMD amount calculated by us as zero in all years. The life expectancy required minimum distribution amount calculated by us will
also equal zero in all years.
•
Treatment of non-spousal distributions: Unless you are married your beneficiary will be required to take distributions as a non-spouse which may result in
significantly decreasing the value of the rider. Please note civil unions and domestic partnerships generally are not recognized as marriages for federal tax purposes. For
additional information see “Taxes — Other — Spousal status” section of this prospectus.
•
Limitations on Tax-Sheltered Annuities (TSAs): Your right to take withdrawals is restricted if your
contract is a TSA (see “TSA — Special Provisions”). You should consult your tax advisor before you select this optional rider if you have any questions about the use of this rider in your tax situation;
The
terms “Guaranteed Benefit Amount” and “Remaining Benefit Amount” are described below. Each is used in the operation of the GBP, the RBP,
the elective step up, the annual step up, the special spousal continuation step up and the Guaranteed Withdrawal Benefit Annuity Payout Option.
Guaranteed Benefit Amount
The Guaranteed Benefit Amount (GBA) is equal to the initial purchase payment,
, adjusted for subsequent purchase payments, , partial withdrawals in excess of the GBP, and step ups. The maximum GBA is $5,000,000.
The GBA is determined at the following
times:
•
At contract issue — the GBA is equal to the initial purchase payment;
•
When you make additional purchase payments — each additional purchase payment has its own GBA equal to the amount of the purchase payment. The total GBA when an additional purchase payment are added is the sum of the individual GBAs immediately prior to the receipt of the additional purchase payment, plus
the GBA associated with the additional purchase payment;
•
At step up — (see “Elective Step Up” and “Annual Step Up” headings below).
•
When you make a partial withdrawal:
(a)
and all of your withdrawals in the current contract year, including the
current withdrawal, are less than or equal to the GBP — the GBA remains unchanged.
If the partial withdrawal is taken during the first three years, the GBA and the GBP are calculated after the reversal of any prior step ups;
RiverSource Signature Select Variable Annuity — Prospectus 155
(b)
and all of your withdrawals in the current contract year, including the
current withdrawal, are greater than the GBP — the following excess withdrawal processing will be applied to the GBA. If the partial withdrawal is
taken during the first three years, the GBA and the GBP are calculated after the reversal of any prior step ups:
(c)
under the original rider in a contract year after a step up but before
the third contract anniversary — the following excess withdrawal processing will be applied to the GBA. If the partial withdrawal is taken
during the first three years, the GBA and the GBP are calculated after the reversal of any prior step ups:
GBA Excess Withdrawal Processing
The total GBA will automatically be reset to the lesser of (a) the total GBA immediately prior to the withdrawal; or (b) the contract value immediately following the withdrawal. If there have been multiple purchase payments, each payment’s
GBA after the withdrawal will be reset to equal that payment’s RBA after the withdrawal plus (a) times (b), where:
(a)
is the ratio of the total GBA after the withdrawal less the total RBA after the withdrawal to the total GBA before the
withdrawal less the total RBA after the withdrawal; and
(b)
is each
payment’s GBA before the withdrawal less that payment’s RBA after the withdrawal.
The remaining benefit amount (RBA) at any point is the total
guaranteed amount available for future partial withdrawals. The maximum RBA is $5,000,000.
The RBA is determined at the following times:
•
At contract issue — the RBA is equal to the initial purchase payment;
•
When you make additional purchase payments — each additional purchase payment has its own RBA equal to the amount of the purchase payment. The total RBA when an additional purchase payment are added is the sum of the individual RBAs immediately prior to the receipt of the additional purchase payment, plus the RBA associated with the
additional payment;
•
At step up — (see “Elective Step Up” and “Annual Step Up” headings
below).
•
When you make a partial withdrawal:
(a)
and all of your withdrawals in the current contract year, including the
current withdrawal, are less than or equal to the GBP — the RBA becomes the RBA
immediately prior to the partial withdrawal, less the partial withdrawal. If the partial withdrawal is taken during the first three years, the RBA and the GBP are calculated
after the reversal of any prior step ups;
(b)
and all of your withdrawals in the current contract year, including the
current withdrawal, are greater than the GBP — the following excess withdrawal processing will be applied to the RBA. If the partial withdrawal is
taken during the first three years, the RBA and the GBP are calculated after the reversal of any prior step ups;
(c)
under the original rider after a step up but before the third contract
anniversary — the following excess withdrawal processing will be applied to the RBA. If the partial withdrawal is taken during the first
three years, the RBA and the GBP are calculated after the reversal of any prior step ups;
RBA Excess Withdrawal Processing
The RBA will automatically be reset to the lesser of (a) the contract value immediately following the withdrawal, or (b) the RBA immediately prior to the withdrawal, less the amount of the withdrawal.
If there have been multiple purchase payments, any reduction of the RBA will be
taken out of each payment’s RBA in the following manner:
The withdrawal amount up to the remaining benefit payment (defined below) is taken
out of each RBA bucket in proportion to its remaining benefit payment at the time of the withdrawal; and the withdrawal amount above the remaining benefit payment and any amount determined by the excess withdrawal processing are taken out of each RBA bucket
in proportion to its RBA at the time of the withdrawal.
Guaranteed Benefit Payment
Under the original rider, the GBP is the amount you may
withdraw under the terms of the rider in each contract year, subject to certain restrictions prior to the third anniversary.
Under the enhanced rider, the GBP is the withdrawal amount that you are entitled to take each contract year after the
third anniversary until the RBA is depleted.
Rider A: Under the original rider, the GBP is equal to 7% of the GBA. Under the enhanced rider, the GBP is the lesser of (a) 7%
of the GBA, or (b) the RBA. Under both the original and enhanced riders, if you withdraw less than the GBP in a contract year, there is no carry over to the next contract
year.
156 RiverSource Signature Select Variable Annuity — Prospectus
Rider
B: Under both the original and enhanced riders, the GBP is the lesser of (a) 7% of the GBA; or (b) the RBA. If you withdraw less than the GBP in a contract year, there is no carry over to the next contract year.
Remaining Benefit Payment
Under the original rider, at the beginning of each contract year, the remaining benefit payment (RBP) is set as the lesser
of (a) the GBP, or (b) the RBA.
Under the enhanced rider, at the beginning of each contract year, during the first
three years and prior to any withdrawal, the RBP for each purchase payment is set equal to that purchase payment, multiplied by 7%. At the beginning of any other contract year, each individual RBP is set equal to each individual
GBP.
Each additional purchase payment has its own RBP established equal to that payment’s GBP. The total RBP is equal to
the sum of the individual RBPs.
Whenever a partial withdrawal is made, the RBP equals the RBP immediately prior to
the partial withdrawal less the amount of the partial withdrawal, but not less than zero.
Elective Step Up (under the original rider only)
You have the option to increase the RBA, the GBA, the GBP and the RBP
beginning with the first contract anniversary. An annual elective step up option is available for 30 days after the contract anniversary. The elective step up option allows
you to step up the remaining benefit amount and guaranteed benefit amount to the contract value on the valuation date we receive your written request to step up.
The elective step up is subject to the following rules:
•
if you do not take any withdrawals during the first three years, you may step up annually beginning with the first
contract anniversary;
•
if you take
any withdrawals during the first three years, the annual elective step up will not be available until the third contract anniversary;
•
if you step up but then take a withdrawal prior to the third contract anniversary, you will lose any prior step ups and
the withdrawal will be considered an excess withdrawal subject to the GBA and RBA excess withdrawal processing discussed under the “Guaranteed Benefit Amount” and “Remaining Benefit Amount” headings above; and
•
you may take withdrawals on or after the third contract anniversary without reversal of previous step ups.
You may elect a step up only once each contract year within 30 days after the contract anniversary. Once a step up has been elected, another step up may not be elected until the next contract anniversary.
Rider A: You may only step up if your contract value on the valuation date we receive your written request to step up is greater
than the RBA. The elective step up will be determined as follows:
•
The effective date of the elective step up is the valuation date we receive your written
request to step up.
•
The RBA will be increased to an amount equal to the contract value (after charges are
deducted) on the valuation date we receive your written request to step up.
•
The GBA will be
increased to an amount equal to the greater of (a) the GBA immediately prior to the elective step up; or (b) the contract value (after charges are deducted) on the valuation date
we receive your written request to step up.
•
The GBP will be
increased to an amount equal to the greater of (a) the GBP immediately prior to the elective step up; or (b) 7% of the GBA after the elective step up.
•
The RBP will be increased to the lesser of (a) the RBA after the elective step up; or (b) the GBP after the elective step
up less any withdrawals made during that contract year.
Rider
B: You may only step up if your contract anniversary value is greater than the RBA. The elective step up will be determined as follows:
•
The effective date of the elective step up is the contract anniversary.
•
The RBA will be increased to an amount equal to the contract anniversary value (after charges are deducted).
•
The GBA will be increased to an amount equal to the greater of (a) the GBA immediately prior to the elective step up; or
(b) the contract anniversary value (after charges are deducted).
•
The GBP will be increased to an amount equal to the greater of (a) the GBP immediately prior
to the elective step up; or (b) 7% of the GBA after the elective step up.
•
The RBP will
be increased to the lesser of (a) the RBA after the elective step up; or (b) the GBP after the elective step up.
RiverSource Signature Select Variable Annuity — Prospectus 157
Annual
Step Up (under the enhanced rider only)
Beginning with the first contract anniversary after you accept the enhanced rider, an increase of the RBA, the GBA, the GBP and the RBP may be available. A step up does not create contract value, guarantee performance of any investment
options, or provide a benefit that can be withdrawn or paid upon death. Rather, a step up determines the current values of the GBA, RBA, GBP and RBP, and may extend the payment period or increase allowable payment.
•
The annual step up is subject to the following rules:
•
The annual
step up is available when the RBA would increase on the step up date. The applicable step up date depends on whether the annual step up is applied on an automatic or elective
basis.
•
If the application of the step does not increase the rider charge, the annual step up will be
automatically applied to your contract and the step up date is the contract anniversary date.
•
If the application of the step up would increase the rider charge, the annual step up is not automatically applied.
Instead, you have the option to step up for 30 days after the contract anniversary. If you exercise the elective annual step up option, you will pay the rider charge in effect on the step up date. If you wish to exercise the elective annual
step up option, we must receive a request from you or your investment professional. The step up date is the date we receive your request to step up. If your request is received after the close of business, the step up date will be the
next valuation day.
•
Only one step up is allowed each contract year.
•
If you take
any withdrawals during the first three years, any previously applied step ups will be reversed and the annual step up will not be available until the third contract
anniversary;
•
You may take withdrawals on or after the third contract anniversary without reversal of
previous step ups.
The annual step up will be determined as follows:
•
The RBA will be increased to an amount equal to the contract value (after charges are deducted) on the step up date.
•
The GBA will be increased to an amount equal to the greater of (a) the GBA immediately prior to the annual step up; or
(b) the contract value (after charges are deducted) on the step up date.
•
The GBP will be calculated as described earlier, but based on the increased GBA and
RBA.
•
The RBP will be reset as follows:
(a)
Prior to any withdrawals during the first three years, the RBP will not be affected by the
step up.
(b)
At any other time, the RBP will be reset as the increased GBP less all prior withdrawals
made during the current contract year, but never less than zero.
Spousal
Continuation and Special Spousal Continuation Step Up
If a surviving spouse elects to continue the contract, this rider also continues.
The spousal continuation step up is in addition to the elective step up or the annual step up. However, if the covered spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate.
When a spouse elects to continue the contract, any rider feature processing particular to the first three years of the contract as described in this prospectus no longer applies. The GBA, RBA and GBP values remain unchanged. The RBP is
automatically reset to the GBP less all prior withdrawals made in the current contract year, but not less than zero.
Rider A: A surviving spouse may elect a spousal continuation step up by written request within 30 days following the
spouse’s election to continue the contract. This step up may be made even if withdrawals have been taken under the contract during the first three years. Under this step up, the RBA will be reset to the greater of the RBA or the contract
value on the valuation date we receive the spouse’s written request to step up; the GBA will be reset to the greater of the GBA or the contract value on the same valuation date. If a spousal continuation step up is elected and we have
increased the charge for the rider for new contract owners, the spouse will pay the charge that is in effect on the valuation date we receive the written request to step up.
It is our current administrative practice to process the spousal continuation step
up as described in the next paragraph; however, we reserve the right to discontinue our administrative practice and will give you 30 days’ written notice of any such change.
At the time of spousal continuation, a step-up may be available. All annual step-up
rules (see “Annual Step-Up” heading above), other than those that apply to the waiting period, also apply to the spousal continuation step-up. If the spousal continuation step-up is processed automatically, the step-up date is the valuation date spousal continuation is effective.
If not, the spouse must elect the step up and must do so within 30 days of the spousal continuation date. If the spouse elects the spousal continuation step up, the step-up date is the valuation date we receive the spouse’s written request to step-up if we receive the request by the close of business on that day, otherwise the next valuation date.
158 RiverSource Signature Select Variable Annuity — Prospectus
Rider
B: A spousal continuation step up occurs automatically when the spouse elects to continue the contract. The rider charge will not change upon this automatic step up. Under this step up, the RBA will be reset to the greater of the RBA
on the valuation date we receive the spouse’s written request to continue the contract and the death benefit that would otherwise have been paid; the GBA will be reset to the greater of the GBA on the valuation date we receive the spouse’ written request to continue the contract and the death benefit that would otherwise have been
paid.
Guaranteed Withdrawal Benefit Annuity Payout Option
Several annuity payout plans are available under the contract.
As an alternative to these annuity payout plans, a fixed annuity payout option is available under the Guarantor Withdrawal Benefit. Under this option the amount payable each
year will be equal to the remaining schedule of GBPs, but the total amount paid over the life of the annuity will not exceed the current total RBA at the time you begin this fixed annuity option. These annualized amounts will be paid in
the frequency that you elect. The frequencies will be among those offered by us at that time but will be no less frequent than annually. If, at the death of the owner, total payments have been made for less than the RBA, the remaining
payments will be paid to the beneficiary (see “The Annuity Payout Period” and “Taxes”).
This annuity payout option may also be elected by the beneficiary of a contract as a settlement option if payments begin
no later than one year after your death and the payout period does not extend beyond the beneficiary’s life or life expectancy. Whenever multiple beneficiaries are designated under the contract, each such beneficiary’s share of the
proceeds if they elect this option will be in proportion to their applicable designated beneficiary percentage. Beneficiaries of nonqualified contracts may elect this settlement option subject to the distribution requirements of the
contract. We reserve the right to adjust the remaining schedule of GBPs if necessary to comply with the Code.
If Contract Value Reduces to Zero
If the contract value reduces to zero and the RBA remains greater than zero, the
following will occur:
•
you will be paid according to the annuity payout option described above;
•
we will no
longer accept additional purchase payments;
•
you will no longer be charged for the rider;
•
any attached death benefit riders will terminate; and
•
the death
benefit becomes the remaining payments under the annuity payout option described above.
If the contract value falls to zero and the RBA is depleted, the
Guarantor Withdrawal Benefit rider and the contract will terminate.
Example of the Guarantor Withdrawal Benefit (applies to Rider A and Rider B)
•
You purchase the contract with a payment of $100,000.
The Guaranteed Benefit Amount (GBA) equals your purchase payment: |
|
The Guaranteed Benefit Payment (GBP) equals 7% of your GBA: |
|
| |
|
|
The Remaining Benefit Amount (RBA) equals your purchase payment: |
|
On the first contract anniversary the contract value grows to $110,000. You decide to step up your benefit. |
|
The RBA equals 100% of your contract value: |
|
The GBA equals 100% of your contract value: |
|
The GBP equals 7% of your stepped-up GBA: |
|
| |
|
|
During the fourth contract year you decide to take a partial withdrawal of $7,700. |
|
You took a partial withdrawal equal to your GBP, so your RBA equals the prior RBA less the amount of the
partial withdrawal: |
|
| |
|
|
The GBA equals the GBA immediately prior to the partial withdrawal: |
|
The GBP equals 7% of your GBA: |
|
| |
|
|
On the fourth contract anniversary you make an additional purchase payment of $50,000. |
|
The new RBA for the contract is equal to your prior RBA plus 100% of the additional purchase payment: |
|
| |
|
|
The new GBA for the contract is equal to your prior GBA plus 100% of the additional purchase payment: |
|
| |
|
|
RiverSource Signature Select Variable Annuity — Prospectus 159
The new GBP for the contract is equal to your prior GBP plus 7% of the additional purchase payment: |
|
| |
|
|
On the fifth contract anniversary your contract value grows to $200,000. You decide to step up your benefit. |
|
The RBA equals 100% of your contract value: |
|
The GBA equals 100% of your contract value: |
|
The GBP equals 7% of your stepped-up GBA: |
|
| |
|
|
During the seventh contract year your contract value grows to $230,000. You decide to take a partial
withdrawal of $20,000. You took more than your GBP of $14,000 so your RBA gets reset to the lesser
of: |
|
| |
|
your contract value immediately following the partial withdrawal; |
|
| |
|
|
| |
|
your prior RBA less the amount of the partial withdrawal. |
|
| |
|
|
Reset RBA = lesser of (1) or (2) = |
|
The GBA gets reset to the lesser of: |
|
| |
|
|
|
| |
|
your contract value immediately following the partial withdrawal; |
|
| |
|
|
Reset GBA = lesser of (1) or (2) = |
|
The Reset GBP is equal to 7% of your Reset GBA: |
|
| |
|
|
During the eighth contract year your contract value falls to $175,000. You decide to take a partial withdrawal
of $25,000. You took more than your GBP of $14,000 so your RBA gets reset to the lesser
of: |
|
| |
|
your contract value immediately following the partial withdrawal; |
|
| |
|
|
| |
|
your prior RBA less the amount of the partial withdrawal. |
|
| |
|
|
Reset RBA = lesser of (1) or (2) = |
|
The GBA gets reset to the lesser of: |
|
| |
|
|
|
| |
|
your contract value immediately following the partial withdrawal; |
|
| |
|
|
Reset GBA = lesser of (1) or (2) = |
|
The Reset GBP is equal to 7% of your Reset GBA: |
|
| |
|
|
160 RiverSource Signature Select Variable Annuity — Prospectus
Appendix K: Income Assurer Benefit Riders
The following three optional Income Assurer Benefit riders were available under your contract if you your contract
application was signed prior to May 1, 2007. These riders are no longer available for purchase.
•
Income Assurer Benefit – MAV;
•
Income Assurer
Benefit – 5% Accumulation Benefit Base; or
•
Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base.
The Income Assurer Benefit riders are intended to provide you with a guaranteed minimum income regardless of the volatility inherent in the investments in the subaccounts. The riders benchmark the contract growth at each anniversary
against several comparison values and set the guaranteed income benefit base (described below) equal to the largest value. The guaranteed income benefit base, less any applicable premium tax, is the value we apply to the guaranteed
annuity purchase rates stated in Table B of the contract to calculate the minimum annuity payouts you will receive if you exercise the rider. If the guaranteed income benefit base is greater than the contract value, the guaranteed income
benefit base may provide a higher annuity payout level than is otherwise available. However, the riders use guaranteed annuity purchase rates which may result in annuity payouts that are less than those using the annuity purchase rates
that we may apply at annuitization under the standard contract provisions. Therefore, the level of income provided by the riders may be less than the contract otherwise provides. If the annuity payouts through the standard contract provisions
are more favorable than the payouts available through the riders, you will receive the higher standard payout option. The guaranteed income benefit base does not create contract value or guarantee the performance of any investment option.
The general information in this section applies to each Income Assurer Benefit rider. This section is followed by a
description of each specific Income Assurer Benefit rider and how it is calculated.
You should consider whether an Income Assurer Benefit rider is
appropriate for you because:
•
you must participate in the PN program if you purchase a contract on or after May 1, 2006 with this rider (see
“Making the Most of Your Contract — Portfolio Navigator Program”). If you selected this rider before May 1, 2006, you must participate in the asset allocation
program (see “Making the Most of Your Contract — Asset Allocation Program”), however, you may elect to participate in the Portfolio Navigator program after May
1, 2006. The PN program and the asset allocation program limit your choice of investments. This means you will not be able to allocate contract value to all of the subaccounts, GPAs or the one-year fixed account that are available under the
contract to other contract owners who do not elect this rider.
•
if you are
purchasing the contract as a qualified annuity, such as an IRA, and you are planning to begin annuity payouts after the date on which minimum distributions required by the Code
must begin, you should consider whether an Income Assurer Benefit is appropriate for you (see “Taxes — Qualified Annuities — Required Minimum Distributions”). Partial withdrawals you take from the contract, including those used to satisfy RMDs, will reduce the guaranteed income benefit base (defined below), which in turn may reduce or eliminate the amount of any annuity payouts
available under the rider. Consult a tax advisor before you purchase any Income Assurer Benefit rider with a qualified annuity;
•
you must hold the Income Assurer Benefit for 10 years unless you elect to terminate the rider within 30 days following
the first anniversary after the effective date of the rider;
•
the 10-year waiting period may be restarted if you elect to change the PN program investment
option to one that causes the rider charge to increase (see “Charges — Income Assurer Benefit”);
•
the Income Assurer Benefit rider terminates* 30 days following the contract anniversary after the annuitant’s 86th
birthday; and
•
you can only exercise the Income Assurer Benefit within 30 days after a contract anniversary
following the expiration of the 10-year waiting period.
*
The rider and
annual fee terminate 30 days following the contract anniversary after the annuitant’s 86th birthday, however, if you exercise the Income Assurer Benefit rider before this
time, your benefits will continue according to the annuity payout plan you have selected.
If the Income Assurer Benefit rider is available in your state and
the annuitant is 75 or younger at contract issue, you may choose this optional benefit at the time you purchase your contract for an additional charge. The amount of the charge is determined by the Income Assurer Benefit you select (see “Charges — Income Assurer Benefit Rider Fee”). The effective date of the rider will be the contract issue date. The Guarantor Withdrawal Benefit for life, Guarantor
Withdrawal Benefit and the Accumulation Protector Benefit riders are not available with any Income Assurer Benefit rider. If the annuitant is between age 73 and age 75 at contract issue, you should consider whether an Income Assurer Benefit
rider is appropriate for your situation because of the 10-year waiting period requirement. Be sure to discuss with your investment professional whether an Income Assurer Benefit
rider is appropriate for your situation.
RiverSource Signature Select Variable Annuity — Prospectus 161
Here are some general terms that are used to describe the Income Assurer Benefit riders in the sections below:
Guaranteed Income Benefit Base: The guaranteed income benefit base is the value that will be used to
determine minimum annuity payouts when the rider is exercised. It is an amount we calculate, depending on the Income Assurer Benefit rider you choose, that establishes a benefit floor. When the benefit floor amount is greater than the contract
value, there may be a higher annuitization payout than if you annuitized your contract without the Income Assurer Benefit. Your annuitization payout will never be less than that provided by your contract value.
Excluded Investment
Options: These investment options are listed in your contract under contract data and will include the
Columbia Variable Portfolio – Government Money Market Fund and, if available under your contract, the GPAs and/or the one-year fixed account. Excluded investment options
are not used in the calculation of this riders’ variable account floor for the Income Assurer Benefit – 5% Accumulation Benefit Base and the Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base.
Excluded Payments: These are purchase payments paid in the last five years before exercise of the benefit which we reserve the right to exclude from the calculation of the guaranteed income benefit base.
Proportionate Adjustments for
Partial Withdrawals: These are calculated as the product of (a) times (b) where:
(a)
is the ratio of
the amount of the partial withdrawal (including any surrender charges or MVA) to the contract value on the date of (but prior to) the partial withdrawal, and
(b)
is the benefit
on the date of (but prior to) the partial withdrawal.
Protected Investment Options: All investment options available under this contract that are not defined as excluded investment options under contract
data are known as protected investment options for purposes of this rider and are used in the calculation of the variable account floor for the Income Assurer Benefit – 5%
Accumulation Benefit Base and the Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base.
Waiting Period: This rider can only be exercised after the expiration of a 10-year waiting period. We
reserve the right to restart the waiting period if you elect to change your PN program investment option to one that causes the rider charge to increase.
The following are general provisions that apply to each Income
Assurer Benefit:
Rider exercise conditions are:
•
you may only exercise the Income Assurer Benefit rider within 30 days after any contract anniversary following the
expiration of the waiting period;
•
the annuitant
on the annuitization start date must be between 50 to 86 years old; and
•
you can only take an annuity payment in one of the following annuity payout plans:
| |
|
Life Annuity – No Refund; |
| |
|
Life Annuity with Ten or Twenty Years Certain; |
| |
|
Joint and Last Survivor Life Annuity – No Refund; |
| |
|
Joint and Last Survivor Life Annuity with Twenty Years Certain; or |
| |
|
|
After the expiration of the waiting period, the Income Assurer Benefit rider guarantees a minimum amount of fixed
annuity lifetime income during annuitization or the option of variable annuity payouts with a guaranteed minimum initial payout or a combination of the two options.
If your contract value falls to zero as the result of adverse market performance or
the deduction of fees and/or charges at any time, the contract and all its riders, including this rider, will terminate without value and no benefits will be paid on account of such termination. Exception: if you are still living, and the annuitant is between 50 and 86 years old, an amount equal to the guaranteed income
benefit base will be paid to you under the annuity payout plan and frequency that you select, based upon the fixed or variable annuity payouts described above. The guaranteed
income benefit base will be calculated and annuitization will occur at the following times.
•
If the contract value falls to zero during the waiting period, the guaranteed income benefit base will be calculated and
annuitization will occur on the valuation date after the expiration of the waiting period, or when the annuitant attains age 50 if later.
•
If the contract value falls to zero after the waiting period, the guaranteed income benefit
base will be calculated and annuitization will occur immediately, or when the annuitant attains age 50 if later.
162 RiverSource Signature Select Variable Annuity — Prospectus
Fixed annuity payouts under
this rider will occur at the guaranteed annuity purchase rates based on the “2000 Individual Annuitant Mortality Table A” with 100% Projection Scale G and a 2.0%
interest rate for contracts purchased on or after May 1, 2006 and if available in your state.(1) These are the same rates used in Table B of the contract (see “The Annuity Payout Period — Annuity Tables.”) Your annuity payouts remain fixed for the lifetime of the annuity payout period.
First year variable annuity payouts are calculated in the same manner as fixed annuity payouts. Once calculated, your variable annuity payouts remain unchanged for the first year. After the first year, subsequent annuity payouts are
variable and depend on the performance of the subaccounts you select. Variable annuity payouts after the first year are calculated using the following formula:
| |
|
|
| |
|
|
| |
|
annualized subaccount performance |
Each subsequent variable annuity payout could be more or less than the previous variable annuity payout if the subaccount investment performance is greater or less than the 5% assumed investment rate. If your subaccount performance
equals 5%, your variable annuity payout will be unchanged from the previous variable annuity payout. If your subaccount performance is in excess of 5%, your variable annuity
payout will increase from the previous variable annuity payout. If your subaccount investment performance is less than 5%, your variable annuity payout will decrease from the previous variable annuity payout.
(1)
For all other contracts, the guaranteed annuity purchase rates are based on the “1983
Individual Annuitant Mortality Table A” with 100% Projection Scale G and a 2.0% interest rate.
Rider termination conditions are:
•
you may terminate the rider within 30 days following the first anniversary after the effective date of the rider;
•
you may terminate the rider any time after the expiration of the waiting period;
•
the rider will
terminate on the date you make a full surrender from the contract, or annuitization begins, or on the
date that a death benefit is payable; and
•
the rider will
terminate* 30 days following the contract anniversary after the annuitant’s 86th birthday.
*
The rider and
annual fee terminate 30 days following the contract anniversary after the annuitant’s 86th birthday, however, if you exercise the Income Assurer Benefit rider before this
time, your benefits will continue according to the annuity payout plan you have selected.
You may select one of the Income Assurer Benefit
riders described below:
Income Assurer Benefit – MAV
The guaranteed income benefit base for the Income Assurer Benefit – MAV is the greater of these three values:
2.
the total purchase payments made to the contract minus proportionate adjustments for partial surrenders; or
3.
the maximum anniversary value.
Maximum Anniversary Value (MAV) — is zero prior to the first
contract anniversary after the effective date of the rider. On the first contract anniversary after the effective date of the rider, we set the MAV as the greater of these two
values:
(a)
current contract value; or
(b)
total payments made
to the contract minus proportionate adjustments for partial surrenders.
Thereafter, we increase the MAV by any additional purchase payments and reduce the
MAV by proportionate adjustments for partial surrenders. Every contract anniversary after that prior to the earlier of your or the annuitant’s 81st birthday, we compare
the MAV to the current contract value and we reset the MAV to the higher amount.
If we exercise our right to not reflect excluded payments in the
calculation of the guaranteed income benefit base, we will calculate the guaranteed income benefit base as the greatest of these three values:
1.
contract value less the market value adjusted excluded payments; or
2.
total purchase
payments, less excluded payments, less proportionate adjustments for partial surrenders; or
3.
the MAV, less market value adjusted excluded payments.
RiverSource Signature Select Variable Annuity — Prospectus 163
Market
Value Adjusted Excluded Payments are calculated as the sum of each excluded purchase payment multiplied
by the ratio of the current contract value over the estimated contract value on the anniversary prior to such purchase payment. The estimated contract value at such anniversary is calculated by assuming that payments, any credits, and partial surrenders occurring in a contract year take place at the beginning of the year for that anniversary and every year after that to
the current contract year.
Income Assurer Benefit – 5% Accumulation Benefit Base
The guaranteed income benefit base for the Income Assurer
Benefit – 5% Accumulation Benefit Base is the greater of these three values:
2.
the total purchase payments made to the contract minus proportionate adjustments for partial surrenders; or
3.
the 5% variable account floor.
5% Variable Account Floor – is equal to the contract value in
the excluded investment options plus the variable account floor. The Income Assurer Benefit 5% variable account floor is calculated differently and is not the same value as the
death benefit 5% variable account floor.
The variable account floor is zero from the effective date of this rider and until
the first contract anniversary after the effective date of this rider. On the first contract anniversary after the effective date of this rider the variable account floor is:
•
the total purchase payments made to the protected investment options minus adjusted partial surrenders and transfers from the protected investment options; plus
•
an amount equal to 5% of your initial purchase payment allocated to the protected investment options.
On any day after the first contract anniversary following the effective date of this rider, when you allocate additional purchase payments to or withdraw or transfer amounts from the protected investment options, we adjust the variable
account floor by adding the additional purchase payment and subtracting adjusted surrenders and adjusted transfers. On each
subsequent contract anniversary after the first anniversary of the effective date of this rider, prior to the earlier of your or the annuitant’s 81st birthday, we increase
the variable account floor by adding the amount (“roll-up amount”) equal to 5% of the prior contract anniversary’s variable account floor.
The amount of purchase payment surrendered from
or transferred between the excluded investment options and the protected investment options is calculated as (a) times (b) where:
(a)
is the amount of purchase payment in the investment options being surrendered or
transferred on the date of but prior to the current surrender or transfer; and
(b)
is the ratio of the amount of the transfer or surrender to the value in the investment options being withdrawn or transferred on the date of (but prior to) the current surrender or transfer.
The roll-up amount prior to the first anniversary is zero. Also, the roll-up amount
on every anniversary after the earlier of your or the annuitant’s 81st birthday is zero.
Adjusted surrenders and adjusted transfers for
the variable account floor are equal to the amount of the surrender or transfer from the protected investment options as long as the sum of the surrenders and transfers from the protected investment options in a contract year do not exceed the roll-up amount from the prior
contract anniversary.
If the current surrender or transfer from the
protected investment options plus the sum of all prior surrenders and transfers made from the protected investment options in the current policy year exceeds the roll-up amount from the
prior contract anniversary we will calculate the adjusted surrender or adjusted transfer for the variable account floor as the result of (a) plus [(b) times (c)] where:
(a)
is the roll-up amount from the prior contract anniversary less the sum of any surrenders and transfers made from the protected
investment options in the current policy year but prior to the current surrender or transfer. However, (a) can not be less than zero; and
(b)
is the variable
account floor on the date of (but prior to) the current surrender or transfer from the protected investment options less the value from (a); and
(c)
is the ratio of
[the amount of the current surrender (including any surrender charges or MVA) or transfer from the
protected investment options less the value from (a)]to [the total in the protected investment options on the date of (but prior to) the current surrender or transfer from the protected investment options less the value from (a)].
If we exercise our right to not reflect excluded payments in the
calculation of the guaranteed income benefit base, we will calculate the guaranteed income benefit base as the greatest of these three values:
1.
contract value less the market value adjusted excluded payments (described above); or
2.
total purchase
payments, less excluded payments, less proportionate adjustments for partial surrenders; or
164 RiverSource Signature Select Variable Annuity — Prospectus
3.
the 5% variable
account floor, less 5% adjusted excluded payments.
5% Adjusted Excluded Payments are calculated as the sum of each excluded payment and any credit accumulated at 5% for the number of full contract years they have been in the contract.
Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base
The guaranteed income benefit base for the Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base
is the greater of these four values:
2.
the total purchase payments made to the contract minus proportionate adjustments for partial surrenders;
3.
the MAV (described above); or
4.
the 5% variable account floor (described above).
If we exercise our right to not reflect excluded payments in the calculation of the guaranteed income benefit base, we will calculate the guaranteed income benefit base as the greatest of:
1.
contract value less
the market value adjusted excluded payments (described above);
2.
total purchase
payments, less excluded payments, less proportionate adjustments for partial surrenders;
3.
the MAV, less market value adjusted excluded payments (described above); or
4.
the 5% variable account floor, less 5% adjusted excluded payments (described above).
Examples of the Income Assurer Benefit Riders
The purpose of these examples is to illustrate the operation of the Income Assurer
Benefit Riders. The examples compare payouts available under the contract’s standard annuity payout provisions with annuity payouts available under the riders based on the same set of assumptions. The contract values shown are hypothetical and do not
represent past or future performance. Actual contract values may be more or less than
those shown and will depend on a number of factors, including but not limited to the investment experience of the subaccounts (referred to in the riders as “protected investment options”) and the fees and charges that apply to your
contract.
For each of the riders, we provide two annuity payout plan comparisons based on the hypothetical contract values we have
assumed. The first comparison assumes that you select annuity payout Plan B, Life Annuity with 10 Years Certain. The second comparison assumes that you select annuity payout Plan
D, Joint and Last Survivor Annuity – No Refund.
Remember that the riders require you to participate in the PN program. The riders are intended to offer protection against market volatility in the subaccounts (protected investment options). Some PN program investment options include
protected investment options and excluded investment options (Columbia Variable Portfolio – Government Money Market Fund, and if available under the contract, GPAs and/or the one-year fixed account). Excluded Investment Options are not included in calculating the 5% variable account floor under the Income Assurer Benefit – 5%
Accumulation Benefit Base rider and the Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base riders. Because the examples which follow are based on hypothetical contract values, they do not factor in differences
in PN program investment options.
You purchase the contract during the 2006 calendar year with a
payment of $100,000; and
•
you invest all contract value in the subaccounts (protected investment options); and
•
you make no
additional purchase payments, partial surrenders or changes in PN program investment option; and
•
the annuitant is male and age 55 at contract issue; and
•
the joint
annuitant is female and age 55 at contract issue.
RiverSource Signature Select Variable Annuity — Prospectus 165
Example
— Income Assurer Benefit – MAV
Based on the above assumptions and taking into account fluctuations in contract value due to market conditions, we calculate the guaranteed income benefit base as:
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Maximum Anniversary
Value (MAV)(1) |
Guaranteed Income
Benefit Base – MAV(2) |
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(1)
The MAV is limited after age 81, but the guaranteed income benefit base may increase if the
contract value increases.
(2)
The Guaranteed Income Benefit Base – MAV is a calculated number, not an amount that
can be withdrawn. The Guaranteed Income Benefit Base – MAV does not create contract value or guarantee the performance of any investment option.
Plan B – Life Annuity with 10 Years Certain
If you annuitize the contract within 30 days after the illustrated contract anniversary, the minimum monthly income
payment under a fixed annuity option (which is the same for the first year of a variable annuity option) on Plan B – Life Annuity with 10 Years Certain would be:
Contract Anniversary at Exercise |
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New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
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New Table(1) Plan B – Life with
10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
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(1)
Effective May 1, 2006, we began calculating fixed annuity payments under this rider using
the guaranteed annuity purchase rates based on the “2000 Individual Annuitant Mortality Table A” (New Table), subject to state approval. Previously, our calculations
were based on the “1983 Individual Annuity Mortality Table A” (Old Table). If you purchased a contract prior to May 1, 2006, the references to Old Table apply to your
contract. If you purchased a contract on or after May 1, 2006, the table used under rider depends on which state you live in. Ask your investment professional which version of the rider, if any, is available in your state.
(2)
The monthly annuity payments illustrated under the standard annuity payout provisions of the contract and for the riders are computed using the rates guaranteed in Table B of the contract. These are the minimum amounts that could be paid under the standard annuity payout provisions of the contract based on the above assumptions. Annuity payouts under the standard annuity payout provisions of the contract when based on our current annuity payout rates (which are generally higher than the rates guaranteed in Table B of the contract) may be greater than the annuity payouts under the riders, which are always based on the rates guaranteed in Table B of the contract. If the annuity payouts under the standard contract provisions are more favorable than the payouts available under the rider, you will receive the higher standard payout.
166 RiverSource Signature Select Variable Annuity — Prospectus
Plan D
– Joint and Last Survivor Life Annuity – No Refund
If you annuitize the contract within 30 days after the illustrated contract
anniversary, the minimum monthly income payment under a fixed annuity option (which is the same for the first year of a variable annuity option) on Plan D – Joint and Last Survivor Life Annuity – No Refund would be:
Contract Anniversary at Exercise |
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New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1)
Plan D – Last
Survivor No Refund(2) |
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New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) |
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(1)
Effective May 1, 2006, we began calculating fixed annuity payments under this rider using
the guaranteed annuity purchase rates based on the “2000 Individual Annuitant Mortality Table A” (New Table), subject to state approval. Previously, our calculations
were based on the “1983 Individual Annuity Mortality Table A” (Old Table). If you purchased a contract prior to May 1, 2006, the references to Old Table apply to your
contract. If you purchased a contract on or after May 1, 2006, the table used under rider depends on which state you live in. Ask your investment professional which version of the rider, if any, is available in your state.
(2)
The monthly annuity payments illustrated under the standard annuity payout provisions of the contract and for the riders are computed using the rates guaranteed in Table B of the contract. These are the minimum amounts that could be paid under the standard annuity payout provisions of the contract based on the above assumptions. Annuity payouts under the standard annuity payout provisions of the contract when based on our current annuity payout rates (which are generally higher than the rates guaranteed in Table B of the contract) may be greater than the annuity payouts under the riders, which are always based on the rates guaranteed in Table B of the contract. If the annuity payouts under the standard contract provisions are more favorable than the payouts available under the rider, you will receive the higher standard payout.
NOTE: In the above examples, if you elected to begin receiving
annuity payouts within 30 days after the 10th or the 13th contract anniversary, you would not benefit from the rider because the monthly annuity payout in these examples is the
same as under the standard provisions of the contract. Because the examples are based on assumed contract values, not actual investment results, you should not conclude from the examples that the riders will provide higher payments
more frequently than the standard provisions of the contract.
Example — Income Assurer Benefit – 5% Accumulation
Benefit Base
Based on the above assumptions and taking into account fluctuations in contract value due to market conditions, we
calculate the guaranteed income benefit base as:
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5% Accumulation
Benefit Base(1) |
Guaranteed Income
Benefit Base – 5%
Accumulation Benefit Base(2) |
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(1)
The 5% Accumulation Benefit Base value is limited after age 81, but the guaranteed income
benefit base may increase if the contract value increases.
(2)
The Guaranteed Income Benefit Base – 5% Accumulation Benefit Base is a calculated number, not an amount that can be withdrawn. The Guaranteed Income Benefit Base – 5% Accumulation Benefit Base does not create contract value or guarantee the performance of any investment option.
RiverSource Signature Select Variable Annuity — Prospectus 167
Plan B
– Life Annuity with 10 Years Certain
If you annuitize the contract within 30 days after the illustrated contract anniversary, the minimum monthly income payment under a fixed annuity option (which is the same for the first year of a variable annuity option) on Plan B – Life Annuity with 10 Years Certain would be:
Contract
Anniversary
at Exercise |
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New Table(1) Plan B – Life with
10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
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New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
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(1)
Effective May 1, 2006, we began calculating fixed annuity payments under this rider using
the guaranteed annuity purchase rates based on the “2000 Individual Annuitant Mortality Table A” (New Table), subject to state approval. Previously, our calculations
were based on the “1983 Individual Annuity Mortality Table A” (Old Table). If you purchased a contract prior to May 1, 2006, the references to Old Table apply to your
contract. If you purchased a contract on or after May 1, 2006, the table used under rider depends on which state you live in. Ask your investment professional which version of the rider, if any, is available in your state.
(2)
The monthly annuity payments illustrated under the standard annuity payout provisions of the contract and for the riders are computed using the rates guaranteed in Table B of the contract. These are the minimum amounts that could be paid under the standard annuity payout provisions of the contract based on the above assumptions. Annuity payouts under the standard annuity payout provisions of the contract when based on our current annuity payout rates (which are generally higher than the rates guaranteed in Table B of the contract) may be greater than the annuity payouts under the riders, which are always based on the rates guaranteed in Table B of the contract. If the annuity payouts under the standard contract provisions are more favorable than the payouts available under the rider, you will receive the higher standard payout.
Plan D – Joint and Last Survivor Life Annuity – No Refund
If you annuitize the contract within 30 days after the illustrated contract anniversary, the minimum monthly income
payment under a fixed annuity option (which is the sale for the first year of a variable annuity option) on Plan D – Joint and Last Survivor Life Annuity – No Refund would be:
Contract
Anniversary
at Exercise |
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New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) |
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New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) |
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(1)
Effective May 1, 2006, we began calculating fixed annuity payments under this rider using
the guaranteed annuity purchase rates based on the “2000 Individual Annuitant Mortality Table A” (New Table), subject to state approval. Previously, our calculations
were based on the “1983 Individual Annuity Mortality Table A” (Old Table). If you purchased a contract prior to May 1, 2006, the references to Old Table apply to your
contract. If you purchased a contract on or after May 1, 2006, the table used under rider depends on which state you live in. Ask your investment professional which version of the rider, if any, is available in your state.
(2)
The monthly annuity payments illustrated under the standard annuity payout provisions of the contract and for the riders are computed using the rates guaranteed in Table B of the contract. These are the minimum amounts that could be paid under the standard annuity payout provisions of the contract based on the above assumptions. Annuity payouts under the standard annuity payout provisions of the contract when based on our current annuity payout rates (which are generally higher than the rates guaranteed in Table B of the contract) may be greater than the annuity payouts under the riders, which are always based on the rates guaranteed in Table B of the contract. If the annuity payouts under the standard contract provisions are more favorable than the payouts available under the rider, you will receive the higher standard payout.
NOTE: In the above examples, if you elected to begin receiving
annuity payouts within 30 days after the 10th, 13th or the 14th contract anniversary, you would not benefit from the rider because the monthly annuity payout in these examples is the same as under the standard provisions of the contract. Because the examples are based on assumed
contract values, not actual investment results, you should not conclude from the examples that the riders will provide higher payments more frequently than the standard provisions of the contract.
168 RiverSource Signature Select Variable Annuity — Prospectus
Example
— Income Assurer Benefit – Greater of MAV or 5% Accumulation Benefit Base
Based on the above assumptions and taking into account fluctuations in contract
value due to market conditions, we calculate the guaranteed income benefit base
as:
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Maximum
Anniversary Value(1) |
5% Accumulation
Benefit Base(1) |
Guaranteed Income
Benefit Base –
Greater of MAV or 5%
Accumulation Benefit Base(2) |
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(1)
The MAV and 5% Accumulation Benefit Base are limited after age 81, but the guaranteed income
benefit base may increase if the contract value increases.
(2)
The Guaranteed Income Benefit Base – Greater of MAV or 5% Accumulation Benefit Base is a calculated number, not an amount that can be withdrawn. The Guaranteed Income Benefit Base – Greater of MAV or 5% Accumulation Benefit Base does not create contract value or guarantee the performance of any investment option.
Plan B
– Life Annuity with 10 Years Certain
If you annuitize the contract within 30 days after the illustrated contract anniversary, the minimum monthly income payment under a fixed annuity option (which is the same for the first year of a variable annuity option) on Plan B – Life Annuity with 10 Years Certain would be:
Contract
Anniversary
at Exercise |
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New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
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New Table(1) Plan B – Life with 10 Years Certain(2) |
Old Table(1) Plan B – Life with 10 Years Certain(2) |
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(1)
Effective May 1, 2006, we began calculating fixed annuity payments under this rider using
the guaranteed annuity purchase rates based on the “2000 Individual Annuitant Mortality Table A” (New Table), subject to state approval. Previously, our calculations
were based on the “1983 Individual Annuity Mortality Table A” (Old Table). If you purchased a contract prior to May 1, 2006, the references to Old Table apply to your
contract. If you purchased a contract on or after May 1, 2006, the table used under rider depends on which state you live in. Ask your investment professional which version of the rider, if any, is available in your state.
(2)
The monthly annuity payments illustrated under the standard annuity payout provisions of the contract and for the riders are computed using the rates guaranteed in Table B of the contract. These are the minimum amounts that could be paid under the standard annuity payout provisions of the contract based on the above assumptions. Annuity payouts under the standard annuity payout provisions of the contract when based on our current annuity payout rates (which are generally higher than the rates guaranteed in Table B of the contract) may be greater than the annuity payouts under the riders, which are always based on the rates guaranteed in Table B of the contract. If the annuity payouts under the standard contract provisions are more favorable than the payouts available under the rider, you will receive the higher standard payout.
RiverSource Signature Select Variable Annuity — Prospectus 169
Plan D
– Joint and Last Survivor Life Annuity – No Refund
If you annuitize the contract within 30 days after the illustrated contract
anniversary, the minimum monthly income payment under a fixed annuity option (which is the same for the first year of a variable annuity option) on Plan D – Joint and Last Survivor Life Annuity – No Refund would be:
Contract Anniversary at Exercise |
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New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) |
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New Table(1) Plan D – Last Survivor No Refund(2) |
Old Table(1) Plan D – Last Survivor No Refund(2) |
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(1)
Effective May 1, 2006, we began calculating fixed annuity payments under this rider using
the guaranteed annuity purchase rates based on the “2000 Individual Annuitant Mortality Table A” (New Table), subject to state approval. Previously, our calculations
were based on the “1983 Individual Annuity Mortality Table A” (Old Table). If you purchased a contract prior to May 1, 2006, the references to Old Table apply to your
contract. If you purchased a contract on or after May 1, 2006, the table used under rider depends on which state you live in. Ask your investment professional which version of the rider, if any, is available in your state.
(2)
The monthly annuity payments illustrated under the standard annuity payout provisions of the contract and for the riders are computed using the rates guaranteed in Table B of the contract. These are the minimum amounts that could be paid under the standard annuity payout provisions of the contract based on the above assumptions. Annuity payouts under the standard annuity payout provisions of the contract when based on our current annuity payout rates (which are generally higher than the rates guaranteed in Table B of the contract) may be greater than the annuity payouts under the riders, which are always based on the rates guaranteed in Table B of the contract. If the annuity payouts under the standard contract provisions are more favorable than the payouts available under the rider, you will receive the higher standard payout.
NOTE: In the above examples, if you elected to begin receiving
annuity payouts within 30 days after the 10th or the 13th contract anniversary, you would not benefit from the rider because the monthly annuity payout in these examples is the
same as under the standard provisions of the contract. Because the examples are based on assumed contract values, not actual investment results, you should not conclude from the examples that the riders will provide higher payments
more frequently than the standard provisions of the contract.
170 RiverSource Signature Select Variable Annuity — Prospectus
Appendix L: Example — Accumulation Protector Benefit Rider
Example — Accumulation Protector Benefit Rider
The following example shows how the Accumulation Protector Benefit rider works based on hypothetical values. It is not intended to depict investment performance of the contract.
•
You purchase the contract (with the Accumulation Protector Benefit rider) with a payment of
$100,000.
•
You make no additional purchase payments.
•
You do not exercise the elective step-up option.
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Partial Surrender (beginning of year) |
MCAV Adjustment
for Partial Surrender |
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Initial payment Accumulation Benefit Amount |
100,000 Hypothetical Assumed Contract Value |
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RiverSource Signature Select Variable Annuity — Prospectus 171
Appendix N: SecureSource Rider Disclosure
There are two optional SecureSource riders available under your contract:
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SecureSource – Single Life; or
•
SecureSource – Joint Life.
The information in this section applies to both SecureSource riders, unless otherwise noted.
The SecureSource – Single
Life rider covers one person. The SecureSource – Joint Life Rider covers two
spouses jointly who are named at contract issue. You may elect only the
SecureSource – Single Life rider or the SecureSource – Joint Life
rider, not both, and you may not switch riders later. You must elect the rider when you purchase your contract. The rider effective date will be the contract issue date.
The SecureSource rider is an
optional benefit that you may select for an additional annual charge if:
•
your contract application was signed on or after May 1, 2007; and
•
Single Life: you and the annuitant are 80 or younger on the date the contract is
issued; or
•
Joint Life: you and your spouse are 80 or younger on the date the contract is issued.
The SecureSource rider is not available under an inherited qualified annuity.
The SecureSource rider
guarantees (unless the rider is terminated. See “Rider Termination” heading below.) that regardless of the investment performance of your contract you will be able to
withdraw up to a certain amount each year from the contract before the annuity payouts begin until:
•
Single Life: you have recovered at minimum all of your purchase payments or, if
later, until death (see “At Death” heading below) — even if the contract value is zero.
•
Joint Life: you have recovered at minimum all of your purchase payments or, if later,
until the death of the last surviving covered spouse (see “Joint Life only: Covered Spouses” and “At Death” headings below), even if the contract value is zero.
For the purpose of this rider, the term “withdrawal” has the same meaning as the term “surrender” in the contract or any other riders.
The SecureSource rider may be appropriate for you if you intend to make periodic withdrawals from your
annuity contract and wish to ensure that market performance will not adversely affect your ability to withdraw your principal over time.
Under the terms of the SecureSource rider, the calculation of the amount which can be withdrawn in each contract year varies depending on several factors,
including but not limited to the waiting period (see “Waiting period” heading below) and whether or not the lifetime withdrawal benefit has become effective:
(1)
The basic withdrawal benefit gives you the right to take limited withdrawals in each contract year and guarantees that
over time the withdrawals will total an amount equal to, at minimum, your purchase payments (unless the rider is terminated. See “Rider Termination” heading below).
Key terms associated with the basic withdrawal benefit are “Guaranteed Benefit Payment (GBP)", “Remaining Benefit Payment (RBP)", “Guaranteed Benefit Amount
(GBA)” and “Remaining Benefit Amount (RBA).” See these headings below for more information.
(2)
The lifetime withdrawal benefit gives you the right, under certain limited circumstances defined in the rider, to take
limited withdrawals until the later of:
•
Single Life: death (see “At Death” heading below) or until the RBA (under
the basic withdrawal benefit) is reduced to zero (unless the rider is terminated. See “Rider Termination” heading below);
•
Joint Life: death of the last surviving covered spouse (see “At Death”
heading below) or until the RBA (under the basic withdrawal benefit) is reduced to zero (unless the rider is terminated. See “Rider Termination” heading
below).
Key terms associated with the lifetime withdrawal benefit are “Annual
Lifetime Payment (ALP)”, “Remaining Annual Lifetime Payment (RALP)”, “Single Life only: Covered Person”, “Joint Life only: Covered Spouses” and “Annual Lifetime Payment Attained Age (ALPAA).” See these headings below for more information.
Only the basic withdrawal benefit will be in effect prior to the date that
the lifetime withdrawal benefit becomes effective. The lifetime withdrawal benefit becomes effective automatically on the rider anniversary date after the:
•
Single Life: covered person reaches age 65, or the rider effective date if the
covered person is age 65 or older on the rider effective date (see “Annual Lifetime Payment Attained Age (ALPAA)” heading below);
•
Joint Life: younger covered spouse reaches age 65, or the rider effective date if the
younger covered spouse is age 65 or older on the rider effective date (see “Annual Lifetime Payment Attained Age (ALPAA)” and “Annual Lifetime Payments (ALP)” headings below).
172 RiverSource Signature Select Variable Annuity — Prospectus
Provided annuity payouts
have not begun, the SecureSource rider guarantees that you may take the following
withdrawal amounts each contract year:
•
Before the establishment of the ALP, the rider guarantees that each year you have the option
to cumulatively withdraw an amount equal to the value of the RBP at the beginning of the contract year;
•
After the establishment of the ALP, the rider guarantees that each year you have the option to cumulatively withdraw an
amount equal to the value of the RALP or the RBP at the beginning of the contract year, but the rider does not guarantee withdrawal of the sum of both the RALP and the RBP in a
contract year.
If you withdraw less than the allowed withdrawal amount in a contract year, the
unused portion cannot be carried over to the next contract year. As long as your withdrawals in each contract year do not exceed the annual withdrawal amount allowed under the rider:
•
Single Life: and there has not been a contract ownership change or spousal continuation of the contract, the guaranteed amounts
available for withdrawal will not decrease;
•
Joint Life: the guaranteed amounts available for withdrawal will not decrease.
If you withdraw more than
the allowed withdrawal amount in a contract year, we call this an “excess withdrawal” under the rider. Excess withdrawals trigger an adjustment of a benefit’s
guaranteed amount, which may cause it to be reduced (see “GBA Excess Withdrawal Processing,” “RBA Excess Withdrawal Processing,” and “ALP Excess
Withdrawal Processing” headings below).
Please note that basic withdrawal benefit and lifetime withdrawal benefit each has
its own definition of the allowed annual withdrawal amount. Therefore a withdrawal may be considered an excess withdrawal for purposes of the lifetime withdrawal benefit only, the basic withdrawal benefit only, or both.
If your withdrawals exceed the greater of the RBP or the RALP, surrender charges under the terms of the contract may apply (see “Charges — Surrender
Charges”). The amount we actually deduct from your contract value will be the amount you request plus any applicable surrender charge. Market value adjustments, if applicable, will also be made (see “Guarantee Period Accounts (GPAs) — Market Value Adjustment”). We pay you the amount you request. Any withdrawals you take under the contract will reduce the value of the death benefits (see “Benefits in Case of Death”). Upon full withdrawal of the contract, you will receive the remaining contract value less any applicable charges (see
“Making the Most of Your Contract — Surrenders”).
The rider’s guaranteed amounts can be increased at the specified intervals if your contract value has increased. An
annual step up feature is available at each contract anniversary, subject to certain conditions, and may be applied automatically to your contract or may require you to elect the step up (see “Annual Step Up” heading below). If you exercise the annual step up election, the spousal continuation step up election (see “Spousal Continuation Step Up” heading below) or change your Portfolio Navigator model portfolio, the rider charge may change (see “Charges”).
If you take withdrawals during the waiting period, any prior steps ups applied will be reversed and step ups will not be
available until the end of the waiting period. You may take withdrawals after the waiting period without reversal of prior step ups.
You should consider whether a SecureSource rider is appropriate for you because:
You will begin paying the rider charge as of the rider effective date, even if you do not begin taking withdrawals for many years. It is possible that your contract performance, fees and charges, and withdrawal pattern may be such that your
contract value will not be depleted in your lifetime and you will not receive any monetary value under the rider.
•
Lifetime Withdrawal Benefit Limitations: The lifetime withdrawal benefit is subject to certain
limitations, including but not limited to:
(a)
Single Life: Once the contract value equals zero, payments are made for as long as
the oldest owner or annuitant is living (see “If Contract Value Reduces to Zero” heading below). However, if the contract value is greater than zero, the lifetime withdrawal benefit terminates at the first death of any owner or annuitant except
RiverSource Signature Select Variable Annuity — Prospectus 173
as
otherwise provided below (see “At Death” heading below). Therefore, if there are multiple contract owners or the annuitant is not an owner, the rider may terminate or
the lifetime withdrawal benefit may be reduced. This possibility may present itself when:
(i)
There are multiple contract owners — when one of the contract owners dies the benefit terminates even though other contract owners are still living
(except if the contract is continued under the spousal continuation provision of the contact); or
(ii)
The owner and the annuitant are not the same persons — if the annuitant dies before the owner, the benefit terminates even though the owner is still living. This
could happen, for example, when the owner is younger than the annuitant. This risk increases as the age difference between owner and annuitant increases.
Joint Life: Once the contract value equals zero, payments are made for as long as either covered spouse is living (see “If Contract Value Reduces to Zero” heading below). However, if the contract value is greater than
zero, the lifetime withdrawal benefit terminates at the death of the last surviving covered spouse (see “At Death” heading below).
(b)
Excess withdrawals can reduce the ALP to zero even though the GBA, RBA, GBP and/or RBP
values are greater than zero. If the both the ALP and the contract value are zero, the lifetime withdrawal benefit will terminate.
(c)
When the lifetime withdrawal benefit is first established, the initial ALP is based
on
(i)
Single Life: the basic withdrawal benefit’s RBA at that time (see “Annual Lifetime Payment (ALP)” heading below),
unless there has been a spousal continuation or ownership change; or
(ii)
Joint Life: the basic withdrawal benefit’s RBA at that time (see “Annual Lifetime Payment (ALP)” heading
below).
Any withdrawal you take before the ALP is
established reduces the RBA and therefore may result in a lower amount of lifetime withdrawals you are allowed to take.
(d)
Withdrawals can reduce both the contract value and the RBA to zero prior to the
establishment of the ALP. If this happens, the contract and the rider will terminate.
•
Investment Allocation Restrictions: You must be invested in one of the approved investment options. These funds are expected to reduce our financial risks
and expenses associated with certain living benefits. Although the funds’ investment strategies may help mitigate declines in your contract value due to declining equity
markets, the funds’ investment strategies may also curb your contract value gains during periods of positive performance by the equity markets. Additionally, investment in the funds may decrease the number and amount of any benefit base increase
opportunities. We reserve the right to add, remove, or substitute approved investment options in the future. This requirement limits your choice of investments. This means you will not be able to allocate contract value to all of the
subaccounts, GPAs or the one-year fixed account that are available under the contract to contract owners who do not elect the rider. (See “Making the Most of Your Contract — Portfolio Navigator Program and Portfolio Stabilizer
funds.”) You may allocate qualifying purchase payments to the DCA fixed account, when available (see
“DCA Fixed Account”), and we will make monthly transfers into the investment option you have chosen. You may make two elective investment option changes per contract year; we reserve the right to limit elective investment option changes
if required to comply with the written instructions of a fund (see “Market Timing”).
The following provisions apply to contracts invested in a Portfolio Navigator fund:
•
You can allocate your contract value to any available Portfolio Navigator fund during the
following times: (1) prior to your first withdrawal and (2) following a benefit reset as described below but prior to any subsequent withdrawal. During these accumulation phases, you may request to change your investment option to any available investment
option.
•
Immediately following a withdrawal your contract value will be reallocated to the target
investment option as shown in your contract if your current investment option is more aggressive than the target investment option. If you are in a static model portfolio, this reallocation will be made to the applicable fund of funds investment option. This
automatic reallocation is not included in the total number of allowed model changes per contract year and will not cause your rider fee to increase. The target investment option is currently the Moderate investment option. We reserve
the right to change the target investment option to an investment option that is more aggressive than the current target investment option after 30 days written notice.
•
After you have taken a withdrawal and prior to any benefit reset as described below, you are
in a withdrawal phase. During withdrawal phases you may request to change your investment option to the target investment option investment option that is more conservative than the target investment option without a benefit reset as described
below. If you are in a withdrawal phase and you choose to allocate your contract value to an investment option that is more aggressive than the target investment option, your rider benefit will be reset as follows:
(a)
the total GBA will be reset to the lesser of its current value or the contract value;
and
(b)
the total RBA will be reset to the lesser of its current value or the contract value;
and
(c)
the ALP, if established, will be reset to the lesser of its current value or 6% of the
contract value; and
174 RiverSource Signature Select Variable Annuity — Prospectus
(d)
the GBP will be
recalculated as described below, based on the reset GBA and RBA; and
(e)
the RBP will be recalculated as the reset GBP less all prior withdrawals made during the
current contract year, but not be less than zero; and
(f)
the RALP will be
recalculated as the reset ALP less all prior withdrawals made during the current contract year, but not be less than zero.
You may request to change your investment option by written request on an authorized form or by another method agreed to by us.
•
Limitations on Purchase of Other Riders under your Contract: You may elect only the SecureSource – Single Life rider or the
SecureSource – Joint Life rider. If you elect the SecureSource rider, you may not elect the Accumulation Protector Benefit rider.
•
Non-Cancelable: Once elected, the SecureSource
rider may not be cancelled (except as provided under “Rider Termination” heading below) and the fee will continue to be deducted until the contract or rider is
terminated or the contract value reduces to zero (described below). Dissolution of marriage does not terminate the SecureSource – Joint Life
rider and will not reduce the fee we charge for this rider. The benefit under the SecureSource – Joint Life rider continues for the covered spouse who is the owner of the contract (or annuitant in the case of
nonnatural ownership). The rider will terminate at the death of the contract owner (or annuitant in the case of nonnatural ownership) because the original spouse will be unable to elect the spousal continuation provision of the contract (see
“Joint Life only: Covered Spouses” below).
•
Joint Life: Limitations on Contract Owners, Annuitants and Beneficiaries: Since the joint life benefit will terminate unless the surviving covered spouse continues the contract under the
spousal continuation provision of the contract upon the owner’s death, only ownership arrangements that permit such continuation are allowed at rider issue. In general, the covered spouses should be joint owners, or one covered spouse should be the owner and the other covered
spouse should be named as the sole primary beneficiary. You are responsible for establishing ownership arrangements that will allow for spousal continuation.
If you select the SecureSource – Joint Life rider, please consider carefully whether or not you wish to change the beneficiary of your annuity
contract. The rider will terminate if the surviving covered spouse can not utilize the spousal continuation provision of the contract when the death benefit is payable.
•
Limitations on Purchase Payments: We reserve the right to limit the cumulative amount of purchase
payments (subject to state restrictions), which may limit your ability to make additional purchase payments to increase your contract value as you may have originally intended. For current purchase payment restrictions, please see “Buying
Your Contract —Purchase Payments”.
•
Interaction with Total Free Amount (FA) contract provision: The FA is the amount you are allowed to withdraw from the contract in each contract year without incurring a surrender charge (see “Charges —
Surrender Charge”). The FA may
be greater than the RBP or RALP under this rider. Any amount you withdraw under the contract’s FA provision that exceeds the RBP or RALP is subject to the excess withdrawal
processing described below for the GBA, RBA and ALP.
You should consult your tax advisor before you select this optional rider if you
have any questions about the use of the rider in your tax situation because:
•
Tax Considerations for Nonqualified Annuities: Under current federal income tax law, withdrawals under
nonqualified annuities, including withdrawals taken from the contract under the terms of the rider, are treated less favorably than amounts received as annuity payments under the contract (see “Taxes — Nonqualified Annuities”). Withdrawals are taxable income to the extent of earnings. Withdrawals of earnings before age 59½ may also incur a 10% IRS early
withdrawal penalty. You should consult your tax advisor before you select this optional rider if you have any questions about the use of the rider in your tax situation.
•
Tax Considerations for Qualified Annuities: Qualified annuities have minimum distribution rules that govern the timing and amount of distributions from the annuity
contract (see “Taxes — Qualified Annuities — Required Minimum Distributions”). If you have a qualified annuity, you may need to take an RMD that exceeds
the specified amount of withdrawal available under the rider. Withdrawals in any contract year that exceed the guaranteed amount available for withdrawal may reduce future benefits guaranteed under the rider. While the rider permits certain excess withdrawals
to be made for the purpose of satisfying RMD requirements for your contract alone without reducing future benefits guaranteed under the rider, there can be no guarantee that
changes in the federal income tax law after the effective date of the rider will not require a larger RMD to be taken, in which case, future guaranteed withdrawals under the rider could be reduced. See Appendix E for additional information.
•
Treatment of non-spousal distributions: Unless you are married your beneficiary will be required to take distributions as a non-spouse which may result in
significantly decreasing the value of the rider.
Please note civil unions and domestic partnerships generally are
not recognized as marriages for federal tax purposes. For additional information see “Taxes — Other — Spousal status” section of this prospectus.
•
Limitations on Tax -Sheltered Annuities (TSAs): Your right to take withdrawals is restricted if your
contract is a TSA (see “TSA — Special Provisions”).
RiverSource Signature Select Variable Annuity — Prospectus 175
Key terms
and provisions of the SecureSource rider are described
below:
Withdrawal: The amount by which your contract value is reduced as a result of any withdrawal request.
It may differ from the amount of your request due to any surrender charge and any market value adjustment.
Waiting period: Any period of time starting on the rider effective date during which the annual step up is not available if you take
withdrawals. Currently, there is no waiting period. For contracts purchased prior to June 1, 2008, the waiting period is three years.
Guaranteed Benefit Amount (GBA): The total cumulative withdrawals guaranteed by the rider under the
basic withdrawal benefit. The maximum GBA is $5,000,000. The GBA cannot be withdrawn and is not payable as a death benefit. It is an interim value used to calculate the amount available for withdrawals each year under the basic withdrawal benefit (see
“Guaranteed Benefit Payment” below). At any time, the total GBA is the sum of the individual GBAs associated with each purchase payment.
The GBA is determined at the following times, calculated as described:
•
At contract issue — the GBA is equal to the initial purchase payment.
•
When you make additional purchase payments — each additional purchase payment has its own GBA equal to the amount of the purchase payment.
•
At step up — (see “Annual Step Up” and “Spousal Continuation Step Up” headings below).
•
When an individual RBA is reduced to zero — the GBA that is associated with that RBA will also
be set to zero.
•
When you make a withdrawal during the waiting period and after a step
up — Any prior annual step ups will be reversed. Step up reversal means that the GBA associated with
each purchase payment will be reset to the amount of that purchase payment. The step up reversal will only
happen once during the waiting period, when the first withdrawal is made.
•
When you make a withdrawal at any time and the amount withdrawn is:
(a)
less than or equal to the total RBP — the GBA remains unchanged. If there have been multiple purchase payments, both the total GBA and each
payment’s GBA remain unchanged.
(b)
is greater than the total RBP — GBA excess withdrawal processing will be applied to the GBA. If the withdrawal is made during the waiting period, the excess withdrawal processing is applied AFTER any previously
applied annual step ups have been reversed.
GBA Excess Withdrawal Processing
The total GBA will automatically be reset to the lesser of (a)
the total GBA immediately prior to the withdrawal; or (b) the contract value immediately following the withdrawal. If there have been multiple purchase payments, each
payment’s GBA after the withdrawal will be reset to equal that payment’s RBA after the withdrawal plus (a) times (b), where:
(a)
is the ratio of the total GBA after the withdrawal less the total RBA after the withdrawal to the total GBA before the
withdrawal less the total RBA after the withdrawal; and
(b)
is each
payment’s GBA before the withdrawal less that payment’s RBA after the withdrawal.
Remaining Benefit Amount (RBA): Each withdrawal you make reduces the
amount that is guaranteed by the rider as future withdrawals. At any point in time, the RBA equals the amount of GBA that remains available for withdrawals for the remainder of the contract’s life, and total RBA is the sum of the individual RBAs associated with each purchase
payment. The maximum RBA is $5,000,000.
The RBA is determined at the following times, calculated as
described:
•
At contract issue — the RBA is equal to the initial purchase payment.
•
When you make additional purchase payments — each additional purchase payment has its own RBA initially set equal to that payment’s GBA (the amount of
the purchase payment).
•
At step up — (see “Annual Step Up” and “Spousal Continuation Step Up”
headings below).
•
When you make a withdrawal during the waiting period and after a step
up — Any prior annual step ups will be reversed. Step up reversal means that the RBA associated with
each purchase payment will be reset to the amount of that purchase payment. The step up reversal will only
happen once during the waiting period, when the first withdrawal is made.
•
When you make a withdrawal at any time and the amount withdrawn is:
(a)
less than or equal to the total RBP — the total RBA is reduced by the amount of the withdrawal. If there have been multiple purchase payments, each
payment’s RBA is reduced in proportion to its RBP.
(b)
is greater than the total RBP — RBA excess withdrawal processing will be applied to the RBA. If the withdrawal is made during the waiting period, the excess withdrawal processing is applied AFTER any previously
applied annual step ups have been reversed.
176 RiverSource Signature Select Variable Annuity — Prospectus
RBA Excess Withdrawal Processing
The total RBA will automatically be reset to the lesser of (a) the
contract value immediately following the withdrawal, or (b) the total RBA immediately prior to the withdrawal, less the amount of the withdrawal.
If there have been multiple purchase payments, both the total RBA and each payment’s RBA will be reset. The total RBA will be reset according to the excess withdrawal processing described above. Each payment’s RBA will be reset in the
following manner:
1.
The withdrawal amount up to the total RBP is taken out of each RBA bucket in proportion to
its individual RBP at the time of the withdrawal; and
2.
The withdrawal
amount above the total RBP and any amount determined by the excess withdrawal processing are taken out of each RBA bucket in proportion to its RBA at the time of the
withdrawal.
Guaranteed Benefit Payment (GBP): At any time, the amount available for withdrawal in each contract year after the waiting period, until the RBA is
reduced to zero, under the basic withdrawal benefit. At any point in time, each purchase payment has its own GBP, which is equal to the lesser of that payment’s RBA or 7%
of that payment’s GBA, and the total GBP is the sum of the individual GBPs.
During the waiting period, the guaranteed annual withdrawal
amount may be less than the GBP due to the limitations the waiting period imposes on your ability to utilize both annual step-ups and withdrawals (see “Waiting
Period” heading above). The guaranteed annual withdrawal amount during the waiting period is equal to the value of the RBP at the beginning of the contract year.
The GBP is determined at the following times, calculated as
described:
•
At contract issue — the GBP is established as 7% of the GBA value.
•
At each contract anniversary — each payment’s GBP is reset to the lesser of that
payment’s RBA or 7% of that payment’s GBA value.
•
When you make additional purchase payments — each additional purchase payment has its own GBP
equal to 7% of the purchase payment amount.
•
At step up — (see “Annual Step Up” and “Spousal Continuation Step Up”
headings below).
•
When an individual RBA is reduced to zero — the GBP associated with that RBA will also be reset to zero.
•
When you make a withdrawal during the waiting period and after a step up — Any prior annual step
ups will be reversed. Step up reversal means that the GBA and the RBA associated with each purchase payment will be reset to the amount of that purchase payment. Each payment’s GBP will be reset to 7% of that purchase payment. The step up reversal will only happen once during the waiting period, when the first withdrawal is made.
•
When you make a withdrawal at any time and the amount withdrawn is:
(a)
less than or equal to the total RBP — the GBP remains unchanged.
(b)
is greater than the total RBP — each payment’s GBP is reset to the lesser of that payment’s RBA or 7% of that payment’s GBA
value, based on the RBA and GBA after the withdrawal. If the withdrawal is made during the waiting period, the excess withdrawal processing is applied AFTER any previously
applied annual step ups have been reversed.
Remaining Benefit Payment (RBP): The amount available for withdrawal
for the remainder of the contract year under the basic withdrawal benefit. At any point in time, the total RBP is the sum of the RBPs for each purchase payment. During the waiting period, when the guaranteed amount may be less than the GBP, the value of the RBP at the beginning of
the contract year will be that amount that is actually guaranteed each contract year.
The RBP is determined at the following times, calculated as
described:
•
At the beginning of each contract year during the waiting period and prior to any withdrawal —
the RBP for each purchase payment is set equal to that purchase payment multiplied by 7%.
•
At the beginning of any other contract year — the RBP for each purchase payment is set equal to
that purchase payment’s GBP.
•
When you make additional purchase payments — each additional purchase payment has its own RBP
equal to that payment’s GBP.
•
At step up — (see “Annual Step Up” and “Spousal Continuation Step Up”
headings below).
•
At spousal continuation — (see “Spousal Option to Continue the Contract” heading below).
•
When an individual RBA is reduced to zero — the RBP associated with that RBA will also be reset
to zero.
•
When you make any withdrawal — the total RBP is reset to equal the total RBP immediately prior to the withdrawal less the amount of the
withdrawal, but not less than zero. If there have been multiple purchase payments, each payment’s RBP is reduced proportionately. If you withdraw an amount greater than the RBP, GBA excess
RiverSource Signature Select Variable Annuity — Prospectus 177
withdrawal processing and RBA excess withdrawal processing are applied and the amount available for
future withdrawals for the remainder of the contract’s life may be reduced by more than the amount of withdrawal. When determining if a withdrawal will result in the excess withdrawal processing, the applicable RBP will not yet reflect the
amount of the current withdrawal.
Single Life only: Covered Person: The person whose life is used to determine when the ALP is established, and the
duration of the ALP payments (see “Annual Lifetime Payment (ALP)” heading below). The covered person is the oldest contract owner or annuitant. If the owner is a nonnatural person, i.e., a trust or corporation, the covered person is the
oldest annuitant. A spousal continuation or a change of contract ownership may reduce the amount of the lifetime withdrawal benefit and may change the covered person.
Joint Life only: Covered Spouses: The contract owner and his or her legally married spouse as defined under federal
law, as named on the application for as long as the marriage is valid and in effect. If the contract owner is a nonnatural person (e.g., a trust), the covered spouses are the annuitant and the legally married spouse of the annuitant. The
covered spouses lives are used to determine when the ALP is established, and the duration of the ALP payments
(see “Annual Lifetime Payment (ALP)” heading below). The covered spouses are established on the rider effective date and cannot be changed.
Annual Lifetime Payment Attained Age (ALPAA):
•
Single Life: The covered person’s age after which time the lifetime benefit can
be established. Currently, the lifetime benefit can be established on the later of the contract effective date or the contract anniversary date on/following the date the covered person reaches age 65.
•
Joint Life: The age of the younger covered spouse at which time the lifetime benefit
is established.
Annual Lifetime Payment (ALP): Once established, the ALP under the lifetime withdrawal benefit is at any time the amount available for withdrawals in
each contract year after the waiting period until the later of:
•
Joint Life: death of the last surviving covered spouse; or
•
the RBA is
reduced to zero.
The maximum ALP is $300,000. Prior to establishment of the ALP, the lifetime
withdrawal benefit is not in effect and the ALP is zero.
During the waiting period, the guaranteed annual lifetime withdrawal amount may be
less than the ALP due to the limitations the waiting period imposes on your ability to utilize both annual step-ups and withdrawals (see “Waiting Period” heading above). The guaranteed annual lifetime withdrawal amount during the waiting period is equal to the
value of the RALP at the beginning of the contract year.
The ALP is determined at the following times:
•
Single Life: The later of the contract effective date or the contract anniversary
date on/following the date the covered person reaches age 65 — the ALP is established as 6% of the
total RBA.
•
Joint Life: The ALP is established as 6% of the total RBA on the earliest of the following dates:
(a)
the rider effective date if the younger covered spouse has already
reached age 65.
(b)
the rider anniversary on/following the date the younger covered spouse
reaches age 65.
(c)
upon the first death of a covered spouse, then
(1)
the date we receive written request when the death benefit is not payable
and the surviving covered spouse has already reached age 65; or
(2)
the date spousal continuation is effective when the death benefit is payable and the surviving covered spouse has already reached age 65; or
(3)
the rider anniversary on/following the date the surviving covered spouse reaches age 65.
(d)
Following dissolution of marriage of the covered spouses,
(1)
the date we receive written request if the remaining covered spouse who is
the owner (or annuitant in the case of nonnatural ownership) has already reached age 65; or
(2)
the rider anniversary on/following the date the remaining covered spouse
who is the owner (or annuitant in the case of nonnatural ownership) reaches age 65.
•
When you make additional purchase payments — each additional purchase payment increases the ALP
by 6% of the amount of the purchase payment.
•
At step ups — (see “Annual Step Up” and “Spousal Continuation Step Up”
headings below).
•
Single Life: At spousal continuation or contract ownership change — (see “Spousal Option to Continue the Contract”
and “Contract Ownership Change” headings below).
178 RiverSource Signature Select Variable Annuity — Prospectus
•
When you make a withdrawal during the waiting period and after a step up — Any prior annual step
ups will be reversed. Step up reversal means that the ALP will be reset to equal total purchase payments
multiplied by 6%. The step up reversal will only happen once during the waiting period, when the first
withdrawal is made.
•
When you make a withdrawal at any time and the amount withdrawn is:
(a)
less than or equal to the RALP — the ALP remains unchanged.
(b)
is greater than the RALP — ALP excess withdrawal processing will be applied to the ALP. If the withdrawal is made during the waiting period, the excess withdrawal processing is applied AFTER any previously
applied annual step ups have been reversed.
20%
Rider Credit (for contracts with applications signed on or after June 1, 2008)
If you do not make a withdrawal during the first three rider years, then a 20%
rider credit may increase your ALP. This credit is 20% of purchase payments received in the first 180 days that the rider is in effect and is used to establish the enhanced lifetime base. The enhanced lifetime base is an amount that may be used to increase the ALP. The 20% rider
credit does not increase the basic withdrawal benefit or the contract value. Because step ups may increase
your ALP, they may reduce or eliminate any benefit of the 20% rider credit.
Enhanced Lifetime Base (for contracts with
applications signed on or after June 1, 2008)
The enhanced lifetime base will be established initially on the third rider anniversary. If you do not make a withdrawal during the first three rider years, then the enhanced lifetime base will be the sum of all purchase payments received
during the first three rider years and the 20% rider credit. If you make a withdrawal during the first three rider years, then the 20% rider credit does not apply and the enhanced lifetime base will be established as zero and will always be
zero.
The maximum enhanced lifetime base at any time is $5,000,000.
If the enhanced lifetime base is greater than zero, then it will:
•
increase by the amount of any purchase payments received on or after the third rider
anniversary.
•
be reduced by any withdrawal in the same proportion as the withdrawal reduces the RBA and, if
the withdrawal exceeds the RBP, it will then be set to the lesser of this reduced value and the contract value immediately following the withdrawal.
•
be set to the lesser of its current value and the contract value, if you choose an asset
allocation model that is more aggressive than the target model while you are in the withdrawal phase.
If any of the following events occur, then the enhanced lifetime base will be established as or reset to zero and will always be zero:
•
The total RBA is reduced to zero.
•
You selected the Single Life rider, and there is a change in the covered person, including changes due to spousal
continuations and ownership changes.
The enhanced lifetime
base is an amount that may be used to increase the ALP and cannot be withdrawn or annuitized.
Increase in ALP because of the Enhanced Lifetime Base (for
contracts with applications signed on or after June 1, 2008)
As of the later of the third rider anniversary and the date the initial ALP is established, the ALP will be increased to
equal the enhanced lifetime base multiplied by 6%, if this amount is greater than the current ALP. Thereafter, the enhanced lifetime base will always be zero.
ALP Excess Withdrawal Processing
The ALP is reset to the lesser of the ALP immediately prior to the withdrawal, or 6% of the contract value immediately
following the withdrawal.
Remaining Annual Lifetime Payment (RALP): The amount available for withdrawal for the remainder of the contract year under the lifetime withdrawal benefit.
During the waiting period, when the guaranteed annual withdrawal amount may be less than the ALP, the value of the RALP at the beginning of the contract year will be the amount
that is actually guaranteed each contract year. Prior to establishment of the ALP, the lifetime withdrawal benefit is not in effect and the RALP is zero.
The RALP is determined at the following times:
•
The RALP is established at the same time as the ALP, and:
(a)
During the waiting period and prior to any withdrawals — the RALP is established equal to 6% of purchase payments.
RiverSource Signature Select Variable Annuity — Prospectus 179
(b)
At any other time — the RALP is established equal to the ALP less all prior withdrawals made in the contract year but not less than
zero.
•
At the beginning of each contract year during the waiting period and prior
to any withdrawals — the RALP is set equal to the total purchase payments, multiplied by 6%.
•
At the beginning of any other contract year — the RALP is set equal to ALP.
•
When you make additional purchase payments — each additional purchase payment increases the RALP
by 6% of the purchase payment amount.
•
At step ups — (see “Annual Step Up” and “Spousal Continuation Step Up”
headings below).
•
When you make any withdrawal — the RALP equals the RALP immediately prior to the withdrawal less the amount of the withdrawal but not less
than zero. If you withdraw an amount greater than the RALP, ALP excess withdrawal processing is applied and may reduce the amount available for future withdrawals. When determining if a
withdrawal will result in excess withdrawal processing, the applicable RALP will not yet reflect the amount of the current withdrawal.
Required Minimum Distributions (RMD): If you are taking RMDs from your contract and your RMD calculated separately for your contract is greater than the RBP
or the RALP on the most recent contract anniversary, the portion of your RMD that exceeds the RBP or RALP on the most recent rider anniversary will not be subject to excess
withdrawal processing provided that the following conditions are met:
•
The RMD is for your contract alone;
•
The RMD is based on your recalculated life expectancy taken from the Uniform Lifetime Table under the Code; and
•
The RMD amount is otherwise based on the requirements of section 401(a)(9), related Code provisions and regulations
thereunder that were in effect on the effective date of the rider.
RMD rules follow the calendar year which most likely does not coincide with your
contract year and therefore may limit when you can take your RMD and not be subject to excess withdrawal processing.
Withdrawal amounts greater than the RBP or RALP on the contract anniversary date that do not meet these conditions will
result in excess withdrawal processing as described above. See Appendix E for additional information.
Step Up Date: The date any step up becomes effective, and depends on the type of step up being applied (see “Annual Step
Up” and “Spousal Continuation Step Up” headings below).
Annual Step Up: Beginning with the first contract anniversary, an increase of the GBA, RBA, GBP, RBP, ALP and/or RALP values may be
available. A step up does not create contract value, guarantee the performance of any investment option, or provide a benefit that can be withdrawn or paid upon death. Rather, a
step up determines the current values of the GBA, RBA, GBP, RBP, ALP and RALP, and may extend the payment period or increase the allowable payment.
The annual step up may be available as described below, subject to the following rules:
•
The annual step up is effective on the step up date.
•
Only one step
up is allowed each contract year.
•
If you take any withdrawals during the waiting period, any previously applied step ups will
be reversed and the Annual step up will not be available until the end of the waiting period.
•
On any rider anniversary where the RBA or, if established, the ALP would increase and the application of the step up
would not increase the rider charge, the annual step up will be automatically applied to your contract, and the step up date is the contract anniversary date.
•
If the
application of the step up would increase the rider charge, the annual step up is not automatically applied. Instead, you have the option to step up for 30 days after the
contract anniversary as long as either the contract value is greater than the total RBA or 6% of the contract value is greater than the ALP, if established, on the step-up date.
If you exercise the elective annual step up option, you will pay the rider charge in effect on the step up date. If you wish to exercise the elective annual step up option, we must receive a request from you or your investment professional. The
step up date is the date we receive your request to step up. If your request is received after the close of business, the step up date will be the next valuation day. If you
request an elective step up or the elective spousal continuation step up on or after Dec. 18, 2013, the fee that will apply to your rider will correspond to the fund in which you are invested at that time (see “Optional Living benefit Charges —
SecureSource Rider fee”). Before you elect a step up resulting in an increased rider fee, you should carefully
consider the benefit of the contract value gains you are locking-in and the increased rider fee compared to your other options including whether it is appropriate to consider moving to a fund with a lower corresponding rider fee.
•
The ALP and
RALP are not eligible for step ups until they are established. Prior to being established, the ALP and RALP values are both zero.
•
Please note it is possible for the ALP to step up even if the RBA or GBA do not step up, and it is also possible for the
RBA and GBA to step up even if the ALP does not step up.
180 RiverSource Signature Select Variable Annuity — Prospectus
The annual step up resets
the GBA, RBA, GBP, RBP, ALP and RALP values as follows:
•
The total RBA will be reset to the greater of the total RBA immediately prior to the step up date or the contract value
(after charges are deducted) on the step up date.
•
The total GBA
will be reset to the greater of the total GBA immediately prior to the step up date or the contract value (after charges are deducted) on the step up date.
•
The total GBP will be reset using the calculation as described above based on the increased GBA and RBA.
•
The total RBP will be reset as follows:
(a)
During the
waiting period and prior to any withdrawals, the RBP will not be affected by the step up.
(b)
At any other time, the RBP will be reset to the increased GBP less all prior withdrawals
made in the current contract year, but not less than zero.
•
The ALP will
be reset to the greater of the ALP immediately prior to the step up date or 6% of the contract value (after charges are deducted) on the step up date.
•
The RALP will be reset as follows:
(a)
During the
waiting period and prior to any withdrawals, the RALP will not be affected by the step up.
(b)
At any other time, the RALP will be reset to the increased ALP less all prior withdrawals
made in the current contract year, but not less than zero.
Spousal
Option to Continue the Contract upon Owner’s Death (Spousal Continuation):
Single Life: If a surviving spouse elects to continue the contract and continues the contract as the new owner under the spousal
continuation provision of the contract, the SecureSource – Single Life rider also
continues. However, if the covered spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate. When the spouse elects to continue the contract, any remaining waiting period
is cancelled and any waiting period limitations on withdrawals and step-ups terminate; if the covered person changes due to spousal continuation the GBA, RBA, GBP, RBP, ALP and RALP values are affected as follows:
•
The GBA, RBA and GBP values remain unchanged.
•
The RBP is
automatically reset to the GBP less all prior withdrawals made in the current contract year, but not less than zero.
•
If the ALP has not yet been established and the new covered person has not yet reached age 65 as of the date of continuation — the ALP will be established on the contract anniversary following the date the
covered person reaches age 65 as the lesser of the RBA or the contract anniversary value, multiplied by 6%. The RALP will be established on the same date equal to the ALP.
•
If the ALP has not yet been established but the new covered person is age 65 or older as of the date of continuation — the ALP will be established on the date of continuation as the lesser of the RBA or the
contract value, multiplied by 6%. The RALP will be established on the same date in an amount equal to the ALP less all prior withdrawals made in the current contract year, but not less than zero.
•
If the ALP has been established but the new covered person has not yet reached age 65 as of the date of continuation — the ALP and RALP will be automatically reset to zero for the period of time
beginning with the date of continuation and ending with the contract anniversary following the date the covered person reaches age 65. At the end of this time period, the ALP will be reset to the lesser of the RBA or the anniversary contract value, multiplied by
6%, and the RALP will be reset to the ALP.
•
If the ALP has been established and the new covered person is age 65 or older as of the date of continuation — the ALP will be automatically reset to the lesser of the current ALP or 6% of the contract value on the date of
continuation. The RALP will be reset to the ALP less all prior withdrawals made in the current contract year, but not less than zero.
Please note that the lifetime withdrawal benefit amount may be reduced as a result
of the spousal continuation.
Joint Life: If a surviving spouse is a covered spouse and elects the spousal
continuation provision of the contract as the new owner, the SecureSource – Joint Life rider also continues. However, if the covered spouse continues the contract as an inherited IRA or
as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate. When the spouse elects to continue the contract, any remaining waiting
period is cancelled and any waiting period limitations on withdrawals and step-ups terminate. The surviving covered spouse can name a new beneficiary, however, a new covered spouse cannot be added to the rider.
Spousal Continuation Step Up: At the time of spousal continuation, a step-up may be available. All annual step-up rules (see “Annual
Step-Up” heading above), other than those that apply to the waiting period, also apply to the spousal continuation step-up. If the spousal continuation step-up is processed
automatically, the step-up date is the valuation date spousal continuation is effective. If not, the spouse must elect the step up and must do so within 30 days of the
RiverSource Signature Select Variable Annuity — Prospectus 181
spousal continuation date.
If the spouse elects the spousal continuation step up, the step-up date is the valuation date we receive the spouse’s written request to step-up if we receive the request
by the close of business on that day, otherwise the next valuation date.
Rules for Withdrawal Provision of Your
Contract: Minimum account values following a withdrawal no longer apply to your contract. For withdrawals,
the withdrawal will be made from the variable subaccounts, guarantee period accounts (where available), the one-year fixed account (if applicable) and the DCA fixed account in
the same proportion as your interest in each bears to the contract value. You cannot specify from which accounts the withdrawal is to be made.
If Contract Value Reduces to Zero: If the contract value reduces to zero and the total RBA remains
greater than zero, you will be paid in the following scenarios:
1)
The ALP has not yet been established and the contract value is reduced to zero as a result of
fees or charges or a withdrawal that is less than or equal to the RBP. In this scenario, you can choose to:
(a)
receive the remaining schedule of GBPs until the RBA equals zero; or
(b)
Single Life: wait until the rider anniversary following the date the covered person reaches age 65, and then receive the ALP
annually until the latter of (i) the death of the covered person, or (ii) the RBA is reduced to zero; or
(c)
Joint Life: wait until the rider anniversary following the date the younger covered spouse reaches age 65, and then receive the ALP
annually until the latter of (i) the death of the last surviving covered spouse, or (ii) the RBA is reduced to zero.
We will notify you of this option. If no election is made, the ALP will be paid.
2)
The ALP has been established and the contract value reduces to zero as a result of fees or charges, or a withdrawal that
is less than or equal to both the RBP and the RALP. In this scenario, you can choose to receive:
(a)
the remaining
schedule of GBPs until the RBA equals zero; or
(b)
Single Life: the ALP annually until the latter of (i) the death of the covered person, or (ii) the RBA is reduced to zero; or
(c)
Joint Life: the ALP annually until the latter of (i) the death of the last surviving covered spouse, or (ii) the RBA is reduced to
zero.
We will notify you of this option. If no election is made, the ALP will be
paid.
3)
The ALP has been established and the contract value falls to zero as a result of a withdrawal that is greater than the
RALP but less than or equal to the RBP. In this scenario, the remaining schedule of GBPs will be paid until the RBA equals zero.
4)
The ALP has been established and the contract value falls to zero as a result of a withdrawal that is greater than the
RBP but less than or equal to the RALP. In this scenario, the ALP will be paid annually until the death of the:
•
Single Life: covered person;
•
Joint Life: last surviving covered spouse.
Under any of these scenarios:
•
The annualized amounts will be paid to you in the frequency you elect. You may elect a frequency offered by us at the
time payments begin. Available payment frequencies will be no less frequent than annually;
•
We will no longer accept additional purchase payments;
•
You will no
longer be charged for the rider;
•
Any attached death benefit riders will terminate; and
•
Single Life: The death benefit becomes the remaining payments, if any, until the RBA
is reduced to zero.
•
Joint Life: If the owner had been receiving the ALP, upon the first death the ALP will continue to be paid annually until the later
of: 1) the death of the last surviving covered spouse or 2) the RBA is reduced to zero. In all other situations the death benefit becomes the remaining payments, if any, until
the RBA is reduced to zero.
The SecureSource rider and the contract will terminate under either of the following two scenarios:
•
If the contract value falls to zero as a result of a withdrawal that is greater than both the RALP and the RBP. This is
full withdrawal of the contract value.
•
If the
contract value falls to zero as a result of a withdrawal that is greater than the RALP but less than or equal to the RBP, and the total RBA is reduced to zero.
182 RiverSource Signature Select Variable Annuity — Prospectus
At
Death:
Single Life: If the contract value is greater than zero when the death benefit
becomes payable, the beneficiary may: 1) elect to take the death benefit under the terms of the contract, 2) take the fixed payout option available under this rider, or 3) continue the contract under the spousal continuation provision of the contract above.
If the contract value equals zero and the death benefit
becomes payable, the following will occur:
•
If the RBA is greater than zero and the owner has been receiving the GBP each year, the GBP will continue to be paid to
the beneficiary until the RBA equals zero.
•
If the covered person dies and the RBA is greater than zero and the owner has been receiving
the ALP each year, the ALP will continue to be paid to the beneficiary until the RBA equals zero.
•
If the covered person is still alive and the RBA is greater than zero and the owner has been receiving the ALP each
year, the ALP will continue to be paid to the beneficiary until the later of the death of the covered person or the RBA equals zero.
•
If the covered person is still alive and the RBA equals zero and the owner has been receiving
the ALP each year, the ALP will continue to be paid to the beneficiary until the death of the covered person.
•
If the covered person dies and the RBA equals zero, the benefit terminates. No further payments will be made.
Joint Life: If the death benefit becomes payable
at the death of a covered spouse, the surviving covered spouse must utilize the spousal continuation provision of the contract and continue the contract as the new owner to
continue the joint benefit. If spousal continuation is not available under the terms of the contract, the rider terminates. The lifetime benefit of this rider ends at the death of the last surviving covered spouse.
If the contract value is greater than zero when the death benefit becomes payable,
the beneficiary may: 1) elect to take the death benefit under the terms of the contract, 2) take the fixed payout option available under this rider, or 3) continue the contract under the spousal continuation provision of the contract above.
If the contract value equals zero at the first death of a
covered spouse, the ALP will continue to be paid annually until the later of: 1) the death of the last surviving covered spouse or 2) the RBA is reduced to zero.
If the contract value equals zero at the death of the last surviving covered spouse, the following will occur:
•
If the RBA is greater than zero and the owner has been receiving the GBP each year, the GBP will continue to be paid to
the beneficiary until the RBA equals zero.
•
If the RBA is greater than zero and the owner has been receiving the ALP each year, the ALP
will continue to be paid to the beneficiary until the RBA equals zero.
•
If the RBA
equals zero, the benefit terminates. No further payments will be made.
Contract Ownership Change:
Single Life: If the contract changes ownership (see “Changing
Ownership”), the GBA, RBA, GBP, RBP values will remain unchanged and the ALP and RALP will be reset as follows. Our current administrative practice is to only reset the ALP
and RALP if the covered person changes due to the ownership change.
•
If the ALP has not yet been established and the new covered person has not
yet reached age 65 as of the ownership change date — the ALP and the RALP will be
established on the contract anniversary following the date the covered person reaches age 65. The ALP will be set equal to the lesser of the RBA or the anniversary contract
value, multiplied by 6%. If the anniversary date occurs during the waiting period and prior to a withdrawal, the RALP will be set equal to the lesser of the ALP or total purchase payments multiplied by 6%. If the anniversary date occurs at any
other time, the RALP will be set equal to the ALP.
•
If the ALP has not yet been established but the new covered person is age 65 or older as of the ownership change date — the ALP and the RALP will be established on the ownership change date. The ALP will be
set equal to the lesser of the RBA or the contract value, multiplied by 6%. If the ownership change date occurs during the waiting period and prior to a withdrawal, the RALP will be set to the lesser of the ALP or total purchase payments multiplied
by 6%. If the ownership change date occurs at any other time, the RALP will be set to the ALP less all prior
withdrawals made in the current contract year but not less than zero.
•
If the ALP has been established but the new covered person has not yet reached age 65 as of the ownership change date — the ALP and the RALP will be reset to zero for the period of time beginning with the
ownership change date and ending with the contract anniversary following the date the covered person reaches age 65. At the end of this time period, the ALP will be reset to the lesser of the RBA or the anniversary contract value, multiplied by 6%. If the
time period ends during the waiting period and prior to any withdrawals, the RALP will be reset to the lesser of the ALP or total purchase payments multiplied by 6%. If the time period ends at any other time, the RALP will be reset to
the ALP.
•
If the ALP has been established and the new covered person is age 65 or
older as of the ownership change date — the ALP and the RALP will be reset on the ownership change
date. The ALP will be reset to the lesser of the current
RiverSource Signature Select Variable Annuity — Prospectus 183
ALP or 6%
of the contract value. If the ownership change date occurs during the waiting period and prior to a withdrawal, the RALP will be reset to the lesser of the ALP or total purchase
payments multiplied by 6%. If the ownership change date occurs at any other time, the RALP will be reset to
the ALP less all prior withdrawals made in the current contract year but not less than zero.
Please note that the lifetime withdrawal benefit amount may be reduced as a result of the ownership change.
Joint Life: Ownership changes are only allowed between the covered spouses or their
revocable trust(s). No other ownership changes are allowed as long as the rider is in force.
Guaranteed Withdrawal Benefit Annuity Option: Several annuity payout plans are available under the
contract. As an alternative to these annuity payout plans, a fixed annuity payout option is available under the SecureSource rider.
Under this option the amount payable each year will be equal to the remaining schedule of GBPs, but the total amount
paid over the life of the annuity will not exceed the current total RBA at the time you begin this fixed annuity payout option. These annualized amounts will be paid in the frequency that you elect. The frequencies will be among those
offered by us at that time but will be no less frequent than annually. If, at the death of the owner, total payouts have been made for less than the RBA, the remaining payouts will be paid to the beneficiary (see “The Annuity Payout Period” and “Taxes”).
This option may not be available if the contract is issued to qualify under section
403 or 408 of the Code, as amended. For such contracts, this option will be available only if the guaranteed payment period is less than the life expectancy of the owner at the time the option becomes effective. Such life expectancy will be computed using a life expectancy table
published by the IRS.
This annuity payout option may also be elected by the beneficiary of a contract as
a settlement option if payments begin no later than one year after your death and the payout period does not extend beyond the beneficiary’s life or life expectancy. Whenever multiple beneficiaries are designated under the contract, each such beneficiary’s share of the
proceeds if they elect this option will be in proportion to their applicable designated beneficiary percentage. Beneficiaries of nonqualified contracts may elect this settlement option subject to the distribution requirements of the
contract. We reserve the right to adjust the remaining schedule of GBPs if necessary to comply with the Code.
The SecureSource rider cannot be terminated either by you or us except as follows:
1.
Single Life: After the death benefit is payable the rider will terminate if your
spouse does not use the spousal continuation provision of the contract to continue the contract.
2.
Joint Life: After the death benefit is payable the rider will terminate if:
(a)
any one other than a covered spouse continues the contract, or
(b)
a covered spouse does not use the spousal continuation provision of the contract to
continue the contract.
3.
Annuity payouts under an annuity payout plan will terminate the rider.
4.
Termination of the contract for any reason will terminate the rider.
5.
When a beneficiary
elects an alternative payment plan which is an inherited IRA, the rider will terminate.
184 RiverSource Signature Select Variable Annuity — Prospectus
Appendix O: SecureSource 20 Rider Disclosure
This is an optional benefit that you can add to your contract for an additional charge. The benefit is intended to provide
to you, after the waiting period, a specified withdrawal amount annually for life, even if your contract value is zero, subject to the terms and provisions described in this section. This benefit offers a credit feature to help in low or poor
performing markets and a step up feature to lock in contract anniversary values. The
SecureSource 20 rider may be appropriate for you if you intend to make periodic withdrawals from your annuity contract and wish to ensure that market
performance will not adversely affect your ability to withdraw your principal over time. This benefit is intended for assets you plan to hold and let accumulate for at least three years. If you take any withdrawals during the 3-year waiting period, your benefits will be set to zero until the end of the waiting period when they will be re-established based on your
contract value at that time and you will not receive 20% credit offered under this rider.
There are two optional SecureSource 20 riders available under your contract:
•
SecureSource 20 — Single Life; or
•
SecureSource 20 — Joint Life.
The information in this section applies to both Secure Source 20 riders,
unless otherwise noted.
For the purpose of this rider, the term “withdrawal” has the same meaning as the term “surrender” in the contract or any other riders
The SecureSource 20 — Single Life rider covers one person. The SecureSource 20 — Joint Life Rider covers two spouses jointly who are named at contract issue. You may elect only the SecureSource 20 — Single Life rider or the SecureSource 20 — Joint Life rider, not both, and you may not switch riders later. You must elect the rider when you purchase
your contract. The rider effective date will be the contract issue date.
The SecureSource 20 rider is an optional benefit that you may select, if approved in your state, for an
additional annual charge if:
•
your contract application is signed on or after Aug. 10, 2009, but prior to Nov. 30, 2009;
and
•
Single Life: you and the annuitant are 80 or younger on the date the contract is issued; or
•
Joint Life: you and your spouse are 80 or younger on the date the contract is
issued.
The SecureSource 20 riders are not available under an inherited qualified annuity.
The SecureSource 20 rider
guarantees that after the waiting period, regardless of the investment performance of your contract, you will be able to withdraw up to a certain amount each year from the
contract before the annuity payouts begin until:
•
Single Life: until death (see “At Death” heading below) or until the depletion of the basic
benefit.
•
Joint Life: until the death of the last surviving covered spouse (see “Joint Life only: Covered Spouses” and “At
Death” headings below) or until the depletion of the basic benefit.
The key terms associated with the SecureSource 20 rider are:
Annual Lifetime Payment (ALP): the lifetime benefit amount available each contract year after the
waiting period and until your death (Joint Life: the death of both covered spouses). After the waiting period, the annual withdrawal amount guaranteed by the rider can
vary each contract year. The maximum ALP is $300,000.
Annual Lifetime Payment Attained Age (ALPAA): the age at which the
lifetime benefit is established.
Enhanced Lifetime Base (ELB): used in the calculation of the ALP on the later of the ELB date or the
establishment of the ALP. The ELB cannot be withdrawn or annuitized and is not payable as a death benefit.
Guaranteed Benefit Amount (GBA): the total cumulative withdrawals guaranteed by the rider under the
basic benefit. The maximum GBA is $5,000,000. The GBA cannot be withdrawn or annuitized and is not payable as a death benefit. It is an interim value used to calculate the amount available for withdrawals each year after the waiting period under the
basic benefit (see “Guaranteed Benefit Payment” below). At any time, the total GBA is the sum of the individual GBAs associated with each purchase payment.
Guaranteed Benefit Payment (GBP): the basic benefit amount available each contract year after the waiting period until the RBA is reduced to zero. After
the waiting period the annual withdrawal amount guaranteed by the rider can vary each contract year.
RiverSource Signature Select Variable Annuity — Prospectus 185
Remaining
Annual Lifetime Payment (RALP): as you make withdrawals during a contract year, the remaining amount that
the rider guarantees will be available for withdrawal that year is reduced. The RALP is the lifetime benefit amount that can be withdrawn during the remainder of the current
contract year.
Remaining Benefit Amount (RBA): each withdrawal you make reduces the amount that is guaranteed by the
rider for future withdrawals. At any point in time, the RBA equals the amount of GBA that remains available for withdrawals for the remainder of the contract’s life, and total RBA is the sum of the individual RBAs associated with each purchase
payment. The maximum RBA is $5,000,000.
Remaining Benefit Payment (RBP): as you make withdrawals during a contract year, the remaining amount that the rider guarantees will be available for
withdrawal that year is reduced. The RBP is the basic benefit amount that can be withdrawn during the remainder of the current contract year.
Waiting period: The period of time before you can take a withdrawal without affecting benefits under
the rider. The waiting period starts on the rider effective date and ends on the day prior to the third rider anniversary.
Withdrawal Adjustment Base (WAB): one of the components used to determine the GBP Percentage and ALP
Percentage. The WAB cannot be withdrawn or annuitized and is not payable as a death benefit.
Withdrawal: The amount by which your contract value is reduced as a result of any withdrawal request.
It may differ from the amount of your request due to any surrender charge and any market value adjustment.
Description of the
SecureSource 20 Rider
Before the lifetime benefit is established, the annual withdrawal amount guaranteed
by the riders after the waiting period is the basic benefit amount. After the lifetime benefit is established and after the waiting period, the riders guarantee that you have the option each contract year to cumulatively withdraw an amount up to the lifetime benefit
amount or the basic benefit amount, but the riders do not guarantee withdrawal of both in a contract year.
The lifetime withdrawal benefit is established automatically:
•
Single Life: on the rider anniversary date after the covered person reaches age 65, or on the rider effective date if the covered
person is age 65 or older on the rider effective date (see “Annual Lifetime Payment Attained Age (ALPAA)” heading below);
•
Joint Life: on the rider anniversary date after the younger covered spouse reaches
age 65, or on the rider effective date if the younger covered spouse is age 65 or older on the rider effective date (see “Annual Lifetime Payment Attained Age (ALPAA)” and “Annual Lifetime Payments (ALP)” headings below).
The
basic benefit amount and the lifetime benefit amount can vary based on the relationship of your contract value to the Withdrawal Adjustment Base (WAB). When the first withdrawal
is taken each contract year after the waiting period, the percentages used to determine the benefit amounts are set and fixed for the remainder of that year.
If you withdraw less than the allowed withdrawal amount in a contract year, the unused portion cannot be carried over to
the next year.
If you withdraw more than the allowed withdrawal amount in a contract year, we call
this an “excess withdrawal” under the rider. Excess withdrawals trigger an adjustment of a benefit’s guaranteed amount, which may cause it to be reduced (see “GBA Excess Withdrawal Processing,” “RBA Excess Withdrawal Processing,” and “ALP Excess Withdrawal Processing” headings below).
Please note that basic benefit and lifetime benefit each has its own definition of
the allowed annual withdrawal amount. Therefore a withdrawal may be considered an excess withdrawal for purposes of the lifetime benefit only, the basic benefit only, or both.
At any time after the waiting period, as long as your withdrawal does not exceed
the greater of the basic benefit amount or the lifetime benefit amount, if established, you will not be assessed a surrender charge or any market value adjustment. If your withdrawals exceed the greater of the RBP or the RALP, surrender charges under the terms of the
contract may apply (see “Charges — Surrender Charges”). The amount we actually deduct from your contract value will be the amount you request plus any applicable surrender charge. Market value adjustments, if applicable, will also be
made (see “Guarantee Period Accounts (GPAs) — Market Value Adjustment”). We pay you the amount you request. Any withdrawals you take under the contract will reduce the value of the death benefits (see “Benefits in Case of Death”). Upon full withdrawal, you will receive the remaining contract value less any applicable charges (see “Making the Most of Your Contract — Withdrawals”).
Subject to conditions and limitations, an annual step-up can increase the basic
benefit amount and the lifetime benefit amount, if your contract value has increased on a rider anniversary.
186 RiverSource Signature Select Variable Annuity — Prospectus
Subject to conditions and
limitations, if no withdrawals are taken prior to the third rider anniversary, the 20% rider credit may increase the lifetime benefit (if already established) or the Enhanced
Lifetime Base (ELB) may increase the lifetime benefit (when established).
The values associated with the basic benefit are GBA, RBA, GBP and
RBP. The values associated with the lifetime benefit are ALP, RALP and ELB. ALP and GBP are similar in that they are the annual withdrawal amount for each benefit after the waiting period. RALP and RBP are similar in that they are the remaining amount that can be withdrawn during
the current contract year for each benefit.
Important SecureSource 20
Rider Considerations
You should consider whether a SecureSource 20 rider is appropriate for you taking into account the following considerations:
You will begin paying the rider charge as of the rider effective date, even if you do not begin taking withdrawals for many years. It is possible that your contract performance, fees and charges, and withdrawal pattern may be such that your
contract value will not be depleted in your lifetime and you will not receive any monetary value under the rider.
•
Lifetime Benefit Limitations: The lifetime benefit is subject to certain limitations, including but not
limited to:
(a)
Single Life: Once the contract value equals zero, payments are made for as long as the covered person is living (see “If
Contract Value Reduces to Zero” heading below). However, if the contract value is greater than zero, the lifetime benefit terminates at the first death of any owner or
annuitant even if the covered person is still living (see “At Death” heading below). Therefore, the rider will terminate when a death benefit becomes payable. This
possibility may present itself when:
(i)
There are
multiple contract owners — when one of the contract owners dies the lifetime benefit terminates even though other contract owners are still living; or
(ii)
The owner and the annuitant are not the same persons — if the annuitant dies before
the owner, the lifetime benefit terminates even though the owner is still living.
Joint Life: Once the contract value equals zero, payments are made for as long as
either covered spouse is living (see “If Contract Value Reduces to Zero” heading below). However, if the contract value is greater than zero, the lifetime benefit terminates at the death of the last surviving covered spouse (see “At Death” heading below).
(b)
Excess withdrawals can reduce the ALP to zero even though the GBA, RBA, GBP and/or RBP
values are greater than zero. If both the ALP and the contract value are zero, the lifetime benefit will terminate.
(c)
If the lifetime benefit is first established prior to the third rider anniversary, the
initial ALP is based on the basic benefit’s RBA at that time (see “Annual Lifetime Payment (ALP)” heading below). If the lifetime benefit is first established on/after the third rider anniversary, the initial ALP is based on the greater of the basic benefit’s
RBA and the ELB at that time. Any withdrawal you take before the ALP is established reduces the RBA and ELB
and therefore may result in a lower amount of lifetime withdrawals you are allowed to take.
(d)
Withdrawals can reduce both the contract value and the RBA to zero prior to the
establishment of the ALP. If this happens, the contract and the rider will terminate.
•
Withdrawals: Please consider carefully when you start taking withdrawals from this rider. If you take any withdrawals during the
3-year waiting period, your benefits will be set to zero until the end of the waiting period when they will be re-established based on your contract value at that time and you
will not receive 20% credit offered under this rider. Any withdrawal request within the 3-year waiting period must be submitted in writing. Also, after the waiting period if
you withdraw more than the allowed withdrawal amount in a contract year (“excess withdrawal”), the guaranteed amounts under the rider may be reduced.
•
Investment Allocation Restrictions: You must be invested in one of the approved investment options. These funds are expected to reduce our financial risks
and expenses associated with certain living benefits. Although the funds’ investment strategies may help mitigate declines in your contract value due to declining equity
markets, the funds’ investment strategies may also curb your contract value gains during periods of positive performance by the equity markets. Additionally, investment in the funds may decrease the number and amount of any benefit base increase
opportunities. We reserve the right to add, remove, or substitute approved investment options in the future. This requirement limits your choice of subaccounts, one-year fixed account and GPAs (if available) to the investment options
you have selected. This means you will not be able to allocate contract value to all of the subaccounts, GPAs or the one-year fixed account that are available under the contract
to contract owners who do not elect the rider. (See “Making the Most of Your Contract — Portfolio Navigator Program and Portfolio Stabilizer Funds.”) You may
allocate purchase payments to the DCA fixed account, when available, and we will make monthly transfers into the investment option you have chosen. You may make two elective investment option changes per contract year; we reserve the
right to limit elective investment option changes if required to comply with the written instructions of a fund (see “Market Timing”).
RiverSource Signature Select Variable Annuity — Prospectus 187
The
following provisions apply to contracts invested in a Portfolio Navigator fund:
•
You can allocate your contract value to any available Portfolio Navigator fund during the
following times: (1) prior to your first withdrawal and (2) following a benefit reset due to an investment option change as described below but prior to any subsequent withdrawal. During these accumulation phases, you may request to change your investment option
to any available investment option.
•
Immediately following a withdrawal your contract value will be reallocated to the target
investment option as shown in your contract if your current investment option is more aggressive than the target investment option. If you are in a static model portfolio, this reallocation will be made to the applicable fund of funds investment option. This
automatic reallocation is not included in the total number of allowed investment option changes per contract year. The target investment option classification is currently the Moderate investment option. We reserve the right to change
the target investment option to an investment option that is more aggressive than the current target investment option after 30 days written notice.
•
After you have taken a withdrawal and prior to any benefit reset as described below, you are
in a withdrawal phase. During withdrawal phases you may request to change your investment option to the target investment option or any investment option that is more conservative than the target investment option without a benefit reset as described
below. If you are in a withdrawal phase and you choose to allocate your contract value to an investment option that is more aggressive than the target investment option, you will be in the accumulation phase again. If this is done after
the waiting period, your rider benefit will be reset as follows:
(a)
the total GBA will be reset to the contract value, if your contract value is less;
and
(b)
the total RBA will be reset to the contract value, if your contract value is less;
and
(c)
the ALP, if established, will be reset to your current ALP Percentage (either 6% or 5% as
described under “GBP Percentage and ALP Percentage” heading below) times the contract value, if this amount is less than the current ALP; and
(d)
the GBP will be recalculated as described below, based on the reset GBA and RBA; and
(e)
the RBP will be recalculated as the reset GBP less all prior withdrawals taken during the
current contract year, but not less than zero; and
(f)
the RALP will be
recalculated as the reset ALP less all prior withdrawals taken during the current contract year, but not less than zero; and
(g)
the WAB will be reset as follows:
•if the ALP has
not been established, the WAB will be equal to the reset GBA.
•if the ALP has been established, the WAB will be equal to the reset ALP, divided by the current ALP Percentage;
and
(h)
the ELB, if greater than zero, will be reset to the contract value, if your contract value
is less.
You may request to change your investment option by written
request on an authorized form or by another method agreed to by us.
•
Non-Cancelable: Once elected, the SecureSource
20 rider may not be cancelled (except as provided under “Rider Termination” heading below) and
the fee will continue to be deducted until the contract or rider is terminated or the contract value reduces to zero (described below).
Dissolution of marriage does not terminate the SecureSource
20 – Joint Life rider and will not reduce the fee we charge for this rider. The benefit under the
SecureSource 20 – Joint Life rider continues for the covered spouse who is the owner of the contract (or annuitant in the case of nonnatural ownership). The rider will terminate at the death
of the contract owner (or annuitant in the case of nonnatural ownership) because the original covered spouse will be unable to elect the spousal continuation provision of the contract (see “Joint Life only: Covered Spouses” below).
•
Joint Life: Limitations on Contract Owners, Annuitants and Beneficiaries: Since the joint life benefit will
terminate unless the surviving covered spouse continues the contract under the spousal option to continue the contract upon the owner’s death provision, only ownership arrangements that permit such continuation are allowed at rider issue. In general, the covered spouses should be joint owners, or one covered spouse should be the owner and the other covered
spouse should be named as the sole primary beneficiary. The annuitant must also be an owner. You are responsible for establishing ownership arrangements that will allow for
spousal continuation.
If you select the SecureSource 20 – Joint Life rider, please consider carefully whether or not you wish to change
the beneficiary of your annuity contract. The rider will terminate if the surviving covered spouse can not utilize the spousal continuation provision of the contract when the death benefit is payable.
•
Limitations on Purchase Payments: We reserve the right to limit the cumulative amount of purchase payments (subject to state restrictions), which may
limit your ability to make additional purchase payments to increase your contract value as you may have originally intended. For current purchase payment restrictions, please see
“Buying Your Contract —Purchase Payments”.
•
Interaction with Total Free Amount (FA) contract provision: The FA is the amount you are allowed to withdraw from the contract in each contract year without incurring a surrender
charge (see “Charges — Surrender Charge”). The FA may be greater than the RBP or RALP under this rider. Any amount you withdraw under the contract’s FA
provision that
188 RiverSource Signature Select Variable Annuity — Prospectus
exceeds
the RBP or RALP is subject to the excess withdrawal processing described below for the GBA, RBA and ALP. Also, any amount you withdraw during the waiting period will set all
benefits under the rider to zero until the end of the waiting period when they will be reestablished based on the contract value at that time.
You should consult your tax advisor before you select this optional rider if you have any questions about the use of the
rider in your tax situation because:
•
Tax Considerations for Nonqualified Annuities: Under current federal income tax law, withdrawals under nonqualified annuities, including withdrawals taken from the
contract under the terms of the rider, are treated less favorably than amounts received as annuity payments under the contract (see “Taxes — Nonqualified
Annuities”). Withdrawals are taxable income to the extent of earnings. Withdrawals of earnings before age 59½ may also incur a 10% IRS early withdrawal penalty. You should consult your tax advisor before you select this optional rider if you have any questions
about the use of the rider in your tax situation.
•
Tax Considerations for Qualified Annuities: Qualified annuities have minimum distribution rules that govern the timing and amount of distributions from the annuity
contract (see “Taxes — Qualified Annuities — Required Minimum Distributions”). If you have a qualified annuity, you may need to take an RMD during the
waiting period and such withdrawals will set all benefits under the rider to zero until the end of the waiting period when they will be reestablished based on the contract value at that time. While the rider permits certain excess withdrawals to be taken
after the waiting period for the purpose of satisfying RMD requirements for your contract alone without reducing future benefits guaranteed under the rider, there can be no
guarantee that changes in the federal income tax law after the effective date of the rider will not require a larger RMD to be taken, in which case, future guaranteed withdrawals under the rider could be reduced. See Appendix E for additional information.
•
Treatment of non-spousal distributions: Unless you are married your beneficiary will be required to take distributions as a non-spouse which may result in
significantly decreasing the value of the rider. Please note civil unions and domestic partnerships generally are not recognized as marriages for federal tax purposes. For
additional information see “Taxes — Other — Spousal status” section of this prospectus.
•
Limitations on Tax-Sheltered Annuities (TSA)s: Your right to take withdrawals is restricted if your
contract is a TSA (see “TSA — Special Provisions”).
Basic Benefit Description
The GBA and RBA are determined at the following times,
subject to the maximum amount of $5,000,000, calculated as
described:
•
At contract issue — the GBA and RBA are equal to the initial purchase payment.
•
When you make additional purchase payments — If a withdrawal is taken during the waiting period,
the GBA and RBA will not change when a subsequent purchase payment is made during the waiting period. Prior to any withdrawal during the waiting period and after the waiting period, each additional purchase payment will have its own GBA and RBA
established equal to the amount of the purchase payment.
•
At step up — (see “Annual Step Up” heading below).
•
At spousal continuation — (see “Spousal Option to Continue the Contract upon Owner’s
Death” heading below).
•
When an individual RBA is reduced to zero — the GBA that is associated with that RBA will also be set to zero.
•
When you take a withdrawal during the waiting period — the total GBA and total RBA will be set
equal to zero until the end of the waiting period.
•
When you take a withdrawal after the waiting period and the amount withdrawn is:
(a)
less than or equal to the total RBP — the total RBA is reduced by the amount of the withdrawal and the GBA remains unchanged. If there have been
multiple purchase payments, both the total GBA and each payment’s GBA remain unchanged, and each payment’s RBA is reduced in proportion to its RBP.
(b)
greater than the total RBP — excess withdrawal processing will be applied to the GBA and RBA.
•
On the rider anniversary at the end of the waiting period — If the first withdrawal is taken
during the waiting period and you did not decline a rider fee increase, the total GBA and the total RBA will be reset to the contract value.
If the first withdrawal is taken during the waiting period and you decline a rider fee increase, the total GBA and the total RBA will be reset to the lesser of (1) the GBA at the time of the first withdrawal, plus any additional purchase
payments since the time of the first withdrawal, minus all withdrawals, or (2) the contract value.
•
Upon certain changes to your PN program investment options under the PN program as described under “Use of Portfolio Navigator Program Required,” above.
RiverSource Signature Select Variable Annuity — Prospectus 189
Gba Excess Withdrawal Processing
The total GBA will automatically be reset to the lesser of (a) the
total GBA immediately prior to the withdrawal; or (b) the contract value immediately following the withdrawal. If there have been multiple purchase payments, each payment’s
GBA after the withdrawal will be reset to equal that payment’s RBA after the withdrawal plus (a) times (b), where:
(a)
is the ratio of the total GBA after the withdrawal less the total RBA after the withdrawal to the total GBA before the
withdrawal less the total RBA after the withdrawal; and
(b)
is each
payment’s GBA before the withdrawal less that payment’s RBA after the withdrawal.
RBA Excess Withdrawal Processing
The total RBA will automatically be reset to the lesser of (a)
the contract value immediately following the withdrawal, or (b) the total RBA immediately prior to the withdrawal, less the amount of the withdrawal.
If there have been multiple purchase payments, both the total RBA and each payment’s RBA will be reset. The total RBA will be reset according to the excess withdrawal processing described above. Each payment’s RBA will be reset in the
following manner:
1.
The withdrawal amount up to the total RBP is taken out of each RBA bucket in proportion to
its individual RBP at the time of the withdrawal; and
2.
The withdrawal
amount above the total RBP and any amount determined by the excess withdrawal processing are taken out of each RBA bucket in proportion to its RBA at the time of the
withdrawal.
GBP Percentage and ALP Percentage: We use two percentages (6% and 5%) to calculate your GBP and ALP. The percentage used can vary as described
below:
During the waiting period, 6% will be used to determine the amount payable to beneficiaries under the RBA Payout Option
described below. After the waiting period, a comparison of your contract value and the WAB determines your GBP Percentage and ALP Percentage, unless the percentage is fixed as
described below. On each valuation date, if the benefit determining percentage is less than the 20% adjustment threshold, then 6% is used in calculating your GBP and ALP; otherwise, 5% is used. Market volatility and returns, the deduction of fees and the 20% credit could impact your
benefit determining percentage. The benefit determining percentage is calculated as follows but will not be less than zero:
| |
|
|
| |
|
contract value at the end of the prior valuation period |
| |
|
WAB at the end of the prior valuation period |
When the first withdrawal in a contract year is taken, the GBP Percentage and ALP Percentage will be set and fixed for the remainder of that contract year. Beginning on the next rider anniversary, the GBP Percentage and ALP Percentage can
change on each valuation date as described above until a withdrawal is taken in that contract year.
Under certain limited situations, your GBP Percentage and ALP Percentage will not
vary each contract year. They will be set at the earliest of (1), (2) or (3) below and remain fixed for as long as the benefit is payable:
(1)
when the RBA Payout Option is elected, or
(2)
if the ALP is
established, when your contract value on a rider anniversary is less than two times the ALP (for the purpose of this calculation only, the ALP is determined using 5%; the ALP
Percentage used to determine your ALP going forward will be either 6% or 5%), or
(3)
when the contract
value reduces to zero.
For certain periods of time at our discretion and on a non-discriminatory basis,
your GBP Percentage and ALP Percentage may be set by us to 6% if more favorable to
you.
Withdrawal Adjustment Base (WAB): One of the components used to determine GBP Percentage and ALP Percentage. The maximum
WAB is $5,000,000. The WAB cannot be withdrawn or annuitized and is not payable as a death benefit,
The WAB is determined at the following times, calculated as
described:
•
At Rider Effective Date — the WAB is set equal to the initial purchase payment.
•
When a subsequent purchase payment is made — before a withdrawal is taken in the waiting period
and at any time after the waiting period, the WAB will be increased by the amount of each additional purchase payment.
•
When a withdrawal is taken — if the first withdrawal is taken during the waiting period, the WAB
will be set equal to zero until the end of the waiting period.
Whenever a withdrawal is
taken after the waiting period, the WAB will be reduced by the amount in (A) unless the withdrawal is an excess withdrawal for the lifetime benefit (or the basic benefit if the
ALP is not established) when it will be set equal to the amount in (B).
190 RiverSource Signature Select Variable Annuity — Prospectus
(A)
The WAB is
reduced by an amount as calculated below:
| |
|
the amount the contract value is reduced by the withdrawal |
| |
|
WAB on the date of (but prior to) the withdrawal |
| |
|
the contract value on the date of (but prior to) the withdrawal. |
(B)
If the ALP is not established and the current withdrawal exceeds the RBP, the WAB will be
reset to the GBA immediately following excess withdrawal processing.
If the ALP is
established and the current withdrawal exceeds the RALP, the WAB will be reset to the ALP divided by the current ALP Percentage (either 5% or 6% as described under “GBP
Percentage and ALP Percentage” heading above). In this calculation, we use the ALP immediately following excess withdrawal processing.
•
On rider anniversaries — unless you decline a rider fee increase, the WAB will be increased to
the contract value on each rider anniversary, if the contract value is greater, except as follows:
(A)
If a withdrawal is taken during the waiting period, the WAB will be increased to the
contract value on each rider anniversary beginning at the end of the waiting period, if the contract value is greater.
(B)
If you decline a rider fee increase and a withdrawal is taken during the waiting period,
the WAB will be reset to the lesser of (1) the GBA at the time of the first withdrawal, plus any additional purchase payments since the time of the first withdrawal, minus all withdrawals, or (2) the contract value.
•
Upon certain changes to your PN program investment option as described under “Use of Portfolio Navigator Program Required,” above.
•
On the later of the third rider anniversary or the rider anniversary when the ALP is established
— unless you decline a rider fee increase, if the ELB is greater than zero, the WAB will be increased by an amount as calculated below, but not less than zero.
i)
your contract value, or
ii)
the ALP before the ELB is applied, divided by the ALP Percentage (if the ALP is
established) or the total RBA (if the ALP is established on the third rider anniversary).
Guaranteed Benefit Payment (GBP): At any time, the amount available
for withdrawal in each contract year after the waiting period, until the RBA is reduced to zero, under the basic benefit. After the waiting period the annual withdrawal amount guaranteed under the rider can vary each contract year. At any point in time, each payment’s GBP is the lesser of (a) and (b) where (a) is the GBA for that payment multiplied by the current GBP percentage (either 5% or 6% as
described under “GBP Percentage and ALP Percentage” heading above) and (b) is the RBA for that payment. The total GBP is the sum of the GBPs for each purchase payment.
Remaining Benefit Payment (RBP): The amount available for withdrawal for the remainder of the contract year under the basic benefit. At any point in
time, the total RBP is the sum of the RBPs for each purchase payment.
The RBP is determined at the following times, calculated as
described:
•
During the waiting period — the RBP will be zero.
•
At the beginning of any contract year after the waiting period and when the GBP Percentage changes
— the RBP for each purchase payment is set equal to that purchase payment’s GBP.
•
When you make additional purchase payments after the waiting period — each additional purchase
payment has its own RBP equal to the purchase payment, multiplied by the GBP
Percentage.
•
At step up — (see “Annual Step Up” heading below).
•
At spousal continuation — (see “Spousal Option to Continue the Contract upon Owner’s
Death” heading below).
•
When you make any withdrawal after the waiting period — the total RBP is reset to equal the total RBP immediately prior to the withdrawal less the amount of the
withdrawal, but not less than zero. If there have been multiple purchase payments, each payment’s RBP is reduced proportionately. If you withdraw an amount greater than the RBP, GBA excess withdrawal processing and
RBA excess withdrawal processing are applied and the amount available for future withdrawals for the
remainder of the contract’s life may be reduced by more than the amount of withdrawal. When determining if a withdrawal will result in the excess withdrawal processing, the
applicable RBP will not yet reflect the amount of the current withdrawal.
RiverSource Signature Select Variable Annuity — Prospectus 191
Lifetime Benefit Description
Single Life only: Covered Person: The person whose life is used to determine when the ALP is established, and the duration of the ALP payments (see
“Annual Lifetime Payment (ALP)” heading below). The covered person is the oldest contract owner or annuitant. If the owner is a nonnatural person, i.e., a trust or
corporation, the covered person is the oldest annuitant.
Joint Life only: Covered Spouses: The contract owner and his or her legally married spouse as defined under federal law, as named on the application for as long as the marriage is valid and in effect. If the contract owner is a nonnatural
person (e.g., a trust), the covered spouses are the annuitant and the legally married spouse of the annuitant. The covered spouses lives are used to determine when the ALP is established, and the duration of the ALP payments (see
“Annual Lifetime Payment (ALP)” heading below). The covered spouses are established on the rider effective date and cannot be changed.
Annual Lifetime Payment Attained Age (ALPAA):
•
Single Life: The covered person’s age after which time the lifetime benefit can be established. Currently, the lifetime
benefit can be established on the later of the contract effective date or the contract anniversary date on/following the date the covered person reaches age 65.
•
Joint Life: The age of the younger covered spouse at which time the lifetime benefit
is established.
Annual Lifetime Payment (ALP): The ALP is the lifetime benefit amount available for withdrawals in each contract year after the waiting period until
the later of:
•
Joint Life: death of the last surviving covered spouse; or
•
the RBA is reduced to zero.
The maximum ALP is $300,000. Prior to establishment of the ALP, the
lifetime benefit is not in effect and the ALP is zero.
The ALP is determined at the following times:
•
Single Life: Initially the ALP is established on the earliest of the following
dates:
(a)
the rider effective date if the covered person has already reached age 65.
(b)
the rider anniversary following the date the covered person reaches age 65,
–
if during the waiting period and no prior withdrawal has been taken; or
–
if after the waiting period.
(c)
the rider anniversary following the end of the waiting period if the covered person is age
65 before the end of the waiting period and a prior withdrawal had been taken.
If
the ALP is established prior to the third rider anniversary, the ALP is set equal to the total RBA multiplied by the ALP Percentage (either 5% or 6% as described under “GBP
Percentage and ALP Percentage” heading above). If the ALP is established on or following the third rider anniversary, the ALP is set equal to the ALP Percentage multiplied
by the greater of the ELB or the total RBA.
•
Joint Life: Initially the ALP is established on the earliest of the following dates:
(a)
the rider effective date if the younger covered spouse has already reached age 65.
(b)
the rider anniversary on/following the date the younger covered spouse reaches age
65.
(c)
upon the first death of a covered spouse, then
(1)
the date we receive written request when the death benefit is not payable and the surviving
covered spouse has already reached age 65; or
(2)
the date spousal
continuation is effective when the death benefit is payable and the surviving covered spouse has already reached age 65; or
(3)
the rider anniversary on/following the date the surviving covered spouse reaches age
65.
(d)
Following dissolution of marriage of the covered spouses,
(1)
the date we receive written request if the remaining covered spouse who is the owner (or
annuitant in the case of nonnatural ownership) has already reached age 65; or
(2)
the rider
anniversary on/following the date the remaining covered spouse who is the owner (or annuitant in the case of nonnatural ownership) reaches age 65.
For (b), (c) and (d) above, if the date described occurs
during the waiting period and a prior withdrawal had been taken, we use the rider anniversary following the end of the waiting period to establish the ALP.
192 RiverSource Signature Select Variable Annuity — Prospectus
If the ALP is established
prior to the third rider anniversary, the ALP is set equal to the total RBA multiplied by the ALP Percentage (either 5% or 6% as described under “GBP Percentage and ALP
Percentage” heading above). If the ALP is established on or following the third rider anniversary, the ALP is set equal to the ALP Percentage multiplied by the greater of the ELB or the total RBA.
•
Whenever the ALP Percentage changes —
(a)
If the ALP Percentage is changing from 6% to 5%, the ALP is reset to the ALP multiplied by
5%, divided by 6%.
(b)
If the ALP Percentage is changing from 5% to 6%, the ALP is reset to the ALP multiplied by
6%, divided by 5%.
•
When you make an additional purchase payment — Before a withdrawal is taken in the waiting period and at any time after the waiting period, each additional
purchase payment increases the ALP by the amount of the purchase payment, multiplied by the ALP Percentage.
•
When you make a withdrawal:
(a)
During the
waiting period, the ALP, if established, will be set equal to zero until the end of the waiting period.
(b)
After the
waiting period, if the amount withdrawn is:
(i) less than or equal to the RALP, the ALP is unchanged.
(ii) greater than the RALP, ALP excess withdrawal processing will occur.
If you withdraw less than the ALP in a contract year, there is no
carry over to the next contract year.
•
On the rider anniversary at the end of the waiting period — If you took a withdrawal during the
waiting period, the ALP is set equal to the contract value multiplied by the ALP Percentage if the covered person (Joint Life: younger covered spouse) has reached age 65.
•
At step ups — (see “Annual Step Up” heading below).
•
At spousal continuation — (see “Spousal Option to Continue the Contract upon Owner’s
Death” heading below).
•
Upon certain changes to your PN program investment option under the PN
program as described under “Use of Portfolio Navigator Program Required,” above.
If you do not make a withdrawal during the first three rider
years and you don’t decline a rider fee increase, then a 20% rider credit may increase your ALP. This credit is 20% of purchase payments received in the first 180 days that
the rider is in effect and is used to establish the enhanced lifetime base. The enhanced lifetime base is an amount that may be used to increase the ALP. The 20% rider credit does not increase the basic benefit or the contract value. Because step
ups may increase your ALP, they may reduce or eliminate any benefit of the 20% rider credit.
Enhanced Lifetime Base (ELB)
The enhanced lifetime base will be established initially on the third rider
anniversary. If you do not decline a rider fee increase and you do not make a withdrawal during the first three rider years, then the enhanced lifetime base will be the sum of all purchase payments received during the first three rider years plus the 20% rider credit. If you make a
withdrawal during the first three rider years or decline a rider fee increase, then the 20% rider credit does not apply and the enhanced lifetime base will be established as zero and will always be zero.
The maximum enhanced lifetime base at any time is $5,000,000.
If the enhanced lifetime base is greater than zero, then it will:
•
increase by the amount of any purchase payments received on or after the third rider
anniversary.
•
be reduced by any withdrawal in the same proportion as the withdrawal reduces the RBA and, if
the withdrawal exceeds the RBP, it will then be set to the lesser of this reduced value and the contract value immediately following the withdrawal.
•
be set to the contract value (if your contract value is less), if you choose an asset
allocation model that is more aggressive than the target model while you are in the withdrawal phase.
If any of the following events occur, then the enhanced lifetime base will be established as or reset to zero and will always be zero:
•
The total RBA is reduced to zero.
•
You decline a rider fee increase.
The enhanced lifetime base is an amount that may be used to increase
the ALP and cannot be withdrawn, annuitized or payable as a death benefit.
RiverSource Signature Select Variable Annuity — Prospectus 193
Increase
in ALP because of the Enhanced Lifetime Base
If the ALP is already established, on the third rider anniversary, the ALP will be increased to equal the enhanced lifetime base multiplied by the ALP Percentage (either 5% or 6% as described under “GBP Percentage and ALP Percentage”
heading above), if this amount is greater than the current ALP. Thereafter, the enhanced lifetime base will always be zero.
ALP Excess Withdrawal Processing
The ALP is reset to the lesser of the ALP immediately prior to the withdrawal, or the ALP Percentage (either 5% or 6% as
described under “GBP Percentage and ALP Percentage” heading above) multiplied by the contract value immediately following the withdrawal.
Remaining Annual Lifetime Payment (RALP): The amount available for withdrawal for the remainder of the contract year under the lifetime benefit. Prior to
establishment of the ALP, the lifetime benefit is not in effect and the RALP is zero.
The RALP is determined at the following times:
•
The RALP is established at the same time as the ALP, and:
(a)
During the waiting period — the RALP will be zero.
(b)
At any other time — the RALP is established equal to the ALP less all prior withdrawals taken in the contract year but not less
than zero.
•
At the beginning of each contract year after the waiting period and when
the ALP Percentage changes — the RALP is set equal to the ALP.
•
When you make additional purchase payments after the waiting period — each additional purchase
payment increases the RALP by the purchase payment, if applicable multiplied by the ALP Percentage (either 5% or 6% as described under “GBP Percentage and ALP Percentage” heading above).
•
At step ups — (see “Annual Step Up” headings below).
•
At spousal continuation — (see “Spousal Option to Continue the Contract upon Owner’s
Death” heading below).
•
When you make any withdrawal after the waiting period — the RALP equals the RALP immediately prior to the withdrawal less the amount of the withdrawal but not less
than zero. If you withdraw an amount greater than the RALP, ALP excess
withdrawal processing is applied and may reduce the amount available for future withdrawals. When
determining if a withdrawal will result in excess withdrawal processing, the applicable RALP will not yet reflect the amount of the current withdrawal.
Required Minimum Distributions (RMD): If you are taking RMDs from your contract and your RMD calculated
separately for your contract is greater than the RBP or the RALP on the most recent contract anniversary, the portion of your RMD that exceeds the benefit amount will not be subject to excess withdrawal processing provided that the following
conditions are met:
•
The withdrawal is after the waiting period;
•
The RMD is for your contract alone;
•
The RMD is
based on your recalculated life expectancy taken from the Uniform Lifetime Table under the Code; and
•
The RMD amount
is otherwise based on the requirements of section 401(a) (9), related Code provisions and regulations thereunder that were in effect on the effective date of the rider.
RMD rules follow the calendar year which most likely does not coincide with your contract year and therefore may limit when you can take your RMD and not be subject to excess withdrawal processing. Any withdrawal during the waiting period
will reset the basic benefit and lifetime benefit at the end of the waiting period. After the waiting period, withdrawal amounts greater than the RALP or RBP that do not meet the
conditions above will result in excess withdrawal processing. The amount in excess of the RBP and/or RALP that is not subject to excess withdrawal processing will be recalculated if the RALP and RBP change due to GBP Percentage and ALP Percentage changes. See Appendix E for additional
information.
Annual Step Up: Beginning with the first contract anniversary, an increase of the benefit values may be
available. A step up does not create contract value, guarantee the performance of any investment option, or provide a benefit that can be withdrawn in a lump sum or paid upon death. Rather, a step up determines the current values of the GBA, RBA, GBP, RBP,
ALP and RALP, and may extend the payment period or increase the allowable payment. If there have been multiple payments and the GBA increases due to the step up, the individual
GBAs, RBAs, GBPs, and RBPs will be combined.
The annual step up may be available as described below, subject to the maximum GBA, RBA and ALP and subject to the following rules:
•
You have not declined a rider fee increase.
194 RiverSource Signature Select Variable Annuity — Prospectus
•
If you take
any withdrawals during the waiting period the annual step up will not be available until the rider anniversary following the end of the waiting period.
•
On any rider anniversary where your contract value is greater than the RBA or, your contract value multiplied by the ALP
Percentage (either 5% or 6% as described under “GBP Percentage and ALP Percentage” heading above) is greater than the ALP, if established, the annual step up will be
applied to your contract on the rider anniversary.
•
The ALP and RALP are not eligible for step ups until they are established. Prior to being
established, the ALP and RALP values are both zero.
•
Please note it
is possible for the ALP to step up even if the RBA or GBA do not step up, and it is also possible for the RBA and GBA to step up even if the ALP does not step up.
The annual step up resets the GBA, RBA, GBP, RBP, ALP and RALP values as follows:
•
The total RBA will be increased to the contract value (after charges are deducted) on the rider anniversary, if the
contract value is greater.
•
The total GBA
will be increased to the contract value (after charges are deducted) on the rider anniversary, if the contract value is greater.
•
The total GBP will be reset using the calculation as described above based on the increased GBA and RBA.
•
The total RBP will be reset as follows:
(a)
During the waiting period, the RBP will not be affected by the step up.
(b)
After the waiting period, the RBP will be reset to the increased
GBP.
•
The ALP will be increased to the contract value (after charges are deducted) on the rider
anniversary multiplied by the ALP Percentage (either 5% or 6% as described under “GBP Percentage and ALP Percentage” heading above), if greater than the current ALP.
•
The RALP will be reset as follows:
(a)
During the waiting period, the RALP will not be affected by the step up.
(b)
After the waiting period, the RALP will be reset to the increased
ALP.
Spousal Option to Continue the Contract upon Owner’s Death (Spousal Continuation):
Single Life:If a surviving spouse elects to continue the contract and continues the
contract as the new owner under the spousal continuation provision of the contract, the
SecureSource 20 — Single Life rider terminates.
Joint Life: If a surviving spouse is a covered spouse and elects the spousal
continuation provision of the contract as the new owner, the SecureSource 20 — Joint Life rider also continues. However, if the covered spouse continues the contract as an inherited IRA or
as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate. The surviving covered spouse can name a new beneficiary; however, a new
covered spouse cannot be added to the rider.
At the time of spousal continuation, a step-up may be available. If you decline a
rider fee increase or the spousal continuation occurs during the waiting period and a withdrawal was taken, a step up is not available. All annual step-up rules (see “Annual Step-Up” heading above) also apply to the spousal continuation step-up except that a) the RBP will be calculated as the GBP after the step-up less all prior withdrawals taken during the current contract year, but not less
than zero, and b) the RALP will be calculated as the ALP after the step-up less all prior withdrawals taken during the current contract year, but not less than zero. The spousal continuation step-up is processed on the valuation date
spousal continuation is effective.
Rules for Withdrawal Provision of Your Contract: Minimum account values following a withdrawal no longer apply to your contract. For withdrawals, the withdrawal will be
taken from the variable subaccounts, guarantee period accounts (where available), the one-year fixed account (if applicable) and the DCA fixed account in the same proportion as
your interest in each bears to the contract value. You cannot specify from which accounts the withdrawal is to be taken.
If Contract Value Reduces to Zero: If the contract value reduces to zero, you will be paid in the
following scenarios:
1)
The ALP has not yet been established, the total RBA is greater than zero and the contract value is reduced to zero as a
result of fees or charges or a withdrawal that is less than or equal to the RBP. In this scenario, you can choose to:
(a)
receive the remaining schedule of GBPs until the RBA equals zero; or
(b)
Single Life: wait until the rider anniversary following the date the covered person reaches age 65, and then receive the ALP
annually until the latter of (i) the death of the covered person, or (ii) the RBA is reduced to zero.
Joint Life: wait until the rider anniversary following the date the
younger covered spouse reaches age 65, and then receive the ALP annually until the latter of (i) the death of the last surviving covered spouse, or (ii) the RBA is reduced to zero.
RiverSource Signature Select Variable Annuity — Prospectus 195
We will notify you of this
option. If no election is made, the ALP will be paid.
2)
The ALP has been established, the total RBA is greater than zero and the contract value reduces to zero as a result of
fees or charges, or a withdrawal that is less than or equal to both the RBP and the RALP. In this scenario, you can choose to receive:
(a)
the remaining schedule of GBPs until the RBA equals zero; or
(b)
Single Life: the ALP annually until the latter of (i) the death of the covered person, or (ii) the RBA is reduced to zero.
Joint Life: the ALP annually
until the latter of (i) the death of the last surviving covered spouse, or (ii) the RBA is reduced to zero.
We will notify you of this option. If no election is made, the ALP will be paid.
3)
The ALP has been established and the contract value falls to zero as a result of a withdrawal
that is greater than the RALP but less than or equal to the RBP. In this scenario, the remaining schedule of GBPs will be paid until the RBA equals zero.
4)
The ALP has been established and the contract value falls to zero as a result of a withdrawal
that is greater than the RBP but less than or equal to the RALP. In this scenario, the ALP will be paid annually until the death of the:
•
Single Life: covered person;
•
Joint Life: last surviving covered spouse.
Under any of these scenarios:
•
The annualized amounts will be paid to you in monthly installments. If the monthly payment is
less than $100, we have the right to change the frequency but no less frequent than annually;
•
We will no longer accept additional purchase payments;
•
You will no
longer be charged for the rider;
•
Any attached death benefit riders will terminate;
•
In determining the remaining schedule of GBPs, the current GBP is fixed for as long as payments are made.
•
Single Life: The death benefit becomes the remaining payments, if any, until the RBA
is reduced to zero; and
•
Joint Life: If the owner had been receiving the ALP, upon the first death the ALP will continue to be paid annually until the later
of: 1) the death of the last surviving covered spouse or 2) the RBA is reduced to zero. In all other situations the death benefit becomes the remaining payments, if any, until
the RBA is reduced to zero.
The SecureSource 20 rider and the contract will terminate under either of the following two
scenarios:
•
If the ALP is established and the RBA is zero, and if the contract value falls to zero as a result of a withdrawal that is
greater than the RALP. This is full withdrawal of the contract value.
•
If the ALP is
not established and the RBA is zero, and if the contract value falls to zero as a result of fees, charges or a withdrawal.
Single Life: If the contract value is greater than zero when the death benefit becomes payable, the beneficiary may: 1) elect to
take the death benefit under the terms of the contract, 2) take the RBA payout option available under this rider, or 3) continue the contract under the spousal continuation
provision of the contract which terminates the rider.
If the contract value equals zero and the death benefit becomes payable, the following will occur:
•
If the RBA is greater than zero and the owner has been receiving the GBP each year, the GBP will continue to be paid to
the beneficiary until the RBA equals zero.
•
If the covered person dies and the RBA is greater than zero and the owner has been receiving
the ALP each year, the ALP will continue to be paid to the beneficiary until the RBA equals zero.
•
If the covered person is still alive and the RBA is greater than zero and the owner has been receiving the ALP each
year, the ALP will continue to be paid to the beneficiary until the later of the death of the covered person or the RBA equals zero.
•
If the covered person is still alive and the RBA equals zero and the owner has been receiving
the ALP each year, the ALP will continue to be paid to the beneficiary until the death of the covered person.
•
If the covered person dies and the RBA equals zero, the benefit terminates. No further payments will be made.
Joint Life: If the death benefit becomes payable
at the death of a covered spouse, the surviving covered spouse must utilize the spousal continuation provision of the contract and continue the contract as the new owner to
continue the joint benefit. If spousal continuation is not available under the terms of the contract, the rider terminates. The lifetime benefit of this rider ends at the death of the last surviving covered spouse.
196 RiverSource Signature Select Variable Annuity — Prospectus
If the contract value is
greater than zero when the death benefit becomes payable, the beneficiary may: 1) elect to take the death benefit under the terms of the contract, 2) take the RBA payout option
available under this rider, or 3) continue the contract under the spousal continuation provision of the contract.
If the contract value equals zero at the first death of a covered spouse, the ALP will continue to be paid annually until
the later of: 1) the death of the last surviving covered spouse or 2) the RBA is reduced to zero.
If the contract value equals zero at the death of the last surviving covered spouse, the following will occur:
•
If the RBA is greater than zero and the owner has been receiving the GBP each year, the GBP will continue to be paid to
the beneficiary until the RBA equals zero.
•
If the RBA is greater than zero and the owner has been receiving the ALP each year, the ALP
will continue to be paid to the beneficiary until the RBA equals zero.
•
If the RBA
equals zero, the benefit terminates. No further payments will be made.
Contract Ownership Change:
Single Life: If allowed by state law, change of ownership is subject to our approval.
If there is a change of ownership and the covered person remains the same, the rider continues with no change to any of the rider benefits. Effective May 1, 2016, joint ownership and joint annuitants are not allowed except for contracts issued in California. If there is a change
of ownership and the covered person would be different, the rider terminates.
Joint Life: Ownership changes are only allowed between the covered spouses or their revocable trust(s) and are subject to our
approval, if allowed by state law. No other ownership changes are allowed as long as the rider is in force.
Remaining Benefit Amount (RBA) Payout Option: Several annuity payout plans are available under the contract. As an alternative to these annuity payout plans, a fixed
annuity payout option is available under the SecureSource 20 rider after the waiting period.
Under this option the amount payable each year will be equal to the remaining
schedule of GBPs, but the total amount paid will not exceed the current total RBA at the time you begin this fixed annuity payout option. These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the
frequency, but no less frequently than annually. If, at the death of the owner, total payouts have been made for less than the RBA, the remaining payouts will be paid to the beneficiary (see “The Annuity Payout Period” and “Taxes”).
This option may not be available if the contract is issued to qualify under section 403 or 408 of the Code, as amended.
For such contracts, this option will be available only if the guaranteed payment period is less than the life expectancy of the owner at the time the option becomes effective. Such life expectancy will be computed using a life expectancy table
published by the IRS.
This annuity payout option may also be elected by the beneficiary when the death
benefit is payable if payments begin no later than one year after your death and the payout period does not extend beyond the beneficiary’s life or life expectancy. Whenever multiple beneficiaries are designated under the contract, each such beneficiary’s share of the
proceeds if they elect this option will be in proportion to their applicable designated beneficiary percentage. Beneficiaries of nonqualified contracts may elect this settlement option subject to the distribution requirements of the
contract. We reserve the right to adjust the remaining schedule of GBPs if necessary to comply with the Code.
The SecureSource 20 rider cannot be terminated either by you or us except as follows:
1.
Single Life: a change of ownership that would result in a different covered person
will terminate the rider.
2.
Single Life: After the death benefit is payable, continuation of the contract will terminate the rider.
3.
Joint Life: After the death benefit is payable the rider will terminate if:
(a)
any one other than a covered spouse continues the contract, or
(b)
a covered spouse does not use the spousal continuation provision of the contract to
continue the contract.
4.
Annuity payouts under an annuity payout plan will terminate the rider.
5.
You may terminate the rider if your annual rider fee after any fee increase is more than 0.25 percentage points higher
than your fee before the increase (See “Charges — SecureSource 20 rider
fee”).
6.
When the RBA and contract value is reduced to zero and either the withdrawal is taken when
the ALP is not established or an excess withdrawal of the RALP is taken, the rider will terminate.
7.
Termination of the contract for any reason will terminate the rider.
8.
When a beneficiary
elects an alternative payment plan which is an inherited IRA, the rider will terminate.
For an example, see Appendix D.
RiverSource Signature Select Variable Annuity — Prospectus 197
Appendix P: SecureSource Stages Rider Disclosure
Securesource
Stages Riders
This is an optional benefit that you can add to your contract for an additional charge. The benefit is intended to provide
to you, after the waiting period, a specified withdrawal amount annually for life, even if your contract value is zero, subject to the terms and provisions described in this section. This benefit offers a credit feature to help in low or poor
performing markets and a step up feature to lock in contract anniversary gains. The
SecureSource Stages rider may be appropriate for you if you intend to make periodic withdrawals from your annuity contract and wish to ensure that market
performance will not adversely affect your ability to withdraw income over your lifetime.
This benefit is intended for assets you plan to hold and let accumulate for at least three years. Your benefits under the
rider can be reduced if any of the following occurs:
•
If you take any withdrawals during the 3-year waiting period, your benefits will be set to
zero until the end of the waiting period when they will be re-established based on your contract value at that time;
•
If you take a withdrawal after the waiting period and if you withdraw more than the allowed withdrawal amount in a
contract year, or you take withdrawals before the lifetime benefit is available;
•
If you take a
withdrawal and later choose to allocate your contract value to an investment option that is more aggressive than the target investment option.
•
If the contract value is 20% or more below purchase payments increased by any step ups or rider credits and adjusted for
withdrawals (see withdrawal adjustment base described below).
The SecureSource Stages rider guarantees that, regardless of investment performance, you may take
withdrawals up to the lifetime benefit amount each contract year that the lifetime benefit is available. The lifetime benefit amount can vary based on your attained age and based on the relationship of your contract value to the withdrawal adjustment base. Each
contract year after the waiting period, the percentage used to determine the benefit amount is set when the first withdrawal is taken and fixed for the remainder of that
year.
At any time after the waiting period, as long as your total withdrawals during the current year do not exceed the lifetime
benefit amount, you will not be assessed a surrender charge and no market value adjustment will be applied. If you withdraw a larger amount, the excess amount will be assessed any applicable surrender charges and any applicable market
value adjustment. At any time, you may withdraw any amount up to your entire surrender value, subject to excess withdrawal processing under the rider.
Subject to conditions and limitations, the rider also guarantees that you or your beneficiary will get back purchase
payments you have made, increased by annual step-ups, through withdrawals over time. Any amount we pay in excess of your contract value is subject to our financial strength and claims-paying ability.
Subject to conditions and limitations, the lifetime benefit
amount can be increased if a rider credit is available or your contract value has increased on a rider anniversary. The principal back guarantee can also be increased if your
contract value has increased on a rider anniversary.
There are two optional SecureSource Stages riders available under your contract:
•
SecureSource Stages – Single Life
•
SecureSource Stages – Joint Life
The information in this section applies to both SecureSource Stages riders, unless otherwise noted.
For the purpose of this rider, the term “withdrawal” has the same meaning as the term “surrender” in the contract or any other riders
The SecureSource Stages — Single Life rider covers one person. The SecureSource Stages — Joint Life Rider covers two spouses jointly who are named at contract issue. You may elect only the SecureSource Stages — Single Life rider or the
SecureSource Stages — Joint Life rider, not both, and you may not switch riders
later. You must elect the rider when you purchase your contract. The rider effective date will be the contract issue date.
The SecureSource Stages rider
is an optional benefit that you may select, if approved in your state, for an additional annual charge if you purchase your contract on or after Nov. 30, 2009; and
•
Single Life: you are 80 or younger on the date the contract is issued; or
•
Joint Life: you and your spouse are 80 or younger on the date the contract is
issued.
The SecureSource Stages riders are not available under an inherited qualified annuity.
198 RiverSource Signature Select Variable Annuity — Prospectus
The SecureSource Stages rider guarantees that after the waiting period, regardless of the investment
performance of your contract, you will be able to withdraw up to a certain amount each year from the contract before the annuitization start date until:
•
Single Life: death (see “At Death” heading below).
•
Joint Life: the death of the last surviving covered spouse (see “Joint Life
only: Covered Spouses” and “At Death” headings below).
The key terms associated with the SecureSource Stages rider are:
Age Bands: Each age band is associated with a set of lifetime payment percentages. The covered person
(Joint Life: the younger covered spouse) must be at least the youngest age shown in the first age band for the annual lifetime payment to be established. After the annual lifetime payment is established, other factors determine when you move to a higher
age band.
Annual Lifetime Payment (ALP): the lifetime benefit amount available each contract year after the waiting period and after the covered person (Joint Life: the younger covered spouse) has reached the youngest age in the first age
band. When the ALP is available, the annual withdrawal amount guaranteed by the rider can vary each contract year.
Annual Step-Up: an increase in the benefit base or the principal back guarantee and a possible increase
in the lifetime payment percentage that is available each rider anniversary if your contract value increases, subject to certain conditions.
Benefit Base (BB): used to calculate the annual lifetime payment and the annual rider charge. The BB cannot be withdrawn in a lump sum or
annuitized and is not payable as a death benefit.
Credit Base (CB): used to calculate the rider credit. The CB cannot
be withdrawn or annuitized and is not payable as a death benefit.
Excess Withdrawal: (1) a withdrawal taken after the waiting period and before the annual lifetime payment is established, or (2) a
withdrawal that is greater than the remaining annual lifetime payment when the annual lifetime payment is available.
Excess Withdrawal Processing: after the waiting period, a reduction in benefits if a withdrawal is
taken before the annual lifetime payment is established or if a withdrawal exceeds the remaining annual lifetime payment.
Lifetime Payment Percentage: used to calculate your annual lifetime payment. Two percentages
(“percentage A” and “percentage B”) are used for each age
band.
Principal Back Guarantee (PBG): a guarantee that total withdrawals will not be less than purchase
payments you have made, increased by annual step-ups, as long as there is no excess withdrawal or benefit reset.
Remaining Annual Lifetime Payment (RALP): as you make withdrawals during a contract year, the remaining
amount that the rider guarantees will be available for withdrawal that year is reduced. Whenever the annual lifetime payment is available, the RALP is the guaranteed amount that can be withdrawn during the remainder of the current contract year.
Rider Credit: an amount that can be added to the benefit base on each of the first ten rider
anniversaries, based on a rider credit percentage of 8% in year one and 6% for years two through ten, as long as no withdrawals have been taken since the rider effective date and you do not decline any annual rider fee increase. Investment performance and
withdrawals in the waiting period may reduce or eliminate the benefit of any rider credits. Rider credits may result in higher rider charges that may exceed the benefit from the credits.
Waiting Period: the period of time before you can take a withdrawal without affecting benefits under the rider. The waiting period
starts on the rider effective date and ends on the day prior to the third rider anniversary.
Withdrawal: the amount by which your contract value is reduced as a result of any withdrawal request. It may differ from the amount
of your request due to any surrender charge and any market value adjustment.
Withdrawal Adjustment Base (WAB): one of the components used to determine the lifetime payment percentage. The WAB cannot be withdrawn or annuitized and
is not payable as a death benefit.
Important SecureSource
Stages Rider
Considerations
You should consider whether a SecureSource Stages rider is appropriate for you taking into account the following considerations:
You will begin paying the rider charge as of the rider effective date, even if you do not begin taking withdrawals for many years. It is possible that your contract performance, fees and charges, and withdrawal pattern may be such that your
contract value will not be depleted in your lifetime and you will not receive any monetary value under the rider.
RiverSource Signature Select Variable Annuity — Prospectus 199
•
Lifetime Benefit Limitations: The lifetime benefit is subject to certain limitations, including but not limited to:
Single Life: Once the contract value equals zero, payments are made for as long as
the covered person is living (see “If Contract Value Reduces to Zero” heading below). However, if the contract value is greater than zero, the lifetime benefit terminates at the first death of any owner even if the covered person is still living (see “At Death” heading below). This possibility may present itself when there are multiple contract owners — when one of the
contract owners dies the lifetime benefit terminates even though other contract owners are still living.
Joint Life: Once the contract value equals zero, payments are made for as long as
either covered spouse is living (see “If Contract Value Reduces to Zero” heading below). However, if the contract value is greater than zero, the lifetime benefit terminates at the death of the last surviving covered spouse (see “At Death” heading below).
•
Withdrawals: Please consider carefully when you start taking withdrawals from this rider. If you take
any withdrawals during the 3-year waiting period, your benefits will be set to zero until the end of the waiting period when they will be reestablished based on your contract value at that time. Although your benefits will be set to zero until the end of
waiting period, we will deduct rider fees, based on the anniversary contract value for the remainder of the waiting period. Any withdrawal request within the 3-year waiting period must be submitted in writing. In addition, any
withdrawals in the first 10 years will terminate the rider credits. Also, after the waiting period if you withdraw more than the allowed withdrawal amount in a contract year or take withdrawals before the lifetime benefit is available
(“excess withdrawal”), the guaranteed amounts under the rider may be reduced.
•
Investment Allocation Restrictions: You must be invested in one of the approved investment options.
These funds are expected to reduce our financial risks and expenses associated with certain living benefits. Although the funds’ investment strategies may help mitigate declines in your contract value due to declining equity markets, the funds’
investment strategies may also curb your contract value gains during periods of positive performance by the equity markets. Additionally, investment in the funds may decrease the number and amount of any benefit base increase
opportunities. We reserve the right to add, remove or substitute approved investment options in the future. This requirement limits your choice of investments. This means you will not be able to allocate contract value to all of the
subaccounts, GPAs or the regular fixed account that are available under the contract to contract owners who do not elect the rider. (See “Making the Most of Your Contract — Portfolio Navigator Program and Portfolio Stabilizer
Funds.”) You may allocate purchase payments to the Special DCA fixed account, when available, and we will make monthly transfers into the investment option you have chosen. You may make two elective investment option changes per
contract year; we reserve the right to limit elective investment option changes if required to comply with the written instructions of a fund (see “Market
Timing”).
The following provisions apply to contracts invested in a
Portfolio Navigator fund:
•
You can allocate your contract value to any available Portfolio Navigator fund during the
following times: (1) prior to your first withdrawal and (2) following a benefit reset due to an investment option change as described below but prior to any subsequent withdrawal. During these accumulation phases, you may request to change your investment option
to any available investment option.
•
Immediately following a withdrawal your contract value will be reallocated to the target
investment option as shown in your contract if your current investment option is more aggressive than the target investment option. If you are in a static model portfolio, this reallocation will be made to the applicable fund of funds investment option. This
automatic reallocation is not included in the total number of allowed model portfolio changes per contract year. The target investment option is currently the Moderate investment option. We reserve the right to change the target
investment option to an investment option that is more aggressive than the target investment option after 30 days written notice.
•
After you have taken a withdrawal and prior to any benefit reset as described below, you are
in a withdrawal phase. During withdrawal phases you may request to change your investment option to the target investment option or any investment option that is more conservative than the target investment option without a benefit reset as described
below. If you are in a withdrawal phase and you choose to allocate your contract value to an investment option that is more aggressive than the target or investment option, you will be in the accumulation phase again. If this is done
after the waiting period, your rider benefit will be reset as follows: the BB, PBG and WAB will be reset to the contract value, if less than their current amount; and the ALP and
RALP, if available, will be recalculated.
You may request to change your investment option by written
request on an authorized form or by another method agreed to by us.
•
Non-Cancelable: Once elected, the SecureSource Stages rider may not be cancelled (except as provided under “Rider Termination” heading below) and the fee will
continue to be deducted until the contract or rider is terminated or the contract value reduces to zero (described below).
Dissolution of marriage does not terminate the SecureSource
Stages — Joint Life rider and will not reduce the fee we charge for this rider. The benefit under the
SecureSource Stages — Joint Life rider continues for the covered spouse who is the owner of the contract (or annuitant in the case of nonnatural or revocable trust ownership). The rider will
terminate at the death of the contract owner because the original covered spouse will be unable to elect the spousal continuation provision of the contract (see “Joint Life only: Covered Spouses” below).
200 RiverSource Signature Select Variable Annuity — Prospectus
•
Joint Life: Limitations on Contract Owners, Annuitants and Beneficiaries: Since the
joint life benefit will terminate unless the surviving covered spouse continues the contract under the spousal option to continue the contract upon the owner’s death provision, only ownership arrangements that permit such continuation are allowed at rider issue. In general, the covered spouses should be joint owners, or one covered spouse should be the owner and the other covered
spouse should be named as the sole primary beneficiary.
You are responsible for establishing ownership arrangements that
will allow for spousal continuation.
If you select the SecureSource Stages — Joint Life rider, please consider carefully whether or not you wish to change the beneficiary of your annuity
contract. The rider will terminate if the surviving covered spouse cannot utilize the spousal continuation provision of the contract when the death benefit is payable.
•
Limitations on Purchase Payments: We reserve the right to limit the cumulative amount of purchase
payments (subject to state restrictions), which may limit your ability to make additional purchase payments to increase your contract value as you may have originally intended. For current purchase payment restrictions, please see “Buying
Your Contract —Purchase Payments”.
•
Interaction with Total Free Amount (FA) contract provision: The FA is the amount you are allowed to withdraw from the contract in each contract year without incurring a surrender
charge (see “Charges — Surrender Charge”). The FA may be greater than the remaining annual lifetime payment under this rider. Any amount you withdraw under the
contract’s FA provision that exceeds the remaining annual lifetime payment is subject to the excess withdrawal processing described below. Also, any amount you withdraw during the waiting period will set all benefits under the
rider to zero until the end of the waiting period when they will be reestablished based on the contract value at that time.
You should consult your tax advisor before you select this optional rider if you
have any questions about the use of the rider in your tax situation because:
•
Tax Considerations for Nonqualified Annuities: Under current federal income tax law, withdrawals under
nonqualified annuities, including withdrawals taken from the contract under the terms of the rider, are treated less favorably than amounts received as annuity payments under the contract (see “Taxes — Nonqualified Annuities”). Withdrawals are taxable income to the extent of earnings. Withdrawal of earnings before age 59½ may also incur a 10% IRS early
withdrawal penalty. You should consult your tax advisor before you select this optional rider if you have any questions about the use of the rider in your tax situation.
•
Tax Considerations for Qualified Annuities: Qualified annuities have minimum distribution rules that govern the timing and amount of distributions from the annuity
contract (see “Taxes — Qualified Annuities — Required Minimum Distributions”). If you have a qualified annuity, you may need to take an RMD during the
waiting period and such withdrawals will set all benefits under the rider to zero until the end of the waiting period when they will be reestablished based on the contract value at that time. While the rider permits certain excess withdrawals to be taken
after the waiting period for the purpose of satisfying RMD requirements for your contract alone without reducing future benefits guaranteed under the rider, there can be no
guarantee that changes in the federal income tax law after the effective date of the rider will not require a larger RMD to be taken, in which case, future guaranteed withdrawals under the rider could be reduced. See Appendix E for additional information.
•
Treatment of non-spousal distributions: Unless you are married your beneficiary will be required to
take distributions as a non-spouse which may result in significantly decreasing the value of the rider. Please note civil unions and domestic partnerships generally are not recognized as marriages for federal tax purposes. For additional information see
“Taxes — Other — Spousal status” section of this prospectus.
•
Limitations on Tax-Sheltered Annuities (TSAs): Your right to take withdrawals is restricted if your contract is a TSA (see “TSA — Special
Provisions”).
Lifetime Benefit Description
Single Life only: Covered Person: the person whose life is used to determine when the annual lifetime payment is established, and the duration of the ALP payments (see “Annual Lifetime Payment (ALP)” heading below). The covered person is the oldest contract owner. If any owner is a nonnatural person (e.g., an irrevocable trust or corporation) or a
revocable trust, the covered person is the oldest annuitant.
Joint Life only: Covered Spouses: the contract owner and his or her legally married spouse as defined under federal law, as named on the application for as long as the marriage is valid and in effect. If any contract owner is a nonnatural
person (e.g., an irrevocable trust or corporation) or a revocable trust, the covered spouses are the annuitant and the legally married spouse of the annuitant. The covered spouses lives are used to determine when the annual lifetime
payment is established, and the duration of the ALP payments (see “Annual Lifetime Payment (ALP)” heading below). The covered spouses are established on the rider effective date and cannot be changed.
Annual Lifetime Payment (ALP): the lifetime benefit amount available each contract year after the waiting period and after the covered person (Joint Life: younger covered spouses) has reached age 50. When the ALP is established
and at all times thereafter, the ALP is equal to the BB multiplied by the lifetime payment percentage. Anytime the lifetime
RiverSource Signature Select Variable Annuity — Prospectus 201
payment percentage or BB
changes as described below, the ALP will be recalculated. When the ALP is available, the first withdrawal taken in each contract year will set and fix the lifetime payment
percentage for the remainder of the contract year.
If you withdraw less than the ALP in a contract year, the unused portion does not
carry over to future contract years.
Single Life: The ALP is established on the later
of the rider effective date if the covered person has reached age 50, or the date the covered person’s attained age equals age 50. The ALP will be available on later of the
rider anniversary after the waiting period, or the date the covered person’s attained age equals age 50.
Joint Life: The ALP is established on the earliest of the following dates:
•
The rider effective date if the younger covered spouse has already reached age 50.
•
The date the
younger covered spouse’s attained age equals age 50.
•
Upon the first death of a covered spouse, then either: (a) the date we receive a written
request when the death benefit is not payable and the surviving covered spouse has already reached age 50, (b) the date spousal continuation is effective when the death benefit is payable and the surviving covered spouse has already reached age 50,
or (c) the date the surviving covered spouse reaches age 50.
•
Following dissolution of marriage of the covered spouses, then either (a) the date we receive
a written request if the remaining covered spouse who is the owner (or annuitant in the case of nonnatural or revocable trust ownership) has already reached age 50, or (b) the date the remaining covered spouse who is the owner (or annuitant in the case of
nonnatural or revocable trust ownership) reaches age 50.
The ALP will be available
on later of the rider anniversary after the waiting period, or the date the ALP is established.
Remaining Annual Lifetime Payment (RALP): the remaining annual lifetime payment guaranteed for withdrawal after any withdrawals are made. The RALP is established
at the same time as the ALP. The RALP will be zero during the waiting period. After the waiting period, the RALP equals the ALP less all withdrawals in the current contract year,
but it will not be less than zero.
Lifetime Payment Percentage: used to calculate the annual lifetime payment. Two percentages are used for a given age band, percentage A or
percentage B, depending on the factors described below.
•
50-58, percentage A is 4% and percentage B is 3%.
•
59-64, percentage A is 5% and percentage B is 4%.
•
65-79,
percentage A is 6% and percentage B is 5%.
•
80 and older, percentage A is 7% and percentage B is 6%.
The age band for the lifetime payment percentage is determined at the following times:
•
When the ALP is established: The age band for the lifetime payment percentage used to calculate the initial ALP is the
percentage for the covered person’s attained age (Joint Life:
younger covered spouses attained age).
•
On the covered person’s subsequent birthdays (Joint Life: younger covered spouses subsequent birthdays): Except as noted below, if the covered person’s new attained age (Joint Life: younger covered spouses attained age) is in a higher age band, then the higher age band will be used to determine the
appropriate lifetime payment percentage. (However, if you decline any annual rider fee increase or if a withdrawal has been taken since the ALP was made available, then the lifetime payment percentage will not change on subsequent birthdays.)
•
Upon annual
step-ups (see “Annual step ups” below).
•
For the Joint life rider, upon death or change in marital status: In the event of death or
dissolution of marriage: (A) If no withdrawal has been taken since the ALP was available and no annual rider fee increase has been declined, the lifetime payment percentage will be reset based on the Age Band for the remaining covered spouse’s attained age.
(B) If the ALP is not established but the remaining covered spouse has reached the youngest age in the first Age Band, the remaining covered spouse’s attained age will be used to determine the age band for the lifetime payment
percentage. In the event of remarriage of the covered spouses to each other, the lifetime payment percentage used is the percentage for the younger covered spouse’s attained age.
The following determines
whether Percentage A or Percentage B is used for each applicable age band:
During the waiting period, percentage A will be used to determine the amount
payable to beneficiaries under the principal back guarantee (PBG).
After the waiting period, a comparison of your contract value and the
withdrawal adjustment base (WAB) determines whether percentage A or percentage B is used to calculate the ALP unless the percentage is fixed as described below.
202 RiverSource Signature Select Variable Annuity — Prospectus
On each valuation date, if
the benefit determining percentage is less than the 20% adjustment threshold, then percentage A is used in calculating your ALP, otherwise percentage B is used. The benefit
determining percentage is calculated as follows, but it will not be less than zero:
| |
|
Contract value at the end of the prior valuation period |
| |
|
WAB at the end of the prior valuation period |
After the ALP is available, the first withdrawal taken in each contract year will set and fix the lifetime payment percentage for the remainder of the contract year. Beginning on the next rider anniversary, the lifetime payment
percentage can change on each valuation day as described above until a withdrawal is taken in that contract year.
Under certain limited situations, your Lifetime Payment Percentage will not vary each contract year. Percentage A or
percentage B will be determined at the earliest of (1), (2) or (3) below and remain fixed for as long as the benefit is payable:
•
if the ALP is established, when your contract value on a rider anniversary is less than two
times the benefit base (BB) multiplied by percentage B for your current age band, or
•
when the
contract value reduces to zero, or
•
on the date of death (Joint Life: remaining covered spouse’s date of death) when a death benefit is
payable.
For certain periods of time at our discretion and on a non-discriminatory basis,
your lifetime payment percentage may be set by us to percentage A if more favorable to you.
Determination of Adjustments of Benefit Values: Your lifetime benefit values and principal back
guarantee (PBG) are determined at the following times and are subject to a maximum benefit base (BB), credit base (CB), withdrawal adjustment base (WAB) and PBG amount of $10 million each:
•
On the contract date: The WAB, CB, BB and PBG are set equal to the initial purchase
payment.
•
When an additional purchase payment is made: Before a withdrawal is taken in the waiting
period and at any time after the waiting period, the WAB, CB (unless it has been permanently set to zero), BB and PBG will be increased by the amount of each additional purchase payment.
•
When a
withdrawal is taken: If the CB is greater than zero, the CB will be permanently reset to zero when the first withdrawal is taken, and there will be no additional rider credits.
If the first withdrawal is taken during the waiting period, the WAB, BB and PBG will be set equal to zero until the end of the waiting period.
•
Whenever a withdrawal is taken after the waiting period:
(a)
the WAB will be
reduced by the “adjustment for withdrawal,” as defined below.
(b)
if the ALP is established and the withdrawal is less than or equal to the RALP, the BB does
not change and the PBG is reduced by the amount of the withdrawal, but it will not be less than zero.
(c)
if the ALP is not established, excess withdrawal processing will occur as follows. The BB
will be reduced by the “adjustment for withdrawal,” and the PBG will be reduced by the greater of the amount of the withdrawal or the “adjustment for withdrawal,” but it will not be less than zero.
(d)
If the ALP is
established and the withdrawal is greater than the RALP, excess withdrawal processing will occur as follows:
The PBG will be reset to the lesser of:
(i) the PBG reduced by the amount of the withdrawal, but it will
not be less than zero; or
(ii) the PBG minus the RALP on the date of (but prior to) the withdrawal and further reduced by an amount calculated as follows, but it will not be less than zero:
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|
the amount of the withdrawal minus the RALP |
| |
|
the PBG minus the RALP on the date of (but prior to) the withdrawal |
| |
|
the contract value on the date of (but prior to) the withdrawal minus the RALP |
RiverSource Signature Select Variable Annuity — Prospectus 203
The BB will be reduced by
an amount as calculated below:
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|
the amount of the withdrawal minus the RALP |
| |
|
the BB on the date of (but prior to) the withdrawal |
| |
|
the contract value on the date of (but prior to) the withdrawal minus the RALP. |
Adjustment for Withdrawal Definition: When the WAB, PBG or BB is reduced by a withdrawal in the same proportion as the contract value is reduced, the
proportional amount deducted is the “adjustment for withdrawal.” The “adjustment for withdrawal” is calculated as follows:
| |
|
the amount the contract value is reduced by the withdrawal |
| |
|
the WAB, BB or PGB (as applicable) on the date of (but prior to) the withdrawal |
| |
|
the contract value on the date of (but prior to) the withdrawal. |
Rider Anniversary Processing: The following describes how the WAB, BB and PBG are calculated on rider anniversaries, subject to the maximum amount of
$10 million for each, and how the lifetime payment percentage can change on rider anniversaries.
•
On the rider anniversary following the waiting period: If a withdrawal was taken during the waiting period and you did
not decline any annual rider fee increase as described in the rider charges provision, the BB, WAB and PBG are reset to the contract value. If a withdrawal was taken during the waiting period and you declined any annual rider fee
increase, the BB and PBG are reset to the lesser of (1) the BB or PBG (as applicable) at the time of the first withdrawal, plus any additional purchase payments since the time of the first withdrawal, minus all withdrawals, or (2)
the contract value. The WAB will be reset to the BB.
•
The WAB on rider anniversaries: Unless you decline any annual rider fee increase or take a
withdrawal during the waiting period, the WAB (after any rider credit is added) will be increased to the contract value, if the contract value is greater. If a withdrawal was taken during the waiting period, the WAB will be increased to the contract value, if the
contract value is greater, starting on the rider anniversary following the waiting period.
Rider Credits: If you did not take any withdrawals and you did not
decline any annual rider fee increase, a rider credit may be available for the first ten rider anniversaries. On the first rider anniversary, the rider credit equals the credit
base (CB) 180 days following the rider effective date multiplied by 8%. On any subsequent rider credit anniversaries, the rider credit equals the CB as of the prior rider anniversary multiplied by 6%. On the first rider anniversary the BB and WAB will be set to the greater of the current BB, or the BB 180 days following the contract date increased by the rider credit and
any additional purchase payments since 180 days following the rider effective date. On any subsequent rider credit anniversaries the BB and WAB will be set to the greater of the current BB, or the BB on the prior rider anniversary
increased by the rider credit and any additional purchase payments since the prior rider anniversary. If the CB is greater than zero, the CB will be permanently reset to zero on the 10th rider anniversary after any adjustment to the WAB and
BB, and there will be no additional rider credits.
Annual step ups: Beginning with the first rider anniversary, an annual step-up may be available. If you take any withdrawals during the
waiting period, the annual step-up will not be available until the 3rd rider anniversary. If you decline any annual rider fee increase, future annual step-ups will no longer be
available.
The annual step-up will be executed on any rider anniversary where the contract value (after charges are deducted) is
greater than the PBG or the BB after any rider credit is added. If an annual step-up is executed, the PBG, BB and lifetime payment percentage will be adjusted as follows: The PBG will be increased to the contract value, if the contract value is
greater. The BB (after any rider credit is added) will be increased to the contract value, if the contract value is greater. If the covered person’s attained age (Joint Life: younger covered spouses attained age) on the rider anniversary is in a higher age band and (1) there is an increase to BB due to a step-up or (2) the BB is at the maximum of $10,000,000 so
there was no step-up of the BB, then the higher age band will be used to determine the appropriate lifetime payment percentage, regardless of any prior withdrawals.
Required Minimum Distributions (RMD): If you are taking RMDs from your contract and your RMD calculated
separately for your contract is greater than the remaining annual lifetime payment on the most recent contract anniversary, the portion of your RMD that exceeds the benefit amount will not be subject to excess withdrawal processing provided that
the following conditions are met:
•
The withdrawal is after the waiting period;
204 RiverSource Signature Select Variable Annuity — Prospectus
•
The annual
lifetime payment is available;
•
The RMD is for your contract alone;
•
The RMD is based on your recalculated life expectancy taken from the Uniform Lifetime Table under the Code; and
•
The RMD amount is otherwise based on the requirements of section 401(a) (9), related Code provisions and regulations
thereunder that were in effect on the contract date.
RMD rules follow the calendar year which most likely does not coincide with your
contract year and therefore may limit when you can take your RMD and not be subject to excess withdrawal processing. A withdrawal during the waiting period will reset the benefit base, the withdrawal adjustment base and the principal back guarantee to the contract value at the
end of the waiting period. After the waiting period, a withdrawal taken before the annual lifetime payment is established or withdrawing amounts greater than the remaining annual lifetime payment that do not meet these conditions will result
in excess withdrawal processing. The amount in excess of the RALP that is not subject to excess withdrawal processing will be recalculated if the ALP changes due to lifetime payment percentage changes. See Appendix E for additional
information.
Spousal Option to Continue the Contract upon Owner’s Death
(Spousal Continuation):
Single Life: If a surviving spouse elects to
continue the contract and continues the contract as the new owner under the spousal continuation provision of the contract, the SecureSource Stages — Single Life rider terminates.
Joint Life: If a surviving spouse is a covered spouse and elects the spousal
continuation provision of the contract as the new owner, the SecureSource Stages — Joint Life rider also continues. However, if the covered spouse continues the contract as an inherited IRA or
as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate. The surviving covered spouse can name a new beneficiary; however, a new
covered spouse cannot be added to the rider.
At the time of spousal continuation, a step-up may be available. If you decline a
rider fee increase or the spousal continuation occurs during the waiting period and a withdrawal was taken, a step up is not available. All annual step-up rules (see “Rider Anniversary Processing — Annual Step-Up” heading above) also apply to the spousal continuation step-up. The WAB will be increased to the contract value if the contract value is greater. The spousal continuation
step-up is processed on the valuation date spousal continuation is effective.
Rules for Surrender: Minimum account values following surrender no longer apply to your contract. For withdrawals, the withdrawal will be
taken from all accounts and the variable subaccounts in the same proportion as your interest in each bears to the contract value. You cannot specify from which accounts the
withdrawal is to be taken.
If your contract value is reduced to zero, the CB, if greater than zero, will be permanently reset to zero, and there will be no additional rider credits. Also, the following will occur:
•
If the ALP is not established and if the contract value is reduced to zero as a result of
market performance, fees or charges, then the owner must wait until the ALP would be established, and the ALP will be paid annually until the death of the covered person (Joint Life: both covered spouses).
•
If the ALP is established and if the contract value is reduced to zero as a result of market
performance, fees or charges, or as a result of a withdrawal that is less than or equal to the RALP, then the owner will receive the ALP paid annually until the death of the covered person (Joint Life: both covered spouses).
–
These annualized amounts will be paid in monthly installments. If the monthly payment is less
than $100, We have the right to change the frequency, but no less frequently than annually.
–
We will no longer accept additional purchase payments.
–
No more charges will be collected for the rider.
–
The current ALP is fixed for as long as payments are made.
–
The death benefit becomes the remaining schedule of annual lifetime payments, if any, until
total payments to the owner and the beneficiary are equal to the PBG at the time the contract value falls to zero.
–
The amount paid in the current contract year will be reduced for any prior withdrawals in
that year.
•
If the ALP is not established and if the contract value is reduced to zero as a result of a
withdrawal taken before the ALP is established, this rider and the contract will terminate.
•
If the ALP is established and if the contract value is reduced to zero as a result of a withdrawal that is greater than
the RALP, this rider and the contract will terminate.
RiverSource Signature Select Variable Annuity — Prospectus 205
At
Death:
Single Life: If the contract is jointly owned and an owner dies when the contract
value is greater than zero, the lifetime benefit for the covered person will cease even if the covered person is still living or if the contract is continued under the spousal continuation option.
Joint Life: If the death benefit becomes payable at the death of a covered spouse, the surviving covered spouse must utilize the
spousal continuation option to continue the lifetime benefit. If spousal continuation is not available, the rider terminates. The lifetime benefit ends at the death of the
surviving covered spouse.
If the contract value is greater than zero when the death benefit becomes payable, the beneficiary may:
•
elect to take the death benefit under the terms of the contract, or
•
elect to take
the principal back guarantee available under this rider, or
•
continue the contract and the SecureSource Stages rider under the spousal continuation option.
For single and joint life, the beneficiary may elect the principal back guarantee under this rider if payments begin no later than one year after your death and the payout period does not extend beyond the beneficiary’s life or life
expectancy. If elected, the following will occur:
•
If the PBG is greater than zero and the ALP is established, the ALP on the date of death will
be paid until total payments to the beneficiary are equal to the PBG on the date of death.
•
If the PBG is greater than zero and the ALP is not established, the BB on the date of death multiplied by the lifetime
payment percentage used for the youngest age of the covered spouses in the first age band shown on the contract data page will be paid annually until total payments to the beneficiary are equal to the PBG on the date of death.
In either of the above cases:
•
After the date of death, there will be no additional rider credits or annual step-ups.
•
The lifetime payment percentage used will be set as of the date of death.
•
The amount
paid in the current contract year will be reduced for any prior withdrawals in that year.
On the date of death (Joint Life: remaining covered spouse’s date of death), if the CB is greater
than zero, the CB will be permanently reset to zero, and there will be no additional rider credits.
If the PBG equals zero, the benefit terminates. No further payments are made.
Contract Ownership Change:
Single Life: If allowed by state law, change of ownership is subject to our approval. If there is a
change of ownership and the covered person remains the same, the rider continues with no change to any of the rider benefits. Effective May 1, 2016, joint ownership and joint annuitants are not allowed except for contracts issued in California. If there is a change
of ownership and the covered person would be different, the rider terminates.
Joint Life: Ownership changes are only allowed between the covered spouses or their revocable trust(s) and are subject to our
approval, if allowed by state law. No other ownership changes are allowed as long as the rider is in force.
Assignment: If allowed by state law, an assignment is subject to our approval.
Annuity Provisions: You can choose one of the payout options available under the contract or an alternative fixed annuity payout option
available under the SecureSource Stages rider. Under the rider’s payout option, the
minimum amount payable shown in Table B, will not apply and you will receive the annual lifetime payment provided by this rider until the later of the death of the covered person (Joint Life: both covered spouses) or depletion of the principal back guarantee. If you choose to receive the ALP, the amount
payable each year will be equal to the annual lifetime payment on the annuitization start date. The amount paid in the current contract year will be reduced for any prior
withdrawals in that year. These annualized amounts will be paid in monthly installments. If the monthly payment is less than $100, we have the right to change the frequency, but no less frequently than annually.
For more information on annuity payout plans, please see “The Annuity Payout Period - Annuity Payout
Plans.”
If you choose to receive the ALP rather than a payout option available under the contract, all other contract features,
rider features and charges terminate after the annuitization start date except for the PBG.
The SecureSource Stages rider cannot be terminated either by you or us except as follows:
•
Single Life: a change of ownership that would result in a different covered person
will terminate the rider.
•
Single Life: after the death benefit is payable, the rider will terminate.
•
Single Life: spousal continuation will terminate the rider.
206 RiverSource Signature Select Variable Annuity — Prospectus
•
Joint Life: After the death benefit is payable the rider will terminate if anyone
other than a covered spouse continues the contract. However, if the covered spouse continues the contract as an inherited IRA or as a beneficiary of a participant in an employer sponsored retirement plan, the rider will terminate.
•
On the
annuitization start date, the rider will terminate.
•
You may terminate the rider if your annual rider fee would increase more than 0.25 percentage
points (See “Charges — SecureSource Stages rider fee”)
•
When the contract value is reduced to zero and either the withdrawal taken when the annual
lifetime payment is not established or a withdrawal in excess of the remaining annual lifetime payment is taken, the rider will terminate.
•
Termination of the contract for any reason will terminate the rider.
For an example, see
Appendix D.
RiverSource Signature Select Variable Annuity — Prospectus 207
Appendix Q: Withdrawal Benefit Riders: Electing Step Up
or Spousal Continuation Step Up
Example — Withdrawal Benefit Riders: Electing Step Up or Spousal Continuation Step Up
This example assumes that the covered person (for joint life, younger covered spouse) is 65 or older and there are no additional purchase payments or withdrawals.
•
You own a RiverSource variable annuity with a withdrawal benefit rider. You are currently
invested in the Variable Portfolio — Moderately Aggressive Portfolio (Class 2) (a Portfolio Navigator fund) with a current rider fee of 0.65%.
Your Contract Value (CV) is $100,000 and your withdrawal benefit rider currently provides the following benefits:
1)
You can withdraw $6,000 a year for the rest of your life. This is your Annual Lifetime
Payment. Or
2)
You can withdraw $7,000 a year until you have withdrawn a total of $100,000. This is your
Guaranteed Benefit Payment.
Based on
your current CV, you will pay a rider fee of approximately $650 on your next annuity contract anniversary.
•
The annual fee for this rider has increased to 0.95% for clients invested in the Variable
Portfolio — Moderately Aggressive Portfolio (Class 2).
The
following compares certain options available to you. Changes to rider values or fees are presented for two different scenarios where your CV increases to either $110,000 or
$101,000 over the contract year:
1) Elect to lock in your contract gains to your benefit values (step up):
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|
Increase in Annual Lifetime Payment |
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Increase in Guaranteed Benefit Payment |
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Increase in Annual Rider Fee |
|
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Increase in Annual Contract Charge |
|
|
Automatic step ups will continue on your next anniversary (if available
under your rider).
2) Do not elect to lock in your contract gains (no step
up):
| |
|
|
Increase in Annual Lifetime Payment |
|
|
Increase in Guaranteed Benefit Payment |
|
|
Increase in Annual Rider Fee |
|
|
Increase in Annual Contract Charge |
|
|
Your rider fee will not change, although the dollar amount of your
annual charge will change as your CV changes. On your next anniversary, you will again have the option to elect the step up (lock in contract gains)
3) Move to one of the Portfolio Stabilizer funds and elect the step up:
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Increase in Annual Lifetime Payment |
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Increase in Guaranteed Benefit Payment |
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Increase in Annual Rider Fee |
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Increase in Annual Contract Charge |
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Your rider fee will not change, although the dollar amount of your
annual charge will change as your CV changes. Automatic step ups will continue on your next anniversary (if available under your rider).
The above example is for illustrative purposes only. The assumptions and calculations used are not intended to be consistent with any one rider, but instead are intended to provide an idea of how different scenarios would operate. Your specific rider may use different calculations for fees or have different benefits available. For a full description and rules applicable to step up options under your rider, please see the “Optional Living Benefits” section.
Electing to step up may result in different increases to the annual rider charge relative to the increase in your rider values. You should weigh the resulting increased charge due to the step up versus the increases to your benefits to determine the option that is best for you.
208 RiverSource Signature Select Variable Annuity — Prospectus
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The Statement of Additional Information (SAI)
includes additional information about the Contract. The SAI, dated the same date as this prospectus, is incorporated by reference into this prospectus. The SAI is available,
without charge, upon request. For a free copy of the SAI, or for more information about the Contract, call us at 1-800-862-7919, visit our website at riversource.com/annuities or write to us at: 70100 Ameriprise Financial Center Minneapolis, MN 55474.
RiverSource Life Insurance Company
70100 Ameriprise Financial Center
Minneapolis, MN 55474
1-800-862-7919
Reports and other information about RiverSource Variable Annuity Account are available on the SEC’s website at
http://www.sec.gov, and copies of this
information may be obtained, upon payment of a duplicating fee, by electronic request at the following
email address: publicinfo@sec.gov.
EDGAR Contract Identifier: C000044125
© 2008-2024 RiverSource Life Insurance
Company. All rights reserved.
Prospectus
Signature Variable Annuity
Individual Flexible Premium Deferred Combination Fixed/Variable
Annuity
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RiverSource Life Insurance Company (RiverSource Life) |
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829 Ameriprise Financial Center Minneapolis, MN 55474 Telephone: 1-800-333-3437 (Service Center) RiverSource Variable Annuity Account |
This prospectus contains information that you should know before investing in the
RiverSource Signature Variable
Annuity (Contract), an individual flexible premium deferred combination fixed/variable annuity issued by
RiverSource Life Insurance Company (“RVS Life”, “we”, “us” and “our”). All material terms and conditions of the contracts, including material state variations and distribution channels, are described in this prospectus.
The contracts are no longer available for new purchases. This contract is no longer being sold and this
prospectus is designed for current contract owners. In addition to the possible state variations, you should note that your contract features and charges may vary depending on the date on which you purchased your contract. For more information
about the particular features, charges and options applicable to you, please contact your financial professional or refer to your contract for contract variation information and timing.
Additional information about certain investment products, including variable
annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at
Investor.gov.
The Securities and Exchange Commission has
not approved or disapproved these securities or determined if this prospectus is accurate or complete. Any representation to the contrary is a
criminal offense.
RiverSource Signature Variable Annuity — Prospectus 1
2 RiverSource Signature Variable Annuity — Prospectus
These terms can help you understand details about your contract.
Accumulation
unit: A measure of the value of each subaccount before annuity payouts begin.
Annuitant: The person or persons on whose life or life expectancy the annuity payouts are based.
Annuity
payouts: An amount paid at regular intervals under one of several plans.
Assumed investment rate: The rate of return we assume
your investments will earn when we calculate your initial annuity payout amount using the annuity table in
your contract. The standard assumed investment rate we use is 5% but you may request we substitute an
assumed investment rate of 3.5%.
Beneficiary: The person you designate to receive benefits in case of the owner’s or annuitant’s death while the contract is in force.
Close of
business: The time the New York Stock Exchange (NYSE) closes (4 p.m. Eastern time unless the NYSE closes earlier).
Code: The Internal Revenue Code of 1986, as amended.
Contract: A deferred annuity contract that permits you to accumulate money for retirement by making one or more purchase payments. It provides for lifetime or other forms of payouts beginning at a specified time in the future.
Contract value: The total value of your contract before we deduct any applicable charges.
Contract year: A period of 12 months, starting on the effective date of your contract and on each anniversary of the effective date.
Funds: A portfolio of an open-end management investment company that is registered with the Securities and Exchange Commission (the "SEC") in which the Subaccounts invest. May also be referred to as an underlying Fund.
Good order: We cannot process your transaction request relating to the contract until we have received the request in good order at our Service Center. “Good order” means the actual receipt of the requested transaction in writing, along with all information, forms and supporting legal documentation necessary to effect the transaction. To be in “good order,” your instructions must be sufficiently clear so that we do not need
to exercise any discretion to follow such instructions. This information and documentation generally
includes your completed request; the contract number; the transaction amount (in dollars); the names of and
allocations to and/or from the subaccounts and the fixed account affected by the requested transaction;
Social Security Number or Taxpayer Identification Number; and any other information, forms or supporting
documentation that we may require. For certain transactions, at our option, we
may require the signature
of all contract owners for the request to be in good order. With respect to purchase requests, “good
order” also generally includes receipt of sufficient payment by us to effect the purchase. We may, in
our sole discretion, determine whether any particular transaction request is in good order, and we reserve the right to change or waive any good order requirements at any time.
Guarantee Period: The number of successive 12-month periods that a guaranteed interest rate is credited.
Guarantee Period Accounts (GPAs): A nonunitized separate account
to which you may allocate purchase payments or transfer contract value of at least $1,000. These accounts
have guaranteed interest rates for guarantee periods we declare when you allocate purchase payments or transfer contract value to a GPA. These guaranteed rates and periods of time may vary by state. Unless an exception applies, transfers or withdrawals from a GPA done more than 30 days before the end of the guarantee period will receive a market value adjustment, which may result in a gain or loss.
Market Value Adjustment (MVA): A positive or negative
adjustment assessed if any portion of a Guarantee Period Account is withdrawn or transferred more than 30 days before
the end of its guarantee period.
One-year fixed account: Part of our general account to
which you may make allocations. Amounts you allocate to this account earn interest at rates that we declare
periodically.
Owner (you, your): The person or persons identified in the contract as owner(s) of the contract, who has or have the right to control the contract (to decide on investment
allocations, transfers, payout options, etc.). Usually, but not always, the owner is also the annuitant.
During the owner’s life, the owner is responsible for taxes, regardless of whether he or she receives
the contract’s benefits. The owner or any joint owner may be a non-natural person (e.g. irrevocable
trust or corporation) or a revocable trust. If any owner is a non-natural person or a revocable trust, the
annuitant will be deemed to be the owner for contract provisions that are based on the age or life of the
owner. When the contract is owned by a revocable trust or irrevocable grantor trust, the annuitant(s)
selected must be the grantor(s) of the trust to assure compliance with Section 72(s) of the Code.
Qualified annuity: A contract that you purchase to fund one of the following tax-deferred retirement plans that is subject to applicable federal law and any rules of the
plan itself:
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Individual Retirement Annuities (IRAs) including inherited IRAs under Section 408(b) of the Code
•
Roth IRAs including inherited Roth IRAs under Section 408A of the Code
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SIMPLE IRAs under Section 408(p) of the Code
•
Simplified
Employee Pension (SEP) plans under Section 408(k) of the Code
RiverSource Signature Variable Annuity — Prospectus 3
•
Tax-Sheltered
Annuity (TSA) rollovers under Section 403(b) of the Code
A qualified annuity will not provide any necessary or additional tax deferral if it is used to fund a retirement plan that is already tax deferred.
All other contracts are considered nonqualified annuities.
Retirement date: The date when annuity payouts are scheduled to begin.
Rider effective date: The date a rider becomes effective as stated in the rider.
Separate
Account: An insulated segregated account, the assets of which are invested solely in an underlying Fund. We call this the Variable Account.
Service Center: Our department that processes all transaction and service requests for the contracts. We consider all transaction and service requests received when they arrive in good order at the Service Center. Any transaction or service requests sent or directed to any
location other than our Service Center may end up delayed or not processed. Our Service Center address
and telephone number are listed on the first page of the prospectus.
Subaccount: A division of the Variable Account, each of which invests in one Fund.
Valuation
date: Any normal business day, Monday through Friday, on which the NYSE is open, up to the time it closes. At the NYSE close, the next valuation date
begins. We calculate the accumulation unit value of each subaccount on each valuation date. If we receive your purchase payment or any transaction request (such as a transfer or withdrawal request) in good order at our Service
Center before the close of business, we will process your payment or transaction using the accumulation
unit value we calculate on the valuation date we received your payment or transaction request. On the other
hand, if we receive your purchase payment or transaction request in good order at our Service Center at or
after the close of business, we will process your payment or transaction using the accumulation unit value
we calculate on the next valuation date. If you make a transaction request by telephone (including by fax),
you must have completed your transaction by the close of business in order for us to process it using the
accumulation unit value we calculate on that valuation date. If you were not able to complete your
transaction before the close of business for any reason, including telephone service interruptions or
delays due to high call volume, we will process your transaction using the accumulation unit value we
calculate on the next valuation date.
Variable
account: Refers to the RiverSource Variable Annuity Account, a separate
account established to hold contract owners’ assets allocated to the Subaccounts, each of which
invests in a particular Fund.
Withdrawal
value: The amount you are entitled to receive if you make a full withdrawal from your contract. It is the contract value minus any applicable charges.
4 RiverSource Signature Variable Annuity — Prospectus
Important Information You Should Consider
About the Contract
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Location in
Statutory
Prospectus |
Charges for Early
Withdrawals |
If you withdraw money during the first 7 years from date of each purchase
payment, you may be assessed a withdrawal charge of up to 7% of
the Purchase Payment withdrawn.
For example, if you make an early withdrawal, you could pay a withdrawal
charge of up to $7,000 on a $100,000 investment.
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Fee Table and
Examples
Charges–
Withdrawal
Charge |
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We do not assess any transaction charges. |
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Ongoing Fees and
Expenses (annual
charges) |
The table below describes the current fees and expenses that you may pay
each year, depending on the options you choose. Please refer to
your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. |
Fee Table and
Examples
Expenses –
Product Charges
Appendix A: Funds
Available Under
the Contract |
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(varies by size of Contract value) |
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Fund options
(funds fees and expenses)(2) |
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Optional benefits available for an
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(1) As a percentage of average daily contract value in the variable account. Includes the
Mortality and Expense Fee,Variable Account Administrative Charge, and Contract
Administrative Charge.
(2) As a percentage of Fund net assets.
(3) As a percentage of Contract Value or Adjusted Contract Value(varies by optional benefit).
The Minimum is a percentage of Contract Value. The Maximum is a percentage of adjusted
Contract Value. Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each
year, based on current charges. This estimate assumes that you do not
take withdrawals from the Contract, which could add withdrawal charges that substantially increase costs. |
Lowest Annual Cost:
$1,749
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Highest Annual Cost:
$2,970
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Assumes:
•Investment of $100,000 •5% annual appreciation
•Least expensive combination of Contract features and Fund fees
and expenses
•No optional benefits •No additional purchase payments,
transfers or withdrawals
•No sales charge |
Assumes:
•Investment of $100,000 •5% annual appreciation
•Most expensive combination of Contract features, optional
benefits and Fund fees and
expenses
•No sales charge •No additional purchase payments,
transfers or withdrawals |
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You can lose money by investing in this Contract including loss of principal. |
Principal Risks of
Investing in the
Contract |
RiverSource Signature Variable Annuity — Prospectus 5
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Location in
Statutory
Prospectus |
Not a Short-Term
Investment |
•The Contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash. •The Contract has withdrawal charges which may reduce the value of your
Contract if you withdraw money during withdrawal charge period. Withdrawals may also reduce or terminate contract guarantees. •The benefits of tax deferral, long-term income, and optional living benefit
guarantees mean the contract is generally more beneficial to investors
with a long term investment horizon. |
Principal Risks of
Investing in the
Contract
Charges–
Withdrawal
Charge |
Risks Associated
with Investment
Options |
•An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. •Each investment option, including the one-year Fixed Account and the
Guarantee Period Accounts (GPAs) investment options has its own unique risks. •You should review the investment options before making any investment
decisions. |
Principal Risks of
Investing in the
Contract
The Variable Account and the
Funds
The Guarantee Period Accounts (GPAs) The One-Year Fixed Account |
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An investment in the Contract is subject to the risks related to us. Any
obligations (including under the one-year Fixed Account) or guarantees and
benefits of the Contract that exceed the assets of the Separate Account
are subject to our claims-paying ability. If we experience financial distress,
we may not be able to meet our obligations to you. More
information about RiverSource Life, including our financial
strength ratings, is available by contacting us at 1-800-862-7919. |
Principal Risks of
Investing in the
Contract
The General
Account |
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•Subject to certain restrictions, you may transfer your Contract value among the subaccounts without charge at any time before the retirement date and once per contract year after the retirement date.
•Certain transfers out of the GPAs will be subject to an MVA. •GPAs and the one-year Fixed Account are subject to certain restrictions. •We reserve the right to modify, restrict or suspend your transfer
privileges if we determine that your transfer activity
constitutes market timing.
•We reserve the right to add, remove or substitute Funds as investment options. We also reserve the right, upon notification to you, to close or
restrict any Funds. |
Making the Most
of Your Contract –
Transferring
Among Accounts
Substitution of
Investments |
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•Guaranteed Minimum Income Benefit Rider may limit allocations to the subaccounts investing in the Money Market funds.
•Performance Credit Rider may limit allocations to the subaccounts investing in the Money Market funds,GPAs and one-year fixed account. |
Optional
Benefits —
Optional Living
Benefits –
GMIB –Investment
Selection
Optional
Benefits —
Optional Living
Benefits –
PCR –Investment
Selection |
6 RiverSource Signature Variable Annuity — Prospectus
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Location in
Statutory
Prospectus |
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•Consult with a tax advisor to determine the tax implications of an investment in and payments and withdrawals received under this Contract.
•If you purchase the Contract through a tax-qualified plan or individual retirement account, you do not get any additional tax benefit.
•Earnings under your contract are taxed at ordinary income tax rates generally when withdrawn. You may have to pay a tax penalty if you take
a withdrawal before age 59½. |
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Investment
Professional
Compensation |
Your investment professional may receive compensation for selling this
Contract to you, in the form of commissions, additional cash benefits (e.g., bonuses), and non-cash compensation. This financial incentive may influence your investment professional to recommend this Contract over another investment for which the investment professional is not compensated or compensated less. |
About the Service
Providers |
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If you already own an annuity or insurance Contract, some investment
professionals may have a financial incentive to offer you a new Contract in
place of the one you own. You should only exchange a Contract you already
own if you determine, after comparing the features, fees, and risks of both
Contracts, that it is better for you to purchase the new Contract rather than continue to own your existing Contract. |
Buying Your
Contract – Contract
Exchanges |
RiverSource Signature Variable Annuity — Prospectus 7
Overview of the Contract
Purpose: The purpose of the contract is to allow you to accumulate money for retirement or a similar long-term goal. You do this
by making one or more purchase payments.
We no longer offer new contracts. However, you have the option of making additional purchase payments in the future, subject to certain limitations.
The contract offers various optional features and benefits that
may help you achieve financial goals.
It may be appropriate for you if you have a long-term investment horizon and your financial goals are consistent with the terms and conditions of the contract.
It is not intended for investors whose liquidity needs require frequent withdrawals
in excess of free amount. If you plan to manage your investment in the contract by frequent or short-term trading, the contract is not suitable for you.
The contracts have two phases: the Accumulation Phase and the Income Phase.
Accumulation Phase. During the Accumulation Phase, you make purchase payments by investing in:
available subaccounts, each of which has a particular investment objective, investment strategies, fees and expenses; the one-year Fixed Account and GPAs which earn
interest at rates that we adjust periodically and declare when you make an allocation to that account. These accounts, in turn, may earn returns that increase the value of the
contract. If the contract value goes to zero due to underlying fund’s performance or deduction of fees, the contract will no longer be in force and the contract (including any death benefit riders) will terminate. The GPAs have guaranteed interest rates for
guarantee periods we declare when you allocate purchase payments or transfer contract value to them. A positive or negative MVA is assessed if any portion of a Guarantee Period Account is surrendered or transferred more than thirty
days before the end of its guarantee period. A prospectus containing more information regarding the GPA interests under the contracts is registered with the SEC (See File No. 333-263041). You may be able to purchase an optional
benefit to reduce the investment risk you assume under your contract.
A list of funds and additional information regarding each fund in which you can invest is
provided in Appendix A --Funds Available Under the Contract.
The amount of money you accumulate under your contract depends (in part) on the performance of the subaccounts you choose or the rates you earn on allocations to the one-year Fixed Account and GPAs. You may transfer money between investment options during the Accumulation Phase, subject to certain
restrictions. Your contract value impacts the value of your contract’s benefits during the Accumulation Phase, including any optional benefits, as well as the amount
available for withdrawal, annuititzation and death benefits.
Income Phase. The Income Phase begins when you (or your beneficiary) choose to annuitize the contract. You can apply your contract value(less any applicable premium tax
and/or other charges) to an annuity payout plan that begins on the retirement date or any other date you
elect. You may choose from a variety of plans that can help meet your retirement or other income needs. We can make payouts on a fixed or variable basis, or both. You cannot take
withdrawals of contract value or withdraw the contract during the Income Phase.
All optional death and living benefits terminate after the retirement start date.
Contract Value Credits. The
Contracts provide for contract value credits. The death benefits for contracts with such credits may be
lower than for contracts without such credits. The amount of the credit may be more than offset by the reduction in the death benefits provided. The credits may be reversed. (See
“Valuing Your Investment — Contract Value Credits.”)
Death Benefits. If you die during the Accumulation Phase, we will pay to your beneficiary or beneficiaries an amount based on the death benefit selected. You may have elected one of the optional death benefits
under the contract for an additional fee. Death benefits must be elected at the time that the contract is purchased. Each optional death benefit is designed to provide a greater amount payable upon death. After the death benefit is paid, the contract will terminate.
Optional Living Benefits. You may have elected one of the optional living benefits under the contract
for an additional fee at the time of application. You cannot add optional benefits to your contract after it has been issued. Guaranteed Minimum Income Benefit riders are designed to provide a guaranteed minimum lifetime income, regardless of the volatility
inherent in the investments in the subaccounts.
Withdrawals: You may withdraw all or part of your contract value at any time during the Accumulation Phase. If you request a full withdrawal, the contract will terminate. You also may establish automated partial withdrawals. Withdrawals
may be subject to charges and income taxes (including an IRS penalty that may apply if you withdraw prior to reaching age 59½) and may have other tax consequences. Throughout this prospectus when we use the term “Surrender” it includes the term “Withdrawal”.
8 RiverSource Signature Variable Annuity — Prospectus
Tax
Treatment: You can transfer money between subaccounts, the one-year Fixed Account and GPAs without tax implications, and earnings (if any) on your investments are generally tax-deferred. Generally,
earnings are not taxed until they are distributed, which may occur when making a withdrawal, upon receiving an annuity payment, or upon payment of the death benefit.
•
Dollar Cost Averaging Programs. Automated Dollar Cost Averaging allows you, at no additional cost, to
transfer a set amount monthly between subaccounts or from the one-year fixed account to one or more eligible subaccounts. Tiered Dollar Cost Averaging (Tiered DCA), only available for new purchase
payments of at least $1,000, allows The Tiered DCA program, allows you to allocate a new purchase payment to one of
two special Tiered DCA accounts, depending on your net contract value. See “Tiered Dollar-Cost Averaging(Tiered DCA) program” for more
details.
•
Asset Rebalancing. Allows you, at no additional cost, to automatically rebalance the subaccount portion of your contract value on a periodic basis.
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Automated Partial Withdrawals. An optional service allowing you to set up automated partial withdrawals from the GPAs, regular fixed account, Special DCA fixed account or the subaccounts.
•
Electronic Delivery. You may register for the electronic delivery of your current prospectus and other documents related to your
contract.
RiverSource Signature Variable Annuity — Prospectus 9
Fee Table and Examples
The following tables describe the fees and expenses that you will
pay when buying, owning and making a withdrawal
from the Contract. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.
The first table describes the fees and expenses that you paid at
the time that you bought the Contract and will pay when you make a
withdrawal from the Contract. State premium taxes also may be
deducted.
Withdrawal charges (as a percentage of purchase payments
surrendered) |
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Years from purchase
payment receipt |
Withdrawal charge percentage |
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The next table describes the fees and expenses that you will
pay each year during the time that you
own the contract (not including funds fees and expenses).
(assessed annually and upon full surrender)
Annual contract administrative charge |
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(We will waive this charge when your contract value is $50,000 or more on the current contract anniversary. Upon full surrender of the contract, we will assess this charge even if your contract value equals or exceeds $50,000.)
(as a percentage of average daily contract value in the variable
account)
The death benefit you select determines the fees you pay.
Variable account administrative charge |
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Mortality and expense risk fee |
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Total annual variable account expenses |
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Optional Benefit Expenses
Guaranteed Minimum Income Benefit Rider (GMIB) fee |
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(As a percentage of the adjusted contract value charged annually on
the contract anniversary.)
8% Performance Credit Rider (PCR) fee |
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(As a percentage of the contract value charged annually on the
contract anniversary.)
(1)
This fee applies only if you elect this optional feature.
The next table shows the minimum and maximum total operating
expenses charged by the funds that you may pay periodically during the time that you own the contract. A complete list
of funds available under the contract, including their annual expenses, may be found in Appendix A.
10 RiverSource Signature Variable Annuity — Prospectus
Minimum and maximum annual operating expenses for the funds
(Including management, distribution (12b-1) and/or service fees and other expenses)(1)
Total Annual Fund Expenses |
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(expenses deducted from the Fund assets, including management fees, distribution and/or service
(12b-1) fees and other expenses) |
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(1)
Total annual fund operating expenses are deducted from amounts that are allocated to the
fund. They include management fees and other expenses and may include distribution (12b-1) fees. Other expenses may include service fees that may be used to compensate service
providers, including us and our affiliates, for administrative and contract owner services provided on behalf of the fund. The amount of these payments will vary by fund and may be significant.
See “The Variable Account and the Funds” for additional information, including potential conflicts of interest these payments may create. Distribution (12b-1) fees are used to finance any activity that is primarily intended to result in the sale of fund shares. Because 12b-1 fees are paid out of fund assets on an ongoing basis, you may pay more if you select subaccounts investing in funds that have adopted 12b-1 plans than if you select subaccounts investing in
funds that have not adopted 12b-1
plans. For a more complete
description of each fund’s fees and expenses and important disclosure regarding payments the fund
and/or its affiliates make, please review the fund’s prospectus and SAI.
RiverSource Signature Variable Annuity — Prospectus 11
Examples
These examples are intended to help you compare the cost of investing in these contracts with the cost of investing in other variable annuity contracts. These costs include Transaction Expenses, Annual Contract Expenses, and Annual Fund expenses.
These examples assume that you invest $100,000 in the contract for
the time periods indicated. These examples also assume that your investment has a 5% return each year. The “Maximum” example further assumes the
most expensive combination of Annual Contract Expenses reflecting the maximum charges, Annual Fund Expenses and optional benefits available. The “Minimum” example further assumes
the least expensive combination of Annual Contract Expenses reflecting the current charges, Annual Fund Expenses and that no optional benefits are
selected. Although your actual costs may be higher or lower, based on these assumptions your maximum and minimum costs would be:
Maximum Expenses. These examples assume that you select the optional GMIB. Although your actual
costs may be lower, based on these assumptions your costs would be:
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: |
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Minimum Expenses. These examples assume that you do not select any optional benefits. Although
your actual costs may be higher, based on these assumptions your costs would
be:
If you withdraw your contract at the end of the applicable time period: |
If you do not withdraw your contract or if you select an annuity payout plan at the end of the applicable time period: |
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THE EXAMPLES ARE ILLUSTRATIVE ONLY. YOU SHOULD NOT CONSIDER THESE EXAMPLES AS A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES WILL BE HIGHER OR LOWER THAN THOSE SHOWN DEPENDING UPON WHICH OPTIONAL BENEFIT YOU ELECT OTHER THAN INDICATED IN THE EXAMPLES OR IF YOU ALLOCATE
CONTRACT VALUE TO ANY OTHER AVAILABLE SUBACCOUNTS.
12 RiverSource Signature Variable Annuity — Prospectus
Principal Risks of Investing in the Contract
Risk of Loss. Variable annuities involve risks, including possible loss of principal. Your losses could
be significant. This contract is not a deposit or obligation of, or guaranteed or endorsed by, any bank. This contract is not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other agency.
Short-Term Investment Risk. This contract is not designed for short-term investing and may not be appropriate for an investor who needs ready access
to cash. The benefits of tax deferral, long-term income, and the option to purchase a living benefit mean that this contract is more beneficial to investors with a long-term
investment horizon.
Withdrawal Risk. You should carefully consider the risks associated with withdrawals under the
contract. Withdrawals may be subject to a significant surrender charge, depending on the option you select. If you make a withdrawal prior to age 59½, there may be adverse tax consequences, including a 10% IRS penalty tax. A withdrawal may reduce the value
of your standard and optional benefits. A total withdrawal (surrender) will result in the termination of your contract.
Subaccount Risk. Amounts that you invest in the subaccounts are subject to the risk of poor investment
performance. You assume the investment risk. Generally, if the subaccounts that you select make money, your contract value goes up, and if they lose money, your contract value goes down. Each subaccount’s performance depends on the performance of
its underlying Fund. Each underlying Fund has its own investment risks, and you are exposed to the Fund’s investment risks when you invest in a subaccount. You are responsible for selecting subaccounts that are appropriate for you based on your own individual circumstances,
investment goals, financial situation, and risk tolerance. For risks associated with any Fixed Account options, see Financial Strength and Claims-Paying Ability Risk
below.
Selection Risk. The optional benefits under the contract were designed for different financial goals
and to protect against different financial risks. There is a risk that you may not choose, or may not have chosen, the benefit or benefits (if any) that are best suited for you based on your present or future needs and circumstances, and the benefits
that are more suited for you (if any) may not be elected after your contract is issued. In addition, if you elected an optional benefit and do not use it, or if the contingencies upon which the benefit depend never occur, you will have paid
for an optional benefit that did not provide a financial benefit. There is also a risk that any financial return of an optional benefit, if any, will ultimately be less than the amount you paid for the benefit.
Investment Restrictions Risk. Certain optional benefits limit the investment options that are available to you and limit your ability to take certain
actions under the contract. These investment requirements are designed to reduce our risk that we will have to make payments to you from our own assets. In turn, they may also
limit the potential growth of your contract value and the potential growth of your guaranteed benefits. This may conflict with your personal investment objectives.
Purchase Payment Risk. Your ability to make subsequent purchase payments is subject to restrictions. We reserve the right to limit or restrict
purchase payments in certain contract years or based on age, and in conjunction with certain optional
living and death benefit riders with advance notice. Also, our prior approval may be required before
accepting certain purchase payments. We reserve the right to limit certain annuity features (for example, investment options) if prior approval is required. There is no guarantee that you will always be permitted to make purchase payments.
Financial Strength and Claims-Paying Ability Risk. All guarantees under the contract that are paid from
our general account (including under any Fixed Account option) are subject to our financial strength and claims-paying ability. If we experience financial distress, we may not be able to meet our obligations to you.
Cybersecurity Risk. Increasingly, businesses are dependent on the continuity, security, and effective operation of various technology
systems. The nature of our business depends on the continued effective operation of our systems and those of our business partners.
This dependence makes us susceptible to operational and information security risks from cyber-attacks. These risks may
include the following:
•
the corruption or destruction of data;
•
theft, misuse
or dissemination of data to the public, including your information we hold; and
•
denial of service attacks on our website or other forms of attacks on our systems and the
software and hardware we use to run them.
These attacks and their
consequences can negatively impact your contract, your privacy, your ability to conduct transactions on your contract, or your ability to receive timely service from us. The risk
of cyberattacks may be higher during periods of geopolitical turmoil (such as the Russian invasion of Ukraine and the responses by the United States and other governments). There can be no assurance that we, the underlying funds in your contract, or our other
business partners will avoid losses affecting your contract due to any successful cyber-attacks or information security breaches.
RiverSource Signature Variable Annuity — Prospectus 13
Potential
Adverse Tax Consequences. Tax considerations vary by individual facts and circumstances. Tax rules may
change without notice. Generally, earnings under your contract are taxed at ordinary income tax rates when withdrawn. You may have to pay a tax penalty if you take a withdrawal before age 59 ½. If you purchase a qualified annuity to fund a retirement plan that is tax-deferred, your contract will not provide any necessary or additional tax deferral beyond what is provided in that retirement plan. Consult a tax professional.
The Variable Account and the Funds
Variable Account. The variable account was established under Indiana law on July 15, 1987. The variable
account, consisting of Subaccounts, is registered together as a single unit investment trust under the Investment Company Act of 1940 (the 1940 Act). This registration does not involve any supervision of our management or investment practices and
policies by the SEC. All obligations arising under the contracts are general obligations of RiverSource Life.
The variable account meets the definition of a separate account under federal securities laws. Income, gains, and
losses credited to or charged against the variable account reflect the variable account’s own investment experience and not the investment experience of RiverSource Life’s other assets. The variable account’s assets are held separately from RiverSource Life’s assets and are not chargeable with liabilities incurred in any other business of RiverSource Life. RiverSource Life is obligated to pay all amounts promised to contract owners under the contracts. The variable account includes other Subaccounts that are available under contracts that are not described in this prospectus.
The IRS has issued guidance on investor control but may issue additional guidance in the future. We reserve the right to
modify the contract or any investments made under the terms of the contract so that the investor control rules do not apply to treat the contract owner as the owner of the Subaccount assets rather than the owner of an annuity contract. If
the contract is not treated as an annuity contract for tax purposes, the owner may be subject to current taxation on any current or accumulated income credited to the contract.
We intend to comply with all federal tax laws so that the contract qualifies as an
annuity for federal tax purposes. We reserve the right to modify the contract as necessary in order to qualify the contract as an annuity for federal tax purposes.
The Funds: The contract currently offers subaccounts investing in shares of the Funds. Information
regarding each Fund, including (i) its name, (ii) its investment objective, (iii) its investment adviser and any sub-investment adviser, (iv) current expenses, and (v) performance may be found in the Appendix A to this prospectus.
Please read the Funds’ prospectuses carefully for facts you should know
before investing. These prospectuses containing more detailed information about the Funds are available by contacting us at 70100 Ameriprise Financial Center, Minneapolis, MN 55474, telephone: 1-800-862-7919, website: Ameriprise.com/variable annuities.
•
Investment objectives: The investment managers and advisers cannot guarantee that the Funds will meet
their investment objectives.
•
Fund name and management: An underlying Fund in which a subaccount invests may have a name, portfolio manager, objectives, strategies and
characteristics that are the same or substantially similar to those of a publicly-traded retail mutual fund. Despite these similarities, an underlying fund is not the same as any
publicly-traded retail mutual fund. Each underlying fund will have its own unique portfolio holdings, fees, operating expenses and operating results. The results of each underlying fund may differ significantly from any publicly-traded retail mutual
fund.
•
Eligible purchasers: All Funds are available to serve as the underlying investment options for variable annuities and variable life
insurance policies. The Funds are not available to the public (see “Fund Name and Management” above). Some Funds also are available to serve as investment options for
tax-deferred retirement plans. It is possible that in the future for tax, regulatory or other reasons, it may be disadvantageous for variable annuity accounts and variable
life insurance accounts and/or tax-deferred retirement plans to invest in the available Funds simultaneously. Although we and the Funds’ providers do not currently foresee any such disadvantages, the boards of directors or trustees of
each Fund will monitor events in order to identify any material conflicts between annuity owners, policy owners and tax-deferred retirement plans and to determine what action, if any, should be taken in response to a conflict. If a
board were to conclude that it should establish separate Fund providers for the variable annuity, variable life insurance and tax-deferred retirement plan accounts, you would not bear any expenses associated with establishing
separate Funds. Please refer to the Funds’ prospectuses for risk disclosure regarding simultaneous investments by variable annuity, variable life insurance and tax-deferred retirement plan accounts. Each Fund intends to comply with
the diversification requirements under Section 817(h) of the Code.
Asset allocation programs may impact fund performance: Asset allocation programs in general may negatively impact the performance of an underlying fund. Even if you do
not participate in an asset allocation program, a fund in which your subaccount invests may be impacted if it is included in an asset allocation program. Rebalancing or
reallocation under the terms of the asset allocation program may cause a fund to lose money if it must sell large amounts of securities to meet a redemption request. These losses can be greater if the fund holds securities that are not as liquid
14 RiverSource Signature Variable Annuity — Prospectus
as others, for example,
various types of bonds, shares of smaller companies and securities of foreign issuers. A fund may also experience higher expenses because it must sell or buy securities more
frequently than it otherwise might in the absence of asset allocation program rebalancing or reallocations. Because asset allocation programs include periodic rebalancing and may also include reallocation, these effects may occur under the asset allocation program we
offer or under asset allocation programs used in conjunction with the contracts and plans of other eligible purchasers of the funds.
•
Funds available under the contract: We seek to provide a broad array of underlying funds taking into account the fees and charges imposed by each fund and
the contract charges we impose. We select the underlying funds in which the subaccounts initially invest and when there is substitution (see “Substitution of
Investments”). We also make all decisions regarding which funds to retain in a contract, which funds to add to a contract and which funds will no longer be offered in a contract. In making these decisions, we may consider various objective and subjective factors.
Objective factors include, but are not limited to fund performance, fund expenses, classes of fund shares available, size of the fund and investment objectives and investing
style of the fund. Subjective factors include, but are not limited to, investment sub-styles and process, management skill and history at other funds and portfolio concentration and sector weightings. We also consider the levels and types of revenue, including but not limited to
expense payments and non-cash compensation of a fund, its distributor, investment adviser, subadviser, transfer agent or their affiliates pay us and our affiliates. This revenue includes but is not limited to compensation for
administrative services provided with respect to the fund and support of marketing and distribution expenses
incurred with respect to the fund.
•
Money Market fund yield: In low interest rate environments, money market fund yields may decrease to a level where the deduction of fees and
charges associated with your contract could result in negative net performance, resulting in a corresponding decrease in your contract value.
•
Revenue we receive from the funds and potential conflicts of interest:
Expenses We May Incur on Behalf of the Funds
When a subaccount invests in a fund, the fund holds a
single account in the name of the variable account. As such, the variable account is actually the shareholder of the fund. We, through our variable account, aggregate the transactions of numerous contract owners and submit net purchase and redemption requests to the funds on a daily basis.
In addition, we track individual contract owner transactions and provide confirmations, periodic statements, and other required mailings. These costs would normally be borne by
the fund, but we incur them instead.
Besides incurring these administrative expenses on behalf of the funds, we also incur distributions expenses in selling our contracts. By extension, the distribution expenses we incur benefit the funds we make available due to
contract owner elections to allocate purchase payments to the funds through the subaccounts. In addition, the funds generally incur lower distribution expenses when offered through our variable account in contrast to being sold on a
retail basis.
A complete list of why we may receive this revenue, as well as
sources of revenue, is described in detail below.
Payments the Funds May Make to
Us
We or our affiliates may receive from each of the funds, or their affiliates, compensation including but not limited to
expense payments. These payments are designed in part to compensate us for the expenses we may incur on behalf of the funds. In addition to these payments, the funds may compensate us for wholesaling activities or to participate in
educational or marketing seminars sponsored by the funds.
We or our affiliates may receive revenue derived from the 12b-1
fees charged by the funds. These fees are deducted from the assets of the funds. This revenue and the amount by which it can vary may create conflicts of interest. The amount, type, and manner in which the revenue from these sources is computed vary by fund.
Conflicts
of Interest These Payments May Create
When we determined the charges to impose under the contracts, we took into account anticipated payments from the funds. If we had not taken into account these anticipated payments, the charges under the contract would have been
higher. Additionally, the amount of payment we receive from a fund or its affiliate may create an incentive for us to include that fund as an investment option and may influence our decision regarding which funds to include in the
variable account as subaccount options for contract owners. Funds that offer lower payments or no payments may also have corresponding expense structures that are lower, resulting in decreased overall fees and expenses to
shareholders.
We offer funds managed by our affiliates Columbia Management Investment Advisers, LLC (Columbia Management) and Columbia Wanger Asset Management, LLC (Columbia Wanger). We have additional financial incentive to offer our
affiliated funds because additional assets held by them generally results in added revenue to us and our parent company, Ameriprise Financial, Inc. Additionally, employees of Ameriprise Financial, Inc. and its affiliates, including
our employees, may be separately incented to include the affiliated funds in the products, as employee
compensation and business unit operating goals at all levels are tied to the success of the company. Currently, revenue received from our affiliated funds comprises the greatest amount and percentage of revenue we derive from
payments made by the funds.
RiverSource Signature Variable Annuity — Prospectus 15
The Amount of Payments We Receive from the Funds
We or our affiliates receive revenue which ranges up to 0.65% of
the average daily net assets invested in the funds through this and other contracts we and our affiliates issue.
Why revenues are paid to us: In accordance with applicable laws, regulations and the terms of the
agreements under which such revenue is paid, we or our affiliates may receive revenue, including, but not limited to expense payments and non-cash compensation, for various purposes:
•
Compensating, training and educating investment professionals who sell the contracts.
•
Granting access to our employees whose job it is to promote sales of the contracts by
authorized selling firms and their investment professionals, and granting access to investment professionals of our affiliated selling firms.
•
Activities or services we or our affiliates provide that assist in the promotion and
distribution of the contracts including promoting the funds available under the contracts to contract owners, authorized selling firms and investment professionals.
•
Providing sub-transfer agency and shareholder servicing to contract owners.
•
Promoting, including and/or retaining the fund’s investment portfolios as underlying
investment options in the contracts.
•
Advertising,
printing and mailing sales literature, and printing and distributing prospectuses and reports.
•
Furnishing
personal services to contract owners, including education of contract owners regarding the funds, answering routine inquiries regarding a fund, maintaining accounts or providing
such other services eligible for service fees as defined under the rules of the Financial Industry Regulatory Authority (FINRA).
•
Subaccounting services, transaction processing, recordkeeping and administration.
•
Sources of revenue received from affiliated funds: The affiliated funds are managed by Columbia
Management or Columbia Wanger. The sources of revenue we receive from these affiliated funds, or the funds’ affiliates, may include, but are not necessarily limited to, the following:
•
Assets of the
fund’s adviser, sub-adviser, transfer agent, distributor or an affiliate of these. The revenue resulting from these sources may be based either on a percentage of average
daily net assets of the fund or on the actual cost of certain services we provide with respect to the fund. We may receive this revenue either in the form of a cash payment or it may be allocated to us.
•
Compensation
paid out of 12b-1 fees that are deducted from fund assets.
•
Sources of revenue received from unaffiliated funds: The unaffiliated funds are not managed by an affiliate of ours. The sources of revenue we receive from these
unaffiliated funds, or the funds’ affiliates, may include, but are not necessarily limited to, the following:
•
Assets of the fund’s adviser, sub-adviser, transfer agent, distributor or an affiliate
of these. The revenue resulting from these sources may be based either on a percentage of average daily net assets of the fund or on the actual cost of certain services we provide with respect to the fund. We receive this revenue in the form of a cash
payment.
•
Compensation paid out of 12b-1 fees that are deducted from fund assets.
The Guarantee Period
Accounts (GPAs) and Market Value Adjustment (MVA)
The GPAs may not be available in some states.
You may allocate purchase payments to one or more of the GPAs with guarantee periods declared by us. These periods
of time may vary by state. The required minimum investment in each GPA is $1,000.
These accounts are not offered after annuity payouts begin.
Each GPA pays an interest rate that is declared at the time of your allocation to that account. Interest is credited daily. That interest rate is fixed for the guarantee period that you chose. We may periodically change the declared interest rate
for any future allocations to these accounts, but we will not change the rate paid on any Contract Value already allocated to a GPA.
A positive or negative MVA is assessed if any Contract Value allocated to a GPA is surrendered or transferred to another investment option more than thirty days before the end of its guarantee period.
We will not apply an MVA to Contract Value you transfer or withdrawal out of the GPAs during the 30-day period ending on the last day of the guarantee period (the “30-day Rule”).
During this 30 day window, which precedes the end of your GPA investment’s
guarantee period, you may elect one of the following options: (i) reinvest the Contract Value in a new GPA with the same guarantee period ; (ii) transfer the Contract Value to a GPA with a different guarantee period; (iii) transfer the Contract Value to any of the subaccounts or the regular
16 RiverSource Signature Variable Annuity — Prospectus
Fixed Account, or withdrawal the Contract Value (subject to applicable withdrawal and transfer provisions). If we do not
receive any instructions by the end of your guarantee period, we will automatically transfer the Contract Value into the shortest GPA term offered in your state.
Per the 30-day Rule, we guarantee the contract value allocated to your GPA,
including the interest credited, if you do not make any transfers or withdrawals from that GPA prior to 30 days before the end of the guarantee period. However, we will apply an MVA if a transfer or withdrawal occurs prior to this time, unless the transfer is an automated transfer from the two-year GPA as part of a dollar-cost averaging program or an Interest Sweep strategy. The MVA also affects amounts
withdrawn from a GPA prior to 30 days before the end of the guarantee period that are used to purchase payouts under an annuity payout plan. We will refer to all of these
transactions as “early withdrawals” in the discussion below.
The 30-day Rule does not apply and no MVA will apply
to:
•
Amounts withdrawn under contract provisions that waive withdrawal charges for Hospital or Nursing Home Confinement
and Terminal Illness Diagnosis;
•
Automatic transfers from the two-year GPA as part of a dollar-cost averaging program or an
Interest Sweep Strategy. In some states, the MVA is limited.
•
Amounts
deducted for fees and charges.
•
Amounts we pay as death claims.
When you request an early withdrawal, we adjust the early withdrawal amount by an MVA
formula. The MVA is sensitive to changes in current interest rates. The MVA, which can be zero, positive or negative, reflects the relationship between the guaranteed interest rate that applies to the GPA from which you are taking an early withdrawal and the interest rate we are then currently crediting on new GPAs that mature at the same time. The magnitude of any
applicable MVA will depend on of the difference in these guaranteed interest rates at the time of the
withdrawal and the time remaining in
your guarantee period and your guaranteed interest rate. If interest rates have increased, the MVA will generally be negative and the early withdrawal amount will be
less; if interest rates have decreased, the MVA will generally be positive and the early withdrawal amount will be increased. This is summarized in the following table:
| |
|
Less than the new GPA rate + 0.10% |
|
Equal to the new GPA rate + 0.10% |
|
Greater than the new GPA rate + 0.10% |
|
For the MVA formula and an example, see below. Please refer to the prospectus containing
more information about GPA and MVA, registered with the SEC (See
File No. 333-263041).
As the examples below demonstrate, the application of an MVA may result in either a
gain or a loss of contract value. We refer to all of the transactions described below as “early
withdrawals.”
•
You purchase a contract and allocate part of your purchase payment to the ten-year GPA;
and
•
we guarantee an interest rate of 3.0% annually for your ten-year guarantee period; and
•
after three years, you decide to make a
withdrawal from your GPA. In other words, there are seven years left in your guarantee period.
Remember that the MVA depends partly on the interest rate of a new GPA for the same
number of years as the guarantee period remaining on your GPA. In this case, that is seven years.
Example 1: Remember that your GPA is earning 3.0%. Assume at the time of your withdrawal new GPAs that we offer with a
seven-year guarantee period are earning 3.5%. We add 0.10% to the 3.5% rate to get 3.6%. Your GPA’s 3.0% rate is less than the 3.6% rate, so the MVA will be
negative.
Example 2: Remember again that your GPA is earning 3.0%, and assume that new GPAs that we offer with a
seven-year guarantee period are earning 2.5%. We add 0.10% to the 2.5% rate to get 2.6%. In this example, since your GPA’s 3.0% rate is greater than the 2.6% rate, the MVA will be positive. To determine that adjustment precisely, you will have to use
the formula described below.
RiverSource Signature Variable Annuity — Prospectus 17
Sample MVA
Calculations
The precise MVA formula we apply is as follows:
| |
|
rate earned in the GPA from which amounts are being transferred or withdrawn. |
| |
|
current rate for a new guarantee period equal to the remaining term in the current guarantee period. |
| |
|
number of months remaining in the current guarantee period (rounded up). |
Using assumptions similar to those we used in the examples above:
•
You purchase a contract and allocate part of your purchase payment to the ten-year
GPA;
•
we guarantee an interest rate of 3.0% annually for your ten-year guarantee period; and
•
after three years, you decide to make a $1,000 withdrawal from your GPA. In other words, there are seven years left in your guarantee period.
Example 1: You request an early withdrawal of $1,000 from your ten-year GPA earning a guaranteed interest rate of 3.0%. Assume at the time of your withdrawal new
GPAs that we offer with a seven-year guarantee period are earning 3.5%. Using the formula above, we determine the MVA as follows:
In this example, the MVA is a negative $39.84.
Example 2: You request an early withdrawal of $1,000 from
your ten-year GPA earning a guaranteed interest rate of 3.0%. Assume at the time of your withdrawal new GPAs that we offer with a seven-year guarantee period are earning 2.5%. Using the formula above, we determine the
MVA as follows:
In this example, the MVA is a positive $27.61.
Please note that when you allocate your purchase payment to the ten-year GPA and your purchase payment is in its fourth
year from receipt at the beginning of the guarantee period, your withdrawal charge percentage is 6%. (See
“Charges — Withdrawal Charge.”) We do not apply MVAs to the amounts we deduct for withdrawal charges, so we would deduct the withdrawal charge from your early
withdrawal after we applied the MVA. Also note that when you request an early withdrawal, we withdraw an amount from your GPA that will give you the net amount you requested
after we apply the MVA and any applicable withdrawal charge, unless you request otherwise.
The current interest rate we offer on the GPA will change periodically at our discretion. It is the rate we are then paying on purchase payments, renewals and transfers paid under this class of contracts for guarantee period durations equaling
the remaining guarantee period of the GPA to which the formula is being applied.
18 RiverSource Signature Variable Annuity — Prospectus
The General Account
The general account includes all assets owned by RiverSource Life, other than those in the Variable Account and our other separate accounts. Subject to applicable state law, we have sole discretion to decide how assets of the general
account will be invested. The assets held in our general account support the guarantees under your contract
including any optional benefits offered under the contract. These guarantees are subject to the claims-paying ability and financial strength of RiverSource Life. You should be aware that our general account is exposed to many of the same risks normally associated with a portfolio of fixed-income securities including interest rate, option, liquidity and credit risk. You should also be aware that we issue other types of annuities and financial instruments and products as well, and
these obligations are satisfied from the assets in our general account. Our general account is not segregated or insulated from the claims of our creditors. The financial statements contained in the SAI include a further discussion of
the risks inherent within the investments of the general account. The fixed account is supported by our general account that we make available under the contract.
The One-Year Fixed Account
You may allocate purchase payments or transfer accumulated value to the one-year fixed account. Some states may restrict
the amount you can allocate to this account. We back the principal and interest guarantees relating to the one-year fixed account. These guarantees are subject to the
creditworthiness and continued claims-paying ability of the company’s general account. You should be aware that our general account is exposed to the risks normally
associated with a portfolio of fixed-income securities, including interest rate, option, liquidity and credit risk. The financial statements contained in the SAI include a further discussion of the risks inherent within the investments of the general
account. The value of the one-year fixed account increases as we credit interest to the account. Purchase payments and transfers to the one-year fixed account become part of our general account. We credit and compound interest daily based
on a 365-day year (366 in a leap year) so as to produce the annual effective rate which we declare. The interest rate we apply to each purchase payment or transfer to the
one-year fixed account is guaranteed for one year. Thereafter we will change the rates from time-to-time at our discretion. The guaranteed minimum interest rate offered will
never be less than the fixed account minimum interest rate required under state law. Interest rates credited in excess of the guaranteed rate generally will be based on various factors related to future investment earnings.
There are restrictions on the amount you can allocate to this
account as well as on transfers from this account. (see “Making the Most of Your Contract — Transfer policies”)
Because of exemptive and exclusionary provisions, we have not registered interests in the one-year fixed account as
securities under the Securities Act of 1933 nor have any of these accounts been registered as investment companies under the Investment Company Act of 1940. Accordingly, neither the one-year fixed account nor any interests in the
one-year fixed account are subject to the provisions of these Acts.
The one-year fixed account has not been registered with the SEC. Disclosures
regarding the one-year fixed account, however, are subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of statements made in a prospectus.
New contracts are not currently being offered.
We are required by law to obtain personal information from you which we used to
verify your identity. If you do not provide this information we reserve the right to refuse to issue your contract or take other steps we deem reasonable.
As the owner, you have all rights and may receive all benefits under the contract. You can own a qualified or nonqualified
annuity. You can own a nonqualified annuity in joint tenancy with rights of survivorship only in spousal situations. You cannot own a qualified annuity in joint tenancy. You can become an owner if you are 90 or younger. (The age limit may be
younger for qualified annuities in some states.)
When you applied, you selected (if available in your state):
•
a death benefit option if both you and the annuitant are 79 or younger at contract
issue(1);
•
the optional Guaranteed Minimum Income Benefit Rider(2);
•
the optional 8% Performance Credit Rider(2);
•
the one-year fixed account, GPAs and/or subaccounts in which you want to invest(3);
•
how you want to make purchase payments;
•
the date you want to start receiving annuity payouts (the retirement date); and
RiverSource Signature Variable Annuity — Prospectus 19
(1)
If you and the annuitant are 79 or younger at contract issue, you may select the ROP, MAV or
EDB death benefit. The EDB not be available in all states. If either you or the annuitant are 80 or older at contract issue, the ROP death benefit will apply.
(2)
You may select either the GMIB or the PCR, but not both. Riders may not be available in all
states. The GMIB is only available if the annuitant is 75 or younger at contract issue. If you select the GMIB you must select either the MAV death benefit or the EDB.
(3)
Some states may restrict the amount you can allocate to the GPAs and the one-year fixed
account. GPAs are not available under contracts issued in Maryland, Oregon, Pennsylvania or Washington and may not be available in other states.
The contract provides for allocation of purchase payments to the subaccounts of the variable account, to the GPAs and/or to the one-year fixed account in even 1% increments subject to the $1,000 minimum required investment for the
GPAs. For contracts with applications signed on or after June 16, 2003, the amount of any purchase payment allocated to the GPAs and the one-year fixed account in total cannot exceed 30% of the purchase payment. More than 30% of a
purchase payment may be so allocated if you establish a dollar cost averaging arrangement with respect to the
purchase payment according to procedures currently in effect, or you are participating according to the rules of an asset allocation model portfolio program available under the contract, if any.
We applied your initial purchase payments to the GPAs, one-year fixed account and
subaccounts you select. If we receive your purchase payment at our Service Center before the close of business, we will credit any portion of that payment allocated to the subaccounts using the accumulation unit value we calculate on the valuation date we received
the payment. If we receive an additional purchase payment at our Service Center at or after the close of business, we will credit any portion of that payment allocated to the subaccounts using the accumulation unit value we calculate on
the next valuation date after we received the payment.
You may make monthly payments to your contract under a SIP. You must make an
initial purchase payment of at least $5,000 in South Carolina, Texas or Washington or $2,000 in all other states. Then, to begin the SIP, you will complete and send a form and your first SIP payment along with your application. There is no charge for SIP. You can stop your
SIP payments at any time.
In most states, you may make additional purchase payments to nonqualified and
qualified annuities until the retirement date.
Householding and delivery of certain documents
With your prior consent, RiverSource Life and its affiliates may use and combine information concerning accounts owned
by members of the same household and provide a single paper copy of certain documents to that household. This householding of documents may include prospectuses, supplements,
annual reports, semiannual reports and proxies. Your authorization remains in effect unless we are notified otherwise. If you wish to continue receiving multiple copies of these documents, you can opt out of householding by calling us at 1.866.273.7429. Multiple mailings will
resume within 30 days after we receive your opt out request.
You should only exchange a contract you already own if you determine, after comparing the features, fees, and risks of both contracts, that it is better for you to purchase the new contract rather than continue to own your existing contract. Generally, you can exchange one annuity for another or for a qualified long-term care policy in a “tax-free” exchange under Section 1035 of the Code. You can also do a partial exchange from one annuity contract to another
annuity contract, subject to Internal Revenue Service (IRS) rules. You also generally can exchange a life insurance policy for an annuity. However, before making an exchange, you should compare both contracts carefully because the features
and benefits may be different. Fees and charges may be higher or lower on your old contract than on this contract. You may have to pay a surrender charge when you exchange out of your old contract and a new surrender charge
period may begin when you exchange into the new contract. If the exchange does not qualify for Section 1035 treatment, you also may have to pay federal income tax on the distribution. State income taxes may also apply. You
should not exchange your old contract for this contract or buy this contract in addition to your old contract, unless you determine it is in your best interest. (See “Taxes — 1035 Exchanges.”)
Annuity payouts begin on the retirement date. This means that the contract will be annuitized or converted to a stream
of monthly payments. If your contract is annuitized, the contract goes into payout and only the annuity payout provisions continue. You will no longer have access to your contract value. This means that the death benefit and any optional
benefits you have elected will end. When we processed your application, we established the retirement date to be the maximum age then in effect (or contract anniversary if applicable). Unless otherwise elected by you, all retirement dates
are now automatically set to the maximum age of 95 now in effect. You also can change the retirement date, provided you send us written instructions at least 30 days before annuity payouts begin.
The retirement date must be:
•
no earlier than the 30th day after the contract’s effective date; and no later than
20 RiverSource Signature Variable Annuity — Prospectus
•
the
annuitant’s 95th birthday or the tenth contract anniversary, if later,
•
or such other date as agreed to by us but not later than the owner’s 105th birthday.
Six months prior to your retirement start date, we will contact you with your options including the option to postpone your retirement start date to a future date. You can choose to delay the retirement start date of your contract to a date
beyond age 95, to the extent allowed by applicable state law and tax laws.
If you do not make an election, annuity payouts using the
contract’s default option of annuity payout Plan B – Life with 10 years certain will begin on the retirement start date and your monthly annuity payments will
continue for as long as the annuitant lives. If the annuitant does not survive 10 years, we will continue to make payments until 10 years of payments have been made.
Generally, if you own a qualified annuity (for example, an IRA) and tax laws
require that you take distributions from your annuity prior to your retirement start date, your contract will not be automatically annuitized (subject to state requirements). However, if you choose, you can elect to request annuitization or take surrenders to meet your required
minimum distributions.
We will pay to your named beneficiary the death benefit if it becomes payable while the contract is in force and before
annuity payouts begin. If there is more than one beneficiary, we will pay each beneficiary’s
designated share when we receive their completed claim. A beneficiary will bear the investment risk of the variable account until we receive the beneficiary’s completed claim. If there is no named beneficiary, the default provisions of your contract will apply.
(See “Benefits in Case of Death” for more about beneficiaries.)
Purchase payment amounts and purchase payment timing may vary by state and be limited under the terms of your
contract.
Minimum purchase payments
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$50 for additional payments. |
If paying by any other method: |
$100 for additional payments. |
Maximum total allowable purchase payments*
$1,000,000 for issue ages up to 85
$100,000 for issue ages 86 to 90.
*
This limit applies in total to all RiverSource Life annuities you own. We reserve the right
to waive or increase the maximum limit. For qualified annuities, the Code’s limits on annual contributions also apply.
How to Make Purchase
Payments
Send your check along with your name and contract number to:
RiverSource Life Insurance Company
829 Ameriprise Financial
Center
Minneapolis, MN 55474
Contact your investment professional to complete the necessary SIP
paperwork.
Limitations on Use of Contract
If mandated by applicable law, including, but not limited to, federal
anti-money laundering laws, we may be required to reject a purchase payment. We may also be required to block an owner’s access to contract values or to satisfy other statutory
obligations. Under these circumstances, we may refuse to implement requests for transfers, withdrawals or
death benefits until instructions are received from the appropriate governmental authority or a court of competent jurisdiction.
RiverSource Signature Variable Annuity — Prospectus 21
Charges
If you withdraw all or part of your contract value, we may deduct a withdrawal charge from the contract value if all or part of the withdrawal amount is from any purchase payment we received less than eight years before the date of withdrawal. In addition, amounts withdrawn from a GPA more than 30 days before the end of the
applicable guarantee period will be subject to a MVA. (See “The Guarantee Period Accounts — Market Value Adjustment (MVA).”
Each time you make a purchase payment under the contract, a withdrawal charge attaches to that purchase payment. The
withdrawal charge percentage for each purchase payment declines according to a schedule shown in the contract. For example, during the first two years after a purchase payment is made, the withdrawal charge percentage attached to that payment
is 7%. The withdrawal charge percentage for that payment during the seventh year after it is made is
2%. At the beginning of the eighth
year after that purchase payment is made, and thereafter, there is no withdrawal charge as to that payment.
You may withdraw an amount during any contract year without incurring a withdrawal charge. We call this amount the Total
Free Amount (“TFA”). The TFA is the amount of your contract value that you may withdraw without incurring a withdrawal charge. Amounts withdrawn in excess of the
Total Free Amount may be subject to a withdrawal charge as described below. The Total Free Amount is defined as the maximum of (a) and (b) where:
(a)
is 10% of your prior anniversary’s contract value; and
(b)
is current
contract earnings
NOTE: We determine current contract earnings (CE) by looking at the entire contract value (CV), not the earnings of any
particular subaccount, or the one-year fixed account or GPA. If the contract value is less than purchase payments received and not previously withdrawn (PPNPW) then contract earnings are zero. We consider your initial purchase payment
to be the prior anniversary’s contract value during the first contract year.
For purposes of calculating any withdrawal charge, we treat
amounts withdrawn from your contract value in the following order:
1.
First, in each contract year, we withdraw amounts totaling up to 10% of your prior
anniversary’s contract value. We do not assess a withdrawal charge on this
amount.
2.
Next, we withdraw contract earnings, if any, that are greater than the amount described in
number one above. We do not assess a withdrawal charge on contract earnings.
3.
Next, we withdraw
purchase payments received prior to the withdrawal charge period shown in your contract. We do not assess a withdrawal charge on these purchase payments.
4.
Finally, if necessary, we withdraw purchase payments received that are still within the withdrawal charge period you
selected and shown in your contract. We withdraw these payments on a “first-in, first-out” (FIFO) basis. We do assess a withdrawal charge on these payments.
NOTE: After withdrawing earnings in numbers one and two above, we
next withdraw enough additional contract value (ACV) to meet your requested withdrawal amount. If the amount described in number one above was greater than contract earnings prior to the withdrawal, the excess (XSF) will be excluded from the purchase payments being withdrawn
that were received most recently when calculating the withdrawal charge. We determine the amount of purchase payments being withdrawn (PPW) in numbers three and four above
as:
If the additional contract value withdrawn is less than XSF, then PPW will equal ACV.
We determine your withdrawal charge by multiplying each of
your payments withdrawn by the applicable withdrawal charge percentage, and then adding the total withdrawal charges.
The withdrawal charge percentage depends on the number of years since you made the
payments that are withdrawn.
Years from purchase payment receipt |
Withdrawal charge percentage |
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22 RiverSource Signature Variable Annuity — Prospectus
Years from purchase payment receipt |
Withdrawal charge percentage |
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For a partial withdrawal that is subject to a withdrawal charge, the amount we actually
deduct from your contract value will be the amount you request plus any applicable withdrawal charge. The withdrawal charge percentage is applied to this total amount. We pay you the amount you requested.
The amount of purchase payments withdrawn is calculated using a prorated formula
based on the percentage of contract value being withdrawn. As a result, the amount of purchase payments withdrawn may be greater than the amount of contract value withdrawn.
Withdrawal charge calculation example
The following is an example of the calculation we would make to determine the withdrawal charge on a contract with this
history:
•
We receive these payments:
–
$8,000 on the fifth contract anniversary;
–
$6,000 on the eighth contract anniversary; and
•
You withdraw the contract for its total withdrawal value of $38,101 during the eleventh contract year and make no other
withdrawals during that contract year; and
•
The prior anniversary contract value is $38,488.
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$3,848.80 is 10% of the prior anniversary’s contract value withdrawn without withdrawal charge; and |
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$10,252.20 is contract earnings in excess of the 10% TFA withdrawal amount withdrawn without withdrawal charge; and |
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$10,000 initial purchase payment was received eight or more years before withdrawal and is withdrawn
without withdrawal charge; and |
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$8,000 purchase payment is in its fifth year from receipt, withdrawn with a 5% withdrawal charge; and |
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$6,000 purchase payment is in its third year from receipt, withdrawn with a 6% withdrawal charge. |
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Waiver of withdrawal charges
We do not assess a withdrawal charge for:
•
withdrawals of any contract earnings;
•
withdrawals of amounts totaling up to 10% of your prior contract anniversary’s contract value to the extent they
exceed contract earnings;
•
required
minimum distributions from a qualified annuity to the extent that they exceed the free amount. The amount on which withdrawal charges are waived can be no greater than the RMD
amount calculated under your specific contract currently in force;
•
contracts
settled using an annuity payout plan;
•
withdrawals you make under your contract’s “Waiver of Withdrawal Charges” provision. To the extent permitted by state law, your contract will include this provision when you and the annuitant are under age 76 at contract issue. We
will waive withdrawal charges that we normally assess upon full or partial withdrawal if you provide proof satisfactory to us that, as of the date you request the withdrawal, you or the annuitant are confined to a hospital or nursing home
and have been for the prior 60 days; and
•
to the extent
permitted by state law, withdrawals you make if you or the annuitant are diagnosed in the second or later contract years as disabled with a medical condition that with reasonable
medical certainty will result in death within 12 months or less from the date of the licensed physician’s statement. You must provide us with a licensed physician’s statement containing the terminal illness diagnosis and the date the terminal illness was initially
diagnosed.
RiverSource Signature Variable Annuity — Prospectus 23
Liquidation charge under Annuity Payout Plan E — Payouts for a specified period: If you are receiving variable annuity payments under this annuity payout plan, you can choose to withdraw those payments. The amount that you can
withdraw is the present value of any remaining variable payouts. The discount rate we use in the
calculation will be 5.17% if the assumed investment return is 3.5% and 6.67% if the assumed investment return is 5%. The liquidation charge equals the present value of the remaining payouts using the assumed investment return minus the present value of
the remaining payouts using the discount rate.
Fixed Payouts: Withdrawal charge for Fixed Annuity Payout Plan E – Payouts for a specified period: If you are receiving annuity payments under this annuity payout plan, you can choose to take a withdraw and withdrawal charge may apply.
A
withdrawal charge will be assessed against the present value of any remaining guaranteed payouts withdrawn. The discount rate we use in
determining present values varies based on: (1) the contract value originally applied to the fixed annuitization; (2) the remaining years of guaranteed payouts; (3) the annual
effective interest rate and periodic payment amount for new immediate annuities of the same duration as the remaining years of guaranteed payouts; and (4) the interest spread (currently 1.50%). If we do not currently offer immediate annuities, we will use rates and values
applicable to new annuitizations to determine the discount rate.
Once the discount rate is applied and we have determined the present value of the
remaining guaranteed payouts you withdrawn, the present value determined will be multiplied by the withdrawal charge percentage in the table below and
deducted from the present value to determine the net present value you will
receive.
Number of Completed Years Since Annuitization
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Withdrawal charge percentage |
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*We do not permit
withdrawals in the first year after annuitization.
We will provide a quoted present value (which includes the deduction of any withdrawal charge). You must then formally elect, in a form acceptable to us, to receive this value. The remaining guaranteed
payouts following withdraw will be
reduced to zero.
Possible group reductions: In some cases we may incur lower sales and administrative expenses due to the size of the group, the average
contribution and the use of group enrollment procedures. In such cases, we may be able to reduce or eliminate the contract administrative and withdrawal charges. However, we expect this to occur infrequently.
Base Contract Expenses consist of the contract administrative charge and mortality
and expense risk fee.
Contract Administrative Charge
We charge this fee for establishing and maintaining your records. We deduct $30 from the contract value on your contract anniversary or, if earlier, when the contract is fully withdrawn. We prorate this charge among the GPAs,
the one-year fixed account and the subaccounts in the same proportion your interest in each account bears
to your total contract value. Some states also limit any contract charge allocated to the fixed
account.
We will waive this charge when your contract value is $50,000 or more on the current contract anniversary.
If you take a full withdrawal from your contract, we will deduct the charge at the
time of withdrawal regardless of the
contract value. We cannot increase the annual contract administrative charge and it does not apply after annuity payouts begin or when we pay death benefits.
Variable Account Administrative Charge
We apply this charge daily to the subaccounts. It is reflected in the unit values of your subaccounts and it totals 0.15%
of their average daily net assets on an annual basis. It covers certain administrative and operating expenses of the subaccounts such as accounting, legal and data processing fees and expenses involved in the preparation and distribution
of reports and prospectuses. We cannot increase the variable account administrative charge.
24 RiverSource Signature Variable Annuity — Prospectus
Mortality and Expense Risk
Fee
We charge these fees daily to the subaccounts. The unit values of
your subaccounts reflect these fees and they total 1.25% of their average daily net assets on an annual basis. These fees include coverage under any of the three death benefit options. These fees cover the mortality and expense risk that we assume. These fees do not apply to the GPAs or
the one-year fixed account.
Mortality risk arises because of
our guarantee to pay a death benefit and our guarantee to make annuity payouts according to the terms of the contract, no matter how long a specific owner or annuitant lives and
no matter how long our entire group of owners or annuitants live. If, as a group, owners or annuitants outlive the life expectancy we assumed in our actuarial tables, then we must take money from our general assets to meet our obligations. If, as a
group, owners or annuitants do not live as long as expected, we could profit from the mortality risk fee. We deduct the mortality risk fee from the subaccounts during the annuity payout period even if the annuity payout plan does not involve
a life contingency.
Expense risk arises because we cannot increase the contract administrative charge
or the variable account administrative charge and these charges may not cover our expenses. We would have to make up any deficit from our general assets. We could profit from the expense risk fee if future
expenses are less than expected.
The subaccounts pay us the mortality and expense risk fee they accrued as follows:
•
first, to the extent possible, the subaccounts pay this fee from any dividends distributed
from the funds in which they invest;
•
then, if
necessary, the funds redeem shares to cover any remaining fees payable.
We may use any profits we realize from the subaccounts’ payment to us of the
mortality and expense risk fee for any proper corporate purpose, including, among others, payment of distribution (selling) expenses. We do not expect that the withdrawal charge will cover sales and distribution expenses.
Optional Living Benefit Charges
Guaranteed Minimum Income Benefit Rider (GMIB) Fee
We deduct a charge (currently 0.35%) based on adjusted Contract value for this optional feature only if you select it(1). If selected, we
deduct the charge from the contract value on your contract anniversary at the end of each contract year. We prorate the GMIB charge among the subaccounts, the GPAs and the
one-year fixed account in the same proportion your interest in each account bears to your total contract value.
If the contract is terminated for any reason or when annuity payouts begin, we will
deduct the appropriate GMIB fee from the proceeds payable adjusted for the number of calendar days coverage was in place. We cannot increase either GMIB fee after the rider effective date and it does not apply after annuity payouts begin or the GMIB terminates.
We calculate the fee as follows:
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contract value on the contract anniversary |
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transfers from the subaccounts to the GPAs or the one-year fixed account made six months before the contract
anniversary. |
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the value of your GPAs and the one-year fixed account on the contract anniversary. |
The result of ST – FAV will never be greater than zero. This allows us to base the
GMIB fee largely on the subaccounts and not on the GPAs or the one-year fixed
account.
•
You purchase the contract with a payment of $50,000 and allocate all of your payment to the
subaccounts.
•
During the first contract year your contract value is $75,000. You transfer $15,000 from the
subaccounts to the one-year fixed account.
•
On the first
contract anniversary the one-year fixed account value is $15,250 and the subaccount value is $58,000. Your total contract value is $73,250.
•
The GMIB fee percentage is 0.35%.
We calculate the charge for the GMIB as follows: |
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Contract value on the contract anniversary: |
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RiverSource Signature Variable Annuity — Prospectus 25
plus transfers from the subaccounts to the one-year fixed account in the six months before the contract
anniversary: |
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minus the value of the one-year fixed account on the contract anniversary: |
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The GMIB fee charged to you: 0.35% × $73,000 = |
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8% Performance Credit Rider (PCR) Fee
We charge a fee of 0.25% of your contract value for this optional feature if you select it. If selected, we deduct the fee from your contract value on your contract anniversary at the end of each contract year. We prorate this fee among the
GPAs, the one-year fixed account and the subaccounts in the same proportion as your interest bears to your total contract value. If you select the PCR, you cannot add a GMIB rider.
If the contract is terminated for any reason or when annuity payouts begin, we will
deduct the PCR fee from the proceeds payable adjusted for the number of calendar days coverage was in place. We cannot increase the PCR fee.
There are deductions from and expenses paid out of the assets of the funds that are
described in the prospectuses for those funds.
Certain state and local governments impose premium taxes on us (up to 3.5%). These taxes depend upon your state of
residence or the state in which the contract was issued. Currently, we deduct any applicable premium tax
when annuity payouts begin, but we
reserve the right to deduct this tax at other times such as when you make purchase payments or when you make a full withdrawal from your contract.
We value your accounts as follows:
GPAs and One-Year Fixed Account
We value the amounts you allocate to the GPAs and the one-year fixed account
directly in dollars. The value of the GPAs and the one-year fixed account equals:
•
the sum of your purchase payments and transfer amounts allocated to the GPAs and the one-year fixed account (including
any positive or negative MVA on amounts transferred from the GPAs to the one-year fixed account);
•
plus any
contract value credits allocated to the GPAs and one-year fixed account;
•
plus interest credited;
•
minus the sum of amounts withdrawn (including any applicable withdrawal charges) and amounts
transferred out;
•
minus any prorated portion of the contract administrative charge; and
•
minus the prorated portion of the fee for any of the following optional benefits you have selected:
–
Guaranteed Minimum Income Benefit rider
–
Performance Credit rider
We convert amounts you allocated to the subaccounts into accumulation units. Each
time you make a purchase payment or transfer amounts into one of the subaccounts or we apply any
contract value credits, we credit a certain number of accumulation units to your contract for that
subaccount. Conversely, we subtract a certain number of accumulation units from your contract each time you take a partial withdrawal; transfer amounts out of a subaccount; or we assess a contract administrative charge, a withdrawal charge, or fee for any optional contract riders with annual charges (if applicable).
The accumulation units are the true measure of investment value in each subaccount during the accumulation period. They
are related to, but not the same as, the net asset value of the fund in which the subaccount invests. The dollar value of each accumulation unit can rise or fall daily depending
on the variable account expenses, performance of the fund and on certain fund
expenses.
26 RiverSource Signature Variable Annuity — Prospectus
Here is how we calculate
accumulation unit values:
Number of units: To calculate the number of accumulation units for a particular subaccount, we divide
your investment by the current accumulation unit value.
Accumulation unit value: The current accumulation unit value for each subaccount equals the last value times the subaccount’s current net
investment factor.
We determine the net investment factor by:
•
adding the fund’s current net asset value per share, plus the per share amount of any
accrued income or capital gain dividends to obtain a current adjusted net asset value per share; then
•
dividing that sum by the previous adjusted net asset value per share; and
•
subtracting the
percentage factor representing the mortality and expense risk fee and the variable account administrative charge from the result.
Because the net asset value of the fund may fluctuate, the accumulation unit value may increase or decrease. You bear all the investment risk in a subaccount.
Factors that affect subaccount accumulation units: Accumulation units may change in two ways — in
number and in value.
The number of accumulation units you own may fluctuate due to:
•
additional purchase payments you allocate to the subaccounts;
•
any contract
value credits allocated to the subaccounts;
•
transfers into or out of the subaccounts (including any positive or negative MVA on amounts
transferred from the GPAs);
and the deduction of a prorated portion of:
•
the contract administrative charge; and
•
the fee for
any of the following optional benefits you have selected:
–
Guaranteed Minimum Income Benefit rider and/or
–
Performance Credit rider
Accumulation unit values will fluctuate due to:
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changes in fund net asset value;
•
fund dividends distributed to the subaccounts;
•
fund capital
gains or losses;
•
fund operating expenses; and
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mortality and expense risk fee and the variable account administrative charge.
You are eligible to receive a contract value credit if you select the ROP Death Benefit. Before annuity payouts begin while this contract is in force we will apply contract value credits to your contract beginning on the eighth contract anniversary if there are “eligible purchase payments.” Generally, we will apply contract value credits on an annual basis at your contract anniversary. However, we reserve the right to apply contract value credits on a quarterly or a monthly basis.
Eligible purchase payments: purchase payments not previously withdrawn that are no longer subject to a withdrawal charge
(i.e., that are eight or more years old).
Annual contract value credit formula: 0.50% × (CV × (EPP ÷ TPP))
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contract value at the time of the calculation. |
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eligible purchase payments at the time of the calculation. |
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total purchase payments at the time of the calculation. |
If we calculate and apply contract value credits on a quarterly basis, we will change the percentage we use in the calculation from 0.50% to 0.125%. If we calculate and apply the credit on a monthly basis, we will change the percentage
we use in the calculation from 0.50% to 0.04167%.
RiverSource Signature Variable Annuity — Prospectus 27
We allocate contract value
credits to the fixed accounts and subaccounts according to the asset allocation instructions that you have in place at the time we apply the contract value credit. We continue to
apply contract value credits for the life of your contract until total withdrawal or annuity payouts begin. The contract value credits will be taxable when we distribute contract value to you.
The contract value credit is available because of lower costs associated with a
reduced death benefit guarantee. Because the guaranteed death benefit is lower in situations where the contract value credit is paid, there may be circumstances where you may be worse off for having received the credit than in other contracts. In particular, if the
market were to decline, and a death benefit became payable, the amount paid might be less.
•
You purchase a contract with a payment of $100,000 and you select the ROP Death
Benefit.
•
You make an additional payment on the fourth contract anniversary of $60,000.
•
Your contract value on the eighth contract anniversary grows to $250,000. We choose to apply contract value credits on
an annual basis. Your eligible purchase payment on the eighth contract anniversary is the original $100,000 payment; the additional $60,000 payment made on the fourth contract
anniversary is still subject to a withdrawal charge. We calculate the contract value credit as follows:
0.50% × ($250,000 × ($100,000 ÷ $160,000) =
$781.25
After application of the contract value credit, your contract value on the eighth contract anniversary would be
$250,781.25.
28 RiverSource Signature Variable Annuity — Prospectus
Making the Most of Your Contract
Automated Dollar-Cost Averaging
Currently, you can use automated transfers to take advantage of dollar-cost
averaging (investing a fixed amount at regular intervals). For example, you might transfer a set amount monthly from a relatively conservative subaccount to a more aggressive one, or to several others, or from the one-year fixed account or the two-year GPA (without a MVA) to one
or more subaccounts. The three to ten year GPAs are not available for automated transfers. You can also obtain the benefits of dollar-cost averaging by setting up regular automatic SIP payments or by establishing an Interest Sweep
strategy. Interest Sweeps are a monthly transfer of the interest earned from either the one-year fixed account or the two-year GPA into the subaccounts of your choice. If you participate in an Interest Sweep strategy the interest you earn
will be less than the annual interest rate we apply because there will be no compounding. There is no charge for dollar-cost averaging.
This systematic approach can help you benefit from fluctuations in accumulation
unit values caused by fluctuations in the market values of the funds. Since you invest the same amount each period, you automatically acquire more units when the market value falls and fewer units when it rises. The potential effect is to lower your average cost per unit.
How dollar-cost averaging works
By investing an equal number of dollars each month |
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Number of units purchased |
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you automatically buy
more units when the
per unit market price is low |
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and fewer units
when the per unit
market price is high. |
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You paid an average price of $17.91 per unit over the 10 months, while the
average market price actually was $18.10.
Dollar-cost averaging does not guarantee that any subaccount will gain in value nor will it protect against a decline in value if market prices fall. Because dollar-cost averaging involves continuous investing, your success will depend upon
your willingness to continue to invest regularly through periods of low price levels. Dollar-cost averaging can be an effective way to help meet your long-term goals. For specific features contact your investment professional.
Tiered Dollar-Cost Averaging (Tiered DCA) Program
If your net contract value(1) is at least $10,000, you can choose to participate in the Tiered DCA program. There is
no charge for the Tiered DCA program. Under the Tiered DCA program, you can allocate a new purchase payment to one of two special Tiered DCA accounts. We determine which Tiered DCA account you are eligible for as
follows:
If your net contract value(1)
is… |
we allocate your new purchase payment to: |
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(1)
“Net contract value” equals your current contract value plus any new purchase
payment you make. If this is a new contract funded by purchase payments from multiple sources, we determine your net contract value based on the purchase payments, withdrawal
requests and exchange requests submitted with your application.
(2)
You cannot allocate your new purchase payments to a Tier 1 DCA account if you are eligible to participate in a Tier 2 DCA account.
You may only allocate a new purchase payment of at least $1,000 to the Tiered DCA account for which you are eligible. You cannot transfer existing contract values into the Tiered DCA account. Each Tiered DCA account lasts for only six
months from the time we receive your first purchase payment. We make monthly transfers of your total Tiered DCA account value into the GPAs, the one-year fixed account and/or subaccounts you select over the six-month period. If you
elect to transfer into a GPA, you must meet the $1,000 minimum required investment limitation for each transfer.
We reserve the right to credit a lower interest rate to each Tiered DCA account if you select the GPAs or the one-year
fixed account as part of your Tiered DCA transfers. We credit higher rates on the Tier 2 DCA account than on the Tier 1 DCA account. We will change the interest rate on each Tiered DCA account from time to time at our discretion. From
RiverSource Signature Variable Annuity — Prospectus 29
time to time, we may credit
interest to the Tiered DCA account at promotional rates that are higher than those we credit to the one-year fixed account. We base these rates on competition and on the interest
rate we are crediting to the one-year fixed account at the time of the change. Once we credit interest to a particular purchase payment, that rate does not change even if we change the rate we credit on new purchase payments or if your net contract value changes. We
credit each Tiered DCA account with current guaranteed annual rate that is in effect on the date we receive your purchase payment. However, we credit this annual rate over the
six-month period on the balance remaining in your Tiered DCA account. Therefore, the net effective interest rate you receive is less than the stated annual rate. We do not
credit this interest after we transfer the value out of the Tiered DCA account into the accounts you selected.
If you make additional purchase payments while a Tiered DCA account term is in progress, the amounts you allocate to an
existing Tiered DCA account will be transferred out of the Tiered DCA account over the remainder of the term. If you are funding a Tiered DCA account from multiple sources, we
apply each purchase payment to the account and credit interest on that purchase payment on the date we receive it. This means that all purchase payments may not be in the Tiered DCA account at the beginning of the six-month period. Therefore, you may receive less total interest than you
would have if all your purchase payments were in the Tiered DCA account from the beginning. If we receive any of your multiple payments after the six-month period ends, you can either allocate those payments to a new Tiered DCA account
(if available) or to any other accounts available under your contract.
You cannot participate in the Tiered DCA program if you are making payments
under a Systematic Investment Plan. You may simultaneously participate in the Tiered DCA program and the asset-rebalancing program as long as your subaccount allocation is the same under both programs. If you elect to change your subaccount allocation under one
program, we automatically will change it under the other program so they match. If you participate in more than one Tiered DCA account, the asset allocation for each account may be different as long as you are not also participating in
the asset-rebalancing program.
You may terminate your participation in the Tiered DCA program at any time. If you
do, we will not credit the current guaranteed annual interest rate on any remaining Tiered DCA account balance. We will transfer the remaining balance from your Tiered DCA account to the other accounts you selected for your DCA transfers or we will allocate it in any
manner you specify. Similarly, if we cannot accept any additional purchase payments into the Tiered DCA program, we will allocate the purchase payments to the other accounts you selected for your DCA transfers or in any other manner you
specify.
We can modify the terms or discontinue the Tiered DCA program at any time. Any modifications will not affect any
purchase payments that are already in a Tiered DCA account. For more information on the Tiered DCA program, contact your investment professional.
The Tiered DCA program does not guarantee that any subaccount will gain in value
nor will it protect against a decline in value if market prices fall. Because dollar-cost averaging involves continuous investing, your success will depend upon your willingness to continue to invest regularly through periods of low price levels. Dollar-cost averaging can be an
effective way to help meet your long-term goals.
You can ask us in writing to automatically rebalance the subaccount portion of your contract value either quarterly,
semiannually, or annually. The period you select will start to run on the date we record your request. On the first valuation date of each of these periods, we automatically will rebalance your contract value so that the value in each
subaccount matches your current subaccount percentage allocations. These percentage allocations must be in whole numbers. There is no charge for asset rebalancing. The contract value must be at least $2,000.
You can change your percentage allocations or your rebalancing
period at any time by contacting us in writing. If you are also participating in the Tiered DCA program and
you change your subaccount asset allocation for the asset rebalancing program, we will change your subaccount asset allocation under the Tiered DCA program to match. We will restart the rebalancing period you selected as of the date we record your change. You also can ask us in writing
to stop rebalancing your contract value. You must allow 30 days for us to change any instructions that currently are in place. For more information on asset rebalancing, contact your investment professional.
Transferring Among Accounts
You may transfer contract value from any one subaccount, GPAs or the one-year fixed account, to another subaccount before annuity payouts begin. Certain restrictions apply to transfers involving the GPAs and the one-year fixed account.
The date your request to transfer will be processed depends on when and how we
receive it:
For transfer requests received in writing:
•
If we receive your transfer request at our Service Center in good order before the close of
the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your transfer using the accumulation unit value we calculate on the valuation date we received your transfer request.
30 RiverSource Signature Variable Annuity — Prospectus
•
If we receive
your transfer request at our Service Center in good order at or after the close of the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your transfer
using the accumulation unit value we calculate on the next valuation date after we received your transfer request.
For transfer requests received by phone:
•
If we receive your transfer request at our Service Center in good order before the close of
the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your transfer using the accumulation unit value we calculate on the valuation date we received your transfer request.
•
If we receive
your transfer request at our Service Center in good order at or after the close of the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your transfer
using the accumulation unit value we calculate on the next valuation date after we received your transfer request.
There is no charge for transfers. Before making a transfer, you should consider the risks involved in changing investments. Transfers out of the GPAs will be subject to an MVA if done more than 30 days before the end of the
guarantee period.
We may suspend or modify transfer privileges at any time.
For information on transfers after annuity payouts begin, see “Transfer policies” below.
•
Before annuity payouts begin, you may transfer contract values between the subaccounts, or
from the subaccounts to the GPAs and the one-year fixed account at any time. However, if you made a transfer from the one-year fixed account to the subaccounts or the GPAs, you may not make a transfer from any subaccount or GPA back to the one-year fixed
account for six months following that transfer. We reserve the right to further limit transfers to the GPAs and one-year fixed account if the interest rate we are then currently crediting to the one-year fixed account is equal to the minimum
interest rate stated in the contract.
•
It is our
general policy to allow you to transfer contract values from the one-year fixed account to the subaccounts or the GPAs once a year on or within 30 days before or after the
contract anniversary (except for automated transfers, which can be set up at any time for certain transfer periods subject to certain minimums). Transfers from the one-year fixed account are not subject to a MVA. For contracts issued before June 16, 2003, we have removed this
restriction, and you may transfer contract values from the one-year fixed account to the subaccounts at any time. We will inform you at least 30 days in advance of the day we intend to reimpose this restriction. For contracts with
applications signed on or after June 16, 2003, the amount of contract value transferred to the GPAs and the one-year fixed account cannot result in the value of the GPAs and the one-year fixed account in total being greater than 30% of
the contract value. The time limitations on transfers from the GPAs and one-year fixed account will be enforced, and transfers out of the GPAs and one-year fixed account are limited to 30% of the GPA and one-year fixed account values at
the beginning of the contract year or $10,000, whichever is greater. Because of this limitation, it may take you several years to transfer all your contract value from the
one-year fixed account. You should carefully consider whether the one-year fixed account meets your investment criteria before you invest.
•
You may transfer contract values from a GPA any time after 60 days of transfer or payment allocation to the account.
Transfers made more than 30 days before the end of the Guarantee Period will receive a MVA*, which may result in a gain or loss of contract value.
•
If we receive your request on or within 30 days before or after the contract anniversary date, the transfer from the
one-year fixed account to the GPAs will be effective on the valuation date we receive it.
•
If you select a variable payout, once annuity payouts begin, you may make transfers once per contract year among the
subaccounts and we reserve the right to limit the number of subaccounts in which you may invest.
•
Once annuity
payouts begin, you may not make any transfers to the GPAs.
*
Unless the transfer is an automated transfer from the two-year GPA as part of a dollar-cost
averaging program or an Interest Sweep strategy.
Market timing can reduce the value of your investment in the contract. If market timing causes the returns of an
underlying fund to suffer, contract value you have allocated to a subaccount that invests in that underlying fund will be lower too. Market timing can cause you, any joint owner of the contract and your beneficiary(ies) under the contract a
financial loss.
We seek to prevent market timing. Market timing is frequent or
short-term trading activity. We do not accommodate short-term trading activities. Do not buy a contract if you wish to use short-term trading strategies to
manage your investment. The market timing policies and procedures described below apply to transfers among the subaccounts within the contract. The underlying funds in which the subaccounts invest have their own market timing policies and procedures. The market timing policies of the underlying funds may be more restrictive than the market timing
RiverSource Signature Variable Annuity — Prospectus 31
policies
and procedures we apply to transfers among the subaccounts of the contract, and may include redemption fees. We reserve the right to modify our market timing
policies and procedures at any time without prior notice to you.
Market timing may hurt the performance of an underlying fund in which
a subaccount invests in several ways, including but not necessarily limited to:
•
diluting the value of an investment in an underlying fund in which a subaccount invests;
•
increasing the
transaction costs and expenses of an underlying fund in which a subaccount invests; and,
•
preventing the investment adviser(s) of an underlying fund in which a subaccount invests from fully investing the assets
of the fund in accordance with the fund’s investment objectives.
Funds available as investment options under the contract that invest in securities
that trade in overseas securities markets may be at greater risk of loss from market timing, as market timers may seek to take advantage of changes in the values of securities between the close of overseas markets and the close of U.S. markets. Also, the risks of market
timing may be greater for underlying funds that invest in securities such as small cap stocks, high yield bonds, or municipal securities, that may be traded infrequently.
In order to help protect you and the underlying funds from the
potentially harmful effects of market timing activity, we apply the following market timing policy to discourage frequent transfers of contract value among the
subaccounts of the variable account:
We try to distinguish market timing from transfers that we believe
are not harmful, such as periodic rebalancing for purposes of an asset allocation, dollar-cost averaging and asset rebalancing program that may be described in this prospectus. There is no set number of transfers that constitutes market timing. Even one transfer in related accounts
may be market timing. We seek to restrict the transfer privileges of a contract owner who makes more than three subaccount transfers in any 90 day period. We also reserve the right to refuse any transfer request, if, in our sole
judgment, the dollar amount of the transfer request would adversely affect unit
values.
If we determine, in our sole judgment, that your transfer activity constitutes market timing, we may modify, restrict or
suspend your transfer privileges to the extent permitted by applicable law, which may vary based on the state law that applies to your contract and the terms of your contract. These restrictions or modifications may include, but not be
limited to:
•
requiring transfer requests to be submitted only by first-class U.S. mail;
•
not accepting hand-delivered transfer requests or requests made by overnight mail;
•
not accepting
telephone or electronic transfer requests;
•
requiring a minimum time period between each transfer;
•
not accepting transfer requests of an agent acting under power of attorney;
•
limiting the
dollar amount that you may transfer at any one time;
•
suspending the transfer privilege; or
•
modifying instructions under an automated transfer program to exclude a restricted fund if you do not provide new
instructions.
Subject to applicable state law and the terms of each contract, we will
apply the policy described above to all contract owners uniformly in all cases. We will notify you in writing after we impose any modification, restriction or suspension of
your transfer rights.
Because we exercise discretion in applying the restrictions described above, we
cannot guarantee that we will be able to identify and restrict all market timing activity. In addition, state law and the terms of some contracts may prevent us from stopping certain market timing activity. Market timing activity that we are unable to identify and/or restrict may
impact the performance of the underlying funds and may result in lower contract
values.
In addition to the market timing policy described above, which applies to transfers among the subaccounts within your contract, you should carefully review the market timing policies and procedures of the underlying funds. The market timing policies and procedures of the underlying funds may be materially different than those we impose on transfers among the subaccounts within your contract and may include mandatory redemption fees as well as other measures to discourage frequent transfers. As an intermediary for the underlying funds, we are required to assist them in applying their market timing policies and procedures to transactions involving the purchase and exchange of fund shares. This assistance may include, but not be limited to, providing the underlying fund upon request with your Social Security Number, Taxpayer Identification Number or other United States government-issued identifier, and the details of your contract transactions involving the underlying fund. An underlying fund, in its sole discretion, may instruct us at any time to prohibit you from making further transfers of contract value to or from the underlying fund,
32 RiverSource Signature Variable Annuity — Prospectus
and we
must follow this instruction. We reserve the right to administer and collect on behalf of an underlying fund any redemption fee imposed by an underlying fund.
Market timing policies and procedures adopted by underlying funds may affect your investment in the contract in several ways, including but not limited
to:
•
Each fund may restrict or refuse trading activity that the fund determines, in its sole discretion, represents market
timing.
•
Even if we determine that your transfer activity does not constitute market timing under the
market timing policies described above which we apply to transfers you make under the contract, it is possible that the underlying fund’s market timing policies and procedures, including instructions we receive from a fund may require us to reject your
transfer request. For example, while we will attempt to execute transfers permitted under any asset allocation, dollar-cost averaging and asset rebalancing programs that may be described in this prospectus, we cannot guarantee that
an underlying fund’s market timing policies and procedures will do so. Orders we place to purchase fund shares for the variable account are subject to acceptance by the
fund. We reserve the right to reject without prior notice to you any transfer request if the fund does not accept our order.
•
Each underlying fund is responsible for its own market timing policies, and we cannot guarantee that we will be able to
implement specific market timing policies and procedures that a fund has adopted. As a result, a fund’s returns might be adversely affected, and a fund might terminate our
right to offer its shares through the variable account.
•
Funds that are available as investment options under the contract may also be offered to
other intermediaries who are eligible to purchase and hold shares of the fund, including without limitation, separate accounts of other insurance companies and certain retirement plans. Even if we are able to implement a fund’s market timing policies,
we cannot guarantee that other intermediaries purchasing that same fund’s shares will do so, and the returns of that fund could be adversely affected as a result.
For more
information about the market timing policies and procedures of an underlying fund, the risks that market timing pose to that fund, and to determine whether an
underlying fund has adopted a redemption fee, see that fund’s prospectus.
How to request a Transfer or Withdrawal
Send your name, contract number, Social Security Number or Taxpayer Identification
Number* and signed request for a transfer or withdrawal to our Service Center:
RiverSource Life Insurance Company
829 Ameriprise Financial Center
Minneapolis, MN
55474
| |
|
Transfers or withdrawals: |
$500 or entire account balance |
| |
|
Transfers or withdrawals: |
Contract value or entire account balance |
*
Failure to provide a Social Security Number or Taxpayer Identification Number may result in mandatory tax withholding on the taxable portion of the distribution.
2 By automated transfers and automated partial withdrawals
Your investment professional can help you set up automated transfers or partial withdrawals among your GPAs, one-year
fixed account or the subaccounts.
You can start or stop this service by written request or other method acceptable to
us.
You must allow 30 days for us to change any instructions that are currently in place.
•
Automated transfers from the one-year fixed account to any one of the subaccounts may not exceed an amount that, if
continued, would deplete the one-year fixed account within 12 months. For contracts issued before June 16, 2003, we have removed this restriction, and you may transfer contract
values from the one-year fixed account to the subaccounts at any time. We will inform you at least 30 days in advance of the day we intend to reimpose this restriction.
For contracts with applications signed on or after June 16, 2003,
the time limitations on transfers from the one-year fixed account will be enforced, and transfers out of the one-year fixed account are limited to 30% of the one-year fixed
account values at the beginning of the contract year or $10,000, whichever is
greater.
RiverSource Signature Variable Annuity — Prospectus 33
•
Automated
withdrawals may be restricted by applicable law under some contracts.
•
You may not make systematic purchase payments if automated partial withdrawals are in
effect.
•
Automated partial withdrawals may result in income taxes and penalties on all or part of the
amount withdrawn.
| |
|
Transfers or withdrawals: |
|
| |
$250 quarterly, semiannually or annually |
Transfers or withdrawals: |
$500 or entire account balance |
| |
Contract value or entire account balance |
| |
|
We answer telephone requests promptly, but you may experience delays when the call volume is unusually high. If you are
unable to get through, use the mail procedure as an alternative.
We will honor any telephone transfer or withdrawal requests that we believe are authentic and we will use reasonable procedures to confirm that they are. This includes asking identifying questions and recording calls. As long as we follow
the procedures, we (and our affiliates) will not be liable for any loss resulting from fraudulent requests.
Telephone transfers and withdrawals are
automatically available. You may request that telephone transfers and withdrawals not be authorized from
your account by writing to us.
You may withdraw all or part of your contract at any time before the retirement
date by sending us a written request or calling us.
The date your withdrawal request will be processed depends on when and how we
receive it:
For withdrawal requests received in writing:
•
If we receive your withdrawal request at our Service Center in good order before the close of
the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your withdrawal using the accumulation unit value we calculate on the valuation date we received your withdrawal request.
•
If we receive
your withdrawal request at our Service Center in good order at or after the close of the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your
withdrawal using the accumulation unit value we calculate on the next valuation date after we received your withdrawal request.
For withdrawal requests received by phone:
•
If we receive your withdrawal request at our Service Center in good order before the close of
the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your withdrawal using the accumulation unit value we calculate on the valuation date we received your withdrawal request.
•
If we receive
your withdrawal request at our Service Center in good order at or after the close of the NYSE (4:00pm Eastern time unless the NYSE closes earlier), we will process your
withdrawal using the accumulation unit value we calculate on the next valuation date after we received your withdrawal request.
We may ask you to return the contract. You may have to pay a contract administrative charge, withdrawal charges or any applicable optional rider charges (see “Charges”), federal income taxes and penalties. State and local income taxes may also apply (see “Taxes”). You cannot make withdrawals after annuity payouts begin except under Annuity
Payout Plan E. (See “The Annuity Payout Period — Annuity Payout Plans.”)
Any partial withdrawals you take under the contract will reduce your contract
value. As a result, the value of your death benefit or any optional benefits you have elected will also be reduced (see “Optional Benefits”). In addition, withdrawals
you are required to take to satisfy RMDs under the Code may reduce the value of certain death benefits and optional benefits (see “Taxes — Qualified Annuities — Required Minimum Distributions”).
34 RiverSource Signature Variable Annuity — Prospectus
Withdrawal
Policies
If you have a balance in more than one account and you
request a partial withdrawal, we will automatically withdraw from all your subaccounts, GPAs and/or the
one-year fixed account in the same proportion as your value in each account correlates to your total
contract value, unless requested otherwise. After executing a partial withdrawal, the value in each
subaccount , one-year fixed account or GPA must be either zero or at least $50.
1 By regular or express
mail
•
mailed to address of record.
NOTE: We will charge you a fee if you request express mail
delivery.
•
request that payment be sent electronically to your bank;
•
pre-authorization required.
We may choose to permit you to have checks issued and delivered to an
alternate payee or to an address other than your address of record. We may also choose to allow you to direct wires or other electronic payments to accounts owned by a third-party. We may have additional good order requirements that must be met prior to processing requests to
make any payments to a party other than the owner or to an address other than the address of record. These requirements will be designed to ensure owner instructions are genuine
and to prevent fraud.
Normally, we will send the payment within seven days after receiving your request in good order. However, we may
postpone the payment if:
–
the NYSE is closed, except for normal holiday and weekend closings;
–
trading on the NYSE is restricted, according to SEC rules;
–
an emergency, as defined by SEC rules, makes it impractical to sell securities or value the
net assets of the accounts; or
–
the SEC
permits us to delay payment for the protection of security holders.
We may also postpone payment of the amount attributable to a purchase payment as
part of the total withdrawal amount until cleared from the originating financial institution.
Participants in Tax-Sheltered Annuities
If the contract is intended to be used in connection with an employer sponsored 403(b) plan, additional rules relating to
this contract can be found in the annuity endorsement for tax sheltered 403(b) annuities. Unless we have made special arrangements with your employer, the contract is not intended for use in connection with an employer sponsored 403(b)
plan that is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). In the event that the employer either by affirmative election or
inadvertent action causes contributions under a plan that is subject to ERISA to be made to this contract, we will not be responsible for any obligations and requirements under
ERISA and the regulations thereunder, unless we have prior written agreement with the employer. You should consult with your employer to determine whether your 403(b) plan is subject to ERISA.
In the event we have a written agreement with your employer to administer the plan
pursuant to ERISA, special rules apply as set forth in the TSA endorsement.
The employer must comply with certain nondiscrimination
requirements for certain types of contributions under a TSA contract to be excluded from taxable income. You should consult your employer to determine whether the nondiscrimination rules apply to you.
The Code imposes certain restrictions on your right to receive early distributions
from a TSA:
•
Distributions attributable to salary reduction contributions (plus earnings) made after Dec. 31, 1988, or to transfers
or rollovers from other contracts, may be made from the TSA only if:
–
you are at
least age 59½;
–
you are disabled as defined in the Code;
RiverSource Signature Variable Annuity — Prospectus 35
–
you severed employment with the employer who purchased the contract;
–
the distribution is because of your death;
– you are terminally ill as defined in the Code;
– you are adopting or are having a baby;
– your are supplying Personal or Family Emergency
Expense;
– you are a Domestic Abuse Victim;
– you are in need to cover Expenses and losses on account of
a FEMA declared disaster;
–
the distribution is due to plan termination; or
–
you are a qualifying military reservist.
•
If you encounter a financial hardship (as provided by the Code), you may be eligible to receive a distribution of all
contract values attributable to salary reduction contributions made after Dec. 31, 1988, but not the earnings on them.
•
Even though a distribution may be permitted under the above rules, it may be subject to IRS
taxes and penalties (see “Taxes”)
•
The above
restrictions on distributions do not affect the availability of the amount credited to the contract as of Dec. 31, 1988. The restrictions also do not apply to transfers or
exchanges of contract value within the contract, or to another registered variable annuity contract or investment vehicle available through the employer.
You may change ownership of your nonqualified annuity
at any time by completing a change of ownership form we approve and sending it to our Service Center. The change will become binding on us when we receive and record it. We
will honor any change of ownership request received in good order that we believe is authentic and we will use reasonable procedures to confirm authenticity. If we follow these procedures, we will not take any responsibility for the
validity of the change.
If you have a nonqualified annuity, you may incur income tax liability by
transferring, assigning or pledging any part of it. (See “Taxes.”)
If you have a qualified annuity, you may not sell, assign,
transfer, discount or pledge your contract as collateral for a loan, or as security for the performance of an obligation or for any other purpose except as required or permitted
by the Code. However, if the owner is a trust or custodian, or an employer acting in a similar capacity, ownership of the contract may be transferred to the annuitant.
Please consider carefully whether or not you wish to change ownership of your
annuity contract. If you elected any optional contract features or riders, the new owner and annuitant will be subject to all limitations and/or restrictions of those features or riders just as if they were purchasing a new contract.
36 RiverSource Signature Variable Annuity — Prospectus
Benefits Available Under the Contract
The following table summarizes information about the benefits available under the Contract.
| |
|
|
|
Brief Description of
Restrictions/ Limitations |
Standard Benefits (no additional charge) |
| |
Allows the systematic transfer
of a specified dollar amount
among the subaccounts or
from the one-year fixed account to one or more
eligible subaccounts |
|
|
•Transfers out of the one-year fixed account to any of the
subaccounts may not
exceed the amount that if
continued, would deplete
the one-year fixed account
within 12 months
•For contracts signed prior June 16, 2003, transfers out of the one-year fixed
account, are not limited •For contracts signed on or
after June 16, 2003,
transfers out of the one-year
fixed account, including automated transfers, are limited to 30% of one-year fixed account value at the beginning of the contract year or $10,000, whichever is greater |
Tiered Dollar
Cost Averaging
(Tiered DCA) |
Allows the systematic transfer
from the Tiered DCA fixed account to the GPAs, the
one-year fixed account and/or
one or more eligible
subaccounts |
|
|
•Net contract value must be at least $10,000 to participate •Must be funded with a
purchase payment of at
least $1,000, not
transferred contract value •Only 6-month option
available
•We reserve the right to credit a lower interest rate to each Tiered DCA account if you select the GPAs or the one-year fixed account as part of your Tiered DCA transfers •Not allowed if payments are
made from the Systematic
Investment Plan |
| |
Allows you to have your
investments periodically
rebalanced among the
subaccounts to your
pre-selected percentages |
|
|
•You must have $2,000 in
Contract Value to participate. •We require 30 days notice
for you to change or cancel
the program
•You can request rebalancing to be done either quarterly, semiannually or annually |
RiverSource Signature Variable Annuity — Prospectus 37
| |
|
|
|
Brief Description of
Restrictions/ Limitations |
Automated
Partial
Withdrawals
/Systematic
Withdrawals |
Allows automated partial
withdrawals from the contract |
|
|
•Additional systematic payments are not allowed with automated partial withdrawals •May result in income taxes
and IRS penalty on all or a
portion of amounts
surrendered |
Nursing Home or
Hospital
Confinement |
Allows you to withdraw
contract value without a
withdrawal charge |
|
|
•You must be confined to a hospital or nursing home for the prior 60 days •You must be under age 76
on the contract issue date
and confinement must start
after the contract issue date
•Amount withdrawn must be paid directly to you |
| |
Allows you to withdraw
contract value without a
withdrawal charge |
|
|
•Terminal Illness diagnosis must occur in after the first contract year •Must be terminally ill and
not expected to live more
than 12 months from the
date of the licensed
physician statement
•Must provide us with a licensed physician’s statement containing the terminal illness diagnosis and the date the terminal illness was initially diagnosed •Amount withdrawn must be
paid directly to you |
| |
| |
Provides a death benefit equal
to the greatest of these values
minus any applicable rider
charges:
Contract Value or total purchase payments applied to the contract, minus adjusted partial withdrawals |
|
|
•Must be elected at contract
issue
•Withdrawals will proportionately reduce the benefit, which means your benefit could be reduced by more than the dollar amount of your withdrawals, and such reductions could be significant •May be eligible for contract
value credit
•Annuitizing the Contract terminates the benefit |
38 RiverSource Signature Variable Annuity — Prospectus
| |
|
|
|
Brief Description of
Restrictions/ Limitations |
| |
Provides a death benefit equal
to the greatest of greatest of
these values minus any
applicable rider charges:
Contract Value, total purchase
payments applied to the
contract, minus adjusted
partial withdrawals, or the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments since that
anniversary minus adjusted
partial withdrawals |
|
|
•Available to owners age 79 and younger •Must be elected at contract
issue
•No longer eligible to increase on any contract anniversary following your 81st birthday. •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant.
•Annuitizing the Contract terminates the benefit |
| |
Provides a death benefit equal
to the greatest of these values
minus any applicable rider
charges:
Contract Value, total purchase
payments applied to the
contract, minus adjusted
partial withdrawals, the
maximum anniversary value
immediately preceding the
date of death plus any
purchase payments since that
anniversary minus adjusted
partial withdrawals; or the 5%
rising floor |
|
|
•Available to owners age 79 and younger •Must be elected at contract
issue
•No longer eligible to increase on any contract anniversary following your 81st birthday •Withdrawals will
proportionately reduce the
benefit, which means your
benefit could be reduced by
more than the dollar amount
of your withdrawals. Such
reductions could be
significant• •Annuitizing the Contract
terminates the benefit |
| |
Guaranteed
Minimum Income
Benefit Rider
(GMIB) |
Provides guaranteed minimum
lifetime income regardless of
investment performance |
0.35% of
adjusted
contract value |
|
•Available to owners age 75
or younger
•Must be elected at contract issue, but some exceptions apply •Certain withdrawals could
significantly reduce the
GMIB benefit base, which
may reduce or eliminate the
amount of annuity payments
•May have limitations on allocation to the Money Market fund |
RiverSource Signature Variable Annuity — Prospectus 39
| |
|
|
|
Brief Description of
Restrictions/ Limitations |
Performance
Credit Rider
(PCR) |
Provides additional benefit if
your earnings are less than
the target value on the tenth
rider anniversary |
|
|
•Must be elected at contract
issue
•Not available with GMIB rider •May not provide additional
benefit before the tenth
contract anniversary and it
may not be appropriate for
issue ages 75 and older due
to a required waiting period
•May have limitations on allocation to the GPAs, one-year fixed account, and Money Market fund |
Benefits in Case of Death
There are three death benefit options under this contract:
•
Enhanced Death Benefit.
If either you or the annuitant are 80 or older at contract issue, the ROP death benefit will apply. If both you and the annuitant are 79 or younger at contract issue, you can elect either the ROP death benefit, the MAV death benefit or EDB
death benefit rider (if its available in your state) on your application. If you select GMIB you must select
either the MAV death benefit or the
EDB death benefit rider. Once you elect an option, you cannot change it. We show the option that applies in your contract. The death benefit option that applies determines the mortality and expense risk fee that is assessed against the subaccounts. (See “Charges — Mortality and Expense Risk Fee.”) There are no
additional charges for any of the death benefit options. However, if you select ROP death benefit you may be eligible for contract value credits (see “Valuing Your Investments — Contract Value Credits”).
Under all options, we will pay the death benefit to your
beneficiary upon the earlier of your death or the annuitant’s death if you die before the retirement start date while this contract is in force. We will base the benefit
paid on the death benefit coverage you chose when you purchased the contract. If a contract has more than one person as the owner, we will pay benefits upon the first to die of any owner or the annuitant.
Return of Purchase Payments (ROP) Death Benefit
The ROP death benefit is intended to help protect your beneficiaries financially in
that they will never receive less than your purchase payments adjusted for withdrawals. If you or the annuitant die before annuity payouts begin while this contract is in force, we will pay the beneficiary the greater of these two values, minus any applicable rider
charges:
2.
total purchase payments
applied to the contract minus adjusted partial withdrawals.
Adjusted partial withdrawals for the ROP or MAV death benefit |
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the amount by which the contract value is reduced as a result of the partial withdrawal. |
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the death benefit on the date of (but prior to) the partial withdrawal. |
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contract value on the date of (but prior to) the partial withdrawal. |
•
You purchase the contract with a payment of $20,000.
•
On the first contract anniversary you make an additional purchase payment of $5,000.
•
During the
second contract year the contract value falls to $22,000 and you take a $1,500 partial withdrawal.
•
During the
third contract year the contract value grows to $23,000.
We calculate the ROP death benefit as follows: |
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40 RiverSource Signature Variable Annuity — Prospectus
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Purchase payments minus adjusted partial withdrawals: |
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minus adjusted partial withdrawals calculated as: |
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ROP death benefit, calculated as the greatest of these two values: |
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Maximum Anniversary Value (MAV) Death Benefit
The MAV death benefit is intended to help protect your beneficiaries financially while your investments have the opportunity to grow. The MAV death benefit does not provide any additional benefit before the first contract anniversary
and it may not be appropriate for issue ages 75 to 79 because the benefit values may be limited after age 81. Be sure to discuss with your investment professional whether or not the MAV death benefit is appropriate for your situation.
If both you and the annuitant are age 79 or younger at contract issue, you may
choose to add the MAV death benefit to your contract. Once you select the MAV death benefit you may not cancel it. If you select the Guaranteed Minimum Income Benefit Rider you must select either the MAV death benefit or the EDB death benefit rider.
The MAV death benefit provides that if you or the annuitant die before annuity payouts begin while this contract is in force, we will pay the beneficiary the greatest of these three values, minus any applicable rider charges:
2.
total purchase payments applied to the contract minus adjusted partial withdrawals; or
3.
the maximum anniversary value immediately preceding the date of death plus any purchase payments applied to the contract
since that anniversary minus adjusted partial withdrawals since that anniversary.
Maximum anniversary value (MAV): We calculate the MAV on each contract anniversary through age 80. There is no MAV prior to the first contract
anniversary. On the first contract anniversary we set the MAV equal to the highest of: (a) your current contract value, or (b) total purchase payments minus adjusted partial
withdrawals. Every contract anniversary after that, through age 80, we compare the previous anniversary’s MAV (plus any purchase payments since that anniversary minus adjusted partial withdrawals since that anniversary) to the current contract value and we reset
the MAV to the higher value. We stop resetting the MAV after you or the annuitant reach age 81. However, we continue to add subsequent purchase payments and subtract adjusted partial withdrawals from the MAV.
•
You purchase the contract with a payment of $20,000.
•
On the first contract anniversary the contract value grows to $29,000.
•
During the
second contract year the contract value falls to $22,000, at which point you take a $1,500 partial withdrawal, leaving a contract value of $20,500.
We calculate the MAV death benefit as follows: |
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Purchase payments minus adjusted partial withdrawals: |
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minus adjusted partial withdrawals, calculated as: |
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The MAV immediately preceding the date of death plus any payments made since that
anniversary minus adjusted partial withdrawals: |
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MAV on the prior anniversary: |
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plus purchase payments made since the prior anniversary: |
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minus adjusted partial withdrawals, calculated as: |
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The MAV death benefit, calculated as the greatest of these three values: |
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RiverSource Signature Variable Annuity — Prospectus 41
Enhanced
Death Benefit (EDB)
The EDB is intended to help protect your
beneficiaries financially while your investments have the opportunity to grow. The EDB does not provide any additional benefit before the first contract anniversary and it may
not be appropriate for issue ages 75 to 79 because the benefit values may be limited after age 81. Be sure to discuss with your investment professional whether or not the EDB is appropriate for your situation.
If this rider is available in your state and both you and the annuitant are 79 or
younger at contract issue, you may choose to add the EDB to your contract. If you select the Guaranteed Minimum Income Benefit Rider you must select either the MAV death benefit or the EDB rider.
The EDB provides that if you or the annuitant die before annuity payouts begin
while this contract is in force, we will pay the beneficiary the greatest of these three values, minus any applicable rider charges:
2.
total purchase payments applied to the contract minus adjusted partial withdrawals; or
5% rising floor: This is the sum of the value of your GPAs, the one-year fixed account and the variable account floor. There is no
variable account floor prior to the first contract anniversary. On the first contract anniversary, we establish the variable account floor as:
•
the amounts allocated to the subaccounts at issue increased by 5%;
•
plus any
subsequent amounts allocated to the subaccounts;
•
minus adjusted transfers and partial withdrawals from the subaccounts.
Thereafter, we continue to add subsequent purchase payments allocated to the subaccounts and subtract adjusted transfers and partial withdrawals from the subaccounts. On each contract anniversary after the first, through age 80, we
add an amount to the variable account floor equal to 5% of the prior anniversary’s variable account floor. We stop adding this amount after you or the annuitant reach age 81.
5% rising floor adjusted transfers or partial withdrawals |
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the amount by which the contract value in the subaccounts is reduced as a result of the partial withdrawal or
transfer from the subaccounts. |
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variable account floor on the date of (but prior to) the transfer or partial withdrawal. |
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value of the subaccounts on the date of (but prior to) the transfer or partial withdrawal. |
•
You purchase the contract with a payment of $25,000 with $5,000 allocated to the one-year fixed account and $20,000
allocated to the subaccounts.
•
On the first contract anniversary, the one-year fixed account value is $5,200 and the
subaccount value is $17,000. Total contract value is $23,200.
•
During the
second contract year the one-year fixed account value is $5,300 and the subaccount value is $19,000. Total contract value is $24,300. You take a $1,500 partial withdrawal all
from the subaccounts, leaving the contract value at $22,800.
The death benefit is calculated as follows: |
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Purchase payments minus adjusted partial withdrawals: |
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minus adjusted partial withdrawals, calculated as: |
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for a MAV death benefit of: |
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The variable account floor on the first contract anniversary, calculated as: 1.05 x
$20,000 = |
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plus amounts allocated to the subaccounts since that anniversary: |
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minus the 5% rising floor adjusted partial withdrawal from the subaccounts, calculated as: |
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42 RiverSource Signature Variable Annuity — Prospectus
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variable account floor benefit: |
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plus the one-year fixed account value: |
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5% rising floor (value of the GPAs, one-year fixed account and the variable account
floor): |
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The EDB death benefit, calculated as the greatest of these three values: |
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If You Die Before Your Retirement Date
When paying the beneficiary, we will process the death claim on the valuation date our death claim requirements are fulfilled. We will determine the contract’s value using the accumulation unit value we calculate on that valuation date. We pay interest, if any, at a rate no less than required by law. We will mail payment to the beneficiary within seven days
after our death claim requirements are fulfilled. Death claim requirements generally include due proof of death and will be detailed in the claim materials we send upon notification of death.
If your spouse is sole beneficiary and you die before the retirement date, your spouse may keep the contract as owner
with the contract value equal to the death benefit that would otherwise have been paid. To do this your spouse must give us written instructions to continue the contract as owner. There will be no withdrawal charges on the
contract from that point forward unless additional purchase payments are made. If you elected any optional
contract features or riders, your spouse and the new annuitant (if applicable) will be subject to all limitations and/or restrictions of those features or riders just as if they were purchasing a new contract. The GMIB rider, if selected, will terminate. (See “Optional Benefits.”)
If your beneficiary is not your spouse, we will pay the beneficiary in a single sum unless you give us other written
instructions. Generally, we must fully distribute the death benefit within five years of your death. However, the beneficiary may receive payouts under any annuity payout plan available under this contract if:
•
the beneficiary elects in writing, and payouts begin no later than one year after your death, or other date as permitted
by the IRS; and
•
the payout period does not extend beyond the beneficiary’s life or life expectancy.
The information below has been revised to reflect proposed regulations issued by the Internal Revenue Service that
describe the requirements for required minimum distributions when a person or entity inherit assets held in an IRA, 403(b) or qualified retirement plan. This proposal is not final and may change. Contract owners are advised to work with
a tax professional to understand their required minimum distribution obligations under the proposed regulations and federal law. The proposed regulations can be found in the Federal Register, Vol. 87, No. 37, dated Thursday,
February 24, 2022.
•
Spouse beneficiary: If you have not elected an annuity payout plan, and if your spouse is the sole beneficiary, your spouse may either
elect to treat the contract as his/her own, so long as he or she is eligible to do so, or elect an annuity payout plan or another plan agreed to by us. If your spouse elects a
payout option, the payouts must begin no later than the year in which you would have reached age 73. If you attained age 73 at the time of death, payouts must begin no later than Dec. 31 of the year following the year of your death.
Your spouse may elect to assume ownership of the contract at any time before annuity payouts begin. If your spouse elects to assume ownership of the contract, the contract value will be equal to the death benefit that would otherwise
have been paid. There will be no withdrawal charges on the contract from that point forward unless additional purchase payments are made. If you elected any optional contract features or
riders, your spouse and the new annuitant (if applicable) will be subject to all limitations and/or restrictions of those features or riders just as if they were purchasing a new contract. The GMIB rider, if selected, will terminate. (See “Optional Benefits.”)
•
Non-spouse beneficiary: If you have not elected an annuity payout plan, and if death occurs on or after Jan. 1, 2020, the beneficiary is
required to withdraw his or her entire inherited interest by December 31 of the 10th year following your date of death unless they qualify as an “eligible designated beneficiary.” Your
beneficiary may be required to take distributions during the 10-year period if you died after your Required Beginning Date. Eligible designated beneficiaries may continue to take proceeds out over your life expectancy if you died prior to your Required Beginning
Date or over the greater of your life expectancy or their life expectancy if you died after your Required Beginning Date. Eligible designated beneficiaries include the surviving spouse: the surviving spouse;
•
a lawful child
of the owner under the age of 21 (remaining amount must be withdrawn by the earlier of the end of the year the minor turns 31 or end of the 10th year following the minor's
death);disabled within the meaning of Code section 72(m)(7);
•
chronically
ill within the meaning of Code section 7702B(c)(2);
RiverSource Signature Variable Annuity — Prospectus 43
•
any other
person who is not more than 10 years younger than the owner.
However, non-natural beneficiaries, such as estates and charities,
are subject to a five-year rule to distribute the IRA if you died prior to your Required Beginning Date.
We will pay the beneficiary in a single sum unless the beneficiary elects to receive payouts under a payout plan
available under this contract and:
•
the beneficiary elects in writing, and payouts begin, no later than one year following the
year of your death; and
•
the payout period does not extend beyond December 31 of the 10th year following your death or
the applicable life expectancy for an eligible designated beneficiary.
•
Spouse and Non-spouse beneficiary: If a beneficiary elects an alternative payment plan which is an inherited IRA, all optional death benefits and living
benefits will terminate. In the event of your beneficiary’s death, their beneficiary can elect to take a lump sum payment or annuitize the contract to deplete it within 10
years of your beneficiary’s death
•
Annuity payout plan: If you elect an annuity payout plan, the payouts to your beneficiary may continue depending on the annuity payout plan
you elect, subject to adjustment to comply with the IRS rules and regulations.
How we handle contracts under unclaimed property laws
Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of
inactivity of one to five years from either 1) the contract’s maturity date (the latest day on which income payments may begin under the contract) or 2) the date the death benefit is due and payable. If a contract matures or we determine a
death benefit is payable, we will use our best efforts to locate you or designated beneficiaries. If we are unable to locate you or a beneficiary, proceeds will be paid to the abandoned property division or unclaimed property office of the
state in which the beneficiary or you last resided, as shown in our books and records, or to our state of domicile. Generally, this surrender of property to the state is commonly referred to as “escheatment”. To avoid escheatment, and ensure an effective process for your beneficiaries, it is important that your personal address and beneficiary
designations are up to date, including complete names, date of birth, current addresses and phone numbers, and taxpayer identification numbers for each beneficiary. Updates to your address or beneficiary designations should be sent
to our Service Center.
Escheatment may also be required by law if a known beneficiary fails to demand or present an instrument or document to
claim the death benefit in a timely manner, creating a presumption of abandonment. If your beneficiary steps forward (with the proper documentation) to claim escheated annuity
proceeds, the state is obligated to pay any such proceeds it is holding.
For nonqualified deferred annuities, non-spousal death
benefits are generally required to be distributed and taxed within five years from the date of death of the owner.
The assets held in our general account support the guarantees under your contract, including optional death benefits and
optional living benefits. To the extent that we are required to pay you amounts in addition to your contract value under these benefits, such amounts will come from our general
account assets. You should be aware that our general account is exposed to the risks normally associated with a portfolio of fixed-income securities, including interest rate,
option, liquidity and credit risk. You should also be aware that we issue other types of insurance and financial products as well, and we also pay our obligations under these products from assets in our general account. Our general account is
not segregated or insulated from the claims of our creditors. The financial statements contained in the SAI include a further discussion of the risks inherent within the
investments of the general account.
Guaranteed Minimum Income Benefit Rider
(GMIB)
The GMIB is intended to provide you with a guaranteed
minimum lifetime income regardless of the volatility inherent in the investments in the subaccounts. If the annuitant is between age 73 and age 75 at contract issue, you should
consider whether a GMIB rider is appropriate for your situation because:
•
you must hold the GMIB for seven years;
•
the GMIB rider
terminates* 30 days following the contract anniversary after the annuitant’s 86th birthday;
•
you can only
exercise the GMIB within 30 days after a contract anniversary;
•
the 6% rising floor value we use in the GMIB benefit base to calculate annuity payouts under
the GMIB is limited after age 81; and
•
there are
additional costs associated with the rider.
44 RiverSource Signature Variable Annuity — Prospectus
*
The rider and
annual fee terminate 30 days following the contract anniversary after the annuitant’s 86th birthday, however, if you exercise the GMIB rider before this time, your benefits
will continue according to the annuity payout plan you have selected.
Be sure to discuss with your investment professional whether either GMIB rider
option is appropriate for your situation.
If you are purchasing the contract as a qualified annuity, such as an IRA, and you are planning to begin annuity payouts after the date on which minimum distributions required by the IRS must begin, you should consider whether the GMIB is
appropriate for you. Partial withdrawals you take from the contract, including those taken to satisfy required minimum distributions, will reduce the GMIB benefit base (defined below), which in turn may reduce or eliminate the amount of
any annuity payments available under the rider (see “Taxes — Qualified Annuities — Required Minimum Distributions”). Consult a tax advisor before you purchase any GMIB with a qualified annuity, such as an IRA.
If this rider is available in your state and the annuitant is
75 or younger at contract issue, you may choose to add this optional benefit at the time you purchase your contract for an additional annual charge (see “Charges”).
You cannot select this rider if you select the 8% Performance Credit Rider. You must elect the GMIB along with either the MAV death benefit or the EDB death benefit rider at the time you purchase your contract and your rider effective date will be the
contract issue date.
In some instances we may allow you to add the GMIB to your contract at a later date
if it was not available when you initially purchased your contract. In these instances, we would add the GMIB on the next contract anniversary and this would become the rider effective date. For purposes of calculating the GMIB benefit base under these circumstances, we
consider the contract value on the rider effective date to be the initial purchase payment; we disregard all previous purchase payments, transfers and withdrawals in the GMIB calculations.
Investment selection under the GMIB: You may allocate your purchase payments or transfers to any of the
subaccounts, the GPAs or the one-year fixed account. However, we reserve the right to limit the amount you allocate to subaccounts investing in the Columbia Variable Portfolio — Cash Management Fund to 10% of the total amount in the
subaccounts. If we are required to activate this restriction, and you have more than 10% of your subaccount value in this fund, we will send you a notice and ask that you reallocate your contract value so that the 10% limitation is
satisfied within 60 days. We will terminate the GMIB if you have not satisfied the limitation after 60 days.
•
you may only exercise the GMIB within 30 days after any contract anniversary following the
expiration of a seven-year waiting period from the rider effective date.
•
the annuitant
on the retirement date must be between 50 and 86 years old.
•
you can only take an annuity payout under one of the following annuity payout plans:
–
Plan A – Life Annuity — no refund
–
Plan B – Life Annuity with ten years certain
–
Plan D – Joint and last survivor life annuity — no refund
•
you may change the annuitant for the payouts.
When you exercise your
GMIB, you may select a fixed or variable annuity payout plan. Fixed annuity payouts are calculated using the annuity purchase rates based on the “1983 Individual Annuitant
Mortality Table A” with 100% Projection Scale G and an interest rate of 2.5%. Your annuity payouts remain fixed for the lifetime of the annuity payout period.
First year variable annuity payouts are calculated in the same manner as fixed
annuity payouts. Once calculated, your annuity payouts remain unchanged for the first year. After the first year, subsequent annuity payouts are variable and depend on the performance of the subaccounts you select. Variable annuity payouts after the first year are calculated
using the following formula:
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annualized subaccount performance |
Each subsequent variable annuity payout could be more or less than the previous variable annuity payout if the subaccount investment performance is greater or less than the 5% assumed investment rate. If your subaccount performance
equals 5%, your annuity payout will be unchanged from the previous annuity payout. If your subaccount performance is in excess of 5%, your variable annuity payout will increase
from the previous annuity payout. If your subaccount investment performance is less than 5%, your variable annuity payout will decrease from the previous annuity payout.
RiverSource Signature Variable Annuity — Prospectus 45
The GMIB benchmarks the
contract growth at each anniversary against several comparison values and sets the GMIB benefit base (described below) equal to the largest value. The GMIB benefit base, less any
applicable premium tax, is the value we apply to the guaranteed annuity purchase rates we use in the 2.5% Table to calculate the minimum annuity payouts you will receive if you exercise the GMIB. If the GMIB benefit base is greater than the contract value, the GMIB
may provide a higher annuity payout level than is otherwise available. However, the GMIB uses guaranteed annuity purchase rates which may result in annuity payouts that are less than the annuity purchase rates that we will apply at
annuitization under the standard contract provisions. Therefore, the level of income provided by the GMIB may be less than the income the contract otherwise provides. If the annuity payouts through the standard contract provisions are
more favorable than the payouts available through the GMIB, you will receive the higher standard payout option. The GMIB does not create contract value or guarantee the performance of any investment option.
GMIB benefit base: If the GMIB is effective at contract issue, the GMIB benefit base is the greatest of:
•
total purchase payments
minus adjusted partial withdrawals; or
•
6% rising floor: This is the sum of the value of the GPAs, one-year fixed account and the
variable account floor. We calculate the variable account floor on each contract anniversary through age 80. There is no variable account floor prior to the first contract anniversary. On the first contract anniversary, we set the variable account floor equal to:
•
the initial purchase payments allocated to the subaccounts increased by 6%;
•
plus any subsequent amounts allocated to the subaccounts; and
•
minus adjusted
transfers or partial withdrawals from the subaccounts.
Every contract anniversary after that, through age 80, we reset the variable
account floor by accumulating the prior anniversary’s variable account floor at 6% plus any subsequent amounts allocated to the subaccounts minus adjusted transfers or partial withdrawals from the subaccounts. We stop resetting the variable account floor after you or the
annuitant reach age 81. However, we continue to add subsequent amounts you allocate to the subaccounts and
subtract adjusted transfers or partial withdrawals from the subaccounts.
Keep in mind that the 6% rising floor is limited after age
81.
We reserve the right to exclude from the GMIB benefit base any purchase payments you make in the five years before
you exercise the GMIB. We would do so only if such payments total $50,000 or more or if they are 25% or more of total contract payments. If we exercise this right, we:
•
subtract each payment
adjusted for market value from the contract value.
•
subtract each
payment from the 6% rising floor. We adjust the payments made to the GPAs and the one-year fixed account for market value. We increase payments allocated to the subaccounts by 6% for the number of full contract
years they have been in the contract before we subtract them from the 6% rising
floor.
For each payment, we calculate the market value adjustment to the contract value, the GPAs and the one-year fixed account value of the
6% rising floor as:
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each purchase payment made in the five years before you exercise the
GMIB. |
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current contract value at the time you exercise the GMIB. |
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the estimated contract value on the anniversary prior to the payment in question. We assume that all
payments and
partial withdrawals occur at the beginning of a contract year. |
For each payment, we calculate the 6% increase of payments allocated to the subaccounts as:
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the full number of contract years the payment has been in the contract. |
•
You may terminate the rider within 30 days after the first rider anniversary.
•
You may terminate the rider any time after the seventh rider anniversary.
•
The rider will
terminate on the date:
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you make a full withdrawal from the contract;
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a death benefit is payable; or
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you choose to begin taking annuity payouts under the regular contract provisions.
46 RiverSource Signature Variable Annuity — Prospectus
•
The GMIB rider
will terminate* 30 days following the contract anniversary after the annuitant’s 86th birthday.
*
The rider and
annual fee terminate 30 days following the contract anniversary after the annuitant’s 86th birthday, however, if you exercise the GMIB rider before this time, your benefits
will continue according to the annuity payout plan you have selected.
•
You purchase the contract during the 2004 calendar year with a payment of $100,000 and you allocate all of your purchase
payment to the subaccounts.
•
There are no additional purchase payments and no partial withdrawals.
•
Assume the annuitant is male and age 55 at contract issue. For the joint and last survivor option (annuity payout Plan
D), the joint annuitant is female and age 55 at contract issue.
•
Taking into account fluctuations in contract value due to market conditions, we calculate the
GMIB benefit base as:
NOTE: The 6% rising floor value is limited after age 81, but the GMIB benefit base may increase if the contract value
increases. However, you should keep in mind that you are always entitled to annuitize using the contract value without exercising the GMIB.
If you annuitize the contract within 30 days after a contract anniversary, the
payout under a fixed annuity option (which is the same as the minimum payout for the first year under a variable annuity option) would be:
Contract anniversary at exercise |
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Plan A –
life annuity —
no refund |
Minimum
Guaranteed Monthly Income |
Plan B –
life annuity with
ten years certain |
Plan D joint and
last survivor life
annuity — no refund |
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$179,085
(6% Rising Floor) |
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The payouts above are shown at guaranteed annuity rates we use in the 2.5% Table.
Payouts under the standard provisions of this contract will be based on our annuity rates in effect at annuitization and are guaranteed to be greater than or equal to the guaranteed annuity rates stated in Table B of the contract. The fixed annuity payout available under
the standard provisions of this contract would be at least as great as shown
below:
Contract
anniversary
at exercise |
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Plan A –
life annuity —
no refund |
Plan B –
life annuity with
ten years certain |
Plan D joint and
last survivor life
annuity — no refund |
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In the example above, at the 15th contract anniversary you would not experience a
benefit from the GMIB as the payout available to you is equal to or less than the payout available under the standard provisions of the contract.
RiverSource Signature Variable Annuity — Prospectus 47
8% Performance Credit
Rider (PCR)
The PCR is intended to provide you with an additional
benefit if your earnings are less than the target value on the seventh and tenth rider anniversaries (see below). This is an optional benefit you may select for an additional
annual charge of 0.25% of your contract value. The PCR does not provide any additional benefit before the seventh rider anniversary and it may not be appropriate for issue ages 83 or older due to this required holding period. Be sure to
discuss with your investment professional whether or not the PCR is appropriate for your situation.
If the PCR is available in your state, you may choose to add this benefit to your contract at issue. You cannot select the
PCR if you select the GMIB.
In some instances we may allow you to add the PCR to your contract at a later date
if it was not available when you initially purchased your contract. In these instances, we would add the PCR on the next contract anniversary and this would become the rider effective date. For purposes of calculating the target value under these circumstances, we
consider the contract value on the rider effective date to be the first contract year’s purchase payments.
Investment selection under the PCR: You may allocate your purchase payments or transfers to any of the
subaccounts, GPAs or the one-year fixed account. However, we reserve the right to limit the aggregate amount in the GPAs and the one-year fixed account and amounts you allocate to subaccounts investing in the Columbia Variable Portfolio —
Government Money Market Fund (Class 3) to 10% of your total contract value. If we are required to activate this restriction, and you have more than 10% of your contract value in these accounts, we will send you a notice and ask that
you reallocate your contract value so that the 10% limitation is satisfied within 60 days. We will terminate the PCR if you have not satisfied the limitation after 60
days.
Target value: We calculate the target value on each rider anniversary. There is no target value prior
to the first rider anniversary. On the first rider anniversary we set the target value equal to your first year’s purchase payments minus the target value adjusted partial withdrawals accumulated at an annual effective rate of 8%. Every rider anniversary
after that, we recalculate the target value by accumulating the prior anniversary’s target value and any additional purchase payments minus the target value adjusted partial withdrawals at an annual effective rate of
8%.
Target value adjusted partial withdrawals |
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the partial withdrawal including any applicable withdrawal charge or MVA. |
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the target value on the date of (but prior to) the partial withdrawal. |
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contract value on the date of (but prior to) the partial withdrawal. |
Your benefits under the PCR are as follows:
(a)
If on the seventh rider anniversary your contract value is less than the target value, we will add a PCR credit to your
contract equal to:
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PCR adjusted partial withdrawals. The PCR adjusted partial withdrawal amount is an adjustment we
make to determine the proportionate amount of any partial withdrawal attributable to purchase
payments received five or more years before the target value is calculated (on the tenth
year rider anniversary). For a more detailed description of the PCR adjusted partial
withdrawal please see Appendix A. |
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|
purchase payments made in the prior five years. |
We apply the PCR credit to your contract on the seventh rider anniversary and allocate it among the fixed accounts and subaccounts according to your current asset allocation.
(b)
If on the tenth rider anniversary your contract value is less than the target value, we
will add a PCR credit to your contract equal to:
We restart the calculation period for the PCR on the tenth rider anniversary and every ten years after that while you own the contract. We use the contract value (including any credits) on that anniversary as your first contract year’s payments for calculating the target value and any applicable PCR credit. We may then apply additional PCR credits to your contract
at the end of each seven- and ten-year period as described above.
48 RiverSource Signature Variable Annuity — Prospectus
PCR
reset: You can elect to lock in your contract growth by restarting the ten-year PCR calculation period on any
contract anniversary. If you elect to restart the calculation period, the contract value on the restart date is used as the first year’s payments for the calculating the target value and any applicable PCR credit. The next calculation period for the PCR will restart at the end of this new ten-year period. We must receive your request to restart the PCR calculation
period within 30 days after a contract anniversary.
•
You may terminate the PCR within 30 days following the first contract anniversary after the PCR rider effective date.
•
You may terminate the PCR within 30 days following the later of the tenth contract anniversary after the PCR rider
effective date or the last rider reset date.
•
The PCR will
terminate on the date:
–
you make a full withdrawal from the contract;
–
that a death benefit is payable; or
–
you choose to begin taking annuity payouts.
•
You purchase the contract with a payment of $104,000.
•
There are no additional purchase payments and no partial withdrawals.
•
On the seventh
contract anniversary, the contract value is $150,000.
•
We determine the target value on the seventh contract anniversary as your purchase payments
(there are no partial withdrawals to subtract) accumulated at an annual effective rate of 8% or:
$104,000 × (1.08)7 = $104,000 × 1.71382 =
$178,237.72.
Your contract value ($150,000) is less than the target value ($178,237.72) so we will add a PCR credit to your contract
equal to 3% of your purchase payments (there are no partial withdrawals or purchase payments made in the last five years to subtract), which is:
0.03 × $104,000 = $3,120.
After application of the PCR credit, your total contract value
would be $153,120.
•
On the tenth contract anniversary, the contract value is $220,000.
•
We determine
the target value on the tenth contract anniversary as your purchase payments (there are no partial withdrawals to subtract) accumulated at an annual effective rate of 8%
or:
$104,000 × (1.08)10 = $104,000 × 2.158924 =
$224,528.20.
Your contract value ($220,000) is less than the target value ($224,528.20) so we will add a PCR credit to your contract
equal to 5% of your purchase payments (there are no partial withdrawals or purchase payments made in the last five years to subtract), which is:
0.05 × $104,000 = $5,200.
After application of the PCR credit, your total contract value
would be $225,200.
•
The PCR calculation period automatically restarts on the tenth contract anniversary with the target values first year’s payments equal to $225,200. We would make the next PCR credit determination on the twentieth contract
anniversary.
The Annuity Payout Period
As owner of the contract, you have the right to decide how and to whom annuity payouts will be made starting at the
retirement date. You may select one of the annuity payout plans outlined below, or we may mutually agree on other payout arrangements. Currently, we make annuity payments on a monthly, quarterly, semi-annually and annual
basis. Assuming the initial payment is on the same date, more frequent payments will generally result in higher total payments over the year. As discussed below, certain annuity payout options have a “guaranteed period,” during which payments are guaranteed to continue. Longer guaranteed periods will generally result in lower monthly annuity payment amounts. With a shorter guaranteed period, the amount of each annuity payment will be greater. Payments that occur
more frequently will be smaller than those occurring less frequently.
We do not deduct any withdrawal charges upon retirement but
withdrawal charges may apply when electing to exercise liquidity features we may make available under certain fixed annuity payout options.
You also decide whether we will make annuity payouts on a fixed or variable
basis, or a combination of fixed and variable. The amount available to purchase payouts under the plan you select is the contract value on your retirement date after any rider charges have been deducted.
Additionally, we currently allow you to use part of the amount available to purchase payouts, leaving any remaining contract value to accumulate on a tax-deferred basis. Special
rules apply for
RiverSource Signature Variable Annuity — Prospectus 49
partial annuitization of
your annuity contract, see “Taxes — Nonqualified Annuities — Annuity payouts” and “Taxes — Qualified Annuities — Annuity payouts.”
If you select a variable annuity payout, we reserve the right to limit the number of subaccounts in which
you may invest. The GPAs are not available during this payout period.
Amounts of fixed and variable payouts depend on:
•
the annuity payout plan you select;
•
the
annuitant’s age and, in most cases, sex;
•
the annuity table in the contract; and
•
the amounts you allocated to the accounts at settlement.
In addition, for variable
annuity payouts only, amounts depend on the investment performance of the subaccounts you select. These payouts will vary from month to month because the performance of the funds
will fluctuate. Fixed payouts generally remain the same from month to month unless you have elected an option providing for increasing payments.
For information with respect to transfers between accounts after annuity payouts begin, see “Making the Most of Your
Contract — Transfer policies.”
The annuity tables in your contract (Table A and
Table B) show the amount of the monthly payout for each $1,000 of contract value according to the age and,
when applicable, the annuitant’s sex. (Where required by law, we will use a unisex table of settlement rates.)
Table A shows the amount of the first monthly variable annuity payout assuming that the contract value is invested at the beginning of the annuity payout period and earns a 5% rate of return, which is reinvested and
helps to support future payouts. If you ask us at least 30 days before the retirement date, we will substitute an annuity table based on an assumed 3.5% investment rate for the 5% Table A in the contract. The assumed investment rate affects both the amount of the first payout and the extent to which subsequent payouts increase or decrease. For example, annuity payouts
will increase if the investment return is above the assumed investment rate and payouts will decrease if the return is below the assumed investment rate. Using a 5% assumed
interest rate results in a higher initial payout, but later payouts will increase more slowly when annuity unit values rise and decrease more rapidly when they decline.
Table B shows the minimum amount of each fixed annuity payout. We declare current payout rates that we use in
determining the actual amount of your fixed annuity payout. The current payout rates will equal or exceed the
guaranteed payout rates shown in Table B. We will furnish these rates to you upon request.
We make available variable annuity payouts where payout amounts will vary based on
the performance of the variable account. We may also make fixed annuity payouts available where payments of a fixed amount are made for the period specified in the plan, subject to any surrender we may permit. You may choose any one of these annuity payout plans by
giving us written instructions at least 30 days before the retirement date. Generally, you may select one of the Plans A through E below or another plan agreed to by us.
•
Plan A – Life annuity — no refund: We make monthly payouts until the annuitant’s death. Payouts end with the last payout before the
annuitant’s death. We will not make any further payouts. This means that if the annuitant dies after we made only one monthly payout, we will not make any more
payouts.
•
Plan B – Life annuity with five, ten or 15 years certain: We make monthly payouts for a guaranteed payout period of five, ten or 15 years that you elect. This election will
determine the length of the payout period in the event the annuitant dies before the elected period expires. We calculate the guaranteed payout period from the retirement date. If the annuitant outlives the elected guaranteed payout period, we will continue to make payouts until the
annuitant’s death.
•
Plan C – Life annuity — installment refund: We make monthly payouts until the annuitant’s death, with our guarantee that payouts will continue for some
period of time. We will make payouts for at least the number of months determined by dividing the amount applied under this option by the first monthly payout, whether or not the
annuitant is living.
•
Plan D – Joint and last survivor life annuity — no refund: We make monthly payouts while
both the annuitant and a joint annuitant are living. If either annuitant dies, we will continue to make monthly payouts at the full amount until the death of the surviving annuitant. Payouts end with the death of the second annuitant.
•
Plan E – Payouts for a specified period: We make monthly payouts for a specific payout period of ten to 30 years that you elect. We will make payouts only for
the number of years specified whether the annuitant is living or not. Depending on the selected time period, it is foreseeable that an annuitant can outlive the payout period
selected. During the payout period, you can elect to have us determine the present value of any remaining payouts and pay it to you in a lump sum.
50 RiverSource Signature Variable Annuity — Prospectus
For Plan A, if the
annuitant dies before the initial payment, no payments will be made. For Plan B, if the annuitant dies before the initial payment, the payments will continue for the guaranteed
payout period. For Plan C, if the annuitant dies before the initial payment, the payments will continue for the installment refund period. For Plan D, if both annuitants die before the initial payment, no payments will be made; however, if one annuitant dies before the initial payment, the
payments will continue until the death of the surviving annuitant.
In addition to the annuity payout plans described above, we may offer additional
payout plans. Terms and conditions of annuity payout plans will be disclosed at the time of election, including any associated fees or charges. It is important to remember that the election and use of liquidity features will result in payouts ceasing.
The annuitant's age at the time annuity payments commence will
affect the amount of each payment for annuity payment plans involving lifetime income. The amount of each annuity payment to older annuitants will be greater than
for younger annuitants because payments to older annuitants are expected to be fewer in number. For annuity payment plans that do not involve lifetime income, the length of the guaranteed period will affect the amount of each payment. With a shorter guaranteed period, the amount of each annuity payment will be greater. Payments that occur more
frequently will be smaller than those occurring less frequently.
Utilizing a liquidity feature to withdraw the underlying value of remaining payouts may result in the assessment of a
withdrawal charge (See “Charges — Withdrawal charge”) or a 10% IRS penalty tax. (See “Taxes.”).
The annuitant's age at the time annuity payments commence will affect the amount of each payment for annuity payment
plans involving lifetime income. The amount of each annuity payment to older annuitants will be greater than for younger annuitants because payments to older
annuitants are expected to be fewer in number.
Annuity payout plan requirements for qualified annuities: If your
contract is a qualified annuity, you must select a payout plan as of the retirement date set forth in your contract. You have the responsibility for electing a payout plan
under your contract that complies with applicable law. Your contract describes your payout plan options. The options will meet certain IRS regulations governing RMDs if the payout plan meets the incidental distribution benefit requirements,
if any, and the payouts are made:
•
in equal or substantially equal payments over a period not longer than your life expectancy,
or over the joint life expectancy of you and your designated beneficiary; or
•
over a period
certain not longer than your life expectancy or over the joint life expectancy of you and your designated beneficiary.
If we do not receive instructions: You must give us written
instructions for the annuity payouts at least 30 days before the annuitant’s retirement date. If you do not, we will make payouts under Plan B, with 120 monthly payouts
guaranteed.
If monthly payouts would be less than $20: We will calculate the amount of monthly payouts at the time the contract value is used to purchase a payout plan. If
the calculations show that monthly payouts would be less than $20, we have the right to pay the contract value to the owner in a lump sum or to change the frequency of the
payouts.
Death after annuity payouts begin: If you or the annuitant die after annuity payouts begin, we will pay
any amount payable to the beneficiary as provided in the annuity payout plan in effect. Payments to beneficiaries are subject to adjustment to comply with the IRS rules and regulations.
Under current law, your contract has a tax-deferral feature. Generally, this means you do not pay income tax until there is a taxable distribution (or deemed distribution) from the contract. We will send a tax information reporting form for any year in which we made a taxable or reportable distribution according to our records.
Generally, only the increase in the value of a non-qualified annuity contract over the investment in the contract is
taxable. Certain exceptions apply. Federal tax law requires that all nonqualified deferred annuity contracts issued by the same company (and possibly its affiliates) to the same owner during a calendar year be taxed as a single, unified
contract when distributions are taken from any one of those contracts.
Annuity payouts: Generally, unlike withdrawals described below,
the income taxation of annuity payouts is subject to exclusion ratios (for fixed annuity payouts) or annual excludable amounts (for variable annuity payouts). In other words,
in most cases, a portion of each payout will be ordinary income and subject to tax, and a portion of each payout will be considered a return of part of your investment in the contract and will not be taxed. All amounts you receive after your
investment in the contract is fully recovered will be subject to tax. Under Annuity Payout Plan A: Life annuity — no refund, where the annuitant dies before your investment in the contract is fully recovered, the remaining portion of the
unrecovered investment may be available as a federal income tax deduction to the owner for the last taxable year.
RiverSource Signature Variable Annuity — Prospectus 51
Under all other annuity
payout plans, where the annuity payouts end before your investment in the contract is fully recovered, the remaining portion of the unrecovered investment may be available as a
federal income tax deduction to the taxpayer for the tax year in which the payouts end. (See “The Annuity Payout Period — Annuity Payout Plans.”)
Federal tax law permits taxpayers to annuitize a portion of their nonqualified annuity while leaving the remaining balance
to continue to grow tax-deferred. Under the partial annuitization rules, the portion annuitized must be received as an annuity for a period of 10 years or more, or for the lives of one or more individuals. If this requirement is met, the
annuitized portion and the tax-deferred balance will generally be treated as two separate contracts for income tax purposes only. If a contract is partially annuitized, the investment in the contract is allocated between the deferred and
the annuitized portions on a pro rata basis.
Withdrawals: Generally, if you
withdrawal all or part of your nonqualified annuity your annuity payouts begin, including
withdrawals under any optional withdrawal benefit rider, your withdrawal will be taxed to the extent that the contract value immediately before the withdrawal exceeds the investment in the contract. Different rules may apply if you
exchange another contract into this contract.
You also may have to pay a 10% IRS penalty for withdrawals of taxable income you make before reaching age 59½ unless certain exceptions apply.
Withholding: If you receive taxable income as a result of an annuity payout or withdrawal, including withdrawals under any optional withdrawal benefit rider, we may deduct federal, and in some cases state withholding against the payment.
Any withholding represents a prepayment of your income tax due for the year. You take credit for these amounts on your annual income tax return. As long as you have provided us with a valid Social Security Number or Taxpayer Identification
Number, and you have a valid U.S. address, you may be able to elect not to have federal income tax withholding occur.
If the payment is part of an annuity payout plan, we generally compute the amount of federal income tax withholding
using payroll tables. You may complete our Form W-4P to use in calculating the withholding if you want withholding other than the default (single filing status with no adjustments). If the distribution is any other type of payment (such as
partial or full withdrawal) we
compute federal income tax withholding using 10% of the taxable portion unless you elect a different percentage via our Form W-4R or another acceptable method.
The federal income tax withholding requirements differ if we deliver payment outside the United States or you are a
non-resident alien.
Some states also may impose income tax withholding requirements similar to the
federal withholding described above or may allow you to elect withholding. If this should be the case, we may deduct state income tax withholding from the payment.
Federal and state tax withholding rules are subject to change. Annuity payouts and
surrenders are subject to the tax withholding rules in effect at the time that they are made, which may differ from the rules described above.
Death benefits to beneficiaries: The death benefit under a nonqualified contract is not exempt from
estate (federal or state) taxes. In addition, for income tax purposes, any amount your beneficiary receives that exceeds the remaining investment in the contract is taxable as ordinary income to the beneficiary in the year he or she receives the payments.
(See also “Benefits in Case of Death — If You Die Before the Retirement Date”).
Net Investment Income Tax: Certain investment income of high-income individuals (as well as estates and trusts) is subject to a 3.8% net
investment income tax (as an addition to income taxes). For individuals, the 3.8% tax applies to the lesser of (1) the amount by which the taxpayer’s modified adjusted
gross income exceeds $200,000 ($250,000 for married filing jointly and surviving spouses; $125,000 for married filing separately) or (2) the taxpayer’s “net
investment income.” Net investment income includes taxable income from nonqualified annuities. Annuity holders are advised to consult their tax advisor regarding the possible implications of this additional tax.
Annuities owned by corporations, partnerships
or irrevocable trusts: For nonqualified annuities, any annual increase in the value of annuities held by
such entities (non-natural persons) generally will be treated as ordinary income received during that year. However, if the trust was set up for the benefit of a natural
person(s) only, the income may remain tax-deferred until withdrawn or paid out.
Penalties: If you receive amounts from your nonqualified annuity before reaching age 59½, you may have to pay a 10% IRS
penalty on the amount includable in your ordinary income. However, this penalty will not apply to any amount received:
•
because of your death or in the event of non-natural ownership, the death of annuitant;
•
because you
become disabled (as defined in the Code);
•
if the distribution is part of a series of substantially equal periodic payments, made at
least annually, over your life or life expectancy (or joint lives or life expectancies of you and your beneficiary);
•
if it is allocable to an investment before Aug. 14, 1982; or
52 RiverSource Signature Variable Annuity — Prospectus
•
if annuity
payouts are made under immediate annuities as defined by the Code.
Transfer of ownership: Generally, if you transfer ownership of a nonqualified annuity without receiving adequate consideration, the transfer
may be taxed as a withdrawal for federal income tax purposes. If the transfer is a currently taxable event for income tax purposes, the original owner will be taxed on the amount of deferred earnings at the time
of the transfer and also may be subject to the 10% IRS penalty discussed earlier. In this case, the new owner’s investment in the contract will be equal to the investment in the contract at the time of the transfer plus any earnings
included in the original owner’s taxable income as a result of the transfer. In general, this rule does not apply to transfers between spouses or former spouses. Similar rules apply if you transfer ownership for full consideration.
Please consult your tax advisor for further details.
1035 Exchanges: Section 1035 of the Code permits nontaxable exchanges of certain insurance policies, endowment contracts, annuity
contracts and qualified long-term care insurance contracts while providing for continued tax deferral of earnings. In addition, Section 1035 permits the carryover of the
investment in the contract from the old policy or contract to the new policy or contract. In a 1035 exchange one policy or contract is exchanged for another policy or contract. The following can qualify as nontaxable exchanges: (1) the exchange of a life insurance policy for another life
insurance policy or for an endowment, annuity or qualified long-term care insurance contract, (2) the exchange of an endowment contract for an annuity or qualified long-term care insurance contract, or for an endowment contract under
which payments will begin no later than payments would have begun under the contract exchanged, (3) the exchange of an annuity contract for another annuity or for a qualified long-term care insurance contract, and (4) the exchange of a
qualified long-term care insurance contract for a qualified long-term care insurance contract. Additionally, other tax rules apply. However, if the life insurance policy has an outstanding loan, there may be tax consequences. Depending on the
issue date of your original policy or contract, there may be tax or other benefits that are given up to gain the benefits of the new policy or contract. Consider whether the features and benefits of the new policy or contract outweigh any tax or
other benefits of the old contract.
For a partial exchange of an annuity contract for another annuity contract, the
1035 exchange is generally tax-free. The investment in the original contract and the earnings on the contract will be allocated proportionately between the original and new contracts. However, per IRS Revenue Procedure 2011-38, if withdrawals are taken from either contract within the 180-day period following a partial 1035 exchange, the IRS will apply general
tax principles to determine the appropriate tax treatment of the exchange and subsequent withdrawal. As a result, there may be unexpected tax consequences. You should consult your tax advisor before taking any withdrawal from either contract during the 180-day
period following a partial exchange.
Assignment: If you assign or pledge your contract as collateral for a loan, earnings on purchase payments you made after Aug. 13,
1982 will be taxed as a deemed distribution and also may be subject to the 10% penalty as discussed above.
Adverse tax consequences may result if you do not ensure that contributions,
distributions and other transactions under the contract comply with the law. Qualified annuities have minimum distribution rules that govern the timing and amount of distributions. You should refer to your retirement plan’s Summary Plan Description, your IRA disclosure statement, or consult a tax advisor for additional information about the distribution rules applicable to your situation.
When you use your contract to fund a retirement plan or IRA that is already tax-deferred under the Code, the contract will
not provide any necessary or additional tax deferral. If your contract is used to fund an employer sponsored plan, your right to benefits may be subject to the terms and conditions of the plan regardless of the terms of the contract.
Annuity payouts: Under a qualified annuity, except a Roth IRA, Roth 401(k) or Roth 403(b), the entire
payout generally is includable as ordinary income and is subject to tax unless: (1) the contract is an IRA to which you made non-deductible contributions; or (2) you rolled after-tax dollars from a retirement plan into your IRA; or 3) the contract is used to fund a retirement plan and you or your employer have contributed after-tax dollars; or (4) the contract is used to fund a
retirement plan and you direct such payout to be directly rolled over to another eligible retirement plan such as an IRA. We may permit partial annuitizations of qualified annuity contracts. If we accept partial annuitizations, please remember
that your contract will still need to comply with other requirements such as required minimum distributions and the payment of taxes. Prior to considering a partial annuitization on a qualified contract, you should discuss your decision
and any implications with your tax adviser. Because we cannot accurately track certain after tax funding sources, we will generally report any payments on partial annuitizations as ordinary income except in the case of a qualified distribution
from a Roth IRA.
Annuity payouts from Roth IRAs: In general, the entire payout from a Roth IRA can be free from income and penalty taxes if you have attained age
59½ and meet the five year holding period.
RiverSource Signature Variable Annuity — Prospectus 53
Withdrawals:
Under a qualified annuity, except a Roth IRA, Roth 401(k) or Roth 403(b), the entire withdrawal will generally be includable as ordinary income and is subject to tax unless: (1) the contract is an IRA to which you
made non-deductible contributions; or (2) you rolled after-tax dollars from a retirement plan into your IRA; or (3) the contract is used to fund a retirement plan and you or your employer have contributed after-tax dollars; or (4) the contract is used to
fund a retirement plan and you direct such withdrawal to be directly rolled over to another eligible retirement plan such as an IRA.
Withdrawals from Roth IRAs: In general, the entire payout from a Roth IRA can be free from income and penalty taxes if you have attained age
59½ and meet the five year holding period or another qualifying event such as death or disability.
Required Minimum Distributions: Retirement plans (except for Roth IRAs) are subject to required withdrawals called required minimum distributions (“RMDs”) beginning at age 73. RMDs are based on the fair market value
of your contract at year-end divided by the life expectancy factor. Certain death benefits and optional riders may be considered in determining the fair market value of your contract for RMD purposes. This may cause your RMD to be higher. Inherited
IRAs (including inherited Roth IRAs) are subject to special required minimum distribution rules. You should consult your tax advisor prior to making a purchase for an explanation of the potential tax implications to
you.
Withholding for IRAs, Roth IRAs, SEPs and SIMPLE IRAs: If you receive taxable income as a result of an
annuity payout or a withdrawal,
including withdrawals under any optional withdrawal benefit rider, we may deduct withholding against
the payment. Any withholding represents a prepayment of your tax due for the year. You take credit for these amounts on your annual income tax return. As long as you have provided us with a valid Social Security Number or Taxpayer
Identification Number, you can elect not to have any withholding occur.
If the payment is part of an annuity payout plan, we generally compute the
amount of federal income tax withholding using payroll tables. You may complete our Form W-4P to use in calculating the withholding if you want withholding other than the default (single filing status with no adjustments). If the distribution is any other type of payment (such as
partial or full withdrawal) we
compute federal income tax withholding using 10% of the taxable portion unless you elect a different percentage via our Form W-4R or another acceptable method.
The federal income tax withholding requirements differ if we deliver payment outside the United States or you are a
non-resident alien.
Some states also may impose income tax withholding requirements similar to the
federal withholding described above. If this should be the case, we may deduct state income tax withholding from the payment.
Withholding for all other qualified annuities: If you receive directly all or part of the contract
value from a qualified annuity, mandatory 20% federal income tax withholding (and possibly state income tax withholding) generally will be imposed at the time the payout is made from the plan. Any withholding represents a prepayment of your tax due for the
year. You take credit for these amounts on your annual income tax return. This mandatory withholding will not be imposed if instead of receiving the distribution check, you elect to have the distribution rolled over directly to an IRA or another eligible plan. Payments made to a surviving spouse instead of being directly rolled over to an IRA are also
subject to mandatory 20% income tax withholding.
In the below situations, the distribution is subject to optional withholding
instead of the mandatory 20% withholding. We will withhold 10% of the distribution amount unless you elect otherwise.
•
the payout is one in a series of substantially equal periodic payouts, made at least annually, over your life or life
expectancy (or the joint lives or life expectancies of you and your designated beneficiary) or over a specified period of 10 years or more;
•
the payout is a RMD as defined under the Code;
•
the payout is made on account of an eligible hardship; or
•
the payout is
a corrective distribution.
State withholding also may be imposed on taxable distributions.
Penalties: If you receive amounts from your qualified contract before reaching age 59½, you may
have to pay a 10% IRS penalty on the amount includable in your ordinary income. However, this penalty generally will not apply to any amount received:
•
because you become disabled (as defined in the Code);
•
if the
distribution is part of a series of substantially equal periodic payments made at least annually, over your life or life expectancy (or joint lives or life expectancies of you
and your beneficiary);
•
if the distribution is made following severance from employment during or after the calendar
year in which you attain age 55 (TSAs and annuities funding 401(a) plans only);
•
to pay certain
medical or education expenses (IRAs only); or
54 RiverSource Signature Variable Annuity — Prospectus
•
if the
distribution is made from an inherited IRA or others as allowed by the IRS.
Death benefits to beneficiaries: The entire death benefit generally
is taxable as ordinary income to the beneficiary in the year he/she receives the payments from the qualified annuity. If you made non-deductible contributions to a traditional IRA, the portion of any distribution from the contract that represents after-tax contributions is not taxable as ordinary income to your beneficiary. Under current IRS requirements you are responsible for keeping all records tracking your non-deductible contributions to an IRA. Death benefits under a
Roth IRA generally are not taxable as ordinary income to the beneficiary if certain distribution requirements are met. (See also “Benefits in Case of Death — If you
Die Before the Retirement
Date”).
Change of retirement plan type: IRS regulations allow for rollovers of certain retirement plan
distributions. In some circumstances, you may be able to have an intra-contract rollover, keeping the same features and conditions. If the annuity contract you have does not support an intra-contract rollover, you are able to request an IRS approved rollover to
another annuity contract or other investment product that you choose. If you choose another annuity contract or investment product, you will be subject to new rules, including a new withdrawal charge schedule for an annuity contract, or other product rules as applicable.
Assignment: You may not assign or pledge your qualified contract as collateral for a loan.
Special considerations if you select any optional rider: As of the date of this prospectus, we believe that charges related to these riders are not subject to current taxation.
Therefore, we will not report these charges as partial withdrawals from your contract. However, the IRS may
determine that these charges should be treated as partial withdrawals subject to taxation to the extent of
any gain as well as the 10% tax penalty for withdrawals before the age of 59½, if applicable, on the taxable portion.
We reserve the right to report charges for these riders as partial withdrawals if we, as a withholding and reporting
agent, believe that we are required to report them. In addition, we will report any benefits attributable to these riders on the death of you or the annuitant as an
annuity death benefit distribution, not as proceeds from life insurance.
Important: Our discussion of federal tax laws is based upon our understanding of current interpretations of these laws. Federal
tax laws or current interpretations of them may change. For this reason and because tax consequences are complex and highly individual and cannot always be anticipated, you
should consult a tax advisor if you have any questions about taxation of your
contract.
RiverSource Life’s tax status: We are taxed as a life insurance company under the Code. For
federal income tax purposes, the subaccounts are considered a part of our company, although their operations are treated separately in accounting and financial statements. Investment income is reinvested in the fund in which each subaccount invests and
becomes part of that subaccount’s value. This investment income, including realized capital gains, is not subject to any withholding for federal or state income taxes. We reserve the right to make such a charge in the future if there is a
change in the tax treatment of variable annuities or in our tax status as we then understand it.
The company includes in its taxable income the net investment income derived from the investment of assets held in its subaccounts because the company is considered the owner of these assets under federal income tax law. The company
may claim certain tax benefits associated with this investment income. These benefits, which may include foreign tax credits and the corporate dividend received deduction,
are not passed on to you since the company is the owner of the assets under federal tax law and is taxed on the investment income generated by the assets.
Tax qualification: We intend that the contract qualify as an annuity for federal income tax purposes.
To that end, the provisions of the contract are to be interpreted to ensure or maintain such tax qualification, in spite of any other provisions of the contract. We reserve the right to amend the contract to reflect any clarifications that may be needed or
are appropriate to maintain such qualification or to conform the contract to any applicable changes in the tax qualification requirements. We will send you a copy of any amendments.
Spousal status: When it comes to your marital status and the identification and naming of any spouse as a beneficiary or party to your
contract, we will rely on the representations you make to us. Based on this reliance, we will issue and administer your contract in accordance with these representations. If you
represent that you are married and your representation is incorrect or your marriage is deemed invalid for federal or state law purposes, then the benefits and rights under your contract may be different.
If you have any questions as to the status of your relationship as a marriage, then
you should consult an appropriate tax or legal advisor.
RiverSource Signature Variable Annuity — Prospectus 55
Voting Rights
As a contract owner with investments in the subaccounts, you may vote on important
fund policies until annuity payouts begin. Once they begin, the person receiving them has voting rights. We will vote fund shares according to the instructions of the person with voting rights.
Before annuity payouts begin, the number of votes you have is determined by
applying your percentage interest in each subaccount to the total number of votes allowed to the subaccount.
After annuity payouts begin, the number of votes you have is equal to:
•
the reserve held in each subaccount for your contract; divided by
•
the net asset
value of one share of the applicable fund.
As we make annuity payouts, the reserve for the contract decreases; therefore, the number of votes also will decrease.
We calculate votes separately for each subaccount. We will send notice of shareholders’ meetings, proxy materials and a statement of the number of votes to which the voter is entitled. We are the legal owner of all fund shares and
therefore hold all voting rights. However, to the extent required by law, we will vote the shares of each fund according to instructions we receive from policy owners. We will vote shares for which we have not received instructions and shares
that we or our affiliates own in our own names in the same proportion as the votes for which we received instructions. As a result of this proportional voting, in cases when a small number of contract owners vote, their votes will have a
greater impact and may even control the outcome.
Substitution of Investments
We may substitute the funds in which the subaccounts invest if:
•
laws or regulations change;
•
the existing funds become unavailable; or
•
in our
judgment, the funds no longer are suitable (or are not the most suitable) for the subaccounts.
If any of these
situations occur, we have the right to substitute a fund currently listed in this prospectus (existing fund) for another fund (new fund), provided we obtain any required SEC and
state insurance law approval. The new fund may have higher fees and/or operating expenses than the existing fund. Also, the new fund may have investment objectives and policies and/or investment advisers which differ from the existing fund.
•
combine any two or more subaccounts;
•
transfer assets to and from the subaccounts or the variable account; and
•
eliminate or
close any subaccounts.
We will notify you of any substitution or change.
In the event of any such substitution or change, we may amend the contract and take whatever action is necessary and
appropriate without your consent or approval. We will obtain any required prior approval of the SEC or state insurance departments before making any substitution or change.
About the Service Providers
RiverSource Distributors, Inc. (RiverSource Distributors), our affiliate, serves as the principal underwriter and general
distributor of the contract. Its offices are located at 70100 Ameriprise Financial Center, Minneapolis, MN 55474. RiverSource Distributors is a wholly-owned subsidiary of Ameriprise Financial, Inc.
New contracts are not currently being offered.
•
Only securities broker-dealers (“selling firms”) registered with the SEC and
members of the FINRA may sell the contract.
•
The contracts
are continuously offered to the public through authorized selling firms. We and RiverSource Distributors have a sales agreement with the selling firm. The sales agreement
authorizes the selling firm to offer the contracts
56 RiverSource Signature Variable Annuity — Prospectus
to the
public. RiverSource Distributors pays the selling firm (or an affiliated insurance agency) for contracts its investment professionals sell. The selling firm may be required to
return sales commissions under certain circumstances including but not limited to when contracts are returned under the free look period.
Payments We May Make to Selling Firms
•
We may use compensation plans which vary by selling firm. For example, some of these plans
pay selling firms a commission of up to 6.50% each time a purchase payment is made. We may also pay ongoing trail commissions of up to
0.75% of the contract value. We do not pay or withhold payment of trail commissions based on which investment options you select.
•
We may pay selling firms an additional sales commission of up to 1.00% of purchase payments for a period of time we select. For example, we may offer to pay an additional sales commission to
get selling firms to market a new or enhanced contract or to increase sales during the period.
•
In addition to commissions, we may, in order to promote sales of the contracts, and as permitted by applicable laws and
regulation, pay or provide selling firms with other promotional incentives in cash, credit or other compensation. We generally (but may not) offer these promotional incentives to
all selling firms. The terms of such arrangements differ between selling firms. These promotional incentives may include but are not limited to:
•
sponsorship of marketing, educational, due diligence and compliance meetings and conferences
we or the selling firm may conduct for investment professionals, including subsidy of travel, meal, lodging, entertainment and other expenses related to these meetings;
•
marketing
support related to sales of the contract including for example, the creation of marketing materials, advertising and newsletters;
•
providing service to contract owners; and
•
funding other events sponsored by a selling firm that may encourage the selling firm’s
investment professionals to sell the contract.
These promotional incentives or reimbursements may be calculated as a
percentage of the selling firm’s aggregate, net or anticipated sales and/or total assets attributable to sales of the contract, and/or may be a fixed dollar amount. As
noted below this additional compensation may cause the selling firm and its investment professionals to favor the contracts.
Sources of Payments to Selling Firms
When we pay the commissions and other compensation described above from our assets. Our assets may include:
•
revenues we receive from fees and expenses that you will pay when buying, owning and making a withdrawal from the contract (see “Expense Summary”);
•
compensation we or an affiliate receive from the underlying funds in the form of distribution and services fees (see
“The Variable Account and the Funds — The Funds”);
•
compensation we or an affiliate receive from a fund’s investment adviser, subadviser,
distributor or an affiliate of any of these (see “The Variable Account and the Funds — The Funds”); and
•
revenues we receive from other contracts we sell that are not securities and other businesses we conduct.
You do not directly pay the commissions and other compensation described above as the result of a specific charge or deduction under the contract. However, you may pay part or all of the commissions and other compensation described above
indirectly through:
•
fees and expenses we collect from contract owners, including withdrawal charges; and
•
fees and expenses charged by the underlying subaccount funds in which you invest, to the
extent we or one of our affiliates receive revenue from the funds or an affiliated person.
Potential Conflicts of Interest
Compensation payment arrangements made with selling firms can potentially:
•
give selling firms a heightened financial incentive to sell the contract offered in this prospectus over another
investment with lower compensation to the selling firm.
•
cause selling
firms to encourage their investment professionals to sell you the contract offered in this prospectus
instead of selling you other alternative investments that may result in lower compensation to the selling firm.
•
cause selling firms to grant us access to its investment professionals to promote sales of the contract offered in this prospectus, while denying that access to other firms offering similar
contracts or other alternative investments which may pay lower compensation to the selling firm.
RiverSource Signature Variable Annuity — Prospectus 57
Payments
to Investment Professionals
•
The selling
firm pays its investment professionals. The selling firm decides the compensation and benefits it will pay
its investment professionals.
•
To inform yourself of any potential conflicts of interest, ask the investment professional before you buy, how the selling firm and its
investment professionals are being compensated and the amount of the compensation that each will receive if you buy the contract.
We issue the contracts. We are a stock life insurance company organized in 1957 under the laws of the state of Minnesota
and are located at 829 Ameriprise Financial Center, Minneapolis, MN 55474. We are a wholly-owned subsidiary of Ameriprise Financial, Inc.
We conduct a conventional life insurance business. We are licensed to do business in 49 states, the District of Columbia
and American Samoa. Our primary products currently include fixed and variable annuity contracts (including indexed linked annuity contracts) and life insurance
policies.
RiverSource Life is involved in the normal course of business in legal proceedings
which include regulatory inquiries, arbitration and litigation, including class actions, concerning matters arising in connection with the conduct of its activities. These include proceedings specific to the Company as well as proceedings generally applicable to business
practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general business activities, such as its investments, contracts, and employment relationships. Uncertain economic
conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the likelihood that clients and other persons or regulators may present or threaten legal claims or that
regulators increase the scope or frequency of examinations of the Company or the insurance industry generally.
As with other insurance companies, the level of regulatory activity and inquiry concerning the Company’s businesses
remains elevated. From time to time, the Company and its affiliates, including Ameriprise Financial Services, LLC (“AFS”) and RiverSource Distributors, Inc. receive requests for information from, and/or are subject to examination or claims by various state, federal and other domestic authorities. The Company and its affiliates typically have numerous
pending matters, which includes information requests, exams or inquiries regarding their business activities and practices and other subjects, including from time to time: sales and distribution of various products, including the
Company’s life insurance and variable annuity products; supervision of associated persons, including AFS financial advisors and RiverSource Distributors Inc.’s wholesalers; administration of insurance and annuity claims; security of client information; and transaction monitoring systems and controls. The Company and its affiliates have cooperated and
will continue to cooperate with the applicable regulators.
These legal proceedings are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably possible, or to reasonably estimate the amount of any loss. The Company cannot
predict with certainty if, how or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed before a loss or range of loss can be reasonably estimated for any proceeding. An adverse outcome in one
or more proceedings could eventually result in adverse judgments, settlements, fines, penalties or other sanctions, in addition to further claims, examinations or adverse
publicity that could have a material adverse effect on the Company’s consolidated financial condition, results of operations or liquidity.
The financial statements for the RiverSource Variable Annuity Account, as well as the consolidated financial statements of RiverSource Life, are in the Statement of
Additional Information. A current Statement of Additional Information may be obtained, without charge, by calling us at 1-800-862-7919, or can be found online at www.ameriprise.com/variableannuities.
58 RiverSource Signature Variable Annuity — Prospectus
Appendix A:Funds Available Under the Contract
The following is a list of funds available under the contract. More information
about the funds is available in the
prospectuses for the funds, which
may be amended from time to time and can be found online at riversource.com. You can also request this information at no cost by calling 1-800-862-7919 or by sending an email
request to riversource.annuityservice@ampf.com.
The current expenses and
performance information below reflects fee and expenses of the funds, but do not reflect the other fees and expenses that your contract may
charge. Expenses would be higher and performance would be lower if these other charges were included. Each
fund’s past performance is not necessarily an indication of future performance.
| |
Fund and
Adviser/Sub-Adviser |
Current Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Seeks long-term growth
of capital. |
AB VPS Large Cap Growth Portfolio (Class B)
AllianceBernstein L.P. |
|
|
|
|
Seeks long-term growth
of capital. |
AB VPS Sustainable Global Thematic
Portfolio (Class B)
AllianceBernstein L.P. |
|
|
|
|
Seeks maximum total
investment return
through a combination
of capital growth and
current income. |
Columbia Variable Portfolio - Balanced Fund
(Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with
capital appreciation. |
Columbia Variable Portfolio - Disciplined
Core Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with a high
level of current income
and, as a secondary
objective, steady growth
of capital. |
Columbia Variable Portfolio - Dividend
Opportunity Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with
maximum current
income consistent with
liquidity and stability of
principal. |
Columbia Variable Portfolio - Government
Money Market Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with high
current income as its
primary objective and,
as its secondary
objective, capital
growth. |
Columbia Variable Portfolio - High Yield Bond
Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with a high
level of current income
while attempting to
conserve the value of
the investment for the
longest period of time. |
Columbia Variable Portfolio - Intermediate
Bond Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
RiverSource Signature Variable Annuity — Prospectus 59
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Large Cap
Growth Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with
long-term capital growth. |
Columbia Variable Portfolio - Select Small
Cap Value Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks to provide
shareholders with
current income as its
primary objective and,
as its secondary
objective, preservation
of capital. |
Columbia Variable Portfolio -
U.S. Government Mortgage Fund (Class 3)
Columbia Management Investment Advisers,
LLC |
|
|
|
|
Seeks high total return
through a combination
of current income and
capital appreciation. |
Fidelity® VIP Growth & Income Portfolio
Service Class
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
|
|
|
|
Seeks long-term growth
of capital. |
Fidelity® VIP Mid Cap Portfolio Service Class
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, subadvisers. |
|
|
|
|
Seeks long-term growth
of capital. |
Fidelity® VIP Overseas Portfolio Service
Class
Fidelity Management & Research Company
(the Adviser) is the fund’s manager. Fidelity
Management & Research Company (UK)
Limited, Fidelity Management & Research
Company (Hong Kong) Limited, Fidelity
Management & Research Company (Japan)
Limited, FIL Investment Advisers, FIL
Investment Advisers (UK) Limited and FIL
Investments (Japan) Limited,
subadvisers. |
|
|
|
|
Seeks high total return.
Under normal market
conditions, the fund
invests at least 80% of
its net assets in
investments of
companies located
anywhere in the world
that operate in the real
estate sector. |
Franklin Global Real Estate VIP Fund -
Class 2
Franklin Templeton Institutional, LLC
|
|
|
|
|
60 RiverSource Signature Variable Annuity — Prospectus
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Seeks capital
appreciation, with
income as a secondary
goal. Under normal
market conditions, the
fund invests primarily in
U.S. and foreign equity
securities that the
investment manager
believes are
undervalued. |
Franklin Mutual Shares VIP Fund - Class 2
Franklin Mutual Advisers, LLC |
|
|
|
|
Seeks long-term growth
of capital. |
Goldman Sachs VIT International Equity
Insights Fund - Institutional Shares
Goldman Sachs Asset Management, L.P.
|
|
|
|
|
Seeks long-term growth
of capital. |
Goldman Sachs VIT Strategic Growth Fund -
Institutional Shares
Goldman Sachs Asset Management, L.P.
|
|
|
|
|
Seeks long-term growth
of capital and dividend
income. |
Goldman Sachs VIT U.S. Equity Insights
Fund - Institutional Shares
Goldman Sachs Asset Management, L.P.
|
|
|
|
|
Non-diversified fund that
seeks capital growth. |
Invesco V.I. American Franchise Fund,
Series I Shares
Invesco Advisers, Inc. |
|
|
|
|
Seeks long-term growth
of capital. |
Invesco V.I. Core Equity Fund, Series I
Shares
Invesco Advisers, Inc. |
|
|
|
|
Seeks capital
appreciation. |
Invesco V.I. Discovery Mid Cap Growth Fund,
Series I Shares
Invesco Advisers, Inc. |
|
|
|
|
Seeks long-term growth
of capital. |
Janus Henderson Enterprise Portfolio:
Service Shares
Janus Henderson Investors US LLC |
|
|
|
|
Seeks long-term growth
of capital. |
Janus Henderson Global Technology and
Innovation Portfolio: Service Shares
Janus Henderson Investors US LLC |
|
|
|
|
Seeks long-term growth
of capital. |
Janus Henderson Overseas Portfolio:
Service Shares
Janus Henderson Investors US LLC |
|
|
|
|
Seeks long-term growth
of capital. |
Janus Henderson Research Portfolio:
Service Shares
Janus Henderson Investors US LLC |
|
|
|
|
Seeks long-term capital
appreciation. |
Lazard Retirement International Equity
Portfolio - Service Shares
Lazard Asset Management, LLC |
|
|
|
|
RiverSource Signature Variable Annuity — Prospectus 61
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
The investment
objective of the LVIP
Baron Growth
Opportunities Fund (the
"Fund") is to seek
capital appreciation
through long-term
investments in
securities of small
companies with
undervalued assets or
favorable growth
prospects. |
LVIP Baron Growth Opportunities Fund -
Service Class
Lincoln Investment Advisors Corporation,
adviser; BAMCO, Inc., sub-adviser. |
|
|
|
|
Seeks to provide high
total return from a
portfolio of selected
equity securities. |
LVIP JPMorgan U.S. Equity Fund - Standard
Class (not available for purchase on or after
Lincoln Investment Advisors Corporation, adviser; J.P. Morgan Investment Management Inc., subadviser. |
|
|
|
|
Seeks capital
appreciation. |
MFS® New Discovery Series - Initial
Class Massachusetts Financial Services
Company |
|
|
|
|
Seeks capital
appreciation. |
MFS® Research Series - Initial Class
Massachusetts Financial Services Company
|
|
|
|
|
| |
MFS® Utilities Series - Initial Class
Massachusetts Financial Services Company
|
|
|
|
|
Seeks long-term capital
appreciation. |
Putnam VT Emerging Markets Equity Fund -
Class IB Shares
Putnam Investment Management, LLC.
Though the investment advisor has retained
the services of both Putnam Investments
Limited (PIL) and the Putnam Advisory
Company, LLC (PAC), PIL and PAC do not
currently manage any assets of the fund.
|
|
|
|
|
Seeks capital
appreciation. |
Putnam VT International Equity Fund -
Class IB Shares
Putnam Investment Management, LLC,
investment advisor; Putnam Investments
Limited, sub-adviser. Though the investment
advisor has retained the services of The
Putnam Advisory Company, LLC (PAC), PAC
does not currently manage any assets of the
fund. |
|
|
|
|
Seeks capital growth
and current income. |
Putnam VT Large Cap Value Fund - Class IB
Shares
Putnam Investment Management, LLC,
investment advisor. Though the investment
advisor has retained the services of Putnam
Investments Limited (PIL), PIL does not
currently manage any assets. |
|
|
|
|
62 RiverSource Signature Variable Annuity — Prospectus
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Seeks long-term growth
of capital. Royce invests
the Fund's assets
primarily in equity
securities of micro-cap
companies, those that
have a market
capitalization not
greater than that of the
largest company in the
Russell Microcap® Index
at the time of its most
recent reconstitution. |
Royce Capital Fund - Micro-Cap Portfolio,
Investment Class
Royce & Associates, LP |
|
|
|
|
Seeks long-term growth
of capital. Royce invests
the Fund's assets
primarily in equity
securities of small-cap
companies, those that
have a market
capitalization not
greater than that of the
largest company in the
Russell 2000® Index at
the time of its moRoyce
invests the Fund's
assets primarily in
equity securities of
small-cap companies,
those that have a
market capitalization not
greater than that of the
largest company in the
Russell 2000® Index at
the time of its most
recent reconstitution. |
Royce Capital Fund - Small-Cap Portfolio,
Investment Class
Royce & Associates, LP |
|
|
|
|
Seeks long-term capital
growth. Under normal
market conditions, the
fund invests at least
80% of its net assets in
investments of issuers
located outside the
U.S., including those in
emerging markets. |
Templeton Foreign VIP Fund - Class 2
Templeton Investment Counsel, LLC |
|
|
|
|
RiverSource Signature Variable Annuity — Prospectus 63
| |
Fund and
Adviser/Sub-Adviser |
Current
Expenses
Ratio
[NET] |
Average Annual Total Returns
(as of 12/31/2023) |
| |
|
|
Seeks long-term capital
appreciation by
acquiring common
stocks of well-financed
companies (meaning
companies with high
quality assets and
conservative levels of
liabilities) at a discount
to what the Adviser
believes is their intrinsic
value. |
Third Avenue VST Third Avenue Value
Portfolio
Third Avenue Management LLC |
|
|
|
|
Seeks long-term capital
appreciation. |
Wanger Acorn
Columbia Wanger Asset Management, LLC
|
|
|
|
|
Seeks long-term capital
appreciation. |
Wanger International
Columbia Wanger Asset Management, LLC
|
|
|
|
|
1
This Fund and its investment adviser and/or affiliates have entered into a temporary expense reimbursement arrangement and/or fee waiver. The Fund’s annual expenses reflect temporary fee reductions. Please see the Fund’s prospectus for additional information.
2
The Fund's inception date is April 28, 2023 and no returns are available for year
2023.
64 RiverSource Signature Variable Annuity — Prospectus
Appendix B: 8% Performance Credit Rider
Adjusted Partial Withdrawal
For each withdrawal made within the current calculation period we calculate the remaining purchase payment
amount (RPA):
| |
|
Total purchase payments made prior to the partial withdrawal in question minus the RPA adjusted
partial withdrawals for all previous partial withdrawals. |
NOTE: In our calculations for the first partial withdrawal, the RPA will simply be the total purchase payments as there are
no previous withdrawals to subtract.
RPA adjusted partial withdrawals |
|
|
| |
| |
|
the partial withdrawal including any applicable withdrawal charge or MVA. |
| |
|
the contract value on the date of (but prior to) the partial withdrawal. |
| |
|
the remaining premium amount on the date of (but prior to) the partial withdrawal. |
For each withdrawal made within
the current calculation period we calculate the eligible purchase payment amount
(EPA):
| |
|
Total purchase payments made prior to the partial withdrawal in question AND prior to the five year
exclusion period minus EPA adjusted partial withdrawals for all previous partial
withdrawals. |
NOTE: In our calculations for the first partial withdrawal, the EPA
will simply be the total purchase payments made before the five year exclusion period as there are no previous withdrawals to subtract. Also note that EPA/RPA will always be less than or equal to one.
EPA adjusted partial withdrawals |
|
|
|
|
| |
|
| |
|
the partial withdrawal including any applicable withdrawal charge or MVA. |
| |
|
the contract value on the date of (but prior to) the partial withdrawal. |
| |
|
the eligible premium amount on the date of (but prior to) the partial withdrawal. |
| |
|
the remaining premium amount on the date of (but prior to) the partial withdrawal |
The total PCRPW (Performance Credit Rider adjusted partial withdrawal) amount is the sum of each EPA adjusted partial
withdrawal.
Example: Calculation at the end of the ten-year period assuming the contract is eligible for the PCR credit (i.e., your contract
value is less than target value).
•
You purchase the contract with a purchase payment of $100,000.
•
On the sixth
contract anniversary you make an additional purchase payment in the amount of $100,000.
•
Contract values before any partial withdrawals are shown below.
•
On the third
contract anniversary you make a partial withdrawal in the amount of $10,000.
•
On the eighth contract anniversary you make another partial withdrawal in the amount of
$10,000.
RiverSource Signature Variable Annuity — Prospectus 65
NOTE: The shaded portion of
the table indicates the five year exclusion period.
Contract Duration in Years |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
| |
|
|
Step one: For each withdrawal made within the current calculation period we calculate the RPA:
For the first partial withdrawal on the third contract
anniversary:
RPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal minus the RPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – 0 = $100,000 |
RPA adjusted partial withdrawal = |
|
| |
|
| |
For the second partial withdrawal on the eighth contract anniversary:
RPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal minus the RPA adjusted partial withdrawals for all previous partial withdrawals = $200,000 – $8,333 = $191,667 |
RPA adjusted partial withdrawal = |
|
| |
|
| |
Step two: For each withdrawal made within the current calculation period, we calculate the EPA:
For the first partial withdrawal on the third contract anniversary:
EPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal AND the five-year exclusion period minus the EPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – 0 = $100,000 |
EPA adjusted partial withdrawal = |
|
| |
|
|
|
| |
|
For the second partial withdrawal on the eighth contract anniversary:
EPA before the partial withdrawal = total purchase payments made prior to the partial withdrawal AND the five-year exclusion period minus the EPA adjusted partial withdrawals for all previous partial withdrawals = $100,000 – $8,333 = $91,667 |
EPA adjusted partial withdrawal = |
|
| |
|
|
|
| |
|
Step three: The total PCRPW amount is the sum of each EPA adjusted partial withdrawal.
PCRPW amount = $ 8,333 + $ 1,866 = $ 10,199
66 RiverSource Signature Variable Annuity — Prospectus
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The Statement of Additional Information (SAI)
includes additional information about the Contract. The SAI, dated the same date as this prospectus, is incorporated by reference into this prospectus. The SAI is available,
without charge, upon request. For a free copy of the SAI, or for more information about the Contract, call us at 1-800-862-7919, visit our website at riversource.com/annuities or write to us at: 70100 Ameriprise Financial Center Minneapolis, MN 55474.
RiverSource Life Insurance Company
70100 Ameriprise Financial Center
Minneapolis, MN 55474
1-800-862-7919
Reports and other information about RiverSource Variable Annuity Account are available on the SEC’s website at
http://www.sec.gov, and copies of this
information may be obtained, upon payment of a duplicating fee, by electronic request at the following
email address: publicinfo@sec.gov.
EDGAR Contract Identifier: C000044124
© 2008-2024 RiverSource Life Insurance
Company. All rights reserved.
STATEMENT OF ADDITIONAL INFORMATION
FOR
EVERGREEN ESSENTIAL VARIABLE ANNUITY
EVERGREEN NEW SOLUTIONS VARIABLE ANNUITY
EVERGREEN NEW SOLUTIONS SELECT VARIABLE ANNUITY
EVERGREEN PATHWAYS VARIABLE ANNUITY
EVERGREEN PATHWAYS SELECT VARIABLE ANNUITY
EVERGREEN PRIVILEGE VARIABLE ANNUITY
RIVERSOURCE® ACCESSCHOICE SELECT VARIABLE ANNUITY
RIVERSOURCE® BUILDER SELECT VARIABLE ANNUITY
RIVERSOURCE® ENDEAVOR SELECT VARIABLE ANNUITY
RIVERSOURCE® FLEXCHOICE VARIABLE ANNUITY
RIVERSOURCE® FLEXCHOICE SELECT VARIABLE ANNUITY
RIVERSOURCE® GALAXY PREMIER VARIABLE ANNUITY
RIVERSOURCE® INNOVATIONS VARIABLE ANNUITY
RIVERSOURCE® INNOVATIONS SELECT VARIABLE ANNUITY
RIVERSOURCE® INNOVATIONS CLASSIC VARIABLE ANNUITY
RIVERSOURCE® INNOVATIONS CLASSIC SELECT
VARIABLE ANNUITY
RIVERSOURCE® NEW SOLUTIONS VARIABLE ANNUITY
RIVERSOURCE® PINNACLE VARIABLE ANNUITY
RIVERSOURCE® SIGNATURE VARIABLE ANNUITY
RIVERSOURCE® SIGNATURE SELECT VARIABLE ANNUITY
RIVERSOURCE® SIGNATURE ONE VARIABLE ANNUITY
RIVERSOURCE® SIGNATURE ONE SELECT VARIABLE ANNUITY
WELLS FARGO ADVANTAGE VARIABLE ANNUITY
WELLS
FARGO ADVANTAGE SELECT VARIABLE ANNUITY
WELLS FARGO ADVANTAGE BUILDER VARIABLE ANNUITY
WELLS FARGO ADVANTAGE CHOICE VARIABLE ANNUITY
WELLS FARGO ADVANTAGE CHOICE SELECT VARIABLE ANNUITY
RIVERSOURCE VARIABLE ANNUITY
ACCOUNT
May 1, 2024
RiverSource
Variable Annuity Account is a separate account of RiverSource Life Insurance Company (RiverSource Life).
This Statement of Additional Information (SAI) is
not a prospectus. It should be read together with the prospectus dated the same date as this SAI, which may be obtained from your investment professional, or by writing or calling us at the address and telephone number below. This SAI contains
financial information for all the subaccounts of the RiverSource Variable Annuity Account. Not all subaccounts shown will apply to your specific contract.
RiverSource Life Insurance Company
829 Ameriprise Financial
Center
Minneapolis, MN 55474
1-800-333-3437
SAI9000_12_C01_(05/24)
Table of Contents
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| 2 |
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∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT |
Company
We are RiverSource Life Insurance Company (the “Company”, “we”, “our” and “us”). We are a stock life insurance company
organized in 1957 under the laws of the state of Minnesota and are located at 829 Ameriprise Financial Center, Minneapolis, MN 55474. We are a wholly-owned subsidiary of Ameriprise Financial, Inc. We conduct a conventional life insurance
business. We are licensed to do business in 49 states, the District of Columbia and American Samoa. Our primary products currently include fixed and variable annuity contracts (including indexed linked annuity contracts) and life insurance policies.
Non-Principal Risks of Investing in the Contracts
Fund of Funds Risk. Funds that are “funds of funds” (or “feeder funds”) invest substantially all of their assets in other funds and
will therefore bear a pro-rata share of fees and expenses incurred by both funds. This will reduce your investment return.
Money Market Fund
Sub-Account Delay of Payment Risk. If, pursuant to SEC rules, a Fund that is a money market fund suspends payment of redemption proceeds in connection with a liquidation of such Fund, we will delay payment of any transfer, partial withdrawal,
full surrender, or death benefit from the corresponding Subaccount until the Fund is liquidated.
Mixed and Shared Funding Risk. Fund shares may be
sold to our insurance company affiliates or other unaffiliated insurance companies to serve as an underlying investment for variable annuity contracts and variable life insurance policies, pursuant to a practice known as mixed and shared funding. As
a result, there is a possibility that a material conflict may arise between the interests of Owners, and other Owner’s investing in these Funds. If a material conflict arises, we will consider what action may be appropriate, including removing
the Fund from the Variable Account or replacing the Fund with another underlying Fund.
BUSINESS CONTINUITY/DISASTER RECOVERY
Disruptive events, including natural or man-made disasters and public health crises may adversely affect our ability to conduct business, including if our
employees, the employees of intermediaries or service providers are unable to perform their responsibilities as a result of any such event. Such disruptions to our business operations could interfere with processing of transactions (including the
issuance of contracts). Also, disruptions may interfere with our ability to receive, pick up and process mail and messages, impact our ability to calculate values, or cause other operational or system issues. Furthermore, these disruptions may
persist even if our employees, the employees of intermediaries or service providers are able to work remotely. These events may also impact the issuers of securities in which the Funds invest, which may cause the Funds to lose value. There can be no
assurance that RiverSource Life, the Funds, or our service providers will avoid losses affecting your policy due to a disaster or other catastrophe.
Services
Our Service Center performs certain administrative services on the contracts and policies we issue. The address and telephone number of
our Service Center are listed on the first page of the prospectus.
We also have entered into agreements with the following entities to provide the
identified services in connection with the contracts and policies we issue. The entities engaged by RiverSource Life may change over time. We may modify, terminate, or enter into new arrangements with service providers at any time.
Entities that provide a significant amount of services to RiverSource Life are listed in the table below, along with a description of the services provided and
the basis for compensation paid.
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| Name of Service Provider |
|
Services Provided |
|
Principal Business Address |
|
Basis for Compensation Paid |
| Ameriprise Financial, Inc. (“AFI”)* |
|
Business affairs management and
administrative support related to new
business and servicing of existing
contracts and policies |
|
707 Second Avenue South
Minneapolis, MN 55474 USA |
|
Expense allocation based primarily
on policies in force, secondarily on
policies issued or cash sales (for
acquisition expenses) |
|
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|
Ameriprise India LLP
(“Amp India”)* |
|
Administrative support related to new
business and servicing of existing
contracts and policies |
|
Plot No. 14, Sector 18
Udyog Vihar
Gurugram, Haryana – 122 015 India |
|
Expense allocation based on number
of service provider employees
dedicated to performing services |
|
|
|
|
|
|
|
Foundever Asia, Inc. (“Foundever Asia”)
(previously known as Sykes Enterprises
Incorporated) |
|
Administrative support related to new
business and servicing of existing
contracts and policies |
|
10th Floor, Glorietta BPO 1 Office
Tower Makati City 1224 Metro ManilaPhilippines |
|
Expense allocation based on number
of contacts made or received from
customers |
The aggregate dollar amount paid to AFI by RiverSource Life for the services provided in 2023 was $20,661,758, in 2022 was $20,635,581, and in 2021 was
$20,285,993.
The aggregate dollar amount paid to Amp India by RiverSource Life for the services provided in 2023 was $4,115,930, in 2022 was $3,629,759,
and in 2021 was $3,017,114.
The aggregate dollar amount paid to Foundever Asia by RiverSource Life for the services provided in 2023 was $1,334,367, in
2022 was $1,497,395, and in 2021 was $1,473,834.
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| RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎ |
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3 |
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Calculating Annuity Payouts
VARIABLE ANNUITY PAYOUTS
We do the following calculations
separately for each of the subaccounts of the variable account. The separate monthly payouts, added together, make up your total variable annuity payout.
Initial Payout: To compute your first monthly payout, we:
| • |
|
determine the dollar value of your contract on the valuation date and deduct any applicable premium tax; then
|
| • |
|
apply the result to the annuity table contained in the contract or another table at least as favorable.
|
The annuity table shows the amount of the first monthly payout for each $1,000 of value which depends on factors built into the table,
as described below.
Annuity Units: We then convert the value of your subaccount to annuity units. To compute the number of units credited to you,
we divide the first monthly payout by the annuity unit value (see below) on the valuation date. The number of units in your subaccount is fixed. The value of the units fluctuates with the performance of the underlying fund.
Subsequent Payouts: To compute later payouts, we multiply:
| • |
|
the annuity unit value on the valuation date; by |
| • |
|
the fixed number of annuity units credited to you. |
Annuity Unit Values: We originally set this value at $1 for each subaccount. To calculate later values we multiply the last annuity value by the product
of:
| • |
|
the net investment factor; and |
| • |
|
the neutralizing factor. |
The purpose of the neutralizing factor is to offset the effect of the assumed rate built into the annuity table. With an assumed investment rate of 5%, the
neutralizing factor is 0.999866 for a one day valuation period.
Net Investment Factor: We determine the net investment factor by:
| • |
|
adding the fund’s current net asset value per share, plus the per share amount of any accrued income or
capital gain dividends to obtain a current adjusted net asset value per share; then |
| • |
|
dividing that sum by the previous adjusted net asset value per share; and |
| • |
|
subtracting the percentage factor representing the mortality and expense risk fee and the variable account
administrative charge from the result. |
Because the net asset value of the fund may fluctuate, the net investment factor may be greater
or less than one, and the annuity unit value may increase or decrease. You bear this investment risk in a subaccount.
FIXED ANNUITY PAYOUTS
We guarantee your fixed annuity payout amounts. Once calculated, your payout will remain the same and never change.
To calculate your annuity payouts we:
| • |
|
take the amount of contract value at the retirement date or the date you selected to begin receiving your annuity
payouts and which you want to be applied to fixed annuity payouts; then |
| • |
|
using an annuity table, we apply the value according to the annuity payout plan you select.
|
The annuity payout table we use will be the one in effect at the time you choose to begin your annuity payouts. The values in the table
will be equal to or greater than the table in your contract.
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| 4 |
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∎ RIVERSOURCE VARIABLE ANNUITY ACCOUNT |
Rating Agencies
We receive ratings from independent rating agencies. These agencies evaluate the creditworthiness and claims-paying ability of insurance companies based on a
number of different factors. The ratings reflect each agency’s estimation of our ability to meet our contractual obligations such as making annuity payouts and paying death benefits and other distributions. As such, the ratings relate to our
general account and not to the subaccounts. This information generally does not relate to the management or performance of the subaccounts.
For detailed
information on the agency ratings given to RiverSource Life, see “Investor Relations — Financial Information — Credit Ratings” on our website at ameriprise.com or contact your sales representative. You also may view our current
ratings by visiting the agency websites directly at:
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| A.M. Best |
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|
www.ambest.com |
|
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| Moody’s |
|
|
www.moodys.com |
|
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| Standard & Poor’s |
|
|
www.standardandpoors.com |
|
A.M. Best — Rates insurance companies for their financial strength.
Moody’s — Rates insurance companies for their financial strength.
Standard & Poor’s — Rates insurance companies for their financial strength.
Principal Underwriter
RiverSource
Distributors, Inc. (RiverSource Distributors) serves as principal underwriter for the contracts, which it offers on a continuous basis. Its offices are located at 70100 Ameriprise Financial Center, Minneapolis, MN 55474. RiverSource
Distributors is registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 as a broker-dealer and is a member of the Financial Industry Regulatory Authority (FINRA). RiverSource Distributors is not required to
sell any specific number or dollar amount of securities, but will use its best efforts to sell the securities offered. The contracts are offered to the public through certain securities broker-dealers and through entities that may offer the
contracts but are exempt from registration that have entered into selling agreements with RiverSource Life and RiverSource Distributors and whose personnel are legally authorized to sell annuity products. RiverSource Distributors is a wholly-owned
subsidiary of Ameriprise Financial, Inc.
The aggregate dollar amount of underwriting commission paid to RiverSource Distributors by RiverSource Life in
2023 was $394,275,424, in 2022 was $408,452,683, and in 2021 was $494,414,780. RiverSource Distributors retains no underwriting commissions from the sale of the contracts.
Independent Registered Public Accounting Firm
The consolidated financial statements of RiverSource Life Insurance Company and its subsidiaries as of December 31, 2023 and December 31, 2022 and
for each of the three years in the period ended December 31, 2023 and the financial statements of each of the divisions of RiverSource Variable Annuity Account as of December 31, 2023 and for the period then ended and the statement of
changes in net assets for the period ended December 31, 2022 included in this Statement of Additional Information have been so included in reliance on the reports of PricewaterhouseCoopers LLP, an independent registered public accounting firm,
given on the authority of said firm as experts in auditing and accounting. PricewaterhouseCoopers LLP provides accounting and auditing services to RiverSource Life and the variable account. PricewaterhouseCoopers LLP’s principal business
address is 45 South Seventh Street, Suite 3400, Minneapolis, MN 55402.
Custodian
RiverSource Life is the custodian of the assets of RiverSource Variable Annuity Account. RiverSource Life holds these assets for safekeeping, maintains records
and accounts relating to the variable account including purchase and redemption transactions, and is responsible for administration of the contracts. RiverSource Life’s principal offices are located at 70100 Ameriprise Financial Center,
Minneapolis, MN 55474.
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| RIVERSOURCE VARIABLE ANNUITY ACCOUNT ∎ |
|
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5 |
|
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE BOARD OF DIRECTORS OF RIVERSOURCE LIFE INSURANCE COMPANY AND
THE
CONTRACT OWNERS OF RIVERSOURCE VARIABLE ANNUITY ACCOUNT
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities of each of the divisions of RiverSource Variable Annuity Account, as indicated in Note 1,
as of December 31, 2023, and the related statements of operations and of changes in net assets for each of the periods indicated in Note 1, including the related notes (collectively referred to as the “financial statements”). In our
opinion, the financial statements present fairly, in all material respects, the financial position of each of the divisions of RiverSource Variable Annuity Account as of December 31, 2023, and the results of each of their operations and the changes
in each of their net assets for each of the periods indicated in Note 1 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are
the responsibility of the RiverSource Life Insurance Company management. Our responsibility is to express an opinion on the financial statements of each of the divisions of the RiverSource Variable Annuity Account based on our audits. We are a
public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to each of the divisions of the RiverSource Variable Annuity Account in accordance with the
U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of
these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due
to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to
error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of investments owned as of December 31, 2023 by correspondence
with the transfer agents of the investee mutual funds. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers
LLP
Minneapolis, Minnesota
April 22, 2024
We have served as the auditor of one or more of the divisions of RiverSource Variable Annuity Account since 2010.
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| 6 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Assets and Liabilities
|
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| December 31, 2023 |
|
AB VPS
Bal Hedged Alloc,
Cl B |
|
|
AB VPS
Intl Val, Cl B |
|
|
AB VPS
Lg Cap Gro, Cl B |
|
|
AB VPS
Relative Val, Cl B |
|
|
AB VPS Sus
Gbl Thematic,
Cl B |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
292,627 |
|
|
$ |
8,499,440 |
|
|
$ |
2,623,531 |
|
|
$ |
4,370,634 |
|
|
$ |
876,475 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
6,048 |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
297 |
|
|
|
18,386 |
|
|
|
3,556 |
|
|
|
5,172 |
|
|
|
1,182 |
|
| Total assets |
|
|
292,924 |
|
|
|
8,523,874 |
|
|
|
2,627,087 |
|
|
|
4,375,855 |
|
|
|
877,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
262 |
|
|
|
10,174 |
|
|
|
2,496 |
|
|
|
3,990 |
|
|
|
890 |
|
| Administrative charge |
|
|
35 |
|
|
|
1,009 |
|
|
|
314 |
|
|
|
521 |
|
|
|
104 |
|
| Contract terminations |
|
|
— |
|
|
|
7,203 |
|
|
|
746 |
|
|
|
661 |
|
|
|
188 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
6,048 |
|
|
|
— |
|
|
|
49 |
|
|
|
— |
|
| Total liabilities |
|
|
297 |
|
|
|
24,434 |
|
|
|
3,556 |
|
|
|
5,221 |
|
|
|
1,182 |
|
| Net assets applicable to contracts in accumulation period |
|
|
290,568 |
|
|
|
8,470,477 |
|
|
|
2,621,644 |
|
|
|
4,369,157 |
|
|
|
874,336 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
28,378 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
2,059 |
|
|
|
585 |
|
|
|
1,887 |
|
|
|
1,477 |
|
|
|
2,139 |
|
| Total net assets |
|
$ |
292,627 |
|
|
$ |
8,499,440 |
|
|
$ |
2,623,531 |
|
|
$ |
4,370,634 |
|
|
$ |
876,475 |
|
| (1) Investment shares |
|
|
33,908 |
|
|
|
577,800 |
|
|
|
39,181 |
|
|
|
151,864 |
|
|
|
28,228 |
|
|
(2) Investments, at cost |
|
$ |
352,002 |
|
|
$ |
8,203,704 |
|
|
$ |
1,862,793 |
|
|
$ |
3,792,607 |
|
|
$ |
669,885 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Allspg VT
Dis All Cap Gro,
Cl 1 |
|
|
Allspg VT
Dis All Cap Gro,
Cl 2 |
|
|
Allspg VT
Index Asset Alloc,
Cl 2 |
|
|
Allspg VT
Intl Eq, Cl 1 |
|
|
Allspg VT
Intl Eq, Cl 2 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
339,700 |
|
|
$ |
16,337,379 |
|
|
$ |
5,367,334 |
|
|
$ |
136,324 |
|
|
$ |
3,157,772 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
389 |
|
| Receivable for share redemptions |
|
|
333 |
|
|
|
38,820 |
|
|
|
6,125 |
|
|
|
142 |
|
|
|
3,817 |
|
| Total assets |
|
|
340,033 |
|
|
|
16,376,199 |
|
|
|
5,373,459 |
|
|
|
136,466 |
|
|
|
3,161,978 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
292 |
|
|
|
17,151 |
|
|
|
5,470 |
|
|
|
126 |
|
|
|
3,397 |
|
| Administrative charge |
|
|
41 |
|
|
|
1,957 |
|
|
|
655 |
|
|
|
16 |
|
|
|
377 |
|
| Contract terminations |
|
|
— |
|
|
|
19,712 |
|
|
|
— |
|
|
|
— |
|
|
|
43 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
389 |
|
| Total liabilities |
|
|
333 |
|
|
|
38,820 |
|
|
|
6,125 |
|
|
|
142 |
|
|
|
4,206 |
|
| Net assets applicable to contracts in accumulation period |
|
|
339,700 |
|
|
|
16,336,501 |
|
|
|
5,365,400 |
|
|
|
136,324 |
|
|
|
3,148,644 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,493 |
|
| Net assets applicable to seed money |
|
|
— |
|
|
|
878 |
|
|
|
1,934 |
|
|
|
— |
|
|
|
635 |
|
| Total net assets |
|
$ |
339,700 |
|
|
$ |
16,337,379 |
|
|
$ |
5,367,334 |
|
|
$ |
136,324 |
|
|
$ |
3,157,772 |
|
| (1) Investment shares |
|
|
13,427 |
|
|
|
683,858 |
|
|
|
287,331 |
|
|
|
72,129 |
|
|
|
1,611,108 |
|
|
(2) Investments, at cost |
|
$ |
325,312 |
|
|
$ |
16,990,990 |
|
|
$ |
4,796,628 |
|
|
$ |
190,025 |
|
|
$ |
4,661,737 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
7 |
|
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Allspg VT
Opp, Cl 1 |
|
|
Allspg VT
Opp, Cl 2 |
|
|
Allspg VT
Sm Cap Gro, Cl 2 |
|
|
AC VP
Disciplined Core Val,
Cl I |
|
|
AC VP
Inflation Prot, Cl II |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
515,089 |
|
|
$ |
4,086,978 |
|
|
$ |
3,022,152 |
|
|
$ |
170,162 |
|
|
$ |
12,378,629 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
41 |
|
|
|
— |
|
|
|
4,562 |
|
| Receivable for share redemptions |
|
|
552 |
|
|
|
4,331 |
|
|
|
3,604 |
|
|
|
189 |
|
|
|
27,287 |
|
| Total assets |
|
|
515,641 |
|
|
|
4,091,309 |
|
|
|
3,025,797 |
|
|
|
170,351 |
|
|
|
12,410,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
490 |
|
|
|
3,844 |
|
|
|
3,134 |
|
|
|
169 |
|
|
|
15,111 |
|
| Administrative charge |
|
|
62 |
|
|
|
487 |
|
|
|
359 |
|
|
|
20 |
|
|
|
1,479 |
|
| Contract terminations |
|
|
— |
|
|
|
— |
|
|
|
111 |
|
|
|
— |
|
|
|
10,697 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
41 |
|
|
|
— |
|
|
|
4,562 |
|
| Total liabilities |
|
|
552 |
|
|
|
4,331 |
|
|
|
3,645 |
|
|
|
189 |
|
|
|
31,849 |
|
| Net assets applicable to contracts in accumulation period |
|
|
515,089 |
|
|
|
4,085,548 |
|
|
|
3,021,292 |
|
|
|
170,162 |
|
|
|
12,369,332 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
— |
|
|
|
1,430 |
|
|
|
860 |
|
|
|
— |
|
|
|
9,297 |
|
| Total net assets |
|
$ |
515,089 |
|
|
$ |
4,086,978 |
|
|
$ |
3,022,152 |
|
|
$ |
170,162 |
|
|
$ |
12,378,629 |
|
| (1) Investment shares |
|
|
19,842 |
|
|
|
157,252 |
|
|
|
384,498 |
|
|
|
22,185 |
|
|
|
1,321,092 |
|
|
(2) Investments, at cost |
|
$ |
433,706 |
|
|
$ |
3,430,880 |
|
|
$ |
3,490,814 |
|
|
$ |
180,829 |
|
|
$ |
13,778,725 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
AC VP
Intl, Cl II |
|
|
AC VP
Mid Cap Val, Cl II |
|
|
AC VP
Ultra, Cl II |
|
|
AC VP
Val, Cl I |
|
|
AC VP
Val, Cl II |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
2,520 |
|
|
$ |
77,179 |
|
|
$ |
6,241,735 |
|
|
$ |
288,021 |
|
|
$ |
325,148 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
2 |
|
|
|
102 |
|
|
|
13,524 |
|
|
|
320 |
|
|
|
464 |
|
| Total assets |
|
|
2,522 |
|
|
|
77,281 |
|
|
|
6,255,259 |
|
|
|
288,341 |
|
|
|
325,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
2 |
|
|
|
93 |
|
|
|
7,337 |
|
|
|
286 |
|
|
|
426 |
|
| Administrative charge |
|
|
— |
|
|
|
9 |
|
|
|
750 |
|
|
|
34 |
|
|
|
38 |
|
| Contract terminations |
|
|
— |
|
|
|
— |
|
|
|
5,437 |
|
|
|
— |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
2 |
|
|
|
102 |
|
|
|
13,524 |
|
|
|
320 |
|
|
|
464 |
|
| Net assets applicable to contracts in accumulation period |
|
|
— |
|
|
|
72,960 |
|
|
|
6,240,332 |
|
|
|
288,021 |
|
|
|
322,045 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
2,520 |
|
|
|
4,219 |
|
|
|
1,403 |
|
|
|
— |
|
|
|
3,103 |
|
| Total net assets |
|
$ |
2,520 |
|
|
$ |
77,179 |
|
|
$ |
6,241,735 |
|
|
$ |
288,021 |
|
|
$ |
325,148 |
|
| (1) Investment shares |
|
|
239 |
|
|
|
3,964 |
|
|
|
253,112 |
|
|
|
23,628 |
|
|
|
26,630 |
|
|
(2) Investments, at cost |
|
$ |
2,143 |
|
|
$ |
66,404 |
|
|
$ |
4,157,347 |
|
|
$ |
194,874 |
|
|
$ |
289,672 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 8 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
BNY Mellon
IP MidCap Stock,
Serv |
|
|
BNY Mellon
IP Tech Gro,
Serv |
|
|
BNY Mellon
Sus US Eq,
Init |
|
|
BNY Mellon
VIF Appr, Serv |
|
|
CB Var
Sm Cap Gro, Cl I |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
74,794 |
|
|
$ |
2,609,069 |
|
|
$ |
417,715 |
|
|
$ |
118,843 |
|
|
$ |
100,174 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
114 |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
89 |
|
|
|
8,884 |
|
|
|
455 |
|
|
|
138 |
|
|
|
129 |
|
| Total assets |
|
|
74,883 |
|
|
|
2,617,953 |
|
|
|
418,170 |
|
|
|
119,095 |
|
|
|
100,303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
81 |
|
|
|
3,083 |
|
|
|
405 |
|
|
|
124 |
|
|
|
118 |
|
| Administrative charge |
|
|
8 |
|
|
|
316 |
|
|
|
50 |
|
|
|
14 |
|
|
|
11 |
|
| Contract terminations |
|
|
— |
|
|
|
5,485 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
114 |
|
|
|
— |
|
| Total liabilities |
|
|
89 |
|
|
|
8,884 |
|
|
|
455 |
|
|
|
252 |
|
|
|
129 |
|
| Net assets applicable to contracts in accumulation period |
|
|
69,148 |
|
|
|
2,607,635 |
|
|
|
417,004 |
|
|
|
111,204 |
|
|
|
95,564 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
5,646 |
|
|
|
1,434 |
|
|
|
711 |
|
|
|
7,639 |
|
|
|
4,610 |
|
| Total net assets |
|
$ |
74,794 |
|
|
$ |
2,609,069 |
|
|
$ |
417,715 |
|
|
$ |
118,843 |
|
|
$ |
100,174 |
|
| (1) Investment shares |
|
|
4,030 |
|
|
|
103,658 |
|
|
|
9,287 |
|
|
|
3,467 |
|
|
|
3,663 |
|
|
(2) Investments, at cost |
|
$ |
67,429 |
|
|
$ |
1,958,070 |
|
|
$ |
332,007 |
|
|
$ |
124,799 |
|
|
$ |
104,051 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Col VP
Bal, Cl 3 |
|
|
Col VP
Disciplined Core, Cl 3 |
|
|
Col VP
Divd Opp, Cl 3 |
|
|
Col VP
Emer Mkts, Cl 3 |
|
|
Col VP
Govt Money Mkt,
Cl 1 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
2,356,696 |
|
|
$ |
13,413,220 |
|
|
$ |
16,147,034 |
|
|
$ |
5,548,383 |
|
|
$ |
90,443 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12 |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
175 |
|
|
|
2,758 |
|
|
|
1,250 |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
2,607 |
|
|
|
16,935 |
|
|
|
35,223 |
|
|
|
11,524 |
|
|
|
89 |
|
| Total assets |
|
|
2,359,303 |
|
|
|
13,430,330 |
|
|
|
16,185,015 |
|
|
|
5,561,157 |
|
|
|
90,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
2,326 |
|
|
|
14,290 |
|
|
|
18,696 |
|
|
|
6,665 |
|
|
|
78 |
|
| Administrative charge |
|
|
281 |
|
|
|
1,600 |
|
|
|
1,926 |
|
|
|
662 |
|
|
|
11 |
|
| Contract terminations |
|
|
— |
|
|
|
1,045 |
|
|
|
14,601 |
|
|
|
4,197 |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
175 |
|
|
|
2,758 |
|
|
|
1,250 |
|
|
|
— |
|
| Total liabilities |
|
|
2,607 |
|
|
|
17,110 |
|
|
|
37,981 |
|
|
|
12,774 |
|
|
|
89 |
|
| Net assets applicable to contracts in accumulation period |
|
|
2,343,887 |
|
|
|
13,404,125 |
|
|
|
16,115,573 |
|
|
|
5,548,099 |
|
|
|
90,455 |
|
| Net assets applicable to contracts in payment period |
|
|
12,540 |
|
|
|
8,396 |
|
|
|
31,231 |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
269 |
|
|
|
699 |
|
|
|
230 |
|
|
|
284 |
|
|
|
— |
|
| Total net assets |
|
$ |
2,356,696 |
|
|
$ |
13,413,220 |
|
|
$ |
16,147,034 |
|
|
$ |
5,548,383 |
|
|
$ |
90,455 |
|
| (1) Investment shares |
|
|
55,846 |
|
|
|
152,354 |
|
|
|
418,751 |
|
|
|
569,065 |
|
|
|
90,443 |
|
|
(2) Investments, at cost |
|
$ |
1,052,924 |
|
|
$ |
3,847,607 |
|
|
$ |
7,155,333 |
|
|
$ |
7,742,103 |
|
|
$ |
90,442 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
9 |
|
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Col VP
Govt Money Mkt,
Cl 3 |
|
|
Col VP
Hi Yield Bond, Cl 3 |
|
|
Col VP
Inc Opp, Cl 1 |
|
|
Col VP
Inc Opp, Cl 3 |
|
|
Col VP
Inter Bond, Cl 3 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
17,344,546 |
|
|
$ |
2,923,675 |
|
|
$ |
225,484 |
|
|
$ |
2,976,056 |
|
|
$ |
6,555,171 |
|
| Dividends receivable |
|
|
2,337 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
7,064 |
|
|
|
163 |
|
|
|
— |
|
|
|
948 |
|
|
|
551 |
|
| Receivable for share redemptions |
|
|
30,413 |
|
|
|
11,360 |
|
|
|
224 |
|
|
|
5,758 |
|
|
|
12,815 |
|
| Total assets |
|
|
17,384,360 |
|
|
|
2,935,198 |
|
|
|
225,708 |
|
|
|
2,982,762 |
|
|
|
6,568,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
18,813 |
|
|
|
3,462 |
|
|
|
197 |
|
|
|
3,602 |
|
|
|
6,985 |
|
| Administrative charge |
|
|
2,079 |
|
|
|
351 |
|
|
|
27 |
|
|
|
355 |
|
|
|
787 |
|
| Contract terminations |
|
|
9,521 |
|
|
|
7,547 |
|
|
|
— |
|
|
|
1,801 |
|
|
|
5,043 |
|
| Payable for investments purchased |
|
|
7,064 |
|
|
|
163 |
|
|
|
— |
|
|
|
948 |
|
|
|
551 |
|
| Total liabilities |
|
|
37,477 |
|
|
|
11,523 |
|
|
|
224 |
|
|
|
6,706 |
|
|
|
13,366 |
|
| Net assets applicable to contracts in accumulation period |
|
|
17,338,225 |
|
|
|
2,923,312 |
|
|
|
225,484 |
|
|
|
2,975,740 |
|
|
|
6,527,913 |
|
| Net assets applicable to contracts in payment period |
|
|
6,586 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
27,011 |
|
| Net assets applicable to seed money |
|
|
2,072 |
|
|
|
363 |
|
|
|
— |
|
|
|
316 |
|
|
|
247 |
|
| Total net assets |
|
$ |
17,346,883 |
|
|
$ |
2,923,675 |
|
|
$ |
225,484 |
|
|
$ |
2,976,056 |
|
|
$ |
6,555,171 |
|
| (1) Investment shares |
|
|
17,344,546 |
|
|
|
480,078 |
|
|
|
35,509 |
|
|
|
465,009 |
|
|
|
762,229 |
|
|
(2) Investments, at cost |
|
$ |
17,344,054 |
|
|
$ |
3,135,119 |
|
|
$ |
287,640 |
|
|
$ |
3,586,069 |
|
|
$ |
7,895,325 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Col VP
Lg Cap Gro, Cl 1 |
|
|
Col VP
Lg Cap Gro, Cl 3 |
|
|
Col VP
Lg Cap Index, Cl 3 |
|
|
Col VP
Overseas Core, Cl 3 |
|
|
Col VP Select
Lg Cap Val, Cl 3 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
236,583 |
|
|
$ |
718,306 |
|
|
$ |
5,773,687 |
|
|
$ |
327,546 |
|
|
$ |
94,950 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
226 |
|
|
|
1,634 |
|
|
|
5,992 |
|
|
|
375 |
|
|
|
132 |
|
| Total assets |
|
|
236,809 |
|
|
|
719,940 |
|
|
|
5,779,679 |
|
|
|
327,921 |
|
|
|
95,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
198 |
|
|
|
863 |
|
|
|
5,302 |
|
|
|
336 |
|
|
|
121 |
|
| Administrative charge |
|
|
28 |
|
|
|
85 |
|
|
|
690 |
|
|
|
39 |
|
|
|
11 |
|
| Contract terminations |
|
|
— |
|
|
|
686 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
226 |
|
|
|
1,634 |
|
|
|
5,992 |
|
|
|
375 |
|
|
|
132 |
|
| Net assets applicable to contracts in accumulation period |
|
|
236,583 |
|
|
|
716,298 |
|
|
|
5,770,932 |
|
|
|
325,349 |
|
|
|
92,057 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
1,188 |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
— |
|
|
|
2,008 |
|
|
|
1,567 |
|
|
|
2,197 |
|
|
|
2,893 |
|
| Total net assets |
|
$ |
236,583 |
|
|
$ |
718,306 |
|
|
$ |
5,773,687 |
|
|
$ |
327,546 |
|
|
$ |
94,950 |
|
| (1) Investment shares |
|
|
6,346 |
|
|
|
19,583 |
|
|
|
145,177 |
|
|
|
24,628 |
|
|
|
2,497 |
|
|
(2) Investments, at cost |
|
$ |
50,126 |
|
|
$ |
175,205 |
|
|
$ |
1,329,955 |
|
|
$ |
316,983 |
|
|
$ |
45,945 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 10 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Col VP Select
Mid Cap Gro, Cl 3 |
|
|
Col VP Select
Mid Cap Val, Cl 3 |
|
|
Col VP Select
Sm Cap Val, Cl 3 |
|
|
Col VP
Sm Cap Val, Cl 2 |
|
|
Col VP
Sm Co Gro, Cl 1 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
1,631,170 |
|
|
$ |
30,812 |
|
|
$ |
647,075 |
|
|
$ |
814,620 |
|
|
$ |
18,598 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
2,048 |
|
|
|
39 |
|
|
|
715 |
|
|
|
2,009 |
|
|
|
18 |
|
| Total assets |
|
|
1,633,218 |
|
|
|
30,851 |
|
|
|
647,790 |
|
|
|
816,629 |
|
|
|
18,616 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
1,722 |
|
|
|
36 |
|
|
|
637 |
|
|
|
970 |
|
|
|
16 |
|
| Administrative charge |
|
|
194 |
|
|
|
3 |
|
|
|
78 |
|
|
|
97 |
|
|
|
2 |
|
| Contract terminations |
|
|
132 |
|
|
|
— |
|
|
|
— |
|
|
|
942 |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
2,048 |
|
|
|
39 |
|
|
|
715 |
|
|
|
2,009 |
|
|
|
18 |
|
| Net assets applicable to contracts in accumulation period |
|
|
1,627,865 |
|
|
|
27,099 |
|
|
|
646,620 |
|
|
|
813,659 |
|
|
|
18,598 |
|
| Net assets applicable to contracts in payment period |
|
|
2,456 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
849 |
|
|
|
3,713 |
|
|
|
455 |
|
|
|
961 |
|
|
|
— |
|
| Total net assets |
|
$ |
1,631,170 |
|
|
$ |
30,812 |
|
|
$ |
647,075 |
|
|
$ |
814,620 |
|
|
$ |
18,598 |
|
| (1) Investment shares |
|
|
36,549 |
|
|
|
850 |
|
|
|
19,054 |
|
|
|
63,592 |
|
|
|
1,596 |
|
|
(2) Investments, at cost |
|
$ |
552,754 |
|
|
$ |
11,625 |
|
|
$ |
265,198 |
|
|
$ |
853,772 |
|
|
$ |
20,244 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Col VP
US Govt Mtge, Cl 1 |
|
|
Col VP
US Govt Mtge, Cl 3 |
|
|
CS
Commodity Return,
Cl 1 |
|
|
CTIVP BR Gl
Infl Prot Sec, Cl 3 |
|
|
CTIVP Prin
Blue Chip Gro, Cl 1 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
129,262 |
|
|
$ |
4,007,576 |
|
|
$ |
14,369 |
|
|
$ |
1,249,187 |
|
|
$ |
1,030,941 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
746 |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
127 |
|
|
|
5,793 |
|
|
|
19 |
|
|
|
4,039 |
|
|
|
2,953 |
|
| Total assets |
|
|
129,389 |
|
|
|
4,013,380 |
|
|
|
14,388 |
|
|
|
1,253,972 |
|
|
|
1,033,894 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
112 |
|
|
|
4,302 |
|
|
|
18 |
|
|
|
1,506 |
|
|
|
1,175 |
|
| Administrative charge |
|
|
15 |
|
|
|
480 |
|
|
|
1 |
|
|
|
149 |
|
|
|
124 |
|
| Contract terminations |
|
|
— |
|
|
|
1,011 |
|
|
|
— |
|
|
|
2,384 |
|
|
|
1,654 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
11 |
|
|
|
— |
|
|
|
746 |
|
|
|
— |
|
| Total liabilities |
|
|
127 |
|
|
|
5,804 |
|
|
|
19 |
|
|
|
4,785 |
|
|
|
2,953 |
|
| Net assets applicable to contracts in accumulation period |
|
|
129,262 |
|
|
|
4,007,434 |
|
|
|
11,802 |
|
|
|
1,230,380 |
|
|
|
1,030,476 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,413 |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
— |
|
|
|
142 |
|
|
|
2,567 |
|
|
|
394 |
|
|
|
465 |
|
| Total net assets |
|
$ |
129,262 |
|
|
$ |
4,007,576 |
|
|
$ |
14,369 |
|
|
$ |
1,249,187 |
|
|
$ |
1,030,941 |
|
| (1) Investment shares |
|
|
14,475 |
|
|
|
448,777 |
|
|
|
813 |
|
|
|
279,460 |
|
|
|
17,471 |
|
|
(2) Investments, at cost |
|
$ |
149,445 |
|
|
$ |
4,581,570 |
|
|
$ |
27,386 |
|
|
$ |
1,721,476 |
|
|
$ |
433,543 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
11 |
|
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
CTIVP Vty
Sycamore Estb Val,
Cl 3 |
|
|
EV VT
Floating-Rate Inc,
Init Cl |
|
|
Fid VIP
Bal,
Serv Cl |
|
|
Fid VIP
Bal,
Serv Cl 2 |
|
|
Fid VIP
Contrafund, Serv Cl |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
27,745 |
|
|
$ |
574,225 |
|
|
$ |
255,546 |
|
|
$ |
137,167 |
|
|
$ |
2,986,502 |
|
| Dividends receivable |
|
|
— |
|
|
|
4,006 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
680 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
35 |
|
|
|
757 |
|
|
|
253 |
|
|
|
163 |
|
|
|
3,019 |
|
| Total assets |
|
|
27,780 |
|
|
|
579,668 |
|
|
|
255,799 |
|
|
|
137,330 |
|
|
|
2,989,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
32 |
|
|
|
689 |
|
|
|
223 |
|
|
|
147 |
|
|
|
2,663 |
|
| Administrative charge |
|
|
3 |
|
|
|
68 |
|
|
|
30 |
|
|
|
16 |
|
|
|
356 |
|
| Contract terminations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
4,686 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
35 |
|
|
|
5,443 |
|
|
|
253 |
|
|
|
163 |
|
|
|
3,019 |
|
| Net assets applicable to contracts in accumulation period |
|
|
22,951 |
|
|
|
558,034 |
|
|
|
255,546 |
|
|
|
136,784 |
|
|
|
2,986,502 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
4,794 |
|
|
|
16,191 |
|
|
|
— |
|
|
|
383 |
|
|
|
— |
|
| Total net assets |
|
$ |
27,745 |
|
|
$ |
574,225 |
|
|
$ |
255,546 |
|
|
$ |
137,167 |
|
|
$ |
2,986,502 |
|
| (1) Investment shares |
|
|
610 |
|
|
|
66,384 |
|
|
|
11,563 |
|
|
|
6,368 |
|
|
|
61,832 |
|
|
(2) Investments, at cost |
|
$ |
11,219 |
|
|
$ |
603,069 |
|
|
$ |
189,112 |
|
|
$ |
105,111 |
|
|
$ |
1,974,334 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Fid VIP
Contrafund, Serv Cl 2 |
|
|
Fid VIP
Dyn Appr, Serv Cl 2 |
|
|
Fid VIP
Gro & Inc, Serv Cl |
|
|
Fid VIP
Gro & Inc, Serv
Cl 2 |
|
|
Fid VIP
Gro,
Serv Cl |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
34,780,708 |
|
|
$ |
822,069 |
|
|
$ |
1,123,873 |
|
|
$ |
57,238 |
|
|
$ |
36,092 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
65,853 |
|
|
|
888 |
|
|
|
1,356 |
|
|
|
66 |
|
|
|
34 |
|
| Total assets |
|
|
34,846,561 |
|
|
|
822,957 |
|
|
|
1,125,229 |
|
|
|
57,304 |
|
|
|
36,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
38,393 |
|
|
|
790 |
|
|
|
1,192 |
|
|
|
59 |
|
|
|
30 |
|
| Administrative charge |
|
|
4,164 |
|
|
|
98 |
|
|
|
134 |
|
|
|
7 |
|
|
|
4 |
|
| Contract terminations |
|
|
23,296 |
|
|
|
— |
|
|
|
30 |
|
|
|
— |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
65,853 |
|
|
|
888 |
|
|
|
1,356 |
|
|
|
66 |
|
|
|
34 |
|
| Net assets applicable to contracts in accumulation period |
|
|
34,780,097 |
|
|
|
821,135 |
|
|
|
1,123,710 |
|
|
|
56,673 |
|
|
|
36,092 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
611 |
|
|
|
934 |
|
|
|
163 |
|
|
|
565 |
|
|
|
— |
|
| Total net assets |
|
$ |
34,780,708 |
|
|
$ |
822,069 |
|
|
$ |
1,123,873 |
|
|
$ |
57,238 |
|
|
$ |
36,092 |
|
| (1) Investment shares |
|
|
742,701 |
|
|
|
51,444 |
|
|
|
42,108 |
|
|
|
2,191 |
|
|
|
391 |
|
|
(2) Investments, at cost |
|
$ |
24,634,369 |
|
|
$ |
624,846 |
|
|
$ |
778,358 |
|
|
$ |
36,685 |
|
|
$ |
24,707 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 12 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Fid VIP
Gro, Serv Cl 2 |
|
|
Fid VIP
Hi Inc, Serv Cl |
|
|
Fid VIP
Hi Inc, Serv Cl 2 |
|
|
Fid VIP
Invest Gr, Serv Cl 2 |
|
|
Fid VIP
Mid Cap, Serv Cl |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
2,058,474 |
|
|
$ |
626,913 |
|
|
$ |
260,218 |
|
|
$ |
5,897,334 |
|
|
$ |
4,626,227 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
785 |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
2,372 |
|
|
|
641 |
|
|
|
292 |
|
|
|
8,571 |
|
|
|
5,932 |
|
| Total assets |
|
|
2,060,846 |
|
|
|
627,554 |
|
|
|
260,510 |
|
|
|
5,906,690 |
|
|
|
4,632,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
2,011 |
|
|
|
566 |
|
|
|
261 |
|
|
|
7,238 |
|
|
|
4,222 |
|
| Administrative charge |
|
|
247 |
|
|
|
75 |
|
|
|
31 |
|
|
|
705 |
|
|
|
552 |
|
| Contract terminations |
|
|
114 |
|
|
|
— |
|
|
|
— |
|
|
|
628 |
|
|
|
1,158 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
785 |
|
|
|
— |
|
| Total liabilities |
|
|
2,372 |
|
|
|
641 |
|
|
|
292 |
|
|
|
9,356 |
|
|
|
5,932 |
|
| Net assets applicable to contracts in accumulation period |
|
|
2,052,054 |
|
|
|
626,913 |
|
|
|
259,879 |
|
|
|
5,897,101 |
|
|
|
4,626,227 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
6,420 |
|
|
|
— |
|
|
|
339 |
|
|
|
233 |
|
|
|
— |
|
| Total net assets |
|
$ |
2,058,474 |
|
|
$ |
626,913 |
|
|
$ |
260,218 |
|
|
$ |
5,897,334 |
|
|
$ |
4,626,227 |
|
| (1) Investment shares |
|
|
22,892 |
|
|
|
137,481 |
|
|
|
59,410 |
|
|
|
545,040 |
|
|
|
128,828 |
|
|
(2) Investments, at cost |
|
$ |
1,550,954 |
|
|
$ |
743,420 |
|
|
$ |
316,483 |
|
|
$ |
6,770,039 |
|
|
$ |
4,028,637 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Fid VIP
Mid Cap, Serv Cl 2 |
|
|
Fid VIP
Overseas, Serv Cl |
|
|
Fid VIP
Overseas, Serv Cl 2 |
|
|
Frank Global
Real Est, Cl 2 |
|
|
Frank
Inc, Cl 2 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
11,589,085 |
|
|
$ |
36,587 |
|
|
$ |
3,184,900 |
|
|
$ |
1,555,335 |
|
|
$ |
4,009,017 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
16,766 |
|
|
|
44 |
|
|
|
8,892 |
|
|
|
1,773 |
|
|
|
4,690 |
|
| Total assets |
|
|
11,605,851 |
|
|
|
36,631 |
|
|
|
3,193,792 |
|
|
|
1,557,108 |
|
|
|
4,013,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
11,743 |
|
|
|
40 |
|
|
|
3,779 |
|
|
|
1,470 |
|
|
|
4,204 |
|
| Administrative charge |
|
|
1,382 |
|
|
|
4 |
|
|
|
382 |
|
|
|
183 |
|
|
|
477 |
|
| Contract terminations |
|
|
3,641 |
|
|
|
— |
|
|
|
4,731 |
|
|
|
120 |
|
|
|
9 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
16,766 |
|
|
|
44 |
|
|
|
8,892 |
|
|
|
1,773 |
|
|
|
4,690 |
|
| Net assets applicable to contracts in accumulation period |
|
|
11,588,567 |
|
|
|
36,587 |
|
|
|
3,184,462 |
|
|
|
1,554,952 |
|
|
|
3,968,930 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
39,530 |
|
| Net assets applicable to seed money |
|
|
518 |
|
|
|
— |
|
|
|
438 |
|
|
|
383 |
|
|
|
557 |
|
| Total net assets |
|
$ |
11,589,085 |
|
|
$ |
36,587 |
|
|
$ |
3,184,900 |
|
|
$ |
1,555,335 |
|
|
$ |
4,009,017 |
|
| (1) Investment shares |
|
|
334,076 |
|
|
|
1,425 |
|
|
|
124,849 |
|
|
|
123,931 |
|
|
|
282,325 |
|
|
(2) Investments, at cost |
|
$ |
10,515,337 |
|
|
$ |
27,917 |
|
|
$ |
2,430,052 |
|
|
$ |
1,877,732 |
|
|
$ |
4,121,862 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
13 |
|
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Frank Mutual
Shares, Cl 2 |
|
|
Frank
Rising Divd, Cl 2 |
|
|
Frank Sm
Cap Val,
Cl 2 |
|
|
Frank Sm
Mid Cap Gro, Cl 2 |
|
|
GS VIT
Intl Eq Insights, Inst |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
17,443,443 |
|
|
$ |
202,436 |
|
|
$ |
2,935,941 |
|
|
$ |
5,467,004 |
|
|
$ |
16,658 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
19,703 |
|
|
|
292 |
|
|
|
3,243 |
|
|
|
5,623 |
|
|
|
19 |
|
| Total assets |
|
|
17,463,146 |
|
|
|
202,728 |
|
|
|
2,939,184 |
|
|
|
5,472,627 |
|
|
|
16,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
16,647 |
|
|
|
260 |
|
|
|
2,810 |
|
|
|
4,968 |
|
|
|
17 |
|
| Administrative charge |
|
|
2,084 |
|
|
|
24 |
|
|
|
350 |
|
|
|
655 |
|
|
|
2 |
|
| Contract terminations |
|
|
972 |
|
|
|
8 |
|
|
|
83 |
|
|
|
— |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
19,703 |
|
|
|
292 |
|
|
|
3,243 |
|
|
|
5,623 |
|
|
|
19 |
|
| Net assets applicable to contracts in accumulation period |
|
|
17,442,519 |
|
|
|
174,874 |
|
|
|
2,935,341 |
|
|
|
5,464,897 |
|
|
|
16,558 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
22,737 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
924 |
|
|
|
4,825 |
|
|
|
600 |
|
|
|
2,107 |
|
|
|
100 |
|
| Total net assets |
|
$ |
17,443,443 |
|
|
$ |
202,436 |
|
|
$ |
2,935,941 |
|
|
$ |
5,467,004 |
|
|
$ |
16,658 |
|
| (1) Investment shares |
|
|
1,137,863 |
|
|
|
7,517 |
|
|
|
221,247 |
|
|
|
410,436 |
|
|
|
1,882 |
|
|
(2) Investments, at cost |
|
$ |
18,331,399 |
|
|
$ |
178,244 |
|
|
$ |
3,204,544 |
|
|
$ |
6,516,942 |
|
|
$ |
16,742 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
GS VIT
Mid Cap Val, Inst |
|
|
GS VIT
Strategic Gro, Inst |
|
|
GS VIT
U.S. Eq Insights, Inst |
|
|
Invesco VI
Am Fran, Ser I |
|
|
Invesco VI
Am Fran, Ser II |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
9,639,226 |
|
|
$ |
161,852 |
|
|
$ |
1,613,718 |
|
|
$ |
2,627,653 |
|
|
$ |
676,738 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
20,269 |
|
|
|
198 |
|
|
|
1,718 |
|
|
|
2,779 |
|
|
|
1,399 |
|
| Total assets |
|
|
9,659,495 |
|
|
|
162,050 |
|
|
|
1,615,436 |
|
|
|
2,630,432 |
|
|
|
678,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
11,021 |
|
|
|
179 |
|
|
|
1,526 |
|
|
|
2,465 |
|
|
|
787 |
|
| Administrative charge |
|
|
1,153 |
|
|
|
19 |
|
|
|
192 |
|
|
|
314 |
|
|
|
81 |
|
| Contract terminations |
|
|
8,095 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
531 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
20,269 |
|
|
|
198 |
|
|
|
1,718 |
|
|
|
2,779 |
|
|
|
1,399 |
|
| Net assets applicable to contracts in accumulation period |
|
|
9,625,963 |
|
|
|
161,637 |
|
|
|
1,609,604 |
|
|
|
2,596,809 |
|
|
|
670,544 |
|
| Net assets applicable to contracts in payment period |
|
|
12,656 |
|
|
|
— |
|
|
|
— |
|
|
|
30,336 |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
607 |
|
|
|
215 |
|
|
|
4,114 |
|
|
|
508 |
|
|
|
6,194 |
|
| Total net assets |
|
$ |
9,639,226 |
|
|
$ |
161,852 |
|
|
$ |
1,613,718 |
|
|
$ |
2,627,653 |
|
|
$ |
676,738 |
|
| (1) Investment shares |
|
|
602,075 |
|
|
|
12,907 |
|
|
|
82,628 |
|
|
|
44,567 |
|
|
|
12,718 |
|
|
(2) Investments, at cost |
|
$ |
9,225,956 |
|
|
$ |
156,258 |
|
|
$ |
1,348,035 |
|
|
$ |
2,345,922 |
|
|
$ |
618,422 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 14 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Invesco VI
American Value, Ser II |
|
|
Invesco VI
Cap Appr, Ser I |
|
|
Invesco VI
Cap Appr, Ser II |
|
|
Invesco VI
Comstock, Ser II |
|
|
Invesco VI
Core Eq, Ser I |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
5,479,064 |
|
|
$ |
868,658 |
|
|
$ |
8,555,266 |
|
|
$ |
22,698,319 |
|
|
$ |
4,927,234 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,343 |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
6,966 |
|
|
|
969 |
|
|
|
15,125 |
|
|
|
45,272 |
|
|
|
5,372 |
|
| Total assets |
|
|
5,486,030 |
|
|
|
869,627 |
|
|
|
8,570,391 |
|
|
|
22,747,934 |
|
|
|
4,932,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
5,632 |
|
|
|
865 |
|
|
|
9,829 |
|
|
|
26,891 |
|
|
|
4,782 |
|
| Administrative charge |
|
|
653 |
|
|
|
104 |
|
|
|
1,027 |
|
|
|
2,708 |
|
|
|
590 |
|
| Contract terminations |
|
|
681 |
|
|
|
— |
|
|
|
4,269 |
|
|
|
15,673 |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,343 |
|
|
|
— |
|
| Total liabilities |
|
|
6,966 |
|
|
|
969 |
|
|
|
15,125 |
|
|
|
49,615 |
|
|
|
5,372 |
|
| Net assets applicable to contracts in accumulation period |
|
|
5,478,808 |
|
|
|
868,658 |
|
|
|
8,554,369 |
|
|
|
22,625,025 |
|
|
|
4,926,955 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
72,726 |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
256 |
|
|
|
— |
|
|
|
897 |
|
|
|
568 |
|
|
|
279 |
|
| Total net assets |
|
$ |
5,479,064 |
|
|
$ |
868,658 |
|
|
$ |
8,555,266 |
|
|
$ |
22,698,319 |
|
|
$ |
4,927,234 |
|
| (1) Investment shares |
|
|
399,058 |
|
|
|
18,455 |
|
|
|
191,650 |
|
|
|
1,159,260 |
|
|
|
168,222 |
|
|
(2) Investments, at cost |
|
$ |
6,514,636 |
|
|
$ |
832,818 |
|
|
$ |
8,344,333 |
|
|
$ |
17,759,176 |
|
|
$ |
4,748,778 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Invesco VI
Core Eq, Ser II |
|
|
Invesco VI
Dis Mid Cap Gro, Ser
I |
|
|
Invesco VI
Dis Mid Cap Gro, Ser
II |
|
|
Invesco VI
EQV Intl Eq, Ser I |
|
|
Invesco VI
EQV Intl Eq, Ser II |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
45,396 |
|
|
$ |
60,403 |
|
|
$ |
370,033 |
|
|
$ |
546,153 |
|
|
$ |
535,420 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
43 |
|
|
|
68 |
|
|
|
409 |
|
|
|
606 |
|
|
|
1,111 |
|
| Total assets |
|
|
45,439 |
|
|
|
60,471 |
|
|
|
370,442 |
|
|
|
546,759 |
|
|
|
536,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
38 |
|
|
|
61 |
|
|
|
361 |
|
|
|
541 |
|
|
|
632 |
|
| Administrative charge |
|
|
5 |
|
|
|
7 |
|
|
|
43 |
|
|
|
65 |
|
|
|
64 |
|
| Contract terminations |
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
415 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
43 |
|
|
|
68 |
|
|
|
409 |
|
|
|
606 |
|
|
|
1,111 |
|
| Net assets applicable to contracts in accumulation period |
|
|
42,663 |
|
|
|
60,003 |
|
|
|
364,919 |
|
|
|
546,153 |
|
|
|
534,327 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
2,733 |
|
|
|
400 |
|
|
|
5,114 |
|
|
|
— |
|
|
|
1,093 |
|
| Total net assets |
|
$ |
45,396 |
|
|
$ |
60,403 |
|
|
$ |
370,033 |
|
|
$ |
546,153 |
|
|
$ |
535,420 |
|
| (1) Investment shares |
|
|
1,559 |
|
|
|
962 |
|
|
|
6,851 |
|
|
|
16,021 |
|
|
|
15,997 |
|
|
(2) Investments, at cost |
|
$ |
43,239 |
|
|
$ |
70,870 |
|
|
$ |
458,775 |
|
|
$ |
427,182 |
|
|
$ |
490,911 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
15 |
|
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Invesco VI
Global, Ser I |
|
|
Invesco VI
Global, Ser II |
|
|
Invesco VI
Gbl Strat Inc, Ser I |
|
|
Invesco VI
Gbl Strat Inc, Ser II |
|
|
Invesco VI
Gro & Inc, Ser II |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
987 |
|
|
$ |
1,855,636 |
|
|
$ |
59,467 |
|
|
$ |
11,318,238 |
|
|
$ |
417,929 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,899 |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
1 |
|
|
|
1,993 |
|
|
|
67 |
|
|
|
23,414 |
|
|
|
477 |
|
| Total assets |
|
|
988 |
|
|
|
1,857,629 |
|
|
|
59,534 |
|
|
|
11,343,551 |
|
|
|
418,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
1 |
|
|
|
1,772 |
|
|
|
60 |
|
|
|
12,712 |
|
|
|
427 |
|
| Administrative charge |
|
|
— |
|
|
|
221 |
|
|
|
7 |
|
|
|
1,352 |
|
|
|
50 |
|
| Contract terminations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,350 |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,899 |
|
|
|
— |
|
| Total liabilities |
|
|
1 |
|
|
|
1,993 |
|
|
|
67 |
|
|
|
25,313 |
|
|
|
477 |
|
| Net assets applicable to contracts in accumulation period |
|
|
987 |
|
|
|
1,852,841 |
|
|
|
59,467 |
|
|
|
11,302,402 |
|
|
|
417,312 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
15,688 |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
— |
|
|
|
2,795 |
|
|
|
— |
|
|
|
148 |
|
|
|
617 |
|
| Total net assets |
|
$ |
987 |
|
|
$ |
1,855,636 |
|
|
$ |
59,467 |
|
|
$ |
11,318,238 |
|
|
$ |
417,929 |
|
| (1) Investment shares |
|
|
27 |
|
|
|
52,271 |
|
|
|
13,862 |
|
|
|
2,560,687 |
|
|
|
22,148 |
|
|
(2) Investments, at cost |
|
$ |
896 |
|
|
$ |
1,731,565 |
|
|
$ |
72,186 |
|
|
$ |
12,987,110 |
|
|
$ |
411,621 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Invesco VI
Hlth, Ser II |
|
|
Invesco VI
Main St, Ser I |
|
|
Invesco VI
Mn St Mid Cap, Ser
II |
|
|
Invesco VI
Mn St Sm Cap, Ser
II |
|
|
Janus Henderson
VIT Bal, Inst |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
43,988 |
|
|
$ |
26,598 |
|
|
$ |
615,053 |
|
|
$ |
1,909,527 |
|
|
$ |
1,134,644 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
51 |
|
|
|
30 |
|
|
|
1,000 |
|
|
|
1,969 |
|
|
|
1,266 |
|
| Total assets |
|
|
44,039 |
|
|
|
26,628 |
|
|
|
616,058 |
|
|
|
1,911,496 |
|
|
|
1,135,910 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
46 |
|
|
|
27 |
|
|
|
756 |
|
|
|
1,742 |
|
|
|
1,130 |
|
| Administrative charge |
|
|
5 |
|
|
|
3 |
|
|
|
73 |
|
|
|
227 |
|
|
|
136 |
|
| Contract terminations |
|
|
— |
|
|
|
— |
|
|
|
171 |
|
|
|
— |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
51 |
|
|
|
30 |
|
|
|
1,005 |
|
|
|
1,969 |
|
|
|
1,266 |
|
| Net assets applicable to contracts in accumulation period |
|
|
40,031 |
|
|
|
26,598 |
|
|
|
613,724 |
|
|
|
1,877,676 |
|
|
|
1,134,644 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30,369 |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
3,957 |
|
|
|
— |
|
|
|
1,329 |
|
|
|
1,482 |
|
|
|
— |
|
| Total net assets |
|
$ |
43,988 |
|
|
$ |
26,598 |
|
|
$ |
615,053 |
|
|
$ |
1,909,527 |
|
|
$ |
1,134,644 |
|
| (1) Investment shares |
|
|
1,850 |
|
|
|
1,460 |
|
|
|
65,501 |
|
|
|
72,606 |
|
|
|
25,058 |
|
|
(2) Investments, at cost |
|
$ |
42,927 |
|
|
$ |
30,486 |
|
|
$ |
684,171 |
|
|
$ |
1,509,645 |
|
|
$ |
722,504 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 16 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Janus Henderson
VIT Enter, Serv |
|
|
Janus Henderson
VIT Gbl Res,
Inst |
|
|
Janus Hend VIT
Gbl Tech Innov, Srv |
|
|
Janus Henderson
VIT Overseas, Serv |
|
|
Janus Henderson
VIT Res, Serv |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
683,781 |
|
|
$ |
883,606 |
|
|
$ |
155,975 |
|
|
$ |
154,468 |
|
|
$ |
1,529,235 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
767 |
|
|
|
983 |
|
|
|
191 |
|
|
|
185 |
|
|
|
2,813 |
|
| Total assets |
|
|
684,548 |
|
|
|
884,589 |
|
|
|
156,166 |
|
|
|
154,653 |
|
|
|
1,532,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
686 |
|
|
|
878 |
|
|
|
172 |
|
|
|
167 |
|
|
|
1,712 |
|
| Administrative charge |
|
|
81 |
|
|
|
105 |
|
|
|
19 |
|
|
|
18 |
|
|
|
183 |
|
| Contract terminations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
918 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
767 |
|
|
|
983 |
|
|
|
191 |
|
|
|
185 |
|
|
|
2,813 |
|
| Net assets applicable to contracts in accumulation period |
|
|
683,505 |
|
|
|
883,606 |
|
|
|
155,788 |
|
|
|
154,468 |
|
|
|
1,527,378 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
276 |
|
|
|
— |
|
|
|
187 |
|
|
|
— |
|
|
|
1,857 |
|
| Total net assets |
|
$ |
683,781 |
|
|
$ |
883,606 |
|
|
$ |
155,975 |
|
|
$ |
154,468 |
|
|
$ |
1,529,235 |
|
| (1) Investment shares |
|
|
10,001 |
|
|
|
14,462 |
|
|
|
9,712 |
|
|
|
3,854 |
|
|
|
35,514 |
|
|
(2) Investments, at cost |
|
$ |
520,937 |
|
|
$ |
585,242 |
|
|
$ |
94,042 |
|
|
$ |
129,193 |
|
|
$ |
1,118,598 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Lazard Retire
Intl Eq, Serv |
|
|
LVIP Baron
Gro Opp,
Serv Cl |
|
|
LVIP JPM
US Eq,
Std Cl |
|
|
MFS Inv
Trust,
Init Cl |
|
|
MFS Inv
Trust,
Serv Cl |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
34,463 |
|
|
$ |
57,024 |
|
|
$ |
224,479 |
|
|
$ |
831,211 |
|
|
$ |
702,901 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
40 |
|
|
|
66 |
|
|
|
261 |
|
|
|
918 |
|
|
|
712 |
|
| Total assets |
|
|
34,503 |
|
|
|
57,090 |
|
|
|
224,740 |
|
|
|
832,129 |
|
|
|
703,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
36 |
|
|
|
59 |
|
|
|
234 |
|
|
|
819 |
|
|
|
628 |
|
| Administrative charge |
|
|
4 |
|
|
|
7 |
|
|
|
27 |
|
|
|
99 |
|
|
|
84 |
|
| Contract terminations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
40 |
|
|
|
66 |
|
|
|
261 |
|
|
|
918 |
|
|
|
712 |
|
| Net assets applicable to contracts in accumulation period |
|
|
34,367 |
|
|
|
56,702 |
|
|
|
224,327 |
|
|
|
830,090 |
|
|
|
702,069 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
96 |
|
|
|
322 |
|
|
|
152 |
|
|
|
1,121 |
|
|
|
832 |
|
| Total net assets |
|
$ |
34,463 |
|
|
$ |
57,024 |
|
|
$ |
224,479 |
|
|
$ |
831,211 |
|
|
$ |
702,901 |
|
| (1) Investment shares |
|
|
3,791 |
|
|
|
792 |
|
|
|
5,966 |
|
|
|
23,096 |
|
|
|
19,924 |
|
|
(2) Investments, at cost |
|
$ |
39,138 |
|
|
$ |
28,338 |
|
|
$ |
194,941 |
|
|
$ |
600,599 |
|
|
$ |
502,975 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
17 |
|
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
MFS Mass
Inv Gro Stock,
Serv Cl |
|
|
MFS
New Dis, Init Cl |
|
|
MFS
New Dis, Serv Cl |
|
|
MFS
Research, Init Cl |
|
|
MFS
Total Return, Init Cl |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
1,737,525 |
|
|
$ |
302,425 |
|
|
$ |
1,427,560 |
|
|
$ |
263,753 |
|
|
$ |
30,292 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
3,087 |
|
|
|
362 |
|
|
|
1,556 |
|
|
|
302 |
|
|
|
28 |
|
| Total assets |
|
|
1,740,612 |
|
|
|
302,787 |
|
|
|
1,429,116 |
|
|
|
264,055 |
|
|
|
30,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
1,556 |
|
|
|
326 |
|
|
|
1,386 |
|
|
|
271 |
|
|
|
24 |
|
| Administrative charge |
|
|
208 |
|
|
|
36 |
|
|
|
170 |
|
|
|
31 |
|
|
|
4 |
|
| Contract terminations |
|
|
1,323 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
3,087 |
|
|
|
362 |
|
|
|
1,556 |
|
|
|
302 |
|
|
|
28 |
|
| Net assets applicable to contracts in accumulation period |
|
|
1,711,147 |
|
|
|
302,238 |
|
|
|
1,425,676 |
|
|
|
260,740 |
|
|
|
30,292 |
|
| Net assets applicable to contracts in payment period |
|
|
24,026 |
|
|
|
— |
|
|
|
168 |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
2,352 |
|
|
|
187 |
|
|
|
1,716 |
|
|
|
3,013 |
|
|
|
— |
|
| Total net assets |
|
$ |
1,737,525 |
|
|
$ |
302,425 |
|
|
$ |
1,427,560 |
|
|
$ |
263,753 |
|
|
$ |
30,292 |
|
| (1) Investment shares |
|
|
78,621 |
|
|
|
23,371 |
|
|
|
141,343 |
|
|
|
8,250 |
|
|
|
1,302 |
|
|
(2) Investments, at cost |
|
$ |
1,549,437 |
|
|
$ |
383,341 |
|
|
$ |
2,022,442 |
|
|
$ |
205,852 |
|
|
$ |
27,416 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
MFS
Total Return, Serv Cl |
|
|
MFS
Utilities, Init Cl |
|
|
MFS
Utilities, Serv Cl |
|
|
MS
VIF Dis, Cl II |
|
|
MS
VIF Global Real Est,
Cl II |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
12,155,670 |
|
|
$ |
2,122,403 |
|
|
$ |
855,859 |
|
|
$ |
45,434 |
|
|
$ |
126,584 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
56 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
13,078 |
|
|
|
2,406 |
|
|
|
937 |
|
|
|
57 |
|
|
|
369 |
|
| Total assets |
|
|
12,168,804 |
|
|
|
2,124,809 |
|
|
|
856,796 |
|
|
|
45,491 |
|
|
|
126,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
11,628 |
|
|
|
2,153 |
|
|
|
835 |
|
|
|
52 |
|
|
|
151 |
|
| Administrative charge |
|
|
1,450 |
|
|
|
253 |
|
|
|
102 |
|
|
|
5 |
|
|
|
15 |
|
| Contract terminations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
203 |
|
| Payable for investments purchased |
|
|
56 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
13,134 |
|
|
|
2,406 |
|
|
|
937 |
|
|
|
57 |
|
|
|
369 |
|
| Net assets applicable to contracts in accumulation period |
|
|
12,154,860 |
|
|
|
2,104,799 |
|
|
|
839,202 |
|
|
|
41,230 |
|
|
|
126,023 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
17,186 |
|
|
|
15,147 |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
810 |
|
|
|
418 |
|
|
|
1,510 |
|
|
|
4,204 |
|
|
|
561 |
|
| Total net assets |
|
$ |
12,155,670 |
|
|
$ |
2,122,403 |
|
|
$ |
855,859 |
|
|
$ |
45,434 |
|
|
$ |
126,584 |
|
| (1) Investment shares |
|
|
535,964 |
|
|
|
65,811 |
|
|
|
27,136 |
|
|
|
11,218 |
|
|
|
16,788 |
|
|
(2) Investments, at cost |
|
$ |
11,391,039 |
|
|
$ |
1,851,712 |
|
|
$ |
759,644 |
|
|
$ |
102,953 |
|
|
$ |
145,269 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 18 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
MS VIF
US Real Est, Cl I |
|
|
MS VIF
US Real Est, Cl II |
|
|
PIMCO
VIT All Asset,
Advisor Cl |
|
|
Put VT
Div Inc, Cl IA |
|
|
Put VT
Div Inc, Cl IB |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
169,570 |
|
|
$ |
393,960 |
|
|
$ |
615,073 |
|
|
$ |
394,047 |
|
|
$ |
136,324 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
288 |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
185 |
|
|
|
897 |
|
|
|
823 |
|
|
|
439 |
|
|
|
152 |
|
| Total assets |
|
|
169,755 |
|
|
|
394,857 |
|
|
|
616,184 |
|
|
|
394,486 |
|
|
|
136,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
165 |
|
|
|
503 |
|
|
|
750 |
|
|
|
392 |
|
|
|
136 |
|
| Administrative charge |
|
|
20 |
|
|
|
47 |
|
|
|
73 |
|
|
|
47 |
|
|
|
16 |
|
| Contract terminations |
|
|
— |
|
|
|
347 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
288 |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
185 |
|
|
|
897 |
|
|
|
1,111 |
|
|
|
439 |
|
|
|
152 |
|
| Net assets applicable to contracts in accumulation period |
|
|
168,840 |
|
|
|
393,209 |
|
|
|
614,596 |
|
|
|
387,985 |
|
|
|
136,324 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,062 |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
730 |
|
|
|
751 |
|
|
|
477 |
|
|
|
— |
|
|
|
— |
|
| Total net assets |
|
$ |
169,570 |
|
|
$ |
393,960 |
|
|
$ |
615,073 |
|
|
$ |
394,047 |
|
|
$ |
136,324 |
|
| (1) Investment shares |
|
|
11,662 |
|
|
|
27,283 |
|
|
|
66,856 |
|
|
|
85,292 |
|
|
|
29,317 |
|
|
(2) Investments, at cost |
|
$ |
179,495 |
|
|
$ |
420,223 |
|
|
$ |
705,066 |
|
|
$ |
583,495 |
|
|
$ |
204,024 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Put VT
Emerg Mkts Eq,
Cl IB |
|
|
Put VT
Focused Intl Eq,
Cl IA |
|
|
Put VT
Global Hlth Care,
Cl IB |
|
|
Put VT
Hi Yield, Cl IA |
|
|
Put VT
Hi Yield, Cl IB |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
198,454 |
|
|
$ |
375,014 |
|
|
$ |
722,775 |
|
|
$ |
344,393 |
|
|
$ |
80,908 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
211 |
|
|
|
417 |
|
|
|
792 |
|
|
|
384 |
|
|
|
90 |
|
| Total assets |
|
|
198,665 |
|
|
|
375,431 |
|
|
|
723,567 |
|
|
|
344,777 |
|
|
|
80,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
187 |
|
|
|
372 |
|
|
|
702 |
|
|
|
343 |
|
|
|
80 |
|
| Administrative charge |
|
|
24 |
|
|
|
45 |
|
|
|
86 |
|
|
|
41 |
|
|
|
10 |
|
| Contract terminations |
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
211 |
|
|
|
417 |
|
|
|
792 |
|
|
|
384 |
|
|
|
90 |
|
| Net assets applicable to contracts in accumulation period |
|
|
198,347 |
|
|
|
375,014 |
|
|
|
720,338 |
|
|
|
344,393 |
|
|
|
80,908 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
107 |
|
|
|
— |
|
|
|
2,437 |
|
|
|
— |
|
|
|
— |
|
| Total net assets |
|
$ |
198,454 |
|
|
$ |
375,014 |
|
|
$ |
722,775 |
|
|
$ |
344,393 |
|
|
$ |
80,908 |
|
| (1) Investment shares |
|
|
11,764 |
|
|
|
25,845 |
|
|
|
44,561 |
|
|
|
61,389 |
|
|
|
14,578 |
|
|
(2) Investments, at cost |
|
$ |
194,814 |
|
|
$ |
388,715 |
|
|
$ |
637,918 |
|
|
$ |
429,922 |
|
|
$ |
97,416 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
19 |
|
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Put VT
Inc, Cl IB |
|
|
Put VT
Intl Eq, Cl IB |
|
|
Put VT
Intl Val, Cl IB |
|
|
Put VT
Lg Cap Gro, Cl IA |
|
|
Put VT
Lg Cap Gro, Cl IB |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
24,414 |
|
|
$ |
3,206,025 |
|
|
$ |
256 |
|
|
$ |
504,948 |
|
|
$ |
1,034,862 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
26 |
|
|
|
3,427 |
|
|
|
— |
|
|
|
561 |
|
|
|
1,152 |
|
| Total assets |
|
|
24,440 |
|
|
|
3,209,452 |
|
|
|
256 |
|
|
|
505,509 |
|
|
|
1,036,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
23 |
|
|
|
3,045 |
|
|
|
— |
|
|
|
501 |
|
|
|
1,029 |
|
| Administrative charge |
|
|
3 |
|
|
|
382 |
|
|
|
— |
|
|
|
60 |
|
|
|
123 |
|
| Contract terminations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
26 |
|
|
|
3,427 |
|
|
|
— |
|
|
|
561 |
|
|
|
1,152 |
|
| Net assets applicable to contracts in accumulation period |
|
|
23,959 |
|
|
|
3,204,662 |
|
|
|
— |
|
|
|
500,775 |
|
|
|
1,034,862 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
399 |
|
|
|
— |
|
|
|
4,173 |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
455 |
|
|
|
964 |
|
|
|
256 |
|
|
|
— |
|
|
|
— |
|
| Total net assets |
|
$ |
24,414 |
|
|
$ |
3,206,025 |
|
|
$ |
256 |
|
|
$ |
504,948 |
|
|
$ |
1,034,862 |
|
| (1) Investment shares |
|
|
2,945 |
|
|
|
209,956 |
|
|
|
22 |
|
|
|
35,965 |
|
|
|
76,770 |
|
|
(2) Investments, at cost |
|
$ |
32,483 |
|
|
$ |
2,897,111 |
|
|
$ |
204 |
|
|
$ |
339,901 |
|
|
$ |
716,025 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Put VT
Lg Cap Val, Cl IA |
|
|
Put VT
Lg Cap Val, Cl IB |
|
|
Put VT
Research, Cl IB |
|
|
Put VT
Sm Cap Val, Cl IB |
|
|
Put VT
Sus Leaders, Cl IA |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
2,531,141 |
|
|
$ |
2,775,529 |
|
|
$ |
46,112 |
|
|
$ |
605,255 |
|
|
$ |
2,596,448 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
2,811 |
|
|
|
3,717 |
|
|
|
48 |
|
|
|
1,163 |
|
|
|
2,886 |
|
| Total assets |
|
|
2,533,952 |
|
|
|
2,779,246 |
|
|
|
46,160 |
|
|
|
606,418 |
|
|
|
2,599,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
2,510 |
|
|
|
2,533 |
|
|
|
43 |
|
|
|
687 |
|
|
|
2,577 |
|
| Administrative charge |
|
|
301 |
|
|
|
330 |
|
|
|
5 |
|
|
|
72 |
|
|
|
309 |
|
| Contract terminations |
|
|
— |
|
|
|
854 |
|
|
|
— |
|
|
|
404 |
|
|
|
— |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
2,811 |
|
|
|
3,717 |
|
|
|
48 |
|
|
|
1,163 |
|
|
|
2,886 |
|
| Net assets applicable to contracts in accumulation period |
|
|
2,524,407 |
|
|
|
2,773,009 |
|
|
|
43,715 |
|
|
|
602,489 |
|
|
|
2,596,448 |
|
| Net assets applicable to contracts in payment period |
|
|
6,734 |
|
|
|
1,644 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
— |
|
|
|
876 |
|
|
|
2,397 |
|
|
|
2,766 |
|
|
|
— |
|
| Total net assets |
|
$ |
2,531,141 |
|
|
$ |
2,775,529 |
|
|
$ |
46,112 |
|
|
$ |
605,255 |
|
|
$ |
2,596,448 |
|
| (1) Investment shares |
|
|
86,564 |
|
|
|
96,306 |
|
|
|
1,329 |
|
|
|
52,953 |
|
|
|
62,762 |
|
|
(2) Investments, at cost |
|
$ |
2,079,825 |
|
|
$ |
2,320,437 |
|
|
$ |
24,230 |
|
|
$ |
650,663 |
|
|
$ |
1,896,716 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 20 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Put VT
Sus Leaders, Cl IB |
|
|
Royce
Micro-Cap,
Invest Cl |
|
|
Royce
Sm-Cap, Invest Cl |
|
|
Temp
Dev Mkts,
Cl 2 |
|
|
Temp
Foreign, Cl 2 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
2,826,232 |
|
|
$ |
319,423 |
|
|
$ |
303,233 |
|
|
$ |
222,684 |
|
|
$ |
2,501,280 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
2,974 |
|
|
|
414 |
|
|
|
347 |
|
|
|
230 |
|
|
|
2,809 |
|
| Total assets |
|
|
2,829,206 |
|
|
|
319,837 |
|
|
|
303,580 |
|
|
|
222,914 |
|
|
|
2,504,089 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
2,630 |
|
|
|
342 |
|
|
|
311 |
|
|
|
203 |
|
|
|
2,400 |
|
| Administrative charge |
|
|
336 |
|
|
|
38 |
|
|
|
36 |
|
|
|
27 |
|
|
|
300 |
|
| Contract terminations |
|
|
8 |
|
|
|
34 |
|
|
|
— |
|
|
|
— |
|
|
|
109 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
2,974 |
|
|
|
414 |
|
|
|
347 |
|
|
|
230 |
|
|
|
2,809 |
|
| Net assets applicable to contracts in accumulation period |
|
|
2,821,692 |
|
|
|
319,304 |
|
|
|
303,004 |
|
|
|
222,583 |
|
|
|
2,501,175 |
|
| Net assets applicable to contracts in payment period |
|
|
620 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
3,920 |
|
|
|
119 |
|
|
|
229 |
|
|
|
101 |
|
|
|
105 |
|
| Total net assets |
|
$ |
2,826,232 |
|
|
$ |
319,423 |
|
|
$ |
303,233 |
|
|
$ |
222,684 |
|
|
$ |
2,501,280 |
|
| (1) Investment shares |
|
|
71,369 |
|
|
|
34,833 |
|
|
|
31,620 |
|
|
|
27,058 |
|
|
|
175,652 |
|
|
(2) Investments, at cost |
|
$ |
2,092,257 |
|
|
$ |
324,964 |
|
|
$ |
271,948 |
|
|
$ |
254,745 |
|
|
$ |
2,373,869 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
Temp
Global Bond, Cl 2 |
|
|
Temp
Gro, Cl 2 |
|
|
Third Ave
VST Third
Ave Value |
|
|
VP
Aggr, Cl 2 |
|
|
VP
Aggr, Cl 4 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
6,127,340 |
|
|
$ |
267,438 |
|
|
$ |
232,340 |
|
|
$ |
8,542,855 |
|
|
$ |
62,759,140 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
35 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
15,785 |
|
|
|
327 |
|
|
|
270 |
|
|
|
9,162 |
|
|
|
74,610 |
|
| Total assets |
|
|
6,143,160 |
|
|
|
267,765 |
|
|
|
232,610 |
|
|
|
8,552,017 |
|
|
|
62,833,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
7,485 |
|
|
|
291 |
|
|
|
242 |
|
|
|
8,104 |
|
|
|
66,770 |
|
| Administrative charge |
|
|
735 |
|
|
|
32 |
|
|
|
28 |
|
|
|
1,058 |
|
|
|
7,491 |
|
| Contract terminations |
|
|
7,565 |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
349 |
|
| Payable for investments purchased |
|
|
35 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
15,820 |
|
|
|
327 |
|
|
|
270 |
|
|
|
9,162 |
|
|
|
74,610 |
|
| Net assets applicable to contracts in accumulation period |
|
|
6,109,913 |
|
|
|
265,832 |
|
|
|
232,093 |
|
|
|
8,542,563 |
|
|
|
62,759,106 |
|
| Net assets applicable to contracts in payment period |
|
|
17,216 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
211 |
|
|
|
1,606 |
|
|
|
247 |
|
|
|
292 |
|
|
|
34 |
|
| Total net assets |
|
$ |
6,127,340 |
|
|
$ |
267,438 |
|
|
$ |
232,340 |
|
|
$ |
8,542,855 |
|
|
$ |
62,759,140 |
|
| (1) Investment shares |
|
|
477,207 |
|
|
|
22,305 |
|
|
|
9,985 |
|
|
|
303,908 |
|
|
|
2,229,454 |
|
|
(2) Investments, at cost |
|
$ |
7,311,961 |
|
|
$ |
267,332 |
|
|
$ |
174,067 |
|
|
$ |
4,287,887 |
|
|
$ |
26,258,268 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
21 |
|
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
VP
Conserv, Cl 2 |
|
|
VP
Conserv, Cl 4 |
|
|
VP
Man Risk,
Cl 2 |
|
|
VP
Man Risk US, Cl 2 |
|
|
VP Man
Vol Conserv,
Cl 2 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
12,556,772 |
|
|
$ |
38,160,614 |
|
|
$ |
290,128 |
|
|
$ |
26,559 |
|
|
$ |
10,634,985 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
13,813 |
|
|
|
63,024 |
|
|
|
299 |
|
|
|
25 |
|
|
|
16,422 |
|
| Total assets |
|
|
12,570,585 |
|
|
|
38,223,638 |
|
|
|
290,427 |
|
|
|
26,584 |
|
|
|
10,651,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
12,309 |
|
|
|
40,036 |
|
|
|
264 |
|
|
|
22 |
|
|
|
12,017 |
|
| Administrative charge |
|
|
1,504 |
|
|
|
4,587 |
|
|
|
35 |
|
|
|
3 |
|
|
|
1,275 |
|
| Contract terminations |
|
|
— |
|
|
|
18,401 |
|
|
|
— |
|
|
|
— |
|
|
|
3,130 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
13,813 |
|
|
|
63,024 |
|
|
|
299 |
|
|
|
25 |
|
|
|
16,422 |
|
| Net assets applicable to contracts in accumulation period |
|
|
12,556,585 |
|
|
|
38,160,551 |
|
|
|
289,684 |
|
|
|
26,038 |
|
|
|
10,634,767 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
187 |
|
|
|
63 |
|
|
|
444 |
|
|
|
521 |
|
|
|
218 |
|
| Total net assets |
|
$ |
12,556,772 |
|
|
$ |
38,160,614 |
|
|
$ |
290,128 |
|
|
$ |
26,559 |
|
|
$ |
10,634,985 |
|
| (1) Investment shares |
|
|
816,435 |
|
|
|
2,482,799 |
|
|
|
22,953 |
|
|
|
1,884 |
|
|
|
834,116 |
|
|
(2) Investments, at cost |
|
$ |
11,314,467 |
|
|
$ |
31,462,475 |
|
|
$ |
254,017 |
|
|
$ |
20,241 |
|
|
$ |
9,649,018 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
VP Man
Vol Conserv Gro,
Cl 2 |
|
|
VP Man
Vol Gro, Cl 2 |
|
|
VP Man
Vol Mod Gro, Cl 2 |
|
|
VP
Mod, Cl 2 |
|
|
VP
Mod, Cl 4 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
27,721,281 |
|
|
$ |
85,008,223 |
|
|
$ |
161,004,079 |
|
|
$ |
191,308,639 |
|
|
$ |
605,340,529 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
41,794 |
|
|
|
105,384 |
|
|
|
237,977 |
|
|
|
236,661 |
|
|
|
936,643 |
|
| Total assets |
|
|
27,763,075 |
|
|
|
85,113,607 |
|
|
|
161,242,056 |
|
|
|
191,545,300 |
|
|
|
606,277,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
30,671 |
|
|
|
88,444 |
|
|
|
176,439 |
|
|
|
175,746 |
|
|
|
637,188 |
|
| Administrative charge |
|
|
3,331 |
|
|
|
10,133 |
|
|
|
19,290 |
|
|
|
22,860 |
|
|
|
72,532 |
|
| Contract terminations |
|
|
7,792 |
|
|
|
6,807 |
|
|
|
42,248 |
|
|
|
38,055 |
|
|
|
226,923 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
41,794 |
|
|
|
105,384 |
|
|
|
237,977 |
|
|
|
236,661 |
|
|
|
936,643 |
|
| Net assets applicable to contracts in accumulation period |
|
|
27,721,190 |
|
|
|
85,008,147 |
|
|
|
161,004,033 |
|
|
|
191,302,407 |
|
|
|
605,308,645 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,134 |
|
|
|
31,766 |
|
| Net assets applicable to seed money |
|
|
91 |
|
|
|
76 |
|
|
|
46 |
|
|
|
98 |
|
|
|
118 |
|
| Total net assets |
|
$ |
27,721,281 |
|
|
$ |
85,008,223 |
|
|
$ |
161,004,079 |
|
|
$ |
191,308,639 |
|
|
$ |
605,340,529 |
|
| (1) Investment shares |
|
|
1,964,655 |
|
|
|
4,942,339 |
|
|
|
9,409,940 |
|
|
|
8,922,978 |
|
|
|
28,194,715 |
|
|
(2) Investments, at cost |
|
$ |
22,500,170 |
|
|
$ |
58,120,676 |
|
|
$ |
116,365,494 |
|
|
$ |
113,395,541 |
|
|
$ |
321,369,331 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 22 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Assets and Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
VP Mod
Aggr,
Cl 2 |
|
|
VP Mod
Aggr,
Cl 4 |
|
|
VP Mod
Conserv,
Cl 2 |
|
|
VP Mod
Conserv,
Cl 4 |
|
|
VP Ptnrs
Core Eq,
Cl 3 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
33,939,071 |
|
|
$ |
143,921,641 |
|
|
$ |
23,826,093 |
|
|
$ |
60,596,250 |
|
|
$ |
696,858 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Receivable for share redemptions |
|
|
63,317 |
|
|
|
185,553 |
|
|
|
25,863 |
|
|
|
81,224 |
|
|
|
1,409 |
|
| Total assets |
|
|
34,002,388 |
|
|
|
144,107,194 |
|
|
|
23,851,956 |
|
|
|
60,677,474 |
|
|
|
698,267 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
32,540 |
|
|
|
159,839 |
|
|
|
23,017 |
|
|
|
65,197 |
|
|
|
820 |
|
| Administrative charge |
|
|
4,037 |
|
|
|
17,285 |
|
|
|
2,846 |
|
|
|
7,249 |
|
|
|
84 |
|
| Contract terminations |
|
|
26,740 |
|
|
|
8,429 |
|
|
|
— |
|
|
|
8,778 |
|
|
|
505 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total liabilities |
|
|
63,317 |
|
|
|
185,553 |
|
|
|
25,863 |
|
|
|
81,224 |
|
|
|
1,409 |
|
| Net assets applicable to contracts in accumulation period |
|
|
33,938,891 |
|
|
|
143,921,588 |
|
|
|
23,825,870 |
|
|
|
60,596,181 |
|
|
|
696,385 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
180 |
|
|
|
53 |
|
|
|
223 |
|
|
|
69 |
|
|
|
473 |
|
| Total net assets |
|
$ |
33,939,071 |
|
|
$ |
143,921,641 |
|
|
$ |
23,826,093 |
|
|
$ |
60,596,250 |
|
|
$ |
696,858 |
|
| (1) Investment shares |
|
|
1,382,447 |
|
|
|
5,852,852 |
|
|
|
1,316,359 |
|
|
|
3,342,319 |
|
|
|
19,024 |
|
|
(2) Investments, at cost |
|
$ |
16,963,718 |
|
|
$ |
64,366,413 |
|
|
$ |
16,493,146 |
|
|
$ |
38,435,877 |
|
|
$ |
234,213 |
|
|
|
|
|
|
|
| December 31, 2023 (continued) |
|
VP Ptnrs
Sm Cap Val,
Cl 3 |
|
|
VP US
Flex Conserv Gro,
Cl 2 |
|
|
VP US
Flex Gro,
Cl 2 |
|
|
VP US
Flex Mod Gro,
Cl 2 |
|
|
Wanger
Acorn |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
8,767,533 |
|
|
$ |
353,972 |
|
|
$ |
3,655,721 |
|
|
$ |
2,138,699 |
|
|
$ |
5,089,149 |
|
| Dividends receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
53 |
|
| Receivable for share redemptions |
|
|
18,602 |
|
|
|
353 |
|
|
|
3,278 |
|
|
|
1,968 |
|
|
|
11,528 |
|
| Total assets |
|
|
8,786,135 |
|
|
|
354,325 |
|
|
|
3,658,999 |
|
|
|
2,140,667 |
|
|
|
5,100,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortality and expense risk fee |
|
|
10,479 |
|
|
|
311 |
|
|
|
2,844 |
|
|
|
1,713 |
|
|
|
6,093 |
|
| Administrative charge |
|
|
1,048 |
|
|
|
42 |
|
|
|
434 |
|
|
|
255 |
|
|
|
608 |
|
| Contract terminations |
|
|
7,075 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,827 |
|
| Payable for investments purchased |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
53 |
|
| Total liabilities |
|
|
18,602 |
|
|
|
353 |
|
|
|
3,278 |
|
|
|
1,968 |
|
|
|
11,581 |
|
| Net assets applicable to contracts in accumulation period |
|
|
8,767,272 |
|
|
|
353,519 |
|
|
|
3,655,304 |
|
|
|
2,138,256 |
|
|
|
5,088,449 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net assets applicable to seed money |
|
|
261 |
|
|
|
453 |
|
|
|
417 |
|
|
|
443 |
|
|
|
700 |
|
| Total net assets |
|
$ |
8,767,533 |
|
|
$ |
353,972 |
|
|
$ |
3,655,721 |
|
|
$ |
2,138,699 |
|
|
$ |
5,089,149 |
|
| (1) Investment shares |
|
|
245,109 |
|
|
|
26,655 |
|
|
|
224,691 |
|
|
|
144,702 |
|
|
|
381,782 |
|
|
(2) Investments, at cost |
|
$ |
4,783,086 |
|
|
$ |
302,248 |
|
|
$ |
2,960,077 |
|
|
$ |
1,821,170 |
|
|
$ |
7,156,479 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
23 |
|
Statement of Assets and Liabilities
|
|
|
|
|
| December 31, 2023 (continued) |
|
Wanger
Intl |
|
| Assets |
|
|
|
|
| Investments, at fair value(1),(2) |
|
$ |
4,634,499 |
|
| Dividends receivable |
|
|
— |
|
| Accounts receivable from RiverSource Life for contract purchase payments |
|
|
— |
|
| Receivable for share redemptions |
|
|
11,596 |
|
| Total assets |
|
|
4,646,095 |
|
|
|
|
|
|
| Liabilities |
|
|
|
|
| Payable to RiverSource Life for: |
|
|
|
|
| Mortality and expense risk fee |
|
|
5,558 |
|
| Administrative charge |
|
|
557 |
|
| Contract terminations |
|
|
5,481 |
|
| Payable for investments purchased |
|
|
— |
|
| Total liabilities |
|
|
11,596 |
|
| Net assets applicable to contracts in accumulation period |
|
|
4,634,043 |
|
| Net assets applicable to contracts in payment period |
|
|
— |
|
| Net assets applicable to seed money |
|
|
456 |
|
| Total net assets |
|
$ |
4,634,499 |
|
| (1) Investment shares |
|
|
227,404 |
|
|
(2) Investments, at cost |
|
$ |
5,466,642 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 24 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 |
|
AB VPS
Bal Hedged Alloc,
Cl B |
|
|
AB VPS
Intl Val,
Cl B |
|
|
AB VPS
Lg Cap Gro,
Cl B |
|
|
AB VPS
Relative Val,
Cl B |
|
|
AB VPS Sus
Gbl Thematic,
Cl B |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
2,498 |
|
|
$ |
57,924 |
|
|
$ |
— |
|
|
$ |
54,052 |
|
|
$ |
252 |
|
| Variable account expenses |
|
|
3,544 |
|
|
|
143,535 |
|
|
|
33,180 |
|
|
|
55,002 |
|
|
|
12,270 |
|
| Investment income (loss) — net |
|
|
(1,046 |
) |
|
|
(85,611 |
) |
|
|
(33,180 |
) |
|
|
(950 |
) |
|
|
(12,018 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
38,512 |
|
|
|
2,141,372 |
|
|
|
320,214 |
|
|
|
444,502 |
|
|
|
99,176 |
|
| Cost of investments sold |
|
|
46,525 |
|
|
|
2,160,828 |
|
|
|
248,037 |
|
|
|
394,630 |
|
|
|
81,978 |
|
| Net realized gain (loss) on sales of investments |
|
|
(8,013 |
) |
|
|
(19,456 |
) |
|
|
72,177 |
|
|
|
49,872 |
|
|
|
17,198 |
|
| Distributions from capital gains |
|
|
14,312 |
|
|
|
— |
|
|
|
183,975 |
|
|
|
341,426 |
|
|
|
54,390 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
25,256 |
|
|
|
1,204,261 |
|
|
|
464,929 |
|
|
|
22,514 |
|
|
|
52,267 |
|
| Net gain (loss) on investments |
|
|
31,555 |
|
|
|
1,184,805 |
|
|
|
721,081 |
|
|
|
413,812 |
|
|
|
123,855 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
30,509 |
|
|
$ |
1,099,194 |
|
|
$ |
687,901 |
|
|
$ |
412,862 |
|
|
$ |
111,837 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Allspg VT
Dis All Cap Gro,
Cl 1 |
|
|
Allspg VT
Dis All Cap Gro,
Cl 2 |
|
|
Allspg VT
Index Asset Alloc,
Cl 2 |
|
|
Allspg VT
Intl Eq,
Cl 1 |
|
|
Allspg VT
Intl Eq, Cl 2 |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
53,405 |
|
|
$ |
2,291 |
|
|
$ |
48,091 |
|
| Variable account expenses |
|
|
4,470 |
|
|
|
230,827 |
|
|
|
78,057 |
|
|
|
1,742 |
|
|
|
49,907 |
|
| Investment income (loss) — net |
|
|
(4,470 |
) |
|
|
(230,827 |
) |
|
|
(24,652 |
) |
|
|
549 |
|
|
|
(1,816 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
104,009 |
|
|
|
2,930,967 |
|
|
|
999,181 |
|
|
|
10,353 |
|
|
|
789,922 |
|
| Cost of investments sold |
|
|
108,762 |
|
|
|
3,311,935 |
|
|
|
926,944 |
|
|
|
17,175 |
|
|
|
1,247,851 |
|
| Net realized gain (loss) on sales of investments |
|
|
(4,753 |
) |
|
|
(380,968 |
) |
|
|
72,237 |
|
|
|
(6,822 |
) |
|
|
(457,929 |
) |
| Distributions from capital gains |
|
|
37,800 |
|
|
|
1,624,589 |
|
|
|
172,913 |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
70,133 |
|
|
|
3,230,366 |
|
|
|
553,301 |
|
|
|
23,992 |
|
|
|
887,761 |
|
| Net gain (loss) on investments |
|
|
103,180 |
|
|
|
4,473,987 |
|
|
|
798,451 |
|
|
|
17,170 |
|
|
|
429,832 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
98,710 |
|
|
$ |
4,243,160 |
|
|
$ |
773,799 |
|
|
$ |
17,719 |
|
|
$ |
428,016 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Allspg VT
Opp,
Cl 1 |
|
|
Allspg VT
Opp,
Cl 2 |
|
|
Allspg VT
Sm Cap Gro,
Cl 2 |
|
|
AC VP
Disciplined
Core Val,
Cl I |
|
|
AC VP
Inflation Prot,
Cl II |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,658 |
|
|
$ |
420,485 |
|
| Variable account expenses |
|
|
6,583 |
|
|
|
53,939 |
|
|
|
44,840 |
|
|
|
2,426 |
|
|
|
214,355 |
|
| Investment income (loss) — net |
|
|
(6,583 |
) |
|
|
(53,939 |
) |
|
|
(44,840 |
) |
|
|
232 |
|
|
|
206,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
53,860 |
|
|
|
910,159 |
|
|
|
368,565 |
|
|
|
30,325 |
|
|
|
1,878,559 |
|
| Cost of investments sold |
|
|
50,720 |
|
|
|
825,260 |
|
|
|
445,766 |
|
|
|
34,517 |
|
|
|
2,114,404 |
|
| Net realized gain (loss) on sales of investments |
|
|
3,140 |
|
|
|
84,899 |
|
|
|
(77,201 |
) |
|
|
(4,192 |
) |
|
|
(235,845 |
) |
| Distributions from capital gains |
|
|
42,479 |
|
|
|
337,628 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
70,356 |
|
|
|
518,384 |
|
|
|
198,686 |
|
|
|
15,223 |
|
|
|
225,170 |
|
| Net gain (loss) on investments |
|
|
115,975 |
|
|
|
940,911 |
|
|
|
121,485 |
|
|
|
11,031 |
|
|
|
(10,675 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
109,392 |
|
|
$ |
886,972 |
|
|
$ |
76,645 |
|
|
$ |
11,263 |
|
|
$ |
195,455 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
25 |
|
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
AC VP
Intl,
Cl II |
|
|
AC VP
Mid Cap Val,
Cl II |
|
|
AC VP
Ultra,
Cl II |
|
|
AC VP
Val,
Cl I |
|
|
AC VP
Val,
Cl II |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
386 |
|
|
$ |
1,608 |
|
|
$ |
— |
|
|
$ |
6,713 |
|
|
$ |
6,898 |
|
| Variable account expenses |
|
|
215 |
|
|
|
1,240 |
|
|
|
100,435 |
|
|
|
3,962 |
|
|
|
5,532 |
|
| Investment income (loss) — net |
|
|
171 |
|
|
|
368 |
|
|
|
(100,435 |
) |
|
|
2,751 |
|
|
|
1,366 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
30,336 |
|
|
|
1,249 |
|
|
|
1,720,285 |
|
|
|
30,099 |
|
|
|
7,823 |
|
| Cost of investments sold |
|
|
28,974 |
|
|
|
1,115 |
|
|
|
1,323,491 |
|
|
|
20,733 |
|
|
|
6,839 |
|
| Net realized gain (loss) on sales of investments |
|
|
1,362 |
|
|
|
134 |
|
|
|
396,794 |
|
|
|
9,366 |
|
|
|
984 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
8,159 |
|
|
|
481,859 |
|
|
|
22,081 |
|
|
|
23,824 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
1,765 |
|
|
|
(5,502 |
) |
|
|
1,329,498 |
|
|
|
(14,152 |
) |
|
|
(4,600 |
) |
| Net gain (loss) on investments |
|
|
3,127 |
|
|
|
2,791 |
|
|
|
2,208,151 |
|
|
|
17,295 |
|
|
|
20,208 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
3,298 |
|
|
$ |
3,159 |
|
|
$ |
2,107,716 |
|
|
$ |
20,046 |
|
|
$ |
21,574 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
BNY Mellon
IP MidCap Stock,
Serv |
|
|
BNY Mellon
IP Tech Gro,
Serv |
|
|
BNY Mellon
Sus US Eq,
Init |
|
|
BNY Mellon
VIF Appr,
Serv |
|
|
CB Var
Sm Cap Gro,
Cl I |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
362 |
|
|
$ |
— |
|
|
$ |
2,781 |
|
|
$ |
529 |
|
|
$ |
— |
|
| Variable account expenses |
|
|
1,027 |
|
|
|
41,516 |
|
|
|
5,272 |
|
|
|
1,603 |
|
|
|
1,598 |
|
| Investment income (loss) — net |
|
|
(665 |
) |
|
|
(41,516 |
) |
|
|
(2,491 |
) |
|
|
(1,074 |
) |
|
|
(1,598 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
2,138 |
|
|
|
904,725 |
|
|
|
16,937 |
|
|
|
1,130 |
|
|
|
7,727 |
|
| Cost of investments sold |
|
|
2,098 |
|
|
|
833,867 |
|
|
|
14,484 |
|
|
|
1,277 |
|
|
|
6,762 |
|
| Net realized gain (loss) on sales of investments |
|
|
40 |
|
|
|
70,858 |
|
|
|
2,453 |
|
|
|
(147 |
) |
|
|
965 |
|
| Distributions from capital gains |
|
|
2,125 |
|
|
|
— |
|
|
|
44,658 |
|
|
|
9,356 |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
9,024 |
|
|
|
1,106,131 |
|
|
|
32,180 |
|
|
|
10,775 |
|
|
|
7,008 |
|
| Net gain (loss) on investments |
|
|
11,189 |
|
|
|
1,176,989 |
|
|
|
79,291 |
|
|
|
19,984 |
|
|
|
7,973 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
10,524 |
|
|
$ |
1,135,473 |
|
|
$ |
76,800 |
|
|
$ |
18,910 |
|
|
$ |
6,375 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Col VP
Bal, Cl 3 |
|
|
Col VP
Disciplined Core,
Cl 3 |
|
|
Col VP
Divd Opp,
Cl 3 |
|
|
Col VP
Emer Mkts, Cl 3 |
|
|
Col VP
Govt Money Mkt,
Cl 1 |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,139 |
|
| Variable account expenses |
|
|
31,543 |
|
|
|
200,781 |
|
|
|
258,706 |
|
|
|
92,033 |
|
|
|
1,113 |
|
| Investment income (loss) — net |
|
|
(31,543 |
) |
|
|
(200,781 |
) |
|
|
(258,706 |
) |
|
|
(92,033 |
) |
|
|
3,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
275,318 |
|
|
|
2,817,579 |
|
|
|
2,464,737 |
|
|
|
926,946 |
|
|
|
4,370 |
|
| Cost of investments sold |
|
|
128,969 |
|
|
|
877,847 |
|
|
|
1,127,056 |
|
|
|
1,362,068 |
|
|
|
4,370 |
|
| Net realized gain (loss) on sales of investments |
|
|
146,349 |
|
|
|
1,939,732 |
|
|
|
1,337,681 |
|
|
|
(435,122 |
) |
|
|
— |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
290,661 |
|
|
|
954,425 |
|
|
|
(587,266 |
) |
|
|
946,346 |
|
|
|
— |
|
| Net gain (loss) on investments |
|
|
437,010 |
|
|
|
2,894,157 |
|
|
|
750,415 |
|
|
|
511,224 |
|
|
|
— |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
405,467 |
|
|
$ |
2,693,376 |
|
|
$ |
491,709 |
|
|
$ |
419,191 |
|
|
$ |
3,026 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 26 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Col VP
Govt Money Mkt,
Cl 3 |
|
|
Col VP
Hi Yield Bond,
Cl 3 |
|
|
Col VP
Inc Opp,
Cl 1 |
|
|
Col VP
Inc Opp,
Cl 3 |
|
|
Col VP
Inter Bond,
Cl 3 |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
824,860 |
|
|
$ |
157,199 |
|
|
$ |
12,040 |
|
|
$ |
153,583 |
|
|
$ |
145,354 |
|
| Variable account expenses |
|
|
277,895 |
|
|
|
47,677 |
|
|
|
2,857 |
|
|
|
51,419 |
|
|
|
98,879 |
|
| Investment income (loss) — net |
|
|
546,965 |
|
|
|
109,522 |
|
|
|
9,183 |
|
|
|
102,164 |
|
|
|
46,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
3,832,022 |
|
|
|
468,171 |
|
|
|
22,542 |
|
|
|
669,286 |
|
|
|
1,004,616 |
|
| Cost of investments sold |
|
|
3,831,959 |
|
|
|
527,685 |
|
|
|
30,903 |
|
|
|
850,923 |
|
|
|
1,255,724 |
|
| Net realized gain (loss) on sales of investments |
|
|
63 |
|
|
|
(59,514 |
) |
|
|
(8,361 |
) |
|
|
(181,637 |
) |
|
|
(251,108 |
) |
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
(63 |
) |
|
|
232,647 |
|
|
|
20,440 |
|
|
|
355,865 |
|
|
|
502,002 |
|
| Net gain (loss) on investments |
|
|
— |
|
|
|
173,133 |
|
|
|
12,079 |
|
|
|
174,228 |
|
|
|
250,894 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
546,965 |
|
|
$ |
282,655 |
|
|
$ |
21,262 |
|
|
$ |
276,392 |
|
|
$ |
297,369 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Col VP
Lg Cap Gro,
Cl 1 |
|
|
Col VP
Lg Cap Gro,
Cl 3 |
|
|
Col VP
Lg Cap Index,
Cl 3 |
|
|
Col VP
Overseas Core,
Cl 3 |
|
|
Col VP Select
Lg Cap Val,
Cl 3 |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,729 |
|
|
$ |
— |
|
| Variable account expenses |
|
|
3,852 |
|
|
|
10,709 |
|
|
|
71,044 |
|
|
|
4,538 |
|
|
|
1,807 |
|
| Investment income (loss) — net |
|
|
(3,852 |
) |
|
|
(10,709 |
) |
|
|
(71,044 |
) |
|
|
1,191 |
|
|
|
(1,807 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
215,463 |
|
|
|
63,961 |
|
|
|
784,838 |
|
|
|
25,565 |
|
|
|
28,740 |
|
| Cost of investments sold |
|
|
46,544 |
|
|
|
20,415 |
|
|
|
201,560 |
|
|
|
26,216 |
|
|
|
12,074 |
|
| Net realized gain (loss) on sales of investments |
|
|
168,919 |
|
|
|
43,546 |
|
|
|
583,278 |
|
|
|
(651 |
) |
|
|
16,666 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
(44,221 |
) |
|
|
182,211 |
|
|
|
668,930 |
|
|
|
40,013 |
|
|
|
(12,101 |
) |
| Net gain (loss) on investments |
|
|
124,698 |
|
|
|
225,757 |
|
|
|
1,252,208 |
|
|
|
39,362 |
|
|
|
4,565 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
120,846 |
|
|
$ |
215,048 |
|
|
$ |
1,181,164 |
|
|
$ |
40,553 |
|
|
$ |
2,758 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Col VP Select
Mid Cap Gro,
Cl 3 |
|
|
Col VP Select
Mid Cap Val,
Cl 3 |
|
|
Col VP Select
Sm Cap Val,
Cl 3 |
|
|
Col VP
Sm Cap Val,
Cl 2 |
|
|
Col VP
Sm Co Gro,
Cl 1 |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,244 |
|
|
$ |
— |
|
| Variable account expenses |
|
|
23,222 |
|
|
|
479 |
|
|
|
9,143 |
|
|
|
12,478 |
|
|
|
212 |
|
| Investment income (loss) — net |
|
|
(23,222 |
) |
|
|
(479 |
) |
|
|
(9,143 |
) |
|
|
(9,234 |
) |
|
|
(212 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
214,618 |
|
|
|
5,154 |
|
|
|
93,108 |
|
|
|
141,302 |
|
|
|
274 |
|
| Cost of investments sold |
|
|
80,730 |
|
|
|
2,105 |
|
|
|
39,668 |
|
|
|
159,928 |
|
|
|
331 |
|
| Net realized gain (loss) on sales of investments |
|
|
133,888 |
|
|
|
3,049 |
|
|
|
53,440 |
|
|
|
(18,626 |
) |
|
|
(57 |
) |
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
55,252 |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
215,758 |
|
|
|
(202 |
) |
|
|
23,071 |
|
|
|
115,497 |
|
|
|
4,003 |
|
| Net gain (loss) on investments |
|
|
349,646 |
|
|
|
2,847 |
|
|
|
76,511 |
|
|
|
152,123 |
|
|
|
3,946 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
326,424 |
|
|
$ |
2,368 |
|
|
$ |
67,368 |
|
|
$ |
142,889 |
|
|
$ |
3,734 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
27 |
|
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Col VP
US Govt Mtge,
Cl 1 |
|
|
Col VP
US Govt Mtge,
Cl 3 |
|
|
CS
Commodity Return,
Cl 1 |
|
|
CTIVP BR Gl
Infl Prot Sec,
Cl 3 |
|
|
CTIVP Prin
Blue Chip Gro,
Cl 1 |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
3,631 |
|
|
$ |
110,824 |
|
|
$ |
3,343 |
|
|
$ |
114,175 |
|
|
$ |
— |
|
| Variable account expenses |
|
|
1,605 |
|
|
|
64,143 |
|
|
|
266 |
|
|
|
21,640 |
|
|
|
15,657 |
|
| Investment income (loss) — net |
|
|
2,026 |
|
|
|
46,681 |
|
|
|
3,077 |
|
|
|
92,535 |
|
|
|
(15,657 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
8,010 |
|
|
|
1,152,629 |
|
|
|
1,560 |
|
|
|
234,356 |
|
|
|
225,236 |
|
| Cost of investments sold |
|
|
10,096 |
|
|
|
1,371,766 |
|
|
|
2,986 |
|
|
|
328,330 |
|
|
|
112,639 |
|
| Net realized gain (loss) on sales of investments |
|
|
(2,086 |
) |
|
|
(219,137 |
) |
|
|
(1,426 |
) |
|
|
(93,974 |
) |
|
|
112,597 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
5,158 |
|
|
|
322,780 |
|
|
|
(3,462 |
) |
|
|
27,490 |
|
|
|
215,264 |
|
| Net gain (loss) on investments |
|
|
3,072 |
|
|
|
103,643 |
|
|
|
(4,888 |
) |
|
|
(66,484 |
) |
|
|
327,861 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
5,098 |
|
|
$ |
150,324 |
|
|
$ |
(1,811 |
) |
|
$ |
26,051 |
|
|
$ |
312,204 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
CTIVP Vty
Sycamore Estb Val,
Cl 3 |
|
|
EV VT
Floating-Rate Inc,
Init Cl |
|
|
Fid VIP
Bal,
Serv Cl |
|
|
Fid VIP
Bal, Serv Cl 2 |
|
|
Fid VIP
Contrafund,
Serv Cl |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
— |
|
|
$ |
48,702 |
|
|
$ |
3,868 |
|
|
$ |
2,036 |
|
|
$ |
10,653 |
|
| Variable account expenses |
|
|
419 |
|
|
|
9,914 |
|
|
|
2,934 |
|
|
|
2,025 |
|
|
|
35,162 |
|
| Investment income (loss) — net |
|
|
(419 |
) |
|
|
38,788 |
|
|
|
934 |
|
|
|
11 |
|
|
|
(24,509 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
894 |
|
|
|
120,670 |
|
|
|
3,203 |
|
|
|
16,523 |
|
|
|
280,814 |
|
| Cost of investments sold |
|
|
326 |
|
|
|
128,550 |
|
|
|
2,540 |
|
|
|
13,341 |
|
|
|
201,635 |
|
| Net realized gain (loss) on sales of investments |
|
|
568 |
|
|
|
(7,880 |
) |
|
|
663 |
|
|
|
3,182 |
|
|
|
79,179 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
8,324 |
|
|
|
5,020 |
|
|
|
97,499 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
1,945 |
|
|
|
22,563 |
|
|
|
32,507 |
|
|
|
15,366 |
|
|
|
600,301 |
|
| Net gain (loss) on investments |
|
|
2,513 |
|
|
|
14,683 |
|
|
|
41,494 |
|
|
|
23,568 |
|
|
|
776,979 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
2,094 |
|
|
$ |
53,471 |
|
|
$ |
42,428 |
|
|
$ |
23,579 |
|
|
$ |
752,470 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Fid VIP
Contrafund, Serv Cl 2 |
|
|
Fid VIP
Dyn Appr,
Serv Cl 2 |
|
|
Fid VIP
Gro & Inc,
Serv Cl |
|
|
Fid VIP
Gro & Inc,
Serv Cl 2 |
|
|
Fid VIP
Gro,
Serv Cl |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
82,832 |
|
|
$ |
797 |
|
|
$ |
16,785 |
|
|
$ |
798 |
|
|
$ |
12 |
|
| Variable account expenses |
|
|
529,755 |
|
|
|
10,028 |
|
|
|
15,611 |
|
|
|
770 |
|
|
|
374 |
|
| Investment income (loss) — net |
|
|
(446,923 |
) |
|
|
(9,231 |
) |
|
|
1,174 |
|
|
|
28 |
|
|
|
(362 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
7,496,907 |
|
|
|
30,285 |
|
|
|
46,381 |
|
|
|
2,739 |
|
|
|
400 |
|
| Cost of investments sold |
|
|
5,810,019 |
|
|
|
25,272 |
|
|
|
33,089 |
|
|
|
1,847 |
|
|
|
298 |
|
| Net realized gain (loss) on sales of investments |
|
|
1,686,888 |
|
|
|
5,013 |
|
|
|
13,292 |
|
|
|
892 |
|
|
|
102 |
|
| Distributions from capital gains |
|
|
1,209,429 |
|
|
|
34,415 |
|
|
|
40,247 |
|
|
|
2,096 |
|
|
|
1,509 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
6,769,496 |
|
|
|
145,417 |
|
|
|
109,033 |
|
|
|
5,179 |
|
|
|
7,989 |
|
| Net gain (loss) on investments |
|
|
9,665,813 |
|
|
|
184,845 |
|
|
|
162,572 |
|
|
|
8,167 |
|
|
|
9,600 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
9,218,890 |
|
|
$ |
175,614 |
|
|
$ |
163,746 |
|
|
$ |
8,195 |
|
|
$ |
9,238 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 28 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Fid VIP
Gro,
Serv Cl 2 |
|
|
Fid VIP
Hi Inc,
Serv Cl |
|
|
Fid VIP
Hi Inc,
Serv Cl 2 |
|
|
Fid VIP
Invest Gr,
Serv Cl 2 |
|
|
Fid VIP
Mid Cap,
Serv Cl |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
68 |
|
|
$ |
34,230 |
|
|
$ |
14,333 |
|
|
$ |
145,563 |
|
|
$ |
22,524 |
|
| Variable account expenses |
|
|
24,925 |
|
|
|
7,888 |
|
|
|
3,695 |
|
|
|
101,314 |
|
|
|
58,896 |
|
| Investment income (loss) — net |
|
|
(24,857 |
) |
|
|
26,342 |
|
|
|
10,638 |
|
|
|
44,249 |
|
|
|
(36,372 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
257,296 |
|
|
|
38,045 |
|
|
|
29,593 |
|
|
|
960,439 |
|
|
|
690,702 |
|
| Cost of investments sold |
|
|
196,405 |
|
|
|
45,886 |
|
|
|
36,600 |
|
|
|
1,130,003 |
|
|
|
634,107 |
|
| Net realized gain (loss) on sales of investments |
|
|
60,891 |
|
|
|
(7,841 |
) |
|
|
(7,007 |
) |
|
|
(169,564 |
) |
|
|
56,595 |
|
| Distributions from capital gains |
|
|
91,451 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
122,565 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
400,593 |
|
|
|
34,139 |
|
|
|
17,974 |
|
|
|
366,335 |
|
|
|
436,792 |
|
| Net gain (loss) on investments |
|
|
552,935 |
|
|
|
26,298 |
|
|
|
10,967 |
|
|
|
196,771 |
|
|
|
615,952 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
528,078 |
|
|
$ |
52,640 |
|
|
$ |
21,605 |
|
|
$ |
241,020 |
|
|
$ |
579,580 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Fid VIP
Mid Cap,
Serv Cl 2 |
|
|
Fid VIP
Overseas,
Serv Cl |
|
|
Fid VIP
Overseas,
Serv Cl 2 |
|
|
Frank Global
Real Est,
Cl 2 |
|
|
Frank
Inc,
Cl 2 |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
42,388 |
|
|
$ |
327 |
|
|
$ |
24,201 |
|
|
$ |
43,758 |
|
|
$ |
208,861 |
|
| Variable account expenses |
|
|
161,466 |
|
|
|
651 |
|
|
|
50,934 |
|
|
|
20,455 |
|
|
|
59,091 |
|
| Investment income (loss) — net |
|
|
(119,078 |
) |
|
|
(324 |
) |
|
|
(26,733 |
) |
|
|
23,303 |
|
|
|
149,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
1,595,179 |
|
|
|
12,642 |
|
|
|
702,575 |
|
|
|
184,227 |
|
|
|
455,465 |
|
| Cost of investments sold |
|
|
1,526,169 |
|
|
|
11,090 |
|
|
|
576,795 |
|
|
|
246,932 |
|
|
|
486,809 |
|
| Net realized gain (loss) on sales of investments |
|
|
69,010 |
|
|
|
1,552 |
|
|
|
125,780 |
|
|
|
(62,705 |
) |
|
|
(31,344 |
) |
| Distributions from capital gains |
|
|
317,752 |
|
|
|
92 |
|
|
|
8,109 |
|
|
|
— |
|
|
|
253,206 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
1,146,891 |
|
|
|
4,726 |
|
|
|
428,612 |
|
|
|
175,425 |
|
|
|
(108,126 |
) |
| Net gain (loss) on investments |
|
|
1,533,653 |
|
|
|
6,370 |
|
|
|
562,501 |
|
|
|
112,720 |
|
|
|
113,736 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
1,414,575 |
|
|
$ |
6,046 |
|
|
$ |
535,768 |
|
|
$ |
136,023 |
|
|
$ |
263,506 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Frank Mutual
Shares,
Cl 2 |
|
|
Frank
Rising Divd,
Cl 2 |
|
|
Frank Sm
Cap Val,
Cl 2 |
|
|
Frank Sm
Mid Cap Gro,
Cl 2 |
|
|
GS VIT
Intl Eq Insights,
Inst |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
317,781 |
|
|
$ |
1,758 |
|
|
$ |
14,782 |
|
|
$ |
— |
|
|
$ |
430 |
|
| Variable account expenses |
|
|
229,883 |
|
|
|
4,313 |
|
|
|
38,437 |
|
|
|
66,809 |
|
|
|
233 |
|
| Investment income (loss) — net |
|
|
87,898 |
|
|
|
(2,555 |
) |
|
|
(23,655 |
) |
|
|
(66,809 |
) |
|
|
197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
2,043,524 |
|
|
|
148,931 |
|
|
|
370,167 |
|
|
|
608,676 |
|
|
|
1,134 |
|
| Cost of investments sold |
|
|
2,198,156 |
|
|
|
130,942 |
|
|
|
434,252 |
|
|
|
828,698 |
|
|
|
1,157 |
|
| Net realized gain (loss) on sales of investments |
|
|
(154,632 |
) |
|
|
17,989 |
|
|
|
(64,085 |
) |
|
|
(220,022 |
) |
|
|
(23 |
) |
| Distributions from capital gains |
|
|
1,462,654 |
|
|
|
20,180 |
|
|
|
160,246 |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
528,964 |
|
|
|
(11,972 |
) |
|
|
229,761 |
|
|
|
1,432,653 |
|
|
|
2,323 |
|
| Net gain (loss) on investments |
|
|
1,836,986 |
|
|
|
26,197 |
|
|
|
325,922 |
|
|
|
1,212,631 |
|
|
|
2,300 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
1,924,884 |
|
|
$ |
23,642 |
|
|
$ |
302,267 |
|
|
$ |
1,145,822 |
|
|
$ |
2,497 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
29 |
|
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
GS VIT
Mid Cap Val,
Inst |
|
|
GS VIT
Strategic Gro,
Inst |
|
|
GS VIT
U.S. Eq Insights,
Inst |
|
|
Invesco VI
Am Fran,
Ser I |
|
|
Invesco VI
Am Fran,
Ser II |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
93,988 |
|
|
$ |
— |
|
|
$ |
10,288 |
|
|
$ |
— |
|
|
$ |
— |
|
| Variable account expenses |
|
|
147,612 |
|
|
|
2,192 |
|
|
|
20,445 |
|
|
|
32,126 |
|
|
|
9,992 |
|
| Investment income (loss) — net |
|
|
(53,624 |
) |
|
|
(2,192 |
) |
|
|
(10,157 |
) |
|
|
(32,126 |
) |
|
|
(9,992 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
1,204,053 |
|
|
|
3,863 |
|
|
|
149,941 |
|
|
|
297,996 |
|
|
|
80,007 |
|
| Cost of investments sold |
|
|
1,212,485 |
|
|
|
3,950 |
|
|
|
138,962 |
|
|
|
303,206 |
|
|
|
85,283 |
|
| Net realized gain (loss) on sales of investments |
|
|
(8,432 |
) |
|
|
(87 |
) |
|
|
10,979 |
|
|
|
(5,210 |
) |
|
|
(5,276 |
) |
| Distributions from capital gains |
|
|
231,490 |
|
|
|
6,176 |
|
|
|
— |
|
|
|
53,057 |
|
|
|
14,877 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
711,814 |
|
|
|
42,617 |
|
|
|
303,826 |
|
|
|
764,345 |
|
|
|
196,968 |
|
| Net gain (loss) on investments |
|
|
934,872 |
|
|
|
48,706 |
|
|
|
314,805 |
|
|
|
812,192 |
|
|
|
206,569 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
881,248 |
|
|
$ |
46,514 |
|
|
$ |
304,648 |
|
|
$ |
780,066 |
|
|
$ |
196,577 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Invesco VI
American Value,
Ser II |
|
|
Invesco VI
Cap Appr,
Ser I |
|
|
Invesco VI
Cap Appr,
Ser II |
|
|
Invesco VI
Comstock,
Ser II |
|
|
Invesco VI
Core Eq,
Ser I |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
19,574 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
345,613 |
|
|
$ |
34,819 |
|
| Variable account expenses |
|
|
76,750 |
|
|
|
11,229 |
|
|
|
134,591 |
|
|
|
368,520 |
|
|
|
66,651 |
|
| Investment income (loss) — net |
|
|
(57,176 |
) |
|
|
(11,229 |
) |
|
|
(134,591 |
) |
|
|
(22,907 |
) |
|
|
(31,832 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
961,859 |
|
|
|
97,756 |
|
|
|
1,997,965 |
|
|
|
3,548,156 |
|
|
|
763,575 |
|
| Cost of investments sold |
|
|
1,104,931 |
|
|
|
108,296 |
|
|
|
2,229,897 |
|
|
|
2,618,102 |
|
|
|
791,317 |
|
| Net realized gain (loss) on sales of investments |
|
|
(143,072 |
) |
|
|
(10,540 |
) |
|
|
(231,932 |
) |
|
|
930,054 |
|
|
|
(27,742 |
) |
| Distributions from capital gains |
|
|
1,090,183 |
|
|
|
— |
|
|
|
— |
|
|
|
2,489,010 |
|
|
|
112,362 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
(211,770 |
) |
|
|
251,476 |
|
|
|
2,754,406 |
|
|
|
(1,197,421 |
) |
|
|
891,516 |
|
| Net gain (loss) on investments |
|
|
735,341 |
|
|
|
240,936 |
|
|
|
2,522,474 |
|
|
|
2,221,643 |
|
|
|
976,136 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
678,165 |
|
|
$ |
229,707 |
|
|
$ |
2,387,883 |
|
|
$ |
2,198,736 |
|
|
$ |
944,304 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Invesco VI
Core Eq,
Ser II |
|
|
Invesco VI
Dis Mid Cap Gro,
Ser I |
|
|
Invesco VI
Dis Mid Cap Gro,
Ser II |
|
|
Invesco VI
EQV Intl Eq,
Ser I |
|
|
Invesco VI
EQV Intl Eq,
Ser II |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
203 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,016 |
|
|
$ |
— |
|
| Variable account expenses |
|
|
496 |
|
|
|
1,671 |
|
|
|
5,898 |
|
|
|
7,339 |
|
|
|
8,564 |
|
| Investment income (loss) — net |
|
|
(293 |
) |
|
|
(1,671 |
) |
|
|
(5,898 |
) |
|
|
(6,323 |
) |
|
|
(8,564 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
634 |
|
|
|
80,350 |
|
|
|
189,767 |
|
|
|
40,581 |
|
|
|
120,434 |
|
| Cost of investments sold |
|
|
645 |
|
|
|
105,069 |
|
|
|
243,560 |
|
|
|
34,290 |
|
|
|
119,733 |
|
| Net realized gain (loss) on sales of investments |
|
|
(11 |
) |
|
|
(24,719 |
) |
|
|
(53,793 |
) |
|
|
6,291 |
|
|
|
701 |
|
| Distributions from capital gains |
|
|
1,009 |
|
|
|
— |
|
|
|
— |
|
|
|
380 |
|
|
|
390 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
7,358 |
|
|
|
33,056 |
|
|
|
109,994 |
|
|
|
79,140 |
|
|
|
88,271 |
|
| Net gain (loss) on investments |
|
|
8,356 |
|
|
|
8,337 |
|
|
|
56,201 |
|
|
|
85,811 |
|
|
|
89,362 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
8,063 |
|
|
$ |
6,666 |
|
|
$ |
50,303 |
|
|
$ |
79,488 |
|
|
$ |
80,798 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 30 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Invesco VI
Global,
Ser I |
|
|
Invesco VI
Global, Ser II |
|
|
Invesco VI
Gbl Strat Inc,
Ser I |
|
|
Invesco VI
Gbl Strat Inc,
Ser II |
|
|
Invesco VI
Gro & Inc,
Ser II |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,171 |
|
| Variable account expenses |
|
|
12 |
|
|
|
23,738 |
|
|
|
826 |
|
|
|
180,021 |
|
|
|
5,628 |
|
| Investment income (loss) — net |
|
|
(10 |
) |
|
|
(23,738 |
) |
|
|
(826 |
) |
|
|
(180,021 |
) |
|
|
(457 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
74 |
|
|
|
227,447 |
|
|
|
5,568 |
|
|
|
1,794,853 |
|
|
|
15,227 |
|
| Cost of investments sold |
|
|
65 |
|
|
|
213,819 |
|
|
|
7,108 |
|
|
|
2,170,258 |
|
|
|
14,422 |
|
| Net realized gain (loss) on sales of investments |
|
|
9 |
|
|
|
13,628 |
|
|
|
(1,540 |
) |
|
|
(375,405 |
) |
|
|
805 |
|
| Distributions from capital gains |
|
|
104 |
|
|
|
205,446 |
|
|
|
— |
|
|
|
— |
|
|
|
50,576 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
155 |
|
|
|
294,958 |
|
|
|
6,520 |
|
|
|
1,316,216 |
|
|
|
(9,961 |
) |
| Net gain (loss) on investments |
|
|
268 |
|
|
|
514,032 |
|
|
|
4,980 |
|
|
|
940,811 |
|
|
|
41,420 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
258 |
|
|
$ |
490,294 |
|
|
$ |
4,154 |
|
|
$ |
760,790 |
|
|
$ |
40,963 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Invesco VI
Hlth,
Ser II |
|
|
Invesco VI
Main St,
Ser I |
|
|
Invesco VI
Mn St Mid Cap,
Ser II |
|
|
Invesco VI
Mn St Sm Cap,
Ser II |
|
|
Janus Henderson
VIT Bal,
Inst |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
— |
|
|
$ |
209 |
|
|
$ |
233 |
|
|
$ |
16,692 |
|
|
$ |
23,170 |
|
| Variable account expenses |
|
|
632 |
|
|
|
342 |
|
|
|
10,332 |
|
|
|
24,997 |
|
|
|
16,478 |
|
| Investment income (loss) — net |
|
|
(632 |
) |
|
|
(133 |
) |
|
|
(10,099 |
) |
|
|
(8,305 |
) |
|
|
6,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
1,395 |
|
|
|
401 |
|
|
|
116,998 |
|
|
|
381,020 |
|
|
|
351,894 |
|
| Cost of investments sold |
|
|
1,500 |
|
|
|
476 |
|
|
|
141,913 |
|
|
|
343,594 |
|
|
|
237,483 |
|
| Net realized gain (loss) on sales of investments |
|
|
(105 |
) |
|
|
(75 |
) |
|
|
(24,915 |
) |
|
|
37,426 |
|
|
|
114,411 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
1,698 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
1,271 |
|
|
|
3,226 |
|
|
|
106,552 |
|
|
|
255,585 |
|
|
|
33,110 |
|
| Net gain (loss) on investments |
|
|
1,166 |
|
|
|
4,849 |
|
|
|
81,637 |
|
|
|
293,011 |
|
|
|
147,521 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
534 |
|
|
$ |
4,716 |
|
|
$ |
71,538 |
|
|
$ |
284,706 |
|
|
$ |
154,213 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Janus Henderson
VIT Enter,
Serv |
|
|
Janus Henderson
VIT Gbl Res,
Inst |
|
|
Janus Hend VIT
Gbl Tech Innov,
Srv |
|
|
Janus Henderson
VIT Overseas,
Serv |
|
|
Janus Henderson
VIT Res,
Serv |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
595 |
|
|
$ |
7,519 |
|
|
$ |
— |
|
|
$ |
2,252 |
|
|
$ |
879 |
|
| Variable account expenses |
|
|
9,490 |
|
|
|
11,406 |
|
|
|
2,213 |
|
|
|
2,411 |
|
|
|
22,582 |
|
| Investment income (loss) — net |
|
|
(8,895 |
) |
|
|
(3,887 |
) |
|
|
(2,213 |
) |
|
|
(159 |
) |
|
|
(21,703 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
77,168 |
|
|
|
50,021 |
|
|
|
38,998 |
|
|
|
35,458 |
|
|
|
381,160 |
|
| Cost of investments sold |
|
|
63,015 |
|
|
|
36,170 |
|
|
|
30,197 |
|
|
|
29,689 |
|
|
|
338,247 |
|
| Net realized gain (loss) on sales of investments |
|
|
14,153 |
|
|
|
13,851 |
|
|
|
8,801 |
|
|
|
5,769 |
|
|
|
42,913 |
|
| Distributions from capital gains |
|
|
50,296 |
|
|
|
22,788 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
42,453 |
|
|
|
147,597 |
|
|
|
53,237 |
|
|
|
9,052 |
|
|
|
467,067 |
|
| Net gain (loss) on investments |
|
|
106,902 |
|
|
|
184,236 |
|
|
|
62,038 |
|
|
|
14,821 |
|
|
|
509,980 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
98,007 |
|
|
$ |
180,349 |
|
|
$ |
59,825 |
|
|
$ |
14,662 |
|
|
$ |
488,277 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
31 |
|
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Lazard Retire
Intl Eq,
Serv |
|
|
LVIP Baron
Gro Opp,
Serv Cl |
|
|
LVIP JPM
US Eq,
Std Cl(1) |
|
|
MFS Inv
Trust,
Init Cl |
|
|
MFS Inv
Trust,
Serv Cl |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
432 |
|
|
$ |
— |
|
|
$ |
1,664 |
|
|
$ |
6,179 |
|
|
$ |
3,088 |
|
| Variable account expenses |
|
|
600 |
|
|
|
793 |
|
|
|
2,081 |
|
|
|
12,932 |
|
|
|
8,347 |
|
| Investment income (loss) — net |
|
|
(168 |
) |
|
|
(793 |
) |
|
|
(417 |
) |
|
|
(6,753 |
) |
|
|
(5,259 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
16,647 |
|
|
|
1,947 |
|
|
|
11,209 |
|
|
|
342,312 |
|
|
|
20,963 |
|
| Cost of investments sold |
|
|
19,127 |
|
|
|
1,014 |
|
|
|
10,450 |
|
|
|
259,907 |
|
|
|
15,720 |
|
| Net realized gain (loss) on sales of investments |
|
|
(2,480 |
) |
|
|
933 |
|
|
|
759 |
|
|
|
82,405 |
|
|
|
5,243 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
847 |
|
|
|
970 |
|
|
|
47,555 |
|
|
|
37,626 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
8,371 |
|
|
|
7,016 |
|
|
|
29,538 |
|
|
|
18,616 |
|
|
|
66,332 |
|
| Net gain (loss) on investments |
|
|
5,891 |
|
|
|
8,796 |
|
|
|
31,267 |
|
|
|
148,576 |
|
|
|
109,201 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
5,723 |
|
|
$ |
8,003 |
|
|
$ |
30,850 |
|
|
$ |
141,823 |
|
|
$ |
103,942 |
|
|
| (1) For the period
April 28, 2023 (commencement of operations) to December 31, 2023. |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
MFS Mass
Inv Gro Stock,
Serv Cl |
|
|
MFS
New Dis,
Init Cl |
|
|
MFS
New Dis,
Serv Cl |
|
|
MFS
Research,
Init Cl |
|
|
MFS
Total Return,
Init Cl |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
809 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,190 |
|
|
$ |
594 |
|
| Variable account expenses |
|
|
20,765 |
|
|
|
4,658 |
|
|
|
19,670 |
|
|
|
3,448 |
|
|
|
336 |
|
| Investment income (loss) — net |
|
|
(19,956 |
) |
|
|
(4,658 |
) |
|
|
(19,670 |
) |
|
|
(2,258 |
) |
|
|
258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
181,810 |
|
|
|
63,484 |
|
|
|
153,610 |
|
|
|
93,857 |
|
|
|
1,333 |
|
| Cost of investments sold |
|
|
176,435 |
|
|
|
84,811 |
|
|
|
242,514 |
|
|
|
78,848 |
|
|
|
1,247 |
|
| Net realized gain (loss) on sales of investments |
|
|
5,375 |
|
|
|
(21,327 |
) |
|
|
(88,904 |
) |
|
|
15,009 |
|
|
|
86 |
|
| Distributions from capital gains |
|
|
87,434 |
|
|
|
— |
|
|
|
— |
|
|
|
12,577 |
|
|
|
1,236 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
249,172 |
|
|
|
64,443 |
|
|
|
272,426 |
|
|
|
21,949 |
|
|
|
987 |
|
| Net gain (loss) on investments |
|
|
341,981 |
|
|
|
43,116 |
|
|
|
183,522 |
|
|
|
49,535 |
|
|
|
2,309 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
322,025 |
|
|
$ |
38,458 |
|
|
$ |
163,852 |
|
|
$ |
47,277 |
|
|
$ |
2,567 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
MFS
Total Return,
Serv Cl |
|
|
MFS
Utilities,
Init Cl |
|
|
MFS
Utilities,
Serv Cl |
|
|
MS
VIF Dis,
Cl II |
|
|
MS VIF
Global Real Est,
Cl II |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
215,373 |
|
|
$ |
83,448 |
|
|
$ |
29,264 |
|
|
$ |
— |
|
|
$ |
2,339 |
|
| Variable account expenses |
|
|
161,334 |
|
|
|
33,594 |
|
|
|
12,527 |
|
|
|
677 |
|
|
|
2,036 |
|
| Investment income (loss) — net |
|
|
54,039 |
|
|
|
49,854 |
|
|
|
16,737 |
|
|
|
(677 |
) |
|
|
303 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
1,381,576 |
|
|
|
433,141 |
|
|
|
142,815 |
|
|
|
5,901 |
|
|
|
28,754 |
|
| Cost of investments sold |
|
|
1,363,219 |
|
|
|
396,788 |
|
|
|
132,442 |
|
|
|
15,141 |
|
|
|
34,695 |
|
| Net realized gain (loss) on sales of investments |
|
|
18,357 |
|
|
|
36,353 |
|
|
|
10,373 |
|
|
|
(9,240 |
) |
|
|
(5,941 |
) |
| Distributions from capital gains |
|
|
514,048 |
|
|
|
129,124 |
|
|
|
49,086 |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
410,709 |
|
|
|
(326,594 |
) |
|
|
(113,299 |
) |
|
|
24,274 |
|
|
|
16,215 |
|
| Net gain (loss) on investments |
|
|
943,114 |
|
|
|
(161,117 |
) |
|
|
(53,840 |
) |
|
|
15,034 |
|
|
|
10,274 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
997,153 |
|
|
$ |
(111,263 |
) |
|
$ |
(37,103 |
) |
|
$ |
14,357 |
|
|
$ |
10,577 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 32 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
MS VIF
US Real Est,
Cl I |
|
|
MS VIF
US Real Est,
Cl II |
|
|
PIMCO
VIT All Asset,
Advisor Cl |
|
|
Put VT
Div Inc,
Cl IA |
|
|
Put VT
Div Inc,
Cl IB |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
3,637 |
|
|
$ |
7,745 |
|
|
$ |
17,133 |
|
|
$ |
26,969 |
|
|
$ |
8,804 |
|
| Variable account expenses |
|
|
2,232 |
|
|
|
6,990 |
|
|
|
10,223 |
|
|
|
5,684 |
|
|
|
1,993 |
|
| Investment income (loss) — net |
|
|
1,405 |
|
|
|
755 |
|
|
|
6,910 |
|
|
|
21,285 |
|
|
|
6,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
13,176 |
|
|
|
109,078 |
|
|
|
75,399 |
|
|
|
61,399 |
|
|
|
23,318 |
|
| Cost of investments sold |
|
|
15,171 |
|
|
|
126,006 |
|
|
|
89,981 |
|
|
|
94,581 |
|
|
|
36,536 |
|
| Net realized gain (loss) on sales of investments |
|
|
(1,995 |
) |
|
|
(16,928 |
) |
|
|
(14,582 |
) |
|
|
(33,182 |
) |
|
|
(13,218 |
) |
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
20,130 |
|
|
|
63,183 |
|
|
|
44,429 |
|
|
|
25,102 |
|
|
|
10,472 |
|
| Net gain (loss) on investments |
|
|
18,135 |
|
|
|
46,255 |
|
|
|
29,847 |
|
|
|
(8,080 |
) |
|
|
(2,746 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
19,540 |
|
|
$ |
47,010 |
|
|
$ |
36,757 |
|
|
$ |
13,205 |
|
|
$ |
4,065 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Put VT
Emerg Mkts Eq,
Cl IB |
|
|
Put VT
Focused Intl Eq,
Cl IA |
|
|
Put VT
Global Hlth Care,
Cl IB |
|
|
Put VT
Hi Yield,
Cl IA |
|
|
Put VT
Hi Yield,
Cl IB |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
984 |
|
|
$ |
3,490 |
|
|
$ |
2,204 |
|
|
$ |
19,954 |
|
|
$ |
4,559 |
|
| Variable account expenses |
|
|
2,637 |
|
|
|
5,196 |
|
|
|
9,791 |
|
|
|
4,883 |
|
|
|
1,171 |
|
| Investment income (loss) — net |
|
|
(1,653 |
) |
|
|
(1,706 |
) |
|
|
(7,587 |
) |
|
|
15,071 |
|
|
|
3,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
21,638 |
|
|
|
37,127 |
|
|
|
113,101 |
|
|
|
47,102 |
|
|
|
15,927 |
|
| Cost of investments sold |
|
|
21,406 |
|
|
|
42,760 |
|
|
|
106,528 |
|
|
|
62,343 |
|
|
|
20,417 |
|
| Net realized gain (loss) on sales of investments |
|
|
232 |
|
|
|
(5,633 |
) |
|
|
6,573 |
|
|
|
(15,241 |
) |
|
|
(4,490 |
) |
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
58,325 |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
19,928 |
|
|
|
65,907 |
|
|
|
(6,688 |
) |
|
|
35,544 |
|
|
|
9,274 |
|
| Net gain (loss) on investments |
|
|
20,160 |
|
|
|
60,274 |
|
|
|
58,210 |
|
|
|
20,303 |
|
|
|
4,784 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
18,507 |
|
|
$ |
58,568 |
|
|
$ |
50,623 |
|
|
$ |
35,374 |
|
|
$ |
8,172 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Put VT
Inc,
Cl IB |
|
|
Put VT
Intl Eq,
Cl IB |
|
|
Put VT
Intl Val,
Cl IB |
|
|
Put VT
Lg Cap Gro,
Cl IA |
|
|
Put VT
Lg Cap Gro,
Cl IB |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
1,439 |
|
|
$ |
1,207 |
|
|
$ |
4 |
|
|
$ |
— |
|
|
$ |
— |
|
| Variable account expenses |
|
|
339 |
|
|
|
43,898 |
|
|
|
3 |
|
|
|
6,393 |
|
|
|
12,908 |
|
| Investment income (loss) — net |
|
|
1,100 |
|
|
|
(42,691 |
) |
|
|
1 |
|
|
|
(6,393 |
) |
|
|
(12,908 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
2,490 |
|
|
|
520,898 |
|
|
|
70 |
|
|
|
40,679 |
|
|
|
70,077 |
|
| Cost of investments sold |
|
|
3,460 |
|
|
|
509,792 |
|
|
|
57 |
|
|
|
32,076 |
|
|
|
56,588 |
|
| Net realized gain (loss) on sales of investments |
|
|
(970 |
) |
|
|
11,106 |
|
|
|
13 |
|
|
|
8,603 |
|
|
|
13,489 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,965 |
|
|
|
12,627 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
606 |
|
|
|
530,526 |
|
|
|
24 |
|
|
|
149,268 |
|
|
|
304,917 |
|
| Net gain (loss) on investments |
|
|
(364 |
) |
|
|
541,632 |
|
|
|
37 |
|
|
|
163,836 |
|
|
|
331,033 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
736 |
|
|
$ |
498,941 |
|
|
$ |
38 |
|
|
$ |
157,443 |
|
|
$ |
318,125 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
33 |
|
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Put VT
Lg Cap Val,
Cl IA |
|
|
Put VT
Lg Cap Val,
Cl IB |
|
|
Put VT
Research,
Cl IB |
|
|
Put VT
Sm Cap Val,
Cl IB |
|
|
Put VT
Sus Leaders,
Cl IA |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
55,157 |
|
|
$ |
53,243 |
|
|
$ |
342 |
|
|
$ |
849 |
|
|
$ |
17,751 |
|
| Variable account expenses |
|
|
34,275 |
|
|
|
34,197 |
|
|
|
585 |
|
|
|
8,764 |
|
|
|
33,400 |
|
| Investment income (loss) — net |
|
|
20,882 |
|
|
|
19,046 |
|
|
|
(243 |
) |
|
|
(7,915 |
) |
|
|
(15,649 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
250,780 |
|
|
|
226,032 |
|
|
|
12,917 |
|
|
|
62,960 |
|
|
|
170,794 |
|
| Cost of investments sold |
|
|
225,184 |
|
|
|
203,113 |
|
|
|
7,855 |
|
|
|
76,070 |
|
|
|
140,426 |
|
| Net realized gain (loss) on sales of investments |
|
|
25,596 |
|
|
|
22,919 |
|
|
|
5,062 |
|
|
|
(13,110 |
) |
|
|
30,368 |
|
| Distributions from capital gains |
|
|
138,983 |
|
|
|
149,250 |
|
|
|
— |
|
|
|
65,385 |
|
|
|
72,670 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
139,983 |
|
|
|
160,533 |
|
|
|
5,611 |
|
|
|
67,763 |
|
|
|
439,323 |
|
| Net gain (loss) on investments |
|
|
304,562 |
|
|
|
332,702 |
|
|
|
10,673 |
|
|
|
120,038 |
|
|
|
542,361 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
325,444 |
|
|
$ |
351,748 |
|
|
$ |
10,430 |
|
|
$ |
112,123 |
|
|
$ |
526,712 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Put VT
Sus Leaders,
Cl IB |
|
|
Royce
Micro-Cap,
Invest Cl |
|
|
Royce
Sm-Cap,
Invest Cl |
|
|
Temp
Dev Mkts,
Cl 2 |
|
|
Temp
Foreign,
Cl 2 |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
13,782 |
|
|
$ |
— |
|
|
$ |
2,339 |
|
|
$ |
4,918 |
|
|
$ |
80,553 |
|
| Variable account expenses |
|
|
35,085 |
|
|
|
4,572 |
|
|
|
3,843 |
|
|
|
2,981 |
|
|
|
33,761 |
|
| Investment income (loss) — net |
|
|
(21,303 |
) |
|
|
(4,572 |
) |
|
|
(1,504 |
) |
|
|
1,937 |
|
|
|
46,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
252,099 |
|
|
|
54,465 |
|
|
|
11,802 |
|
|
|
35,018 |
|
|
|
358,639 |
|
| Cost of investments sold |
|
|
208,422 |
|
|
|
63,420 |
|
|
|
11,393 |
|
|
|
40,400 |
|
|
|
362,455 |
|
| Net realized gain (loss) on sales of investments |
|
|
43,677 |
|
|
|
(8,955 |
) |
|
|
409 |
|
|
|
(5,382 |
) |
|
|
(3,816 |
) |
| Distributions from capital gains |
|
|
84,476 |
|
|
|
— |
|
|
|
24,287 |
|
|
|
178 |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
470,000 |
|
|
|
60,330 |
|
|
|
36,467 |
|
|
|
28,647 |
|
|
|
389,944 |
|
| Net gain (loss) on investments |
|
|
598,153 |
|
|
|
51,375 |
|
|
|
61,163 |
|
|
|
23,443 |
|
|
|
386,128 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
576,850 |
|
|
$ |
46,803 |
|
|
$ |
59,659 |
|
|
$ |
25,380 |
|
|
$ |
432,920 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Temp
Global Bond,
Cl 2 |
|
|
Temp
Gro,
Cl 2 |
|
|
Third Ave
VST Third
Ave Value |
|
|
VP
Aggr,
Cl 2 |
|
|
VP
Aggr,
Cl 4 |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
— |
|
|
$ |
8,334 |
|
|
$ |
5,088 |
|
|
$ |
— |
|
|
$ |
— |
|
| Variable account expenses |
|
|
102,452 |
|
|
|
3,847 |
|
|
|
3,204 |
|
|
|
128,373 |
|
|
|
926,974 |
|
| Investment income (loss) — net |
|
|
(102,452 |
) |
|
|
4,487 |
|
|
|
1,884 |
|
|
|
(128,373 |
) |
|
|
(926,974 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
893,896 |
|
|
|
19,982 |
|
|
|
14,209 |
|
|
|
3,291,960 |
|
|
|
10,449,270 |
|
| Cost of investments sold |
|
|
1,121,475 |
|
|
|
21,966 |
|
|
|
10,239 |
|
|
|
1,867,127 |
|
|
|
4,918,276 |
|
| Net realized gain (loss) on sales of investments |
|
|
(227,579 |
) |
|
|
(1,984 |
) |
|
|
3,970 |
|
|
|
1,424,833 |
|
|
|
5,530,994 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
14,154 |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
394,543 |
|
|
|
41,751 |
|
|
|
18,232 |
|
|
|
128,206 |
|
|
|
4,363,627 |
|
| Net gain (loss) on investments |
|
|
166,964 |
|
|
|
39,767 |
|
|
|
36,356 |
|
|
|
1,553,039 |
|
|
|
9,894,621 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
64,512 |
|
|
$ |
44,254 |
|
|
$ |
38,240 |
|
|
$ |
1,424,666 |
|
|
$ |
8,967,647 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 34 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
VP
Conserv,
Cl 2 |
|
|
VP
Conserv,
Cl 4 |
|
|
VP
Man Risk,
Cl 2 |
|
|
VP
Man Risk US,
Cl 2 |
|
|
VP Man
Vol Conserv,
Cl 2 |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Variable account expenses |
|
|
182,509 |
|
|
|
590,547 |
|
|
|
3,982 |
|
|
|
311 |
|
|
|
168,025 |
|
| Investment income (loss) — net |
|
|
(182,509 |
) |
|
|
(590,547 |
) |
|
|
(3,982 |
) |
|
|
(311 |
) |
|
|
(168,025 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
3,388,775 |
|
|
|
8,659,216 |
|
|
|
59,776 |
|
|
|
3,126 |
|
|
|
1,910,705 |
|
| Cost of investments sold |
|
|
3,199,443 |
|
|
|
7,462,593 |
|
|
|
55,618 |
|
|
|
2,573 |
|
|
|
1,800,901 |
|
| Net realized gain (loss) on sales of investments |
|
|
189,332 |
|
|
|
1,196,623 |
|
|
|
4,158 |
|
|
|
553 |
|
|
|
109,804 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
882,254 |
|
|
|
2,015,725 |
|
|
|
30,073 |
|
|
|
3,001 |
|
|
|
706,903 |
|
| Net gain (loss) on investments |
|
|
1,071,586 |
|
|
|
3,212,348 |
|
|
|
34,231 |
|
|
|
3,554 |
|
|
|
816,707 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
889,077 |
|
|
$ |
2,621,801 |
|
|
$ |
30,249 |
|
|
$ |
3,243 |
|
|
$ |
648,682 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
VP Man
Vol Conserv Gro,
Cl 2 |
|
|
VP Man
Vol Gro,
Cl 2 |
|
|
VP Man
Vol Mod Gro,
Cl 2 |
|
|
VP
Mod,
Cl 2 |
|
|
VP
Mod,
Cl 4 |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Variable account expenses |
|
|
441,794 |
|
|
|
1,224,811 |
|
|
|
2,483,487 |
|
|
|
2,517,332 |
|
|
|
9,007,018 |
|
| Investment income (loss) — net |
|
|
(441,794 |
) |
|
|
(1,224,811 |
) |
|
|
(2,483,487 |
) |
|
|
(2,517,332 |
) |
|
|
(9,007,018 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
5,874,438 |
|
|
|
11,443,515 |
|
|
|
24,940,787 |
|
|
|
30,325,314 |
|
|
|
101,626,299 |
|
| Cost of investments sold |
|
|
5,089,689 |
|
|
|
8,427,039 |
|
|
|
19,230,859 |
|
|
|
19,094,965 |
|
|
|
56,960,494 |
|
| Net realized gain (loss) on sales of investments |
|
|
784,749 |
|
|
|
3,016,476 |
|
|
|
5,709,928 |
|
|
|
11,230,349 |
|
|
|
44,665,805 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
1,928,415 |
|
|
|
8,421,502 |
|
|
|
13,004,207 |
|
|
|
12,171,646 |
|
|
|
29,486,148 |
|
| Net gain (loss) on investments |
|
|
2,713,164 |
|
|
|
11,437,978 |
|
|
|
18,714,135 |
|
|
|
23,401,995 |
|
|
|
74,151,953 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
2,271,370 |
|
|
$ |
10,213,167 |
|
|
$ |
16,230,648 |
|
|
$ |
20,884,663 |
|
|
$ |
65,144,935 |
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
VP Mod
Aggr,
Cl 2 |
|
|
VP Mod
Aggr,
Cl 4 |
|
|
VP Mod
Conserv,
Cl 2 |
|
|
VP Mod
Conserv,
Cl 4 |
|
|
VP Ptnrs
Core Eq,
Cl 3 |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Variable account expenses |
|
|
464,447 |
|
|
|
2,273,770 |
|
|
|
343,086 |
|
|
|
944,790 |
|
|
|
11,336 |
|
| Investment income (loss) — net |
|
|
(464,447 |
) |
|
|
(2,273,770 |
) |
|
|
(343,086 |
) |
|
|
(944,790 |
) |
|
|
(11,336 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
7,258,747 |
|
|
|
30,390,352 |
|
|
|
5,316,581 |
|
|
|
12,159,675 |
|
|
|
156,036 |
|
| Cost of investments sold |
|
|
3,865,095 |
|
|
|
14,670,747 |
|
|
|
4,172,682 |
|
|
|
8,208,688 |
|
|
|
59,199 |
|
| Net realized gain (loss) on sales of investments |
|
|
3,393,652 |
|
|
|
15,719,605 |
|
|
|
1,143,899 |
|
|
|
3,950,987 |
|
|
|
96,837 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
1,404,105 |
|
|
|
4,761,201 |
|
|
|
1,323,070 |
|
|
|
2,239,807 |
|
|
|
54,787 |
|
| Net gain (loss) on investments |
|
|
4,797,757 |
|
|
|
20,480,806 |
|
|
|
2,466,969 |
|
|
|
6,190,794 |
|
|
|
151,624 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
4,333,310 |
|
|
$ |
18,207,036 |
|
|
$ |
2,123,883 |
|
|
$ |
5,246,004 |
|
|
$ |
140,288 |
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
35 |
|
Statement of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
VP Ptnrs
Sm Cap Val,
Cl 3 |
|
|
VP US
Flex Conserv Gro,
Cl 2 |
|
|
VP US
Flex Gro,
Cl 2 |
|
|
VP US
Flex Mod Gro,
Cl 2 |
|
|
Wanger
Acorn |
|
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividend income |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Variable account expenses |
|
|
139,315 |
|
|
|
5,273 |
|
|
|
37,949 |
|
|
|
23,712 |
|
|
|
81,571 |
|
| Investment income (loss) — net |
|
|
(139,315 |
) |
|
|
(5,273 |
) |
|
|
(37,949 |
) |
|
|
(23,712 |
) |
|
|
(81,571 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
1,362,534 |
|
|
|
127,794 |
|
|
|
864,488 |
|
|
|
265,947 |
|
|
|
920,262 |
|
| Cost of investments sold |
|
|
782,737 |
|
|
|
113,485 |
|
|
|
763,493 |
|
|
|
246,393 |
|
|
|
1,429,659 |
|
| Net realized gain (loss) on sales of investments |
|
|
579,797 |
|
|
|
14,309 |
|
|
|
100,995 |
|
|
|
19,554 |
|
|
|
(509,397 |
) |
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
365,695 |
|
|
|
25,316 |
|
|
|
438,965 |
|
|
|
244,745 |
|
|
|
1,499,506 |
|
| Net gain (loss) on investments |
|
|
945,492 |
|
|
|
39,625 |
|
|
|
539,960 |
|
|
|
264,299 |
|
|
|
990,109 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
806,177 |
|
|
$ |
34,352 |
|
|
$ |
502,011 |
|
|
$ |
240,587 |
|
|
$ |
908,538 |
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Wanger
Intl |
|
| Investment income |
|
|
|
|
| Dividend income |
|
$ |
14,128 |
|
| Variable account expenses |
|
|
72,566 |
|
| Investment income (loss) — net |
|
|
(58,438 |
) |
|
|
|
|
|
| Realized and unrealized gain (loss) on investments — net |
|
| Realized gain (loss) on sales of investments: |
|
|
|
|
| Proceeds from sales |
|
|
955,818 |
|
| Cost of investments sold |
|
|
1,228,733 |
|
| Net realized gain (loss) on sales of investments |
|
|
(272,915 |
) |
| Distributions from capital gains |
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
989,988 |
|
| Net gain (loss) on investments |
|
|
717,073 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
$ |
658,635 |
|
See accompanying notes to financial statements.
|
|
|
|
|
| 36 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 |
|
AB VPS
Bal Hedged Alloc,
Cl B |
|
|
AB VPS
Intl Val, Cl B |
|
|
AB VPS
Lg Cap Gro, Cl B |
|
|
AB VPS
Relative Val, Cl B |
|
|
AB VPS Sus
Gbl Thematic, Cl B |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(1,046 |
) |
|
$ |
(85,611 |
) |
|
$ |
(33,180 |
) |
|
$ |
(950 |
) |
|
$ |
(12,018 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(8,013 |
) |
|
|
(19,456 |
) |
|
|
72,177 |
|
|
|
49,872 |
|
|
|
17,198 |
|
| Distributions from capital gains |
|
|
14,312 |
|
|
|
— |
|
|
|
183,975 |
|
|
|
341,426 |
|
|
|
54,390 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
25,256 |
|
|
|
1,204,261 |
|
|
|
464,929 |
|
|
|
22,514 |
|
|
|
52,267 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
30,509 |
|
|
|
1,099,194 |
|
|
|
687,901 |
|
|
|
412,862 |
|
|
|
111,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
75 |
|
|
|
5,133 |
|
|
|
850 |
|
|
|
480 |
|
|
|
107 |
|
| Net transfers(1) |
|
|
(10,363 |
) |
|
|
(585,932 |
) |
|
|
29,509 |
|
|
|
(31,414 |
) |
|
|
(6,720 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
(1,783 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(1,012 |
) |
|
|
(44,573 |
) |
|
|
(3,756 |
) |
|
|
(8,591 |
) |
|
|
(1,805 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(6,957 |
) |
|
|
(704,806 |
) |
|
|
(67,716 |
) |
|
|
(228,688 |
) |
|
|
(35,449 |
) |
| Death benefits |
|
|
(3,885 |
) |
|
|
(327,165 |
) |
|
|
(198,406 |
) |
|
|
(96,538 |
) |
|
|
(41,581 |
) |
| Increase (decrease) from transactions |
|
|
(22,142 |
) |
|
|
(1,659,126 |
) |
|
|
(239,519 |
) |
|
|
(364,751 |
) |
|
|
(85,448 |
) |
| Net assets at beginning of year |
|
|
284,260 |
|
|
|
9,059,372 |
|
|
|
2,175,149 |
|
|
|
4,322,523 |
|
|
|
850,086 |
|
| Net assets at end of year |
|
$ |
292,627 |
|
|
$ |
8,499,440 |
|
|
$ |
2,623,531 |
|
|
$ |
4,370,634 |
|
|
$ |
876,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
162,207 |
|
|
|
7,982,373 |
|
|
|
824,545 |
|
|
|
1,342,967 |
|
|
|
600,454 |
|
| Units purchased |
|
|
6,761 |
|
|
|
4,081 |
|
|
|
9,951 |
|
|
|
5,803 |
|
|
|
630 |
|
| Units redeemed |
|
|
(19,604 |
) |
|
|
(1,357,683 |
) |
|
|
(91,186 |
) |
|
|
(111,038 |
) |
|
|
(59,887 |
) |
| Units outstanding at end of year |
|
|
149,364 |
|
|
|
6,628,771 |
|
|
|
743,310 |
|
|
|
1,237,732 |
|
|
|
541,197 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
37 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Allspg VT
Dis All Cap Gro,
Cl 1 |
|
|
Allspg VT
Dis All Cap Gro,
Cl 2 |
|
|
Allspg VT
Index Asset Alloc,
Cl 2 |
|
|
Allspg VT
Intl Eq, Cl 1 |
|
|
Allspg VT
Intl Eq, Cl 2 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(4,470 |
) |
|
$ |
(230,827 |
) |
|
$ |
(24,652 |
) |
|
$ |
549 |
|
|
$ |
(1,816 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(4,753 |
) |
|
|
(380,968 |
) |
|
|
72,237 |
|
|
|
(6,822 |
) |
|
|
(457,929 |
) |
| Distributions from capital gains |
|
|
37,800 |
|
|
|
1,624,589 |
|
|
|
172,913 |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
70,133 |
|
|
|
3,230,366 |
|
|
|
553,301 |
|
|
|
23,992 |
|
|
|
887,761 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
98,710 |
|
|
|
4,243,160 |
|
|
|
773,799 |
|
|
|
17,719 |
|
|
|
428,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
25,193 |
|
|
|
9,376 |
|
|
|
— |
|
|
|
8,092 |
|
| Net transfers(1) |
|
|
643 |
|
|
|
(683,075 |
) |
|
|
7,489 |
|
|
|
— |
|
|
|
(164,785 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,003 |
) |
| Contract charges |
|
|
(466 |
) |
|
|
(51,339 |
) |
|
|
(3,013 |
) |
|
|
(266 |
) |
|
|
(11,488 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(56,396 |
) |
|
|
(1,125,169 |
) |
|
|
(257,758 |
) |
|
|
(2,745 |
) |
|
|
(373,106 |
) |
| Death benefits |
|
|
(42,677 |
) |
|
|
(720,174 |
) |
|
|
(612,588 |
) |
|
|
(5,600 |
) |
|
|
(151,352 |
) |
| Increase (decrease) from transactions |
|
|
(98,896 |
) |
|
|
(2,554,564 |
) |
|
|
(856,494 |
) |
|
|
(8,611 |
) |
|
|
(693,642 |
) |
| Net assets at beginning of year |
|
|
339,886 |
|
|
|
14,648,783 |
|
|
|
5,450,029 |
|
|
|
127,216 |
|
|
|
3,423,398 |
|
| Net assets at end of year |
|
$ |
339,700 |
|
|
$ |
16,337,379 |
|
|
$ |
5,367,334 |
|
|
$ |
136,324 |
|
|
$ |
3,157,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
110,687 |
|
|
|
3,105,065 |
|
|
|
2,146,971 |
|
|
|
70,718 |
|
|
|
1,891,020 |
|
| Units purchased |
|
|
190 |
|
|
|
3,974 |
|
|
|
33,233 |
|
|
|
— |
|
|
|
3,981 |
|
| Units redeemed |
|
|
(26,506 |
) |
|
|
(466,027 |
) |
|
|
(344,976 |
) |
|
|
(4,287 |
) |
|
|
(363,600 |
) |
| Units outstanding at end of year |
|
|
84,371 |
|
|
|
2,643,012 |
|
|
|
1,835,228 |
|
|
|
66,431 |
|
|
|
1,531,401 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 38 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Allspg VT
Opp, Cl 1 |
|
|
Allspg VT
Opp, Cl 2 |
|
|
Allspg VT
Sm Cap Gro, Cl 2 |
|
|
AC VP
Disciplined
Core Val, Cl I |
|
|
AC VP
Inflation Prot, Cl II |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(6,583 |
) |
|
$ |
(53,939 |
) |
|
$ |
(44,840 |
) |
|
$ |
232 |
|
|
$ |
206,130 |
|
| Net realized gain (loss) on sales of investments |
|
|
3,140 |
|
|
|
84,899 |
|
|
|
(77,201 |
) |
|
|
(4,192 |
) |
|
|
(235,845 |
) |
| Distributions from capital gains |
|
|
42,479 |
|
|
|
337,628 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
70,356 |
|
|
|
518,384 |
|
|
|
198,686 |
|
|
|
15,223 |
|
|
|
225,170 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
109,392 |
|
|
|
886,972 |
|
|
|
76,645 |
|
|
|
11,263 |
|
|
|
195,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
15,458 |
|
|
|
847 |
|
|
|
2,124 |
|
|
|
9,938 |
|
| Net transfers(1) |
|
|
421 |
|
|
|
(97,365 |
) |
|
|
128,221 |
|
|
|
— |
|
|
|
964,901 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(717 |
) |
|
|
(12,241 |
) |
|
|
(9,061 |
) |
|
|
(117 |
) |
|
|
(62,661 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(23,162 |
) |
|
|
(600,707 |
) |
|
|
(244,682 |
) |
|
|
(9,393 |
) |
|
|
(952,661 |
) |
| Death benefits |
|
|
(23,219 |
) |
|
|
(138,681 |
) |
|
|
(54,404 |
) |
|
|
(18,698 |
) |
|
|
(610,137 |
) |
| Increase (decrease) from transactions |
|
|
(46,677 |
) |
|
|
(833,536 |
) |
|
|
(179,079 |
) |
|
|
(26,084 |
) |
|
|
(650,620 |
) |
| Net assets at beginning of year |
|
|
452,374 |
|
|
|
4,033,542 |
|
|
|
3,124,586 |
|
|
|
184,983 |
|
|
|
12,833,794 |
|
| Net assets at end of year |
|
$ |
515,089 |
|
|
$ |
4,086,978 |
|
|
$ |
3,022,152 |
|
|
$ |
170,162 |
|
|
$ |
12,378,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
152,369 |
|
|
|
1,399,463 |
|
|
|
1,666,524 |
|
|
|
51,861 |
|
|
|
10,012,284 |
|
| Units purchased |
|
|
125 |
|
|
|
6,527 |
|
|
|
71,266 |
|
|
|
571 |
|
|
|
749,185 |
|
| Units redeemed |
|
|
(13,688 |
) |
|
|
(270,099 |
) |
|
|
(170,859 |
) |
|
|
(7,901 |
) |
|
|
(1,268,919 |
) |
| Units outstanding at end of year |
|
|
138,806 |
|
|
|
1,135,891 |
|
|
|
1,566,931 |
|
|
|
44,531 |
|
|
|
9,492,550 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
39 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
AC VP
Intl,
Cl II |
|
|
AC VP
Mid Cap Val,
Cl II |
|
|
AC VP
Ultra,
Cl II |
|
|
AC VP
Val,
Cl I |
|
|
AC VP
Val,
Cl II |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
171 |
|
|
$ |
368 |
|
|
$ |
(100,435 |
) |
|
$ |
2,751 |
|
|
$ |
1,366 |
|
| Net realized gain (loss) on sales of investments |
|
|
1,362 |
|
|
|
134 |
|
|
|
396,794 |
|
|
|
9,366 |
|
|
|
984 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
8,159 |
|
|
|
481,859 |
|
|
|
22,081 |
|
|
|
23,824 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
1,765 |
|
|
|
(5,502 |
) |
|
|
1,329,498 |
|
|
|
(14,152 |
) |
|
|
(4,600 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
3,298 |
|
|
|
3,159 |
|
|
|
2,107,716 |
|
|
|
20,046 |
|
|
|
21,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
100 |
|
|
|
— |
|
|
|
6,792 |
|
|
|
3,497 |
|
|
|
75 |
|
| Net transfers(1) |
|
|
(16 |
) |
|
|
(5 |
) |
|
|
(790,100 |
) |
|
|
— |
|
|
|
2,069 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(121 |
) |
|
|
— |
|
|
|
(25,756 |
) |
|
|
(190 |
) |
|
|
(32 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(29,982 |
) |
|
|
— |
|
|
|
(468,007 |
) |
|
|
(15,308 |
) |
|
|
(1,782 |
) |
| Death benefits |
|
|
— |
|
|
|
— |
|
|
|
(227,214 |
) |
|
|
(11,024 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(30,019 |
) |
|
|
(5 |
) |
|
|
(1,504,285 |
) |
|
|
(23,025 |
) |
|
|
330 |
|
| Net assets at beginning of year |
|
|
29,241 |
|
|
|
74,025 |
|
|
|
5,638,304 |
|
|
|
291,000 |
|
|
|
303,244 |
|
| Net assets at end of year |
|
$ |
2,520 |
|
|
$ |
77,179 |
|
|
$ |
6,241,735 |
|
|
$ |
288,021 |
|
|
$ |
325,148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
14,511 |
|
|
|
26,754 |
|
|
|
1,559,583 |
|
|
|
57,159 |
|
|
|
105,291 |
|
| Units purchased |
|
|
— |
|
|
|
— |
|
|
|
1,537 |
|
|
|
662 |
|
|
|
719 |
|
| Units redeemed |
|
|
(14,511 |
) |
|
|
— |
|
|
|
(336,582 |
) |
|
|
(5,232 |
) |
|
|
(579 |
) |
| Units outstanding at end of year |
|
|
— |
|
|
|
26,754 |
|
|
|
1,224,538 |
|
|
|
52,589 |
|
|
|
105,431 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 40 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
BNY Mellon
IP MidCap Stock,
Serv |
|
|
BNY Mellon
IP Tech Gro,
Serv |
|
|
BNY Mellon
Sus US Eq,
Init |
|
|
BNY Mellon
VIF Appr,
Serv |
|
|
CB Var
Sm Cap Gro,
Cl I |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(665 |
) |
|
$ |
(41,516 |
) |
|
$ |
(2,491 |
) |
|
$ |
(1,074 |
) |
|
$ |
(1,598 |
) |
| Net realized gain (loss) on sales of investments |
|
|
40 |
|
|
|
70,858 |
|
|
|
2,453 |
|
|
|
(147 |
) |
|
|
965 |
|
| Distributions from capital gains |
|
|
2,125 |
|
|
|
— |
|
|
|
44,658 |
|
|
|
9,356 |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
9,024 |
|
|
|
1,106,131 |
|
|
|
32,180 |
|
|
|
10,775 |
|
|
|
7,008 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
10,524 |
|
|
|
1,135,473 |
|
|
|
76,800 |
|
|
|
18,910 |
|
|
|
6,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
1,487 |
|
|
|
18 |
|
|
|
— |
|
|
|
125 |
|
| Net transfers(1) |
|
|
949 |
|
|
|
(498,028 |
) |
|
|
(3,975 |
) |
|
|
(5 |
) |
|
|
848 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
— |
|
|
|
(11,591 |
) |
|
|
(397 |
) |
|
|
(10 |
) |
|
|
(106 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
— |
|
|
|
(191,402 |
) |
|
|
(5,310 |
) |
|
|
— |
|
|
|
(6,018 |
) |
| Death benefits |
|
|
— |
|
|
|
(123,973 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Increase (decrease) from transactions |
|
|
949 |
|
|
|
(823,507 |
) |
|
|
(9,664 |
) |
|
|
(15 |
) |
|
|
(5,151 |
) |
| Net assets at beginning of year |
|
|
63,321 |
|
|
|
2,297,103 |
|
|
|
350,579 |
|
|
|
99,948 |
|
|
|
98,950 |
|
| Net assets at end of year |
|
$ |
74,794 |
|
|
$ |
2,609,069 |
|
|
$ |
417,715 |
|
|
$ |
118,843 |
|
|
$ |
100,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
20,390 |
|
|
|
685,008 |
|
|
|
170,329 |
|
|
|
27,700 |
|
|
|
31,612 |
|
| Units purchased |
|
|
361 |
|
|
|
348 |
|
|
|
313 |
|
|
|
— |
|
|
|
273 |
|
| Units redeemed |
|
|
— |
|
|
|
(187,710 |
) |
|
|
(4,493 |
) |
|
|
(2 |
) |
|
|
(1,950 |
) |
| Units outstanding at end of year |
|
|
20,751 |
|
|
|
497,646 |
|
|
|
166,149 |
|
|
|
27,698 |
|
|
|
29,935 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
41 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Col VP
Bal,
Cl 3 |
|
|
Col VP
Disciplined Core,
Cl 3 |
|
|
Col VP
Divd Opp,
Cl 3 |
|
|
Col VP
Emer Mkts,
Cl 3 |
|
|
Col VP
Govt Money Mkt,
Cl 1 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(31,543 |
) |
|
$ |
(200,781 |
) |
|
$ |
(258,706 |
) |
|
$ |
(92,033 |
) |
|
$ |
3,026 |
|
| Net realized gain (loss) on sales of investments |
|
|
146,349 |
|
|
|
1,939,732 |
|
|
|
1,337,681 |
|
|
|
(435,122 |
) |
|
|
— |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
290,661 |
|
|
|
954,425 |
|
|
|
(587,266 |
) |
|
|
946,346 |
|
|
|
— |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
405,467 |
|
|
|
2,693,376 |
|
|
|
491,709 |
|
|
|
419,191 |
|
|
|
3,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
3,055 |
|
|
|
25,977 |
|
|
|
14,236 |
|
|
|
3,741 |
|
|
|
300 |
|
| Net transfers(1) |
|
|
(3,620 |
) |
|
|
(297,276 |
) |
|
|
905,658 |
|
|
|
143,496 |
|
|
|
(1,196 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
74 |
|
|
|
2,926 |
|
|
|
(2,922 |
) |
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(3,119 |
) |
|
|
(47,922 |
) |
|
|
(70,014 |
) |
|
|
(27,652 |
) |
|
|
(63 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(209,469 |
) |
|
|
(1,356,098 |
) |
|
|
(1,388,525 |
) |
|
|
(461,123 |
) |
|
|
(2,023 |
) |
| Death benefits |
|
|
(25,870 |
) |
|
|
(711,304 |
) |
|
|
(635,751 |
) |
|
|
(209,354 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(238,949 |
) |
|
|
(2,383,697 |
) |
|
|
(1,177,318 |
) |
|
|
(550,892 |
) |
|
|
(2,982 |
) |
| Net assets at beginning of year |
|
|
2,190,178 |
|
|
|
13,103,541 |
|
|
|
16,832,643 |
|
|
|
5,680,084 |
|
|
|
90,411 |
|
| Net assets at end of year |
|
$ |
2,356,696 |
|
|
$ |
13,413,220 |
|
|
$ |
16,147,034 |
|
|
$ |
5,548,383 |
|
|
$ |
90,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
705,129 |
|
|
|
4,862,425 |
|
|
|
4,702,423 |
|
|
|
2,507,293 |
|
|
|
92,303 |
|
| Units purchased |
|
|
712 |
|
|
|
30,408 |
|
|
|
304,861 |
|
|
|
69,636 |
|
|
|
301 |
|
| Units redeemed |
|
|
(69,057 |
) |
|
|
(858,089 |
) |
|
|
(633,565 |
) |
|
|
(298,262 |
) |
|
|
(3,318 |
) |
| Units outstanding at end of year |
|
|
636,784 |
|
|
|
4,034,744 |
|
|
|
4,373,719 |
|
|
|
2,278,667 |
|
|
|
89,286 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 42 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Col VP
Govt Money Mkt,
Cl 3 |
|
|
Col VP
Hi Yield Bond,
Cl 3 |
|
|
Col VP
Inc Opp,
Cl 1 |
|
|
Col VP
Inc Opp,
Cl 3 |
|
|
Col VP
Inter Bond,
Cl 3 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
546,965 |
|
|
$ |
109,522 |
|
|
$ |
9,183 |
|
|
$ |
102,164 |
|
|
$ |
46,475 |
|
| Net realized gain (loss) on sales of investments |
|
|
63 |
|
|
|
(59,514 |
) |
|
|
(8,361 |
) |
|
|
(181,637 |
) |
|
|
(251,108 |
) |
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
(63 |
) |
|
|
232,647 |
|
|
|
20,440 |
|
|
|
355,865 |
|
|
|
502,002 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
546,965 |
|
|
|
282,655 |
|
|
|
21,262 |
|
|
|
276,392 |
|
|
|
297,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
50,245 |
|
|
|
5,747 |
|
|
|
— |
|
|
|
2,511 |
|
|
|
4,782 |
|
| Net transfers(1) |
|
|
175,699 |
|
|
|
89,673 |
|
|
|
(151 |
) |
|
|
12,927 |
|
|
|
151,808 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
(1,991 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,130 |
) |
| Contract charges |
|
|
(59,313 |
) |
|
|
(12,893 |
) |
|
|
(36 |
) |
|
|
(17,695 |
) |
|
|
(30,732 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(2,089,637 |
) |
|
|
(217,767 |
) |
|
|
(19,246 |
) |
|
|
(361,489 |
) |
|
|
(610,823 |
) |
| Death benefits |
|
|
(855,007 |
) |
|
|
(131,251 |
) |
|
|
— |
|
|
|
(137,815 |
) |
|
|
(156,948 |
) |
| Increase (decrease) from transactions |
|
|
(2,780,004 |
) |
|
|
(266,491 |
) |
|
|
(19,433 |
) |
|
|
(501,561 |
) |
|
|
(645,043 |
) |
| Net assets at beginning of year |
|
|
19,579,922 |
|
|
|
2,907,511 |
|
|
|
223,655 |
|
|
|
3,201,225 |
|
|
|
6,902,845 |
|
| Net assets at end of year |
|
$ |
17,346,883 |
|
|
$ |
2,923,675 |
|
|
$ |
225,484 |
|
|
$ |
2,976,056 |
|
|
$ |
6,555,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
20,809,527 |
|
|
|
1,280,085 |
|
|
|
205,504 |
|
|
|
1,551,734 |
|
|
|
4,622,524 |
|
| Units purchased |
|
|
434,851 |
|
|
|
45,542 |
|
|
|
— |
|
|
|
19,369 |
|
|
|
157,254 |
|
| Units redeemed |
|
|
(3,354,113 |
) |
|
|
(158,012 |
) |
|
|
(17,484 |
) |
|
|
(256,815 |
) |
|
|
(584,502 |
) |
| Units outstanding at end of year |
|
|
17,890,265 |
|
|
|
1,167,615 |
|
|
|
188,020 |
|
|
|
1,314,288 |
|
|
|
4,195,276 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
43 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Col VP
Lg Cap Gro,
Cl 1 |
|
|
Col VP
Lg Cap Gro,
Cl 3 |
|
|
Col VP
Lg Cap Index,
Cl 3 |
|
|
Col VP
Overseas Core,
Cl 3 |
|
|
Col VP Select
Lg Cap Val,
Cl 3 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(3,852 |
) |
|
$ |
(10,709 |
) |
|
$ |
(71,044 |
) |
|
$ |
1,191 |
|
|
$ |
(1,807 |
) |
| Net realized gain (loss) on sales of investments |
|
|
168,919 |
|
|
|
43,546 |
|
|
|
583,278 |
|
|
|
(651 |
) |
|
|
16,666 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
(44,221 |
) |
|
|
182,211 |
|
|
|
668,930 |
|
|
|
40,013 |
|
|
|
(12,101 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
120,846 |
|
|
|
215,048 |
|
|
|
1,181,164 |
|
|
|
40,553 |
|
|
|
2,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,168 |
|
|
|
— |
|
| Net transfers(1) |
|
|
2,812 |
|
|
|
(13,024 |
) |
|
|
(32,685 |
) |
|
|
(98 |
) |
|
|
15 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
(4,768 |
) |
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(19 |
) |
|
|
(898 |
) |
|
|
(8,223 |
) |
|
|
(231 |
) |
|
|
(13 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(7,762 |
) |
|
|
(35,832 |
) |
|
|
(269,057 |
) |
|
|
(8,833 |
) |
|
|
(26,916 |
) |
| Death benefits |
|
|
(203,830 |
) |
|
|
— |
|
|
|
(392,377 |
) |
|
|
(12,058 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(208,799 |
) |
|
|
(49,754 |
) |
|
|
(707,110 |
) |
|
|
(16,052 |
) |
|
|
(26,914 |
) |
| Net assets at beginning of year |
|
|
324,536 |
|
|
|
553,012 |
|
|
|
5,299,633 |
|
|
|
303,045 |
|
|
|
119,106 |
|
| Net assets at end of year |
|
$ |
236,583 |
|
|
$ |
718,306 |
|
|
$ |
5,773,687 |
|
|
$ |
327,546 |
|
|
$ |
94,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
106,801 |
|
|
|
196,717 |
|
|
|
1,639,654 |
|
|
|
157,910 |
|
|
|
35,376 |
|
| Units purchased |
|
|
754 |
|
|
|
481 |
|
|
|
1,835 |
|
|
|
2,273 |
|
|
|
— |
|
| Units redeemed |
|
|
(52,694 |
) |
|
|
(23,905 |
) |
|
|
(207,616 |
) |
|
|
(9,553 |
) |
|
|
(8,486 |
) |
| Units outstanding at end of year |
|
|
54,861 |
|
|
|
173,293 |
|
|
|
1,433,873 |
|
|
|
150,630 |
|
|
|
26,890 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 44 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Col VP Select
Mid Cap Gro,
Cl 3 |
|
|
Col VP Select
Mid Cap Val,
Cl 3 |
|
|
Col VP Select
Sm Cap Val,
Cl 3 |
|
|
Col VP
Sm Cap Val,
Cl 2 |
|
|
Col VP
Sm Co Gro,
Cl 1 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(23,222 |
) |
|
$ |
(479 |
) |
|
$ |
(9,143 |
) |
|
$ |
(9,234 |
) |
|
$ |
(212 |
) |
| Net realized gain (loss) on sales of investments |
|
|
133,888 |
|
|
|
3,049 |
|
|
|
53,440 |
|
|
|
(18,626 |
) |
|
|
(57 |
) |
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
55,252 |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
215,758 |
|
|
|
(202 |
) |
|
|
23,071 |
|
|
|
115,497 |
|
|
|
4,003 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
326,424 |
|
|
|
2,368 |
|
|
|
67,368 |
|
|
|
142,889 |
|
|
|
3,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
7,553 |
|
|
|
— |
|
|
|
— |
|
|
|
75 |
|
|
|
— |
|
| Net transfers(1) |
|
|
(15,800 |
) |
|
|
76 |
|
|
|
1,440 |
|
|
|
(6,129 |
) |
|
|
1 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
1,199 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(3,886 |
) |
|
|
(94 |
) |
|
|
(1,293 |
) |
|
|
(4,804 |
) |
|
|
(8 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(106,609 |
) |
|
|
(4,577 |
) |
|
|
(51,634 |
) |
|
|
(54,748 |
) |
|
|
(54 |
) |
| Death benefits |
|
|
(48,552 |
) |
|
|
— |
|
|
|
(29,664 |
) |
|
|
(10,969 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(166,095 |
) |
|
|
(4,595 |
) |
|
|
(81,151 |
) |
|
|
(76,575 |
) |
|
|
(61 |
) |
| Net assets at beginning of year |
|
|
1,470,841 |
|
|
|
33,039 |
|
|
|
660,858 |
|
|
|
748,306 |
|
|
|
14,925 |
|
| Net assets at end of year |
|
$ |
1,631,170 |
|
|
$ |
30,812 |
|
|
$ |
647,075 |
|
|
$ |
814,620 |
|
|
$ |
18,598 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
426,491 |
|
|
|
13,292 |
|
|
|
206,629 |
|
|
|
249,548 |
|
|
|
2,856 |
|
| Units purchased |
|
|
1,856 |
|
|
|
32 |
|
|
|
511 |
|
|
|
1,129 |
|
|
|
— |
|
| Units redeemed |
|
|
(45,137 |
) |
|
|
(2,131 |
) |
|
|
(25,023 |
) |
|
|
(24,418 |
) |
|
|
(10 |
) |
| Units outstanding at end of year |
|
|
383,210 |
|
|
|
11,193 |
|
|
|
182,117 |
|
|
|
226,259 |
|
|
|
2,846 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
45 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Col VP
US Govt Mtge,
Cl 1 |
|
|
Col VP
US Govt Mtge,
Cl 3 |
|
|
CS
Commodity Return,
Cl 1 |
|
|
CTIVP BR Gl
Infl Prot Sec,
Cl 3 |
|
|
CTIVP Prin
Blue Chip Gro,
Cl 1 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
2,026 |
|
|
$ |
46,681 |
|
|
$ |
3,077 |
|
|
$ |
92,535 |
|
|
$ |
(15,657 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(2,086 |
) |
|
|
(219,137 |
) |
|
|
(1,426 |
) |
|
|
(93,974 |
) |
|
|
112,597 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
5,158 |
|
|
|
322,780 |
|
|
|
(3,462 |
) |
|
|
27,490 |
|
|
|
215,264 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
5,098 |
|
|
|
150,324 |
|
|
|
(1,811 |
) |
|
|
26,051 |
|
|
|
312,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
12,297 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net transfers(1) |
|
|
693 |
|
|
|
(98,420 |
) |
|
|
(8 |
) |
|
|
75,430 |
|
|
|
(111,187 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(961 |
) |
|
|
— |
|
| Contract charges |
|
|
(45 |
) |
|
|
(11,823 |
) |
|
|
(2 |
) |
|
|
(11,271 |
) |
|
|
(6,523 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(6,360 |
) |
|
|
(495,740 |
) |
|
|
(1,303 |
) |
|
|
(149,751 |
) |
|
|
(76,892 |
) |
| Death benefits |
|
|
— |
|
|
|
(279,616 |
) |
|
|
— |
|
|
|
(17,926 |
) |
|
|
(13,271 |
) |
| Increase (decrease) from transactions |
|
|
(5,712 |
) |
|
|
(873,302 |
) |
|
|
(1,313 |
) |
|
|
(104,479 |
) |
|
|
(207,873 |
) |
| Net assets at beginning of year |
|
|
129,876 |
|
|
|
4,730,554 |
|
|
|
17,493 |
|
|
|
1,327,615 |
|
|
|
926,610 |
|
| Net assets at end of year |
|
$ |
129,262 |
|
|
$ |
4,007,576 |
|
|
$ |
14,369 |
|
|
$ |
1,249,187 |
|
|
$ |
1,030,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
136,074 |
|
|
|
4,308,733 |
|
|
|
25,063 |
|
|
|
1,053,588 |
|
|
|
502,522 |
|
| Units purchased |
|
|
734 |
|
|
|
131,336 |
|
|
|
— |
|
|
|
78,962 |
|
|
|
— |
|
| Units redeemed |
|
|
(7,070 |
) |
|
|
(942,652 |
) |
|
|
(2,416 |
) |
|
|
(165,231 |
) |
|
|
(95,960 |
) |
| Units outstanding at end of year |
|
|
129,738 |
|
|
|
3,497,417 |
|
|
|
22,647 |
|
|
|
967,319 |
|
|
|
406,562 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 46 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
CTIVP Vty
Sycamore Estb Val,
Cl 3 |
|
|
EV VT
Floating-Rate Inc,
Init Cl |
|
|
Fid VIP
Bal,
Serv Cl |
|
|
Fid VIP
Bal,
Serv Cl 2 |
|
|
Fid VIP
Contrafund,
Serv Cl |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(419 |
) |
|
$ |
38,788 |
|
|
$ |
934 |
|
|
$ |
11 |
|
|
$ |
(24,509 |
) |
| Net realized gain (loss) on sales of investments |
|
|
568 |
|
|
|
(7,880 |
) |
|
|
663 |
|
|
|
3,182 |
|
|
|
79,179 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
8,324 |
|
|
|
5,020 |
|
|
|
97,499 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
1,945 |
|
|
|
22,563 |
|
|
|
32,507 |
|
|
|
15,366 |
|
|
|
600,301 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
2,094 |
|
|
|
53,471 |
|
|
|
42,428 |
|
|
|
23,579 |
|
|
|
752,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
2,200 |
|
|
|
— |
|
|
|
— |
|
|
|
600 |
|
| Net transfers(1) |
|
|
(6 |
) |
|
|
(9,114 |
) |
|
|
60 |
|
|
|
2,454 |
|
|
|
(1,409 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
— |
|
|
|
(4,192 |
) |
|
|
(127 |
) |
|
|
(112 |
) |
|
|
(4,489 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(468 |
) |
|
|
(61,352 |
) |
|
|
(153 |
) |
|
|
(3,130 |
) |
|
|
(151,046 |
) |
| Death benefits |
|
|
— |
|
|
|
(29,184 |
) |
|
|
— |
|
|
|
(11,224 |
) |
|
|
(94,445 |
) |
| Increase (decrease) from transactions |
|
|
(474 |
) |
|
|
(101,642 |
) |
|
|
(220 |
) |
|
|
(12,012 |
) |
|
|
(250,789 |
) |
| Net assets at beginning of year |
|
|
26,125 |
|
|
|
622,396 |
|
|
|
213,338 |
|
|
|
125,600 |
|
|
|
2,484,821 |
|
| Net assets at end of year |
|
$ |
27,745 |
|
|
$ |
574,225 |
|
|
$ |
255,546 |
|
|
$ |
137,167 |
|
|
$ |
2,986,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
5,688 |
|
|
|
492,527 |
|
|
|
74,102 |
|
|
|
43,691 |
|
|
|
622,740 |
|
| Units purchased |
|
|
— |
|
|
|
8 |
|
|
|
19 |
|
|
|
790 |
|
|
|
125 |
|
| Units redeemed |
|
|
(112 |
) |
|
|
(80,701 |
) |
|
|
(90 |
) |
|
|
(4,428 |
) |
|
|
(54,445 |
) |
| Units outstanding at end of year |
|
|
5,576 |
|
|
|
411,834 |
|
|
|
74,031 |
|
|
|
40,053 |
|
|
|
568,420 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
47 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Fid VIP
Contrafund,
Serv Cl 2 |
|
|
Fid VIP
Dyn Appr,
Serv Cl 2 |
|
|
Fid VIP
Gro & Inc,
Serv Cl |
|
|
Fid VIP
Gro & Inc,
Serv Cl 2 |
|
|
Fid VIP
Gro,
Serv Cl |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(446,923 |
) |
|
$ |
(9,231 |
) |
|
$ |
1,174 |
|
|
$ |
28 |
|
|
$ |
(362 |
) |
| Net realized gain (loss) on sales of investments |
|
|
1,686,888 |
|
|
|
5,013 |
|
|
|
13,292 |
|
|
|
892 |
|
|
|
102 |
|
| Distributions from capital gains |
|
|
1,209,429 |
|
|
|
34,415 |
|
|
|
40,247 |
|
|
|
2,096 |
|
|
|
1,509 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
6,769,496 |
|
|
|
145,417 |
|
|
|
109,033 |
|
|
|
5,179 |
|
|
|
7,989 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
9,218,890 |
|
|
|
175,614 |
|
|
|
163,746 |
|
|
|
8,195 |
|
|
|
9,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
30,658 |
|
|
|
— |
|
|
|
1,541 |
|
|
|
— |
|
|
|
— |
|
| Net transfers(1) |
|
|
(2,822,567 |
) |
|
|
50,641 |
|
|
|
(2,838 |
) |
|
|
41 |
|
|
|
250 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(132,575 |
) |
|
|
(960 |
) |
|
|
(1,505 |
) |
|
|
(25 |
) |
|
|
(27 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(2,584,322 |
) |
|
|
(19,583 |
) |
|
|
(18,963 |
) |
|
|
— |
|
|
|
— |
|
| Death benefits |
|
|
(1,106,457 |
) |
|
|
— |
|
|
|
(7,486 |
) |
|
|
(1,942 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(6,615,263 |
) |
|
|
30,098 |
|
|
|
(29,251 |
) |
|
|
(1,926 |
) |
|
|
223 |
|
| Net assets at beginning of year |
|
|
32,177,081 |
|
|
|
616,357 |
|
|
|
989,378 |
|
|
|
50,969 |
|
|
|
26,631 |
|
| Net assets at end of year |
|
$ |
34,780,708 |
|
|
$ |
822,069 |
|
|
$ |
1,123,873 |
|
|
$ |
57,238 |
|
|
$ |
36,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
7,453,515 |
|
|
|
142,650 |
|
|
|
335,164 |
|
|
|
15,408 |
|
|
|
7,933 |
|
| Units purchased |
|
|
6,702 |
|
|
|
10,962 |
|
|
|
671 |
|
|
|
— |
|
|
|
67 |
|
| Units redeemed |
|
|
(1,346,040 |
) |
|
|
(4,172 |
) |
|
|
(9,978 |
) |
|
|
(601 |
) |
|
|
(7 |
) |
| Units outstanding at end of year |
|
|
6,114,177 |
|
|
|
149,440 |
|
|
|
325,857 |
|
|
|
14,807 |
|
|
|
7,993 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 48 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Fid VIP
Gro,
Serv Cl 2 |
|
|
Fid VIP
Hi Inc,
Serv Cl |
|
|
Fid VIP
Hi Inc,
Serv Cl 2 |
|
|
Fid VIP
Invest Gr,
Serv Cl 2 |
|
|
Fid VIP
Mid Cap,
Serv Cl |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(24,857 |
) |
|
$ |
26,342 |
|
|
$ |
10,638 |
|
|
$ |
44,249 |
|
|
$ |
(36,372 |
) |
| Net realized gain (loss) on sales of investments |
|
|
60,891 |
|
|
|
(7,841 |
) |
|
|
(7,007 |
) |
|
|
(169,564 |
) |
|
|
56,595 |
|
| Distributions from capital gains |
|
|
91,451 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
122,565 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
400,593 |
|
|
|
34,139 |
|
|
|
17,974 |
|
|
|
366,335 |
|
|
|
436,792 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
528,078 |
|
|
|
52,640 |
|
|
|
21,605 |
|
|
|
241,020 |
|
|
|
579,580 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
582 |
|
|
|
— |
|
|
|
— |
|
|
|
28,688 |
|
|
|
1,776 |
|
| Net transfers(1) |
|
|
173,873 |
|
|
|
4,134 |
|
|
|
(36 |
) |
|
|
327,277 |
|
|
|
(19,167 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(6,114 |
) |
|
|
(1,072 |
) |
|
|
(522 |
) |
|
|
(31,129 |
) |
|
|
(5,450 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(181,163 |
) |
|
|
(25,567 |
) |
|
|
(25,339 |
) |
|
|
(487,357 |
) |
|
|
(304,721 |
) |
| Death benefits |
|
|
(33,212 |
) |
|
|
(2,867 |
) |
|
|
— |
|
|
|
(309,270 |
) |
|
|
(293,444 |
) |
| Increase (decrease) from transactions |
|
|
(46,034 |
) |
|
|
(25,372 |
) |
|
|
(25,897 |
) |
|
|
(471,791 |
) |
|
|
(621,006 |
) |
| Net assets at beginning of year |
|
|
1,576,430 |
|
|
|
599,645 |
|
|
|
264,510 |
|
|
|
6,128,105 |
|
|
|
4,667,653 |
|
| Net assets at end of year |
|
$ |
2,058,474 |
|
|
$ |
626,913 |
|
|
$ |
260,218 |
|
|
$ |
5,897,334 |
|
|
$ |
4,626,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
357,695 |
|
|
|
337,317 |
|
|
|
124,063 |
|
|
|
4,748,996 |
|
|
|
699,947 |
|
| Units purchased |
|
|
30,535 |
|
|
|
2,151 |
|
|
|
— |
|
|
|
286,448 |
|
|
|
1,184 |
|
| Units redeemed |
|
|
(44,135 |
) |
|
|
(16,044 |
) |
|
|
(11,827 |
) |
|
|
(654,417 |
) |
|
|
(88,242 |
) |
| Units outstanding at end of year |
|
|
344,095 |
|
|
|
323,424 |
|
|
|
112,236 |
|
|
|
4,381,027 |
|
|
|
612,889 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
49 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Fid VIP
Mid Cap,
Serv Cl 2 |
|
|
Fid VIP
Overseas,
Serv Cl |
|
|
Fid VIP
Overseas,
Serv Cl 2 |
|
|
Frank
Global
Real Est,
Cl 2 |
|
|
Frank
Inc, Cl 2 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(119,078 |
) |
|
$ |
(324 |
) |
|
$ |
(26,733 |
) |
|
$ |
23,303 |
|
|
$ |
149,770 |
|
| Net realized gain (loss) on sales of investments |
|
|
69,010 |
|
|
|
1,552 |
|
|
|
125,780 |
|
|
|
(62,705 |
) |
|
|
(31,344 |
) |
| Distributions from capital gains |
|
|
317,752 |
|
|
|
92 |
|
|
|
8,109 |
|
|
|
— |
|
|
|
253,206 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
1,146,891 |
|
|
|
4,726 |
|
|
|
428,612 |
|
|
|
175,425 |
|
|
|
(108,126 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
1,414,575 |
|
|
|
6,046 |
|
|
|
535,768 |
|
|
|
136,023 |
|
|
|
263,506 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
16,152 |
|
|
|
47 |
|
|
|
338 |
|
|
|
15 |
|
|
|
— |
|
| Net transfers(1) |
|
|
118,948 |
|
|
|
(10,772 |
) |
|
|
(129,838 |
) |
|
|
52,361 |
|
|
|
200,453 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,548 |
) |
| Contract charges |
|
|
(32,159 |
) |
|
|
(145 |
) |
|
|
(17,885 |
) |
|
|
(2,217 |
) |
|
|
(3,832 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(953,106 |
) |
|
|
(1,026 |
) |
|
|
(275,992 |
) |
|
|
(143,939 |
) |
|
|
(272,581 |
) |
| Death benefits |
|
|
(364,167 |
) |
|
|
— |
|
|
|
(92,765 |
) |
|
|
(9,403 |
) |
|
|
(111,712 |
) |
| Increase (decrease) from transactions |
|
|
(1,214,332 |
) |
|
|
(11,896 |
) |
|
|
(516,142 |
) |
|
|
(103,183 |
) |
|
|
(192,220 |
) |
| Net assets at beginning of year |
|
|
11,388,842 |
|
|
|
42,437 |
|
|
|
3,165,274 |
|
|
|
1,522,495 |
|
|
|
3,937,731 |
|
| Net assets at end of year |
|
$ |
11,589,085 |
|
|
$ |
36,587 |
|
|
$ |
3,184,900 |
|
|
$ |
1,555,335 |
|
|
$ |
4,009,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
2,325,546 |
|
|
|
28,124 |
|
|
|
1,554,956 |
|
|
|
601,891 |
|
|
|
1,367,880 |
|
| Units purchased |
|
|
35,915 |
|
|
|
26 |
|
|
|
190 |
|
|
|
21,468 |
|
|
|
62,731 |
|
| Units redeemed |
|
|
(274,841 |
) |
|
|
(7,048 |
) |
|
|
(227,309 |
) |
|
|
(62,697 |
) |
|
|
(135,843 |
) |
| Units outstanding at end of year |
|
|
2,086,620 |
|
|
|
21,102 |
|
|
|
1,327,837 |
|
|
|
560,662 |
|
|
|
1,294,768 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 50 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Frank Mutual
Shares,
Cl 2 |
|
|
Frank
Rising Divd,
Cl 2 |
|
|
Frank Sm
Cap Val,
Cl 2 |
|
|
Frank Sm
Mid Cap Gro,
Cl 2 |
|
|
GS VIT
Intl Eq Insights,
Inst |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
87,898 |
|
|
$ |
(2,555 |
) |
|
$ |
(23,655 |
) |
|
$ |
(66,809 |
) |
|
$ |
197 |
|
| Net realized gain (loss) on sales of investments |
|
|
(154,632 |
) |
|
|
17,989 |
|
|
|
(64,085 |
) |
|
|
(220,022 |
) |
|
|
(23 |
) |
| Distributions from capital gains |
|
|
1,462,654 |
|
|
|
20,180 |
|
|
|
160,246 |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
528,964 |
|
|
|
(11,972 |
) |
|
|
229,761 |
|
|
|
1,432,653 |
|
|
|
2,323 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
1,924,884 |
|
|
|
23,642 |
|
|
|
302,267 |
|
|
|
1,145,822 |
|
|
|
2,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
39,961 |
|
|
|
— |
|
|
|
2,537 |
|
|
|
2,084 |
|
|
|
— |
|
| Net transfers(1) |
|
|
(93,059 |
) |
|
|
(165 |
) |
|
|
5,308 |
|
|
|
(124,077 |
) |
|
|
(1 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
(1,946 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(41,626 |
) |
|
|
(593 |
) |
|
|
(6,196 |
) |
|
|
(7,445 |
) |
|
|
(13 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(1,159,370 |
) |
|
|
(141,827 |
) |
|
|
(243,364 |
) |
|
|
(230,129 |
) |
|
|
(887 |
) |
| Death benefits |
|
|
(411,018 |
) |
|
|
— |
|
|
|
(49,143 |
) |
|
|
(133,999 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(1,665,112 |
) |
|
|
(144,531 |
) |
|
|
(290,858 |
) |
|
|
(493,566 |
) |
|
|
(901 |
) |
| Net assets at beginning of year |
|
|
17,183,671 |
|
|
|
323,325 |
|
|
|
2,924,532 |
|
|
|
4,814,748 |
|
|
|
15,062 |
|
| Net assets at end of year |
|
$ |
17,443,443 |
|
|
$ |
202,436 |
|
|
$ |
2,935,941 |
|
|
$ |
5,467,004 |
|
|
$ |
16,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
6,023,472 |
|
|
|
85,206 |
|
|
|
651,864 |
|
|
|
2,120,534 |
|
|
|
12,503 |
|
| Units purchased |
|
|
37,618 |
|
|
|
— |
|
|
|
7,851 |
|
|
|
9,096 |
|
|
|
— |
|
| Units redeemed |
|
|
(606,534 |
) |
|
|
(40,151 |
) |
|
|
(74,196 |
) |
|
|
(218,766 |
) |
|
|
(815 |
) |
| Units outstanding at end of year |
|
|
5,454,556 |
|
|
|
45,055 |
|
|
|
585,519 |
|
|
|
1,910,864 |
|
|
|
11,688 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
51 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
GS VIT
Mid Cap Val,
Inst |
|
|
GS VIT
Strategic Gro,
Inst |
|
|
GS VIT
U.S. Eq Insights,
Inst |
|
|
Invesco
VI Am Fran,
Ser I |
|
|
Invesco VI
Am Fran,
Ser II |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(53,624 |
) |
|
$ |
(2,192 |
) |
|
$ |
(10,157 |
) |
|
$ |
(32,126 |
) |
|
$ |
(9,992 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(8,432 |
) |
|
|
(87 |
) |
|
|
10,979 |
|
|
|
(5,210 |
) |
|
|
(5,276 |
) |
| Distributions from capital gains |
|
|
231,490 |
|
|
|
6,176 |
|
|
|
— |
|
|
|
53,057 |
|
|
|
14,877 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
711,814 |
|
|
|
42,617 |
|
|
|
303,826 |
|
|
|
764,345 |
|
|
|
196,968 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
881,248 |
|
|
|
46,514 |
|
|
|
304,648 |
|
|
|
780,066 |
|
|
|
196,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
4,106 |
|
|
|
30 |
|
|
|
— |
|
|
|
235 |
|
|
|
200 |
|
| Net transfers(1) |
|
|
354,535 |
|
|
|
— |
|
|
|
(69,953 |
) |
|
|
9,788 |
|
|
|
(18,488 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
(1,766 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,663 |
) |
|
|
— |
|
| Contract charges |
|
|
(34,997 |
) |
|
|
(268 |
) |
|
|
(1,483 |
) |
|
|
(2,277 |
) |
|
|
(3,646 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(699,634 |
) |
|
|
(1,411 |
) |
|
|
(54,026 |
) |
|
|
(125,697 |
) |
|
|
(45,178 |
) |
| Death benefits |
|
|
(249,180 |
) |
|
|
— |
|
|
|
(2,990 |
) |
|
|
(117,832 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(626,936 |
) |
|
|
(1,649 |
) |
|
|
(128,452 |
) |
|
|
(238,446 |
) |
|
|
(67,112 |
) |
| Net assets at beginning of year |
|
|
9,384,914 |
|
|
|
116,987 |
|
|
|
1,437,522 |
|
|
|
2,086,033 |
|
|
|
547,273 |
|
| Net assets at end of year |
|
$ |
9,639,226 |
|
|
$ |
161,852 |
|
|
$ |
1,613,718 |
|
|
$ |
2,627,653 |
|
|
$ |
676,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
1,864,421 |
|
|
|
43,449 |
|
|
|
530,523 |
|
|
|
810,575 |
|
|
|
226,135 |
|
| Units purchased |
|
|
84,964 |
|
|
|
9 |
|
|
|
595 |
|
|
|
7,672 |
|
|
|
85 |
|
| Units redeemed |
|
|
(201,070 |
) |
|
|
(420 |
) |
|
|
(42,934 |
) |
|
|
(84,329 |
) |
|
|
(24,429 |
) |
| Units outstanding at end of year |
|
|
1,748,315 |
|
|
|
43,038 |
|
|
|
488,184 |
|
|
|
733,918 |
|
|
|
201,791 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 52 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Invesco VI
American Value,
Ser II |
|
|
Invesco VI
Cap Appr,
Ser I |
|
|
Invesco VI
Cap Appr,
Ser II |
|
|
Invesco VI
Comstock,
Ser II |
|
|
Invesco VI
Core Eq, Ser I |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(57,176 |
) |
|
$ |
(11,229 |
) |
|
$ |
(134,591 |
) |
|
$ |
(22,907 |
) |
|
$ |
(31,832 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(143,072 |
) |
|
|
(10,540 |
) |
|
|
(231,932 |
) |
|
|
930,054 |
|
|
|
(27,742 |
) |
| Distributions from capital gains |
|
|
1,090,183 |
|
|
|
— |
|
|
|
— |
|
|
|
2,489,010 |
|
|
|
112,362 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
(211,770 |
) |
|
|
251,476 |
|
|
|
2,754,406 |
|
|
|
(1,197,421 |
) |
|
|
891,516 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
678,165 |
|
|
|
229,707 |
|
|
|
2,387,883 |
|
|
|
2,198,736 |
|
|
|
944,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
15,159 |
|
|
|
4,037 |
|
|
|
4,976 |
|
|
|
13,755 |
|
|
|
6,442 |
|
| Net transfers(1) |
|
|
(48,600 |
) |
|
|
(661 |
) |
|
|
(685,170 |
) |
|
|
461,059 |
|
|
|
30,532 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,761 |
) |
|
|
— |
|
| Contract charges |
|
|
(21,805 |
) |
|
|
(492 |
) |
|
|
(35,267 |
) |
|
|
(103,407 |
) |
|
|
(4,586 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(478,811 |
) |
|
|
(48,425 |
) |
|
|
(630,636 |
) |
|
|
(1,723,869 |
) |
|
|
(311,646 |
) |
| Death benefits |
|
|
(164,619 |
) |
|
|
(37,106 |
) |
|
|
(296,036 |
) |
|
|
(902,746 |
) |
|
|
(363,647 |
) |
| Increase (decrease) from transactions |
|
|
(698,676 |
) |
|
|
(82,647 |
) |
|
|
(1,642,133 |
) |
|
|
(2,262,969 |
) |
|
|
(642,905 |
) |
| Net assets at beginning of year |
|
|
5,499,575 |
|
|
|
721,598 |
|
|
|
7,809,516 |
|
|
|
22,762,552 |
|
|
|
4,625,835 |
|
| Net assets at end of year |
|
$ |
5,479,064 |
|
|
$ |
868,658 |
|
|
$ |
8,555,266 |
|
|
$ |
22,698,319 |
|
|
$ |
4,927,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
5,407,181 |
|
|
|
178,506 |
|
|
|
2,608,688 |
|
|
|
6,421,844 |
|
|
|
1,773,358 |
|
| Units purchased |
|
|
55,718 |
|
|
|
857 |
|
|
|
4,341 |
|
|
|
141,162 |
|
|
|
14,799 |
|
| Units redeemed |
|
|
(722,689 |
) |
|
|
(18,394 |
) |
|
|
(465,790 |
) |
|
|
(754,869 |
) |
|
|
(240,626 |
) |
| Units outstanding at end of year |
|
|
4,740,210 |
|
|
|
160,969 |
|
|
|
2,147,239 |
|
|
|
5,808,137 |
|
|
|
1,547,531 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
53 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Invesco VI
Core Eq,
Ser II |
|
|
Invesco VI
Dis Mid Cap Gro,
Ser I |
|
|
Invesco VI
Dis Mid Cap Gro,
Ser II |
|
|
Invesco VI
EQV Intl Eq,
Ser I |
|
|
Invesco VI
EQV Intl Eq,
Ser II |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(293 |
) |
|
$ |
(1,671 |
) |
|
$ |
(5,898 |
) |
|
$ |
(6,323 |
) |
|
$ |
(8,564 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(11 |
) |
|
|
(24,719 |
) |
|
|
(53,793 |
) |
|
|
6,291 |
|
|
|
701 |
|
| Distributions from capital gains |
|
|
1,009 |
|
|
|
— |
|
|
|
— |
|
|
|
380 |
|
|
|
390 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
7,358 |
|
|
|
33,056 |
|
|
|
109,994 |
|
|
|
79,140 |
|
|
|
88,271 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
8,063 |
|
|
|
6,666 |
|
|
|
50,303 |
|
|
|
79,488 |
|
|
|
80,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
44 |
|
|
|
450 |
|
|
|
5,052 |
|
|
|
— |
|
| Net transfers(1) |
|
|
306 |
|
|
|
162 |
|
|
|
(94,802 |
) |
|
|
(245 |
) |
|
|
(24,305 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(164 |
) |
|
|
(84 |
) |
|
|
(2,188 |
) |
|
|
(207 |
) |
|
|
(4,788 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
— |
|
|
|
(1,453 |
) |
|
|
(83,083 |
) |
|
|
(12,421 |
) |
|
|
(49,339 |
) |
| Death benefits |
|
|
— |
|
|
|
(77,153 |
) |
|
|
— |
|
|
|
(20,771 |
) |
|
|
(11,130 |
) |
| Increase (decrease) from transactions |
|
|
142 |
|
|
|
(78,484 |
) |
|
|
(179,623 |
) |
|
|
(28,592 |
) |
|
|
(89,562 |
) |
| Net assets at beginning of year |
|
|
37,191 |
|
|
|
132,221 |
|
|
|
499,353 |
|
|
|
495,257 |
|
|
|
544,184 |
|
| Net assets at end of year |
|
$ |
45,396 |
|
|
$ |
60,403 |
|
|
$ |
370,033 |
|
|
$ |
546,153 |
|
|
$ |
535,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
15,136 |
|
|
|
109,899 |
|
|
|
415,631 |
|
|
|
193,686 |
|
|
|
458,761 |
|
| Units purchased |
|
|
125 |
|
|
|
167 |
|
|
|
2,903 |
|
|
|
1,820 |
|
|
|
— |
|
| Units redeemed |
|
|
(65 |
) |
|
|
(65,223 |
) |
|
|
(143,614 |
) |
|
|
(12,183 |
) |
|
|
(70,074 |
) |
| Units outstanding at end of year |
|
|
15,196 |
|
|
|
44,843 |
|
|
|
274,920 |
|
|
|
183,323 |
|
|
|
388,687 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 54 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Invesco VI
Global,
Ser I |
|
|
Invesco
VI Global,
Ser II |
|
|
Invesco VI
Gbl Strat Inc,
Ser I |
|
|
Invesco VI
Gbl Strat Inc,
Ser II |
|
|
Invesco VI
Gro & Inc,
Ser II |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(10 |
) |
|
$ |
(23,738 |
) |
|
$ |
(826 |
) |
|
$ |
(180,021 |
) |
|
$ |
(457 |
) |
| Net realized gain (loss) on sales of investments |
|
|
9 |
|
|
|
13,628 |
|
|
|
(1,540 |
) |
|
|
(375,405 |
) |
|
|
805 |
|
| Distributions from capital gains |
|
|
104 |
|
|
|
205,446 |
|
|
|
— |
|
|
|
— |
|
|
|
50,576 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
155 |
|
|
|
294,958 |
|
|
|
6,520 |
|
|
|
1,316,216 |
|
|
|
(9,961 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
258 |
|
|
|
490,294 |
|
|
|
4,154 |
|
|
|
760,790 |
|
|
|
40,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
2,310 |
|
|
|
31,718 |
|
|
|
100 |
|
| Net transfers(1) |
|
|
(2 |
) |
|
|
(11,485 |
) |
|
|
— |
|
|
|
75,029 |
|
|
|
1,436 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,921 |
) |
|
|
— |
|
| Contract charges |
|
|
(6 |
) |
|
|
(3,386 |
) |
|
|
(25 |
) |
|
|
(53,937 |
) |
|
|
(1,442 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(54 |
) |
|
|
(159,160 |
) |
|
|
(2,770 |
) |
|
|
(953,550 |
) |
|
|
(7,519 |
) |
| Death benefits |
|
|
— |
|
|
|
(23,021 |
) |
|
|
(2,041 |
) |
|
|
(381,358 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(62 |
) |
|
|
(197,052 |
) |
|
|
(2,526 |
) |
|
|
(1,284,019 |
) |
|
|
(7,425 |
) |
| Net assets at beginning of year |
|
|
791 |
|
|
|
1,562,394 |
|
|
|
57,839 |
|
|
|
11,841,467 |
|
|
|
384,391 |
|
| Net assets at end of year |
|
$ |
987 |
|
|
$ |
1,855,636 |
|
|
$ |
59,467 |
|
|
$ |
11,318,238 |
|
|
$ |
417,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
188 |
|
|
|
488,131 |
|
|
|
30,027 |
|
|
|
7,935,918 |
|
|
|
103,823 |
|
| Units purchased |
|
|
— |
|
|
|
1,089 |
|
|
|
1,164 |
|
|
|
104,490 |
|
|
|
444 |
|
| Units redeemed |
|
|
(11 |
) |
|
|
(52,739 |
) |
|
|
(2,438 |
) |
|
|
(950,212 |
) |
|
|
(2,432 |
) |
| Units outstanding at end of year |
|
|
177 |
|
|
|
436,481 |
|
|
|
28,753 |
|
|
|
7,090,196 |
|
|
|
101,835 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
55 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Invesco VI
Hlth,
Ser II |
|
|
Invesco VI
Main St,
Ser I |
|
|
Invesco VI
Mn St Mid Cap,
Ser II |
|
|
Invesco VI
Mn St Sm Cap,
Ser II |
|
|
Janus Henderson
VIT Bal,
Inst |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(632 |
) |
|
$ |
(133 |
) |
|
$ |
(10,099 |
) |
|
$ |
(8,305 |
) |
|
$ |
6,692 |
|
| Net realized gain (loss) on sales of investments |
|
|
(105 |
) |
|
|
(75 |
) |
|
|
(24,915 |
) |
|
|
37,426 |
|
|
|
114,411 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
1,698 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
1,271 |
|
|
|
3,226 |
|
|
|
106,552 |
|
|
|
255,585 |
|
|
|
33,110 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
534 |
|
|
|
4,716 |
|
|
|
71,538 |
|
|
|
284,706 |
|
|
|
154,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
168 |
|
|
|
13,029 |
|
|
|
2,361 |
|
| Net transfers(1) |
|
|
(2 |
) |
|
|
— |
|
|
|
13,163 |
|
|
|
(118,813 |
) |
|
|
696 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,068 |
) |
|
|
— |
|
| Contract charges |
|
|
(61 |
) |
|
|
(6 |
) |
|
|
(3,219 |
) |
|
|
(6,473 |
) |
|
|
(696 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(696 |
) |
|
|
(52 |
) |
|
|
(50,068 |
) |
|
|
(183,118 |
) |
|
|
(104,376 |
) |
| Death benefits |
|
|
— |
|
|
|
— |
|
|
|
(38,363 |
) |
|
|
(35,187 |
) |
|
|
(230,867 |
) |
| Increase (decrease) from transactions |
|
|
(759 |
) |
|
|
(58 |
) |
|
|
(78,319 |
) |
|
|
(332,630 |
) |
|
|
(332,882 |
) |
| Net assets at beginning of year |
|
|
44,213 |
|
|
|
21,940 |
|
|
|
621,834 |
|
|
|
1,957,451 |
|
|
|
1,313,313 |
|
| Net assets at end of year |
|
$ |
43,988 |
|
|
$ |
26,598 |
|
|
$ |
615,053 |
|
|
$ |
1,909,527 |
|
|
$ |
1,134,644 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
15,817 |
|
|
|
7,840 |
|
|
|
262,041 |
|
|
|
437,568 |
|
|
|
252,641 |
|
| Units purchased |
|
|
— |
|
|
|
— |
|
|
|
7,542 |
|
|
|
4,380 |
|
|
|
543 |
|
| Units redeemed |
|
|
(312 |
) |
|
|
(18 |
) |
|
|
(38,042 |
) |
|
|
(79,344 |
) |
|
|
(61,393 |
) |
| Units outstanding at end of year |
|
|
15,505 |
|
|
|
7,822 |
|
|
|
231,541 |
|
|
|
362,604 |
|
|
|
191,791 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 56 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Janus Henderson
VIT Enter,
Serv |
|
|
Janus Henderson
VIT Gbl Res,
Inst |
|
|
Janus Hend VIT
Gbl Tech Innov,
Srv |
|
|
Janus Henderson
VIT Overseas,
Serv |
|
|
Janus Henderson
VIT Res,
Serv |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(8,895 |
) |
|
$ |
(3,887 |
) |
|
$ |
(2,213 |
) |
|
$ |
(159 |
) |
|
$ |
(21,703 |
) |
| Net realized gain (loss) on sales of investments |
|
|
14,153 |
|
|
|
13,851 |
|
|
|
8,801 |
|
|
|
5,769 |
|
|
|
42,913 |
|
| Distributions from capital gains |
|
|
50,296 |
|
|
|
22,788 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
42,453 |
|
|
|
147,597 |
|
|
|
53,237 |
|
|
|
9,052 |
|
|
|
467,067 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
98,007 |
|
|
|
180,349 |
|
|
|
59,825 |
|
|
|
14,662 |
|
|
|
488,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
475 |
|
|
|
5,294 |
|
|
|
64 |
|
|
|
62 |
|
|
|
752 |
|
| Net transfers(1) |
|
|
275 |
|
|
|
— |
|
|
|
(160 |
) |
|
|
1,130 |
|
|
|
(97,212 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(1,074 |
) |
|
|
(376 |
) |
|
|
(201 |
) |
|
|
(132 |
) |
|
|
(6,355 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(65,853 |
) |
|
|
(23,336 |
) |
|
|
(25,585 |
) |
|
|
(21,661 |
) |
|
|
(149,222 |
) |
| Death benefits |
|
|
(732 |
) |
|
|
(15,915 |
) |
|
|
(10,840 |
) |
|
|
(9,430 |
) |
|
|
(73,612 |
) |
| Increase (decrease) from transactions |
|
|
(66,909 |
) |
|
|
(34,333 |
) |
|
|
(36,722 |
) |
|
|
(30,031 |
) |
|
|
(325,649 |
) |
| Net assets at beginning of year |
|
|
652,683 |
|
|
|
737,590 |
|
|
|
132,872 |
|
|
|
169,837 |
|
|
|
1,366,607 |
|
| Net assets at end of year |
|
$ |
683,781 |
|
|
$ |
883,606 |
|
|
$ |
155,975 |
|
|
$ |
154,468 |
|
|
$ |
1,529,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
306,164 |
|
|
|
252,645 |
|
|
|
68,685 |
|
|
|
116,117 |
|
|
|
667,357 |
|
| Units purchased |
|
|
202 |
|
|
|
1,604 |
|
|
|
6 |
|
|
|
1,103 |
|
|
|
8,908 |
|
| Units redeemed |
|
|
(29,432 |
) |
|
|
(12,162 |
) |
|
|
(15,535 |
) |
|
|
(19,762 |
) |
|
|
(142,276 |
) |
| Units outstanding at end of year |
|
|
276,934 |
|
|
|
242,087 |
|
|
|
53,156 |
|
|
|
97,458 |
|
|
|
533,989 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
57 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Lazard Retire
Intl Eq,
Serv |
|
|
LVIP Baron
Gro Opp,
Serv Cl |
|
|
LVIP
JPM US
Eq,
Std Cl(2) |
|
|
MFS Inv
Trust,
Init Cl |
|
|
MFS Inv
Trust,
Serv Cl |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(168 |
) |
|
$ |
(793 |
) |
|
$ |
(417 |
) |
|
$ |
(6,753 |
) |
|
$ |
(5,259 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(2,480 |
) |
|
|
933 |
|
|
|
759 |
|
|
|
82,405 |
|
|
|
5,243 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
847 |
|
|
|
970 |
|
|
|
47,555 |
|
|
|
37,626 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
8,371 |
|
|
|
7,016 |
|
|
|
29,538 |
|
|
|
18,616 |
|
|
|
66,332 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
5,723 |
|
|
|
8,003 |
|
|
|
30,850 |
|
|
|
141,823 |
|
|
|
103,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
6 |
|
|
|
— |
|
|
|
1,660 |
|
|
|
— |
|
|
|
600 |
|
| Net transfers(1) |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
201,097 |
|
|
|
(5,960 |
) |
|
|
707 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(93 |
) |
|
|
(88 |
) |
|
|
(259 |
) |
|
|
(666 |
) |
|
|
(61 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(15,953 |
) |
|
|
(1,065 |
) |
|
|
(8,869 |
) |
|
|
(82,179 |
) |
|
|
(2,293 |
) |
| Death benefits |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(218,275 |
) |
|
|
(10,311 |
) |
| Increase (decrease) from transactions |
|
|
(16,042 |
) |
|
|
(1,155 |
) |
|
|
193,629 |
|
|
|
(307,080 |
) |
|
|
(11,358 |
) |
| Net assets at beginning of year |
|
|
44,782 |
|
|
|
50,176 |
|
|
|
— |
|
|
|
996,468 |
|
|
|
610,317 |
|
| Net assets at end of year |
|
$ |
34,463 |
|
|
$ |
57,024 |
|
|
$ |
224,479 |
|
|
$ |
831,211 |
|
|
$ |
702,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
33,761 |
|
|
|
8,673 |
|
|
|
— |
|
|
|
338,761 |
|
|
|
214,451 |
|
| Units purchased |
|
|
4 |
|
|
|
— |
|
|
|
37,606 |
|
|
|
6,504 |
|
|
|
457 |
|
| Units redeemed |
|
|
(11,219 |
) |
|
|
(211 |
) |
|
|
(1,588 |
) |
|
|
(106,088 |
) |
|
|
(3,566 |
) |
| Units outstanding at end of year |
|
|
22,546 |
|
|
|
8,462 |
|
|
|
36,018 |
|
|
|
239,177 |
|
|
|
211,342 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
| (2) |
For the period April 28, 2023 (commencement of operations) to December 31, 2023. |
See accompanying notes to financial statements.
|
|
|
|
|
| 58 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
MFS Mass
Inv Gro Stock,
Serv Cl |
|
|
MFS New
Dis,
Init Cl |
|
|
MFS New
Dis,
Serv Cl |
|
|
MFS
Research,
Init Cl |
|
|
MFS
Total Return,
Init Cl |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(19,956 |
) |
|
$ |
(4,658 |
) |
|
$ |
(19,670 |
) |
|
$ |
(2,258 |
) |
|
$ |
258 |
|
| Net realized gain (loss) on sales of investments |
|
|
5,375 |
|
|
|
(21,327 |
) |
|
|
(88,904 |
) |
|
|
15,009 |
|
|
|
86 |
|
| Distributions from capital gains |
|
|
87,434 |
|
|
|
— |
|
|
|
— |
|
|
|
12,577 |
|
|
|
1,236 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
249,172 |
|
|
|
64,443 |
|
|
|
272,426 |
|
|
|
21,949 |
|
|
|
987 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
322,025 |
|
|
|
38,458 |
|
|
|
163,852 |
|
|
|
47,277 |
|
|
|
2,567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
35 |
|
|
|
— |
|
|
|
167 |
|
|
|
— |
|
| Net transfers(1) |
|
|
60,262 |
|
|
|
2,605 |
|
|
|
5,719 |
|
|
|
10,277 |
|
|
|
(66 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
(1,991 |
) |
|
|
— |
|
|
|
(1,095 |
) |
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(2,455 |
) |
|
|
(715 |
) |
|
|
(4,618 |
) |
|
|
(415 |
) |
|
|
(49 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(42,364 |
) |
|
|
(31,921 |
) |
|
|
(90,062 |
) |
|
|
(7,102 |
) |
|
|
(882 |
) |
| Death benefits |
|
|
(100,975 |
) |
|
|
(26,142 |
) |
|
|
(36,918 |
) |
|
|
(78,712 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(87,523 |
) |
|
|
(56,138 |
) |
|
|
(126,974 |
) |
|
|
(75,785 |
) |
|
|
(997 |
) |
| Net assets at beginning of year |
|
|
1,503,023 |
|
|
|
320,105 |
|
|
|
1,390,682 |
|
|
|
292,261 |
|
|
|
28,722 |
|
| Net assets at end of year |
|
$ |
1,737,525 |
|
|
$ |
302,425 |
|
|
$ |
1,427,560 |
|
|
$ |
263,753 |
|
|
$ |
30,292 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
704,347 |
|
|
|
97,517 |
|
|
|
420,974 |
|
|
|
94,344 |
|
|
|
9,443 |
|
| Units purchased |
|
|
28,189 |
|
|
|
880 |
|
|
|
1,704 |
|
|
|
2,910 |
|
|
|
— |
|
| Units redeemed |
|
|
(65,686 |
) |
|
|
(15,602 |
) |
|
|
(40,872 |
) |
|
|
(26,316 |
) |
|
|
(320 |
) |
| Units outstanding at end of year |
|
|
666,850 |
|
|
|
82,795 |
|
|
|
381,806 |
|
|
|
70,938 |
|
|
|
9,123 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
59 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
MFS
Total Return,
Serv Cl |
|
|
MFS
Utilities,
Init Cl |
|
|
MFS
Utilities,
Serv Cl |
|
|
MS VIF
Dis,
Cl II |
|
|
MS VIF
Global
Real Est, Cl II |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
54,039 |
|
|
$ |
49,854 |
|
|
$ |
16,737 |
|
|
$ |
(677 |
) |
|
$ |
303 |
|
| Net realized gain (loss) on sales of investments |
|
|
18,357 |
|
|
|
36,353 |
|
|
|
10,373 |
|
|
|
(9,240 |
) |
|
|
(5,941 |
) |
| Distributions from capital gains |
|
|
514,048 |
|
|
|
129,124 |
|
|
|
49,086 |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
410,709 |
|
|
|
(326,594 |
) |
|
|
(113,299 |
) |
|
|
24,274 |
|
|
|
16,215 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
997,153 |
|
|
|
(111,263 |
) |
|
|
(37,103 |
) |
|
|
14,357 |
|
|
|
10,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
41,440 |
|
|
|
102 |
|
|
|
150 |
|
|
|
— |
|
|
|
75 |
|
| Net transfers(1) |
|
|
84,205 |
|
|
|
(209,693 |
) |
|
|
(71,908 |
) |
|
|
— |
|
|
|
(4,250 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
(2,242 |
) |
|
|
(4,361 |
) |
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(38,468 |
) |
|
|
(2,867 |
) |
|
|
(1,468 |
) |
|
|
(7 |
) |
|
|
(878 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(948,635 |
) |
|
|
(124,115 |
) |
|
|
(40,013 |
) |
|
|
(5,212 |
) |
|
|
(11,520 |
) |
| Death benefits |
|
|
(228,565 |
) |
|
|
(39,878 |
) |
|
|
(4,947 |
) |
|
|
— |
|
|
|
(2,189 |
) |
| Increase (decrease) from transactions |
|
|
(1,090,023 |
) |
|
|
(378,693 |
) |
|
|
(122,547 |
) |
|
|
(5,219 |
) |
|
|
(18,762 |
) |
| Net assets at beginning of year |
|
|
12,248,540 |
|
|
|
2,612,359 |
|
|
|
1,015,509 |
|
|
|
36,296 |
|
|
|
134,769 |
|
| Net assets at end of year |
|
$ |
12,155,670 |
|
|
$ |
2,122,403 |
|
|
$ |
855,859 |
|
|
$ |
45,434 |
|
|
$ |
126,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
4,718,627 |
|
|
|
659,830 |
|
|
|
175,776 |
|
|
|
15,908 |
|
|
|
165,566 |
|
| Units purchased |
|
|
57,171 |
|
|
|
3,550 |
|
|
|
1,457 |
|
|
|
— |
|
|
|
6,839 |
|
| Units redeemed |
|
|
(490,994 |
) |
|
|
(94,636 |
) |
|
|
(23,120 |
) |
|
|
(2,064 |
) |
|
|
(30,422 |
) |
| Units outstanding at end of year |
|
|
4,284,804 |
|
|
|
568,744 |
|
|
|
154,113 |
|
|
|
13,844 |
|
|
|
141,983 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 60 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
MS VIF
US Real Est,
Cl I |
|
|
MS VIF
US Real Est,
Cl II |
|
|
PIMCO
VIT All Asset,
Advisor Cl |
|
|
Put VT
Div Inc,
Cl IA |
|
|
Put VT
Div Inc,
Cl IB |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
1,405 |
|
|
$ |
755 |
|
|
$ |
6,910 |
|
|
$ |
21,285 |
|
|
$ |
6,811 |
|
| Net realized gain (loss) on sales of investments |
|
|
(1,995 |
) |
|
|
(16,928 |
) |
|
|
(14,582 |
) |
|
|
(33,182 |
) |
|
|
(13,218 |
) |
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
20,130 |
|
|
|
63,183 |
|
|
|
44,429 |
|
|
|
25,102 |
|
|
|
10,472 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
19,540 |
|
|
|
47,010 |
|
|
|
36,757 |
|
|
|
13,205 |
|
|
|
4,065 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
19,314 |
|
|
|
396 |
|
|
|
66 |
|
| Net transfers(1) |
|
|
3,002 |
|
|
|
(695 |
) |
|
|
14,971 |
|
|
|
439 |
|
|
|
— |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,323 |
) |
|
|
— |
|
| Contract charges |
|
|
(572 |
) |
|
|
(1,627 |
) |
|
|
(4,315 |
) |
|
|
(165 |
) |
|
|
(131 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(7,911 |
) |
|
|
(29,492 |
) |
|
|
(53,655 |
) |
|
|
(45,119 |
) |
|
|
(13,217 |
) |
| Death benefits |
|
|
(2,542 |
) |
|
|
(47,915 |
) |
|
|
(6,664 |
) |
|
|
(9,094 |
) |
|
|
(7,986 |
) |
| Increase (decrease) from transactions |
|
|
(8,023 |
) |
|
|
(79,729 |
) |
|
|
(30,349 |
) |
|
|
(54,866 |
) |
|
|
(21,268 |
) |
| Net assets at beginning of year |
|
|
158,053 |
|
|
|
426,679 |
|
|
|
608,665 |
|
|
|
435,708 |
|
|
|
153,527 |
|
| Net assets at end of year |
|
$ |
169,570 |
|
|
$ |
393,960 |
|
|
$ |
615,073 |
|
|
$ |
394,047 |
|
|
$ |
136,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
50,966 |
|
|
|
187,734 |
|
|
|
411,930 |
|
|
|
175,542 |
|
|
|
83,245 |
|
| Units purchased |
|
|
988 |
|
|
|
3,701 |
|
|
|
25,187 |
|
|
|
343 |
|
|
|
36 |
|
| Units redeemed |
|
|
(3,332 |
) |
|
|
(36,800 |
) |
|
|
(44,991 |
) |
|
|
(22,383 |
) |
|
|
(11,758 |
) |
| Units outstanding at end of year |
|
|
48,622 |
|
|
|
154,635 |
|
|
|
392,126 |
|
|
|
153,502 |
|
|
|
71,523 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
61 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Put VT
Emerg Mkts Eq,
Cl IB |
|
|
Put VT
Focused Intl Eq,
Cl IA |
|
|
Put VT
Global Hlth Care,
Cl IB |
|
|
Put VT
Hi Yield,
Cl IA |
|
|
Put VT
Hi Yield,
Cl IB |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(1,653 |
) |
|
$ |
(1,706 |
) |
|
$ |
(7,587 |
) |
|
$ |
15,071 |
|
|
$ |
3,388 |
|
| Net realized gain (loss) on sales of investments |
|
|
232 |
|
|
|
(5,633 |
) |
|
|
6,573 |
|
|
|
(15,241 |
) |
|
|
(4,490 |
) |
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
58,325 |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
19,928 |
|
|
|
65,907 |
|
|
|
(6,688 |
) |
|
|
35,544 |
|
|
|
9,274 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
18,507 |
|
|
|
58,568 |
|
|
|
50,623 |
|
|
|
35,374 |
|
|
|
8,172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
31 |
|
|
|
— |
|
|
|
150 |
|
|
|
180 |
|
|
|
2,143 |
|
| Net transfers(1) |
|
|
5,195 |
|
|
|
(2,152 |
) |
|
|
(5,092 |
) |
|
|
114 |
|
|
|
— |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
58 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(221 |
) |
|
|
(165 |
) |
|
|
(2,599 |
) |
|
|
(123 |
) |
|
|
(59 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(8,116 |
) |
|
|
(25,808 |
) |
|
|
(45,250 |
) |
|
|
(36,381 |
) |
|
|
(7,318 |
) |
| Death benefits |
|
|
(10,684 |
) |
|
|
(1,620 |
) |
|
|
(42,458 |
) |
|
|
(5,611 |
) |
|
|
(7,499 |
) |
| Increase (decrease) from transactions |
|
|
(13,795 |
) |
|
|
(29,687 |
) |
|
|
(95,249 |
) |
|
|
(41,821 |
) |
|
|
(12,733 |
) |
| Net assets at beginning of year |
|
|
193,742 |
|
|
|
346,133 |
|
|
|
767,401 |
|
|
|
350,840 |
|
|
|
85,469 |
|
| Net assets at end of year |
|
$ |
198,454 |
|
|
$ |
375,014 |
|
|
$ |
722,775 |
|
|
$ |
344,393 |
|
|
$ |
80,908 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
181,441 |
|
|
|
154,693 |
|
|
|
172,099 |
|
|
|
104,561 |
|
|
|
35,403 |
|
| Units purchased |
|
|
4,686 |
|
|
|
— |
|
|
|
288 |
|
|
|
84 |
|
|
|
850 |
|
| Units redeemed |
|
|
(15,843 |
) |
|
|
(12,540 |
) |
|
|
(22,379 |
) |
|
|
(11,947 |
) |
|
|
(5,940 |
) |
| Units outstanding at end of year |
|
|
170,284 |
|
|
|
142,153 |
|
|
|
150,008 |
|
|
|
92,698 |
|
|
|
30,313 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 62 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Put VT
Inc,
Cl IB |
|
|
Put VT
Intl Eq,
Cl IB |
|
|
Put VT
Intl Val,
Cl IB |
|
|
Put VT
Lg Cap Gro,
Cl IA |
|
|
Put VT
Lg Cap Gro, Cl IB |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
1,100 |
|
|
$ |
(42,691 |
) |
|
$ |
1 |
|
|
$ |
(6,393 |
) |
|
$ |
(12,908 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(970 |
) |
|
|
11,106 |
|
|
|
13 |
|
|
|
8,603 |
|
|
|
13,489 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,965 |
|
|
|
12,627 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
606 |
|
|
|
530,526 |
|
|
|
24 |
|
|
|
149,268 |
|
|
|
304,917 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
736 |
|
|
|
498,941 |
|
|
|
38 |
|
|
|
157,443 |
|
|
|
318,125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
1,972 |
|
|
|
— |
|
|
|
— |
|
|
|
3,929 |
|
| Net transfers(1) |
|
|
258 |
|
|
|
(70,604 |
) |
|
|
— |
|
|
|
(1,745 |
) |
|
|
2,100 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
(1,172 |
) |
|
|
— |
|
|
|
1,127 |
|
|
|
— |
|
| Contract charges |
|
|
(35 |
) |
|
|
(6,939 |
) |
|
|
— |
|
|
|
(162 |
) |
|
|
(405 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(2,147 |
) |
|
|
(320,073 |
) |
|
|
— |
|
|
|
(30,647 |
) |
|
|
(39,097 |
) |
| Death benefits |
|
|
— |
|
|
|
(64,400 |
) |
|
|
— |
|
|
|
(1,116 |
) |
|
|
(19,544 |
) |
| Increase (decrease) from transactions |
|
|
(1,924 |
) |
|
|
(461,216 |
) |
|
|
— |
|
|
|
(32,543 |
) |
|
|
(53,017 |
) |
| Net assets at beginning of year |
|
|
25,602 |
|
|
|
3,168,300 |
|
|
|
218 |
|
|
|
380,048 |
|
|
|
769,754 |
|
| Net assets at end of year |
|
$ |
24,414 |
|
|
$ |
3,206,025 |
|
|
$ |
256 |
|
|
$ |
504,948 |
|
|
$ |
1,034,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
15,261 |
|
|
|
2,269,261 |
|
|
|
— |
|
|
|
185,835 |
|
|
|
384,040 |
|
| Units purchased |
|
|
141 |
|
|
|
3,635 |
|
|
|
— |
|
|
|
— |
|
|
|
2,436 |
|
| Units redeemed |
|
|
(1,316 |
) |
|
|
(297,212 |
) |
|
|
— |
|
|
|
(13,618 |
) |
|
|
(24,099 |
) |
| Units outstanding at end of year |
|
|
14,086 |
|
|
|
1,975,684 |
|
|
|
— |
|
|
|
172,217 |
|
|
|
362,377 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
63 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Put VT
Lg Cap Val,
Cl IA |
|
|
Put VT
Lg Cap Val,
Cl IB |
|
|
Put VT
Research,
Cl IB |
|
|
Put VT
Sm Cap Val,
Cl IB |
|
|
Put VT
Sus Leaders,
Cl IA |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
20,882 |
|
|
$ |
19,046 |
|
|
$ |
(243 |
) |
|
$ |
(7,915 |
) |
|
$ |
(15,649 |
) |
| Net realized gain (loss) on sales of investments |
|
|
25,596 |
|
|
|
22,919 |
|
|
|
5,062 |
|
|
|
(13,110 |
) |
|
|
30,368 |
|
| Distributions from capital gains |
|
|
138,983 |
|
|
|
149,250 |
|
|
|
— |
|
|
|
65,385 |
|
|
|
72,670 |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
139,983 |
|
|
|
160,533 |
|
|
|
5,611 |
|
|
|
67,763 |
|
|
|
439,323 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
325,444 |
|
|
|
351,748 |
|
|
|
10,430 |
|
|
|
112,123 |
|
|
|
526,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
1,273 |
|
|
|
1,374 |
|
|
|
125 |
|
|
|
100 |
|
|
|
744 |
|
| Net transfers(1) |
|
|
(4,972 |
) |
|
|
(24,862 |
) |
|
|
1,277 |
|
|
|
2,646 |
|
|
|
(1,727 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
3,959 |
|
|
|
(4,831 |
) |
|
|
— |
|
|
|
— |
|
|
|
(33 |
) |
| Contract charges |
|
|
(1,120 |
) |
|
|
(5,819 |
) |
|
|
(203 |
) |
|
|
(692 |
) |
|
|
(1,042 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(181,957 |
) |
|
|
(134,424 |
) |
|
|
(10,372 |
) |
|
|
(42,268 |
) |
|
|
(84,348 |
) |
| Death benefits |
|
|
(27,120 |
) |
|
|
(10,154 |
) |
|
|
— |
|
|
|
— |
|
|
|
(48,838 |
) |
| Increase (decrease) from transactions |
|
|
(209,937 |
) |
|
|
(178,716 |
) |
|
|
(9,173 |
) |
|
|
(40,214 |
) |
|
|
(135,244 |
) |
| Net assets at beginning of year |
|
|
2,415,634 |
|
|
|
2,602,497 |
|
|
|
44,855 |
|
|
|
533,346 |
|
|
|
2,204,980 |
|
| Net assets at end of year |
|
$ |
2,531,141 |
|
|
$ |
2,775,529 |
|
|
$ |
46,112 |
|
|
$ |
605,255 |
|
|
$ |
2,596,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
1,460,926 |
|
|
|
1,584,469 |
|
|
|
11,849 |
|
|
|
215,674 |
|
|
|
304,529 |
|
| Units purchased |
|
|
729 |
|
|
|
4,623 |
|
|
|
569 |
|
|
|
1,969 |
|
|
|
93 |
|
| Units redeemed |
|
|
(125,060 |
) |
|
|
(106,375 |
) |
|
|
(3,100 |
) |
|
|
(16,359 |
) |
|
|
(16,977 |
) |
| Units outstanding at end of year |
|
|
1,336,595 |
|
|
|
1,482,717 |
|
|
|
9,318 |
|
|
|
201,284 |
|
|
|
287,645 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 64 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Put VT
Sus Leaders,
Cl IB |
|
|
Royce
Micro-Cap,
Invest Cl |
|
|
Royce
Sm-Cap,
Invest Cl |
|
|
Temp
Dev Mkts,
Cl 2 |
|
|
Temp
Foreign,
Cl 2 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(21,303 |
) |
|
$ |
(4,572 |
) |
|
$ |
(1,504 |
) |
|
$ |
1,937 |
|
|
$ |
46,792 |
|
| Net realized gain (loss) on sales of investments |
|
|
43,677 |
|
|
|
(8,955 |
) |
|
|
409 |
|
|
|
(5,382 |
) |
|
|
(3,816 |
) |
| Distributions from capital gains |
|
|
84,476 |
|
|
|
— |
|
|
|
24,287 |
|
|
|
178 |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
470,000 |
|
|
|
60,330 |
|
|
|
36,467 |
|
|
|
28,647 |
|
|
|
389,944 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
576,850 |
|
|
|
46,803 |
|
|
|
59,659 |
|
|
|
25,380 |
|
|
|
432,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
810 |
|
|
|
1,629 |
|
|
|
1,651 |
|
|
|
240 |
|
|
|
2,346 |
|
| Net transfers(1) |
|
|
(274 |
) |
|
|
839 |
|
|
|
(168 |
) |
|
|
— |
|
|
|
(66,027 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
(2,750 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(2,516 |
) |
|
|
(807 |
) |
|
|
(564 |
) |
|
|
(413 |
) |
|
|
(7,081 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(96,760 |
) |
|
|
(49,301 |
) |
|
|
(8,261 |
) |
|
|
(23,275 |
) |
|
|
(178,032 |
) |
| Death benefits |
|
|
(114,914 |
) |
|
|
— |
|
|
|
— |
|
|
|
(8,348 |
) |
|
|
(70,098 |
) |
| Increase (decrease) from transactions |
|
|
(216,404 |
) |
|
|
(47,640 |
) |
|
|
(7,342 |
) |
|
|
(31,796 |
) |
|
|
(318,892 |
) |
| Net assets at beginning of year |
|
|
2,465,786 |
|
|
|
320,260 |
|
|
|
250,916 |
|
|
|
229,100 |
|
|
|
2,387,252 |
|
| Net assets at end of year |
|
$ |
2,826,232 |
|
|
$ |
319,423 |
|
|
$ |
303,233 |
|
|
$ |
222,684 |
|
|
$ |
2,501,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
649,812 |
|
|
|
69,604 |
|
|
|
46,784 |
|
|
|
93,977 |
|
|
|
1,570,374 |
|
| Units purchased |
|
|
449 |
|
|
|
522 |
|
|
|
309 |
|
|
|
88 |
|
|
|
1,586 |
|
| Units redeemed |
|
|
(51,234 |
) |
|
|
(11,566 |
) |
|
|
(1,550 |
) |
|
|
(11,960 |
) |
|
|
(192,589 |
) |
| Units outstanding at end of year |
|
|
599,027 |
|
|
|
58,560 |
|
|
|
45,543 |
|
|
|
82,105 |
|
|
|
1,379,371 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
65 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Temp
Global Bond,
Cl 2 |
|
|
Temp
Gro,
Cl 2 |
|
|
Third Ave
VST Third
Ave Value |
|
|
VP
Aggr,
Cl 2 |
|
|
VP
Aggr,
Cl 4 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(102,452 |
) |
|
$ |
4,487 |
|
|
$ |
1,884 |
|
|
$ |
(128,373 |
) |
|
$ |
(926,974 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(227,579 |
) |
|
|
(1,984 |
) |
|
|
3,970 |
|
|
|
1,424,833 |
|
|
|
5,530,994 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
14,154 |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
394,543 |
|
|
|
41,751 |
|
|
|
18,232 |
|
|
|
128,206 |
|
|
|
4,363,627 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
64,512 |
|
|
|
44,254 |
|
|
|
38,240 |
|
|
|
1,424,666 |
|
|
|
8,967,647 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
3,152 |
|
|
|
— |
|
|
|
213 |
|
|
|
— |
|
|
|
88,586 |
|
| Net transfers(1) |
|
|
359,583 |
|
|
|
(2,409 |
) |
|
|
(110 |
) |
|
|
(965,148 |
) |
|
|
(2,894,581 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
(1,033 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(32,062 |
) |
|
|
(356 |
) |
|
|
(381 |
) |
|
|
(122,901 |
) |
|
|
(430,470 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(477,601 |
) |
|
|
(12,989 |
) |
|
|
(10,475 |
) |
|
|
(2,019,281 |
) |
|
|
(4,907,208 |
) |
| Death benefits |
|
|
(268,010 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(913,280 |
) |
| Increase (decrease) from transactions |
|
|
(415,971 |
) |
|
|
(15,754 |
) |
|
|
(10,753 |
) |
|
|
(3,107,330 |
) |
|
|
(9,056,953 |
) |
| Net assets at beginning of year |
|
|
6,478,799 |
|
|
|
238,938 |
|
|
|
204,853 |
|
|
|
10,225,519 |
|
|
|
62,848,446 |
|
| Net assets at end of year |
|
$ |
6,127,340 |
|
|
$ |
267,438 |
|
|
$ |
232,340 |
|
|
$ |
8,542,855 |
|
|
$ |
62,759,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
4,102,341 |
|
|
|
165,716 |
|
|
|
58,264 |
|
|
|
5,040,343 |
|
|
|
31,593,159 |
|
| Units purchased |
|
|
241,248 |
|
|
|
51 |
|
|
|
56 |
|
|
|
26,166 |
|
|
|
125,722 |
|
| Units redeemed |
|
|
(511,393 |
) |
|
|
(9,760 |
) |
|
|
(2,768 |
) |
|
|
(1,427,505 |
) |
|
|
(4,363,546 |
) |
| Units outstanding at end of year |
|
|
3,832,196 |
|
|
|
156,007 |
|
|
|
55,552 |
|
|
|
3,639,004 |
|
|
|
27,355,335 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 66 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
VP
Conserv,
Cl 2 |
|
|
VP
Conserv,
Cl 4 |
|
|
VP
Man Risk,
Cl 2 |
|
|
VP
Man Risk US,
Cl 2 |
|
|
VP Man
Vol Conserv,
Cl 2 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(182,509 |
) |
|
$ |
(590,547 |
) |
|
$ |
(3,982 |
) |
|
$ |
(311 |
) |
|
$ |
(168,025 |
) |
| Net realized gain (loss) on sales of investments |
|
|
189,332 |
|
|
|
1,196,623 |
|
|
|
4,158 |
|
|
|
553 |
|
|
|
109,804 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
882,254 |
|
|
|
2,015,725 |
|
|
|
30,073 |
|
|
|
3,001 |
|
|
|
706,903 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
889,077 |
|
|
|
2,621,801 |
|
|
|
30,249 |
|
|
|
3,243 |
|
|
|
648,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
231,341 |
|
|
|
246,224 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net transfers(1) |
|
|
245,731 |
|
|
|
(607,977 |
) |
|
|
(2 |
) |
|
|
(6 |
) |
|
|
598,661 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(190,898 |
) |
|
|
(493,083 |
) |
|
|
(6,397 |
) |
|
|
(434 |
) |
|
|
(107,189 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(2,626,511 |
) |
|
|
(5,168,502 |
) |
|
|
(49,395 |
) |
|
|
(2,375 |
) |
|
|
(1,272,094 |
) |
| Death benefits |
|
|
(292,538 |
) |
|
|
(1,455,339 |
) |
|
|
— |
|
|
|
— |
|
|
|
(306,283 |
) |
| Increase (decrease) from transactions |
|
|
(2,632,875 |
) |
|
|
(7,478,677 |
) |
|
|
(55,794 |
) |
|
|
(2,815 |
) |
|
|
(1,086,905 |
) |
| Net assets at beginning of year |
|
|
14,300,570 |
|
|
|
43,017,490 |
|
|
|
315,673 |
|
|
|
26,131 |
|
|
|
11,073,208 |
|
| Net assets at end of year |
|
$ |
12,556,772 |
|
|
$ |
38,160,614 |
|
|
$ |
290,128 |
|
|
$ |
26,559 |
|
|
$ |
10,634,985 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
12,028,143 |
|
|
|
36,585,087 |
|
|
|
300,340 |
|
|
|
22,246 |
|
|
|
10,960,960 |
|
| Units purchased |
|
|
436,867 |
|
|
|
478,050 |
|
|
|
— |
|
|
|
— |
|
|
|
630,267 |
|
| Units redeemed |
|
|
(2,596,362 |
) |
|
|
(6,707,454 |
) |
|
|
(51,430 |
) |
|
|
(2,308 |
) |
|
|
(1,703,830 |
) |
| Units outstanding at end of year |
|
|
9,868,648 |
|
|
|
30,355,683 |
|
|
|
248,910 |
|
|
|
19,938 |
|
|
|
9,887,397 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
67 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
VP Man
Vol Conserv Gro,
Cl 2 |
|
|
VP Man
Vol Gro,
Cl 2 |
|
|
VP Man
Vol Mod
Gro, Cl 2 |
|
|
VP
Mod,
Cl 2 |
|
|
VP
Mod,
Cl 4 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(441,794 |
) |
|
$ |
(1,224,811 |
) |
|
$ |
(2,483,487 |
) |
|
$ |
(2,517,332 |
) |
|
$ |
(9,007,018 |
) |
| Net realized gain (loss) on sales of investments |
|
|
784,749 |
|
|
|
3,016,476 |
|
|
|
5,709,928 |
|
|
|
11,230,349 |
|
|
|
44,665,805 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
1,928,415 |
|
|
|
8,421,502 |
|
|
|
13,004,207 |
|
|
|
12,171,646 |
|
|
|
29,486,148 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
2,271,370 |
|
|
|
10,213,167 |
|
|
|
16,230,648 |
|
|
|
20,884,663 |
|
|
|
65,144,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
25,610 |
|
|
|
49,583 |
|
|
|
14,496 |
|
|
|
354,504 |
|
|
|
731,370 |
|
| Net transfers(1) |
|
|
(610,329 |
) |
|
|
121,070 |
|
|
|
1,139,293 |
|
|
|
1,879,959 |
|
|
|
7,795,433 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,514 |
) |
|
|
(4,157 |
) |
| Contract charges |
|
|
(297,526 |
) |
|
|
(917,638 |
) |
|
|
(1,606,461 |
) |
|
|
(2,989,884 |
) |
|
|
(7,182,777 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(3,518,709 |
) |
|
|
(8,003,806 |
) |
|
|
(16,059,279 |
) |
|
|
(20,621,951 |
) |
|
|
(67,754,750 |
) |
| Death benefits |
|
|
(690,047 |
) |
|
|
(880,581 |
) |
|
|
(4,494,592 |
) |
|
|
(2,868,587 |
) |
|
|
(17,156,716 |
) |
| Increase (decrease) from transactions |
|
|
(5,091,001 |
) |
|
|
(9,631,372 |
) |
|
|
(21,006,543 |
) |
|
|
(24,250,473 |
) |
|
|
(83,571,597 |
) |
| Net assets at beginning of year |
|
|
30,540,912 |
|
|
|
84,426,428 |
|
|
|
165,779,974 |
|
|
|
194,674,449 |
|
|
|
623,767,191 |
|
| Net assets at end of year |
|
$ |
27,721,281 |
|
|
$ |
85,008,223 |
|
|
$ |
161,004,079 |
|
|
$ |
191,308,639 |
|
|
$ |
605,340,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
28,273,236 |
|
|
|
69,477,081 |
|
|
|
143,791,125 |
|
|
|
121,162,951 |
|
|
|
396,064,237 |
|
| Units purchased |
|
|
322,579 |
|
|
|
321,388 |
|
|
|
1,139,066 |
|
|
|
1,297,484 |
|
|
|
5,282,397 |
|
| Units redeemed |
|
|
(4,875,499 |
) |
|
|
(7,865,483 |
) |
|
|
(18,681,502 |
) |
|
|
(15,718,943 |
) |
|
|
(56,275,346 |
) |
| Units outstanding at end of year |
|
|
23,720,316 |
|
|
|
61,932,986 |
|
|
|
126,248,689 |
|
|
|
106,741,492 |
|
|
|
345,071,288 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 68 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
VP Mod
Aggr,
Cl 2 |
|
|
VP Mod
Aggr,
Cl 4 |
|
|
VP Mod
Conserv,
Cl 2 |
|
|
VP Mod
Conserv,
Cl 4 |
|
|
VP Ptnrs
Core Eq,
Cl 3 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(464,447 |
) |
|
$ |
(2,273,770 |
) |
|
$ |
(343,086 |
) |
|
$ |
(944,790 |
) |
|
$ |
(11,336 |
) |
| Net realized gain (loss) on sales of investments |
|
|
3,393,652 |
|
|
|
15,719,605 |
|
|
|
1,143,899 |
|
|
|
3,950,987 |
|
|
|
96,837 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
1,404,105 |
|
|
|
4,761,201 |
|
|
|
1,323,070 |
|
|
|
2,239,807 |
|
|
|
54,787 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
4,333,310 |
|
|
|
18,207,036 |
|
|
|
2,123,883 |
|
|
|
5,246,004 |
|
|
|
140,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
179,803 |
|
|
|
201,984 |
|
|
|
— |
|
|
|
30,816 |
|
|
|
— |
|
| Net transfers(1) |
|
|
(1,701,910 |
) |
|
|
(5,416,676 |
) |
|
|
303,008 |
|
|
|
(333,703 |
) |
|
|
(45,584 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(276,991 |
) |
|
|
(1,033,770 |
) |
|
|
(398,172 |
) |
|
|
(700,806 |
) |
|
|
(6,109 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(3,247,600 |
) |
|
|
(16,271,869 |
) |
|
|
(4,378,642 |
) |
|
|
(6,938,389 |
) |
|
|
(62,497 |
) |
| Death benefits |
|
|
(739,624 |
) |
|
|
(4,188,527 |
) |
|
|
(128,775 |
) |
|
|
(2,566,625 |
) |
|
|
(13,234 |
) |
| Increase (decrease) from transactions |
|
|
(5,786,322 |
) |
|
|
(26,708,858 |
) |
|
|
(4,602,581 |
) |
|
|
(10,508,707 |
) |
|
|
(127,424 |
) |
| Net assets at beginning of year |
|
|
35,392,083 |
|
|
|
152,423,463 |
|
|
|
26,304,791 |
|
|
|
65,858,953 |
|
|
|
683,994 |
|
| Net assets at end of year |
|
$ |
33,939,071 |
|
|
$ |
143,921,641 |
|
|
$ |
23,826,093 |
|
|
$ |
60,596,250 |
|
|
$ |
696,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
19,679,654 |
|
|
|
86,560,638 |
|
|
|
19,163,176 |
|
|
|
48,642,608 |
|
|
|
333,708 |
|
| Units purchased |
|
|
366,811 |
|
|
|
361,324 |
|
|
|
209,372 |
|
|
|
496,207 |
|
|
|
— |
|
| Units redeemed |
|
|
(3,377,275 |
) |
|
|
(14,620,268 |
) |
|
|
(3,489,086 |
) |
|
|
(8,051,423 |
) |
|
|
(56,627 |
) |
| Units outstanding at end of year |
|
|
16,669,190 |
|
|
|
72,301,694 |
|
|
|
15,883,462 |
|
|
|
41,087,392 |
|
|
|
277,081 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
69 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
VP Ptnrs
Sm Cap Val,
Cl 3 |
|
|
VP US
Flex Conserv Gro,
Cl 2 |
|
|
VP US
Flex Gro,
Cl 2 |
|
|
VP US
Flex Mod Gro,
Cl 2 |
|
|
Wanger
Acorn |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(139,315 |
) |
|
$ |
(5,273 |
) |
|
$ |
(37,949 |
) |
|
$ |
(23,712 |
) |
|
$ |
(81,571 |
) |
| Net realized gain (loss) on sales of investments |
|
|
579,797 |
|
|
|
14,309 |
|
|
|
100,995 |
|
|
|
19,554 |
|
|
|
(509,397 |
) |
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
365,695 |
|
|
|
25,316 |
|
|
|
438,965 |
|
|
|
244,745 |
|
|
|
1,499,506 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
806,177 |
|
|
|
34,352 |
|
|
|
502,011 |
|
|
|
240,587 |
|
|
|
908,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
18,121 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,475 |
|
| Net transfers(1) |
|
|
545,106 |
|
|
|
(57,184 |
) |
|
|
1,549 |
|
|
|
342,120 |
|
|
|
13,640 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(41,267 |
) |
|
|
(9,440 |
) |
|
|
(54,611 |
) |
|
|
(42,667 |
) |
|
|
(23,799 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(715,641 |
) |
|
|
(55,897 |
) |
|
|
(461,007 |
) |
|
|
(173,257 |
) |
|
|
(420,372 |
) |
| Death benefits |
|
|
(309,257 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(182,748 |
) |
| Increase (decrease) from transactions |
|
|
(502,938 |
) |
|
|
(122,521 |
) |
|
|
(514,069 |
) |
|
|
126,196 |
|
|
|
(609,804 |
) |
| Net assets at beginning of year |
|
|
8,464,294 |
|
|
|
442,141 |
|
|
|
3,667,779 |
|
|
|
1,771,916 |
|
|
|
4,790,415 |
|
| Net assets at end of year |
|
$ |
8,767,533 |
|
|
$ |
353,972 |
|
|
$ |
3,655,721 |
|
|
$ |
2,138,699 |
|
|
$ |
5,089,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
3,047,082 |
|
|
|
400,545 |
|
|
|
2,821,029 |
|
|
|
1,468,678 |
|
|
|
1,597,329 |
|
| Units purchased |
|
|
216,649 |
|
|
|
— |
|
|
|
91,247 |
|
|
|
275,216 |
|
|
|
16,362 |
|
| Units redeemed |
|
|
(374,380 |
) |
|
|
(109,270 |
) |
|
|
(475,347 |
) |
|
|
(172,030 |
) |
|
|
(197,191 |
) |
| Units outstanding at end of year |
|
|
2,889,351 |
|
|
|
291,275 |
|
|
|
2,436,929 |
|
|
|
1,571,864 |
|
|
|
1,416,500 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 70 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
| Year ended December 31, 2023 (continued) |
|
Wanger
Intl |
|
| Operations |
|
|
|
|
| Investment income (loss) — net |
|
$ |
(58,438 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(272,915 |
) |
| Distributions from capital gains |
|
|
— |
|
| Net change in unrealized appreciation (depreciation) of
investments |
|
|
989,988 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
658,635 |
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
| Contract purchase payments |
|
|
5,057 |
|
| Net transfers(1) |
|
|
1,913 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
| Contract charges |
|
|
(20,668 |
) |
| Contract terminations: |
|
|
|
|
| Surrender benefits |
|
|
(350,391 |
) |
| Death benefits |
|
|
(184,309 |
) |
| Increase (decrease) from transactions |
|
|
(548,398 |
) |
| Net assets at beginning of year |
|
|
4,524,262 |
|
| Net assets at end of year |
|
$ |
4,634,499 |
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
| Units outstanding at beginning of year |
|
|
1,750,556 |
|
| Units purchased |
|
|
12,546 |
|
| Units redeemed |
|
|
(203,100 |
) |
| Units outstanding at end of year |
|
|
1,560,002 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
71 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 |
|
AB VPS
Bal Hedged Alloc,
Cl B |
|
|
AB VPS
Intl Val,
Cl B |
|
|
AB VPS
Lg Cap Gro,
Cl B |
|
|
AB VPS
Relative Val,
Cl B |
|
|
AB VPS
Sus Gbl Thematic,
Cl B |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
6,250 |
|
|
$ |
234,325 |
|
|
$ |
(34,030 |
) |
|
$ |
(9,060 |
) |
|
$ |
(13,324 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(7,153 |
) |
|
|
(77,430 |
) |
|
|
82,648 |
|
|
|
97,432 |
|
|
|
24,972 |
|
| Distributions from capital gains |
|
|
33,643 |
|
|
|
— |
|
|
|
328,204 |
|
|
|
708,649 |
|
|
|
101,420 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(105,122 |
) |
|
|
(1,866,018 |
) |
|
|
(1,363,135 |
) |
|
|
(1,065,296 |
) |
|
|
(476,632 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(72,382 |
) |
|
|
(1,709,123 |
) |
|
|
(986,313 |
) |
|
|
(268,275 |
) |
|
|
(363,564 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
75 |
|
|
|
36,367 |
|
|
|
623 |
|
|
|
1,259 |
|
|
|
144 |
|
| Net transfers(1) |
|
|
102,493 |
|
|
|
142,672 |
|
|
|
(67,041 |
) |
|
|
3,906 |
|
|
|
(28,099 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
(1,719 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(1,133 |
) |
|
|
(48,532 |
) |
|
|
(4,067 |
) |
|
|
(8,506 |
) |
|
|
(2,589 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(31,457 |
) |
|
|
(931,177 |
) |
|
|
(116,507 |
) |
|
|
(146,179 |
) |
|
|
(25,081 |
) |
| Death benefits |
|
|
(7,097 |
) |
|
|
(375,364 |
) |
|
|
(50,296 |
) |
|
|
(111,169 |
) |
|
|
(9,192 |
) |
| Increase (decrease) from transactions |
|
|
62,881 |
|
|
|
(1,177,753 |
) |
|
|
(237,288 |
) |
|
|
(260,689 |
) |
|
|
(64,817 |
) |
| Net assets at beginning of year |
|
|
293,761 |
|
|
|
11,946,248 |
|
|
|
3,398,750 |
|
|
|
4,851,487 |
|
|
|
1,278,467 |
|
| Net assets at end of year |
|
$ |
284,260 |
|
|
$ |
9,059,372 |
|
|
$ |
2,175,149 |
|
|
$ |
4,322,523 |
|
|
$ |
850,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
134,545 |
|
|
|
8,927,250 |
|
|
|
892,761 |
|
|
|
1,428,040 |
|
|
|
615,617 |
|
| Units purchased |
|
|
49,854 |
|
|
|
245,110 |
|
|
|
9,665 |
|
|
|
18,011 |
|
|
|
24,525 |
|
| Units redeemed |
|
|
(22,192 |
) |
|
|
(1,189,987 |
) |
|
|
(77,881 |
) |
|
|
(103,084 |
) |
|
|
(39,688 |
) |
| Units outstanding at end of year |
|
|
162,207 |
|
|
|
7,982,373 |
|
|
|
824,545 |
|
|
|
1,342,967 |
|
|
|
600,454 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 72 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Allspg VT
Dis All Cap Gro,
Cl 1 |
|
|
Allspg VT
Dis All Cap Gro,
Cl 2 |
|
|
Allspg VT
Index Asset
Alloc, Cl 2 |
|
|
Allspg VT
Intl Eq,
Cl 1 |
|
|
Allspg VT
Intl Eq,
Cl 2 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(5,240 |
) |
|
$ |
(248,276 |
) |
|
$ |
(46,446 |
) |
|
$ |
3,758 |
|
|
$ |
75,846 |
|
| Net realized gain (loss) on sales of investments |
|
|
7,499 |
|
|
|
86,497 |
|
|
|
80,439 |
|
|
|
(4,914 |
) |
|
|
(321,559 |
) |
| Distributions from capital gains |
|
|
99,993 |
|
|
|
3,973,161 |
|
|
|
695,822 |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(349,305 |
) |
|
|
(12,861,170 |
) |
|
|
(2,007,050 |
) |
|
|
(18,164 |
) |
|
|
(294,282 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(247,053 |
) |
|
|
(9,049,788 |
) |
|
|
(1,277,235 |
) |
|
|
(19,320 |
) |
|
|
(539,995 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
7,004 |
|
|
|
— |
|
|
|
7 |
|
|
|
5,784 |
|
| Net transfers(1) |
|
|
677 |
|
|
|
1,591,409 |
|
|
|
(128,285 |
) |
|
|
— |
|
|
|
16,007 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(915 |
) |
| Contract charges |
|
|
(604 |
) |
|
|
(50,161 |
) |
|
|
(3,701 |
) |
|
|
(266 |
) |
|
|
(11,077 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(59,607 |
) |
|
|
(1,173,729 |
) |
|
|
(188,312 |
) |
|
|
(2,507 |
) |
|
|
(223,023 |
) |
| Death benefits |
|
|
(33,244 |
) |
|
|
(525,816 |
) |
|
|
(161,594 |
) |
|
|
(4,319 |
) |
|
|
(73,794 |
) |
| Increase (decrease) from transactions |
|
|
(92,778 |
) |
|
|
(151,293 |
) |
|
|
(481,892 |
) |
|
|
(7,085 |
) |
|
|
(287,018 |
) |
| Net assets at beginning of year |
|
|
679,717 |
|
|
|
23,849,864 |
|
|
|
7,209,156 |
|
|
|
153,621 |
|
|
|
4,250,411 |
|
| Net assets at end of year |
|
$ |
339,886 |
|
|
$ |
14,648,783 |
|
|
$ |
5,450,029 |
|
|
$ |
127,216 |
|
|
$ |
3,423,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
137,505 |
|
|
|
3,109,723 |
|
|
|
2,327,163 |
|
|
|
74,597 |
|
|
|
2,041,419 |
|
| Units purchased |
|
|
186 |
|
|
|
319,730 |
|
|
|
2,806 |
|
|
|
4 |
|
|
|
50,320 |
|
| Units redeemed |
|
|
(27,004 |
) |
|
|
(324,388 |
) |
|
|
(182,998 |
) |
|
|
(3,883 |
) |
|
|
(200,719 |
) |
| Units outstanding at end of year |
|
|
110,687 |
|
|
|
3,105,065 |
|
|
|
2,146,971 |
|
|
|
70,718 |
|
|
|
1,891,020 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
73 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Allspg VT
Opp,
Cl 1 |
|
|
Allspg VT
Opp,
Cl 2 |
|
|
Allspg VT
Sm Cap Gro,
Cl 2 |
|
|
AC VP
Disciplined Core
Val, Cl I |
|
|
AC VP
Inflation
Prot,
Cl II |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(6,339 |
) |
|
$ |
(59,246 |
) |
|
$ |
(50,632 |
) |
|
$ |
722 |
|
|
$ |
470,145 |
|
| Net realized gain (loss) on sales of investments |
|
|
9,564 |
|
|
|
85,569 |
|
|
|
(5,578 |
) |
|
|
2,930 |
|
|
|
(30,114 |
) |
| Distributions from capital gains |
|
|
93,646 |
|
|
|
860,610 |
|
|
|
608,927 |
|
|
|
48,781 |
|
|
|
82,776 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(224,487 |
) |
|
|
(2,078,215 |
) |
|
|
(2,255,183 |
) |
|
|
(83,631 |
) |
|
|
(2,876,240 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(127,616 |
) |
|
|
(1,191,282 |
) |
|
|
(1,702,466 |
) |
|
|
(31,198 |
) |
|
|
(2,353,433 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
711 |
|
|
|
7,939 |
|
|
|
3,735 |
|
|
|
24 |
|
|
|
52,298 |
|
| Net transfers(1) |
|
|
332 |
|
|
|
(14,907 |
) |
|
|
262,838 |
|
|
|
— |
|
|
|
(662,614 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(628 |
) |
|
|
(13,674 |
) |
|
|
(9,520 |
) |
|
|
(146 |
) |
|
|
(72,577 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(3,518 |
) |
|
|
(264,256 |
) |
|
|
(155,057 |
) |
|
|
(9,160 |
) |
|
|
(1,568,042 |
) |
| Death benefits |
|
|
(24,486 |
) |
|
|
(64,333 |
) |
|
|
(39,934 |
) |
|
|
(14,353 |
) |
|
|
(562,806 |
) |
| Increase (decrease) from transactions |
|
|
(27,589 |
) |
|
|
(349,231 |
) |
|
|
62,062 |
|
|
|
(23,635 |
) |
|
|
(2,813,741 |
) |
| Net assets at beginning of year |
|
|
607,579 |
|
|
|
5,574,055 |
|
|
|
4,764,990 |
|
|
|
239,816 |
|
|
|
18,000,968 |
|
| Net assets at end of year |
|
$ |
452,374 |
|
|
$ |
4,033,542 |
|
|
$ |
3,124,586 |
|
|
$ |
184,983 |
|
|
$ |
12,833,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
160,158 |
|
|
|
1,511,650 |
|
|
|
1,641,029 |
|
|
|
57,852 |
|
|
|
12,003,676 |
|
| Units purchased |
|
|
354 |
|
|
|
5,855 |
|
|
|
112,361 |
|
|
|
7 |
|
|
|
37,519 |
|
| Units redeemed |
|
|
(8,143 |
) |
|
|
(118,042 |
) |
|
|
(86,866 |
) |
|
|
(5,998 |
) |
|
|
(2,028,911 |
) |
| Units outstanding at end of year |
|
|
152,369 |
|
|
|
1,399,463 |
|
|
|
1,666,524 |
|
|
|
51,861 |
|
|
|
10,012,284 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 74 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
AC VP
Intl,
Cl II |
|
|
AC VP
Mid Cap Val,
Cl II |
|
|
AC VP
Ultra,
Cl II |
|
|
AC VP
Val,
Cl I |
|
|
AC VP
Val,
Cl II |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(160 |
) |
|
$ |
324 |
|
|
$ |
(105,391 |
) |
|
$ |
2,031 |
|
|
$ |
448 |
|
| Net realized gain (loss) on sales of investments |
|
|
(2 |
) |
|
|
1,328 |
|
|
|
307,857 |
|
|
|
4,615 |
|
|
|
4,245 |
|
| Distributions from capital gains |
|
|
4,751 |
|
|
|
10,173 |
|
|
|
721,451 |
|
|
|
23,310 |
|
|
|
24,217 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(15,027 |
) |
|
|
(14,235 |
) |
|
|
(3,710,335 |
) |
|
|
(32,422 |
) |
|
|
(33,560 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(10,438 |
) |
|
|
(2,410 |
) |
|
|
(2,786,418 |
) |
|
|
(2,466 |
) |
|
|
(4,650 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
150 |
|
|
|
40,373 |
|
|
|
24 |
|
|
|
— |
|
| Net transfers(1) |
|
|
(11 |
) |
|
|
375 |
|
|
|
840,595 |
|
|
|
— |
|
|
|
(7,229 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(108 |
) |
|
|
(3 |
) |
|
|
(27,695 |
) |
|
|
(198 |
) |
|
|
(33 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
— |
|
|
|
(5,029 |
) |
|
|
(643,940 |
) |
|
|
(6,759 |
) |
|
|
(830 |
) |
| Death benefits |
|
|
— |
|
|
|
— |
|
|
|
(114,294 |
) |
|
|
(756 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(119 |
) |
|
|
(4,507 |
) |
|
|
95,039 |
|
|
|
(7,689 |
) |
|
|
(8,092 |
) |
| Net assets at beginning of year |
|
|
39,798 |
|
|
|
80,942 |
|
|
|
8,329,683 |
|
|
|
301,155 |
|
|
|
315,986 |
|
| Net assets at end of year |
|
$ |
29,241 |
|
|
$ |
74,025 |
|
|
$ |
5,638,304 |
|
|
$ |
291,000 |
|
|
$ |
303,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
14,570 |
|
|
|
28,463 |
|
|
|
1,531,222 |
|
|
|
58,648 |
|
|
|
107,977 |
|
| Units purchased |
|
|
— |
|
|
|
135 |
|
|
|
213,437 |
|
|
|
5 |
|
|
|
— |
|
| Units redeemed |
|
|
(59 |
) |
|
|
(1,844 |
) |
|
|
(185,076 |
) |
|
|
(1,494 |
) |
|
|
(2,686 |
) |
| Units outstanding at end of year |
|
|
14,511 |
|
|
|
26,754 |
|
|
|
1,559,583 |
|
|
|
57,159 |
|
|
|
105,291 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
75 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
BNY Mellon
IP MidCap Stock,
Serv |
|
|
BNY Mellon
IP Tech Gro, Serv |
|
|
BNY Mellon
Sus US Eq,
Init |
|
|
BNY Mellon
VIF Appr,
Serv |
|
|
CB Var
Sm Cap Gro,
Cl I |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(722 |
) |
|
$ |
(41,723 |
) |
|
$ |
(3,329 |
) |
|
$ |
(1,084 |
) |
|
$ |
(1,688 |
) |
| Net realized gain (loss) on sales of investments |
|
|
706 |
|
|
|
29,914 |
|
|
|
16,597 |
|
|
|
2,063 |
|
|
|
826 |
|
| Distributions from capital gains |
|
|
16,773 |
|
|
|
272,430 |
|
|
|
27,066 |
|
|
|
30,966 |
|
|
|
2,094 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(28,780 |
) |
|
|
(2,030,111 |
) |
|
|
(156,741 |
) |
|
|
(57,164 |
) |
|
|
(42,956 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(12,023 |
) |
|
|
(1,769,490 |
) |
|
|
(116,407 |
) |
|
|
(25,219 |
) |
|
|
(41,724 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
8,968 |
|
|
|
— |
|
|
|
200 |
|
|
|
— |
|
| Net transfers(1) |
|
|
(2,678 |
) |
|
|
918,241 |
|
|
|
5,511 |
|
|
|
(4 |
) |
|
|
3,791 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(1 |
) |
|
|
(10,114 |
) |
|
|
(416 |
) |
|
|
(14 |
) |
|
|
(130 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(1,975 |
) |
|
|
(233,731 |
) |
|
|
(3,513 |
) |
|
|
(5,418 |
) |
|
|
(3,191 |
) |
| Death benefits |
|
|
— |
|
|
|
(92,249 |
) |
|
|
(40,056 |
) |
|
|
(3,794 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(4,654 |
) |
|
|
591,115 |
|
|
|
(38,474 |
) |
|
|
(9,030 |
) |
|
|
470 |
|
| Net assets at beginning of year |
|
|
79,998 |
|
|
|
3,475,478 |
|
|
|
505,460 |
|
|
|
134,197 |
|
|
|
140,204 |
|
| Net assets at end of year |
|
$ |
63,321 |
|
|
$ |
2,297,103 |
|
|
$ |
350,579 |
|
|
$ |
99,948 |
|
|
$ |
98,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
21,843 |
|
|
|
544,950 |
|
|
|
187,937 |
|
|
|
30,124 |
|
|
|
31,340 |
|
| Units purchased |
|
|
— |
|
|
|
216,859 |
|
|
|
3,043 |
|
|
|
— |
|
|
|
1,256 |
|
| Units redeemed |
|
|
(1,453 |
) |
|
|
(76,801 |
) |
|
|
(20,651 |
) |
|
|
(2,424 |
) |
|
|
(984 |
) |
| Units outstanding at end of year |
|
|
20,390 |
|
|
|
685,008 |
|
|
|
170,329 |
|
|
|
27,700 |
|
|
|
31,612 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 76 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Col VP
Bal,
Cl 3 |
|
|
Col VP
Disciplined Core,
Cl 3 |
|
|
Col VP
Divd Opp,
Cl 3 |
|
|
Col VP
Emer Mkts,
Cl 3 |
|
|
Col VP
Govt Money Mkt,
Cl 1 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(40,224 |
) |
|
$ |
(219,954 |
) |
|
$ |
(299,666 |
) |
|
$ |
(99,901 |
) |
|
$ |
(256 |
) |
| Net realized gain (loss) on sales of investments |
|
|
356,835 |
|
|
|
1,574,234 |
|
|
|
3,403,454 |
|
|
|
(183,041 |
) |
|
|
— |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,859,908 |
|
|
|
— |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(924,192 |
) |
|
|
(4,848,463 |
) |
|
|
(3,676,191 |
) |
|
|
(4,264,796 |
) |
|
|
— |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
(607,581 |
) |
|
|
(3,494,183 |
) |
|
|
(572,403 |
) |
|
|
(2,687,830 |
) |
|
|
(256 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
1,026 |
|
|
|
58,215 |
|
|
|
51,618 |
|
|
|
19,804 |
|
|
|
300 |
|
| Net transfers(1) |
|
|
6,675 |
|
|
|
(279,106 |
) |
|
|
(2,901,304 |
) |
|
|
1,642,597 |
|
|
|
(57 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
(2,039 |
) |
|
|
(720 |
) |
|
|
(2,862 |
) |
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(7,325 |
) |
|
|
(54,473 |
) |
|
|
(81,925 |
) |
|
|
(28,338 |
) |
|
|
(122 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(74,837 |
) |
|
|
(1,142,427 |
) |
|
|
(1,656,648 |
) |
|
|
(578,678 |
) |
|
|
(43,483 |
) |
| Death benefits |
|
|
(530,583 |
) |
|
|
(445,251 |
) |
|
|
(602,854 |
) |
|
|
(244,244 |
) |
|
|
(3,902 |
) |
| Increase (decrease) from transactions |
|
|
(607,083 |
) |
|
|
(1,863,762 |
) |
|
|
(5,193,975 |
) |
|
|
811,141 |
|
|
|
(47,264 |
) |
| Net assets at beginning of year |
|
|
3,404,842 |
|
|
|
18,461,486 |
|
|
|
22,599,021 |
|
|
|
7,556,773 |
|
|
|
137,931 |
|
| Net assets at end of year |
|
$ |
2,190,178 |
|
|
$ |
13,103,541 |
|
|
$ |
16,832,643 |
|
|
$ |
5,680,084 |
|
|
$ |
90,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
973,742 |
|
|
|
5,462,223 |
|
|
|
6,151,420 |
|
|
|
2,202,603 |
|
|
|
140,687 |
|
| Units purchased |
|
|
2,358 |
|
|
|
20,690 |
|
|
|
31,296 |
|
|
|
632,205 |
|
|
|
307 |
|
| Units redeemed |
|
|
(270,971 |
) |
|
|
(620,488 |
) |
|
|
(1,480,293 |
) |
|
|
(327,515 |
) |
|
|
(48,691 |
) |
| Units outstanding at end of year |
|
|
705,129 |
|
|
|
4,862,425 |
|
|
|
4,702,423 |
|
|
|
2,507,293 |
|
|
|
92,303 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
77 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Col VP
Govt Money Mkt,
Cl 3 |
|
|
Col VP
Hi Yield Bond,
Cl 3 |
|
|
Col VP
Inc Opp,
Cl 1 |
|
|
Col VP
Inc Opp,
Cl 3 |
|
|
Col VP
Inter Bond,
Cl 3 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(83,645 |
) |
|
$ |
110,555 |
|
|
$ |
9,758 |
|
|
$ |
125,094 |
|
|
$ |
122,618 |
|
| Net realized gain (loss) on sales of investments |
|
|
74 |
|
|
|
(57,576 |
) |
|
|
(2,970 |
) |
|
|
(225,257 |
) |
|
|
(171,350 |
) |
| Distributions from capital gains |
|
|
— |
|
|
|
22,607 |
|
|
|
8,470 |
|
|
|
128,464 |
|
|
|
5,127 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(73 |
) |
|
|
(535,883 |
) |
|
|
(43,943 |
) |
|
|
(540,102 |
) |
|
|
(1,597,160 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(83,644 |
) |
|
|
(460,297 |
) |
|
|
(28,685 |
) |
|
|
(511,801 |
) |
|
|
(1,640,765 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
137,811 |
|
|
|
4,390 |
|
|
|
— |
|
|
|
25,052 |
|
|
|
3,570 |
|
| Net transfers(1) |
|
|
(11,927 |
) |
|
|
(103,487 |
) |
|
|
57 |
|
|
|
(207,740 |
) |
|
|
150,261 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
(2,065 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,305 |
) |
| Contract charges |
|
|
(68,081 |
) |
|
|
(14,973 |
) |
|
|
(33 |
) |
|
|
(21,738 |
) |
|
|
(35,471 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(2,161,755 |
) |
|
|
(339,461 |
) |
|
|
(5,686 |
) |
|
|
(568,050 |
) |
|
|
(520,275 |
) |
| Death benefits |
|
|
(712,468 |
) |
|
|
(140,125 |
) |
|
|
— |
|
|
|
(203,920 |
) |
|
|
(430,890 |
) |
| Increase (decrease) from transactions |
|
|
(2,818,485 |
) |
|
|
(593,656 |
) |
|
|
(5,662 |
) |
|
|
(976,396 |
) |
|
|
(836,110 |
) |
| Net assets at beginning of year |
|
|
22,482,051 |
|
|
|
3,961,464 |
|
|
|
258,002 |
|
|
|
4,689,422 |
|
|
|
9,379,720 |
|
| Net assets at end of year |
|
$ |
19,579,922 |
|
|
$ |
2,907,511 |
|
|
$ |
223,655 |
|
|
$ |
3,201,225 |
|
|
$ |
6,902,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
23,910,440 |
|
|
|
1,535,733 |
|
|
|
210,688 |
|
|
|
2,005,551 |
|
|
|
5,136,804 |
|
| Units purchased |
|
|
996,298 |
|
|
|
6,801 |
|
|
|
53 |
|
|
|
12,041 |
|
|
|
104,716 |
|
| Units redeemed |
|
|
(4,097,211 |
) |
|
|
(262,449 |
) |
|
|
(5,237 |
) |
|
|
(465,858 |
) |
|
|
(618,996 |
) |
| Units outstanding at end of year |
|
|
20,809,527 |
|
|
|
1,280,085 |
|
|
|
205,504 |
|
|
|
1,551,734 |
|
|
|
4,622,524 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 78 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Col VP
Lg Cap Gro,
Cl 1 |
|
|
Col VP
Lg Cap Gro,
Cl 3 |
|
|
Col VP
Lg Cap Index,
Cl 3 |
|
|
Col VP
Overseas Core,
Cl 3 |
|
|
Col VP Select
Lg Cap Val, Cl 3 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(4,555 |
) |
|
$ |
(10,745 |
) |
|
$ |
(84,626 |
) |
|
$ |
(2,014 |
) |
|
$ |
(2,233 |
) |
| Net realized gain (loss) on sales of investments |
|
|
14,289 |
|
|
|
36,938 |
|
|
|
1,393,961 |
|
|
|
(906 |
) |
|
|
10,238 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,628 |
|
|
|
— |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(167,053 |
) |
|
|
(305,025 |
) |
|
|
(2,871,916 |
) |
|
|
(81,231 |
) |
|
|
(13,345 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(157,319 |
) |
|
|
(278,832 |
) |
|
|
(1,562,581 |
) |
|
|
(60,523 |
) |
|
|
(5,340 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
2,002 |
|
|
|
24,261 |
|
|
|
126 |
|
|
|
— |
|
| Net transfers(1) |
|
|
554 |
|
|
|
10,522 |
|
|
|
(41,861 |
) |
|
|
236 |
|
|
|
(1 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
(4,855 |
) |
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(26 |
) |
|
|
(782 |
) |
|
|
(11,642 |
) |
|
|
(252 |
) |
|
|
— |
|
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(14,432 |
) |
|
|
(21,246 |
) |
|
|
(818,142 |
) |
|
|
(9,183 |
) |
|
|
(15,637 |
) |
| Death benefits |
|
|
— |
|
|
|
(34,543 |
) |
|
|
(867,820 |
) |
|
|
(6,758 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(13,904 |
) |
|
|
(44,047 |
) |
|
|
(1,720,059 |
) |
|
|
(15,831 |
) |
|
|
(15,638 |
) |
| Net assets at beginning of year |
|
|
495,759 |
|
|
|
875,891 |
|
|
|
8,582,273 |
|
|
|
379,399 |
|
|
|
140,084 |
|
| Net assets at end of year |
|
$ |
324,536 |
|
|
$ |
553,012 |
|
|
$ |
5,299,633 |
|
|
$ |
303,045 |
|
|
$ |
119,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
110,552 |
|
|
|
222,699 |
|
|
|
2,077,653 |
|
|
|
165,275 |
|
|
|
40,282 |
|
| Units purchased |
|
|
140 |
|
|
|
3,740 |
|
|
|
11,856 |
|
|
|
175 |
|
|
|
— |
|
| Units redeemed |
|
|
(3,891 |
) |
|
|
(29,722 |
) |
|
|
(449,855 |
) |
|
|
(7,540 |
) |
|
|
(4,906 |
) |
| Units outstanding at end of year |
|
|
106,801 |
|
|
|
196,717 |
|
|
|
1,639,654 |
|
|
|
157,910 |
|
|
|
35,376 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
79 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Col VP Select
Mid Cap Gro,
Cl 3 |
|
|
Col VP Select
Mid Cap Val,
Cl 3 |
|
|
Col VP Select
Sm Cap Val,
Cl 3 |
|
|
Col VP
Sm Cap Val,
Cl 2 |
|
|
Col VP
Sm Co Gro,
Cl 1 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(24,372 |
) |
|
$ |
(592 |
) |
|
$ |
(9,701 |
) |
|
$ |
(9,918 |
) |
|
$ |
(211 |
) |
| Net realized gain (loss) on sales of investments |
|
|
136,098 |
|
|
|
3,602 |
|
|
|
22,729 |
|
|
|
9,046 |
|
|
|
101 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
324,430 |
|
|
|
6,624 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(827,546 |
) |
|
|
(7,518 |
) |
|
|
(142,327 |
) |
|
|
(427,215 |
) |
|
|
(15,520 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(715,820 |
) |
|
|
(4,508 |
) |
|
|
(129,299 |
) |
|
|
(103,657 |
) |
|
|
(9,006 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
509 |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
| Net transfers(1) |
|
|
99,502 |
|
|
|
(1,115 |
) |
|
|
(10,793 |
) |
|
|
(37,248 |
) |
|
|
— |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
(319 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(4,128 |
) |
|
|
(124 |
) |
|
|
(1,209 |
) |
|
|
(5,568 |
) |
|
|
(7 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(112,582 |
) |
|
|
(4,136 |
) |
|
|
(15,623 |
) |
|
|
(60,871 |
) |
|
|
(873 |
) |
| Death benefits |
|
|
(59,175 |
) |
|
|
— |
|
|
|
(1,687 |
) |
|
|
(84,319 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(76,193 |
) |
|
|
(5,375 |
) |
|
|
(29,308 |
) |
|
|
(188,006 |
) |
|
|
(880 |
) |
| Net assets at beginning of year |
|
|
2,262,854 |
|
|
|
42,922 |
|
|
|
819,465 |
|
|
|
1,039,969 |
|
|
|
24,811 |
|
| Net assets at end of year |
|
$ |
1,470,841 |
|
|
$ |
33,039 |
|
|
$ |
660,858 |
|
|
$ |
748,306 |
|
|
$ |
14,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
444,922 |
|
|
|
15,631 |
|
|
|
214,944 |
|
|
|
311,469 |
|
|
|
3,010 |
|
| Units purchased |
|
|
27,505 |
|
|
|
— |
|
|
|
196 |
|
|
|
515 |
|
|
|
— |
|
| Units redeemed |
|
|
(45,936 |
) |
|
|
(2,339 |
) |
|
|
(8,511 |
) |
|
|
(62,436 |
) |
|
|
(154 |
) |
| Units outstanding at end of year |
|
|
426,491 |
|
|
|
13,292 |
|
|
|
206,629 |
|
|
|
249,548 |
|
|
|
2,856 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 80 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Col VP
US Govt Mtge,
Cl 1 |
|
|
Col VP
US Govt Mtge,
Cl 3 |
|
|
CS
Commodity Return,
Cl 1 |
|
|
CTIVP BR Gl
Infl Prot Sec,
Cl 3 |
|
|
CTIVP Prin
Blue Chip Gro,
Cl 1 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
1,292 |
|
|
$ |
24,745 |
|
|
$ |
2,833 |
|
|
$ |
43,611 |
|
|
$ |
(17,387 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(314 |
) |
|
|
(71,016 |
) |
|
|
(2,785 |
) |
|
|
(77,958 |
) |
|
|
106,671 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28,762 |
|
|
|
— |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(24,300 |
) |
|
|
(867,899 |
) |
|
|
2,405 |
|
|
|
(324,917 |
) |
|
|
(500,821 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(23,322 |
) |
|
|
(914,170 |
) |
|
|
2,453 |
|
|
|
(330,502 |
) |
|
|
(411,537 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
1,183 |
|
|
|
125 |
|
|
|
2,543 |
|
|
|
— |
|
| Net transfers(1) |
|
|
366 |
|
|
|
95,912 |
|
|
|
(9 |
) |
|
|
(12,644 |
) |
|
|
79,690 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,098 |
) |
|
|
— |
|
| Contract charges |
|
|
(45 |
) |
|
|
(13,842 |
) |
|
|
(2 |
) |
|
|
(13,148 |
) |
|
|
(6,806 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(861 |
) |
|
|
(364,740 |
) |
|
|
(389 |
) |
|
|
(112,079 |
) |
|
|
(68,604 |
) |
| Death benefits |
|
|
— |
|
|
|
(145,958 |
) |
|
|
(3,045 |
) |
|
|
(122,240 |
) |
|
|
(90,752 |
) |
| Increase (decrease) from transactions |
|
|
(540 |
) |
|
|
(427,445 |
) |
|
|
(3,320 |
) |
|
|
(258,666 |
) |
|
|
(86,472 |
) |
| Net assets at beginning of year |
|
|
153,738 |
|
|
|
6,072,169 |
|
|
|
18,360 |
|
|
|
1,916,783 |
|
|
|
1,424,619 |
|
| Net assets at end of year |
|
$ |
129,876 |
|
|
$ |
4,730,554 |
|
|
$ |
17,493 |
|
|
$ |
1,327,615 |
|
|
$ |
926,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
136,595 |
|
|
|
4,710,394 |
|
|
|
30,916 |
|
|
|
1,236,561 |
|
|
|
547,465 |
|
| Units purchased |
|
|
359 |
|
|
|
125,518 |
|
|
|
— |
|
|
|
30,268 |
|
|
|
55,850 |
|
| Units redeemed |
|
|
(880 |
) |
|
|
(527,179 |
) |
|
|
(5,853 |
) |
|
|
(213,241 |
) |
|
|
(100,793 |
) |
| Units outstanding at end of year |
|
|
136,074 |
|
|
|
4,308,733 |
|
|
|
25,063 |
|
|
|
1,053,588 |
|
|
|
502,522 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
81 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
CTIVP Vty
Sycamore Estb Val,
Cl 3 |
|
|
EV VT
Floating-Rate Inc,
Init Cl |
|
|
Fid VIP
Bal,
Serv Cl |
|
|
Fid VIP
Bal,
Serv Cl 2 |
|
|
Fid VIP
Contrafund,
Serv Cl |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(417 |
) |
|
$ |
20,870 |
|
|
$ |
(113 |
) |
|
$ |
(541 |
) |
|
$ |
(24,001 |
) |
| Net realized gain (loss) on sales of investments |
|
|
575 |
|
|
|
(11,044 |
) |
|
|
601 |
|
|
|
1,116 |
|
|
|
48,532 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
13,644 |
|
|
|
8,350 |
|
|
|
134,127 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(1,385 |
) |
|
|
(44,569 |
) |
|
|
(64,315 |
) |
|
|
(39,529 |
) |
|
|
(1,128,826 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(1,227 |
) |
|
|
(34,743 |
) |
|
|
(50,183 |
) |
|
|
(30,604 |
) |
|
|
(970,168 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
533 |
|
|
|
— |
|
|
|
— |
|
|
|
608 |
|
| Net transfers(1) |
|
|
(4 |
) |
|
|
(41,042 |
) |
|
|
60 |
|
|
|
2,606 |
|
|
|
(6,217 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
— |
|
|
|
(4,959 |
) |
|
|
(134 |
) |
|
|
(113 |
) |
|
|
(4,153 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(500 |
) |
|
|
(58,215 |
) |
|
|
(12 |
) |
|
|
(4,100 |
) |
|
|
(84,497 |
) |
| Death benefits |
|
|
— |
|
|
|
(77,421 |
) |
|
|
— |
|
|
|
— |
|
|
|
(46,817 |
) |
| Increase (decrease) from transactions |
|
|
(504 |
) |
|
|
(181,104 |
) |
|
|
(86 |
) |
|
|
(1,607 |
) |
|
|
(141,076 |
) |
| Net assets at beginning of year |
|
|
27,856 |
|
|
|
838,243 |
|
|
|
263,607 |
|
|
|
157,811 |
|
|
|
3,596,065 |
|
| Net assets at end of year |
|
$ |
26,125 |
|
|
$ |
622,396 |
|
|
$ |
213,338 |
|
|
$ |
125,600 |
|
|
$ |
2,484,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
5,811 |
|
|
|
638,112 |
|
|
|
74,132 |
|
|
|
44,226 |
|
|
|
654,614 |
|
| Units purchased |
|
|
— |
|
|
|
8,570 |
|
|
|
19 |
|
|
|
837 |
|
|
|
135 |
|
| Units redeemed |
|
|
(123 |
) |
|
|
(154,155 |
) |
|
|
(49 |
) |
|
|
(1,372 |
) |
|
|
(32,009 |
) |
| Units outstanding at end of year |
|
|
5,688 |
|
|
|
492,527 |
|
|
|
74,102 |
|
|
|
43,691 |
|
|
|
622,740 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 82 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Fid VIP
Contrafund,
Serv Cl 2 |
|
|
Fid VIP
Dyn Appr,
Serv Cl 2 |
|
|
Fid VIP
Gro & Inc,
Serv Cl |
|
|
Fid VIP
Gro & Inc,
Serv Cl 2 |
|
|
Fid VIP
Gro,
Serv Cl |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(467,844 |
) |
|
$ |
(8,445 |
) |
|
$ |
959 |
|
|
$ |
(204 |
) |
|
$ |
(197 |
) |
| Net realized gain (loss) on sales of investments |
|
|
1,277,622 |
|
|
|
7,742 |
|
|
|
19,127 |
|
|
|
2,089 |
|
|
|
85 |
|
| Distributions from capital gains |
|
|
1,792,841 |
|
|
|
87,725 |
|
|
|
20,377 |
|
|
|
1,104 |
|
|
|
2,179 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(15,558,759 |
) |
|
|
(265,308 |
) |
|
|
(109,845 |
) |
|
|
(9,413 |
) |
|
|
(11,105 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(12,956,140 |
) |
|
|
(178,286 |
) |
|
|
(69,382 |
) |
|
|
(6,424 |
) |
|
|
(9,038 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
89,690 |
|
|
|
— |
|
|
|
30 |
|
|
|
100 |
|
|
|
— |
|
| Net transfers(1) |
|
|
1,607,224 |
|
|
|
760 |
|
|
|
(13,215 |
) |
|
|
(15 |
) |
|
|
251 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(138,536 |
) |
|
|
(995 |
) |
|
|
(1,702 |
) |
|
|
(280 |
) |
|
|
(27 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(2,730,929 |
) |
|
|
(25,700 |
) |
|
|
(31,956 |
) |
|
|
(18,319 |
) |
|
|
— |
|
| Death benefits |
|
|
(1,601,178 |
) |
|
|
— |
|
|
|
(3,300 |
) |
|
|
— |
|
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(2,773,729 |
) |
|
|
(25,935 |
) |
|
|
(50,143 |
) |
|
|
(18,514 |
) |
|
|
224 |
|
| Net assets at beginning of year |
|
|
47,906,950 |
|
|
|
820,578 |
|
|
|
1,108,903 |
|
|
|
75,907 |
|
|
|
35,445 |
|
| Net assets at end of year |
|
$ |
32,177,081 |
|
|
$ |
616,357 |
|
|
$ |
989,378 |
|
|
$ |
50,969 |
|
|
$ |
26,631 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
8,010,338 |
|
|
|
147,978 |
|
|
|
351,402 |
|
|
|
21,750 |
|
|
|
7,876 |
|
| Units purchased |
|
|
411,457 |
|
|
|
177 |
|
|
|
24 |
|
|
|
— |
|
|
|
64 |
|
| Units redeemed |
|
|
(968,280 |
) |
|
|
(5,505 |
) |
|
|
(16,262 |
) |
|
|
(6,342 |
) |
|
|
(7 |
) |
| Units outstanding at end of year |
|
|
7,453,515 |
|
|
|
142,650 |
|
|
|
335,164 |
|
|
|
15,408 |
|
|
|
7,933 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
83 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Fid VIP
Gro,
Serv Cl 2 |
|
|
Fid VIP
Hi Inc,
Serv Cl |
|
|
Fid VIP
Hi Inc,
Serv Cl 2 |
|
|
Fid VIP
Invest Gr,
Serv Cl 2 |
|
|
Fid VIP
Mid Cap,
Serv Cl |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(17,982 |
) |
|
$ |
23,780 |
|
|
$ |
10,408 |
|
|
$ |
19,589 |
|
|
$ |
(44,677 |
) |
| Net realized gain (loss) on sales of investments |
|
|
57,037 |
|
|
|
(3,221 |
) |
|
|
(1,549 |
) |
|
|
(202,656 |
) |
|
|
36,201 |
|
| Distributions from capital gains |
|
|
144,232 |
|
|
|
— |
|
|
|
— |
|
|
|
410,899 |
|
|
|
328,771 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(775,052 |
) |
|
|
(108,757 |
) |
|
|
(47,357 |
) |
|
|
(1,408,522 |
) |
|
|
(1,261,999 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(591,765 |
) |
|
|
(88,198 |
) |
|
|
(38,498 |
) |
|
|
(1,180,690 |
) |
|
|
(941,704 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46,226 |
|
|
|
727 |
|
| Net transfers(1) |
|
|
(24,790 |
) |
|
|
(2,616 |
) |
|
|
8,438 |
|
|
|
(138,680 |
) |
|
|
(9,487 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(6,608 |
) |
|
|
(1,116 |
) |
|
|
(519 |
) |
|
|
(37,378 |
) |
|
|
(5,650 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(125,462 |
) |
|
|
(7,835 |
) |
|
|
(2,881 |
) |
|
|
(814,114 |
) |
|
|
(237,576 |
) |
| Death benefits |
|
|
(96,130 |
) |
|
|
— |
|
|
|
(2,109 |
) |
|
|
(316,078 |
) |
|
|
(61,142 |
) |
| Increase (decrease) from transactions |
|
|
(252,990 |
) |
|
|
(11,567 |
) |
|
|
2,929 |
|
|
|
(1,260,024 |
) |
|
|
(313,128 |
) |
| Net assets at beginning of year |
|
|
2,421,185 |
|
|
|
699,410 |
|
|
|
300,079 |
|
|
|
8,568,819 |
|
|
|
5,922,485 |
|
| Net assets at end of year |
|
$ |
1,576,430 |
|
|
$ |
599,645 |
|
|
$ |
264,510 |
|
|
$ |
6,128,105 |
|
|
$ |
4,667,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
403,079 |
|
|
|
343,317 |
|
|
|
122,666 |
|
|
|
5,665,949 |
|
|
|
746,595 |
|
| Units purchased |
|
|
3,243 |
|
|
|
— |
|
|
|
3,879 |
|
|
|
43,455 |
|
|
|
1,180 |
|
| Units redeemed |
|
|
(48,627 |
) |
|
|
(6,000 |
) |
|
|
(2,482 |
) |
|
|
(960,408 |
) |
|
|
(47,828 |
) |
| Units outstanding at end of year |
|
|
357,695 |
|
|
|
337,317 |
|
|
|
124,063 |
|
|
|
4,748,996 |
|
|
|
699,947 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 84 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Fid VIP
Mid Cap, Serv
Cl 2 |
|
|
Fid VIP
Overseas, Serv
Cl |
|
|
Fid VIP
Overseas, Serv
Cl 2 |
|
|
Frank Global
Real Est,
Cl 2 |
|
|
Frank
Inc,
Cl 2 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(142,895 |
) |
|
$ |
(272 |
) |
|
$ |
(27,378 |
) |
|
$ |
16,971 |
|
|
$ |
142,522 |
|
| Net realized gain (loss) on sales of investments |
|
|
100,952 |
|
|
|
998 |
|
|
|
123,829 |
|
|
|
(41,754 |
) |
|
|
22,870 |
|
| Distributions from capital gains |
|
|
838,019 |
|
|
|
481 |
|
|
|
32,110 |
|
|
|
121,551 |
|
|
|
83,177 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(3,185,154 |
) |
|
|
(18,407 |
) |
|
|
(1,283,967 |
) |
|
|
(681,400 |
) |
|
|
(556,335 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(2,389,078 |
) |
|
|
(17,200 |
) |
|
|
(1,155,406 |
) |
|
|
(584,632 |
) |
|
|
(307,766 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
14,596 |
|
|
|
48 |
|
|
|
13,771 |
|
|
|
2,305 |
|
|
|
— |
|
| Net transfers(1) |
|
|
(260,414 |
) |
|
|
239 |
|
|
|
346,442 |
|
|
|
94,399 |
|
|
|
35,051 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,614 |
) |
| Contract charges |
|
|
(34,229 |
) |
|
|
(141 |
) |
|
|
(19,614 |
) |
|
|
(4,068 |
) |
|
|
(4,028 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(637,442 |
) |
|
|
(1,626 |
) |
|
|
(409,334 |
) |
|
|
(246,375 |
) |
|
|
(243,063 |
) |
| Death benefits |
|
|
(364,103 |
) |
|
|
(6,083 |
) |
|
|
(188,636 |
) |
|
|
(10,081 |
) |
|
|
(189,355 |
) |
| Increase (decrease) from transactions |
|
|
(1,281,592 |
) |
|
|
(7,563 |
) |
|
|
(257,371 |
) |
|
|
(163,820 |
) |
|
|
(406,009 |
) |
| Net assets at beginning of year |
|
|
15,059,512 |
|
|
|
67,200 |
|
|
|
4,578,051 |
|
|
|
2,270,947 |
|
|
|
4,651,506 |
|
| Net assets at end of year |
|
$ |
11,388,842 |
|
|
$ |
42,437 |
|
|
$ |
3,165,274 |
|
|
$ |
1,522,495 |
|
|
$ |
3,937,731 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
2,578,036 |
|
|
|
33,720 |
|
|
|
1,665,637 |
|
|
|
671,186 |
|
|
|
1,515,710 |
|
| Units purchased |
|
|
6,130 |
|
|
|
179 |
|
|
|
172,925 |
|
|
|
38,843 |
|
|
|
15,320 |
|
| Units redeemed |
|
|
(258,620 |
) |
|
|
(5,775 |
) |
|
|
(283,606 |
) |
|
|
(108,138 |
) |
|
|
(163,150 |
) |
| Units outstanding at end of year |
|
|
2,325,546 |
|
|
|
28,124 |
|
|
|
1,554,956 |
|
|
|
601,891 |
|
|
|
1,367,880 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
85 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Frank Mutual
Shares,
Cl 2 |
|
|
Frank
Rising Divd,
Cl 2 |
|
|
Frank Sm
Cap Val,
Cl 2 |
|
|
Frank Sm
Mid Cap Gro, Cl 2 |
|
|
GS VIT
Intl Eq Insights,
Inst |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
91,212 |
|
|
$ |
(3,318 |
) |
|
$ |
(11,400 |
) |
|
$ |
(69,011 |
) |
|
$ |
223 |
|
| Net realized gain (loss) on sales of investments |
|
|
39,340 |
|
|
|
1,712 |
|
|
|
(60,822 |
) |
|
|
(116,309 |
) |
|
|
(916 |
) |
| Distributions from capital gains |
|
|
2,050,055 |
|
|
|
41,679 |
|
|
|
613,220 |
|
|
|
1,400,288 |
|
|
|
— |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(3,942,272 |
) |
|
|
(85,652 |
) |
|
|
(987,898 |
) |
|
|
(3,801,443 |
) |
|
|
(3,365 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(1,761,665 |
) |
|
|
(45,579 |
) |
|
|
(446,900 |
) |
|
|
(2,586,475 |
) |
|
|
(4,058 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
7,214 |
|
|
|
— |
|
|
|
2,531 |
|
|
|
2,315 |
|
|
|
— |
|
| Net transfers(1) |
|
|
(136,765 |
) |
|
|
(1,967 |
) |
|
|
(231,927 |
) |
|
|
192,718 |
|
|
|
— |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
(1,800 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(49,348 |
) |
|
|
(560 |
) |
|
|
(8,536 |
) |
|
|
(8,163 |
) |
|
|
(14 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(835,718 |
) |
|
|
(576 |
) |
|
|
(304,338 |
) |
|
|
(328,200 |
) |
|
|
(5,906 |
) |
| Death benefits |
|
|
(950,296 |
) |
|
|
— |
|
|
|
(6,197 |
) |
|
|
(56,749 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(1,964,913 |
) |
|
|
(4,903 |
) |
|
|
(548,467 |
) |
|
|
(198,079 |
) |
|
|
(5,920 |
) |
| Net assets at beginning of year |
|
|
20,910,249 |
|
|
|
373,807 |
|
|
|
3,919,899 |
|
|
|
7,599,302 |
|
|
|
25,040 |
|
| Net assets at end of year |
|
$ |
17,183,671 |
|
|
$ |
323,325 |
|
|
$ |
2,924,532 |
|
|
$ |
4,814,748 |
|
|
$ |
15,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
6,695,790 |
|
|
|
86,084 |
|
|
|
779,105 |
|
|
|
2,207,573 |
|
|
|
18,696 |
|
| Units purchased |
|
|
47,239 |
|
|
|
— |
|
|
|
3,077 |
|
|
|
80,342 |
|
|
|
— |
|
| Units redeemed |
|
|
(719,557 |
) |
|
|
(878 |
) |
|
|
(130,318 |
) |
|
|
(167,381 |
) |
|
|
(6,193 |
) |
| Units outstanding at end of year |
|
|
6,023,472 |
|
|
|
85,206 |
|
|
|
651,864 |
|
|
|
2,120,534 |
|
|
|
12,503 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 86 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
GS VIT
Mid Cap Val,
Inst |
|
|
GS VIT
Strategic Gro,
Inst |
|
|
GS VIT
U.S. Eq Insights,
Inst |
|
|
Invesco VI
Am Fran,
Ser I |
|
|
Invesco
VI Am
Fran,
Ser II |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(97,418 |
) |
|
$ |
(2,195 |
) |
|
$ |
(8,673 |
) |
|
$ |
(33,081 |
) |
|
$ |
(10,303 |
) |
| Net realized gain (loss) on sales of investments |
|
|
316,153 |
|
|
|
(1,211 |
) |
|
|
25,398 |
|
|
|
44,273 |
|
|
|
195 |
|
| Distributions from capital gains |
|
|
1,456,294 |
|
|
|
23,077 |
|
|
|
8,138 |
|
|
|
657,225 |
|
|
|
179,707 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(3,067,068 |
) |
|
|
(83,518 |
) |
|
|
(425,138 |
) |
|
|
(1,715,524 |
) |
|
|
(442,180 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(1,392,039 |
) |
|
|
(63,847 |
) |
|
|
(400,275 |
) |
|
|
(1,047,107 |
) |
|
|
(272,581 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
31,845 |
|
|
|
30 |
|
|
|
— |
|
|
|
351 |
|
|
|
1,913 |
|
| Net transfers(1) |
|
|
(769,213 |
) |
|
|
2 |
|
|
|
(2,993 |
) |
|
|
(98,078 |
) |
|
|
(12,378 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
(1,719 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,643 |
) |
|
|
— |
|
| Contract charges |
|
|
(39,715 |
) |
|
|
(270 |
) |
|
|
(2,101 |
) |
|
|
(2,606 |
) |
|
|
(3,466 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(917,322 |
) |
|
|
(1,624 |
) |
|
|
(113,202 |
) |
|
|
(86,736 |
) |
|
|
(3,690 |
) |
| Death benefits |
|
|
(310,741 |
) |
|
|
(9,242 |
) |
|
|
(85,482 |
) |
|
|
(84,943 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(2,006,865 |
) |
|
|
(11,104 |
) |
|
|
(203,778 |
) |
|
|
(274,655 |
) |
|
|
(17,621 |
) |
| Net assets at beginning of year |
|
|
12,783,818 |
|
|
|
191,938 |
|
|
|
2,041,575 |
|
|
|
3,407,795 |
|
|
|
837,475 |
|
| Net assets at end of year |
|
$ |
9,384,914 |
|
|
$ |
116,987 |
|
|
$ |
1,437,522 |
|
|
$ |
2,086,033 |
|
|
$ |
547,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
2,279,715 |
|
|
|
47,483 |
|
|
|
596,452 |
|
|
|
900,791 |
|
|
|
234,341 |
|
| Units purchased |
|
|
6,622 |
|
|
|
8 |
|
|
|
1,054 |
|
|
|
7,947 |
|
|
|
7,980 |
|
| Units redeemed |
|
|
(421,916 |
) |
|
|
(4,042 |
) |
|
|
(66,983 |
) |
|
|
(98,163 |
) |
|
|
(16,186 |
) |
| Units outstanding at end of year |
|
|
1,864,421 |
|
|
|
43,449 |
|
|
|
530,523 |
|
|
|
810,575 |
|
|
|
226,135 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
87 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Invesco VI
American Value,
Ser II |
|
|
Invesco VI
Cap Appr,
Ser I |
|
|
Invesco VI
Cap Appr,
Ser II |
|
|
Invesco VI
Comstock,
Ser II |
|
|
Invesco VI
Core Eq,
Ser I |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(58,249 |
) |
|
$ |
(11,673 |
) |
|
$ |
(144,510 |
) |
|
$ |
(90,961 |
) |
|
$ |
(23,181 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(19,951 |
) |
|
|
9,102 |
|
|
|
210,986 |
|
|
|
2,691,067 |
|
|
|
33,975 |
|
| Distributions from capital gains |
|
|
1,057,763 |
|
|
|
291,367 |
|
|
|
3,223,196 |
|
|
|
750,320 |
|
|
|
798,885 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(1,274,212 |
) |
|
|
(634,168 |
) |
|
|
(7,037,140 |
) |
|
|
(3,511,395 |
) |
|
|
(2,165,577 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(294,649 |
) |
|
|
(345,372 |
) |
|
|
(3,747,468 |
) |
|
|
(160,969 |
) |
|
|
(1,355,898 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
29,355 |
|
|
|
162 |
|
|
|
45,862 |
|
|
|
87,827 |
|
|
|
789 |
|
| Net transfers(1) |
|
|
(369,560 |
) |
|
|
963 |
|
|
|
901,282 |
|
|
|
(4,688,601 |
) |
|
|
(61,022 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,838 |
) |
|
|
— |
|
| Contract charges |
|
|
(25,860 |
) |
|
|
(540 |
) |
|
|
(37,341 |
) |
|
|
(119,450 |
) |
|
|
(4,668 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(546,920 |
) |
|
|
(27,215 |
) |
|
|
(867,785 |
) |
|
|
(2,306,930 |
) |
|
|
(262,436 |
) |
| Death benefits |
|
|
(136,168 |
) |
|
|
(14,680 |
) |
|
|
(320,794 |
) |
|
|
(873,432 |
) |
|
|
(140,516 |
) |
| Increase (decrease) from transactions |
|
|
(1,049,153 |
) |
|
|
(41,310 |
) |
|
|
(278,776 |
) |
|
|
(7,908,424 |
) |
|
|
(467,853 |
) |
| Net assets at beginning of year |
|
|
6,843,377 |
|
|
|
1,108,280 |
|
|
|
11,835,760 |
|
|
|
30,831,945 |
|
|
|
6,449,586 |
|
| Net assets at end of year |
|
$ |
5,499,575 |
|
|
$ |
721,598 |
|
|
$ |
7,809,516 |
|
|
$ |
22,762,552 |
|
|
$ |
4,625,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
6,442,721 |
|
|
|
187,127 |
|
|
|
2,685,348 |
|
|
|
8,645,788 |
|
|
|
1,944,872 |
|
| Units purchased |
|
|
65,374 |
|
|
|
261 |
|
|
|
292,044 |
|
|
|
26,763 |
|
|
|
921 |
|
| Units redeemed |
|
|
(1,100,914 |
) |
|
|
(8,882 |
) |
|
|
(368,704 |
) |
|
|
(2,250,707 |
) |
|
|
(172,435 |
) |
| Units outstanding at end of year |
|
|
5,407,181 |
|
|
|
178,506 |
|
|
|
2,608,688 |
|
|
|
6,421,844 |
|
|
|
1,773,358 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 88 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Invesco VI
Core Eq,
Ser II |
|
|
Invesco VI
Dis Mid Cap Gro,
Ser I |
|
|
Invesco VI
Dis Mid Cap Gro,
Ser II |
|
|
Invesco VI
EQV Intl Eq,
Ser I |
|
|
Invesco VI
EQV Intl Eq,
Ser II |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(260 |
) |
|
$ |
(2,039 |
) |
|
$ |
(7,702 |
) |
|
$ |
1,597 |
|
|
$ |
(1,292 |
) |
| Net realized gain (loss) on sales of investments |
|
|
146 |
|
|
|
(380 |
) |
|
|
(1,860 |
) |
|
|
7,006 |
|
|
|
2,263 |
|
| Distributions from capital gains |
|
|
6,364 |
|
|
|
40,547 |
|
|
|
168,932 |
|
|
|
56,751 |
|
|
|
68,231 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(17,693 |
) |
|
|
(100,631 |
) |
|
|
(396,697 |
) |
|
|
(190,253 |
) |
|
|
(220,860 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(11,443 |
) |
|
|
(62,503 |
) |
|
|
(237,327 |
) |
|
|
(124,899 |
) |
|
|
(151,658 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
75 |
|
|
|
42 |
|
|
|
1,198 |
|
|
|
126 |
|
|
|
125 |
|
| Net transfers(1) |
|
|
(4,275 |
) |
|
|
330 |
|
|
|
10,137 |
|
|
|
567 |
|
|
|
38,361 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(157 |
) |
|
|
(85 |
) |
|
|
(2,999 |
) |
|
|
(223 |
) |
|
|
(5,372 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
— |
|
|
|
(1,114 |
) |
|
|
(10,552 |
) |
|
|
(15,536 |
) |
|
|
(49,704 |
) |
| Death benefits |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,704 |
) |
|
|
(61,610 |
) |
| Increase (decrease) from transactions |
|
|
(4,357 |
) |
|
|
(827 |
) |
|
|
(2,216 |
) |
|
|
(25,770 |
) |
|
|
(78,200 |
) |
| Net assets at beginning of year |
|
|
52,991 |
|
|
|
195,551 |
|
|
|
738,896 |
|
|
|
645,926 |
|
|
|
774,042 |
|
| Net assets at end of year |
|
$ |
37,191 |
|
|
$ |
132,221 |
|
|
$ |
499,353 |
|
|
$ |
495,257 |
|
|
$ |
544,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
17,172 |
|
|
|
110,614 |
|
|
|
417,602 |
|
|
|
203,506 |
|
|
|
522,724 |
|
| Units purchased |
|
|
90 |
|
|
|
259 |
|
|
|
8,516 |
|
|
|
268 |
|
|
|
31,603 |
|
| Units redeemed |
|
|
(2,126 |
) |
|
|
(974 |
) |
|
|
(10,487 |
) |
|
|
(10,088 |
) |
|
|
(95,566 |
) |
| Units outstanding at end of year |
|
|
15,136 |
|
|
|
109,899 |
|
|
|
415,631 |
|
|
|
193,686 |
|
|
|
458,761 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
89 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Invesco VI
Global,
Ser I |
|
|
Invesco VI
Global,
Ser II |
|
|
Invesco VI
Gbl Strat Inc,
Ser I |
|
|
Invesco VI
Gbl Strat Inc,
Ser II |
|
|
Invesco VI
Gro & Inc,
Ser II |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(12 |
) |
|
$ |
(23,923 |
) |
|
$ |
(853 |
) |
|
$ |
(202,954 |
) |
|
$ |
(767 |
) |
| Net realized gain (loss) on sales of investments |
|
|
— |
|
|
|
29,953 |
|
|
|
(1,289 |
) |
|
|
(567,145 |
) |
|
|
9,222 |
|
| Distributions from capital gains |
|
|
165 |
|
|
|
308,017 |
|
|
|
— |
|
|
|
— |
|
|
|
37,376 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(565 |
) |
|
|
(1,121,391 |
) |
|
|
(6,620 |
) |
|
|
(1,241,788 |
) |
|
|
(79,308 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(412 |
) |
|
|
(807,344 |
) |
|
|
(8,762 |
) |
|
|
(2,011,887 |
) |
|
|
(33,477 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
210 |
|
|
|
61,658 |
|
|
|
— |
|
| Net transfers(1) |
|
|
— |
|
|
|
37,278 |
|
|
|
— |
|
|
|
(118,044 |
) |
|
|
(6,069 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,843 |
) |
|
|
— |
|
| Contract charges |
|
|
(5 |
) |
|
|
(3,579 |
) |
|
|
(25 |
) |
|
|
(62,426 |
) |
|
|
(2,330 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(66 |
) |
|
|
(101,122 |
) |
|
|
(3,268 |
) |
|
|
(1,298,701 |
) |
|
|
(42,599 |
) |
| Death benefits |
|
|
— |
|
|
|
(65,418 |
) |
|
|
(92 |
) |
|
|
(530,737 |
) |
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(71 |
) |
|
|
(132,841 |
) |
|
|
(3,175 |
) |
|
|
(1,950,093 |
) |
|
|
(50,998 |
) |
| Net assets at beginning of year |
|
|
1,274 |
|
|
|
2,502,579 |
|
|
|
69,776 |
|
|
|
15,803,447 |
|
|
|
468,866 |
|
| Net assets at end of year |
|
$ |
791 |
|
|
$ |
1,562,394 |
|
|
$ |
57,839 |
|
|
$ |
11,841,467 |
|
|
$ |
384,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
204 |
|
|
|
521,185 |
|
|
|
31,626 |
|
|
|
9,231,293 |
|
|
|
118,541 |
|
| Units purchased |
|
|
— |
|
|
|
11,221 |
|
|
|
107 |
|
|
|
72,220 |
|
|
|
16 |
|
| Units redeemed |
|
|
(16 |
) |
|
|
(44,275 |
) |
|
|
(1,706 |
) |
|
|
(1,367,595 |
) |
|
|
(14,734 |
) |
| Units outstanding at end of year |
|
|
188 |
|
|
|
488,131 |
|
|
|
30,027 |
|
|
|
7,935,918 |
|
|
|
103,823 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 90 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Invesco VI
Hlth,
Ser II |
|
|
Invesco VI
Main St,
Ser I |
|
|
Invesco VI
Mn St Mid Cap,
Ser II |
|
|
Invesco VI
Mn St Sm Cap,
Ser II |
|
|
Janus Henderson
VIT Bal,
Inst |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(652 |
) |
|
$ |
(109 |
) |
|
$ |
(11,681 |
) |
|
$ |
(22,939 |
) |
|
$ |
(2,256 |
) |
| Net realized gain (loss) on sales of investments |
|
|
103 |
|
|
|
7,840 |
|
|
|
(13,208 |
) |
|
|
71,858 |
|
|
|
46,543 |
|
| Distributions from capital gains |
|
|
6,564 |
|
|
|
9,072 |
|
|
|
151,123 |
|
|
|
247,398 |
|
|
|
44,177 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(13,836 |
) |
|
|
(25,737 |
) |
|
|
(264,842 |
) |
|
|
(743,290 |
) |
|
|
(379,437 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(7,821 |
) |
|
|
(8,934 |
) |
|
|
(138,608 |
) |
|
|
(446,973 |
) |
|
|
(290,973 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
7,971 |
|
|
|
2,744 |
|
|
|
210 |
|
| Net transfers(1) |
|
|
2 |
|
|
|
(1,675 |
) |
|
|
(29,263 |
) |
|
|
17,882 |
|
|
|
(26,178 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,159 |
) |
|
|
— |
|
| Contract charges |
|
|
(61 |
) |
|
|
(6 |
) |
|
|
(3,998 |
) |
|
|
(7,521 |
) |
|
|
(776 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(846 |
) |
|
|
(68 |
) |
|
|
(121,109 |
) |
|
|
(208,954 |
) |
|
|
(38,502 |
) |
| Death benefits |
|
|
— |
|
|
|
(33,152 |
) |
|
|
(15,663 |
) |
|
|
(55,770 |
) |
|
|
(39,555 |
) |
| Increase (decrease) from transactions |
|
|
(905 |
) |
|
|
(34,901 |
) |
|
|
(162,062 |
) |
|
|
(253,778 |
) |
|
|
(104,801 |
) |
| Net assets at beginning of year |
|
|
52,939 |
|
|
|
65,775 |
|
|
|
922,504 |
|
|
|
2,658,202 |
|
|
|
1,709,087 |
|
| Net assets at end of year |
|
$ |
44,213 |
|
|
$ |
21,940 |
|
|
$ |
621,834 |
|
|
$ |
1,957,451 |
|
|
$ |
1,313,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
16,176 |
|
|
|
18,508 |
|
|
|
326,523 |
|
|
|
486,014 |
|
|
|
271,033 |
|
| Units purchased |
|
|
— |
|
|
|
— |
|
|
|
3,285 |
|
|
|
4,796 |
|
|
|
38 |
|
| Units redeemed |
|
|
(359 |
) |
|
|
(10,668 |
) |
|
|
(67,767 |
) |
|
|
(53,242 |
) |
|
|
(18,430 |
) |
| Units outstanding at end of year |
|
|
15,817 |
|
|
|
7,840 |
|
|
|
262,041 |
|
|
|
437,568 |
|
|
|
252,641 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
91 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Janus Henderson
VIT Enter,
Serv |
|
|
Janus Henderson
VIT Gbl Res,
Inst |
|
|
Janus Hend VIT
Gbl Tech Innov,
Srv |
|
|
Janus Henderson
VIT Overseas,
Serv |
|
|
Janus Henderson
VIT Res,
Serv |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(9,231 |
) |
|
$ |
(2,713 |
) |
|
$ |
(2,527 |
) |
|
$ |
314 |
|
|
$ |
(24,217 |
) |
| Net realized gain (loss) on sales of investments |
|
|
9,837 |
|
|
|
13,623 |
|
|
|
2,610 |
|
|
|
1,743 |
|
|
|
19,394 |
|
| Distributions from capital gains |
|
|
122,423 |
|
|
|
86,962 |
|
|
|
31,087 |
|
|
|
— |
|
|
|
295,603 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(263,745 |
) |
|
|
(292,509 |
) |
|
|
(120,023 |
) |
|
|
(23,094 |
) |
|
|
(927,765 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(140,716 |
) |
|
|
(194,637 |
) |
|
|
(88,853 |
) |
|
|
(21,037 |
) |
|
|
(636,985 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
218 |
|
|
|
126 |
|
|
|
55 |
|
|
|
104 |
|
|
|
755 |
|
| Net transfers(1) |
|
|
252 |
|
|
|
(2,855 |
) |
|
|
101 |
|
|
|
(4,641 |
) |
|
|
120,570 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(1,027 |
) |
|
|
(392 |
) |
|
|
(252 |
) |
|
|
(163 |
) |
|
|
(6,606 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(18,438 |
) |
|
|
(15,549 |
) |
|
|
(5,424 |
) |
|
|
(7,487 |
) |
|
|
(85,698 |
) |
| Death benefits |
|
|
(8,070 |
) |
|
|
(9,773 |
) |
|
|
(8,716 |
) |
|
|
(5,918 |
) |
|
|
(67,752 |
) |
| Increase (decrease) from transactions |
|
|
(27,065 |
) |
|
|
(28,443 |
) |
|
|
(14,236 |
) |
|
|
(18,105 |
) |
|
|
(38,731 |
) |
| Net assets at beginning of year |
|
|
820,464 |
|
|
|
960,670 |
|
|
|
235,961 |
|
|
|
208,979 |
|
|
|
2,042,323 |
|
| Net assets at end of year |
|
$ |
652,683 |
|
|
$ |
737,590 |
|
|
$ |
132,872 |
|
|
$ |
169,837 |
|
|
$ |
1,366,607 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
319,576 |
|
|
|
261,499 |
|
|
|
75,646 |
|
|
|
128,567 |
|
|
|
686,609 |
|
| Units purchased |
|
|
207 |
|
|
|
41 |
|
|
|
70 |
|
|
|
67 |
|
|
|
44,950 |
|
| Units redeemed |
|
|
(13,619 |
) |
|
|
(8,895 |
) |
|
|
(7,031 |
) |
|
|
(12,517 |
) |
|
|
(64,202 |
) |
| Units outstanding at end of year |
|
|
306,164 |
|
|
|
252,645 |
|
|
|
68,685 |
|
|
|
116,117 |
|
|
|
667,357 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 92 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Lazard Retire
Intl Eq,
Serv |
|
|
LVIP Baron
Gro Opp,
Serv Cl |
|
|
MFS Inv
Trust,
Init Cl |
|
|
MFS Inv
Trust,
Serv Cl |
|
|
MFS Mass
Inv Gro Stock,
Serv Cl |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
1,001 |
|
|
$ |
(806 |
) |
|
$ |
(7,858 |
) |
|
$ |
(5,320 |
) |
|
$ |
(21,388 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(136 |
) |
|
|
11,781 |
|
|
|
51,023 |
|
|
|
18,906 |
|
|
|
10,055 |
|
| Distributions from capital gains |
|
|
5,132 |
|
|
|
4,010 |
|
|
|
136,571 |
|
|
|
74,719 |
|
|
|
227,052 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(14,515 |
) |
|
|
(35,945 |
) |
|
|
(402,849 |
) |
|
|
(205,356 |
) |
|
|
(623,395 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(8,518 |
) |
|
|
(20,960 |
) |
|
|
(223,113 |
) |
|
|
(117,051 |
) |
|
|
(407,676 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
24 |
|
|
|
— |
|
|
|
446 |
|
|
|
71,011 |
|
|
|
— |
|
| Net transfers(1) |
|
|
2,496 |
|
|
|
(2 |
) |
|
|
(33,649 |
) |
|
|
(3,209 |
) |
|
|
(15,666 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,858 |
) |
| Contract charges |
|
|
(79 |
) |
|
|
(107 |
) |
|
|
(1,567 |
) |
|
|
(47 |
) |
|
|
(3,085 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
— |
|
|
|
(18,413 |
) |
|
|
(31,290 |
) |
|
|
(36,214 |
) |
|
|
(59,746 |
) |
| Death benefits |
|
|
— |
|
|
|
(616 |
) |
|
|
(20,489 |
) |
|
|
— |
|
|
|
(13,979 |
) |
| Increase (decrease) from transactions |
|
|
2,441 |
|
|
|
(19,138 |
) |
|
|
(86,549 |
) |
|
|
31,541 |
|
|
|
(94,334 |
) |
| Net assets at beginning of year |
|
|
50,859 |
|
|
|
90,274 |
|
|
|
1,306,130 |
|
|
|
695,827 |
|
|
|
2,005,033 |
|
| Net assets at end of year |
|
$ |
44,782 |
|
|
$ |
50,176 |
|
|
$ |
996,468 |
|
|
$ |
610,317 |
|
|
$ |
1,503,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
32,055 |
|
|
|
11,285 |
|
|
|
365,272 |
|
|
|
200,759 |
|
|
|
747,532 |
|
| Units purchased |
|
|
1,766 |
|
|
|
— |
|
|
|
9,664 |
|
|
|
26,754 |
|
|
|
7,342 |
|
| Units redeemed |
|
|
(60 |
) |
|
|
(2,612 |
) |
|
|
(36,175 |
) |
|
|
(13,062 |
) |
|
|
(50,527 |
) |
| Units outstanding at end of year |
|
|
33,761 |
|
|
|
8,673 |
|
|
|
338,761 |
|
|
|
214,451 |
|
|
|
704,347 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
93 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
MFS
New Dis,
Init Cl |
|
|
MFS
New Dis,
Serv Cl |
|
|
MFS
Research,
Init Cl |
|
|
MFS
Total Return,
Init Cl |
|
|
MFS Total
Return,
Serv Cl |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(5,542 |
) |
|
$ |
(20,573 |
) |
|
$ |
(2,909 |
) |
|
$ |
166 |
|
|
$ |
15,448 |
|
| Net realized gain (loss) on sales of investments |
|
|
(11,328 |
) |
|
|
(17,954 |
) |
|
|
3,349 |
|
|
|
317 |
|
|
|
157,185 |
|
| Distributions from capital gains |
|
|
114,231 |
|
|
|
547,069 |
|
|
|
39,747 |
|
|
|
2,564 |
|
|
|
1,133,627 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(250,427 |
) |
|
|
(1,137,328 |
) |
|
|
(107,159 |
) |
|
|
(6,640 |
) |
|
|
(2,915,848 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(153,066 |
) |
|
|
(628,786 |
) |
|
|
(66,972 |
) |
|
|
(3,593 |
) |
|
|
(1,609,588 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
153 |
|
|
|
— |
|
|
|
179 |
|
|
|
— |
|
|
|
2,262 |
|
| Net transfers(1) |
|
|
9,331 |
|
|
|
28,175 |
|
|
|
(152 |
) |
|
|
(626 |
) |
|
|
(55,387 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
(1,195 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(739 |
) |
|
|
(4,561 |
) |
|
|
(415 |
) |
|
|
(53 |
) |
|
|
(41,767 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(15,147 |
) |
|
|
(36,624 |
) |
|
|
(8,133 |
) |
|
|
(1,056 |
) |
|
|
(507,023 |
) |
| Death benefits |
|
|
(20,573 |
) |
|
|
(667 |
) |
|
|
— |
|
|
|
— |
|
|
|
(419,762 |
) |
| Increase (decrease) from transactions |
|
|
(26,975 |
) |
|
|
(14,872 |
) |
|
|
(8,521 |
) |
|
|
(1,735 |
) |
|
|
(1,021,677 |
) |
| Net assets at beginning of year |
|
|
500,146 |
|
|
|
2,034,340 |
|
|
|
367,754 |
|
|
|
34,050 |
|
|
|
14,879,805 |
|
| Net assets at end of year |
|
$ |
320,105 |
|
|
$ |
1,390,682 |
|
|
$ |
292,261 |
|
|
$ |
28,722 |
|
|
$ |
12,248,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
104,982 |
|
|
|
423,549 |
|
|
|
96,954 |
|
|
|
10,004 |
|
|
|
5,095,276 |
|
| Units purchased |
|
|
2,709 |
|
|
|
8,270 |
|
|
|
53 |
|
|
|
— |
|
|
|
6,904 |
|
| Units redeemed |
|
|
(10,174 |
) |
|
|
(10,845 |
) |
|
|
(2,663 |
) |
|
|
(561 |
) |
|
|
(383,553 |
) |
| Units outstanding at end of year |
|
|
97,517 |
|
|
|
420,974 |
|
|
|
94,344 |
|
|
|
9,443 |
|
|
|
4,718,627 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 94 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
MFS
Utilities,
Init Cl |
|
|
MFS
Utilities,
Serv Cl |
|
|
MS VIF
Dis,
Cl II |
|
|
MS VIF
Global Real Est,
Cl II |
|
|
MS VIF US
Real Est, Cl I |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
26,089 |
|
|
$ |
7,609 |
|
|
$ |
(880 |
) |
|
$ |
4,177 |
|
|
$ |
(1,277 |
) |
| Net realized gain (loss) on sales of investments |
|
|
67,892 |
|
|
|
36,763 |
|
|
|
(4,555 |
) |
|
|
(1,883 |
) |
|
|
21,027 |
|
| Distributions from capital gains |
|
|
98,469 |
|
|
|
38,135 |
|
|
|
25,463 |
|
|
|
5,978 |
|
|
|
41,780 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(203,452 |
) |
|
|
(97,382 |
) |
|
|
(86,776 |
) |
|
|
(59,353 |
) |
|
|
(166,391 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(11,002 |
) |
|
|
(14,875 |
) |
|
|
(66,748 |
) |
|
|
(51,081 |
) |
|
|
(104,861 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
167 |
|
|
|
— |
|
|
|
75 |
|
|
|
— |
|
|
|
— |
|
| Net transfers(1) |
|
|
248,086 |
|
|
|
44,982 |
|
|
|
(1 |
) |
|
|
11,142 |
|
|
|
(144,208 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
(2,225 |
) |
|
|
(4,610 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(3,181 |
) |
|
|
(1,837 |
) |
|
|
(11 |
) |
|
|
(985 |
) |
|
|
(728 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(80,647 |
) |
|
|
(59,558 |
) |
|
|
(3,161 |
) |
|
|
(8,895 |
) |
|
|
(12,569 |
) |
| Death benefits |
|
|
(121,960 |
) |
|
|
(23,513 |
) |
|
|
— |
|
|
|
(11,828 |
) |
|
|
(1,927 |
) |
| Increase (decrease) from transactions |
|
|
40,240 |
|
|
|
(44,536 |
) |
|
|
(3,098 |
) |
|
|
(10,566 |
) |
|
|
(159,432 |
) |
| Net assets at beginning of year |
|
|
2,583,121 |
|
|
|
1,074,920 |
|
|
|
106,142 |
|
|
|
196,416 |
|
|
|
422,346 |
|
| Net assets at end of year |
|
$ |
2,612,359 |
|
|
$ |
1,015,509 |
|
|
$ |
36,296 |
|
|
$ |
134,769 |
|
|
$ |
158,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
656,139 |
|
|
|
185,708 |
|
|
|
17,066 |
|
|
|
174,690 |
|
|
|
96,219 |
|
| Units purchased |
|
|
51,508 |
|
|
|
12,852 |
|
|
|
— |
|
|
|
14,497 |
|
|
|
227 |
|
| Units redeemed |
|
|
(47,817 |
) |
|
|
(22,784 |
) |
|
|
(1,158 |
) |
|
|
(23,621 |
) |
|
|
(45,480 |
) |
| Units outstanding at end of year |
|
|
659,830 |
|
|
|
175,776 |
|
|
|
15,908 |
|
|
|
165,566 |
|
|
|
50,966 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
95 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
MS VIF
US Real Est,
Cl II |
|
|
PIMCO
VIT All Asset,
Advisor Cl |
|
|
Put VT
Div Inc,
Cl IA |
|
|
Put VT
Div Inc,
Cl IB |
|
|
Put VT
Emerg Mkts Eq,
Cl IB |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(3,976 |
) |
|
$ |
40,753 |
|
|
$ |
25,250 |
|
|
$ |
8,896 |
|
|
$ |
(2,986 |
) |
| Net realized gain (loss) on sales of investments |
|
|
30,399 |
|
|
|
(12,588 |
) |
|
|
(11,738 |
) |
|
|
(8,082 |
) |
|
|
(49 |
) |
| Distributions from capital gains |
|
|
101,669 |
|
|
|
55,379 |
|
|
|
9,532 |
|
|
|
3,527 |
|
|
|
25,969 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(290,593 |
) |
|
|
(188,958 |
) |
|
|
(38,567 |
) |
|
|
(10,371 |
) |
|
|
(105,951 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(162,501 |
) |
|
|
(105,414 |
) |
|
|
(15,523 |
) |
|
|
(6,030 |
) |
|
|
(83,017 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
396 |
|
|
|
66 |
|
|
|
148 |
|
| Net transfers(1) |
|
|
34,443 |
|
|
|
(20,310 |
) |
|
|
(626 |
) |
|
|
— |
|
|
|
9,141 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
(1,420 |
) |
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(2,063 |
) |
|
|
(4,984 |
) |
|
|
(180 |
) |
|
|
(141 |
) |
|
|
(241 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(73,380 |
) |
|
|
(52,786 |
) |
|
|
(8,942 |
) |
|
|
(14,797 |
) |
|
|
(5,648 |
) |
| Death benefits |
|
|
(43,423 |
) |
|
|
(57,833 |
) |
|
|
(9,008 |
) |
|
|
— |
|
|
|
(12,394 |
) |
| Increase (decrease) from transactions |
|
|
(84,423 |
) |
|
|
(135,913 |
) |
|
|
(19,780 |
) |
|
|
(14,872 |
) |
|
|
(8,994 |
) |
| Net assets at beginning of year |
|
|
673,603 |
|
|
|
849,992 |
|
|
|
471,011 |
|
|
|
174,429 |
|
|
|
285,753 |
|
| Net assets at end of year |
|
$ |
426,679 |
|
|
$ |
608,665 |
|
|
$ |
435,708 |
|
|
$ |
153,527 |
|
|
$ |
193,742 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
211,617 |
|
|
|
498,149 |
|
|
|
182,827 |
|
|
|
91,072 |
|
|
|
190,974 |
|
| Units purchased |
|
|
17,334 |
|
|
|
1,632 |
|
|
|
159 |
|
|
|
35 |
|
|
|
9,048 |
|
| Units redeemed |
|
|
(41,217 |
) |
|
|
(87,851 |
) |
|
|
(7,444 |
) |
|
|
(7,862 |
) |
|
|
(18,581 |
) |
| Units outstanding at end of year |
|
|
187,734 |
|
|
|
411,930 |
|
|
|
175,542 |
|
|
|
83,245 |
|
|
|
181,441 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 96 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Put VT
Focused Intl Eq,
Cl IA |
|
|
Put VT
Global Hlth Care,
Cl IB |
|
|
Put VT
Hi Yield,
Cl IA |
|
|
Put VT
Hi Yield,
Cl IB |
|
|
Put VT
Inc,
Cl IB |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
2,553 |
|
|
$ |
(7,786 |
) |
|
$ |
14,711 |
|
|
$ |
3,653 |
|
|
$ |
1,219 |
|
| Net realized gain (loss) on sales of investments |
|
|
(1,846 |
) |
|
|
32,646 |
|
|
|
(4,227 |
) |
|
|
(2,447 |
) |
|
|
(447 |
) |
| Distributions from capital gains |
|
|
146,626 |
|
|
|
74,920 |
|
|
|
711 |
|
|
|
188 |
|
|
|
— |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(230,607 |
) |
|
|
(159,463 |
) |
|
|
(62,527 |
) |
|
|
(14,757 |
) |
|
|
(5,427 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(83,274 |
) |
|
|
(59,683 |
) |
|
|
(51,332 |
) |
|
|
(13,363 |
) |
|
|
(4,655 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
180 |
|
|
|
30 |
|
|
|
— |
|
| Net transfers(1) |
|
|
— |
|
|
|
(4,005 |
) |
|
|
(200 |
) |
|
|
— |
|
|
|
58 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(161 |
) |
|
|
(2,572 |
) |
|
|
(135 |
) |
|
|
(72 |
) |
|
|
(38 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(3,854 |
) |
|
|
(21,395 |
) |
|
|
(10,032 |
) |
|
|
(8,825 |
) |
|
|
(1,361 |
) |
| Death benefits |
|
|
(11,992 |
) |
|
|
(209,311 |
) |
|
|
(554 |
) |
|
|
— |
|
|
|
— |
|
| Increase (decrease) from transactions |
|
|
(16,007 |
) |
|
|
(237,283 |
) |
|
|
(10,741 |
) |
|
|
(8,867 |
) |
|
|
(1,341 |
) |
| Net assets at beginning of year |
|
|
445,414 |
|
|
|
1,064,367 |
|
|
|
412,913 |
|
|
|
107,699 |
|
|
|
31,598 |
|
| Net assets at end of year |
|
$ |
346,133 |
|
|
$ |
767,401 |
|
|
$ |
350,840 |
|
|
$ |
85,469 |
|
|
$ |
25,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
160,981 |
|
|
|
226,928 |
|
|
|
107,550 |
|
|
|
38,883 |
|
|
|
15,937 |
|
| Units purchased |
|
|
— |
|
|
|
2,750 |
|
|
|
52 |
|
|
|
12 |
|
|
|
34 |
|
| Units redeemed |
|
|
(6,288 |
) |
|
|
(57,579 |
) |
|
|
(3,041 |
) |
|
|
(3,492 |
) |
|
|
(710 |
) |
| Units outstanding at end of year |
|
|
154,693 |
|
|
|
172,099 |
|
|
|
104,561 |
|
|
|
35,403 |
|
|
|
15,261 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
97 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Put VT
Intl Eq,
Cl IB |
|
|
Put VT
Intl Val,
Cl IB |
|
|
Put VT
Lg Cap Gro,
Cl IA |
|
|
Put VT Lg
Cap Gro,
Cl IB |
|
|
Put VT Lg
Cap Val,
Cl IA |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
6,889 |
|
|
$ |
— |
|
|
$ |
(6,088 |
) |
|
$ |
(12,391 |
) |
|
$ |
6,986 |
|
| Net realized gain (loss) on sales of investments |
|
|
(158 |
) |
|
|
— |
|
|
|
5,930 |
|
|
|
13,710 |
|
|
|
42,456 |
|
| Distributions from capital gains |
|
|
362,189 |
|
|
|
8 |
|
|
|
76,730 |
|
|
|
157,417 |
|
|
|
207,104 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(1,003,157 |
) |
|
|
(28 |
) |
|
|
(253,279 |
) |
|
|
(521,907 |
) |
|
|
(369,879 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(634,237 |
) |
|
|
(20 |
) |
|
|
(176,707 |
) |
|
|
(363,171 |
) |
|
|
(113,333 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
2,973 |
|
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
180 |
|
| Net transfers(1) |
|
|
2,935 |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
|
|
|
(89,460 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
(1,134 |
) |
|
|
— |
|
|
|
(442 |
) |
|
|
— |
|
|
|
(729 |
) |
| Contract charges |
|
|
(6,756 |
) |
|
|
— |
|
|
|
(168 |
) |
|
|
(432 |
) |
|
|
(1,176 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(225,373 |
) |
|
|
— |
|
|
|
(5,133 |
) |
|
|
(18,403 |
) |
|
|
(68,477 |
) |
| Death benefits |
|
|
(18,627 |
) |
|
|
— |
|
|
|
(14,535 |
) |
|
|
(25,372 |
) |
|
|
(36,939 |
) |
| Increase (decrease) from transactions |
|
|
(245,982 |
) |
|
|
— |
|
|
|
(20,278 |
) |
|
|
(44,089 |
) |
|
|
(196,601 |
) |
| Net assets at beginning of year |
|
|
4,048,519 |
|
|
|
238 |
|
|
|
577,033 |
|
|
|
1,177,014 |
|
|
|
2,725,568 |
|
| Net assets at end of year |
|
$ |
3,168,300 |
|
|
$ |
218 |
|
|
$ |
380,048 |
|
|
$ |
769,754 |
|
|
$ |
2,415,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
2,434,969 |
|
|
|
— |
|
|
|
193,605 |
|
|
|
402,444 |
|
|
|
1,578,521 |
|
| Units purchased |
|
|
30,467 |
|
|
|
— |
|
|
|
— |
|
|
|
253 |
|
|
|
109 |
|
| Units redeemed |
|
|
(196,175 |
) |
|
|
— |
|
|
|
(7,770 |
) |
|
|
(18,657 |
) |
|
|
(117,704 |
) |
| Units outstanding at end of year |
|
|
2,269,261 |
|
|
|
— |
|
|
|
185,835 |
|
|
|
384,040 |
|
|
|
1,460,926 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 98 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Put VT
Lg Cap Val,
Cl IB |
|
|
Put VT
Research,
Cl IB |
|
|
Put VT
Sm Cap Val,
Cl IB |
|
|
Put VT
Sus Leaders,
Cl IA |
|
|
Put VT
Sus Leaders,
Cl IB |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
4,825 |
|
|
$ |
(363 |
) |
|
$ |
(8,694 |
) |
|
$ |
(13,841 |
) |
|
$ |
(20,998 |
) |
| Net realized gain (loss) on sales of investments |
|
|
31,133 |
|
|
|
6,640 |
|
|
|
(7,475 |
) |
|
|
52,752 |
|
|
|
60,825 |
|
| Distributions from capital gains |
|
|
217,224 |
|
|
|
3,745 |
|
|
|
85,497 |
|
|
|
356,671 |
|
|
|
430,667 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(364,874 |
) |
|
|
(21,708 |
) |
|
|
(164,942 |
) |
|
|
(1,121,535 |
) |
|
|
(1,296,147 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(111,692 |
) |
|
|
(11,686 |
) |
|
|
(95,614 |
) |
|
|
(725,953 |
) |
|
|
(825,653 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
328 |
|
|
|
985 |
|
|
|
100 |
|
|
|
744 |
|
|
|
810 |
|
| Net transfers(1) |
|
|
104,914 |
|
|
|
(604 |
) |
|
|
(7,773 |
) |
|
|
(67,302 |
) |
|
|
(23,255 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
(4,853 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,840 |
) |
| Contract charges |
|
|
(5,235 |
) |
|
|
(223 |
) |
|
|
(849 |
) |
|
|
(1,125 |
) |
|
|
(2,679 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(84,597 |
) |
|
|
(8,744 |
) |
|
|
(50,417 |
) |
|
|
(60,738 |
) |
|
|
(110,211 |
) |
| Death benefits |
|
|
(43,709 |
) |
|
|
(5,726 |
) |
|
|
(11,894 |
) |
|
|
(53,000 |
) |
|
|
(81,632 |
) |
| Increase (decrease) from transactions |
|
|
(33,152 |
) |
|
|
(14,312 |
) |
|
|
(70,833 |
) |
|
|
(181,421 |
) |
|
|
(219,807 |
) |
| Net assets at beginning of year |
|
|
2,747,341 |
|
|
|
70,853 |
|
|
|
699,793 |
|
|
|
3,112,354 |
|
|
|
3,511,246 |
|
| Net assets at end of year |
|
$ |
2,602,497 |
|
|
$ |
44,855 |
|
|
$ |
533,346 |
|
|
$ |
2,204,980 |
|
|
$ |
2,465,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
1,596,100 |
|
|
|
15,156 |
|
|
|
240,843 |
|
|
|
327,576 |
|
|
|
703,348 |
|
| Units purchased |
|
|
85,570 |
|
|
|
265 |
|
|
|
55 |
|
|
|
97 |
|
|
|
4,623 |
|
| Units redeemed |
|
|
(97,201 |
) |
|
|
(3,572 |
) |
|
|
(25,224 |
) |
|
|
(23,144 |
) |
|
|
(58,159 |
) |
| Units outstanding at end of year |
|
|
1,584,469 |
|
|
|
11,849 |
|
|
|
215,674 |
|
|
|
304,529 |
|
|
|
649,812 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
99 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Royce
Micro-Cap,
Invest Cl |
|
|
Royce
Sm-Cap, Invest
Cl |
|
|
Temp
Dev Mkts,
Cl 2 |
|
|
Temp
Foreign,
Cl 2 |
|
|
Temp
Global
Bond,
Cl 2 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(5,165 |
) |
|
$ |
(2,753 |
) |
|
$ |
3,198 |
|
|
$ |
42,061 |
|
|
$ |
(119,428 |
) |
| Net realized gain (loss) on sales of investments |
|
|
5,356 |
|
|
|
(1,125 |
) |
|
|
(862 |
) |
|
|
(13,359 |
) |
|
|
(433,409 |
) |
| Distributions from capital gains |
|
|
104,650 |
|
|
|
4,516 |
|
|
|
18,258 |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(210,158 |
) |
|
|
(33,680 |
) |
|
|
(89,322 |
) |
|
|
(267,328 |
) |
|
|
52,909 |
|
| Net increase (decrease) in net assets resulting from
operations |
|
|
(105,317 |
) |
|
|
(33,042 |
) |
|
|
(68,728 |
) |
|
|
(238,626 |
) |
|
|
(499,928 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
115 |
|
|
|
833 |
|
|
|
1,439 |
|
|
|
24,662 |
|
| Net transfers(1) |
|
|
5,250 |
|
|
|
1 |
|
|
|
— |
|
|
|
14,602 |
|
|
|
(519,086 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,109 |
) |
| Contract charges |
|
|
(871 |
) |
|
|
(594 |
) |
|
|
(405 |
) |
|
|
(7,402 |
) |
|
|
(37,893 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(24,146 |
) |
|
|
(21,758 |
) |
|
|
(2,376 |
) |
|
|
(102,042 |
) |
|
|
(780,447 |
) |
| Death benefits |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(46,663 |
) |
|
|
(333,375 |
) |
| Increase (decrease) from transactions |
|
|
(19,767 |
) |
|
|
(22,236 |
) |
|
|
(1,948 |
) |
|
|
(140,066 |
) |
|
|
(1,647,248 |
) |
| Net assets at beginning of year |
|
|
445,344 |
|
|
|
306,194 |
|
|
|
299,776 |
|
|
|
2,765,944 |
|
|
|
8,625,975 |
|
| Net assets at end of year |
|
$ |
320,260 |
|
|
$ |
250,916 |
|
|
$ |
229,100 |
|
|
$ |
2,387,252 |
|
|
$ |
6,478,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
73,523 |
|
|
|
51,099 |
|
|
|
94,665 |
|
|
|
1,653,360 |
|
|
|
5,108,666 |
|
| Units purchased |
|
|
1,778 |
|
|
|
22 |
|
|
|
342 |
|
|
|
16,580 |
|
|
|
15,356 |
|
| Units redeemed |
|
|
(5,697 |
) |
|
|
(4,337 |
) |
|
|
(1,030 |
) |
|
|
(99,566 |
) |
|
|
(1,021,681 |
) |
| Units outstanding at end of year |
|
|
69,604 |
|
|
|
46,784 |
|
|
|
93,977 |
|
|
|
1,570,374 |
|
|
|
4,102,341 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 100 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
Temp
Gro,
Cl 2 |
|
|
Third Ave
VST Third
Ave Value |
|
|
VP
Aggr,
Cl 2 |
|
|
VP
Aggr,
Cl 4 |
|
|
VP
Conserv,
Cl 2 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(3,467 |
) |
|
$ |
(21 |
) |
|
$ |
(157,157 |
) |
|
$ |
(1,029,785 |
) |
|
$ |
(223,293 |
) |
| Net realized gain (loss) on sales of investments |
|
|
(5,519 |
) |
|
|
2,609 |
|
|
|
992,368 |
|
|
|
5,437,405 |
|
|
|
267,987 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(28,741 |
) |
|
|
23,548 |
|
|
|
(3,595,920 |
) |
|
|
(20,725,847 |
) |
|
|
(3,089,373 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(37,727 |
) |
|
|
26,136 |
|
|
|
(2,760,709 |
) |
|
|
(16,318,227 |
) |
|
|
(3,044,679 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
225 |
|
|
|
185 |
|
|
|
— |
|
|
|
4,800 |
|
|
|
66,442 |
|
| Net transfers(1) |
|
|
4 |
|
|
|
(619 |
) |
|
|
(1,111,066 |
) |
|
|
(2,025,380 |
) |
|
|
2,417,931 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(386 |
) |
|
|
(457 |
) |
|
|
(148,068 |
) |
|
|
(459,744 |
) |
|
|
(194,310 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(10,090 |
) |
|
|
(20,179 |
) |
|
|
(726,396 |
) |
|
|
(4,996,167 |
) |
|
|
(3,468,092 |
) |
| Death benefits |
|
|
(14,928 |
) |
|
|
— |
|
|
|
— |
|
|
|
(260,600 |
) |
|
|
(437,306 |
) |
| Increase (decrease) from transactions |
|
|
(25,175 |
) |
|
|
(21,070 |
) |
|
|
(1,985,530 |
) |
|
|
(7,737,091 |
) |
|
|
(1,615,335 |
) |
| Net assets at beginning of year |
|
|
301,840 |
|
|
|
199,787 |
|
|
|
14,971,758 |
|
|
|
86,903,764 |
|
|
|
18,960,584 |
|
| Net assets at end of year |
|
$ |
238,938 |
|
|
$ |
204,853 |
|
|
$ |
10,225,519 |
|
|
$ |
62,848,446 |
|
|
$ |
14,300,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
184,082 |
|
|
|
64,938 |
|
|
|
5,958,433 |
|
|
|
35,238,569 |
|
|
|
13,302,342 |
|
| Units purchased |
|
|
981 |
|
|
|
57 |
|
|
|
80,590 |
|
|
|
137,609 |
|
|
|
2,081,329 |
|
| Units redeemed |
|
|
(19,347 |
) |
|
|
(6,731 |
) |
|
|
(998,680 |
) |
|
|
(3,783,019 |
) |
|
|
(3,355,528 |
) |
| Units outstanding at end of year |
|
|
165,716 |
|
|
|
58,264 |
|
|
|
5,040,343 |
|
|
|
31,593,159 |
|
|
|
12,028,143 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
101 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
VP
Conserv,
Cl 4 |
|
|
VP
Man Risk,
Cl 2 |
|
|
VP
Man Risk US,
Cl 2 |
|
|
VP Man
Vol Conserv,
Cl 2 |
|
|
VP Man
Vol Conserv
Gro,
Cl 2 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(730,700 |
) |
|
$ |
(4,634 |
) |
|
$ |
(346 |
) |
|
$ |
(187,892 |
) |
|
$ |
(524,383 |
) |
| Net realized gain (loss) on sales of investments |
|
|
3,045,401 |
|
|
|
4,082 |
|
|
|
464 |
|
|
|
149,324 |
|
|
|
1,100,595 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(12,177,208 |
) |
|
|
(79,800 |
) |
|
|
(6,305 |
) |
|
|
(2,252,180 |
) |
|
|
(8,071,393 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(9,862,507 |
) |
|
|
(80,352 |
) |
|
|
(6,187 |
) |
|
|
(2,290,748 |
) |
|
|
(7,495,181 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
101,904 |
|
|
|
— |
|
|
|
— |
|
|
|
100 |
|
|
|
— |
|
| Net transfers(1) |
|
|
3,645,723 |
|
|
|
(2 |
) |
|
|
(1 |
) |
|
|
1,336,857 |
|
|
|
1,156,494 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(555,080 |
) |
|
|
(6,793 |
) |
|
|
(438 |
) |
|
|
(111,688 |
) |
|
|
(320,562 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(7,186,490 |
) |
|
|
(18,975 |
) |
|
|
(1,957 |
) |
|
|
(932,942 |
) |
|
|
(3,161,120 |
) |
| Death benefits |
|
|
(5,738,781 |
) |
|
|
(36,959 |
) |
|
|
— |
|
|
|
(466,735 |
) |
|
|
(2,105,325 |
) |
| Increase (decrease) from transactions |
|
|
(9,732,724 |
) |
|
|
(62,729 |
) |
|
|
(2,396 |
) |
|
|
(174,408 |
) |
|
|
(4,430,513 |
) |
| Net assets at beginning of year |
|
|
62,612,721 |
|
|
|
458,754 |
|
|
|
34,714 |
|
|
|
13,538,364 |
|
|
|
42,466,606 |
|
| Net assets at end of year |
|
$ |
43,017,490 |
|
|
$ |
315,673 |
|
|
$ |
26,131 |
|
|
$ |
11,073,208 |
|
|
$ |
30,540,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
44,394,452 |
|
|
|
355,751 |
|
|
|
24,211 |
|
|
|
11,095,408 |
|
|
|
32,135,236 |
|
| Units purchased |
|
|
4,057,861 |
|
|
|
— |
|
|
|
— |
|
|
|
1,265,649 |
|
|
|
998,236 |
|
| Units redeemed |
|
|
(11,867,226 |
) |
|
|
(55,411 |
) |
|
|
(1,965 |
) |
|
|
(1,400,097 |
) |
|
|
(4,860,236 |
) |
| Units outstanding at end of year |
|
|
36,585,087 |
|
|
|
300,340 |
|
|
|
22,246 |
|
|
|
10,960,960 |
|
|
|
28,273,236 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 102 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
VP Man
Vol Gro,
Cl 2 |
|
|
VP Man
Vol Mod Gro,
Cl 2 |
|
|
VP
Mod,
Cl 2 |
|
|
VP
Mod,
Cl 4 |
|
|
VP
Mod Aggr,
Cl 2 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(1,390,704 |
) |
|
$ |
(2,873,897 |
) |
|
$ |
(2,807,808 |
) |
|
$ |
(10,400,950 |
) |
|
$ |
(568,372 |
) |
| Net realized gain (loss) on sales of investments |
|
|
3,684,421 |
|
|
|
6,476,137 |
|
|
|
10,209,415 |
|
|
|
49,625,468 |
|
|
|
4,901,429 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(26,184,055 |
) |
|
|
(47,452,926 |
) |
|
|
(52,235,979 |
) |
|
|
(188,212,108 |
) |
|
|
(14,172,033 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(23,890,338 |
) |
|
|
(43,850,686 |
) |
|
|
(44,834,372 |
) |
|
|
(148,987,590 |
) |
|
|
(9,838,976 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
47,379 |
|
|
|
141,667 |
|
|
|
109,621 |
|
|
|
685,064 |
|
|
|
7,971 |
|
| Net transfers(1) |
|
|
(429,265 |
) |
|
|
(1,657,880 |
) |
|
|
3,819,916 |
|
|
|
2,442,070 |
|
|
|
(4,132,040 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
(4,762 |
) |
|
|
(15,745 |
) |
|
|
— |
|
| Contract charges |
|
|
(1,002,727 |
) |
|
|
(1,751,468 |
) |
|
|
(3,070,706 |
) |
|
|
(7,793,846 |
) |
|
|
(345,351 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(8,044,034 |
) |
|
|
(17,272,790 |
) |
|
|
(18,482,202 |
) |
|
|
(71,335,542 |
) |
|
|
(5,667,683 |
) |
| Death benefits |
|
|
(2,319,530 |
) |
|
|
(2,975,446 |
) |
|
|
(2,170,395 |
) |
|
|
(17,052,011 |
) |
|
|
(322,341 |
) |
| Increase (decrease) from transactions |
|
|
(11,748,177 |
) |
|
|
(23,515,917 |
) |
|
|
(19,798,528 |
) |
|
|
(93,070,010 |
) |
|
|
(10,459,444 |
) |
| Net assets at beginning of year |
|
|
120,064,943 |
|
|
|
233,146,577 |
|
|
|
259,307,349 |
|
|
|
865,824,791 |
|
|
|
55,690,503 |
|
| Net assets at end of year |
|
$ |
84,426,428 |
|
|
$ |
165,779,974 |
|
|
$ |
194,674,449 |
|
|
$ |
623,767,191 |
|
|
$ |
35,392,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
78,466,530 |
|
|
|
162,991,077 |
|
|
|
132,829,827 |
|
|
|
452,164,768 |
|
|
|
25,188,434 |
|
| Units purchased |
|
|
159,513 |
|
|
|
472,980 |
|
|
|
2,549,700 |
|
|
|
3,896,606 |
|
|
|
2,644 |
|
| Units redeemed |
|
|
(9,148,962 |
) |
|
|
(19,672,932 |
) |
|
|
(14,216,576 |
) |
|
|
(59,997,137 |
) |
|
|
(5,511,424 |
) |
| Units outstanding at end of year |
|
|
69,477,081 |
|
|
|
143,791,125 |
|
|
|
121,162,951 |
|
|
|
396,064,237 |
|
|
|
19,679,654 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
103 |
|
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
VP Mod
Aggr,
Cl 4 |
|
|
VP Mod
Conserv,
Cl 2 |
|
|
VP Mod
Conserv,
Cl 4 |
|
|
VP Ptnrs
Core Eq,
Cl 3 |
|
|
VP Ptnrs
Sm Cap
Val,
Cl 3 |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(2,665,501 |
) |
|
$ |
(418,368 |
) |
|
$ |
(1,127,471 |
) |
|
$ |
(12,862 |
) |
|
$ |
(157,911 |
) |
| Net realized gain (loss) on sales of investments |
|
|
16,579,338 |
|
|
|
1,283,262 |
|
|
|
4,263,283 |
|
|
|
99,724 |
|
|
|
1,005,937 |
|
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(54,075,224 |
) |
|
|
(7,026,829 |
) |
|
|
(18,508,215 |
) |
|
|
(264,397 |
) |
|
|
(2,450,809 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(40,161,387 |
) |
|
|
(6,161,935 |
) |
|
|
(15,372,403 |
) |
|
|
(177,535 |
) |
|
|
(1,602,783 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
312,568 |
|
|
|
— |
|
|
|
79,634 |
|
|
|
— |
|
|
|
44,988 |
|
| Net transfers(1) |
|
|
(7,414,843 |
) |
|
|
(140,059 |
) |
|
|
388,368 |
|
|
|
(5,887 |
) |
|
|
(548,585 |
) |
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(1,250,869 |
) |
|
|
(430,505 |
) |
|
|
(778,751 |
) |
|
|
(6,797 |
) |
|
|
(46,735 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(15,912,846 |
) |
|
|
(2,307,617 |
) |
|
|
(7,411,198 |
) |
|
|
(59,669 |
) |
|
|
(985,619 |
) |
| Death benefits |
|
|
(4,000,065 |
) |
|
|
(1,035,069 |
) |
|
|
(2,065,095 |
) |
|
|
(57,898 |
) |
|
|
(331,987 |
) |
| Increase (decrease) from transactions |
|
|
(28,266,055 |
) |
|
|
(3,913,250 |
) |
|
|
(9,787,042 |
) |
|
|
(130,251 |
) |
|
|
(1,867,938 |
) |
| Net assets at beginning of year |
|
|
220,850,905 |
|
|
|
36,379,976 |
|
|
|
91,018,398 |
|
|
|
991,780 |
|
|
|
11,935,015 |
|
| Net assets at end of year |
|
$ |
152,423,463 |
|
|
$ |
26,304,791 |
|
|
$ |
65,858,953 |
|
|
$ |
683,994 |
|
|
$ |
8,464,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
101,714,539 |
|
|
|
21,919,815 |
|
|
|
55,536,118 |
|
|
|
393,196 |
|
|
|
3,667,969 |
|
| Units purchased |
|
|
172,241 |
|
|
|
10,688 |
|
|
|
627,348 |
|
|
|
1,026 |
|
|
|
15,939 |
|
| Units redeemed |
|
|
(15,326,142 |
) |
|
|
(2,767,327 |
) |
|
|
(7,520,858 |
) |
|
|
(60,514 |
) |
|
|
(636,826 |
) |
| Units outstanding at end of year |
|
|
86,560,638 |
|
|
|
19,163,176 |
|
|
|
48,642,608 |
|
|
|
333,708 |
|
|
|
3,047,082 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
| 104 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Statement of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Year ended December 31, 2022 (continued) |
|
VP US
Flex Conserv
Gro,
Cl 2 |
|
|
VP US
Flex Gro,
Cl 2 |
|
|
VP US
Flex Mod Gro,
Cl 2 |
|
|
Wanger
Acorn |
|
|
Wanger
Intl |
|
| Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment income (loss) — net |
|
$ |
(5,460 |
) |
|
$ |
(41,165 |
) |
|
$ |
(23,542 |
) |
|
$ |
(87,810 |
) |
|
$ |
(34,178 |
) |
| Net realized gain (loss) on sales of investments |
|
|
6,493 |
|
|
|
128,226 |
|
|
|
38,388 |
|
|
|
(478,783 |
) |
|
|
(177,153 |
) |
| Distributions from capital gains |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,945,179 |
|
|
|
885,729 |
|
| Net change in unrealized appreciation or depreciation of
investments |
|
|
(85,737 |
) |
|
|
(865,053 |
) |
|
|
(489,765 |
) |
|
|
(3,787,419 |
) |
|
|
(2,937,887 |
) |
| Net increase (decrease) in net assets resulting from
operations |
|
|
(84,704 |
) |
|
|
(777,992 |
) |
|
|
(474,919 |
) |
|
|
(2,408,833 |
) |
|
|
(2,263,489 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Contract purchase payments |
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
20,561 |
|
|
|
34,789 |
|
| Net transfers(1) |
|
|
90,547 |
|
|
|
962,863 |
|
|
|
(358,972 |
) |
|
|
1,193,344 |
|
|
|
1,129,095 |
|
| Adjustments to net assets allocated to contracts in payment period |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Contract charges |
|
|
(7,931 |
) |
|
|
(62,093 |
) |
|
|
(32,739 |
) |
|
|
(24,821 |
) |
|
|
(22,581 |
) |
| Contract terminations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Surrender benefits |
|
|
(43,926 |
) |
|
|
(203,218 |
) |
|
|
(166,135 |
) |
|
|
(529,270 |
) |
|
|
(493,534 |
) |
| Death benefits |
|
|
— |
|
|
|
— |
|
|
|
(36,228 |
) |
|
|
(193,673 |
) |
|
|
(179,069 |
) |
| Increase (decrease) from transactions |
|
|
38,690 |
|
|
|
697,552 |
|
|
|
(594,070 |
) |
|
|
466,141 |
|
|
|
468,700 |
|
| Net assets at beginning of year |
|
|
488,155 |
|
|
|
3,748,219 |
|
|
|
2,840,905 |
|
|
|
6,733,107 |
|
|
|
6,319,051 |
|
| Net assets at end of year |
|
$ |
442,141 |
|
|
$ |
3,667,779 |
|
|
$ |
1,771,916 |
|
|
$ |
4,790,415 |
|
|
$ |
4,524,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulation unit activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Units outstanding at beginning of year |
|
|
363,186 |
|
|
|
2,316,153 |
|
|
|
1,916,148 |
|
|
|
1,470,531 |
|
|
|
1,594,876 |
|
| Units purchased |
|
|
81,916 |
|
|
|
746,645 |
|
|
|
20,164 |
|
|
|
348,209 |
|
|
|
394,805 |
|
| Units redeemed |
|
|
(44,557 |
) |
|
|
(241,769 |
) |
|
|
(467,634 |
) |
|
|
(221,411 |
) |
|
|
(239,125 |
) |
| Units outstanding at end of year |
|
|
400,545 |
|
|
|
2,821,029 |
|
|
|
1,468,678 |
|
|
|
1,597,329 |
|
|
|
1,750,556 |
|
| (1) |
Includes transfer activity from (to) other divisions and transfers from (to) RiverSource Life’s fixed account.
|
See accompanying notes to financial statements.
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
105 |
|
Notes to Financial Statements
1. ORGANIZATION
RiverSource Variable Annuity Account (the
Account) was established under Indiana law as a segregated asset account of RiverSource Life Insurance Company (RiverSource Life). The Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended (the 1940
Act) and exists in accordance with the rules and regulations of the Indiana Department of Insurance.
The Account is used as a funding vehicle for
individual variable annuity contracts issued by RiverSource Life. The following is a list of each variable annuity product funded through the Account.
Evergreen Essential Variable Annuity (EG Essential)
Evergreen
New Solutions Variable Annuity (EG New Solutions)
Evergreen New Solutions Select Variable Annuity (EG New Solutions Select)
Evergreen Pathways Variable Annuity (EG Pathways)
Evergreen
Pathways Select Variable Annuity (EG Pathways Select)
Evergreen Privilege Variable Annuity (EG Privilege)
RiverSource® AccessChoice Select Variable Annuity (AccessChoice Select)
RiverSource® Builder Select Variable Annuity (Builder Select)
RiverSource® Endeavor Select Variable Annuity (Endeavor Select)
RiverSource® FlexChoice Variable Annuity (FlexChoice)
RiverSource® FlexChoice Select Variable Annuity (FlexChoice Select)
RiverSource® Galaxy Premier Variable Annuity (Galaxy)
RiverSource® Innovations Variable Annuity (Innovations)
RiverSource® Innovations Select Variable Annuity (Innovations Select)
RiverSource® Innovations Classic Variable Annuity (Innovations Classic)
RiverSource® Innovations Classic Select Variable Annuity (Innovations Classic Select)
RiverSource® New Solutions Variable Annuity (New Solutions)
RiverSource® Personal Portfolio Variable Annuity (Personal Portfolio)*
RiverSource® Personal Portfolio Plus Variable Annuity (Personal Portfolio Plus)*
RiverSource® Personal Portfolio Plus2 Variable
Annuity (Personal Portfolio Plus2)*
RiverSource® Pinnacle Variable Annuity (Pinnacle)
RiverSource® Platinum Variable Annuity (Platinum)*
RiverSource® Preferred Variable Annuity (Preferred)*
RiverSource® Signature Variable Annuity (Signature)
RiverSource® Signature Select Variable Annuity (Signature Select)
RiverSource® Signature One Variable Annuity (Signature One)
RiverSource® Signature One Select Variable Annuity (Signature One Select)
Wells Fargo Advantage Variable Annuity (Wells Advantage)
Wells
Fargo Advantage Select Variable Annuity (Wells Advantage Select)
Wells Fargo Advantage Builder Variable Annuity (Wells Builder)
Wells Fargo Advantage Choice Variable Annuity (Wells Choice)
Wells Fargo Advantage Choice Select Variable Annuity (Wells Choice Select)
| * |
New contracts are no longer being issued for this product. As a result, an annual contract prospectus and statement of
additional information are no longer distributed. An annual report for this product is distributed to all current contract holders. |
The
Account is comprised of various divisions. Each division invests exclusively in shares of the following funds or portfolios (collectively, the Funds), which are registered under the 1940 Act as open-end management investment companies. The name of
each Fund and the corresponding division name are provided below. Each division is comprised of subaccounts. Individual variable annuity accounts invest in subaccounts. For each division, the financial statements are comprised of a statement of
assets and liabilities as of December 31, 2023, a related statement of operations for the year then ended and statements of changes in net assets for each of the two years in the period then ended, all presented to reflect a full twelve month
period except as noted below.
|
|
|
| Division |
|
Fund |
| AB VPS Bal Hedged Alloc, Cl B |
|
AB VPS Balanced Hedged Allocation Portfolio (Class B) |
| AB VPS Intl Val, Cl B |
|
AB VPS International Value Portfolio (Class B) |
| AB VPS Lg Cap Gro, Cl B |
|
AB VPS Large Cap Growth Portfolio (Class
B) |
|
|
|
|
|
| 106 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
|
|
|
| Division |
|
Fund |
| AB VPS Relative Val, Cl B |
|
AB VPS Relative Value Portfolio (Class B)
(previously AB VPS Growth and Income Portfolio (Class
B)) |
| AB VPS Sus Gbl Thematic, Cl B |
|
AB VPS Sustainable Global Thematic Portfolio (Class B) |
| Allspg VT Dis All Cap Gro, Cl 1 |
|
Allspring VT Discovery All Cap Growth Fund – Class 1
(previously Allspring VT Omega Growth Fund
– Class 1) |
| Allspg VT Dis All Cap Gro, Cl 2 |
|
Allspring VT Discovery All Cap Growth Fund – Class 2
(previously Allspring VT Omega Growth Fund
– Class 2) |
| Allspg VT Index Asset Alloc, Cl 2 |
|
Allspring VT Index Asset Allocation Fund – Class 2 |
| Allspg VT Intl Eq, Cl 1 |
|
Allspring VT International Equity Fund – Class
1(1) |
| Allspg VT Intl Eq, Cl 2 |
|
Allspring VT International Equity Fund – Class
2(2) |
| Allspg VT Opp, Cl 1 |
|
Allspring VT Opportunity Fund – Class 1 |
| Allspg VT Opp, Cl 2 |
|
Allspring VT Opportunity Fund – Class 2 |
| Allspg VT Sm Cap Gro, Cl 2 |
|
Allspring VT Small Cap Growth Fund – Class 2 |
| AC VP Disciplined Core Val, Cl I |
|
American Century VP Disciplined Core Value, Class
I(3) |
| AC VP Inflation Prot, Cl II |
|
American Century VP Inflation Protection, Class
II(4) |
| AC VP Intl, Cl II |
|
American Century VP International, Class
II(5) |
| AC VP Mid Cap Val, Cl II |
|
American Century VP Mid Cap Value, Class
II(6) |
| AC VP Ultra, Cl II |
|
American Century VP Ultra®, Class II(7) |
| AC VP Val, Cl I |
|
American Century VP Value, Class I(8) |
| AC VP Val, Cl II |
|
American Century VP Value, Class II(9) |
| BNY Mellon IP MidCap Stock, Serv |
|
BNY Mellon Investment Portfolios, MidCap Stock Portfolio – Service Shares |
| BNY Mellon IP Tech Gro, Serv |
|
BNY Mellon Investment Portfolios, Technology Growth Portfolio – Service Shares |
| BNY Mellon Sus US Eq, Init |
|
BNY Mellon Sustainable U.S. Equity Portfolio, Inc. – Initial Shares |
| BNY Mellon VIF Appr, Serv |
|
BNY Mellon Variable Investment Fund, Appreciation Portfolio – Service Shares |
| CB Var Sm Cap Gro, Cl I |
|
ClearBridge Variable Small Cap Growth Portfolio – Class I |
| Col VP Bal, Cl 3 |
|
Columbia Variable Portfolio – Balanced Fund (Class 3) |
| Col VP Disciplined Core, Cl 3 |
|
Columbia Variable Portfolio – Disciplined Core Fund (Class 3) |
| Col VP Divd Opp, Cl 3 |
|
Columbia Variable Portfolio – Dividend Opportunity Fund (Class 3) |
| Col VP Emer Mkts, Cl 3 |
|
Columbia Variable Portfolio – Emerging Markets Fund (Class 3) |
| Col VP Govt Money Mkt, Cl 1 |
|
Columbia Variable Portfolio – Government Money Market Fund (Class 1) |
| Col VP Govt Money Mkt, Cl 3 |
|
Columbia Variable Portfolio – Government Money Market Fund (Class 3) |
| Col VP Hi Yield Bond, Cl 3 |
|
Columbia Variable Portfolio – High Yield Bond Fund (Class 3) |
| Col VP Inc Opp, Cl 1 |
|
Columbia Variable Portfolio – Income Opportunities Fund (Class 1) |
| Col VP Inc Opp, Cl 3 |
|
Columbia Variable Portfolio – Income Opportunities Fund (Class 3) |
| Col VP Inter Bond, Cl 3 |
|
Columbia Variable Portfolio – Intermediate Bond Fund (Class 3) |
| Col VP Lg Cap Gro, Cl 1 |
|
Columbia Variable Portfolio – Large Cap Growth Fund (Class 1) |
| Col VP Lg Cap Gro, Cl 3 |
|
Columbia Variable Portfolio – Large Cap Growth Fund (Class 3) |
| Col VP Lg Cap Index, Cl 3 |
|
Columbia Variable Portfolio – Large Cap Index Fund (Class 3) |
| Col VP Overseas Core, Cl 3 |
|
Columbia Variable Portfolio – Overseas Core Fund (Class 3) |
| Col VP Select Lg Cap Val, Cl 3 |
|
Columbia Variable Portfolio – Select Large Cap Value Fund (Class 3) |
| Col VP Select Mid Cap Gro, Cl 3 |
|
Columbia Variable Portfolio – Select Mid Cap Growth Fund (Class 3) |
| Col VP Select Mid Cap Val, Cl 3 |
|
Columbia Variable Portfolio – Select Mid Cap Value Fund (Class 3) |
| Col VP Select Sm Cap Val, Cl 3 |
|
Columbia Variable Portfolio – Select Small Cap Value Fund (Class 3) |
| Col VP Sm Cap Val, Cl 2 |
|
Columbia Variable Portfolio – Small Cap Value Fund (Class 2) |
| Col VP Sm Co Gro, Cl 1 |
|
Columbia Variable Portfolio – Small Company Growth Fund (Class 1) |
| Col VP US Govt Mtge, Cl 1 |
|
Columbia Variable Portfolio – U.S. Government Mortgage Fund (Class 1) |
| Col VP US Govt Mtge, Cl 3 |
|
Columbia Variable Portfolio – U.S. Government Mortgage Fund (Class 3) |
| CS Commodity Return, Cl 1 |
|
Credit Suisse Trust – Commodity Return Strategy Portfolio, Class 1 |
| CTIVP BR Gl Infl Prot Sec, Cl 3 |
|
CTIVP® – BlackRock Global Inflation-Protected
Securities Fund (Class 3) |
| CTIVP Prin Blue Chip Gro, Cl 1 |
|
CTIVP® – Principal Blue Chip Growth Fund (Class
1) |
| CTIVP Vty Sycamore Estb Val, Cl 3 |
|
CTIVP® – Victory Sycamore Established Value
Fund (Class 3) |
| EV VT Floating-Rate Inc, Init Cl |
|
Eaton Vance VT Floating-Rate Income Fund – Initial Class |
| Fid VIP Bal, Serv Cl |
|
Fidelity® VIP Balanced Portfolio Service
Class |
| Fid VIP Bal, Serv Cl 2 |
|
Fidelity® VIP Balanced Portfolio Service Class
2 |
| Fid VIP Contrafund, Serv Cl |
|
Fidelity® VIP ContrafundSM Portfolio Service Class |
| Fid VIP Contrafund, Serv Cl 2 |
|
Fidelity® VIP ContrafundSM Portfolio Service Class 2 |
| Fid VIP Dyn Appr, Serv Cl 2 |
|
Fidelity® VIP Dynamic Capital Appreciation Portfolio
Service Class 2 |
| Fid VIP Gro & Inc, Serv Cl |
|
Fidelity® VIP Growth & Income Portfolio Service
Class |
| Fid VIP Gro & Inc, Serv Cl 2 |
|
Fidelity®
VIP Growth & Income Portfolio Service Class 2 |
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
107 |
|
|
|
|
| Division |
|
Fund |
| Fid VIP Gro, Serv Cl |
|
Fidelity® VIP Growth Portfolio Service
Class |
| Fid VIP Gro, Serv Cl 2 |
|
Fidelity® VIP Growth Portfolio Service Class
2 |
| Fid VIP Hi Inc, Serv Cl |
|
Fidelity® VIP High Income Portfolio Service
Class |
| Fid VIP Hi Inc, Serv Cl 2 |
|
Fidelity® VIP High Income Portfolio Service Class
2 |
| Fid VIP Invest Gr, Serv Cl 2 |
|
Fidelity® VIP Investment Grade Bond Portfolio
Service Class 2 |
| Fid VIP Mid Cap, Serv Cl |
|
Fidelity® VIP Mid Cap Portfolio Service
Class |
| Fid VIP Mid Cap, Serv Cl 2 |
|
Fidelity® VIP Mid Cap Portfolio Service Class
2 |
| Fid VIP Overseas, Serv Cl |
|
Fidelity® VIP Overseas Portfolio Service
Class |
| Fid VIP Overseas, Serv Cl 2 |
|
Fidelity® VIP Overseas Portfolio Service Class
2 |
| Frank Global Real Est, Cl 2 |
|
Franklin Global Real Estate VIP Fund – Class 2 |
| Frank Inc, Cl 2 |
|
Franklin Income VIP Fund – Class 2 |
| Frank Mutual Shares, Cl 2 |
|
Franklin Mutual Shares VIP Fund – Class 2 |
| Frank Rising Divd, Cl 2 |
|
Franklin Rising Dividends VIP Fund – Class 2 |
| Frank Sm Cap Val, Cl 2 |
|
Franklin Small Cap Value VIP Fund – Class 2 |
| Frank Sm Mid Cap Gro, Cl 2 |
|
Franklin Small-Mid Cap Growth VIP Fund – Class 2 |
| GS VIT Intl Eq Insights, Inst |
|
Goldman Sachs VIT International Equity Insights Fund – Institutional Shares |
| GS VIT Mid Cap Val, Inst |
|
Goldman Sachs VIT Mid Cap Value Fund – Institutional Shares |
| GS VIT Strategic Gro, Inst |
|
Goldman Sachs VIT Strategic Growth Fund – Institutional Shares |
| GS VIT U.S. Eq Insights, Inst |
|
Goldman Sachs VIT U.S. Equity Insights Fund – Institutional Shares |
| Invesco VI Am Fran, Ser I |
|
Invesco V.I. American Franchise Fund, Series I Shares |
| Invesco VI Am Fran, Ser II |
|
Invesco V.I. American Franchise Fund, Series II Shares |
| Invesco VI American Value, Ser II |
|
Invesco V.I. American Value Fund, Series II Shares |
| Invesco VI Cap Appr, Ser I |
|
Invesco V.I. Capital Appreciation Fund, Series I Shares |
| Invesco VI Cap Appr, Ser II |
|
Invesco V.I. Capital Appreciation Fund, Series II Shares |
| Invesco VI Comstock, Ser II |
|
Invesco V.I. Comstock Fund, Series II Shares |
| Invesco VI Core Eq, Ser I |
|
Invesco V.I. Core Equity Fund, Series I Shares |
| Invesco VI Core Eq, Ser II |
|
Invesco V.I. Core Equity Fund, Series II Shares |
| Invesco VI Dis Mid Cap Gro, Ser I |
|
Invesco V.I. Discovery Mid Cap Growth Fund, Series I Shares |
| Invesco VI Dis Mid Cap Gro, Ser II |
|
Invesco V.I. Discovery Mid Cap Growth Fund, Series II Shares |
| Invesco VI EQV Intl Eq, Ser I |
|
Invesco V.I. EQV International Equity Fund, Series I Shares |
| Invesco VI EQV Intl Eq, Ser II |
|
Invesco V.I. EQV International Equity Fund, Series II Shares |
| Invesco VI Global, Ser I |
|
Invesco V.I. Global Fund, Series I Shares |
| Invesco VI Global, Ser II |
|
Invesco V.I. Global Fund, Series II Shares |
| Invesco VI Gbl Strat Inc, Ser I |
|
Invesco V.I. Global Strategic Income Fund, Series I Shares |
| Invesco VI Gbl Strat Inc, Ser II |
|
Invesco V.I. Global Strategic Income Fund, Series II Shares |
| Invesco VI Gro & Inc, Ser II |
|
Invesco V.I. Growth and Income Fund, Series II Shares |
| Invesco VI Hlth, Ser II |
|
Invesco V.I. Health Care Fund, Series II Shares |
| Invesco VI Main St, Ser I |
|
Invesco V.I. Main Street Fund®, Series I
Shares |
| Invesco VI Mn St Mid Cap, Ser II |
|
Invesco V.I. Main Street Mid Cap Fund®, Series II
Shares |
| Invesco VI Mn St Sm Cap, Ser II |
|
Invesco V.I. Main Street Small Cap Fund®, Series II
Shares |
| Janus Henderson VIT Bal, Inst |
|
Janus Henderson VIT Balanced Portfolio: Institutional Shares |
| Janus Henderson VIT Enter, Serv |
|
Janus Henderson VIT Enterprise Portfolio: Service Shares |
| Janus Henderson VIT Gbl Res, Inst |
|
Janus Henderson VIT Global Research Portfolio: Institutional Shares |
| Janus Hend VIT Gbl Tech Innov, Srv |
|
Janus Henderson VIT Global Technology and Innovation Portfolio: Service Shares |
| Janus Henderson VIT Overseas, Serv |
|
Janus Henderson VIT Overseas Portfolio: Service Shares |
| Janus Henderson VIT Res, Serv |
|
Janus Henderson VIT Research Portfolio: Service Shares |
| Lazard Retire Intl Eq, Serv |
|
Lazard Retirement International Equity Portfolio – Service Shares |
| LVIP Baron Gro Opp, Serv Cl |
|
LVIP Baron Growth Opportunities Fund – Service Class |
| LVIP JPM US Eq, Std Cl |
|
LVIP JPMorgan U.S. Equity Fund – Standard
Class(10),(11) |
| MFS Inv Trust, Init Cl |
|
MFS® Investors Trust Series – Initial
Class |
| MFS Inv Trust, Serv Cl |
|
MFS® Investors Trust Series – Service
Class |
| MFS Mass Inv Gro Stock, Serv Cl |
|
MFS® Massachusetts Investors Growth Stock Portfolio
– Service Class |
| MFS New Dis, Init Cl |
|
MFS® New Discovery Series – Initial
Class |
| MFS New Dis, Serv Cl |
|
MFS® New Discovery Series – Service
Class |
| MFS Research, Init Cl |
|
MFS® Research Series – Initial
Class |
| MFS Total Return, Init Cl |
|
MFS® Total Return Series – Initial
Class |
| MFS Total Return, Serv Cl |
|
MFS® Total Return Series – Service
Class |
| MFS Utilities, Init Cl |
|
MFS® Utilities Series – Initial
Class |
| MFS Utilities, Serv Cl |
|
MFS®
Utilities Series – Service Class |
|
|
|
|
|
| 108 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
|
|
|
| Division |
|
Fund |
| MS VIF Dis, Cl II |
|
Morgan Stanley VIF Discovery Portfolio, Class II Shares |
| MS VIF Global Real Est, Cl II |
|
Morgan Stanley VIF Global Real Estate Portfolio, Class II Shares |
| MS VIF US Real Est, Cl I |
|
Morgan Stanley VIF U.S. Real Estate Portfolio, Class I Shares |
| MS VIF US Real Est, Cl II |
|
Morgan Stanley VIF U.S. Real Estate Portfolio, Class II Shares |
| PIMCO VIT All Asset, Advisor Cl |
|
PIMCO VIT All Asset Portfolio, Advisor Class |
| Put VT Div Inc, Cl IA |
|
Putnam VT Diversified Income Fund – Class IA Shares |
| Put VT Div Inc, Cl IB |
|
Putnam VT Diversified Income Fund – Class IB Shares |
| Put VT Emerg Mkts Eq, Cl IB |
|
Putnam VT Emerging Markets Equity Fund – Class IB Shares |
| Put VT Focused Intl Eq, Cl IA |
|
Putnam VT Focused International Equity Fund – Class IA Shares |
| Put VT Global Hlth Care, Cl IB |
|
Putnam VT Global Health Care Fund – Class IB Shares |
| Put VT Hi Yield, Cl IA |
|
Putnam VT High Yield Fund – Class IA Shares |
| Put VT Hi Yield, Cl IB |
|
Putnam VT High Yield Fund – Class IB Shares |
| Put VT Inc, Cl IB |
|
Putnam VT Income Fund – Class IB Shares |
| Put VT Intl Eq, Cl IB |
|
Putnam VT International Equity Fund – Class IB Shares |
| Put VT Intl Val, Cl IB |
|
Putnam VT International Value Fund – Class IB Shares |
| Put VT Lg Cap Gro, Cl IA |
|
Putnam VT Large Cap Growth Fund – Class IA Shares
(previously Putnam VT Growth Opportunities Fund
– Class IA Shares) |
| Put VT Lg Cap Gro, Cl IB |
|
Putnam VT Large Cap Growth Fund – Class IB Shares
(previously Putnam VT Growth Opportunities Fund
– Class IB Shares) |
| Put VT Lg Cap Val, Cl IA |
|
Putnam VT Large Cap Value Fund – Class IA Shares |
| Put VT Lg Cap Val, Cl IB |
|
Putnam VT Large Cap Value Fund – Class IB Shares |
| Put VT Research, Cl IB |
|
Putnam VT Research Fund – Class IB Shares |
| Put VT Sm Cap Val, Cl IB |
|
Putnam VT Small Cap Value Fund – Class IB Shares |
| Put VT Sus Leaders, Cl IA |
|
Putnam VT Sustainable Leaders Fund – Class IA Shares |
| Put VT Sus Leaders, Cl IB |
|
Putnam VT Sustainable Leaders Fund – Class IB Shares |
| Royce Micro-Cap, Invest Cl |
|
Royce Capital Fund – Micro-Cap Portfolio, Investment Class |
| Royce Sm-Cap, Invest Cl |
|
Royce Capital Fund – Small-Cap Portfolio, Investment Class |
| Temp Dev Mkts, Cl 2 |
|
Templeton Developing Markets VIP Fund – Class 2 |
| Temp Foreign, Cl 2 |
|
Templeton Foreign VIP Fund – Class 2 |
| Temp Global Bond, Cl 2 |
|
Templeton Global Bond VIP Fund – Class 2 |
| Temp Gro, Cl 2 |
|
Templeton Growth VIP Fund – Class 2 |
| Third Ave VST Third Ave Value |
|
Third Avenue VST Third Avenue Value Portfolio |
| VP Aggr, Cl 2 |
|
Variable Portfolio – Aggressive Portfolio (Class 2) |
| VP Aggr, Cl 4 |
|
Variable Portfolio – Aggressive Portfolio (Class 4) |
| VP Conserv, Cl 2 |
|
Variable Portfolio – Conservative Portfolio (Class 2) |
| VP Conserv, Cl 4 |
|
Variable Portfolio – Conservative Portfolio (Class 4) |
| VP Man Risk, Cl 2 |
|
Variable Portfolio – Managed Risk Fund (Class 2) |
| VP Man Risk US, Cl 2 |
|
Variable Portfolio – Managed Risk U.S. Fund (Class 2) |
| VP Man Vol Conserv, Cl 2 |
|
Variable Portfolio – Managed Volatility Conservative Fund (Class 2) |
| VP Man Vol Conserv Gro, Cl 2 |
|
Variable Portfolio – Managed Volatility Conservative Growth Fund (Class 2) |
| VP Man Vol Gro, Cl 2 |
|
Variable Portfolio – Managed Volatility Growth Fund (Class 2) |
| VP Man Vol Mod Gro, Cl 2 |
|
Variable Portfolio – Managed Volatility Moderate Growth Fund (Class 2) |
| VP Mod, Cl 2 |
|
Variable Portfolio – Moderate Portfolio (Class 2) |
| VP Mod, Cl 4 |
|
Variable Portfolio – Moderate Portfolio (Class 4) |
| VP Mod Aggr, Cl 2 |
|
Variable Portfolio – Moderately Aggressive Portfolio (Class 2) |
| VP Mod Aggr, Cl 4 |
|
Variable Portfolio – Moderately Aggressive Portfolio (Class 4) |
| VP Mod Conserv, Cl 2 |
|
Variable Portfolio – Moderately Conservative Portfolio (Class 2) |
| VP Mod Conserv, Cl 4 |
|
Variable Portfolio – Moderately Conservative Portfolio (Class 4) |
| VP Ptnrs Core Eq, Cl 3 |
|
Variable Portfolio – Partners Core Equity Fund (Class 3) |
| VP Ptnrs Sm Cap Val, Cl 3 |
|
Variable Portfolio – Partners Small Cap Value Fund (Class 3) |
| VP US Flex Conserv Gro, Cl 2 |
|
Variable Portfolio – U.S. Flexible Conservative Growth Fund (Class 2) |
| VP US Flex Gro, Cl 2 |
|
Variable Portfolio – U.S. Flexible Growth Fund (Class 2) |
| VP US Flex Mod Gro, Cl 2 |
|
Variable Portfolio – U.S. Flexible Moderate Growth Fund (Class 2) |
| Wanger Acorn |
|
Wanger Acorn |
| Wanger Intl |
|
Wanger International |
| |
(1) |
Allspring VT International Equity Fund – Class 1 is scheduled to liquidate sometime during the second quarter of
2024. |
| |
(2) |
Allspring VT International Equity Fund – Class 2 is scheduled to liquidate sometime during the second quarter of
2024. |
| |
(3) |
American Century VP Disciplined Core Value, Class I is scheduled to reorganize into LVIP American Century Disciplined Core
Value Fund, Standard Class II sometime during the second quarter of 2024. |
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
109 |
|
| |
(4) |
American Century VP Inflation Protection, Class II is scheduled to reorganize into LVIP American Century Inflation
Protection Fund, Service Class sometime during the second quarter of 2024. |
| |
(5) |
American Century VP International, Class II is scheduled to reorganize into LVIP American Century International Fund,
Service Class sometime during the second quarter of 2024. |
| |
(6) |
American Century VP Mid Cap Value, Class II is scheduled to reorganize into LVIP American Century Mid Cap Value Fund,
Service Class sometime during the second quarter of 2024. |
| |
(7) |
American Century VP Ultra®, Class II is scheduled to reorganize
into LVIP American Century Ultra® Fund, Service Class sometime during the second quarter of 2024. |
| |
(8) |
American Century VP Value, Class I is scheduled to reorganize into LVIP American Century Value Fund, Standard Class II
sometime during the second quarter of 2024. |
| |
(9) |
American Century VP Value, Class II is scheduled to reorganize into LVIP American Century Value Fund, Service Class
sometime during the second quarter of 2024. |
| |
(10) |
JPMorgan Insurance Trust U.S. Equity Portfolio – Class 1 Shares merged into LVIP JPMorgan U.S. Equity Fund –
Standard Class on April 28, 2023. |
| |
(11) |
For the period April 28, 2023 (commencement of operations) to December 31, 2023. |
The assets of each division of the Account are not chargeable with liabilities arising out of the business conducted by any other segregated asset account or
by RiverSource Life.
RiverSource Life serves as issuer of the contracts.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investments
in the Funds
Investment transactions are accounted for on the date the shares are purchased and sold. Realized gains and losses on the sales of
investments are computed using the average cost method. Income from dividends and gains from realized capital gain distributions are reinvested in additional shares of the Funds and are recorded as income by the divisions on the ex-dividend date.
Unrealized appreciation or depreciation of investments in the accompanying financial statements
represents the division’s share of the Funds’ undistributed net investment income, undistributed realized gain or loss and the unrealized appreciation or depreciation on their investment securities.
The Account categorizes its fair value measurements according to a three-level hierarchy. An investment’s level within the fair value hierarchy is based
on the lowest level of any input that is deemed significant to the fair value measurement. The three levels of the fair value hierarchy are defined as follows:
Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2 – Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
The Funds in the Accounts have been measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are therefore
not categorized in the fair value hierarchy. There were no transfers between levels in the period ended December 31, 2023.
Variable Payout
Net assets allocated to contracts in the payout period are periodically compared to a computation which uses the Annuity 2000 Basic Mortality Table
and which assumes future mortality improvement. The assumed investment return is 3.5% or 5% based on the annuitant’s election, or as regulated by the laws of the respective states. The mortality risk is fully borne by RiverSource Life and may
result in additional amounts being transferred into the variable annuity account by RiverSource Life to cover greater longevity of annuitants than expected. Conversely, if amounts allocated exceed amounts required, transfers may be made to the
insurance company.
Federal Income Taxes
RiverSource
Life is taxed as a life insurance company. The Account is treated as part of RiverSource Life for federal income tax purposes. Under existing federal income tax law, no income taxes are payable with respect to any investment income of the Account to
the extent the earnings are credited under the contracts. Based on this, no charge is being made currently to the Account for federal income taxes. RiverSource Life will review periodically the status of this policy. In the event of changes in the
tax law, a charge may be made in future years for any federal income taxes that would be attributable to the contracts.
Subsequent Events
Management has evaluated Account related events and transactions that occurred through the date the financial statements were issued. Management noted there
were no items requiring adjustments or additional disclosures in the Account’s financial statements.
|
|
|
|
|
| 110 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions
that affect the amounts reported in the financial statements. Actual results could differ from those estimates.
3. VARIABLE ACCOUNT EXPENSES
RiverSource Life deducts a daily mortality and expense risk fee and a daily administrative charge equal, on an annual basis, to the following percent of the
average daily net assets of each subaccount.
|
|
|
|
|
| Product |
|
Mortality and expense risk fee |
|
Administrative charge |
| EG Essential |
|
0.85% to 1.70%
(depending on the contract and death benefit option selected) |
|
0.15% |
| EG New Solutions |
|
0.85% to 1.70%
(depending on the contract and death benefit option selected) |
|
0.15% |
| EG New Solutions Select |
|
1.00% to 1.75%
(depending on the contract and death benefit option selected) |
|
0.15% |
| EG Pathways |
|
1.25% to 1.65%
(depending on the contract and death benefit option selected) |
|
0.15% |
| EG Pathways Select |
|
1.55% to 2.05%
(depending on the contract and death benefit option selected) |
|
0.15% |
| EG Privilege |
|
1.25% to 1.65%
(depending on the contract and death benefit option selected) |
|
0.15% |
| AccessChoice Select |
|
1.55% to 2.05%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Builder Select |
|
1.25% to 1.95%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Endeavor Select |
|
0.90% to 1.75%
(depending on the contract and death benefit option selected) |
|
0.15% |
| FlexChoice |
|
1.25% to 1.65%
(depending on the contract and death benefit option selected) |
|
0.15% |
| FlexChoice Select |
|
1.55% to 2.10%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Galaxy |
|
1.00% to 1.10%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Innovations |
|
0.85% to 1.70%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Innovations Select |
|
0.85% to 1.85%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Innovations Classic |
|
0.85% to 1.70%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Innovations Classic Select |
|
0.90% to 1.75%
(depending on the contract and death benefit option selected) |
|
0.15% |
| New Solutions |
|
0.85% to 1.20%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Personal Portfolio |
|
1.25% |
|
0.15% |
| Personal Portfolio Plus |
|
1.25% |
|
0.15% |
| Personal Portfolio Plus2 |
|
1.25% |
|
0.15% |
| Pinnacle |
|
1.00% to 1.10%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Platinum |
|
1.25% |
|
0.15% |
| Preferred |
|
1.25% |
|
0.15% |
| Signature |
|
1.25% |
|
0.15% |
| Signature Select |
|
1.30% to 1.75%
(depending on the contract and death benefit option selected) |
|
0.15% |
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
111 |
|
|
|
|
|
|
| Product |
|
Mortality and expense risk fee |
|
Administrative charge |
| Signature One |
|
1.35% to 1.45%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Signature One Select |
|
1.30% to 2.05%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Wells Advantage |
|
1.05% to 1.50%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Wells Advantage Select |
|
0.90% to 1.75%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Wells Builder |
|
1.10% to 1.55%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Wells Choice |
|
1.25% to 1.65%
(depending on the contract and death benefit option selected) |
|
0.15% |
| Wells Choice Select |
|
1.55% to 2.05%
(depending on the contract and death benefit option selected) |
|
0.15% |
4. CONTRACT CHARGES
RiverSource Life deducts a contract administrative charge of $50 per year on the contract anniversary depending upon the product selected. This charge
reimburses RiverSource Life for expenses incurred in establishing and maintaining the annuity records. Certain products may waive this charge based upon the underlying contract value.
Optional riders are available on certain products and if selected, the related fees are deducted annually from the contract value on the contract anniversary.
5. WITHDRAWAL CHARGES
RiverSource Life may assess a
withdrawal charge to help it recover certain expenses related to the sale of the annuity. Such charges are not treated as a separate expense of the divisions as they are ultimately deducted from contract withdrawal benefits paid by RiverSource Life.
Charges by RiverSource Life for withdrawals are not identified on an individual division basis.
6. RELATED PARTY TRANSACTIONS
RiverSource Life is a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial).
The following table reflects fees paid by certain affiliated funds to Ameriprise Financial and its affiliates.
|
|
|
| Fee Agreement: |
|
Fees Paid To: |
| Management Agreement |
|
Columbia Management Investment Advisers, LLC |
| Shareholder Services Agreement |
|
Columbia Management Investment Services Corp. |
| Plan and Agreement of Distribution |
|
Columbia Management Investment Distributors, Inc. |
| Investment Advisory Agreement |
|
Columbia Wanger Asset Management, LLC |
| Administrative Services Agreement |
|
Columbia Wanger Asset Management, LLC |
7. INVESTMENT TRANSACTIONS
The divisions’ purchases of Funds’ shares, including reinvestment of dividend distributions, for the year ended December 31, 2023 were as
follows:
|
|
|
|
|
| Division |
|
Purchases |
|
| AB VPS Bal Hedged Alloc, Cl B |
|
$ |
29,636 |
|
| AB VPS Intl Val, Cl B |
|
|
396,635 |
|
| AB VPS Lg Cap Gro, Cl B |
|
|
231,490 |
|
| AB VPS Relative Val, Cl B |
|
|
420,227 |
|
| AB VPS Sus Gbl Thematic, Cl B |
|
|
56,100 |
|
| Allspg VT Dis All Cap Gro, Cl 1 |
|
|
38,443 |
|
| Allspg VT Dis All Cap Gro, Cl 2 |
|
|
1,770,165 |
|
| Allspg VT Index Asset Alloc, Cl 2 |
|
|
290,948 |
|
| Allspg VT Intl Eq, Cl 1 |
|
|
2,291 |
|
| Allspg VT Intl Eq, Cl 2 |
|
|
94,464 |
|
| Allspg VT Opp, Cl 1 |
|
|
43,079 |
|
| Allspg VT Opp, Cl 2 |
|
|
360,312 |
|
|
|
|
|
|
| Division |
|
Purchases |
|
| Allspg VT Sm Cap Gro, Cl 2 |
|
$
|
144,646 |
|
| AC VP Disciplined Core Val, Cl I |
|
|
4,473 |
|
| AC VP Inflation Prot, Cl II |
|
|
1,434,069 |
|
| AC VP Intl, Cl II |
|
|
488 |
|
| AC VP Mid Cap Val, Cl II |
|
|
9,771 |
|
| AC VP Ultra, Cl II |
|
|
597,424 |
|
| AC VP Val, Cl I |
|
|
31,906 |
|
| AC VP Val, Cl II |
|
|
33,343 |
|
| BNY Mellon IP MidCap Stock, Serv |
|
|
4,547 |
|
| BNY Mellon IP Tech Gro, Serv |
|
|
39,702 |
|
| BNY Mellon Sus US Eq, Init |
|
|
49,440 |
|
| BNY Mellon VIF Appr, Serv |
|
|
9,397 |
|
|
|
|
|
|
| 112 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
|
|
|
|
|
| Division |
|
Purchases |
|
| CB Var Sm Cap Gro, Cl I |
|
$
|
978 |
|
| Col VP Bal, Cl 3 |
|
|
4,826 |
|
| Col VP Disciplined Core, Cl 3 |
|
|
233,101 |
|
| Col VP Divd Opp, Cl 3 |
|
|
1,028,713 |
|
| Col VP Emer Mkts, Cl 3 |
|
|
284,021 |
|
| Col VP Govt Money Mkt, Cl 1 |
|
|
4,411 |
|
| Col VP Govt Money Mkt, Cl 3 |
|
|
1,598,550 |
|
| Col VP Hi Yield Bond, Cl 3 |
|
|
311,202 |
|
| Col VP Inc Opp, Cl 1 |
|
|
12,292 |
|
| Col VP Inc Opp, Cl 3 |
|
|
269,889 |
|
| Col VP Inter Bond, Cl 3 |
|
|
406,048 |
|
| Col VP Lg Cap Gro, Cl 1 |
|
|
2,812 |
|
| Col VP Lg Cap Gro, Cl 3 |
|
|
3,498 |
|
| Col VP Lg Cap Index, Cl 3 |
|
|
6,684 |
|
| Col VP Overseas Core, Cl 3 |
|
|
10,704 |
|
| Col VP Select Lg Cap Val, Cl 3 |
|
|
19 |
|
| Col VP Select Mid Cap Gro, Cl 3 |
|
|
25,301 |
|
| Col VP Select Mid Cap Val, Cl 3 |
|
|
80 |
|
| Col VP Select Sm Cap Val, Cl 3 |
|
|
2,814 |
|
| Col VP Sm Cap Val, Cl 2 |
|
|
110,745 |
|
| Col VP Sm Co Gro, Cl 1 |
|
|
1 |
|
| Col VP US Govt Mtge, Cl 1 |
|
|
4,324 |
|
| Col VP US Govt Mtge, Cl 3 |
|
|
326,008 |
|
| CS Commodity Return, Cl 1 |
|
|
3,324 |
|
| CTIVP BR Gl Infl Prot Sec, Cl 3 |
|
|
222,412 |
|
| CTIVP Prin Blue Chip Gro, Cl 1 |
|
|
1,706 |
|
| CTIVP Vty Sycamore Estb Val, Cl 3 |
|
|
1 |
|
| EV VT Floating-Rate Inc, Init Cl |
|
|
57,816 |
|
| Fid VIP Bal, Serv Cl |
|
|
12,241 |
|
| Fid VIP Bal, Serv Cl 2 |
|
|
9,542 |
|
| Fid VIP Contrafund, Serv Cl |
|
|
103,015 |
|
| Fid VIP Contrafund, Serv Cl 2 |
|
|
1,644,150 |
|
| Fid VIP Dyn Appr, Serv Cl 2 |
|
|
85,567 |
|
| Fid VIP Gro & Inc, Serv Cl |
|
|
58,551 |
|
| Fid VIP Gro & Inc, Serv Cl 2 |
|
|
2,937 |
|
| Fid VIP Gro, Serv Cl |
|
|
1,770 |
|
| Fid VIP Gro, Serv Cl 2 |
|
|
277,856 |
|
| Fid VIP Hi Inc, Serv Cl |
|
|
39,015 |
|
| Fid VIP Hi Inc, Serv Cl 2 |
|
|
14,334 |
|
| Fid VIP Invest Gr, Serv Cl 2 |
|
|
532,897 |
|
| Fid VIP Mid Cap, Serv Cl |
|
|
155,889 |
|
| Fid VIP Mid Cap, Serv Cl 2 |
|
|
579,521 |
|
| Fid VIP Overseas, Serv Cl |
|
|
514 |
|
| Fid VIP Overseas, Serv Cl 2 |
|
|
167,809 |
|
| Frank Global Real Est, Cl 2 |
|
|
104,347 |
|
| Frank Inc, Cl 2 |
|
|
666,221 |
|
| Frank Mutual Shares, Cl 2 |
|
|
1,928,964 |
|
| Frank Rising Divd, Cl 2 |
|
|
22,025 |
|
| Frank Sm Cap Val, Cl 2 |
|
|
215,900 |
|
| Frank Sm Mid Cap Gro, Cl 2 |
|
|
48,301 |
|
| GS VIT Intl Eq Insights, Inst |
|
|
430 |
|
| GS VIT Mid Cap Val, Inst |
|
|
754,983 |
|
| GS VIT Strategic Gro, Inst |
|
|
6,198 |
|
| GS VIT U.S. Eq Insights, Inst |
|
|
11,332 |
|
| Invesco VI Am Fran, Ser I |
|
|
80,481 |
|
| Invesco VI Am Fran, Ser II |
|
|
17,780 |
|
| Invesco VI American Value, Ser II |
|
|
1,296,190 |
|
| Invesco VI Cap Appr, Ser I |
|
|
3,880 |
|
| Invesco VI Cap Appr, Ser II |
|
|
221,241 |
|
|
|
|
|
|
| Division |
|
Purchases |
|
| Invesco VI Comstock, Ser II |
|
$
|
3,751,290 |
|
| Invesco VI Core Eq, Ser I |
|
|
201,200 |
|
| Invesco VI Core Eq, Ser II |
|
|
1,492 |
|
| Invesco VI Dis Mid Cap Gro, Ser I |
|
|
195 |
|
| Invesco VI Dis Mid Cap Gro, Ser II |
|
|
4,246 |
|
| Invesco VI EQV Intl Eq, Ser I |
|
|
6,046 |
|
| Invesco VI EQV Intl Eq, Ser II |
|
|
22,698 |
|
| Invesco VI Global, Ser I |
|
|
106 |
|
| Invesco VI Global, Ser II |
|
|
212,103 |
|
| Invesco VI Gbl Strat Inc, Ser I |
|
|
2,216 |
|
| Invesco VI Gbl Strat Inc, Ser II |
|
|
330,813 |
|
| Invesco VI Gro & Inc, Ser II |
|
|
57,921 |
|
| Invesco VI Hlth, Ser II |
|
|
4 |
|
| Invesco VI Main St, Ser I |
|
|
1,908 |
|
| Invesco VI Mn St Mid Cap, Ser II |
|
|
28,580 |
|
| Invesco VI Mn St Sm Cap, Ser II |
|
|
40,085 |
|
| Janus Henderson VIT Bal, Inst |
|
|
25,704 |
|
| Janus Henderson VIT Enter, Serv |
|
|
51,660 |
|
| Janus Henderson VIT Gbl Res, Inst |
|
|
34,589 |
|
| Janus Hend VIT Gbl Tech Innov, Srv |
|
|
63 |
|
| Janus Henderson VIT Overseas, Serv |
|
|
5,268 |
|
| Janus Henderson VIT Res, Serv |
|
|
33,808 |
|
| Lazard Retire Intl Eq, Serv |
|
|
437 |
|
| LVIP Baron Gro Opp, Serv Cl |
|
|
846 |
|
| LVIP JPM US Eq, Std Cl |
|
|
205,391 |
|
| MFS Inv Trust, Init Cl |
|
|
76,034 |
|
| MFS Inv Trust, Serv Cl |
|
|
41,972 |
|
| MFS Mass Inv Gro Stock, Serv Cl |
|
|
161,765 |
|
| MFS New Dis, Init Cl |
|
|
2,688 |
|
| MFS New Dis, Serv Cl |
|
|
6,966 |
|
| MFS Research, Init Cl |
|
|
28,391 |
|
| MFS Total Return, Init Cl |
|
|
1,830 |
|
| MFS Total Return, Serv Cl |
|
|
859,640 |
|
| MFS Utilities, Init Cl |
|
|
233,426 |
|
| MFS Utilities, Serv Cl |
|
|
86,091 |
|
| MS VIF Dis, Cl II |
|
|
5 |
|
| MS VIF Global Real Est, Cl II |
|
|
10,295 |
|
| MS VIF US Real Est, Cl I |
|
|
6,558 |
|
| MS VIF US Real Est, Cl II |
|
|
30,104 |
|
| PIMCO VIT All Asset, Advisor Cl |
|
|
51,960 |
|
| Put VT Div Inc, Cl IA |
|
|
27,818 |
|
| Put VT Div Inc, Cl IB |
|
|
8,861 |
|
| Put VT Emerg Mkts Eq, Cl IB |
|
|
6,190 |
|
| Put VT Focused Intl Eq, Cl IA |
|
|
5,734 |
|
| Put VT Global Hlth Care, Cl IB |
|
|
68,590 |
|
| Put VT Hi Yield, Cl IA |
|
|
20,352 |
|
| Put VT Hi Yield, Cl IB |
|
|
6,582 |
|
| Put VT Inc, Cl IB |
|
|
1,666 |
|
| Put VT Intl Eq, Cl IB |
|
|
16,991 |
|
| Put VT Intl Val, Cl IB |
|
|
71 |
|
| Put VT Lg Cap Gro, Cl IA |
|
|
7,708 |
|
| Put VT Lg Cap Gro, Cl IB |
|
|
16,779 |
|
| Put VT Lg Cap Val, Cl IA |
|
|
200,708 |
|
| Put VT Lg Cap Val, Cl IB |
|
|
215,612 |
|
| Put VT Research, Cl IB |
|
|
3,501 |
|
| Put VT Sm Cap Val, Cl IB |
|
|
80,216 |
|
| Put VT Sus Leaders, Cl IA |
|
|
92,571 |
|
| Put VT Sus Leaders, Cl IB |
|
|
98,868 |
|
| Royce Micro-Cap, Invest Cl |
|
|
2,253 |
|
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
113 |
|
|
|
|
|
|
| Division |
|
Purchases |
|
| Royce Sm-Cap, Invest Cl |
|
$
|
27,243 |
|
| Temp Dev Mkts, Cl 2 |
|
|
5,337 |
|
| Temp Foreign, Cl 2 |
|
|
86,539 |
|
| Temp Global Bond, Cl 2 |
|
|
375,473 |
|
| Temp Gro, Cl 2 |
|
|
8,715 |
|
| Third Ave VST Third Ave Value |
|
|
19,494 |
|
| VP Aggr, Cl 2 |
|
|
56,257 |
|
| VP Aggr, Cl 4 |
|
|
465,343 |
|
| VP Conserv, Cl 2 |
|
|
573,391 |
|
| VP Conserv, Cl 4 |
|
|
589,992 |
|
| VP Man Risk, Cl 2 |
|
|
— |
|
| VP Man Risk US, Cl 2 |
|
|
— |
|
| VP Man Vol Conserv, Cl 2 |
|
|
655,775 |
|
| VP Man Vol Conserv Gro, Cl 2 |
|
|
341,643 |
|
| VP Man Vol Gro, Cl 2 |
|
|
587,332 |
|
|
|
|
|
|
| Division |
|
Purchases |
|
| VP Man Vol Mod Gro, Cl 2 |
|
$
|
1,450,757 |
|
| VP Mod, Cl 2 |
|
|
3,557,509 |
|
| VP Mod, Cl 4 |
|
|
9,047,684 |
|
| VP Mod Aggr, Cl 2 |
|
|
1,007,978 |
|
| VP Mod Aggr, Cl 4 |
|
|
1,407,724 |
|
| VP Mod Conserv, Cl 2 |
|
|
370,914 |
|
| VP Mod Conserv, Cl 4 |
|
|
706,178 |
|
| VP Ptnrs Core Eq, Cl 3 |
|
|
17,276 |
|
| VP Ptnrs Sm Cap Val, Cl 3 |
|
|
720,281 |
|
| VP US Flex Conserv Gro, Cl 2 |
|
|
— |
|
| VP US Flex Gro, Cl 2 |
|
|
312,470 |
|
| VP US Flex Mod Gro, Cl 2 |
|
|
368,431 |
|
| Wanger Acorn |
|
|
228,887 |
|
| Wanger Intl |
|
|
348,982 |
|
8. FINANCIAL HIGHLIGHTS
The table below shows certain financial information regarding the divisions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| AB VPS Bal Hedged Alloc, Cl B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
149 |
|
|
|
$2.03 |
|
|
|
to |
|
|
|
$1.69 |
|
|
|
$293 |
|
|
|
|
|
|
|
0.91 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
11.54 |
% |
|
|
to |
|
|
|
10.21 |
% |
| 2022 |
|
|
162 |
|
|
|
$1.82 |
|
|
|
to |
|
|
|
$1.53 |
|
|
|
$284 |
|
|
|
|
|
|
|
3.35 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(19.97 |
%) |
|
|
to |
|
|
|
(20.93 |
%) |
| 2021 |
|
|
135 |
|
|
|
$2.28 |
|
|
|
to |
|
|
|
$1.94 |
|
|
|
$294 |
|
|
|
|
|
|
|
0.26 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
12.23 |
% |
|
|
to |
|
|
|
10.91 |
% |
| 2020 |
|
|
136 |
|
|
|
$2.03 |
|
|
|
to |
|
|
|
$1.75 |
|
|
|
$265 |
|
|
|
|
|
|
|
2.19 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
8.17 |
% |
|
|
to |
|
|
|
6.88 |
% |
| 2019 |
|
|
159 |
|
|
|
$1.87 |
|
|
|
to |
|
|
|
$1.64 |
|
|
|
$288 |
|
|
|
|
|
|
|
2.23 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
17.02 |
% |
|
|
to |
|
|
|
15.63 |
% |
| AB VPS Intl Val, Cl B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
6,629 |
|
|
|
$1.24 |
|
|
|
to |
|
|
|
$1.04 |
|
|
|
$8,499 |
|
|
|
|
|
|
|
0.67 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
13.69 |
% |
|
|
to |
|
|
|
12.28 |
% |
| 2022 |
|
|
7,982 |
|
|
|
$1.09 |
|
|
|
to |
|
|
|
$0.93 |
|
|
|
$9,059 |
|
|
|
|
|
|
|
4.11 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(14.65 |
%) |
|
|
to |
|
|
|
(15.71 |
%) |
| 2021 |
|
|
8,927 |
|
|
|
$1.28 |
|
|
|
to |
|
|
|
$1.10 |
|
|
|
$11,946 |
|
|
|
|
|
|
|
1.66 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
9.75 |
% |
|
|
to |
|
|
|
8.39 |
% |
| 2020 |
|
|
9,957 |
|
|
|
$1.16 |
|
|
|
to |
|
|
|
$1.01 |
|
|
|
$12,212 |
|
|
|
|
|
|
|
1.58 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
(0.06 |
%) |
| 2019 |
|
|
9,839 |
|
|
|
$1.15 |
|
|
|
to |
|
|
|
$1.01 |
|
|
|
$12,003 |
|
|
|
|
|
|
|
0.77 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
15.62 |
% |
|
|
to |
|
|
|
14.18 |
% |
| AB VPS Lg Cap Gro, Cl B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
743 |
|
|
|
$3.43 |
|
|
|
to |
|
|
|
$6.56 |
|
|
|
$2,624 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
33.45 |
% |
|
|
to |
|
|
|
32.33 |
% |
| 2022 |
|
|
825 |
|
|
|
$2.57 |
|
|
|
to |
|
|
|
$4.96 |
|
|
|
$2,175 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
(29.40 |
%) |
|
|
to |
|
|
|
(29.99 |
%) |
| 2021 |
|
|
893 |
|
|
|
$3.64 |
|
|
|
to |
|
|
|
$7.09 |
|
|
|
$3,399 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
27.37 |
% |
|
|
to |
|
|
|
26.30 |
% |
| 2020 |
|
|
1,047 |
|
|
|
$2.86 |
|
|
|
to |
|
|
|
$5.61 |
|
|
|
$3,111 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
33.80 |
% |
|
|
to |
|
|
|
32.67 |
% |
| 2019 |
|
|
1,267 |
|
|
|
$2.14 |
|
|
|
to |
|
|
|
$4.23 |
|
|
|
$2,801 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
33.03 |
% |
|
|
to |
|
|
|
31.90 |
% |
| AB VPS Relative Val, Cl B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,238 |
|
|
|
$3.64 |
|
|
|
to |
|
|
|
$3.33 |
|
|
|
$4,371 |
|
|
|
|
|
|
|
1.28 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.61 |
% |
|
|
to |
|
|
|
9.24 |
% |
| 2022 |
|
|
1,343 |
|
|
|
$3.29 |
|
|
|
to |
|
|
|
$3.05 |
|
|
|
$4,323 |
|
|
|
|
|
|
|
1.09 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(5.37 |
%) |
|
|
to |
|
|
|
(6.54 |
%) |
| 2021 |
|
|
1,428 |
|
|
|
$3.48 |
|
|
|
to |
|
|
|
$3.27 |
|
|
|
$4,851 |
|
|
|
|
|
|
|
0.63 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
26.57 |
% |
|
|
to |
|
|
|
24.99 |
% |
| 2020 |
|
|
1,731 |
|
|
|
$2.75 |
|
|
|
to |
|
|
|
$2.61 |
|
|
|
$4,648 |
|
|
|
|
|
|
|
1.31 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
1.45 |
% |
|
|
to |
|
|
|
0.19 |
% |
| 2019 |
|
|
1,948 |
|
|
|
$2.71 |
|
|
|
to |
|
|
|
$2.61 |
|
|
|
$5,165 |
|
|
|
|
|
|
|
1.02 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
22.38 |
% |
|
|
to |
|
|
|
20.86 |
% |
| AB VPS Sus Gbl Thematic, Cl B |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
541 |
|
|
|
$1.21 |
|
|
|
to |
|
|
|
$2.33 |
|
|
|
$876 |
|
|
|
|
|
|
|
0.03 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
14.55 |
% |
|
|
to |
|
|
|
13.14 |
% |
| 2022 |
|
|
600 |
|
|
|
$1.05 |
|
|
|
to |
|
|
|
$2.06 |
|
|
|
$850 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(27.89 |
%) |
|
|
to |
|
|
|
(28.79 |
%) |
| 2021 |
|
|
616 |
|
|
|
$1.46 |
|
|
|
to |
|
|
|
$2.90 |
|
|
|
$1,278 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
21.35 |
% |
|
|
to |
|
|
|
19.84 |
% |
| 2020 |
|
|
707 |
|
|
|
$1.20 |
|
|
|
to |
|
|
|
$2.42 |
|
|
|
$1,197 |
|
|
|
|
|
|
|
0.47 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
37.70 |
% |
|
|
to |
|
|
|
35.98 |
% |
| 2019 |
|
|
851 |
|
|
|
$0.88 |
|
|
|
to |
|
|
|
$1.78 |
|
|
|
$1,005 |
|
|
|
|
|
|
|
0.16 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
28.49 |
% |
|
|
to |
|
|
|
26.90 |
% |
| Allspg VT Dis All Cap Gro, Cl 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
84 |
|
|
|
$4.25 |
|
|
|
to |
|
|
|
$3.91 |
|
|
|
$340 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
32.17 |
% |
|
|
to |
|
|
|
31.71 |
% |
| 2022 |
|
|
111 |
|
|
|
$3.21 |
|
|
|
to |
|
|
|
$2.97 |
|
|
|
$340 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
(37.67 |
%) |
|
|
to |
|
|
|
(37.89 |
%) |
| 2021 |
|
|
138 |
|
|
|
$5.15 |
|
|
|
to |
|
|
|
$4.78 |
|
|
|
$680 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
14.12 |
% |
|
|
to |
|
|
|
13.72 |
% |
| 2020 |
|
|
225 |
|
|
|
$4.52 |
|
|
|
to |
|
|
|
$4.20 |
|
|
|
$969 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
41.98 |
% |
|
|
to |
|
|
|
41.49 |
% |
| 2019 |
|
|
248 |
|
|
|
$3.18 |
|
|
|
to |
|
|
|
$2.97 |
|
|
|
$752 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
36.03 |
% |
|
|
to |
|
|
|
35.55 |
% |
|
|
|
|
|
| 114 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| Allspg VT Dis All Cap Gro, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
2,643 |
|
|
|
$7.62 |
|
|
|
to |
|
|
|
$4.48 |
|
|
|
$16,337 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
31.85 |
% |
|
|
to |
|
|
|
30.28 |
% |
| 2022 |
|
|
3,105 |
|
|
|
$5.78 |
|
|
|
to |
|
|
|
$3.44 |
|
|
|
$14,649 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(37.82 |
%) |
|
|
to |
|
|
|
(38.57 |
%) |
| 2021 |
|
|
3,110 |
|
|
|
$9.30 |
|
|
|
to |
|
|
|
$5.60 |
|
|
|
$23,850 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
13.83 |
% |
|
|
to |
|
|
|
12.47 |
% |
| 2020 |
|
|
3,403 |
|
|
|
$8.17 |
|
|
|
to |
|
|
|
$4.98 |
|
|
|
$22,973 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
41.76 |
% |
|
|
to |
|
|
|
40.07 |
% |
| 2019 |
|
|
4,076 |
|
|
|
$5.76 |
|
|
|
to |
|
|
|
$3.55 |
|
|
|
$19,489 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
35.68 |
% |
|
|
to |
|
|
|
34.06 |
% |
| Allspg VT Index Asset Alloc, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,835 |
|
|
|
$2.87 |
|
|
|
to |
|
|
|
$2.65 |
|
|
|
$5,367 |
|
|
|
|
|
|
|
0.97 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
15.48 |
% |
|
|
to |
|
|
|
14.16 |
% |
| 2022 |
|
|
2,147 |
|
|
|
$2.48 |
|
|
|
to |
|
|
|
$2.32 |
|
|
|
$5,450 |
|
|
|
|
|
|
|
0.63 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(17.89 |
%) |
|
|
to |
|
|
|
(18.83 |
%) |
| 2021 |
|
|
2,327 |
|
|
|
$3.03 |
|
|
|
to |
|
|
|
$2.86 |
|
|
|
$7,209 |
|
|
|
|
|
|
|
0.59 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
14.78 |
% |
|
|
to |
|
|
|
13.47 |
% |
| 2020 |
|
|
2,480 |
|
|
|
$2.64 |
|
|
|
to |
|
|
|
$2.52 |
|
|
|
$6,719 |
|
|
|
|
|
|
|
0.82 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
15.37 |
% |
|
|
to |
|
|
|
14.07 |
% |
| 2019 |
|
|
2,576 |
|
|
|
$2.29 |
|
|
|
to |
|
|
|
$2.21 |
|
|
|
$6,063 |
|
|
|
|
|
|
|
1.09 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
18.90 |
% |
|
|
to |
|
|
|
17.54 |
% |
| Allspg VT Intl Eq, Cl 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
66 |
|
|
|
$2.19 |
|
|
|
to |
|
|
|
$2.04 |
|
|
|
$136 |
|
|
|
|
|
|
|
1.74 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
14.66 |
% |
|
|
to |
|
|
|
14.26 |
% |
| 2022 |
|
|
71 |
|
|
|
$1.91 |
|
|
|
to |
|
|
|
$1.78 |
|
|
|
$127 |
|
|
|
|
|
|
|
4.16 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
(12.36 |
%) |
|
|
to |
|
|
|
(12.67 |
%) |
| 2021 |
|
|
75 |
|
|
|
$2.18 |
|
|
|
to |
|
|
|
$2.04 |
|
|
|
$154 |
|
|
|
|
|
|
|
1.41 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
6.32 |
% |
|
|
to |
|
|
|
5.95 |
% |
| 2020 |
|
|
45 |
|
|
|
$2.05 |
|
|
|
to |
|
|
|
$1.93 |
|
|
|
$87 |
|
|
|
|
|
|
|
2.97 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
3.85 |
% |
|
|
to |
|
|
|
3.48 |
% |
| 2019 |
|
|
55 |
|
|
|
$1.97 |
|
|
|
to |
|
|
|
$1.86 |
|
|
|
$104 |
|
|
|
|
|
|
|
4.28 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
14.35 |
% |
|
|
to |
|
|
|
13.95 |
% |
| Allspg VT Intl Eq, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,531 |
|
|
|
$2.40 |
|
|
|
to |
|
|
|
$1.54 |
|
|
|
$3,158 |
|
|
|
|
|
|
|
1.45 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
14.42 |
% |
|
|
to |
|
|
|
13.05 |
% |
| 2022 |
|
|
1,891 |
|
|
|
$2.10 |
|
|
|
to |
|
|
|
$1.36 |
|
|
|
$3,423 |
|
|
|
|
|
|
|
3.61 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(12.76 |
%) |
|
|
to |
|
|
|
(13.80 |
%) |
| 2021 |
|
|
2,041 |
|
|
|
$2.41 |
|
|
|
to |
|
|
|
$1.58 |
|
|
|
$4,250 |
|
|
|
|
|
|
|
1.06 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
5.81 |
% |
|
|
to |
|
|
|
4.55 |
% |
| 2020 |
|
|
2,301 |
|
|
|
$2.28 |
|
|
|
to |
|
|
|
$1.51 |
|
|
|
$4,551 |
|
|
|
|
|
|
|
2.62 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
3.89 |
% |
|
|
to |
|
|
|
2.64 |
% |
| 2019 |
|
|
2,426 |
|
|
|
$2.19 |
|
|
|
to |
|
|
|
$1.47 |
|
|
|
$4,668 |
|
|
|
|
|
|
|
3.66 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
14.34 |
% |
|
|
to |
|
|
|
12.97 |
% |
| Allspg VT Opp, Cl 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
139 |
|
|
|
$3.87 |
|
|
|
to |
|
|
|
$3.70 |
|
|
|
$515 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
25.57 |
% |
|
|
to |
|
|
|
25.14 |
% |
| 2022 |
|
|
152 |
|
|
|
$3.08 |
|
|
|
to |
|
|
|
$2.96 |
|
|
|
$452 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
(21.40 |
%) |
|
|
to |
|
|
|
(21.67 |
%) |
| 2021 |
|
|
160 |
|
|
|
$3.92 |
|
|
|
to |
|
|
|
$3.78 |
|
|
|
$608 |
|
|
|
|
|
|
|
0.25 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
23.82 |
% |
|
|
to |
|
|
|
23.39 |
% |
| 2020 |
|
|
190 |
|
|
|
$3.16 |
|
|
|
to |
|
|
|
$3.06 |
|
|
|
$586 |
|
|
|
|
|
|
|
0.70 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
20.12 |
% |
|
|
to |
|
|
|
19.70 |
% |
| 2019 |
|
|
193 |
|
|
|
$2.63 |
|
|
|
to |
|
|
|
$2.56 |
|
|
|
$495 |
|
|
|
|
|
|
|
0.53 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
30.50 |
% |
|
|
to |
|
|
|
30.04 |
% |
| Allspg VT Opp, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,136 |
|
|
|
$3.75 |
|
|
|
to |
|
|
|
$3.23 |
|
|
|
$4,087 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
25.24 |
% |
|
|
to |
|
|
|
23.76 |
% |
| 2022 |
|
|
1,399 |
|
|
|
$2.99 |
|
|
|
to |
|
|
|
$2.61 |
|
|
|
$4,034 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(21.59 |
%) |
|
|
to |
|
|
|
(22.53 |
%) |
| 2021 |
|
|
1,512 |
|
|
|
$3.82 |
|
|
|
to |
|
|
|
$3.37 |
|
|
|
$5,574 |
|
|
|
|
|
|
|
0.04 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
23.54 |
% |
|
|
to |
|
|
|
22.07 |
% |
| 2020 |
|
|
1,742 |
|
|
|
$3.09 |
|
|
|
to |
|
|
|
$2.76 |
|
|
|
$5,217 |
|
|
|
|
|
|
|
0.43 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
19.80 |
% |
|
|
to |
|
|
|
18.38 |
% |
| 2019 |
|
|
1,934 |
|
|
|
$2.58 |
|
|
|
to |
|
|
|
$2.33 |
|
|
|
$4,853 |
|
|
|
|
|
|
|
0.28 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
30.16 |
% |
|
|
to |
|
|
|
28.60 |
% |
| Allspg VT Sm Cap Gro, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,567 |
|
|
|
$3.29 |
|
|
|
to |
|
|
|
$3.43 |
|
|
|
$3,022 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
3.07 |
% |
|
|
to |
|
|
|
1.85 |
% |
| 2022 |
|
|
1,667 |
|
|
|
$3.19 |
|
|
|
to |
|
|
|
$3.37 |
|
|
|
$3,125 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(35.07 |
%) |
|
|
to |
|
|
|
(35.85 |
%) |
| 2021 |
|
|
1,641 |
|
|
|
$4.92 |
|
|
|
to |
|
|
|
$5.25 |
|
|
|
$4,765 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
6.57 |
% |
|
|
to |
|
|
|
5.30 |
% |
| 2020 |
|
|
1,834 |
|
|
|
$4.61 |
|
|
|
to |
|
|
|
$4.98 |
|
|
|
$5,022 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
56.22 |
% |
|
|
to |
|
|
|
54.35 |
% |
| 2019 |
|
|
2,143 |
|
|
|
$2.95 |
|
|
|
to |
|
|
|
$3.23 |
|
|
|
$3,828 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
23.59 |
% |
|
|
to |
|
|
|
22.11 |
% |
| AC VP Disciplined Core Val, Cl I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
45 |
|
|
|
$3.83 |
|
|
|
to |
|
|
|
$3.83 |
|
|
|
$170 |
|
|
|
|
|
|
|
1.54 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
7.15 |
% |
|
|
to |
|
|
|
7.15 |
% |
| 2022 |
|
|
52 |
|
|
|
$3.57 |
|
|
|
to |
|
|
|
$3.57 |
|
|
|
$185 |
|
|
|
|
|
|
|
1.76 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(13.95 |
%) |
|
|
to |
|
|
|
(13.95 |
%) |
| 2021 |
|
|
58 |
|
|
|
$4.15 |
|
|
|
to |
|
|
|
$4.15 |
|
|
|
$240 |
|
|
|
|
|
|
|
1.07 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
21.93 |
% |
|
|
to |
|
|
|
21.93 |
% |
| 2020 |
|
|
66 |
|
|
|
$3.40 |
|
|
|
to |
|
|
|
$3.40 |
|
|
|
$223 |
|
|
|
|
|
|
|
1.93 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
10.25 |
% |
|
|
to |
|
|
|
10.25 |
% |
| 2019 |
|
|
75 |
|
|
|
$3.09 |
|
|
|
to |
|
|
|
$3.09 |
|
|
|
$231 |
|
|
|
|
|
|
|
2.01 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
22.23 |
% |
|
|
to |
|
|
|
22.23 |
% |
| AC VP Inflation Prot, Cl II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
9,493 |
|
|
|
$1.41 |
|
|
|
to |
|
|
|
$1.18 |
|
|
|
$12,379 |
|
|
|
|
|
|
|
3.31 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
2.32 |
% |
|
|
to |
|
|
|
1.15 |
% |
| 2022 |
|
|
10,012 |
|
|
|
$1.38 |
|
|
|
to |
|
|
|
$1.17 |
|
|
|
$12,834 |
|
|
|
|
|
|
|
4.91 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(13.98 |
%) |
|
|
to |
|
|
|
(14.96 |
%) |
| 2021 |
|
|
12,004 |
|
|
|
$1.60 |
|
|
|
to |
|
|
|
$1.37 |
|
|
|
$18,001 |
|
|
|
|
|
|
|
3.14 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
5.16 |
% |
|
|
to |
|
|
|
3.96 |
% |
| 2020 |
|
|
12,277 |
|
|
|
$1.53 |
|
|
|
to |
|
|
|
$1.32 |
|
|
|
$17,608 |
|
|
|
|
|
|
|
1.34 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
8.41 |
% |
|
|
to |
|
|
|
7.17 |
% |
| 2019 |
|
|
13,733 |
|
|
|
$1.41 |
|
|
|
to |
|
|
|
$1.23 |
|
|
|
$18,292 |
|
|
|
|
|
|
|
2.30 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
7.76 |
% |
|
|
to |
|
|
|
6.53 |
% |
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| AC VP Intl, Cl II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
— |
|
|
|
$1.70 |
|
|
|
to |
|
|
|
$1.94 |
|
|
|
$3 |
|
|
|
|
|
|
|
3.15 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
11.25 |
% |
|
|
to |
|
|
|
9.98 |
% |
| 2022 |
|
|
15 |
|
|
|
$1.52 |
|
|
|
to |
|
|
|
$1.76 |
|
|
|
$29 |
|
|
|
|
|
|
|
1.31 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(25.64 |
%) |
|
|
to |
|
|
|
(26.50 |
%) |
| 2021 |
|
|
15 |
|
|
|
$2.05 |
|
|
|
to |
|
|
|
$2.40 |
|
|
|
$40 |
|
|
|
|
|
|
|
0.01 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
7.47 |
% |
|
|
to |
|
|
|
6.24 |
% |
| 2020 |
|
|
16 |
|
|
|
$1.91 |
|
|
|
to |
|
|
|
$2.26 |
|
|
|
$41 |
|
|
|
|
|
|
|
0.38 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
24.33 |
% |
|
|
to |
|
|
|
22.93 |
% |
| 2019 |
|
|
16 |
|
|
|
$1.53 |
|
|
|
to |
|
|
|
$1.84 |
|
|
|
$33 |
|
|
|
|
|
|
|
0.74 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
26.81 |
% |
|
|
to |
|
|
|
25.34 |
% |
| AC VP Mid Cap Val, Cl II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
27 |
|
|
|
$3.72 |
|
|
|
to |
|
|
|
$3.12 |
|
|
|
$77 |
|
|
|
|
|
|
|
2.18 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
4.97 |
% |
|
|
to |
|
|
|
3.67 |
% |
| 2022 |
|
|
27 |
|
|
|
$3.54 |
|
|
|
to |
|
|
|
$3.01 |
|
|
|
$74 |
|
|
|
|
|
|
|
2.10 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(2.36 |
%) |
|
|
to |
|
|
|
(3.58 |
%) |
| 2021 |
|
|
28 |
|
|
|
$3.63 |
|
|
|
to |
|
|
|
$3.12 |
|
|
|
$81 |
|
|
|
|
|
|
|
1.02 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
21.79 |
% |
|
|
to |
|
|
|
20.29 |
% |
| 2020 |
|
|
30 |
|
|
|
$2.98 |
|
|
|
to |
|
|
|
$2.59 |
|
|
|
$71 |
|
|
|
|
|
|
|
1.69 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
0.10 |
% |
|
|
to |
|
|
|
(1.14 |
%) |
| 2019 |
|
|
44 |
|
|
|
$2.98 |
|
|
|
to |
|
|
|
$2.62 |
|
|
|
$103 |
|
|
|
|
|
|
|
1.83 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
27.71 |
% |
|
|
to |
|
|
|
26.13 |
% |
| AC VP Ultra, Cl II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,225 |
|
|
|
$6.32 |
|
|
|
to |
|
|
|
$5.30 |
|
|
|
$6,242 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
41.85 |
% |
|
|
to |
|
|
|
40.09 |
% |
| 2022 |
|
|
1,560 |
|
|
|
$4.45 |
|
|
|
to |
|
|
|
$3.78 |
|
|
|
$5,638 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(33.13 |
%) |
|
|
to |
|
|
|
(33.96 |
%) |
| 2021 |
|
|
1,531 |
|
|
|
$6.66 |
|
|
|
to |
|
|
|
$5.73 |
|
|
|
$8,330 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
21.77 |
% |
|
|
to |
|
|
|
20.26 |
% |
| 2020 |
|
|
1,798 |
|
|
|
$5.47 |
|
|
|
to |
|
|
|
$4.76 |
|
|
|
$8,073 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
48.07 |
% |
|
|
to |
|
|
|
46.23 |
% |
| 2019 |
|
|
2,659 |
|
|
|
$3.69 |
|
|
|
to |
|
|
|
$3.26 |
|
|
|
$8,109 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
33.12 |
% |
|
|
to |
|
|
|
31.47 |
% |
| AC VP Val, Cl I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
53 |
|
|
|
$5.48 |
|
|
|
to |
|
|
|
$5.48 |
|
|
|
$288 |
|
|
|
|
|
|
|
2.38 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
7.59 |
% |
|
|
to |
|
|
|
7.59 |
% |
| 2022 |
|
|
57 |
|
|
|
$5.09 |
|
|
|
to |
|
|
|
$5.09 |
|
|
|
$291 |
|
|
|
|
|
|
|
2.10 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(0.85 |
%) |
|
|
to |
|
|
|
(0.85 |
%) |
| 2021 |
|
|
59 |
|
|
|
$5.14 |
|
|
|
to |
|
|
|
$5.14 |
|
|
|
$301 |
|
|
|
|
|
|
|
1.75 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
22.78 |
% |
|
|
to |
|
|
|
22.78 |
% |
| 2020 |
|
|
61 |
|
|
|
$4.19 |
|
|
|
to |
|
|
|
$4.19 |
|
|
|
$254 |
|
|
|
|
|
|
|
2.26 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(0.43 |
%) |
|
|
to |
|
|
|
(0.43 |
%) |
| 2019 |
|
|
72 |
|
|
|
$4.20 |
|
|
|
to |
|
|
|
$4.20 |
|
|
|
$302 |
|
|
|
|
|
|
|
2.11 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
25.27 |
% |
|
|
to |
|
|
|
25.27 |
% |
| AC VP Val, Cl II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
105 |
|
|
|
$3.44 |
|
|
|
to |
|
|
|
$2.88 |
|
|
|
$325 |
|
|
|
|
|
|
|
2.25 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.94 |
% |
|
|
to |
|
|
|
6.60 |
% |
| 2022 |
|
|
105 |
|
|
|
$3.18 |
|
|
|
to |
|
|
|
$2.70 |
|
|
|
$303 |
|
|
|
|
|
|
|
1.94 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(0.69 |
%) |
|
|
to |
|
|
|
(1.91 |
%) |
| 2021 |
|
|
108 |
|
|
|
$3.21 |
|
|
|
to |
|
|
|
$2.76 |
|
|
|
$316 |
|
|
|
|
|
|
|
1.58 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
23.05 |
% |
|
|
to |
|
|
|
21.52 |
% |
| 2020 |
|
|
56 |
|
|
|
$2.61 |
|
|
|
to |
|
|
|
$2.27 |
|
|
|
$138 |
|
|
|
|
|
|
|
2.21 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(0.17 |
%) |
|
|
to |
|
|
|
(1.42 |
%) |
| 2019 |
|
|
54 |
|
|
|
$2.61 |
|
|
|
to |
|
|
|
$2.30 |
|
|
|
$136 |
|
|
|
|
|
|
|
1.94 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
25.66 |
% |
|
|
to |
|
|
|
24.11 |
% |
| BNY Mellon IP MidCap Stock, Serv |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
21 |
|
|
|
$2.74 |
|
|
|
to |
|
|
|
$2.90 |
|
|
|
$75 |
|
|
|
|
|
|
|
0.53 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
16.76 |
% |
|
|
to |
|
|
|
15.43 |
% |
| 2022 |
|
|
20 |
|
|
|
$2.35 |
|
|
|
to |
|
|
|
$2.52 |
|
|
|
$63 |
|
|
|
|
|
|
|
0.44 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(15.17 |
%) |
|
|
to |
|
|
|
(16.15 |
%) |
| 2021 |
|
|
22 |
|
|
|
$2.77 |
|
|
|
to |
|
|
|
$3.00 |
|
|
|
$80 |
|
|
|
|
|
|
|
0.45 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
24.25 |
% |
|
|
to |
|
|
|
22.83 |
% |
| 2020 |
|
|
24 |
|
|
|
$2.23 |
|
|
|
to |
|
|
|
$2.44 |
|
|
|
$69 |
|
|
|
|
|
|
|
0.52 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
6.72 |
% |
|
|
to |
|
|
|
5.50 |
% |
| 2019 |
|
|
23 |
|
|
|
$2.09 |
|
|
|
to |
|
|
|
$2.31 |
|
|
|
$64 |
|
|
|
|
|
|
|
0.39 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
18.60 |
% |
|
|
to |
|
|
|
17.24 |
% |
| BNY Mellon IP Tech Gro, Serv |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
498 |
|
|
|
$5.31 |
|
|
|
to |
|
|
|
$4.72 |
|
|
|
$2,609 |
|
|
|
|
|
|
|
— |
|
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
57.35 |
% |
|
|
to |
|
|
|
55.56 |
% |
| 2022 |
|
|
685 |
|
|
|
$3.37 |
|
|
|
to |
|
|
|
$3.04 |
|
|
|
$2,297 |
|
|
|
|
|
|
|
— |
|
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(47.08 |
%) |
|
|
to |
|
|
|
(47.68 |
%) |
| 2021 |
|
|
545 |
|
|
|
$6.37 |
|
|
|
to |
|
|
|
$5.81 |
|
|
|
$3,475 |
|
|
|
|
|
|
|
— |
|
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
11.47 |
% |
|
|
to |
|
|
|
10.19 |
% |
| 2020 |
|
|
595 |
|
|
|
$5.72 |
|
|
|
to |
|
|
|
$5.27 |
|
|
|
$3,425 |
|
|
|
|
|
|
|
0.08 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
67.80 |
% |
|
|
to |
|
|
|
65.88 |
% |
| 2019 |
|
|
959 |
|
|
|
$3.41 |
|
|
|
to |
|
|
|
$3.18 |
|
|
|
$3,308 |
|
|
|
|
|
|
|
— |
|
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
24.20 |
% |
|
|
to |
|
|
|
22.78 |
% |
| BNY Mellon Sus US Eq, Init |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
166 |
|
|
|
$2.54 |
|
|
|
to |
|
|
|
$4.80 |
|
|
|
$418 |
|
|
|
|
|
|
|
0.73 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
22.35 |
% |
|
|
to |
|
|
|
21.62 |
% |
| 2022 |
|
|
170 |
|
|
|
$2.08 |
|
|
|
to |
|
|
|
$3.95 |
|
|
|
$351 |
|
|
|
|
|
|
|
0.51 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(23.79 |
%) |
|
|
to |
|
|
|
(24.25 |
%) |
| 2021 |
|
|
188 |
|
|
|
$2.73 |
|
|
|
to |
|
|
|
$5.21 |
|
|
|
$505 |
|
|
|
|
|
|
|
0.78 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
25.48 |
% |
|
|
to |
|
|
|
24.73 |
% |
| 2020 |
|
|
217 |
|
|
|
$2.17 |
|
|
|
to |
|
|
|
$4.18 |
|
|
|
$464 |
|
|
|
|
|
|
|
1.10 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
22.66 |
% |
|
|
to |
|
|
|
21.93 |
% |
| 2019 |
|
|
232 |
|
|
|
$1.77 |
|
|
|
to |
|
|
|
$3.43 |
|
|
|
$404 |
|
|
|
|
|
|
|
1.57 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
32.84 |
% |
|
|
to |
|
|
|
32.05 |
% |
| BNY Mellon VIF Appr, Serv |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
28 |
|
|
|
$3.98 |
|
|
|
to |
|
|
|
$3.47 |
|
|
|
$119 |
|
|
|
|
|
|
|
0.49 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
19.41 |
% |
|
|
to |
|
|
|
18.05 |
% |
| 2022 |
|
|
28 |
|
|
|
$3.34 |
|
|
|
to |
|
|
|
$2.94 |
|
|
|
$100 |
|
|
|
|
|
|
|
0.43 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(19.11 |
%) |
|
|
to |
|
|
|
(20.03 |
%) |
| 2021 |
|
|
30 |
|
|
|
$4.12 |
|
|
|
to |
|
|
|
$3.68 |
|
|
|
$134 |
|
|
|
|
|
|
|
0.21 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
25.45 |
% |
|
|
to |
|
|
|
24.02 |
% |
| 2020 |
|
|
33 |
|
|
|
$3.29 |
|
|
|
to |
|
|
|
$2.97 |
|
|
|
$118 |
|
|
|
|
|
|
|
0.55 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
22.09 |
% |
|
|
to |
|
|
|
20.70 |
% |
| 2019 |
|
|
35 |
|
|
|
$2.69 |
|
|
|
to |
|
|
|
$2.46 |
|
|
|
$101 |
|
|
|
|
|
|
|
0.92 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
34.37 |
% |
|
|
to |
|
|
|
32.83 |
% |
|
|
|
|
|
| 116 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| CB Var Sm Cap Gro, Cl I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
30 |
|
|
|
$4.44 |
|
|
|
to |
|
|
|
$3.72 |
|
|
|
$100 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.33 |
% |
|
|
to |
|
|
|
6.00 |
% |
| 2022 |
|
|
32 |
|
|
|
$4.14 |
|
|
|
to |
|
|
|
$3.51 |
|
|
|
$99 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(29.55 |
%) |
|
|
to |
|
|
|
(30.43 |
%) |
| 2021 |
|
|
31 |
|
|
|
$5.87 |
|
|
|
to |
|
|
|
$5.05 |
|
|
|
$140 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
11.49 |
% |
|
|
to |
|
|
|
10.11 |
% |
| 2020 |
|
|
31 |
|
|
|
$5.27 |
|
|
|
to |
|
|
|
$4.58 |
|
|
|
$126 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
41.84 |
% |
|
|
to |
|
|
|
40.08 |
% |
| 2019 |
|
|
38 |
|
|
|
$3.71 |
|
|
|
to |
|
|
|
$3.27 |
|
|
|
$108 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
25.61 |
% |
|
|
to |
|
|
|
24.05 |
% |
| Col VP Bal, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
637 |
|
|
|
$2.89 |
|
|
|
to |
|
|
|
$2.65 |
|
|
|
$2,357 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
20.03 |
% |
|
|
to |
|
|
|
19.07 |
% |
| 2022 |
|
|
705 |
|
|
|
$2.41 |
|
|
|
to |
|
|
|
$2.22 |
|
|
|
$2,190 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(17.57 |
%) |
|
|
to |
|
|
|
(18.23 |
%) |
| 2021 |
|
|
974 |
|
|
|
$2.92 |
|
|
|
to |
|
|
|
$2.72 |
|
|
|
$3,405 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
13.60 |
% |
|
|
to |
|
|
|
12.69 |
% |
| 2020 |
|
|
956 |
|
|
|
$2.57 |
|
|
|
to |
|
|
|
$2.41 |
|
|
|
$2,990 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
16.42 |
% |
|
|
to |
|
|
|
15.49 |
% |
| 2019 |
|
|
1,022 |
|
|
|
$2.21 |
|
|
|
to |
|
|
|
$2.09 |
|
|
|
$2,782 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
21.56 |
% |
|
|
to |
|
|
|
20.59 |
% |
| Col VP Disciplined Core, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
4,035 |
|
|
|
$3.62 |
|
|
|
to |
|
|
|
$3.99 |
|
|
|
$13,413 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
23.00 |
% |
|
|
to |
|
|
|
21.47 |
% |
| 2022 |
|
|
4,862 |
|
|
|
$2.94 |
|
|
|
to |
|
|
|
$3.28 |
|
|
|
$13,104 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(19.64 |
%) |
|
|
to |
|
|
|
(20.63 |
%) |
| 2021 |
|
|
5,462 |
|
|
|
$3.66 |
|
|
|
to |
|
|
|
$4.14 |
|
|
|
$18,461 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
31.25 |
% |
|
|
to |
|
|
|
29.62 |
% |
| 2020 |
|
|
6,340 |
|
|
|
$2.79 |
|
|
|
to |
|
|
|
$3.19 |
|
|
|
$16,343 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
12.85 |
% |
|
|
to |
|
|
|
11.45 |
% |
| 2019 |
|
|
7,176 |
|
|
|
$2.47 |
|
|
|
to |
|
|
|
$2.86 |
|
|
|
$16,470 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
23.39 |
% |
|
|
to |
|
|
|
21.86 |
% |
| Col VP Divd Opp, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
4,374 |
|
|
|
$4.04 |
|
|
|
to |
|
|
|
$2.57 |
|
|
|
$16,147 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
3.91 |
% |
|
|
to |
|
|
|
2.62 |
% |
| 2022 |
|
|
4,702 |
|
|
|
$3.89 |
|
|
|
to |
|
|
|
$2.50 |
|
|
|
$16,833 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(2.22 |
%) |
|
|
to |
|
|
|
(3.43 |
%) |
| 2021 |
|
|
6,151 |
|
|
|
$3.98 |
|
|
|
to |
|
|
|
$2.59 |
|
|
|
$22,599 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
24.76 |
% |
|
|
to |
|
|
|
23.22 |
% |
| 2020 |
|
|
7,295 |
|
|
|
$3.19 |
|
|
|
to |
|
|
|
$2.10 |
|
|
|
$21,475 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
0.02 |
% |
|
|
to |
|
|
|
(1.22 |
%) |
| 2019 |
|
|
7,598 |
|
|
|
$3.19 |
|
|
|
to |
|
|
|
$2.13 |
|
|
|
$22,528 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
22.69 |
% |
|
|
to |
|
|
|
21.16 |
% |
| Col VP Emer Mkts, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
2,279 |
|
|
|
$1.30 |
|
|
|
to |
|
|
|
$1.09 |
|
|
|
$5,548 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
8.22 |
% |
|
|
to |
|
|
|
6.88 |
% |
| 2022 |
|
|
2,507 |
|
|
|
$1.20 |
|
|
|
to |
|
|
|
$1.02 |
|
|
|
$5,680 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(33.65 |
%) |
|
|
to |
|
|
|
(34.47 |
%) |
| 2021 |
|
|
2,203 |
|
|
|
$1.82 |
|
|
|
to |
|
|
|
$1.56 |
|
|
|
$7,557 |
|
|
|
|
|
|
|
0.92 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(8.25 |
%) |
|
|
to |
|
|
|
(9.40 |
%) |
| 2020 |
|
|
2,157 |
|
|
|
$1.98 |
|
|
|
to |
|
|
|
$1.72 |
|
|
|
$8,111 |
|
|
|
|
|
|
|
0.57 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
32.04 |
% |
|
|
to |
|
|
|
30.39 |
% |
| 2019 |
|
|
2,839 |
|
|
|
$1.50 |
|
|
|
to |
|
|
|
$1.32 |
|
|
|
$8,155 |
|
|
|
|
|
|
|
0.18 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
30.12 |
% |
|
|
to |
|
|
|
28.50 |
% |
| Col VP Govt Money Mkt, Cl 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
89 |
|
|
|
$1.02 |
|
|
|
to |
|
|
|
$1.01 |
|
|
|
$90 |
|
|
|
|
|
|
|
4.63 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
3.53 |
% |
|
|
to |
|
|
|
3.43 |
% |
| 2022 |
|
|
92 |
|
|
|
$0.98 |
|
|
|
to |
|
|
|
$0.98 |
|
|
|
$90 |
|
|
|
|
|
|
|
1.00 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
0.06 |
% |
|
|
to |
|
|
|
(0.05 |
%) |
| 2021 |
|
|
141 |
|
|
|
$0.98 |
|
|
|
to |
|
|
|
$0.98 |
|
|
|
$138 |
|
|
|
|
|
|
|
0.01 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
(1.12 |
%) |
|
|
to |
|
|
|
(1.22 |
%) |
| 2020 |
|
|
188 |
|
|
|
$0.99 |
|
|
|
to |
|
|
|
$0.99 |
|
|
|
$187 |
|
|
|
|
|
|
|
0.01 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
(0.74 |
%)(5) |
|
|
to |
|
|
|
(0.81 |
%)(5) |
| Col VP Govt Money Mkt, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
17,890 |
|
|
|
$1.10 |
|
|
|
to |
|
|
|
$0.80 |
|
|
|
$17,347 |
|
|
|
|
|
|
|
4.50 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
3.56 |
% |
|
|
to |
|
|
|
2.27 |
% |
| 2022 |
|
|
20,810 |
|
|
|
$1.06 |
|
|
|
to |
|
|
|
$0.78 |
|
|
|
$19,580 |
|
|
|
|
|
|
|
1.11 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
0.16 |
% |
|
|
to |
|
|
|
(1.09 |
%) |
| 2021 |
|
|
23,910 |
|
|
|
$1.06 |
|
|
|
to |
|
|
|
$0.79 |
|
|
|
$22,482 |
|
|
|
|
|
|
|
0.01 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(0.98 |
%) |
|
|
to |
|
|
|
(2.22 |
%) |
| 2020 |
|
|
26,018 |
|
|
|
$1.07 |
|
|
|
to |
|
|
|
$0.81 |
|
|
|
$24,763 |
|
|
|
|
|
|
|
0.24 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(0.72 |
%) |
|
|
to |
|
|
|
(1.95 |
%) |
| 2019 |
|
|
26,398 |
|
|
|
$1.08 |
|
|
|
to |
|
|
|
$0.83 |
|
|
|
$25,503 |
|
|
|
|
|
|
|
1.72 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
0.76 |
% |
|
|
to |
|
|
|
(0.50 |
%) |
| Col VP Hi Yield Bond, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,168 |
|
|
|
$2.01 |
|
|
|
to |
|
|
|
$1.69 |
|
|
|
$2,924 |
|
|
|
|
|
|
|
5.40 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.97 |
% |
|
|
to |
|
|
|
9.59 |
% |
| 2022 |
|
|
1,280 |
|
|
|
$1.81 |
|
|
|
to |
|
|
|
$1.54 |
|
|
|
$2,908 |
|
|
|
|
|
|
|
5.02 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(11.59 |
%) |
|
|
to |
|
|
|
(12.69 |
%) |
| 2021 |
|
|
1,536 |
|
|
|
$2.05 |
|
|
|
to |
|
|
|
$1.76 |
|
|
|
$3,961 |
|
|
|
|
|
|
|
4.99 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
3.82 |
% |
|
|
to |
|
|
|
2.53 |
% |
| 2020 |
|
|
1,654 |
|
|
|
$1.98 |
|
|
|
to |
|
|
|
$1.72 |
|
|
|
$4,134 |
|
|
|
|
|
|
|
5.69 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
5.49 |
% |
|
|
to |
|
|
|
4.18 |
% |
| 2019 |
|
|
1,950 |
|
|
|
$1.87 |
|
|
|
to |
|
|
|
$1.65 |
|
|
|
$4,667 |
|
|
|
|
|
|
|
5.73 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
15.57 |
% |
|
|
to |
|
|
|
14.12 |
% |
| Col VP Inc Opp, Cl 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
188 |
|
|
|
$1.21 |
|
|
|
to |
|
|
|
$1.20 |
|
|
|
$225 |
|
|
|
|
|
|
|
5.29 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
10.29 |
% |
|
|
to |
|
|
|
10.18 |
% |
| 2022 |
|
|
206 |
|
|
|
$1.10 |
|
|
|
to |
|
|
|
$1.09 |
|
|
|
$224 |
|
|
|
|
|
|
|
5.42 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
(11.04 |
%) |
|
|
to |
|
|
|
(11.13 |
%) |
| 2021 |
|
|
211 |
|
|
|
$1.23 |
|
|
|
to |
|
|
|
$1.22 |
|
|
|
$258 |
|
|
|
|
|
|
|
9.00 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
3.30 |
% |
|
|
to |
|
|
|
3.20 |
% |
| 2020 |
|
|
224 |
|
|
|
$1.19 |
|
|
|
to |
|
|
|
$1.19 |
|
|
|
$265 |
|
|
|
|
|
|
|
4.62 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
4.69 |
% |
|
|
to |
|
|
|
4.58 |
% |
| 2019 |
|
|
235 |
|
|
|
$1.14 |
|
|
|
to |
|
|
|
$1.13 |
|
|
|
$266 |
|
|
|
|
|
|
|
5.11 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
15.13 |
% |
|
|
to |
|
|
|
15.02 |
% |
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| Col VP Inc Opp, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,314 |
|
|
|
$1.93 |
|
|
|
to |
|
|
|
$1.62 |
|
|
|
$2,976 |
|
|
|
|
|
|
|
5.02 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.40 |
% |
|
|
to |
|
|
|
9.03 |
% |
| 2022 |
|
|
1,552 |
|
|
|
$1.75 |
|
|
|
to |
|
|
|
$1.48 |
|
|
|
$3,201 |
|
|
|
|
|
|
|
5.06 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(11.11 |
%) |
|
|
to |
|
|
|
(12.21 |
%) |
| 2021 |
|
|
2,006 |
|
|
|
$1.96 |
|
|
|
to |
|
|
|
$1.69 |
|
|
|
$4,689 |
|
|
|
|
|
|
|
9.01 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
3.44 |
% |
|
|
to |
|
|
|
2.15 |
% |
| 2020 |
|
|
2,084 |
|
|
|
$1.90 |
|
|
|
to |
|
|
|
$1.65 |
|
|
|
$4,740 |
|
|
|
|
|
|
|
4.59 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
4.69 |
% |
|
|
to |
|
|
|
3.39 |
% |
| 2019 |
|
|
2,203 |
|
|
|
$1.81 |
|
|
|
to |
|
|
|
$1.60 |
|
|
|
$4,828 |
|
|
|
|
|
|
|
5.01 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
15.08 |
% |
|
|
to |
|
|
|
13.64 |
% |
| Col VP Inter Bond, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
4,195 |
|
|
|
$1.66 |
|
|
|
to |
|
|
|
$1.08 |
|
|
|
$6,555 |
|
|
|
|
|
|
|
2.19 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
5.14 |
% |
|
|
to |
|
|
|
3.84 |
% |
| 2022 |
|
|
4,623 |
|
|
|
$1.58 |
|
|
|
to |
|
|
|
$1.04 |
|
|
|
$6,903 |
|
|
|
|
|
|
|
3.08 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(17.99 |
%) |
|
|
to |
|
|
|
(19.01 |
%) |
| 2021 |
|
|
5,137 |
|
|
|
$1.92 |
|
|
|
to |
|
|
|
$1.28 |
|
|
|
$9,380 |
|
|
|
|
|
|
|
3.21 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(1.34 |
%) |
|
|
to |
|
|
|
(2.57 |
%) |
| 2020 |
|
|
5,262 |
|
|
|
$1.95 |
|
|
|
to |
|
|
|
$1.31 |
|
|
|
$9,819 |
|
|
|
|
|
|
|
2.75 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
11.33 |
% |
|
|
to |
|
|
|
9.95 |
% |
| 2019 |
|
|
5,885 |
|
|
|
$1.75 |
|
|
|
to |
|
|
|
$1.20 |
|
|
|
$9,882 |
|
|
|
|
|
|
|
3.14 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
8.03 |
% |
|
|
to |
|
|
|
6.69 |
% |
| Col VP Lg Cap Gro, Cl 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
55 |
|
|
|
$4.34 |
|
|
|
to |
|
|
|
$4.29 |
|
|
|
$237 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
41.53 |
% |
|
|
to |
|
|
|
41.39 |
% |
| 2022 |
|
|
107 |
|
|
|
$3.07 |
|
|
|
to |
|
|
|
$3.03 |
|
|
|
$325 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
(32.17 |
%) |
|
|
to |
|
|
|
(32.24 |
%) |
| 2021 |
|
|
111 |
|
|
|
$4.52 |
|
|
|
to |
|
|
|
$4.47 |
|
|
|
$496 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
27.26 |
% |
|
|
to |
|
|
|
27.13 |
% |
| 2020 |
|
|
112 |
|
|
|
$3.55 |
|
|
|
to |
|
|
|
$3.52 |
|
|
|
$395 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
33.19 |
% |
|
|
to |
|
|
|
33.06 |
% |
| 2019 |
|
|
128 |
|
|
|
$2.67 |
|
|
|
to |
|
|
|
$2.65 |
|
|
|
$340 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
34.35 |
% |
|
|
to |
|
|
|
34.21 |
% |
| Col VP Lg Cap Gro, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
173 |
|
|
|
$5.18 |
|
|
|
to |
|
|
|
$4.79 |
|
|
|
$718 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
41.53 |
% |
|
|
to |
|
|
|
39.78 |
% |
| 2022 |
|
|
197 |
|
|
|
$3.66 |
|
|
|
to |
|
|
|
$3.42 |
|
|
|
$553 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(32.13 |
%) |
|
|
to |
|
|
|
(32.97 |
%) |
| 2021 |
|
|
223 |
|
|
|
$5.39 |
|
|
|
to |
|
|
|
$5.11 |
|
|
|
$876 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
27.26 |
% |
|
|
to |
|
|
|
25.68 |
% |
| 2020 |
|
|
219 |
|
|
|
$4.24 |
|
|
|
to |
|
|
|
$4.06 |
|
|
|
$713 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
33.23 |
% |
|
|
to |
|
|
|
31.57 |
% |
| 2019 |
|
|
333 |
|
|
|
$3.18 |
|
|
|
to |
|
|
|
$3.09 |
|
|
|
$703 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
34.41 |
% |
|
|
to |
|
|
|
32.74 |
% |
| Col VP Lg Cap Index, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,434 |
|
|
|
$3.73 |
|
|
|
to |
|
|
|
$3.95 |
|
|
|
$5,774 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
24.57 |
% |
|
|
to |
|
|
|
23.02 |
% |
| 2022 |
|
|
1,640 |
|
|
|
$3.00 |
|
|
|
to |
|
|
|
$3.21 |
|
|
|
$5,300 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(19.26 |
%) |
|
|
to |
|
|
|
(20.26 |
%) |
| 2021 |
|
|
2,078 |
|
|
|
$3.71 |
|
|
|
to |
|
|
|
$4.03 |
|
|
|
$8,582 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
26.94 |
% |
|
|
to |
|
|
|
25.37 |
% |
| 2020 |
|
|
2,328 |
|
|
|
$2.92 |
|
|
|
to |
|
|
|
$3.21 |
|
|
|
$7,562 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
16.73 |
% |
|
|
to |
|
|
|
15.28 |
% |
| 2019 |
|
|
2,595 |
|
|
|
$2.50 |
|
|
|
to |
|
|
|
$2.79 |
|
|
|
$7,296 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
29.65 |
% |
|
|
to |
|
|
|
28.04 |
% |
| Col VP Overseas Core, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
151 |
|
|
|
$1.80 |
|
|
|
to |
|
|
|
$1.51 |
|
|
|
$328 |
|
|
|
|
|
|
|
1.83 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
14.32 |
% |
|
|
to |
|
|
|
12.90 |
% |
| 2022 |
|
|
158 |
|
|
|
$1.57 |
|
|
|
to |
|
|
|
$1.33 |
|
|
|
$303 |
|
|
|
|
|
|
|
0.80 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(15.64 |
%) |
|
|
to |
|
|
|
(16.70 |
%) |
| 2021 |
|
|
165 |
|
|
|
$1.86 |
|
|
|
to |
|
|
|
$1.60 |
|
|
|
$379 |
|
|
|
|
|
|
|
1.17 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
8.78 |
% |
|
|
to |
|
|
|
7.43 |
% |
| 2020 |
|
|
183 |
|
|
|
$1.71 |
|
|
|
to |
|
|
|
$1.49 |
|
|
|
$380 |
|
|
|
|
|
|
|
1.56 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.83 |
% |
|
|
to |
|
|
|
6.50 |
% |
| 2019 |
|
|
214 |
|
|
|
$1.59 |
|
|
|
to |
|
|
|
$1.40 |
|
|
|
$407 |
|
|
|
|
|
|
|
1.96 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
24.06 |
% |
|
|
to |
|
|
|
22.53 |
% |
| Col VP Select Lg Cap Val, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
27 |
|
|
|
$3.20 |
|
|
|
to |
|
|
|
$3.12 |
|
|
|
$95 |
|
|
|
|
|
|
|
— |
|
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
4.13 |
% |
|
|
to |
|
|
|
2.95 |
% |
| 2022 |
|
|
35 |
|
|
|
$3.07 |
|
|
|
to |
|
|
|
$3.04 |
|
|
|
$119 |
|
|
|
|
|
|
|
— |
|
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(2.97 |
%) |
|
|
to |
|
|
|
(4.08 |
%) |
| 2021 |
|
|
40 |
|
|
|
$3.17 |
|
|
|
to |
|
|
|
$3.16 |
|
|
|
$140 |
|
|
|
|
|
|
|
— |
|
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
24.83 |
% |
|
|
to |
|
|
|
23.40 |
% |
| 2020 |
|
|
41 |
|
|
|
$2.54 |
|
|
|
to |
|
|
|
$2.56 |
|
|
|
$116 |
|
|
|
|
|
|
|
— |
|
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
5.84 |
% |
|
|
to |
|
|
|
4.63 |
% |
| 2019 |
|
|
51 |
|
|
|
$2.40 |
|
|
|
to |
|
|
|
$2.45 |
|
|
|
$137 |
|
|
|
|
|
|
|
— |
|
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
25.22 |
% |
|
|
to |
|
|
|
23.79 |
% |
| Col VP Select Mid Cap Gro, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
383 |
|
|
|
$4.83 |
|
|
|
to |
|
|
|
$3.06 |
|
|
|
$1,631 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
23.84 |
% |
|
|
to |
|
|
|
22.37 |
% |
| 2022 |
|
|
426 |
|
|
|
$3.90 |
|
|
|
to |
|
|
|
$2.50 |
|
|
|
$1,471 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(31.61 |
%) |
|
|
to |
|
|
|
(32.42 |
%) |
| 2021 |
|
|
445 |
|
|
|
$5.70 |
|
|
|
to |
|
|
|
$3.71 |
|
|
|
$2,263 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
15.25 |
% |
|
|
to |
|
|
|
13.87 |
% |
| 2020 |
|
|
481 |
|
|
|
$4.95 |
|
|
|
to |
|
|
|
$3.25 |
|
|
|
$2,126 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
33.89 |
% |
|
|
to |
|
|
|
32.29 |
% |
| 2019 |
|
|
569 |
|
|
|
$3.70 |
|
|
|
to |
|
|
|
$2.46 |
|
|
|
$1,881 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
33.68 |
% |
|
|
to |
|
|
|
32.08 |
% |
| Col VP Select Mid Cap Val, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
11 |
|
|
|
$3.71 |
|
|
|
to |
|
|
|
$3.11 |
|
|
|
$31 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
9.09 |
% |
|
|
to |
|
|
|
7.74 |
% |
| 2022 |
|
|
13 |
|
|
|
$3.40 |
|
|
|
to |
|
|
|
$2.89 |
|
|
|
$33 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(10.46 |
%) |
|
|
to |
|
|
|
(11.57 |
%) |
| 2021 |
|
|
16 |
|
|
|
$3.80 |
|
|
|
to |
|
|
|
$3.26 |
|
|
|
$43 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
30.82 |
% |
|
|
to |
|
|
|
29.20 |
% |
| 2020 |
|
|
23 |
|
|
|
$2.90 |
|
|
|
to |
|
|
|
$2.53 |
|
|
|
$47 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
6.34 |
% |
|
|
to |
|
|
|
5.02 |
% |
| 2019 |
|
|
26 |
|
|
|
$2.73 |
|
|
|
to |
|
|
|
$2.41 |
|
|
|
$50 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
30.11 |
% |
|
|
to |
|
|
|
28.50 |
% |
|
|
|
|
|
| 118 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| Col VP Select Sm Cap Val, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
182 |
|
|
|
$4.05 |
|
|
|
to |
|
|
|
$3.65 |
|
|
|
$647 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
11.85 |
% |
|
|
to |
|
|
|
10.97 |
% |
| 2022 |
|
|
207 |
|
|
|
$3.62 |
|
|
|
to |
|
|
|
$3.29 |
|
|
|
$661 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(15.67 |
%) |
|
|
to |
|
|
|
(16.34 |
%) |
| 2021 |
|
|
215 |
|
|
|
$4.29 |
|
|
|
to |
|
|
|
$3.93 |
|
|
|
$819 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
29.50 |
% |
|
|
to |
|
|
|
28.47 |
% |
| 2020 |
|
|
244 |
|
|
|
$3.31 |
|
|
|
to |
|
|
|
$3.06 |
|
|
|
$730 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
7.97 |
% |
|
|
to |
|
|
|
7.11 |
% |
| 2019 |
|
|
252 |
|
|
|
$3.07 |
|
|
|
to |
|
|
|
$2.85 |
|
|
|
$701 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
16.42 |
% |
|
|
to |
|
|
|
15.49 |
% |
| Col VP Sm Cap Val, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
226 |
|
|
|
$3.67 |
|
|
|
to |
|
|
|
$3.08 |
|
|
|
$815 |
|
|
|
|
|
|
|
0.43 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
20.46 |
% |
|
|
to |
|
|
|
18.96 |
% |
| 2022 |
|
|
250 |
|
|
|
$3.05 |
|
|
|
to |
|
|
|
$2.59 |
|
|
|
$748 |
|
|
|
|
|
|
|
0.48 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(9.88 |
%) |
|
|
to |
|
|
|
(11.00 |
%) |
| 2021 |
|
|
311 |
|
|
|
$3.38 |
|
|
|
to |
|
|
|
$2.90 |
|
|
|
$1,040 |
|
|
|
|
|
|
|
0.49 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
27.52 |
% |
|
|
to |
|
|
|
25.94 |
% |
| 2020 |
|
|
407 |
|
|
|
$2.65 |
|
|
|
to |
|
|
|
$2.31 |
|
|
|
$1,077 |
|
|
|
|
|
|
|
0.36 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.52 |
% |
|
|
to |
|
|
|
6.18 |
% |
| 2019 |
|
|
422 |
|
|
|
$2.46 |
|
|
|
to |
|
|
|
$2.17 |
|
|
|
$1,041 |
|
|
|
|
|
|
|
0.27 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
19.78 |
% |
|
|
to |
|
|
|
18.29 |
% |
| Col VP Sm Co Gro, Cl 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
3 |
|
|
|
$6.66 |
|
|
|
to |
|
|
|
$6.52 |
|
|
|
$19 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
25.19 |
% |
|
|
to |
|
|
|
25.06 |
% |
| 2022 |
|
|
3 |
|
|
|
$5.32 |
|
|
|
to |
|
|
|
$5.22 |
|
|
|
$15 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
(36.50 |
%) |
|
|
to |
|
|
|
(36.56 |
%) |
| 2021 |
|
|
3 |
|
|
|
$8.38 |
|
|
|
to |
|
|
|
$8.22 |
|
|
|
$25 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
(4.01 |
%) |
|
|
to |
|
|
|
(4.11 |
%) |
| 2020 |
|
|
3 |
|
|
|
$8.73 |
|
|
|
to |
|
|
|
$8.58 |
|
|
|
$26 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
69.17 |
% |
|
|
to |
|
|
|
69.00 |
% |
| 2019 |
|
|
3 |
|
|
|
$5.16 |
|
|
|
to |
|
|
|
$5.07 |
|
|
|
$15 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
39.09 |
% |
|
|
to |
|
|
|
38.95 |
% |
| Col VP US Govt Mtge, Cl 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
130 |
|
|
|
$1.01 |
|
|
|
to |
|
|
|
$1.00 |
|
|
|
$129 |
|
|
|
|
|
|
|
2.82 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
4.49 |
% |
|
|
to |
|
|
|
4.39 |
% |
| 2022 |
|
|
136 |
|
|
|
$0.97 |
|
|
|
to |
|
|
|
$0.96 |
|
|
|
$130 |
|
|
|
|
|
|
|
2.17 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
(15.12 |
%) |
|
|
to |
|
|
|
(15.20 |
%) |
| 2021 |
|
|
137 |
|
|
|
$1.14 |
|
|
|
to |
|
|
|
$1.13 |
|
|
|
$154 |
|
|
|
|
|
|
|
1.97 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
(2.09 |
%) |
|
|
to |
|
|
|
(2.18 |
%) |
| 2020 |
|
|
163 |
|
|
|
$1.16 |
|
|
|
to |
|
|
|
$1.15 |
|
|
|
$187 |
|
|
|
|
|
|
|
2.50 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
3.89 |
% |
|
|
to |
|
|
|
3.79 |
% |
| 2019 |
|
|
156 |
|
|
|
$1.12 |
|
|
|
to |
|
|
|
$1.11 |
|
|
|
$173 |
|
|
|
|
|
|
|
2.88 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
5.51 |
% |
|
|
to |
|
|
|
5.41 |
% |
| Col VP US Govt Mtge, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
3,497 |
|
|
|
$1.33 |
|
|
|
to |
|
|
|
$0.87 |
|
|
|
$4,008 |
|
|
|
|
|
|
|
2.59 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
4.50 |
% |
|
|
to |
|
|
|
3.21 |
% |
| 2022 |
|
|
4,309 |
|
|
|
$1.27 |
|
|
|
to |
|
|
|
$0.84 |
|
|
|
$4,731 |
|
|
|
|
|
|
|
1.97 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(15.11 |
%) |
|
|
to |
|
|
|
(16.17 |
%) |
| 2021 |
|
|
4,710 |
|
|
|
$1.50 |
|
|
|
to |
|
|
|
$1.01 |
|
|
|
$6,072 |
|
|
|
|
|
|
|
1.90 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(2.05 |
%) |
|
|
to |
|
|
|
(3.27 |
%) |
| 2020 |
|
|
5,149 |
|
|
|
$1.53 |
|
|
|
to |
|
|
|
$1.04 |
|
|
|
$6,849 |
|
|
|
|
|
|
|
2.44 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
3.91 |
% |
|
|
to |
|
|
|
2.63 |
% |
| 2019 |
|
|
5,475 |
|
|
|
$1.47 |
|
|
|
to |
|
|
|
$1.01 |
|
|
|
$7,065 |
|
|
|
|
|
|
|
2.63 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
5.55 |
% |
|
|
to |
|
|
|
4.24 |
% |
| CS Commodity Return, Cl 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
23 |
|
|
|
$0.71 |
|
|
|
to |
|
|
|
$0.59 |
|
|
|
$14 |
|
|
|
|
|
|
|
21.09 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(10.01 |
%) |
|
|
to |
|
|
|
(11.13 |
%) |
| 2022 |
|
|
25 |
|
|
|
$0.79 |
|
|
|
to |
|
|
|
$0.67 |
|
|
|
$17 |
|
|
|
|
|
|
|
16.13 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
14.88 |
% |
|
|
to |
|
|
|
13.45 |
% |
| 2021 |
|
|
31 |
|
|
|
$0.69 |
|
|
|
to |
|
|
|
$0.59 |
|
|
|
$18 |
|
|
|
|
|
|
|
3.61 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
26.63 |
% |
|
|
to |
|
|
|
25.06 |
% |
| 2020 |
|
|
57 |
|
|
|
$0.54 |
|
|
|
to |
|
|
|
$0.47 |
|
|
|
$26 |
|
|
|
|
|
|
|
5.82 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(2.47 |
%) |
|
|
to |
|
|
|
(3.67 |
%) |
| 2019 |
|
|
60 |
|
|
|
$0.56 |
|
|
|
to |
|
|
|
$0.49 |
|
|
|
$27 |
|
|
|
|
|
|
|
0.84 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
5.63 |
% |
|
|
to |
|
|
|
4.31 |
% |
| CTIVP BR Gl Infl Prot Sec, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
967 |
|
|
|
$1.22 |
|
|
|
to |
|
|
|
$1.02 |
|
|
|
$1,249 |
|
|
|
|
|
|
|
8.82 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
2.92 |
% |
|
|
to |
|
|
|
1.65 |
% |
| 2022 |
|
|
1,054 |
|
|
|
$1.19 |
|
|
|
to |
|
|
|
$1.01 |
|
|
|
$1,328 |
|
|
|
|
|
|
|
4.46 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(18.40 |
%) |
|
|
to |
|
|
|
(19.41 |
%) |
| 2021 |
|
|
1,237 |
|
|
|
$1.45 |
|
|
|
to |
|
|
|
$1.25 |
|
|
|
$1,917 |
|
|
|
|
|
|
|
0.69 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
3.44 |
% |
|
|
to |
|
|
|
2.14 |
% |
| 2020 |
|
|
1,287 |
|
|
|
$1.40 |
|
|
|
to |
|
|
|
$1.22 |
|
|
|
$1,942 |
|
|
|
|
|
|
|
0.54 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
8.03 |
% |
|
|
to |
|
|
|
6.68 |
% |
| 2019 |
|
|
1,459 |
|
|
|
$1.30 |
|
|
|
to |
|
|
|
$1.14 |
|
|
|
$2,049 |
|
|
|
|
|
|
|
3.16 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
6.75 |
% |
|
|
to |
|
|
|
5.41 |
% |
| CTIVP Prin Blue Chip Gro, Cl 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
407 |
|
|
|
$2.65 |
|
|
|
to |
|
|
|
$2.41 |
|
|
|
$1,031 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
38.15 |
% |
|
|
to |
|
|
|
36.44 |
% |
| 2022 |
|
|
503 |
|
|
|
$1.92 |
|
|
|
to |
|
|
|
$1.76 |
|
|
|
$927 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(28.72 |
%) |
|
|
to |
|
|
|
(29.61 |
%) |
| 2021 |
|
|
547 |
|
|
|
$2.69 |
|
|
|
to |
|
|
|
$2.50 |
|
|
|
$1,425 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
17.39 |
% |
|
|
to |
|
|
|
15.93 |
% |
| 2020 |
|
|
651 |
|
|
|
$2.29 |
|
|
|
to |
|
|
|
$2.16 |
|
|
|
$1,452 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
30.62 |
% |
|
|
to |
|
|
|
29.00 |
% |
| 2019 |
|
|
846 |
|
|
|
$1.75 |
|
|
|
to |
|
|
|
$1.67 |
|
|
|
$1,453 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
30.44 |
% |
|
|
to |
|
|
|
28.82 |
% |
| CTIVP Vty Sycamore Estb Val, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
6 |
|
|
|
$4.59 |
|
|
|
to |
|
|
|
$3.85 |
|
|
|
$28 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
8.72 |
% |
|
|
to |
|
|
|
7.37 |
% |
| 2022 |
|
|
6 |
|
|
|
$4.22 |
|
|
|
to |
|
|
|
$3.58 |
|
|
|
$26 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(3.85 |
%) |
|
|
to |
|
|
|
(5.04 |
%) |
| 2021 |
|
|
6 |
|
|
|
$4.39 |
|
|
|
to |
|
|
|
$3.77 |
|
|
|
$28 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
30.44 |
% |
|
|
to |
|
|
|
28.82 |
% |
| 2020 |
|
|
4 |
|
|
|
$3.37 |
|
|
|
to |
|
|
|
$2.93 |
|
|
|
$16 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
6.83 |
% |
|
|
to |
|
|
|
5.50 |
% |
| 2019 |
|
|
5 |
|
|
|
$3.15 |
|
|
|
to |
|
|
|
$2.78 |
|
|
|
$17 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
26.74 |
% |
|
|
to |
|
|
|
25.16 |
% |
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| EV VT Floating-Rate Inc, Init Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
412 |
|
|
|
$1.52 |
|
|
|
to |
|
|
|
$1.27 |
|
|
|
$574 |
|
|
|
|
|
|
|
8.20 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.10 |
% |
|
|
to |
|
|
|
8.75 |
% |
| 2022 |
|
|
493 |
|
|
|
$1.38 |
|
|
|
to |
|
|
|
$1.17 |
|
|
|
$622 |
|
|
|
|
|
|
|
4.52 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(3.70 |
%) |
|
|
to |
|
|
|
(4.90 |
%) |
| 2021 |
|
|
638 |
|
|
|
$1.43 |
|
|
|
to |
|
|
|
$1.23 |
|
|
|
$838 |
|
|
|
|
|
|
|
2.90 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
2.59 |
% |
|
|
to |
|
|
|
1.32 |
% |
| 2020 |
|
|
646 |
|
|
|
$1.40 |
|
|
|
to |
|
|
|
$1.22 |
|
|
|
$832 |
|
|
|
|
|
|
|
3.30 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
0.99 |
% |
|
|
to |
|
|
|
(0.27 |
%) |
| 2019 |
|
|
691 |
|
|
|
$1.39 |
|
|
|
to |
|
|
|
$1.22 |
|
|
|
$885 |
|
|
|
|
|
|
|
4.31 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
6.02 |
% |
|
|
to |
|
|
|
4.70 |
% |
| Fid VIP Bal, Serv Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
74 |
|
|
|
$3.53 |
|
|
|
to |
|
|
|
$3.45 |
|
|
|
$256 |
|
|
|
|
|
|
|
1.66 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
20.01 |
% |
|
|
to |
|
|
|
19.89 |
% |
| 2022 |
|
|
74 |
|
|
|
$2.95 |
|
|
|
to |
|
|
|
$2.88 |
|
|
|
$213 |
|
|
|
|
|
|
|
1.19 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
(18.96 |
%) |
|
|
to |
|
|
|
(19.04 |
%) |
| 2021 |
|
|
74 |
|
|
|
$3.63 |
|
|
|
to |
|
|
|
$3.55 |
|
|
|
$264 |
|
|
|
|
|
|
|
0.86 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
16.78 |
% |
|
|
to |
|
|
|
16.66 |
% |
| 2020 |
|
|
74 |
|
|
|
$3.11 |
|
|
|
to |
|
|
|
$3.05 |
|
|
|
$226 |
|
|
|
|
|
|
|
1.40 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
20.92 |
% |
|
|
to |
|
|
|
20.80 |
% |
| 2019 |
|
|
75 |
|
|
|
$2.57 |
|
|
|
to |
|
|
|
$2.52 |
|
|
|
$190 |
|
|
|
|
|
|
|
1.47 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
22.88 |
% |
|
|
to |
|
|
|
22.76 |
% |
| Fid VIP Bal, Serv Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
40 |
|
|
|
$3.53 |
|
|
|
to |
|
|
|
$3.14 |
|
|
|
$137 |
|
|
|
|
|
|
|
1.50 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
19.55 |
% |
|
|
to |
|
|
|
19.08 |
% |
| 2022 |
|
|
44 |
|
|
|
$2.95 |
|
|
|
to |
|
|
|
$2.64 |
|
|
|
$126 |
|
|
|
|
|
|
|
1.08 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(19.32 |
%) |
|
|
to |
|
|
|
(19.64 |
%) |
| 2021 |
|
|
44 |
|
|
|
$3.66 |
|
|
|
to |
|
|
|
$3.28 |
|
|
|
$158 |
|
|
|
|
|
|
|
0.74 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
16.35 |
% |
|
|
to |
|
|
|
15.89 |
% |
| 2020 |
|
|
45 |
|
|
|
$3.14 |
|
|
|
to |
|
|
|
$2.83 |
|
|
|
$137 |
|
|
|
|
|
|
|
1.28 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
20.43 |
% |
|
|
to |
|
|
|
19.95 |
% |
| 2019 |
|
|
44 |
|
|
|
$2.61 |
|
|
|
to |
|
|
|
$2.36 |
|
|
|
$112 |
|
|
|
|
|
|
|
1.59 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
22.39 |
% |
|
|
to |
|
|
|
21.90 |
% |
| Fid VIP Contrafund, Serv Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
568 |
|
|
|
$5.60 |
|
|
|
to |
|
|
|
$5.16 |
|
|
|
$2,987 |
|
|
|
|
|
|
|
0.39 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
32.02 |
% |
|
|
to |
|
|
|
31.56 |
% |
| 2022 |
|
|
623 |
|
|
|
$4.25 |
|
|
|
to |
|
|
|
$3.92 |
|
|
|
$2,485 |
|
|
|
|
|
|
|
0.40 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
(27.11 |
%) |
|
|
to |
|
|
|
(27.37 |
%) |
| 2021 |
|
|
655 |
|
|
|
$5.83 |
|
|
|
to |
|
|
|
$5.40 |
|
|
|
$3,596 |
|
|
|
|
|
|
|
0.05 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
26.44 |
% |
|
|
to |
|
|
|
26.00 |
% |
| 2020 |
|
|
741 |
|
|
|
$4.61 |
|
|
|
to |
|
|
|
$4.29 |
|
|
|
$3,230 |
|
|
|
|
|
|
|
0.15 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
29.13 |
% |
|
|
to |
|
|
|
28.68 |
% |
| 2019 |
|
|
849 |
|
|
|
$3.57 |
|
|
|
to |
|
|
|
$3.33 |
|
|
|
$2,871 |
|
|
|
|
|
|
|
0.35 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
30.14 |
% |
|
|
to |
|
|
|
29.69 |
% |
| Fid VIP Contrafund, Serv Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
6,114 |
|
|
|
$6.19 |
|
|
|
to |
|
|
|
$3.84 |
|
|
|
$34,781 |
|
|
|
|
|
|
|
0.24 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
31.80 |
% |
|
|
to |
|
|
|
30.16 |
% |
| 2022 |
|
|
7,454 |
|
|
|
$4.70 |
|
|
|
to |
|
|
|
$2.95 |
|
|
|
$32,177 |
|
|
|
|
|
|
|
0.26 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(27.22 |
%) |
|
|
to |
|
|
|
(28.12 |
%) |
| 2021 |
|
|
8,010 |
|
|
|
$6.45 |
|
|
|
to |
|
|
|
$4.10 |
|
|
|
$47,907 |
|
|
|
|
|
|
|
0.03 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
26.24 |
% |
|
|
to |
|
|
|
24.67 |
% |
| 2020 |
|
|
9,481 |
|
|
|
$5.11 |
|
|
|
to |
|
|
|
$3.29 |
|
|
|
$45,009 |
|
|
|
|
|
|
|
0.08 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
28.94 |
% |
|
|
to |
|
|
|
27.34 |
% |
| 2019 |
|
|
12,002 |
|
|
|
$3.96 |
|
|
|
to |
|
|
|
$2.58 |
|
|
|
$44,221 |
|
|
|
|
|
|
|
0.21 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
29.97 |
% |
|
|
to |
|
|
|
28.35 |
% |
| Fid VIP Dyn Appr, Serv Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
149 |
|
|
|
$5.70 |
|
|
|
to |
|
|
|
$5.98 |
|
|
|
$822 |
|
|
|
|
|
|
|
0.11 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
27.19 |
% |
|
|
to |
|
|
|
26.43 |
% |
| 2022 |
|
|
143 |
|
|
|
$4.48 |
|
|
|
to |
|
|
|
$4.73 |
|
|
|
$616 |
|
|
|
|
|
|
|
0.11 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(21.99 |
%) |
|
|
to |
|
|
|
(22.46 |
%) |
| 2021 |
|
|
148 |
|
|
|
$5.74 |
|
|
|
to |
|
|
|
$6.10 |
|
|
|
$821 |
|
|
|
|
|
|
|
0.12 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
22.79 |
% |
|
|
to |
|
|
|
22.05 |
% |
| 2020 |
|
|
147 |
|
|
|
$4.68 |
|
|
|
to |
|
|
|
$4.99 |
|
|
|
$667 |
|
|
|
|
|
|
|
0.04 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
31.75 |
% |
|
|
to |
|
|
|
30.96 |
% |
| 2019 |
|
|
153 |
|
|
|
$3.55 |
|
|
|
to |
|
|
|
$3.81 |
|
|
|
$526 |
|
|
|
|
|
|
|
0.37 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
28.27 |
% |
|
|
to |
|
|
|
27.52 |
% |
| Fid VIP Gro & Inc, Serv Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
326 |
|
|
|
$3.63 |
|
|
|
to |
|
|
|
$3.39 |
|
|
|
$1,124 |
|
|
|
|
|
|
|
1.61 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
17.23 |
% |
|
|
to |
|
|
|
16.70 |
% |
| 2022 |
|
|
335 |
|
|
|
$3.10 |
|
|
|
to |
|
|
|
$2.91 |
|
|
|
$989 |
|
|
|
|
|
|
|
1.58 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(6.11 |
%) |
|
|
to |
|
|
|
(6.53 |
%) |
| 2021 |
|
|
351 |
|
|
|
$3.30 |
|
|
|
to |
|
|
|
$3.11 |
|
|
|
$1,109 |
|
|
|
|
|
|
|
2.32 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
24.33 |
% |
|
|
to |
|
|
|
23.77 |
% |
| 2020 |
|
|
372 |
|
|
|
$2.65 |
|
|
|
to |
|
|
|
$2.51 |
|
|
|
$948 |
|
|
|
|
|
|
|
1.94 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
6.50 |
% |
|
|
to |
|
|
|
6.03 |
% |
| 2019 |
|
|
465 |
|
|
|
$2.49 |
|
|
|
to |
|
|
|
$2.37 |
|
|
|
$1,113 |
|
|
|
|
|
|
|
3.35 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
28.46 |
% |
|
|
to |
|
|
|
27.88 |
% |
| Fid VIP Gro & Inc, Serv Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
15 |
|
|
|
$3.86 |
|
|
|
to |
|
|
|
$3.54 |
|
|
|
$57 |
|
|
|
|
|
|
|
1.51 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
16.73 |
% |
|
|
to |
|
|
|
16.26 |
% |
| 2022 |
|
|
15 |
|
|
|
$3.31 |
|
|
|
to |
|
|
|
$3.05 |
|
|
|
$51 |
|
|
|
|
|
|
|
1.18 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(6.49 |
%) |
|
|
to |
|
|
|
(6.86 |
%) |
| 2021 |
|
|
22 |
|
|
|
$3.54 |
|
|
|
to |
|
|
|
$3.27 |
|
|
|
$76 |
|
|
|
|
|
|
|
2.21 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
23.89 |
% |
|
|
to |
|
|
|
23.40 |
% |
| 2020 |
|
|
23 |
|
|
|
$2.86 |
|
|
|
to |
|
|
|
$2.65 |
|
|
|
$65 |
|
|
|
|
|
|
|
1.89 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
6.10 |
% |
|
|
to |
|
|
|
5.68 |
% |
| 2019 |
|
|
26 |
|
|
|
$2.69 |
|
|
|
to |
|
|
|
$2.51 |
|
|
|
$69 |
|
|
|
|
|
|
|
3.60 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
27.88 |
% |
|
|
to |
|
|
|
27.37 |
% |
| Fid VIP Gro, Serv Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
8 |
|
|
|
$4.56 |
|
|
|
to |
|
|
|
$4.45 |
|
|
|
$36 |
|
|
|
|
|
|
|
0.04 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
34.54 |
% |
|
|
to |
|
|
|
34.41 |
% |
| 2022 |
|
|
8 |
|
|
|
$3.39 |
|
|
|
to |
|
|
|
$3.31 |
|
|
|
$27 |
|
|
|
|
|
|
|
0.51 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
(25.39 |
%) |
|
|
to |
|
|
|
(25.46 |
%) |
| 2021 |
|
|
8 |
|
|
|
$4.54 |
|
|
|
to |
|
|
|
$4.44 |
|
|
|
$35 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
21.68 |
% |
|
|
to |
|
|
|
21.55 |
% |
| 2020 |
|
|
8 |
|
|
|
$3.73 |
|
|
|
to |
|
|
|
$3.65 |
|
|
|
$31 |
|
|
|
|
|
|
|
0.06 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
42.11 |
% |
|
|
to |
|
|
|
41.97 |
% |
| 2019 |
|
|
8 |
|
|
|
$2.62 |
|
|
|
to |
|
|
|
$2.57 |
|
|
|
$22 |
|
|
|
|
|
|
|
0.16 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
32.65 |
% |
|
|
to |
|
|
|
32.52 |
% |
|
|
|
|
|
| 120 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| Fid VIP Gro, Serv Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
344 |
|
|
|
$5.94 |
|
|
|
to |
|
|
|
$4.85 |
|
|
|
$2,058 |
|
|
|
|
|
|
|
0.00 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
34.54 |
% |
|
|
to |
|
|
|
32.95 |
% |
| 2022 |
|
|
358 |
|
|
|
$4.41 |
|
|
|
to |
|
|
|
$3.65 |
|
|
|
$1,576 |
|
|
|
|
|
|
|
0.37 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(25.39 |
%) |
|
|
to |
|
|
|
(26.28 |
%) |
| 2021 |
|
|
403 |
|
|
|
$5.92 |
|
|
|
to |
|
|
|
$4.95 |
|
|
|
$2,421 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
21.68 |
% |
|
|
to |
|
|
|
20.23 |
% |
| 2020 |
|
|
432 |
|
|
|
$4.86 |
|
|
|
to |
|
|
|
$4.11 |
|
|
|
$2,132 |
|
|
|
|
|
|
|
0.04 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
42.12 |
% |
|
|
to |
|
|
|
40.43 |
% |
| 2019 |
|
|
478 |
|
|
|
$3.42 |
|
|
|
to |
|
|
|
$2.93 |
|
|
|
$1,656 |
|
|
|
|
|
|
|
0.05 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
32.64 |
% |
|
|
to |
|
|
|
31.06 |
% |
| Fid VIP Hi Inc, Serv Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
323 |
|
|
|
$2.08 |
|
|
|
to |
|
|
|
$1.91 |
|
|
|
$627 |
|
|
|
|
|
|
|
5.61 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
9.41 |
% |
|
|
to |
|
|
|
9.03 |
% |
| 2022 |
|
|
337 |
|
|
|
$1.90 |
|
|
|
to |
|
|
|
$1.75 |
|
|
|
$600 |
|
|
|
|
|
|
|
5.07 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
(12.43 |
%) |
|
|
to |
|
|
|
(12.74 |
%) |
| 2021 |
|
|
343 |
|
|
|
$2.17 |
|
|
|
to |
|
|
|
$2.01 |
|
|
|
$699 |
|
|
|
|
|
|
|
5.00 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
3.46 |
% |
|
|
to |
|
|
|
3.10 |
% |
| 2020 |
|
|
405 |
|
|
|
$2.09 |
|
|
|
to |
|
|
|
$1.95 |
|
|
|
$801 |
|
|
|
|
|
|
|
4.92 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
1.63 |
% |
|
|
to |
|
|
|
1.27 |
% |
| 2019 |
|
|
417 |
|
|
|
$2.06 |
|
|
|
to |
|
|
|
$1.92 |
|
|
|
$814 |
|
|
|
|
|
|
|
5.13 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
13.78 |
% |
|
|
to |
|
|
|
13.38 |
% |
| Fid VIP Hi Inc, Serv Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
112 |
|
|
|
$2.43 |
|
|
|
to |
|
|
|
$2.23 |
|
|
|
$260 |
|
|
|
|
|
|
|
5.51 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
8.93 |
% |
|
|
to |
|
|
|
8.28 |
% |
| 2022 |
|
|
124 |
|
|
|
$2.23 |
|
|
|
to |
|
|
|
$2.06 |
|
|
|
$265 |
|
|
|
|
|
|
|
5.24 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(12.73 |
%) |
|
|
to |
|
|
|
(13.24 |
%) |
| 2021 |
|
|
123 |
|
|
|
$2.55 |
|
|
|
to |
|
|
|
$2.37 |
|
|
|
$300 |
|
|
|
|
|
|
|
5.27 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
3.04 |
% |
|
|
to |
|
|
|
2.43 |
% |
| 2020 |
|
|
124 |
|
|
|
$2.48 |
|
|
|
to |
|
|
|
$2.31 |
|
|
|
$295 |
|
|
|
|
|
|
|
4.89 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
0.60 |
% |
| 2019 |
|
|
134 |
|
|
|
$2.45 |
|
|
|
to |
|
|
|
$2.30 |
|
|
|
$316 |
|
|
|
|
|
|
|
5.14 |
% |
|
|
1.20 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
13.40 |
% |
|
|
to |
|
|
|
12.73 |
% |
| Fid VIP Invest Gr, Serv Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
4,381 |
|
|
|
$1.27 |
|
|
|
to |
|
|
|
$1.06 |
|
|
|
$5,897 |
|
|
|
|
|
|
|
2.44 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
4.95 |
% |
|
|
to |
|
|
|
3.65 |
% |
| 2022 |
|
|
4,749 |
|
|
|
$1.21 |
|
|
|
to |
|
|
|
$1.02 |
|
|
|
$6,128 |
|
|
|
|
|
|
|
1.97 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(14.07 |
%) |
|
|
to |
|
|
|
(15.14 |
%) |
| 2021 |
|
|
5,666 |
|
|
|
$1.40 |
|
|
|
to |
|
|
|
$1.21 |
|
|
|
$8,569 |
|
|
|
|
|
|
|
1.78 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(1.88 |
%) |
|
|
to |
|
|
|
(3.10 |
%) |
| 2020 |
|
|
5,763 |
|
|
|
$1.43 |
|
|
|
to |
|
|
|
$1.24 |
|
|
|
$8,930 |
|
|
|
|
|
|
|
2.05 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
8.09 |
% |
|
|
to |
|
|
|
6.75 |
% |
| 2019 |
|
|
6,479 |
|
|
|
$1.32 |
|
|
|
to |
|
|
|
$1.17 |
|
|
|
$9,351 |
|
|
|
|
|
|
|
2.44 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
8.32 |
% |
|
|
to |
|
|
|
6.98 |
% |
| Fid VIP Mid Cap, Serv Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
613 |
|
|
|
$7.29 |
|
|
|
to |
|
|
|
$6.01 |
|
|
|
$4,626 |
|
|
|
|
|
|
|
0.50 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
13.86 |
% |
|
|
to |
|
|
|
13.18 |
% |
| 2022 |
|
|
700 |
|
|
|
$6.41 |
|
|
|
to |
|
|
|
$5.31 |
|
|
|
$4,668 |
|
|
|
|
|
|
|
0.40 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(15.70 |
%) |
|
|
to |
|
|
|
(16.20 |
%) |
| 2021 |
|
|
747 |
|
|
|
$7.60 |
|
|
|
to |
|
|
|
$6.34 |
|
|
|
$5,922 |
|
|
|
|
|
|
|
0.48 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
24.26 |
% |
|
|
to |
|
|
|
23.51 |
% |
| 2020 |
|
|
919 |
|
|
|
$6.12 |
|
|
|
to |
|
|
|
$5.13 |
|
|
|
$5,803 |
|
|
|
|
|
|
|
0.56 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
16.86 |
% |
|
|
to |
|
|
|
16.16 |
% |
| 2019 |
|
|
1,005 |
|
|
|
$5.23 |
|
|
|
to |
|
|
|
$4.42 |
|
|
|
$5,429 |
|
|
|
|
|
|
|
0.76 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
22.12 |
% |
|
|
to |
|
|
|
21.39 |
% |
| Fid VIP Mid Cap, Serv Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
2,087 |
|
|
|
$5.82 |
|
|
|
to |
|
|
|
$2.82 |
|
|
|
$11,589 |
|
|
|
|
|
|
|
0.38 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
13.66 |
% |
|
|
to |
|
|
|
12.26 |
% |
| 2022 |
|
|
2,326 |
|
|
|
$5.12 |
|
|
|
to |
|
|
|
$2.51 |
|
|
|
$11,389 |
|
|
|
|
|
|
|
0.26 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(15.81 |
%) |
|
|
to |
|
|
|
(16.86 |
%) |
| 2021 |
|
|
2,578 |
|
|
|
$6.08 |
|
|
|
to |
|
|
|
$3.02 |
|
|
|
$15,060 |
|
|
|
|
|
|
|
0.34 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
24.06 |
% |
|
|
to |
|
|
|
22.52 |
% |
| 2020 |
|
|
3,090 |
|
|
|
$4.90 |
|
|
|
to |
|
|
|
$2.46 |
|
|
|
$14,489 |
|
|
|
|
|
|
|
0.39 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
16.69 |
% |
|
|
to |
|
|
|
15.24 |
% |
| 2019 |
|
|
3,503 |
|
|
|
$4.20 |
|
|
|
to |
|
|
|
$2.14 |
|
|
|
$14,116 |
|
|
|
|
|
|
|
0.66 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
21.95 |
% |
|
|
to |
|
|
|
20.43 |
% |
| Fid VIP Overseas, Serv Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
21 |
|
|
|
$1.99 |
|
|
|
to |
|
|
|
$1.54 |
|
|
|
$37 |
|
|
|
|
|
|
|
0.75 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
18.74 |
% |
|
|
to |
|
|
|
18.50 |
% |
| 2022 |
|
|
28 |
|
|
|
$1.68 |
|
|
|
to |
|
|
|
$1.30 |
|
|
|
$42 |
|
|
|
|
|
|
|
0.91 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(25.63 |
%) |
|
|
to |
|
|
|
(25.78 |
%) |
| 2021 |
|
|
34 |
|
|
|
$2.26 |
|
|
|
to |
|
|
|
$1.75 |
|
|
|
$67 |
|
|
|
|
|
|
|
0.29 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
17.91 |
% |
|
|
to |
|
|
|
17.68 |
% |
| 2020 |
|
|
64 |
|
|
|
$1.91 |
|
|
|
to |
|
|
|
$1.49 |
|
|
|
$104 |
|
|
|
|
|
|
|
0.23 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
13.89 |
% |
|
|
to |
|
|
|
13.66 |
% |
| 2019 |
|
|
87 |
|
|
|
$1.68 |
|
|
|
to |
|
|
|
$1.31 |
|
|
|
$175 |
|
|
|
|
|
|
|
1.59 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
25.90 |
% |
|
|
to |
|
|
|
25.65 |
% |
| Fid VIP Overseas, Serv Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,328 |
|
|
|
$2.64 |
|
|
|
to |
|
|
|
$1.70 |
|
|
|
$3,185 |
|
|
|
|
|
|
|
0.78 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
19.03 |
% |
|
|
to |
|
|
|
17.55 |
% |
| 2022 |
|
|
1,555 |
|
|
|
$2.22 |
|
|
|
to |
|
|
|
$1.45 |
|
|
|
$3,165 |
|
|
|
|
|
|
|
0.83 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(25.43 |
%) |
|
|
to |
|
|
|
(26.36 |
%) |
| 2021 |
|
|
1,666 |
|
|
|
$2.97 |
|
|
|
to |
|
|
|
$1.97 |
|
|
|
$4,578 |
|
|
|
|
|
|
|
0.31 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
18.20 |
% |
|
|
to |
|
|
|
16.74 |
% |
| 2020 |
|
|
1,906 |
|
|
|
$2.52 |
|
|
|
to |
|
|
|
$1.69 |
|
|
|
$4,454 |
|
|
|
|
|
|
|
0.21 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
14.19 |
% |
|
|
to |
|
|
|
12.77 |
% |
| 2019 |
|
|
2,170 |
|
|
|
$2.20 |
|
|
|
to |
|
|
|
$1.49 |
|
|
|
$4,476 |
|
|
|
|
|
|
|
1.42 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
26.23 |
% |
|
|
to |
|
|
|
24.66 |
% |
| Frank Global Real Est, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
561 |
|
|
|
$2.17 |
|
|
|
to |
|
|
|
$1.41 |
|
|
|
$1,555 |
|
|
|
|
|
|
|
2.91 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
10.33 |
% |
|
|
to |
|
|
|
9.02 |
% |
| 2022 |
|
|
602 |
|
|
|
$1.97 |
|
|
|
to |
|
|
|
$1.30 |
|
|
|
$1,522 |
|
|
|
|
|
|
|
2.32 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(26.79 |
%) |
|
|
to |
|
|
|
(27.67 |
%) |
| 2021 |
|
|
671 |
|
|
|
$2.69 |
|
|
|
to |
|
|
|
$1.79 |
|
|
|
$2,271 |
|
|
|
|
|
|
|
0.91 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
25.53 |
% |
|
|
to |
|
|
|
24.04 |
% |
| 2020 |
|
|
739 |
|
|
|
$2.14 |
|
|
|
to |
|
|
|
$1.45 |
|
|
|
$2,002 |
|
|
|
|
|
|
|
3.29 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(6.33 |
%) |
|
|
to |
|
|
|
(7.44 |
%) |
| 2019 |
|
|
739 |
|
|
|
$2.29 |
|
|
|
to |
|
|
|
$1.56 |
|
|
|
$2,118 |
|
|
|
|
|
|
|
2.67 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
21.16 |
% |
|
|
to |
|
|
|
19.71 |
% |
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| Frank Inc, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,295 |
|
|
|
$2.18 |
|
|
|
to |
|
|
|
$1.83 |
|
|
|
$4,009 |
|
|
|
|
|
|
|
5.23 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.55 |
% |
|
|
to |
|
|
|
6.21 |
% |
| 2022 |
|
|
1,368 |
|
|
|
$2.03 |
|
|
|
to |
|
|
|
$1.72 |
|
|
|
$3,938 |
|
|
|
|
|
|
|
4.86 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(6.42 |
%) |
|
|
to |
|
|
|
(7.57 |
%) |
| 2021 |
|
|
1,516 |
|
|
|
$2.17 |
|
|
|
to |
|
|
|
$1.86 |
|
|
|
$4,652 |
|
|
|
|
|
|
|
4.66 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
15.59 |
% |
|
|
to |
|
|
|
14.15 |
% |
| 2020 |
|
|
1,707 |
|
|
|
$1.88 |
|
|
|
to |
|
|
|
$1.63 |
|
|
|
$4,513 |
|
|
|
|
|
|
|
5.95 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(0.30 |
%) |
|
|
to |
|
|
|
(1.54 |
%) |
| 2019 |
|
|
2,084 |
|
|
|
$1.88 |
|
|
|
to |
|
|
|
$1.66 |
|
|
|
$5,389 |
|
|
|
|
|
|
|
5.35 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
14.90 |
% |
|
|
to |
|
|
|
13.48 |
% |
| Frank Mutual Shares, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
5,455 |
|
|
|
$3.40 |
|
|
|
to |
|
|
|
$2.10 |
|
|
|
$17,443 |
|
|
|
|
|
|
|
1.87 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
12.34 |
% |
|
|
to |
|
|
|
11.00 |
% |
| 2022 |
|
|
6,023 |
|
|
|
$3.02 |
|
|
|
to |
|
|
|
$1.89 |
|
|
|
$17,184 |
|
|
|
|
|
|
|
1.85 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(8.35 |
%) |
|
|
to |
|
|
|
(9.44 |
%) |
| 2021 |
|
|
6,696 |
|
|
|
$3.30 |
|
|
|
to |
|
|
|
$2.09 |
|
|
|
$20,910 |
|
|
|
|
|
|
|
2.84 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
17.98 |
% |
|
|
to |
|
|
|
16.57 |
% |
| 2020 |
|
|
7,637 |
|
|
|
$2.80 |
|
|
|
to |
|
|
|
$1.79 |
|
|
|
$20,216 |
|
|
|
|
|
|
|
2.82 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(5.99 |
%) |
|
|
to |
|
|
|
(7.11 |
%) |
| 2019 |
|
|
8,100 |
|
|
|
$2.97 |
|
|
|
to |
|
|
|
$1.93 |
|
|
|
$22,842 |
|
|
|
|
|
|
|
1.81 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
21.35 |
% |
|
|
to |
|
|
|
19.90 |
% |
| Frank Rising Divd, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
45 |
|
|
|
$3.68 |
|
|
|
to |
|
|
|
$3.55 |
|
|
|
$202 |
|
|
|
|
|
|
|
0.74 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
10.91 |
% |
|
|
to |
|
|
|
9.64 |
% |
| 2022 |
|
|
85 |
|
|
|
$3.32 |
|
|
|
to |
|
|
|
$3.24 |
|
|
|
$323 |
|
|
|
|
|
|
|
0.80 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(11.51 |
%) |
|
|
to |
|
|
|
(12.52 |
%) |
| 2021 |
|
|
86 |
|
|
|
$3.75 |
|
|
|
to |
|
|
|
$3.70 |
|
|
|
$374 |
|
|
|
|
|
|
|
0.74 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
25.47 |
% |
|
|
to |
|
|
|
24.03 |
% |
| 2020 |
|
|
181 |
|
|
|
$2.99 |
|
|
|
to |
|
|
|
$2.99 |
|
|
|
$608 |
|
|
|
|
|
|
|
1.20 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
14.76 |
% |
|
|
to |
|
|
|
13.45 |
% |
| 2019 |
|
|
193 |
|
|
|
$2.60 |
|
|
|
to |
|
|
|
$2.63 |
|
|
|
$544 |
|
|
|
|
|
|
|
1.25 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
27.88 |
% |
|
|
to |
|
|
|
26.42 |
% |
| Frank Sm Cap Val, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
586 |
|
|
|
$4.48 |
|
|
|
to |
|
|
|
$4.94 |
|
|
|
$2,936 |
|
|
|
|
|
|
|
0.52 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
11.63 |
% |
|
|
to |
|
|
|
10.69 |
% |
| 2022 |
|
|
652 |
|
|
|
$4.01 |
|
|
|
to |
|
|
|
$4.46 |
|
|
|
$2,925 |
|
|
|
|
|
|
|
1.00 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
(10.96 |
%) |
|
|
to |
|
|
|
(11.71 |
%) |
| 2021 |
|
|
779 |
|
|
|
$4.50 |
|
|
|
to |
|
|
|
$5.05 |
|
|
|
$3,920 |
|
|
|
|
|
|
|
1.02 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
24.12 |
% |
|
|
to |
|
|
|
23.07 |
% |
| 2020 |
|
|
904 |
|
|
|
$3.63 |
|
|
|
to |
|
|
|
$4.10 |
|
|
|
$3,640 |
|
|
|
|
|
|
|
1.53 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
4.14 |
% |
|
|
to |
|
|
|
3.25 |
% |
| 2019 |
|
|
1,019 |
|
|
|
$3.48 |
|
|
|
to |
|
|
|
$3.97 |
|
|
|
$3,867 |
|
|
|
|
|
|
|
1.04 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
25.09 |
% |
|
|
to |
|
|
|
24.04 |
% |
| Frank Sm Mid Cap Gro, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,911 |
|
|
|
$3.03 |
|
|
|
to |
|
|
|
$3.24 |
|
|
|
$5,467 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
25.48 |
% |
|
|
to |
|
|
|
23.99 |
% |
| 2022 |
|
|
2,121 |
|
|
|
$2.42 |
|
|
|
to |
|
|
|
$2.62 |
|
|
|
$4,815 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(34.35 |
%) |
|
|
to |
|
|
|
(35.13 |
%) |
| 2021 |
|
|
2,208 |
|
|
|
$3.68 |
|
|
|
to |
|
|
|
$4.03 |
|
|
|
$7,599 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
8.92 |
% |
|
|
to |
|
|
|
7.62 |
% |
| 2020 |
|
|
2,353 |
|
|
|
$3.38 |
|
|
|
to |
|
|
|
$3.75 |
|
|
|
$7,463 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
53.55 |
% |
|
|
to |
|
|
|
51.72 |
% |
| 2019 |
|
|
2,928 |
|
|
|
$2.20 |
|
|
|
to |
|
|
|
$2.47 |
|
|
|
$6,067 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
30.13 |
% |
|
|
to |
|
|
|
28.57 |
% |
| GS VIT Intl Eq Insights, Inst |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
12 |
|
|
|
$1.58 |
|
|
|
to |
|
|
|
$1.18 |
|
|
|
$17 |
|
|
|
|
|
|
|
2.71 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
17.06 |
% |
|
|
to |
|
|
|
16.83 |
% |
| 2022 |
|
|
13 |
|
|
|
$1.35 |
|
|
|
to |
|
|
|
$1.01 |
|
|
|
$15 |
|
|
|
|
|
|
|
2.70 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(14.76 |
%) |
|
|
to |
|
|
|
(14.93 |
%) |
| 2021 |
|
|
19 |
|
|
|
$1.59 |
|
|
|
to |
|
|
|
$1.19 |
|
|
|
$25 |
|
|
|
|
|
|
|
2.86 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
10.61 |
% |
|
|
to |
|
|
|
10.39 |
% |
| 2020 |
|
|
19 |
|
|
|
$1.43 |
|
|
|
to |
|
|
|
$1.08 |
|
|
|
$23 |
|
|
|
|
|
|
|
1.09 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
5.33 |
% |
|
|
to |
|
|
|
5.11 |
% |
| 2019 |
|
|
40 |
|
|
|
$1.36 |
|
|
|
to |
|
|
|
$1.02 |
|
|
|
$43 |
|
|
|
|
|
|
|
2.54 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
16.81 |
% |
|
|
to |
|
|
|
16.57 |
% |
| GS VIT Mid Cap Val, Inst |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,748 |
|
|
|
$3.68 |
|
|
|
to |
|
|
|
$3.09 |
|
|
|
$9,639 |
|
|
|
|
|
|
|
1.01 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.31 |
% |
|
|
to |
|
|
|
8.94 |
% |
| 2022 |
|
|
1,864 |
|
|
|
$3.34 |
|
|
|
to |
|
|
|
$2.83 |
|
|
|
$9,385 |
|
|
|
|
|
|
|
0.65 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(10.88 |
%) |
|
|
to |
|
|
|
(11.99 |
%) |
| 2021 |
|
|
2,280 |
|
|
|
$3.75 |
|
|
|
to |
|
|
|
$3.22 |
|
|
|
$12,784 |
|
|
|
|
|
|
|
0.45 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
29.65 |
% |
|
|
to |
|
|
|
28.04 |
% |
| 2020 |
|
|
2,801 |
|
|
|
$2.89 |
|
|
|
to |
|
|
|
$2.51 |
|
|
|
$12,025 |
|
|
|
|
|
|
|
0.63 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.33 |
% |
|
|
to |
|
|
|
5.99 |
% |
| 2019 |
|
|
3,019 |
|
|
|
$2.69 |
|
|
|
to |
|
|
|
$2.37 |
|
|
|
$12,086 |
|
|
|
|
|
|
|
0.75 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
30.22 |
% |
|
|
to |
|
|
|
28.60 |
% |
| GS VIT Strategic Gro, Inst |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
43 |
|
|
|
$4.15 |
|
|
|
to |
|
|
|
$3.58 |
|
|
|
$162 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
39.98 |
% |
|
|
to |
|
|
|
39.70 |
% |
| 2022 |
|
|
43 |
|
|
|
$2.97 |
|
|
|
to |
|
|
|
$2.56 |
|
|
|
$117 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(33.45 |
%) |
|
|
to |
|
|
|
(33.59 |
%) |
| 2021 |
|
|
47 |
|
|
|
$4.46 |
|
|
|
to |
|
|
|
$3.86 |
|
|
|
$192 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
20.23 |
% |
|
|
to |
|
|
|
19.99 |
% |
| 2020 |
|
|
52 |
|
|
|
$3.71 |
|
|
|
to |
|
|
|
$3.21 |
|
|
|
$175 |
|
|
|
|
|
|
|
0.09 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
38.55 |
% |
|
|
to |
|
|
|
38.28 |
% |
| 2019 |
|
|
58 |
|
|
|
$2.68 |
|
|
|
to |
|
|
|
$2.32 |
|
|
|
$143 |
|
|
|
|
|
|
|
0.30 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
33.64 |
% |
|
|
to |
|
|
|
33.38 |
% |
| GS VIT U.S. Eq Insights, Inst |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
488 |
|
|
|
$4.64 |
|
|
|
to |
|
|
|
$3.89 |
|
|
|
$1,614 |
|
|
|
|
|
|
|
0.68 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
22.58 |
% |
|
|
to |
|
|
|
21.06 |
% |
| 2022 |
|
|
531 |
|
|
|
$3.79 |
|
|
|
to |
|
|
|
$3.21 |
|
|
|
$1,438 |
|
|
|
|
|
|
|
0.80 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(20.53 |
%) |
|
|
to |
|
|
|
(21.52 |
%) |
| 2021 |
|
|
596 |
|
|
|
$4.77 |
|
|
|
to |
|
|
|
$4.10 |
|
|
|
$2,042 |
|
|
|
|
|
|
|
0.80 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
28.12 |
% |
|
|
to |
|
|
|
26.53 |
% |
| 2020 |
|
|
650 |
|
|
|
$3.72 |
|
|
|
to |
|
|
|
$3.24 |
|
|
|
$1,743 |
|
|
|
|
|
|
|
0.85 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
16.37 |
% |
|
|
to |
|
|
|
14.93 |
% |
| 2019 |
|
|
712 |
|
|
|
$3.20 |
|
|
|
to |
|
|
|
$2.82 |
|
|
|
$1,646 |
|
|
|
|
|
|
|
1.21 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
23.96 |
% |
|
|
to |
|
|
|
22.43 |
% |
|
|
|
|
|
| 122 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| Invesco VI Am Fran, Ser I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
734 |
|
|
|
$3.68 |
|
|
|
to |
|
|
|
$3.35 |
|
|
|
$2,628 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
39.53 |
% |
|
|
to |
|
|
|
38.42 |
% |
| 2022 |
|
|
811 |
|
|
|
$2.63 |
|
|
|
to |
|
|
|
$2.42 |
|
|
|
$2,086 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(31.80 |
%) |
|
|
to |
|
|
|
(32.34 |
%) |
| 2021 |
|
|
901 |
|
|
|
$3.86 |
|
|
|
to |
|
|
|
$3.57 |
|
|
|
$3,408 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
10.81 |
% |
|
|
to |
|
|
|
9.93 |
% |
| 2020 |
|
|
1,027 |
|
|
|
$3.49 |
|
|
|
to |
|
|
|
$3.25 |
|
|
|
$3,515 |
|
|
|
|
|
|
|
0.07 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
40.94 |
% |
|
|
to |
|
|
|
39.82 |
% |
| 2019 |
|
|
1,218 |
|
|
|
$2.47 |
|
|
|
to |
|
|
|
$2.33 |
|
|
|
$2,961 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
35.39 |
% |
|
|
to |
|
|
|
34.32 |
% |
| Invesco VI Am Fran, Ser II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
202 |
|
|
|
$3.57 |
|
|
|
to |
|
|
|
$3.08 |
|
|
|
$677 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
39.20 |
% |
|
|
to |
|
|
|
37.48 |
% |
| 2022 |
|
|
226 |
|
|
|
$2.56 |
|
|
|
to |
|
|
|
$2.24 |
|
|
|
$547 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(31.98 |
%) |
|
|
to |
|
|
|
(32.82 |
%) |
| 2021 |
|
|
234 |
|
|
|
$3.77 |
|
|
|
to |
|
|
|
$3.34 |
|
|
|
$837 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.54 |
% |
|
|
to |
|
|
|
9.16 |
% |
| 2020 |
|
|
273 |
|
|
|
$3.41 |
|
|
|
to |
|
|
|
$3.06 |
|
|
|
$888 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
40.58 |
% |
|
|
to |
|
|
|
38.84 |
% |
| 2019 |
|
|
292 |
|
|
|
$2.43 |
|
|
|
to |
|
|
|
$2.20 |
|
|
|
$681 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
35.07 |
% |
|
|
to |
|
|
|
33.39 |
% |
| Invesco VI American Value, Ser II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
4,740 |
|
|
|
$1.17 |
|
|
|
to |
|
|
|
$1.13 |
|
|
|
$5,479 |
|
|
|
|
|
|
|
0.37 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
14.15 |
% |
|
|
to |
|
|
|
12.79 |
% |
| 2022 |
|
|
5,407 |
|
|
|
$1.02 |
|
|
|
to |
|
|
|
$1.00 |
|
|
|
$5,500 |
|
|
|
|
|
|
|
0.45 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(3.83 |
%) |
|
|
to |
|
|
|
(4.97 |
%) |
| 2021 |
|
|
6,443 |
|
|
|
$1.07 |
|
|
|
to |
|
|
|
$1.06 |
|
|
|
$6,843 |
|
|
|
|
|
|
|
0.33 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
6.55 |
%(6) |
|
|
to |
|
|
|
5.67 |
%(6) |
| Invesco VI Cap Appr, Ser I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
161 |
|
|
|
$5.40 |
|
|
|
to |
|
|
|
$5.40 |
|
|
|
$869 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
33.50 |
% |
|
|
to |
|
|
|
33.50 |
% |
| 2022 |
|
|
179 |
|
|
|
$4.04 |
|
|
|
to |
|
|
|
$4.04 |
|
|
|
$722 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(31.74 |
%) |
|
|
to |
|
|
|
(31.74 |
%) |
| 2021 |
|
|
187 |
|
|
|
$5.92 |
|
|
|
to |
|
|
|
$5.92 |
|
|
|
$1,108 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
20.87 |
% |
|
|
to |
|
|
|
20.87 |
% |
| 2020 |
|
|
201 |
|
|
|
$4.90 |
|
|
|
to |
|
|
|
$4.90 |
|
|
|
$984 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
34.69 |
% |
|
|
to |
|
|
|
34.69 |
% |
| 2019 |
|
|
229 |
|
|
|
$3.64 |
|
|
|
to |
|
|
|
$3.64 |
|
|
|
$835 |
|
|
|
|
|
|
|
0.06 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
34.30 |
% |
|
|
to |
|
|
|
34.30 |
% |
| Invesco VI Cap Appr, Ser II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
2,147 |
|
|
|
$4.12 |
|
|
|
to |
|
|
|
$3.53 |
|
|
|
$8,555 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
33.69 |
% |
|
|
to |
|
|
|
32.04 |
% |
| 2022 |
|
|
2,609 |
|
|
|
$3.08 |
|
|
|
to |
|
|
|
$2.67 |
|
|
|
$7,810 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(31.65 |
%) |
|
|
to |
|
|
|
(32.50 |
%) |
| 2021 |
|
|
2,685 |
|
|
|
$4.51 |
|
|
|
to |
|
|
|
$3.96 |
|
|
|
$11,836 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
21.06 |
% |
|
|
to |
|
|
|
19.56 |
% |
| 2020 |
|
|
3,101 |
|
|
|
$3.72 |
|
|
|
to |
|
|
|
$3.31 |
|
|
|
$11,360 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
34.88 |
% |
|
|
to |
|
|
|
33.21 |
% |
| 2019 |
|
|
4,295 |
|
|
|
$2.76 |
|
|
|
to |
|
|
|
$2.49 |
|
|
|
$11,659 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
34.49 |
% |
|
|
to |
|
|
|
32.82 |
% |
| Invesco VI Comstock, Ser II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
5,808 |
|
|
|
$4.98 |
|
|
|
to |
|
|
|
$3.12 |
|
|
|
$22,698 |
|
|
|
|
|
|
|
1.55 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.98 |
% |
|
|
to |
|
|
|
9.61 |
% |
| 2022 |
|
|
6,422 |
|
|
|
$4.49 |
|
|
|
to |
|
|
|
$2.84 |
|
|
|
$22,763 |
|
|
|
|
|
|
|
1.29 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(0.16 |
%) |
|
|
to |
|
|
|
(1.39 |
%) |
| 2021 |
|
|
8,646 |
|
|
|
$4.49 |
|
|
|
to |
|
|
|
$2.88 |
|
|
|
$30,832 |
|
|
|
|
|
|
|
1.56 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
31.72 |
% |
|
|
to |
|
|
|
30.08 |
% |
| 2020 |
|
|
11,141 |
|
|
|
$3.41 |
|
|
|
to |
|
|
|
$2.22 |
|
|
|
$30,264 |
|
|
|
|
|
|
|
2.27 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(2.07 |
%) |
|
|
to |
|
|
|
(3.29 |
%) |
| 2019 |
|
|
10,981 |
|
|
|
$3.48 |
|
|
|
to |
|
|
|
$2.29 |
|
|
|
$30,712 |
|
|
|
|
|
|
|
1.67 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
23.70 |
% |
|
|
to |
|
|
|
22.16 |
% |
| Invesco VI Core Eq, Ser I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,548 |
|
|
|
$3.03 |
|
|
|
to |
|
|
|
$2.63 |
|
|
|
$4,927 |
|
|
|
|
|
|
|
0.72 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
22.14 |
% |
|
|
to |
|
|
|
21.17 |
% |
| 2022 |
|
|
1,773 |
|
|
|
$2.48 |
|
|
|
to |
|
|
|
$2.17 |
|
|
|
$4,626 |
|
|
|
|
|
|
|
0.91 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(21.34 |
%) |
|
|
to |
|
|
|
(21.96 |
%) |
| 2021 |
|
|
1,945 |
|
|
|
$3.15 |
|
|
|
to |
|
|
|
$2.78 |
|
|
|
$6,450 |
|
|
|
|
|
|
|
0.64 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
26.47 |
% |
|
|
to |
|
|
|
25.46 |
% |
| 2020 |
|
|
2,477 |
|
|
|
$2.49 |
|
|
|
to |
|
|
|
$2.21 |
|
|
|
$6,417 |
|
|
|
|
|
|
|
1.34 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
12.72 |
% |
|
|
to |
|
|
|
11.82 |
% |
| 2019 |
|
|
2,728 |
|
|
|
$2.21 |
|
|
|
to |
|
|
|
$1.98 |
|
|
|
$6,289 |
|
|
|
|
|
|
|
0.94 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
27.68 |
% |
|
|
to |
|
|
|
26.66 |
% |
| Invesco VI Core Eq, Ser II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
15 |
|
|
|
$2.90 |
|
|
|
to |
|
|
|
$2.49 |
|
|
|
$45 |
|
|
|
|
|
|
|
0.49 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
21.86 |
% |
|
|
to |
|
|
|
20.84 |
% |
| 2022 |
|
|
15 |
|
|
|
$2.38 |
|
|
|
to |
|
|
|
$2.06 |
|
|
|
$37 |
|
|
|
|
|
|
|
0.60 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
(21.54 |
%) |
|
|
to |
|
|
|
(22.20 |
%) |
| 2021 |
|
|
17 |
|
|
|
$3.03 |
|
|
|
to |
|
|
|
$2.65 |
|
|
|
$53 |
|
|
|
|
|
|
|
0.45 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
26.11 |
% |
|
|
to |
|
|
|
25.05 |
% |
| 2020 |
|
|
19 |
|
|
|
$2.40 |
|
|
|
to |
|
|
|
$2.12 |
|
|
|
$45 |
|
|
|
|
|
|
|
0.30 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
12.44 |
% |
|
|
to |
|
|
|
11.48 |
% |
| 2019 |
|
|
303 |
|
|
|
$2.14 |
|
|
|
to |
|
|
|
$1.90 |
|
|
|
$608 |
|
|
|
|
|
|
|
0.17 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
27.39 |
% |
|
|
to |
|
|
|
26.31 |
% |
| Invesco VI Dis Mid Cap Gro, Ser I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
45 |
|
|
|
$1.34 |
|
|
|
to |
|
|
|
$1.33 |
|
|
|
$60 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
11.58 |
% |
|
|
to |
|
|
|
11.36 |
% |
| 2022 |
|
|
110 |
|
|
|
$1.20 |
|
|
|
to |
|
|
|
$1.19 |
|
|
|
$132 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(31.94 |
%) |
|
|
to |
|
|
|
(32.08 |
%) |
| 2021 |
|
|
111 |
|
|
|
$1.76 |
|
|
|
to |
|
|
|
$1.76 |
|
|
|
$196 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
17.44 |
% |
|
|
to |
|
|
|
17.21 |
% |
| 2020 |
|
|
138 |
|
|
|
$1.50 |
|
|
|
to |
|
|
|
$1.50 |
|
|
|
$208 |
|
|
|
|
|
|
|
0.06 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
50.15 |
%(5) |
|
|
to |
|
|
|
49.95 |
%(5) |
| Invesco VI Dis Mid Cap Gro, Ser II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
275 |
|
|
|
$1.35 |
|
|
|
to |
|
|
|
$1.29 |
|
|
|
$370 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
11.73 |
% |
|
|
to |
|
|
|
10.35 |
% |
| 2022 |
|
|
416 |
|
|
|
$1.20 |
|
|
|
to |
|
|
|
$1.16 |
|
|
|
$499 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(31.82 |
%) |
|
|
to |
|
|
|
(32.66 |
%) |
| 2021 |
|
|
418 |
|
|
|
$1.77 |
|
|
|
to |
|
|
|
$1.73 |
|
|
|
$739 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
17.61 |
% |
|
|
to |
|
|
|
16.15 |
% |
| 2020 |
|
|
499 |
|
|
|
$1.50 |
|
|
|
to |
|
|
|
$1.49 |
|
|
|
$752 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
50.19 |
%(5) |
|
|
to |
|
|
|
48.91 |
%(5) |
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| Invesco VI EQV Intl Eq, Ser I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
183 |
|
|
|
$2.98 |
|
|
|
to |
|
|
|
$2.98 |
|
|
|
$546 |
|
|
|
|
|
|
|
0.19 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
16.51 |
% |
|
|
to |
|
|
|
16.51 |
% |
| 2022 |
|
|
194 |
|
|
|
$2.56 |
|
|
|
to |
|
|
|
$2.56 |
|
|
|
$495 |
|
|
|
|
|
|
|
1.70 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(19.44 |
%) |
|
|
to |
|
|
|
(19.44 |
%) |
| 2021 |
|
|
204 |
|
|
|
$3.17 |
|
|
|
to |
|
|
|
$3.17 |
|
|
|
$646 |
|
|
|
|
|
|
|
1.24 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
4.42 |
% |
|
|
to |
|
|
|
4.42 |
% |
| 2020 |
|
|
221 |
|
|
|
$3.04 |
|
|
|
to |
|
|
|
$3.04 |
|
|
|
$672 |
|
|
|
|
|
|
|
2.37 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
12.41 |
% |
|
|
to |
|
|
|
12.41 |
% |
| 2019 |
|
|
245 |
|
|
|
$2.70 |
|
|
|
to |
|
|
|
$2.70 |
|
|
|
$664 |
|
|
|
|
|
|
|
1.57 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
26.79 |
% |
|
|
to |
|
|
|
26.79 |
% |
| Invesco VI EQV Intl Eq, Ser II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
389 |
|
|
|
$1.91 |
|
|
|
to |
|
|
|
$1.60 |
|
|
|
$535 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
16.70 |
% |
|
|
to |
|
|
|
15.25 |
% |
| 2022 |
|
|
459 |
|
|
|
$1.63 |
|
|
|
to |
|
|
|
$1.39 |
|
|
|
$544 |
|
|
|
|
|
|
|
1.41 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(19.31 |
%) |
|
|
to |
|
|
|
(20.32 |
%) |
| 2021 |
|
|
523 |
|
|
|
$2.02 |
|
|
|
to |
|
|
|
$1.74 |
|
|
|
$774 |
|
|
|
|
|
|
|
1.04 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
4.56 |
% |
|
|
to |
|
|
|
3.26 |
% |
| 2020 |
|
|
582 |
|
|
|
$1.94 |
|
|
|
to |
|
|
|
$1.69 |
|
|
|
$829 |
|
|
|
|
|
|
|
2.09 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
12.61 |
% |
|
|
to |
|
|
|
11.21 |
% |
| 2019 |
|
|
660 |
|
|
|
$1.72 |
|
|
|
to |
|
|
|
$1.52 |
|
|
|
$839 |
|
|
|
|
|
|
|
1.24 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
26.96 |
% |
|
|
to |
|
|
|
25.38 |
% |
| Invesco VI Global, Ser I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
0 |
|
|
|
$5.58 |
|
|
|
to |
|
|
|
$5.58 |
|
|
|
$1 |
|
|
|
|
|
|
|
0.23 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
32.87 |
% |
|
|
to |
|
|
|
32.87 |
% |
| 2022 |
|
|
0 |
|
|
|
$4.20 |
|
|
|
to |
|
|
|
$4.20 |
|
|
|
$1 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(32.71 |
%) |
|
|
to |
|
|
|
(32.71 |
%) |
| 2021 |
|
|
0 |
|
|
|
$6.24 |
|
|
|
to |
|
|
|
$6.24 |
|
|
|
$1 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
13.89 |
% |
|
|
to |
|
|
|
13.89 |
% |
| 2020 |
|
|
0 |
|
|
|
$5.48 |
|
|
|
to |
|
|
|
$5.48 |
|
|
|
$1 |
|
|
|
|
|
|
|
0.70 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
25.86 |
% |
|
|
to |
|
|
|
25.86 |
% |
| 2019 |
|
|
0 |
|
|
|
$4.35 |
|
|
|
to |
|
|
|
$4.35 |
|
|
|
$1 |
|
|
|
|
|
|
|
0.89 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
29.95 |
% |
|
|
to |
|
|
|
29.95 |
% |
| Invesco VI Global, Ser II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
436 |
|
|
|
$4.46 |
|
|
|
to |
|
|
|
$2.67 |
|
|
|
$1,856 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
33.11 |
% |
|
|
to |
|
|
|
31.46 |
% |
| 2022 |
|
|
488 |
|
|
|
$3.35 |
|
|
|
to |
|
|
|
$2.03 |
|
|
|
$1,562 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(32.61 |
%) |
|
|
to |
|
|
|
(33.45 |
%) |
| 2021 |
|
|
521 |
|
|
|
$4.98 |
|
|
|
to |
|
|
|
$3.05 |
|
|
|
$2,503 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
14.03 |
% |
|
|
to |
|
|
|
12.61 |
% |
| 2020 |
|
|
633 |
|
|
|
$4.36 |
|
|
|
to |
|
|
|
$2.71 |
|
|
|
$2,655 |
|
|
|
|
|
|
|
0.45 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
26.07 |
% |
|
|
to |
|
|
|
24.50 |
% |
| 2019 |
|
|
697 |
|
|
|
$3.46 |
|
|
|
to |
|
|
|
$2.17 |
|
|
|
$2,326 |
|
|
|
|
|
|
|
0.64 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
30.15 |
% |
|
|
to |
|
|
|
28.53 |
% |
| Invesco VI Gbl Strat Inc, Ser I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
29 |
|
|
|
$2.07 |
|
|
|
to |
|
|
|
$2.07 |
|
|
|
$59 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
7.38 |
% |
|
|
to |
|
|
|
7.38 |
% |
| 2022 |
|
|
30 |
|
|
|
$1.93 |
|
|
|
to |
|
|
|
$1.93 |
|
|
|
$58 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(12.69 |
%) |
|
|
to |
|
|
|
(12.69 |
%) |
| 2021 |
|
|
32 |
|
|
|
$2.21 |
|
|
|
to |
|
|
|
$2.21 |
|
|
|
$70 |
|
|
|
|
|
|
|
4.59 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(4.75 |
%) |
|
|
to |
|
|
|
(4.75 |
%) |
| 2020 |
|
|
36 |
|
|
|
$2.32 |
|
|
|
to |
|
|
|
$2.32 |
|
|
|
$84 |
|
|
|
|
|
|
|
5.84 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
1.96 |
% |
|
|
to |
|
|
|
1.96 |
% |
| 2019 |
|
|
38 |
|
|
|
$2.27 |
|
|
|
to |
|
|
|
$2.27 |
|
|
|
$85 |
|
|
|
|
|
|
|
3.63 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
9.27 |
% |
|
|
to |
|
|
|
9.27 |
% |
| Invesco VI Gbl Strat Inc, Ser II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
7,090 |
|
|
|
$1.92 |
|
|
|
to |
|
|
|
$1.08 |
|
|
|
$11,318 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.53 |
% |
|
|
to |
|
|
|
6.19 |
% |
| 2022 |
|
|
7,936 |
|
|
|
$1.78 |
|
|
|
to |
|
|
|
$1.01 |
|
|
|
$11,841 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(12.59 |
%) |
|
|
to |
|
|
|
(13.68 |
%) |
| 2021 |
|
|
9,231 |
|
|
|
$2.04 |
|
|
|
to |
|
|
|
$1.17 |
|
|
|
$15,803 |
|
|
|
|
|
|
|
4.31 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(4.52 |
%) |
|
|
to |
|
|
|
(5.72 |
%) |
| 2020 |
|
|
9,399 |
|
|
|
$2.14 |
|
|
|
to |
|
|
|
$1.24 |
|
|
|
$16,947 |
|
|
|
|
|
|
|
5.39 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
1.97 |
% |
|
|
to |
|
|
|
0.71 |
% |
| 2019 |
|
|
10,020 |
|
|
|
$2.10 |
|
|
|
to |
|
|
|
$1.24 |
|
|
|
$17,825 |
|
|
|
|
|
|
|
3.44 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
9.51 |
% |
|
|
to |
|
|
|
8.14 |
% |
| Invesco VI Gro & Inc, Ser II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
102 |
|
|
|
$4.51 |
|
|
|
to |
|
|
|
$4.02 |
|
|
|
$418 |
|
|
|
|
|
|
|
1.33 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
11.29 |
% |
|
|
to |
|
|
|
10.35 |
% |
| 2022 |
|
|
104 |
|
|
|
$4.05 |
|
|
|
to |
|
|
|
$3.64 |
|
|
|
$384 |
|
|
|
|
|
|
|
1.25 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
(6.94 |
%) |
|
|
to |
|
|
|
(7.72 |
%) |
| 2021 |
|
|
119 |
|
|
|
$4.36 |
|
|
|
to |
|
|
|
$3.95 |
|
|
|
$469 |
|
|
|
|
|
|
|
1.27 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
26.91 |
% |
|
|
to |
|
|
|
25.84 |
% |
| 2020 |
|
|
153 |
|
|
|
$3.43 |
|
|
|
to |
|
|
|
$3.14 |
|
|
|
$481 |
|
|
|
|
|
|
|
1.87 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
0.83 |
% |
|
|
to |
|
|
|
(0.02 |
%) |
| 2019 |
|
|
179 |
|
|
|
$3.40 |
|
|
|
to |
|
|
|
$3.14 |
|
|
|
$564 |
|
|
|
|
|
|
|
1.51 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
23.61 |
% |
|
|
to |
|
|
|
22.56 |
% |
| Invesco VI Hlth, Ser II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
16 |
|
|
|
$3.17 |
|
|
|
to |
|
|
|
$2.66 |
|
|
|
$44 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
1.75 |
% |
|
|
to |
|
|
|
0.49 |
% |
| 2022 |
|
|
16 |
|
|
|
$3.11 |
|
|
|
to |
|
|
|
$2.64 |
|
|
|
$44 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(14.40 |
%) |
|
|
to |
|
|
|
(15.46 |
%) |
| 2021 |
|
|
16 |
|
|
|
$3.64 |
|
|
|
to |
|
|
|
$3.13 |
|
|
|
$53 |
|
|
|
|
|
|
|
0.00 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.93 |
% |
|
|
to |
|
|
|
9.55 |
% |
| 2020 |
|
|
17 |
|
|
|
$3.28 |
|
|
|
to |
|
|
|
$2.85 |
|
|
|
$49 |
|
|
|
|
|
|
|
0.08 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
13.07 |
% |
|
|
to |
|
|
|
11.66 |
% |
| 2019 |
|
|
24 |
|
|
|
$2.90 |
|
|
|
to |
|
|
|
$2.56 |
|
|
|
$62 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
30.87 |
% |
|
|
to |
|
|
|
29.24 |
% |
| Invesco VI Main St, Ser I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
8 |
|
|
|
$3.40 |
|
|
|
to |
|
|
|
$3.40 |
|
|
|
$27 |
|
|
|
|
|
|
|
0.86 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
21.51 |
% |
|
|
to |
|
|
|
21.51 |
% |
| 2022 |
|
|
8 |
|
|
|
$2.80 |
|
|
|
to |
|
|
|
$2.80 |
|
|
|
$22 |
|
|
|
|
|
|
|
1.07 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(21.24 |
%) |
|
|
to |
|
|
|
(21.24 |
%) |
| 2021 |
|
|
19 |
|
|
|
$3.55 |
|
|
|
to |
|
|
|
$3.55 |
|
|
|
$66 |
|
|
|
|
|
|
|
0.71 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
25.80 |
% |
|
|
to |
|
|
|
25.80 |
% |
| 2020 |
|
|
19 |
|
|
|
$2.83 |
|
|
|
to |
|
|
|
$2.83 |
|
|
|
$53 |
|
|
|
|
|
|
|
1.52 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
12.36 |
% |
|
|
to |
|
|
|
12.36 |
% |
| 2019 |
|
|
20 |
|
|
|
$2.51 |
|
|
|
to |
|
|
|
$2.51 |
|
|
|
$49 |
|
|
|
|
|
|
|
1.06 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
30.25 |
% |
|
|
to |
|
|
|
30.25 |
% |
|
|
|
|
|
| 124 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| Invesco VI Mn St Mid Cap, Ser II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
232 |
|
|
|
$2.50 |
|
|
|
to |
|
|
|
$2.40 |
|
|
|
$615 |
|
|
|
|
|
|
|
0.04 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
12.96 |
% |
|
|
to |
|
|
|
11.67 |
% |
| 2022 |
|
|
262 |
|
|
|
$2.21 |
|
|
|
to |
|
|
|
$2.15 |
|
|
|
$622 |
|
|
|
|
|
|
|
0.07 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(15.34 |
%) |
|
|
to |
|
|
|
(16.31 |
%) |
| 2021 |
|
|
327 |
|
|
|
$2.61 |
|
|
|
to |
|
|
|
$2.57 |
|
|
|
$923 |
|
|
|
|
|
|
|
0.25 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
21.58 |
% |
|
|
to |
|
|
|
20.19 |
% |
| 2020 |
|
|
388 |
|
|
|
$2.15 |
|
|
|
to |
|
|
|
$2.14 |
|
|
|
$907 |
|
|
|
|
|
|
|
0.49 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
7.80 |
% |
|
|
to |
|
|
|
6.57 |
% |
| 2019 |
|
|
393 |
|
|
|
$1.99 |
|
|
|
to |
|
|
|
$2.01 |
|
|
|
$862 |
|
|
|
|
|
|
|
0.21 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
23.73 |
% |
|
|
to |
|
|
|
22.32 |
% |
| Invesco VI Mn St Sm Cap, Ser II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
363 |
|
|
|
$5.32 |
|
|
|
to |
|
|
|
$3.51 |
|
|
|
$1,910 |
|
|
|
|
|
|
|
0.88 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
16.65 |
% |
|
|
to |
|
|
|
15.20 |
% |
| 2022 |
|
|
438 |
|
|
|
$4.56 |
|
|
|
to |
|
|
|
$3.05 |
|
|
|
$1,957 |
|
|
|
|
|
|
|
0.25 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(16.88 |
%) |
|
|
to |
|
|
|
(17.91 |
%) |
| 2021 |
|
|
486 |
|
|
|
$5.48 |
|
|
|
to |
|
|
|
$3.72 |
|
|
|
$2,658 |
|
|
|
|
|
|
|
0.17 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
21.05 |
% |
|
|
to |
|
|
|
19.54 |
% |
| 2020 |
|
|
581 |
|
|
|
$4.53 |
|
|
|
to |
|
|
|
$3.11 |
|
|
|
$2,622 |
|
|
|
|
|
|
|
0.37 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
18.45 |
% |
|
|
to |
|
|
|
16.98 |
% |
| 2019 |
|
|
629 |
|
|
|
$3.82 |
|
|
|
to |
|
|
|
$2.66 |
|
|
|
$2,397 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
24.88 |
% |
|
|
to |
|
|
|
23.32 |
% |
| Janus Henderson VIT Bal, Inst |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
192 |
|
|
|
$5.92 |
|
|
|
to |
|
|
|
$5.92 |
|
|
|
$1,135 |
|
|
|
|
|
|
|
1.98 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
13.81 |
% |
|
|
to |
|
|
|
13.81 |
% |
| 2022 |
|
|
253 |
|
|
|
$5.20 |
|
|
|
to |
|
|
|
$5.20 |
|
|
|
$1,313 |
|
|
|
|
|
|
|
1.24 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(17.56 |
%) |
|
|
to |
|
|
|
(17.56 |
%) |
| 2021 |
|
|
271 |
|
|
|
$6.31 |
|
|
|
to |
|
|
|
$6.31 |
|
|
|
$1,709 |
|
|
|
|
|
|
|
0.90 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
15.57 |
% |
|
|
to |
|
|
|
15.57 |
% |
| 2020 |
|
|
290 |
|
|
|
$5.46 |
|
|
|
to |
|
|
|
$5.46 |
|
|
|
$1,584 |
|
|
|
|
|
|
|
1.73 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
12.72 |
% |
|
|
to |
|
|
|
12.72 |
% |
| 2019 |
|
|
428 |
|
|
|
$4.84 |
|
|
|
to |
|
|
|
$4.84 |
|
|
|
$2,073 |
|
|
|
|
|
|
|
1.92 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
20.89 |
% |
|
|
to |
|
|
|
20.89 |
% |
| Janus Henderson VIT Enter, Serv |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
277 |
|
|
|
$3.01 |
|
|
|
to |
|
|
|
$2.08 |
|
|
|
$684 |
|
|
|
|
|
|
|
0.09 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
16.43 |
% |
|
|
to |
|
|
|
15.91 |
% |
| 2022 |
|
|
306 |
|
|
|
$2.59 |
|
|
|
to |
|
|
|
$1.80 |
|
|
|
$653 |
|
|
|
|
|
|
|
0.08 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(17.11 |
%) |
|
|
to |
|
|
|
(17.48 |
%) |
| 2021 |
|
|
320 |
|
|
|
$3.12 |
|
|
|
to |
|
|
|
$2.18 |
|
|
|
$820 |
|
|
|
|
|
|
|
0.24 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
15.21 |
% |
|
|
to |
|
|
|
14.69 |
% |
| 2020 |
|
|
332 |
|
|
|
$2.71 |
|
|
|
to |
|
|
|
$1.90 |
|
|
|
$742 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
17.82 |
% |
|
|
to |
|
|
|
17.29 |
% |
| 2019 |
|
|
371 |
|
|
|
$2.30 |
|
|
|
to |
|
|
|
$1.62 |
|
|
|
$708 |
|
|
|
|
|
|
|
0.05 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
33.61 |
% |
|
|
to |
|
|
|
33.01 |
% |
| Janus Henderson VIT Gbl Res, Inst |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
242 |
|
|
|
$3.65 |
|
|
|
to |
|
|
|
$3.65 |
|
|
|
$884 |
|
|
|
|
|
|
|
0.93 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
25.02 |
% |
|
|
to |
|
|
|
25.02 |
% |
| 2022 |
|
|
253 |
|
|
|
$2.92 |
|
|
|
to |
|
|
|
$2.92 |
|
|
|
$738 |
|
|
|
|
|
|
|
1.05 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(20.53 |
%) |
|
|
to |
|
|
|
(20.53 |
%) |
| 2021 |
|
|
261 |
|
|
|
$3.67 |
|
|
|
to |
|
|
|
$3.67 |
|
|
|
$961 |
|
|
|
|
|
|
|
0.52 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
16.45 |
% |
|
|
to |
|
|
|
16.45 |
% |
| 2020 |
|
|
270 |
|
|
|
$3.15 |
|
|
|
to |
|
|
|
$3.15 |
|
|
|
$850 |
|
|
|
|
|
|
|
0.73 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
18.39 |
% |
|
|
to |
|
|
|
18.39 |
% |
| 2019 |
|
|
292 |
|
|
|
$2.66 |
|
|
|
to |
|
|
|
$2.66 |
|
|
|
$779 |
|
|
|
|
|
|
|
1.00 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
27.25 |
% |
|
|
to |
|
|
|
27.25 |
% |
| Janus Hend VIT Gbl Tech Innov, Srv |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
53 |
|
|
|
$3.39 |
|
|
|
to |
|
|
|
$2.87 |
|
|
|
$156 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
52.52 |
% |
|
|
to |
|
|
|
51.84 |
% |
| 2022 |
|
|
69 |
|
|
|
$2.22 |
|
|
|
to |
|
|
|
$1.89 |
|
|
|
$133 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(37.84 |
%) |
|
|
to |
|
|
|
(38.12 |
%) |
| 2021 |
|
|
76 |
|
|
|
$3.58 |
|
|
|
to |
|
|
|
$3.06 |
|
|
|
$236 |
|
|
|
|
|
|
|
0.11 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
16.40 |
% |
|
|
to |
|
|
|
15.88 |
% |
| 2020 |
|
|
85 |
|
|
|
$3.07 |
|
|
|
to |
|
|
|
$2.64 |
|
|
|
$230 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
49.01 |
% |
|
|
to |
|
|
|
48.34 |
% |
| 2019 |
|
|
115 |
|
|
|
$2.06 |
|
|
|
to |
|
|
|
$1.78 |
|
|
|
$213 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
43.16 |
% |
|
|
to |
|
|
|
42.52 |
% |
| Janus Henderson VIT Overseas, Serv |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
97 |
|
|
|
$1.69 |
|
|
|
to |
|
|
|
$1.47 |
|
|
|
$154 |
|
|
|
|
|
|
|
1.41 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
9.05 |
% |
|
|
to |
|
|
|
8.83 |
% |
| 2022 |
|
|
116 |
|
|
|
$1.55 |
|
|
|
to |
|
|
|
$1.36 |
|
|
|
$170 |
|
|
|
|
|
|
|
1.68 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(10.10 |
%) |
|
|
to |
|
|
|
(10.28 |
%) |
| 2021 |
|
|
129 |
|
|
|
$1.73 |
|
|
|
to |
|
|
|
$1.51 |
|
|
|
$209 |
|
|
|
|
|
|
|
1.05 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
11.71 |
% |
|
|
to |
|
|
|
11.49 |
% |
| 2020 |
|
|
728 |
|
|
|
$1.55 |
|
|
|
to |
|
|
|
$1.35 |
|
|
|
$1,000 |
|
|
|
|
|
|
|
1.21 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
14.41 |
% |
|
|
to |
|
|
|
14.18 |
% |
| 2019 |
|
|
842 |
|
|
|
$1.35 |
|
|
|
to |
|
|
|
$1.19 |
|
|
|
$1,017 |
|
|
|
|
|
|
|
1.84 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
24.95 |
% |
|
|
to |
|
|
|
24.69 |
% |
| Janus Henderson VIT Res, Serv |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
534 |
|
|
|
$4.73 |
|
|
|
to |
|
|
|
$3.97 |
|
|
|
$1,529 |
|
|
|
|
|
|
|
0.06 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
41.39 |
% |
|
|
to |
|
|
|
39.65 |
% |
| 2022 |
|
|
667 |
|
|
|
$3.35 |
|
|
|
to |
|
|
|
$2.84 |
|
|
|
$1,367 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(30.76 |
%) |
|
|
to |
|
|
|
(31.62 |
%) |
| 2021 |
|
|
687 |
|
|
|
$4.83 |
|
|
|
to |
|
|
|
$4.15 |
|
|
|
$2,042 |
|
|
|
|
|
|
|
0.02 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
18.85 |
% |
|
|
to |
|
|
|
17.38 |
% |
| 2020 |
|
|
774 |
|
|
|
$4.07 |
|
|
|
to |
|
|
|
$3.54 |
|
|
|
$1,982 |
|
|
|
|
|
|
|
0.22 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
31.26 |
% |
|
|
to |
|
|
|
29.63 |
% |
| 2019 |
|
|
978 |
|
|
|
$3.10 |
|
|
|
to |
|
|
|
$2.73 |
|
|
|
$1,956 |
|
|
|
|
|
|
|
0.30 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
33.88 |
% |
|
|
to |
|
|
|
32.21 |
% |
| Lazard Retire Intl Eq, Serv |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
23 |
|
|
|
$1.55 |
|
|
|
to |
|
|
|
$1.46 |
|
|
|
$34 |
|
|
|
|
|
|
|
1.07 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
14.27 |
% |
|
|
to |
|
|
|
14.05 |
% |
| 2022 |
|
|
34 |
|
|
|
$1.36 |
|
|
|
to |
|
|
|
$1.28 |
|
|
|
$45 |
|
|
|
|
|
|
|
3.70 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(16.19 |
%) |
|
|
to |
|
|
|
(16.36 |
%) |
| 2021 |
|
|
32 |
|
|
|
$1.62 |
|
|
|
to |
|
|
|
$1.53 |
|
|
|
$51 |
|
|
|
|
|
|
|
0.94 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
4.36 |
% |
|
|
to |
|
|
|
4.15 |
% |
| 2020 |
|
|
32 |
|
|
|
$1.55 |
|
|
|
to |
|
|
|
$1.47 |
|
|
|
$49 |
|
|
|
|
|
|
|
2.36 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
6.74 |
% |
|
|
to |
|
|
|
6.52 |
% |
| 2019 |
|
|
37 |
|
|
|
$1.45 |
|
|
|
to |
|
|
|
$1.38 |
|
|
|
$52 |
|
|
|
|
|
|
|
0.34 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
19.32 |
% |
|
|
to |
|
|
|
19.08 |
% |
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
125 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| LVIP Baron Gro Opp, Serv Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
8 |
|
|
|
$7.21 |
|
|
|
to |
|
|
|
$5.78 |
|
|
|
$57 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
16.17 |
% |
|
|
to |
|
|
|
15.94 |
% |
| 2022 |
|
|
9 |
|
|
|
$6.21 |
|
|
|
to |
|
|
|
$4.99 |
|
|
|
$50 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(26.86 |
%) |
|
|
to |
|
|
|
(27.00 |
%) |
| 2021 |
|
|
11 |
|
|
|
$8.49 |
|
|
|
to |
|
|
|
$6.83 |
|
|
|
$90 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
17.07 |
% |
|
|
to |
|
|
|
16.84 |
% |
| 2020 |
|
|
19 |
|
|
|
$7.25 |
|
|
|
to |
|
|
|
$5.85 |
|
|
|
$129 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
32.22 |
% |
|
|
to |
|
|
|
31.95 |
% |
| 2019 |
|
|
20 |
|
|
|
$5.48 |
|
|
|
to |
|
|
|
$4.43 |
|
|
|
$102 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
34.49 |
% |
|
|
to |
|
|
|
34.22 |
% |
| LVIP JPM US Eq, Std Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
36 |
|
|
|
$6.28 |
|
|
|
to |
|
|
|
$6.10 |
|
|
|
$224 |
|
|
|
|
|
|
|
1.17 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
15.68 |
%(7) |
|
|
to |
|
|
|
15.52 |
%(7) |
| MFS Inv Trust, Init Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
239 |
|
|
|
$3.72 |
|
|
|
to |
|
|
|
$5.02 |
|
|
|
$831 |
|
|
|
|
|
|
|
0.68 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
17.62 |
% |
|
|
to |
|
|
|
16.86 |
% |
| 2022 |
|
|
339 |
|
|
|
$3.16 |
|
|
|
to |
|
|
|
$4.30 |
|
|
|
$996 |
|
|
|
|
|
|
|
0.67 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(17.44 |
%) |
|
|
to |
|
|
|
(17.98 |
%) |
| 2021 |
|
|
365 |
|
|
|
$3.83 |
|
|
|
to |
|
|
|
$5.24 |
|
|
|
$1,306 |
|
|
|
|
|
|
|
0.64 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
25.37 |
% |
|
|
to |
|
|
|
24.55 |
% |
| 2020 |
|
|
523 |
|
|
|
$3.05 |
|
|
|
to |
|
|
|
$4.20 |
|
|
|
$1,494 |
|
|
|
|
|
|
|
0.64 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
12.57 |
% |
|
|
to |
|
|
|
11.83 |
% |
| 2019 |
|
|
538 |
|
|
|
$2.71 |
|
|
|
to |
|
|
|
$3.76 |
|
|
|
$1,370 |
|
|
|
|
|
|
|
0.66 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
30.07 |
% |
|
|
to |
|
|
|
29.23 |
% |
| MFS Inv Trust, Serv Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
211 |
|
|
|
$3.35 |
|
|
|
to |
|
|
|
$3.62 |
|
|
|
$703 |
|
|
|
|
|
|
|
0.48 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
17.31 |
% |
|
|
to |
|
|
|
16.55 |
% |
| 2022 |
|
|
214 |
|
|
|
$2.85 |
|
|
|
to |
|
|
|
$3.11 |
|
|
|
$610 |
|
|
|
|
|
|
|
0.37 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(17.64 |
%) |
|
|
to |
|
|
|
(18.17 |
%) |
| 2021 |
|
|
201 |
|
|
|
$3.46 |
|
|
|
to |
|
|
|
$3.80 |
|
|
|
$696 |
|
|
|
|
|
|
|
0.42 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
25.06 |
% |
|
|
to |
|
|
|
24.25 |
% |
| 2020 |
|
|
201 |
|
|
|
$2.77 |
|
|
|
to |
|
|
|
$3.06 |
|
|
|
$557 |
|
|
|
|
|
|
|
0.43 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
12.30 |
% |
|
|
to |
|
|
|
11.57 |
% |
| 2019 |
|
|
201 |
|
|
|
$2.47 |
|
|
|
to |
|
|
|
$2.74 |
|
|
|
$497 |
|
|
|
|
|
|
|
0.50 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
29.75 |
% |
|
|
to |
|
|
|
28.90 |
% |
| MFS Mass Inv Gro Stock, Serv Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
667 |
|
|
|
$2.62 |
|
|
|
to |
|
|
|
$2.36 |
|
|
|
$1,738 |
|
|
|
|
|
|
|
0.05 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
22.48 |
% |
|
|
to |
|
|
|
21.02 |
% |
| 2022 |
|
|
704 |
|
|
|
$2.14 |
|
|
|
to |
|
|
|
$1.95 |
|
|
|
$1,503 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(20.25 |
%) |
|
|
to |
|
|
|
(21.20 |
%) |
| 2021 |
|
|
748 |
|
|
|
$2.69 |
|
|
|
to |
|
|
|
$2.48 |
|
|
|
$2,005 |
|
|
|
|
|
|
|
0.03 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
24.41 |
% |
|
|
to |
|
|
|
22.93 |
% |
| 2020 |
|
|
878 |
|
|
|
$2.16 |
|
|
|
to |
|
|
|
$2.02 |
|
|
|
$1,896 |
|
|
|
|
|
|
|
0.22 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
20.98 |
% |
|
|
to |
|
|
|
19.54 |
% |
| 2019 |
|
|
960 |
|
|
|
$1.79 |
|
|
|
to |
|
|
|
$1.69 |
|
|
|
$1,695 |
|
|
|
|
|
|
|
0.33 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
38.20 |
% |
|
|
to |
|
|
|
36.56 |
% |
| MFS New Dis, Init Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
83 |
|
|
|
$5.22 |
|
|
|
to |
|
|
|
$2.99 |
|
|
|
$302 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
13.11 |
% |
|
|
to |
|
|
|
12.60 |
% |
| 2022 |
|
|
98 |
|
|
|
$4.62 |
|
|
|
to |
|
|
|
$2.66 |
|
|
|
$320 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(30.56 |
%) |
|
|
to |
|
|
|
(30.87 |
%) |
| 2021 |
|
|
105 |
|
|
|
$6.65 |
|
|
|
to |
|
|
|
$3.84 |
|
|
|
$500 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
0.64 |
% |
|
|
to |
|
|
|
0.18 |
% |
| 2020 |
|
|
121 |
|
|
|
$6.61 |
|
|
|
to |
|
|
|
$3.83 |
|
|
|
$570 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
44.22 |
% |
|
|
to |
|
|
|
43.57 |
% |
| 2019 |
|
|
132 |
|
|
|
$4.58 |
|
|
|
to |
|
|
|
$2.67 |
|
|
|
$434 |
|
|
|
|
|
|
|
— |
|
|
|
1.15 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
40.08 |
% |
|
|
to |
|
|
|
39.45 |
% |
| MFS New Dis, Serv Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
382 |
|
|
|
$3.73 |
|
|
|
to |
|
|
|
$3.47 |
|
|
|
$1,428 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
13.12 |
% |
|
|
to |
|
|
|
11.78 |
% |
| 2022 |
|
|
421 |
|
|
|
$3.29 |
|
|
|
to |
|
|
|
$3.11 |
|
|
|
$1,391 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(30.69 |
%) |
|
|
to |
|
|
|
(31.52 |
%) |
| 2021 |
|
|
424 |
|
|
|
$4.75 |
|
|
|
to |
|
|
|
$4.54 |
|
|
|
$2,034 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
0.56 |
% |
|
|
to |
|
|
|
(0.64 |
%) |
| 2020 |
|
|
490 |
|
|
|
$4.73 |
|
|
|
to |
|
|
|
$4.57 |
|
|
|
$2,335 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
44.14 |
% |
|
|
to |
|
|
|
42.42 |
% |
| 2019 |
|
|
695 |
|
|
|
$3.28 |
|
|
|
to |
|
|
|
$3.21 |
|
|
|
$2,225 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
39.87 |
% |
|
|
to |
|
|
|
38.19 |
% |
| MFS Research, Init Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
71 |
|
|
|
$3.82 |
|
|
|
to |
|
|
|
$3.17 |
|
|
|
$264 |
|
|
|
|
|
|
|
0.50 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
20.72 |
% |
|
|
to |
|
|
|
20.48 |
% |
| 2022 |
|
|
94 |
|
|
|
$3.16 |
|
|
|
to |
|
|
|
$2.63 |
|
|
|
$292 |
|
|
|
|
|
|
|
0.49 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(18.36 |
%) |
|
|
to |
|
|
|
(18.52 |
%) |
| 2021 |
|
|
97 |
|
|
|
$3.87 |
|
|
|
to |
|
|
|
$3.23 |
|
|
|
$368 |
|
|
|
|
|
|
|
0.56 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
23.07 |
% |
|
|
to |
|
|
|
22.82 |
% |
| 2020 |
|
|
386 |
|
|
|
$3.15 |
|
|
|
to |
|
|
|
$2.63 |
|
|
|
$1,060 |
|
|
|
|
|
|
|
0.71 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
14.97 |
% |
|
|
to |
|
|
|
14.74 |
% |
| 2019 |
|
|
441 |
|
|
|
$2.74 |
|
|
|
to |
|
|
|
$2.29 |
|
|
|
$1,053 |
|
|
|
|
|
|
|
0.78 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
31.10 |
% |
|
|
to |
|
|
|
30.84 |
% |
| MFS Total Return, Init Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
9 |
|
|
|
$3.33 |
|
|
|
to |
|
|
|
$3.25 |
|
|
|
$30 |
|
|
|
|
|
|
|
2.06 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
9.18 |
% |
|
|
to |
|
|
|
9.08 |
% |
| 2022 |
|
|
9 |
|
|
|
$3.05 |
|
|
|
to |
|
|
|
$2.98 |
|
|
|
$29 |
|
|
|
|
|
|
|
1.71 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
(10.61 |
%) |
|
|
to |
|
|
|
(10.70 |
%) |
| 2021 |
|
|
10 |
|
|
|
$3.41 |
|
|
|
to |
|
|
|
$3.34 |
|
|
|
$34 |
|
|
|
|
|
|
|
1.81 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
12.81 |
% |
|
|
to |
|
|
|
12.70 |
% |
| 2020 |
|
|
10 |
|
|
|
$3.02 |
|
|
|
to |
|
|
|
$2.96 |
|
|
|
$31 |
|
|
|
|
|
|
|
2.25 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
8.56 |
% |
|
|
to |
|
|
|
8.45 |
% |
| 2019 |
|
|
12 |
|
|
|
$2.79 |
|
|
|
to |
|
|
|
$2.73 |
|
|
|
$32 |
|
|
|
|
|
|
|
1.43 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.25 |
% |
|
|
19.01 |
% |
|
|
to |
|
|
|
18.89 |
% |
| MFS Total Return, Serv Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
4,285 |
|
|
|
$3.17 |
|
|
|
to |
|
|
|
$1.99 |
|
|
|
$12,156 |
|
|
|
|
|
|
|
1.82 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
9.12 |
% |
|
|
to |
|
|
|
7.78 |
% |
| 2022 |
|
|
4,719 |
|
|
|
$2.91 |
|
|
|
to |
|
|
|
$1.84 |
|
|
|
$12,249 |
|
|
|
|
|
|
|
1.48 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(10.73 |
%) |
|
|
to |
|
|
|
(11.84 |
%) |
| 2021 |
|
|
5,095 |
|
|
|
$3.26 |
|
|
|
to |
|
|
|
$2.09 |
|
|
|
$14,880 |
|
|
|
|
|
|
|
1.62 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
12.70 |
% |
|
|
to |
|
|
|
11.30 |
% |
| 2020 |
|
|
5,541 |
|
|
|
$2.89 |
|
|
|
to |
|
|
|
$1.88 |
|
|
|
$14,483 |
|
|
|
|
|
|
|
2.09 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
8.43 |
% |
|
|
to |
|
|
|
7.09 |
% |
| 2019 |
|
|
5,848 |
|
|
|
$2.66 |
|
|
|
to |
|
|
|
$1.75 |
|
|
|
$14,190 |
|
|
|
|
|
|
|
2.09 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
18.92 |
% |
|
|
to |
|
|
|
17.45 |
% |
|
|
|
|
|
| 126 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return lowest to
highest(1)(4) |
|
| MFS Utilities, Init Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
569 |
|
|
|
$4.82 |
|
|
|
to |
|
|
|
$6.07 |
|
|
|
$2,122 |
|
|
|
|
|
|
|
3.53 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(3.23 |
%) |
|
|
to |
|
|
|
(3.85 |
%) |
| 2022 |
|
|
660 |
|
|
|
$4.98 |
|
|
|
to |
|
|
|
$6.31 |
|
|
|
$2,612 |
|
|
|
|
|
|
|
2.46 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(0.40 |
%) |
|
|
to |
|
|
|
(1.04 |
%) |
| 2021 |
|
|
656 |
|
|
|
$5.00 |
|
|
|
to |
|
|
|
$6.38 |
|
|
|
$2,583 |
|
|
|
|
|
|
|
1.69 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
12.79 |
% |
|
|
to |
|
|
|
12.06 |
% |
| 2020 |
|
|
758 |
|
|
|
$4.43 |
|
|
|
to |
|
|
|
$5.69 |
|
|
|
$2,698 |
|
|
|
|
|
|
|
2.44 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
4.69 |
% |
|
|
to |
|
|
|
4.01 |
% |
| 2019 |
|
|
934 |
|
|
|
$4.24 |
|
|
|
to |
|
|
|
$5.47 |
|
|
|
$3,198 |
|
|
|
|
|
|
|
3.93 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
23.63 |
% |
|
|
to |
|
|
|
22.84 |
% |
| MFS Utilities, Serv Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
154 |
|
|
|
$5.99 |
|
|
|
to |
|
|
|
$2.29 |
|
|
|
$856 |
|
|
|
|
|
|
|
3.22 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(3.30 |
%) |
|
|
to |
|
|
|
(4.50 |
%) |
| 2022 |
|
|
176 |
|
|
|
$6.19 |
|
|
|
to |
|
|
|
$2.40 |
|
|
|
$1,016 |
|
|
|
|
|
|
|
2.13 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(0.52 |
%) |
|
|
to |
|
|
|
(1.75 |
%) |
| 2021 |
|
|
186 |
|
|
|
$6.23 |
|
|
|
to |
|
|
|
$2.44 |
|
|
|
$1,075 |
|
|
|
|
|
|
|
1.46 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
12.69 |
% |
|
|
to |
|
|
|
11.29 |
% |
| 2020 |
|
|
216 |
|
|
|
$5.53 |
|
|
|
to |
|
|
|
$2.20 |
|
|
|
$1,108 |
|
|
|
|
|
|
|
2.26 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
4.57 |
% |
|
|
to |
|
|
|
3.27 |
% |
| 2019 |
|
|
251 |
|
|
|
$5.28 |
|
|
|
to |
|
|
|
$2.13 |
|
|
|
$1,210 |
|
|
|
|
|
|
|
3.65 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
23.56 |
% |
|
|
to |
|
|
|
22.02 |
% |
| MS VIF Dis, Cl II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
14 |
|
|
|
$3.68 |
|
|
|
to |
|
|
|
$3.08 |
|
|
|
$45 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
42.70 |
% |
|
|
to |
|
|
|
40.94 |
% |
| 2022 |
|
|
16 |
|
|
|
$2.58 |
|
|
|
to |
|
|
|
$2.19 |
|
|
|
$36 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(63.34 |
%) |
|
|
to |
|
|
|
(63.79 |
%) |
| 2021 |
|
|
17 |
|
|
|
$7.03 |
|
|
|
to |
|
|
|
$6.04 |
|
|
|
$106 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(12.08 |
%) |
|
|
to |
|
|
|
(13.17 |
%) |
| 2020 |
|
|
22 |
|
|
|
$7.99 |
|
|
|
to |
|
|
|
$6.96 |
|
|
|
$156 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
149.54 |
% |
|
|
to |
|
|
|
146.45 |
% |
| 2019 |
|
|
22 |
|
|
|
$3.20 |
|
|
|
to |
|
|
|
$2.82 |
|
|
|
$63 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
38.58 |
% |
|
|
to |
|
|
|
36.85 |
% |
| MS VIF Global Real Est, Cl II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
142 |
|
|
|
$1.55 |
|
|
|
to |
|
|
|
$1.30 |
|
|
|
$127 |
|
|
|
|
|
|
|
1.91 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
9.37 |
% |
|
|
to |
|
|
|
8.01 |
% |
| 2022 |
|
|
166 |
|
|
|
$1.42 |
|
|
|
to |
|
|
|
$1.20 |
|
|
|
$135 |
|
|
|
|
|
|
|
4.35 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(26.93 |
%) |
|
|
to |
|
|
|
(27.84 |
%) |
| 2021 |
|
|
175 |
|
|
|
$1.94 |
|
|
|
to |
|
|
|
$1.67 |
|
|
|
$196 |
|
|
|
|
|
|
|
2.21 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
22.61 |
% |
|
|
to |
|
|
|
21.08 |
% |
| 2020 |
|
|
233 |
|
|
|
$1.58 |
|
|
|
to |
|
|
|
$1.38 |
|
|
|
$215 |
|
|
|
|
|
|
|
4.55 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(15.70 |
%) |
|
|
to |
|
|
|
(16.75 |
%) |
| 2019 |
|
|
203 |
|
|
|
$1.88 |
|
|
|
to |
|
|
|
$1.66 |
|
|
|
$224 |
|
|
|
|
|
|
|
2.56 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
16.87 |
% |
|
|
to |
|
|
|
15.43 |
% |
| MS VIF US Real Est, Cl I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
49 |
|
|
|
$3.95 |
|
|
|
to |
|
|
|
$3.61 |
|
|
|
$170 |
|
|
|
|
|
|
|
2.26 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
13.38 |
% |
|
|
to |
|
|
|
12.42 |
% |
| 2022 |
|
|
51 |
|
|
|
$3.49 |
|
|
|
to |
|
|
|
$3.21 |
|
|
|
$158 |
|
|
|
|
|
|
|
0.89 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
(27.77 |
%) |
|
|
to |
|
|
|
(28.38 |
%) |
| 2021 |
|
|
96 |
|
|
|
$4.83 |
|
|
|
to |
|
|
|
$4.48 |
|
|
|
$422 |
|
|
|
|
|
|
|
2.06 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
38.41 |
% |
|
|
to |
|
|
|
37.24 |
% |
| 2020 |
|
|
101 |
|
|
|
$3.49 |
|
|
|
to |
|
|
|
$3.27 |
|
|
|
$324 |
|
|
|
|
|
|
|
2.87 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
(17.68 |
%) |
|
|
to |
|
|
|
(18.39 |
%) |
| 2019 |
|
|
119 |
|
|
|
$4.24 |
|
|
|
to |
|
|
|
$4.00 |
|
|
|
$466 |
|
|
|
|
|
|
|
1.87 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
17.76 |
% |
|
|
to |
|
|
|
16.76 |
% |
| MS VIF US Real Est, Cl II |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
155 |
|
|
|
$1.66 |
|
|
|
to |
|
|
|
$2.33 |
|
|
|
$394 |
|
|
|
|
|
|
|
1.95 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
13.03 |
% |
|
|
to |
|
|
|
11.74 |
% |
| 2022 |
|
|
188 |
|
|
|
$1.47 |
|
|
|
to |
|
|
|
$2.09 |
|
|
|
$427 |
|
|
|
|
|
|
|
0.91 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(27.98 |
%) |
|
|
to |
|
|
|
(28.80 |
%) |
| 2021 |
|
|
212 |
|
|
|
$2.04 |
|
|
|
to |
|
|
|
$2.93 |
|
|
|
$674 |
|
|
|
|
|
|
|
1.87 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
37.98 |
% |
|
|
to |
|
|
|
36.40 |
% |
| 2020 |
|
|
311 |
|
|
|
$1.48 |
|
|
|
to |
|
|
|
$2.15 |
|
|
|
$721 |
|
|
|
|
|
|
|
2.59 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(17.97 |
%) |
|
|
to |
|
|
|
(18.90 |
%) |
| 2019 |
|
|
275 |
|
|
|
$1.80 |
|
|
|
to |
|
|
|
$2.65 |
|
|
|
$783 |
|
|
|
|
|
|
|
1.59 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
17.44 |
% |
|
|
to |
|
|
|
16.09 |
% |
| PIMCO VIT All Asset, Advisor Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
392 |
|
|
|
$1.68 |
|
|
|
to |
|
|
|
$1.41 |
|
|
|
$615 |
|
|
|
|
|
|
|
2.82 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
6.94 |
% |
|
|
to |
|
|
|
5.62 |
% |
| 2022 |
|
|
412 |
|
|
|
$1.57 |
|
|
|
to |
|
|
|
$1.34 |
|
|
|
$609 |
|
|
|
|
|
|
|
7.47 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(12.75 |
%) |
|
|
to |
|
|
|
(13.81 |
%) |
| 2021 |
|
|
498 |
|
|
|
$1.80 |
|
|
|
to |
|
|
|
$1.55 |
|
|
|
$850 |
|
|
|
|
|
|
|
10.84 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
14.89 |
% |
|
|
to |
|
|
|
13.46 |
% |
| 2020 |
|
|
587 |
|
|
|
$1.57 |
|
|
|
to |
|
|
|
$1.37 |
|
|
|
$878 |
|
|
|
|
|
|
|
4.81 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
6.82 |
% |
|
|
to |
|
|
|
5.52 |
% |
| 2019 |
|
|
692 |
|
|
|
$1.47 |
|
|
|
to |
|
|
|
$1.30 |
|
|
|
$973 |
|
|
|
|
|
|
|
2.80 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.63 |
% |
|
|
to |
|
|
|
9.27 |
% |
| Put VT Div Inc, Cl IA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
154 |
|
|
|
$2.53 |
|
|
|
to |
|
|
|
$2.53 |
|
|
|
$394 |
|
|
|
|
|
|
|
6.66 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
3.55 |
% |
|
|
to |
|
|
|
3.55 |
% |
| 2022 |
|
|
176 |
|
|
|
$2.44 |
|
|
|
to |
|
|
|
$2.44 |
|
|
|
$436 |
|
|
|
|
|
|
|
7.03 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(3.42 |
%) |
|
|
to |
|
|
|
(3.42 |
%) |
| 2021 |
|
|
183 |
|
|
|
$2.53 |
|
|
|
to |
|
|
|
$2.53 |
|
|
|
$471 |
|
|
|
|
|
|
|
0.94 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(8.02 |
%) |
|
|
to |
|
|
|
(8.02 |
%) |
| 2020 |
|
|
193 |
|
|
|
$2.75 |
|
|
|
to |
|
|
|
$2.75 |
|
|
|
$533 |
|
|
|
|
|
|
|
7.88 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(2.14 |
%) |
|
|
to |
|
|
|
(2.14 |
%) |
| 2019 |
|
|
206 |
|
|
|
$2.81 |
|
|
|
to |
|
|
|
$2.81 |
|
|
|
$583 |
|
|
|
|
|
|
|
3.67 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
10.01 |
% |
|
|
to |
|
|
|
10.01 |
% |
| Put VT Div Inc, Cl IB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
72 |
|
|
|
$1.91 |
|
|
|
to |
|
|
|
$1.91 |
|
|
|
$136 |
|
|
|
|
|
|
|
6.21 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
3.36 |
% |
|
|
to |
|
|
|
3.36 |
% |
| 2022 |
|
|
83 |
|
|
|
$1.85 |
|
|
|
to |
|
|
|
$1.85 |
|
|
|
$154 |
|
|
|
|
|
|
|
6.86 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(3.70 |
%) |
|
|
to |
|
|
|
(3.70 |
%) |
| 2021 |
|
|
91 |
|
|
|
$1.92 |
|
|
|
to |
|
|
|
$1.92 |
|
|
|
$174 |
|
|
|
|
|
|
|
0.65 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(8.24 |
%) |
|
|
to |
|
|
|
(8.24 |
%) |
| 2020 |
|
|
96 |
|
|
|
$2.09 |
|
|
|
to |
|
|
|
$2.09 |
|
|
|
$200 |
|
|
|
|
|
|
|
8.19 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(2.28 |
%) |
|
|
to |
|
|
|
(2.28 |
%) |
| 2019 |
|
|
125 |
|
|
|
$2.14 |
|
|
|
to |
|
|
|
$2.14 |
|
|
|
$268 |
|
|
|
|
|
|
|
3.44 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
9.69 |
% |
|
|
to |
|
|
|
9.69 |
% |
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| Put VT Emerg Mkts Eq, Cl IB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
170 |
|
|
|
$1.24 |
|
|
|
to |
|
|
|
$1.38 |
|
|
|
$198 |
|
|
|
|
|
|
|
0.49 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
10.48 |
% |
|
|
to |
|
|
|
10.04 |
% |
| 2022 |
|
|
181 |
|
|
|
$1.12 |
|
|
|
to |
|
|
|
$1.25 |
|
|
|
$194 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(28.19 |
%) |
|
|
to |
|
|
|
(28.48 |
%) |
| 2021 |
|
|
191 |
|
|
|
$1.56 |
|
|
|
to |
|
|
|
$1.75 |
|
|
|
$286 |
|
|
|
|
|
|
|
0.48 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(5.14 |
%) |
|
|
to |
|
|
|
(5.52 |
%) |
| 2020 |
|
|
191 |
|
|
|
$1.65 |
|
|
|
to |
|
|
|
$1.86 |
|
|
|
$303 |
|
|
|
|
|
|
|
0.04 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
26.66 |
% |
|
|
to |
|
|
|
26.16 |
% |
| 2019 |
|
|
211 |
|
|
|
$1.30 |
|
|
|
to |
|
|
|
$1.47 |
|
|
|
$266 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
23.68 |
% |
|
|
to |
|
|
|
23.19 |
% |
| Put VT Focused Intl Eq, Cl IA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
142 |
|
|
|
$2.64 |
|
|
|
to |
|
|
|
$2.64 |
|
|
|
$375 |
|
|
|
|
|
|
|
0.95 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
17.90 |
% |
|
|
to |
|
|
|
17.90 |
% |
| 2022 |
|
|
155 |
|
|
|
$2.24 |
|
|
|
to |
|
|
|
$2.24 |
|
|
|
$346 |
|
|
|
|
|
|
|
2.09 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(19.13 |
%) |
|
|
to |
|
|
|
(19.13 |
%) |
| 2021 |
|
|
161 |
|
|
|
$2.77 |
|
|
|
to |
|
|
|
$2.77 |
|
|
|
$445 |
|
|
|
|
|
|
|
0.96 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
11.28 |
% |
|
|
to |
|
|
|
11.28 |
% |
| 2020 |
|
|
162 |
|
|
|
$2.49 |
|
|
|
to |
|
|
|
$2.49 |
|
|
|
$404 |
|
|
|
|
|
|
|
0.40 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
8.78 |
% |
|
|
to |
|
|
|
8.78 |
% |
| 2019 |
|
|
169 |
|
|
|
$2.29 |
|
|
|
to |
|
|
|
$2.29 |
|
|
|
$386 |
|
|
|
|
|
|
|
0.01 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
25.16 |
% |
|
|
to |
|
|
|
25.16 |
% |
| Put VT Global Hlth Care, Cl IB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
150 |
|
|
|
$5.59 |
|
|
|
to |
|
|
|
$3.77 |
|
|
|
$723 |
|
|
|
|
|
|
|
0.31 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
8.05 |
% |
|
|
to |
|
|
|
6.77 |
% |
| 2022 |
|
|
172 |
|
|
|
$5.18 |
|
|
|
to |
|
|
|
$3.53 |
|
|
|
$767 |
|
|
|
|
|
|
|
0.41 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(5.62 |
%) |
|
|
to |
|
|
|
(6.74 |
%) |
| 2021 |
|
|
227 |
|
|
|
$5.49 |
|
|
|
to |
|
|
|
$3.78 |
|
|
|
$1,064 |
|
|
|
|
|
|
|
1.11 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
18.22 |
% |
|
|
to |
|
|
|
16.80 |
% |
| 2020 |
|
|
244 |
|
|
|
$4.64 |
|
|
|
to |
|
|
|
$3.24 |
|
|
|
$970 |
|
|
|
|
|
|
|
0.50 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
15.12 |
% |
|
|
to |
|
|
|
13.75 |
% |
| 2019 |
|
|
260 |
|
|
|
$4.03 |
|
|
|
to |
|
|
|
$2.85 |
|
|
|
$901 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
29.00 |
% |
|
|
to |
|
|
|
27.45 |
% |
| Put VT Hi Yield, Cl IA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
93 |
|
|
|
$3.72 |
|
|
|
to |
|
|
|
$3.72 |
|
|
|
$344 |
|
|
|
|
|
|
|
5.75 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
10.74 |
% |
|
|
to |
|
|
|
10.74 |
% |
| 2022 |
|
|
105 |
|
|
|
$3.36 |
|
|
|
to |
|
|
|
$3.36 |
|
|
|
$351 |
|
|
|
|
|
|
|
5.40 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(12.60 |
%) |
|
|
to |
|
|
|
(12.60 |
%) |
| 2021 |
|
|
108 |
|
|
|
$3.84 |
|
|
|
to |
|
|
|
$3.84 |
|
|
|
$413 |
|
|
|
|
|
|
|
4.96 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
3.74 |
% |
|
|
to |
|
|
|
3.74 |
% |
| 2020 |
|
|
114 |
|
|
|
$3.70 |
|
|
|
to |
|
|
|
$3.70 |
|
|
|
$420 |
|
|
|
|
|
|
|
6.14 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
4.04 |
% |
|
|
to |
|
|
|
4.04 |
% |
| 2019 |
|
|
125 |
|
|
|
$3.56 |
|
|
|
to |
|
|
|
$3.56 |
|
|
|
$445 |
|
|
|
|
|
|
|
6.14 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
12.96 |
% |
|
|
to |
|
|
|
12.96 |
% |
| Put VT Hi Yield, Cl IB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
30 |
|
|
|
$2.67 |
|
|
|
to |
|
|
|
$2.67 |
|
|
|
$81 |
|
|
|
|
|
|
|
5.48 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
10.58 |
% |
|
|
to |
|
|
|
10.58 |
% |
| 2022 |
|
|
35 |
|
|
|
$2.42 |
|
|
|
to |
|
|
|
$2.42 |
|
|
|
$85 |
|
|
|
|
|
|
|
5.31 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(12.83 |
%) |
|
|
to |
|
|
|
(12.83 |
%) |
| 2021 |
|
|
39 |
|
|
|
$2.77 |
|
|
|
to |
|
|
|
$2.77 |
|
|
|
$108 |
|
|
|
|
|
|
|
4.69 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
3.52 |
% |
|
|
to |
|
|
|
3.52 |
% |
| 2020 |
|
|
41 |
|
|
|
$2.68 |
|
|
|
to |
|
|
|
$2.68 |
|
|
|
$110 |
|
|
|
|
|
|
|
5.73 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
3.74 |
% |
|
|
to |
|
|
|
3.74 |
% |
| 2019 |
|
|
44 |
|
|
|
$2.58 |
|
|
|
to |
|
|
|
$2.58 |
|
|
|
$113 |
|
|
|
|
|
|
|
5.97 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
12.81 |
% |
|
|
to |
|
|
|
12.81 |
% |
| Put VT Inc, Cl IB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
14 |
|
|
|
$1.93 |
|
|
|
to |
|
|
|
$1.41 |
|
|
|
$24 |
|
|
|
|
|
|
|
5.74 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
3.50 |
% |
|
|
to |
|
|
|
2.84 |
% |
| 2022 |
|
|
15 |
|
|
|
$1.87 |
|
|
|
to |
|
|
|
$1.37 |
|
|
|
$26 |
|
|
|
|
|
|
|
5.72 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(14.80 |
%) |
|
|
to |
|
|
|
(15.35 |
%) |
| 2021 |
|
|
16 |
|
|
|
$2.19 |
|
|
|
to |
|
|
|
$1.62 |
|
|
|
$32 |
|
|
|
|
|
|
|
1.29 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
(5.68 |
%) |
|
|
to |
|
|
|
(6.29 |
%) |
| 2020 |
|
|
15 |
|
|
|
$2.33 |
|
|
|
to |
|
|
|
$1.72 |
|
|
|
$31 |
|
|
|
|
|
|
|
4.83 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
4.52 |
% |
|
|
to |
|
|
|
3.84 |
% |
| 2019 |
|
|
17 |
|
|
|
$2.22 |
|
|
|
to |
|
|
|
$1.66 |
|
|
|
$35 |
|
|
|
|
|
|
|
3.19 |
% |
|
|
1.15 |
% |
|
|
to |
|
|
|
1.80 |
% |
|
|
10.61 |
% |
|
|
to |
|
|
|
9.90 |
% |
| Put VT Intl Eq, Cl IB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,976 |
|
|
|
$2.14 |
|
|
|
to |
|
|
|
$1.67 |
|
|
|
$3,206 |
|
|
|
|
|
|
|
0.04 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
17.33 |
% |
|
|
to |
|
|
|
15.94 |
% |
| 2022 |
|
|
2,269 |
|
|
|
$1.83 |
|
|
|
to |
|
|
|
$1.44 |
|
|
|
$3,168 |
|
|
|
|
|
|
|
1.55 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(15.62 |
%) |
|
|
to |
|
|
|
(16.62 |
%) |
| 2021 |
|
|
2,435 |
|
|
|
$2.17 |
|
|
|
to |
|
|
|
$1.73 |
|
|
|
$4,049 |
|
|
|
|
|
|
|
1.18 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
7.74 |
% |
|
|
to |
|
|
|
6.45 |
% |
| 2020 |
|
|
2,700 |
|
|
|
$2.01 |
|
|
|
to |
|
|
|
$1.62 |
|
|
|
$4,175 |
|
|
|
|
|
|
|
1.64 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
10.98 |
% |
|
|
to |
|
|
|
9.65 |
% |
| 2019 |
|
|
2,894 |
|
|
|
$1.81 |
|
|
|
to |
|
|
|
$1.48 |
|
|
|
$4,063 |
|
|
|
|
|
|
|
1.40 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
23.91 |
% |
|
|
to |
|
|
|
22.44 |
% |
| Put VT Intl Val, Cl IB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
— |
|
|
|
$1.89 |
|
|
|
to |
|
|
|
$1.89 |
|
|
|
$0 |
|
|
|
|
|
|
|
1.48 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
17.03 |
% |
|
|
to |
|
|
|
17.03 |
% |
| 2022 |
|
|
— |
|
|
|
$1.62 |
|
|
|
to |
|
|
|
$1.62 |
|
|
|
$0 |
|
|
|
|
|
|
|
2.03 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(8.10 |
%) |
|
|
to |
|
|
|
(8.10 |
%) |
| 2021 |
|
|
— |
|
|
|
$1.76 |
|
|
|
to |
|
|
|
$1.76 |
|
|
|
$0 |
|
|
|
|
|
|
|
1.99 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
13.34 |
% |
|
|
to |
|
|
|
13.34 |
% |
| 2020 |
|
|
— |
|
|
|
$1.55 |
|
|
|
to |
|
|
|
$1.55 |
|
|
|
$0 |
|
|
|
|
|
|
|
2.46 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
2.50 |
% |
|
|
to |
|
|
|
2.50 |
% |
| 2019 |
|
|
— |
|
|
|
$1.51 |
|
|
|
to |
|
|
|
$1.51 |
|
|
|
$0 |
|
|
|
|
|
|
|
2.64 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
18.55 |
% |
|
|
to |
|
|
|
18.55 |
% |
| Put VT Lg Cap Gro, Cl IA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
172 |
|
|
|
$2.91 |
|
|
|
to |
|
|
|
$2.91 |
|
|
|
$505 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
42.88 |
% |
|
|
to |
|
|
|
42.88 |
% |
| 2022 |
|
|
186 |
|
|
|
$2.03 |
|
|
|
to |
|
|
|
$2.03 |
|
|
|
$380 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(31.33 |
%) |
|
|
to |
|
|
|
(31.33 |
%) |
| 2021 |
|
|
194 |
|
|
|
$2.96 |
|
|
|
to |
|
|
|
$2.96 |
|
|
|
$577 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
21.29 |
% |
|
|
to |
|
|
|
21.29 |
% |
| 2020 |
|
|
194 |
|
|
|
$2.44 |
|
|
|
to |
|
|
|
$2.44 |
|
|
|
$474 |
|
|
|
|
|
|
|
0.25 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
37.16 |
% |
|
|
to |
|
|
|
37.16 |
% |
| 2019 |
|
|
213 |
|
|
|
$1.78 |
|
|
|
to |
|
|
|
$1.78 |
|
|
|
$380 |
|
|
|
|
|
|
|
0.36 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
35.21 |
% |
|
|
to |
|
|
|
35.21 |
% |
|
|
|
|
|
| 128 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| Put VT Lg Cap Gro, Cl IB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
362 |
|
|
|
$2.85 |
|
|
|
to |
|
|
|
$2.85 |
|
|
|
$1,035 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
42.47 |
% |
|
|
to |
|
|
|
42.47 |
% |
| 2022 |
|
|
384 |
|
|
|
$2.00 |
|
|
|
to |
|
|
|
$2.00 |
|
|
|
$770 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(31.47 |
%) |
|
|
to |
|
|
|
(31.47 |
%) |
| 2021 |
|
|
402 |
|
|
|
$2.92 |
|
|
|
to |
|
|
|
$2.92 |
|
|
|
$1,177 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
20.95 |
% |
|
|
to |
|
|
|
20.95 |
% |
| 2020 |
|
|
408 |
|
|
|
$2.42 |
|
|
|
to |
|
|
|
$2.42 |
|
|
|
$987 |
|
|
|
|
|
|
|
0.04 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
36.78 |
% |
|
|
to |
|
|
|
36.78 |
% |
| 2019 |
|
|
465 |
|
|
|
$1.77 |
|
|
|
to |
|
|
|
$1.77 |
|
|
|
$822 |
|
|
|
|
|
|
|
0.13 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
34.84 |
% |
|
|
to |
|
|
|
34.84 |
% |
| Put VT Lg Cap Val, Cl IA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,337 |
|
|
|
$1.89 |
|
|
|
to |
|
|
|
$1.89 |
|
|
|
$2,531 |
|
|
|
|
|
|
|
2.27 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
14.32 |
% |
|
|
to |
|
|
|
14.32 |
% |
| 2022 |
|
|
1,461 |
|
|
|
$1.65 |
|
|
|
to |
|
|
|
$1.65 |
|
|
|
$2,416 |
|
|
|
|
|
|
|
1.68 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(4.21 |
%) |
|
|
to |
|
|
|
(4.21 |
%) |
| 2021 |
|
|
1,579 |
|
|
|
$1.72 |
|
|
|
to |
|
|
|
$1.72 |
|
|
|
$2,726 |
|
|
|
|
|
|
|
1.38 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
25.85 |
% |
|
|
to |
|
|
|
25.85 |
% |
| 2020 |
|
|
1,653 |
|
|
|
$1.37 |
|
|
|
to |
|
|
|
$1.37 |
|
|
|
$2,269 |
|
|
|
|
|
|
|
2.01 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
4.58 |
% |
|
|
to |
|
|
|
4.58 |
% |
| 2019 |
|
|
1,827 |
|
|
|
$1.31 |
|
|
|
to |
|
|
|
$1.31 |
|
|
|
$2,397 |
|
|
|
|
|
|
|
2.27 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
28.92 |
% |
|
|
to |
|
|
|
28.92 |
% |
| Put VT Lg Cap Val, Cl IB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,483 |
|
|
|
$1.91 |
|
|
|
to |
|
|
|
$1.80 |
|
|
|
$2,776 |
|
|
|
|
|
|
|
2.04 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
14.52 |
% |
|
|
to |
|
|
|
13.55 |
% |
| 2022 |
|
|
1,584 |
|
|
|
$1.67 |
|
|
|
to |
|
|
|
$1.59 |
|
|
|
$2,602 |
|
|
|
|
|
|
|
1.48 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
(4.09 |
%) |
|
|
to |
|
|
|
(4.91 |
%) |
| 2021 |
|
|
1,596 |
|
|
|
$1.74 |
|
|
|
to |
|
|
|
$1.67 |
|
|
|
$2,747 |
|
|
|
|
|
|
|
1.20 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
26.04 |
% |
|
|
to |
|
|
|
24.97 |
% |
| 2020 |
|
|
1,733 |
|
|
|
$1.38 |
|
|
|
to |
|
|
|
$1.34 |
|
|
|
$2,366 |
|
|
|
|
|
|
|
1.75 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
4.75 |
% |
|
|
to |
|
|
|
3.88 |
% |
| 2019 |
|
|
1,861 |
|
|
|
$1.32 |
|
|
|
to |
|
|
|
$1.29 |
|
|
|
$2,437 |
|
|
|
|
|
|
|
2.07 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
29.11 |
% |
|
|
to |
|
|
|
28.01 |
% |
| Put VT Research, Cl IB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
9 |
|
|
|
$4.72 |
|
|
|
to |
|
|
|
$5.03 |
|
|
|
$46 |
|
|
|
|
|
|
|
0.77 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
27.58 |
% |
|
|
to |
|
|
|
26.50 |
% |
| 2022 |
|
|
12 |
|
|
|
$3.70 |
|
|
|
to |
|
|
|
$3.97 |
|
|
|
$45 |
|
|
|
|
|
|
|
0.57 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
(18.10 |
%) |
|
|
to |
|
|
|
(18.79 |
%) |
| 2021 |
|
|
15 |
|
|
|
$4.52 |
|
|
|
to |
|
|
|
$4.89 |
|
|
|
$71 |
|
|
|
|
|
|
|
0.10 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
22.90 |
% |
|
|
to |
|
|
|
21.86 |
% |
| 2020 |
|
|
18 |
|
|
|
$3.68 |
|
|
|
to |
|
|
|
$4.01 |
|
|
|
$70 |
|
|
|
|
|
|
|
0.59 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
18.72 |
% |
|
|
to |
|
|
|
17.73 |
% |
| 2019 |
|
|
20 |
|
|
|
$3.10 |
|
|
|
to |
|
|
|
$3.41 |
|
|
|
$66 |
|
|
|
|
|
|
|
1.13 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
31.91 |
% |
|
|
to |
|
|
|
30.79 |
% |
| Put VT Sm Cap Val, Cl IB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
201 |
|
|
|
$2.53 |
|
|
|
to |
|
|
|
$2.84 |
|
|
|
$605 |
|
|
|
|
|
|
|
0.16 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
22.46 |
% |
|
|
to |
|
|
|
21.07 |
% |
| 2022 |
|
|
216 |
|
|
|
$2.07 |
|
|
|
to |
|
|
|
$2.34 |
|
|
|
$533 |
|
|
|
|
|
|
|
0.17 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(13.89 |
%) |
|
|
to |
|
|
|
(14.87 |
%) |
| 2021 |
|
|
241 |
|
|
|
$2.40 |
|
|
|
to |
|
|
|
$2.75 |
|
|
|
$700 |
|
|
|
|
|
|
|
0.73 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
38.44 |
% |
|
|
to |
|
|
|
36.86 |
% |
| 2020 |
|
|
272 |
|
|
|
$1.73 |
|
|
|
to |
|
|
|
$2.01 |
|
|
|
$576 |
|
|
|
|
|
|
|
1.06 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
2.87 |
% |
|
|
to |
|
|
|
1.70 |
% |
| 2019 |
|
|
273 |
|
|
|
$1.69 |
|
|
|
to |
|
|
|
$1.98 |
|
|
|
$565 |
|
|
|
|
|
|
|
0.65 |
% |
|
|
1.05 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
22.94 |
% |
|
|
to |
|
|
|
21.54 |
% |
| Put VT Sus Leaders, Cl IA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
288 |
|
|
|
$9.03 |
|
|
|
to |
|
|
|
$9.03 |
|
|
|
$2,596 |
|
|
|
|
|
|
|
0.75 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
24.67 |
% |
|
|
to |
|
|
|
24.67 |
% |
| 2022 |
|
|
305 |
|
|
|
$7.24 |
|
|
|
to |
|
|
|
$7.24 |
|
|
|
$2,205 |
|
|
|
|
|
|
|
0.83 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
(23.79 |
%) |
|
|
to |
|
|
|
(23.79 |
%) |
| 2021 |
|
|
328 |
|
|
|
$9.50 |
|
|
|
to |
|
|
|
$9.50 |
|
|
|
$3,112 |
|
|
|
|
|
|
|
0.33 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
22.12 |
% |
|
|
to |
|
|
|
22.12 |
% |
| 2020 |
|
|
336 |
|
|
|
$7.78 |
|
|
|
to |
|
|
|
$7.78 |
|
|
|
$2,617 |
|
|
|
|
|
|
|
0.64 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
27.27 |
% |
|
|
to |
|
|
|
27.27 |
% |
| 2019 |
|
|
362 |
|
|
|
$6.11 |
|
|
|
to |
|
|
|
$6.11 |
|
|
|
$2,211 |
|
|
|
|
|
|
|
0.68 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.40 |
% |
|
|
34.82 |
% |
|
|
to |
|
|
|
34.82 |
% |
| Put VT Sus Leaders, Cl IB |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
599 |
|
|
|
$4.92 |
|
|
|
to |
|
|
|
$4.19 |
|
|
|
$2,826 |
|
|
|
|
|
|
|
0.52 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
24.86 |
% |
|
|
to |
|
|
|
23.37 |
% |
| 2022 |
|
|
650 |
|
|
|
$3.94 |
|
|
|
to |
|
|
|
$3.40 |
|
|
|
$2,466 |
|
|
|
|
|
|
|
0.56 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
(23.68 |
%) |
|
|
to |
|
|
|
(24.59 |
%) |
| 2021 |
|
|
703 |
|
|
|
$5.16 |
|
|
|
to |
|
|
|
$4.51 |
|
|
|
$3,511 |
|
|
|
|
|
|
|
0.14 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
22.30 |
% |
|
|
to |
|
|
|
20.85 |
% |
| 2020 |
|
|
805 |
|
|
|
$4.22 |
|
|
|
to |
|
|
|
$3.73 |
|
|
|
$3,291 |
|
|
|
|
|
|
|
0.41 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
27.62 |
% |
|
|
to |
|
|
|
26.09 |
% |
| 2019 |
|
|
851 |
|
|
|
$3.31 |
|
|
|
to |
|
|
|
$2.96 |
|
|
|
$2,740 |
|
|
|
|
|
|
|
0.45 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.20 |
% |
|
|
35.00 |
% |
|
|
to |
|
|
|
33.39 |
% |
| Royce Micro-Cap, Invest Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
59 |
|
|
|
$6.00 |
|
|
|
to |
|
|
|
$5.04 |
|
|
|
$319 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
17.14 |
% |
|
|
to |
|
|
|
16.90 |
% |
| 2022 |
|
|
70 |
|
|
|
$5.12 |
|
|
|
to |
|
|
|
$4.31 |
|
|
|
$320 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(23.51 |
%) |
|
|
to |
|
|
|
(23.66 |
%) |
| 2021 |
|
|
74 |
|
|
|
$6.69 |
|
|
|
to |
|
|
|
$5.65 |
|
|
|
$445 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
28.17 |
% |
|
|
to |
|
|
|
27.92 |
% |
| 2020 |
|
|
94 |
|
|
|
$5.22 |
|
|
|
to |
|
|
|
$4.42 |
|
|
|
$440 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
22.07 |
% |
|
|
to |
|
|
|
21.83 |
% |
| 2019 |
|
|
107 |
|
|
|
$4.28 |
|
|
|
to |
|
|
|
$3.62 |
|
|
|
$411 |
|
|
|
|
|
|
|
— |
|
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
17.89 |
% |
|
|
to |
|
|
|
17.65 |
% |
| Royce Sm-Cap, Invest Cl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
46 |
|
|
|
$6.78 |
|
|
|
to |
|
|
|
$6.24 |
|
|
|
$303 |
|
|
|
|
|
|
|
0.89 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
24.18 |
% |
|
|
to |
|
|
|
23.93 |
% |
| 2022 |
|
|
47 |
|
|
|
$5.46 |
|
|
|
to |
|
|
|
$5.03 |
|
|
|
$251 |
|
|
|
|
|
|
|
0.39 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(10.45 |
%) |
|
|
to |
|
|
|
(10.63 |
%) |
| 2021 |
|
|
51 |
|
|
|
$6.09 |
|
|
|
to |
|
|
|
$5.63 |
|
|
|
$306 |
|
|
|
|
|
|
|
1.39 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
27.03 |
% |
|
|
to |
|
|
|
26.77 |
% |
| 2020 |
|
|
56 |
|
|
|
$4.80 |
|
|
|
to |
|
|
|
$4.44 |
|
|
|
$265 |
|
|
|
|
|
|
|
0.93 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(8.44 |
%) |
|
|
to |
|
|
|
(8.63 |
%) |
| 2019 |
|
|
74 |
|
|
|
$5.24 |
|
|
|
to |
|
|
|
$4.86 |
|
|
|
$379 |
|
|
|
|
|
|
|
0.65 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
17.02 |
% |
|
|
to |
|
|
|
16.78 |
% |
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| Temp Dev Mkts, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
82 |
|
|
|
$2.91 |
|
|
|
to |
|
|
|
$2.68 |
|
|
|
$223 |
|
|
|
|
|
|
|
2.15 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
11.51 |
% |
|
|
to |
|
|
|
11.12 |
% |
| 2022 |
|
|
94 |
|
|
|
$2.61 |
|
|
|
to |
|
|
|
$2.41 |
|
|
|
$229 |
|
|
|
|
|
|
|
2.62 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
(22.75 |
%) |
|
|
to |
|
|
|
(23.03 |
%) |
| 2021 |
|
|
95 |
|
|
|
$3.37 |
|
|
|
to |
|
|
|
$3.13 |
|
|
|
$300 |
|
|
|
|
|
|
|
0.88 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
(6.68 |
%) |
|
|
to |
|
|
|
(7.00 |
%) |
| 2020 |
|
|
104 |
|
|
|
$3.61 |
|
|
|
to |
|
|
|
$3.37 |
|
|
|
$354 |
|
|
|
|
|
|
|
4.15 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
16.02 |
% |
|
|
to |
|
|
|
15.61 |
% |
| 2019 |
|
|
107 |
|
|
|
$3.12 |
|
|
|
to |
|
|
|
$2.91 |
|
|
|
$316 |
|
|
|
|
|
|
|
0.99 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.35 |
% |
|
|
25.43 |
% |
|
|
to |
|
|
|
25.00 |
% |
| Temp Foreign, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,379 |
|
|
|
$1.75 |
|
|
|
to |
|
|
|
$2.21 |
|
|
|
$2,501 |
|
|
|
|
|
|
|
3.22 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
19.56 |
% |
|
|
to |
|
|
|
18.55 |
% |
| 2022 |
|
|
1,570 |
|
|
|
$1.46 |
|
|
|
to |
|
|
|
$1.86 |
|
|
|
$2,387 |
|
|
|
|
|
|
|
3.07 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
(8.52 |
%) |
|
|
to |
|
|
|
(9.30 |
%) |
| 2021 |
|
|
1,653 |
|
|
|
$1.60 |
|
|
|
to |
|
|
|
$2.05 |
|
|
|
$2,766 |
|
|
|
|
|
|
|
1.82 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
3.12 |
% |
|
|
to |
|
|
|
2.25 |
% |
| 2020 |
|
|
1,839 |
|
|
|
$1.55 |
|
|
|
to |
|
|
|
$2.01 |
|
|
|
$2,999 |
|
|
|
|
|
|
|
3.48 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
(2.14 |
%) |
|
|
to |
|
|
|
(2.97 |
%) |
| 2019 |
|
|
2,114 |
|
|
|
$1.59 |
|
|
|
to |
|
|
|
$2.07 |
|
|
|
$3,510 |
|
|
|
|
|
|
|
1.76 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
1.85 |
% |
|
|
11.41 |
% |
|
|
to |
|
|
|
10.47 |
% |
| Temp Global Bond, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
3,832 |
|
|
|
$1.09 |
|
|
|
to |
|
|
|
$0.91 |
|
|
|
$6,127 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
1.86 |
% |
|
|
to |
|
|
|
0.60 |
% |
| 2022 |
|
|
4,102 |
|
|
|
$1.07 |
|
|
|
to |
|
|
|
$0.90 |
|
|
|
$6,479 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(5.89 |
%) |
|
|
to |
|
|
|
(7.06 |
%) |
| 2021 |
|
|
5,109 |
|
|
|
$1.13 |
|
|
|
to |
|
|
|
$0.97 |
|
|
|
$8,626 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(5.94 |
%) |
|
|
to |
|
|
|
(7.11 |
%) |
| 2020 |
|
|
4,758 |
|
|
|
$1.20 |
|
|
|
to |
|
|
|
$1.05 |
|
|
|
$8,598 |
|
|
|
|
|
|
|
7.95 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(6.22 |
%) |
|
|
to |
|
|
|
(7.39 |
%) |
| 2019 |
|
|
4,822 |
|
|
|
$1.28 |
|
|
|
to |
|
|
|
$1.13 |
|
|
|
$9,350 |
|
|
|
|
|
|
|
7.11 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
0.99 |
% |
|
|
to |
|
|
|
(0.25 |
%) |
| Temp Gro, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
156 |
|
|
|
$1.94 |
|
|
|
to |
|
|
|
$1.63 |
|
|
|
$267 |
|
|
|
|
|
|
|
3.32 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
19.81 |
% |
|
|
to |
|
|
|
18.32 |
% |
| 2022 |
|
|
166 |
|
|
|
$1.62 |
|
|
|
to |
|
|
|
$1.37 |
|
|
|
$239 |
|
|
|
|
|
|
|
0.16 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(12.38 |
%) |
|
|
to |
|
|
|
(13.47 |
%) |
| 2021 |
|
|
184 |
|
|
|
$1.85 |
|
|
|
to |
|
|
|
$1.59 |
|
|
|
$302 |
|
|
|
|
|
|
|
1.14 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
3.83 |
% |
|
|
to |
|
|
|
2.54 |
% |
| 2020 |
|
|
246 |
|
|
|
$1.78 |
|
|
|
to |
|
|
|
$1.55 |
|
|
|
$385 |
|
|
|
|
|
|
|
3.08 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
4.74 |
% |
|
|
to |
|
|
|
3.44 |
% |
| 2019 |
|
|
416 |
|
|
|
$1.70 |
|
|
|
to |
|
|
|
$1.50 |
|
|
|
$646 |
|
|
|
|
|
|
|
2.78 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
14.01 |
% |
|
|
to |
|
|
|
12.59 |
% |
| Third Ave VST Third Ave Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
56 |
|
|
|
$4.13 |
|
|
|
to |
|
|
|
$4.27 |
|
|
|
$232 |
|
|
|
|
|
|
|
2.36 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
19.14 |
% |
|
|
to |
|
|
|
18.90 |
% |
| 2022 |
|
|
58 |
|
|
|
$3.47 |
|
|
|
to |
|
|
|
$3.59 |
|
|
|
$205 |
|
|
|
|
|
|
|
1.47 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
14.50 |
% |
|
|
to |
|
|
|
14.27 |
% |
| 2021 |
|
|
65 |
|
|
|
$3.03 |
|
|
|
to |
|
|
|
$3.14 |
|
|
|
$200 |
|
|
|
|
|
|
|
0.70 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
20.36 |
% |
|
|
to |
|
|
|
20.12 |
% |
| 2020 |
|
|
69 |
|
|
|
$2.52 |
|
|
|
to |
|
|
|
$2.62 |
|
|
|
$177 |
|
|
|
|
|
|
|
2.71 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
(3.75 |
%) |
|
|
to |
|
|
|
(3.94 |
%) |
| 2019 |
|
|
71 |
|
|
|
$2.61 |
|
|
|
to |
|
|
|
$2.72 |
|
|
|
$190 |
|
|
|
|
|
|
|
0.27 |
% |
|
|
1.40 |
% |
|
|
to |
|
|
|
1.60 |
% |
|
|
10.90 |
% |
|
|
to |
|
|
|
10.68 |
% |
| VP Aggr, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
3,639 |
|
|
|
$2.45 |
|
|
|
to |
|
|
|
$2.07 |
|
|
|
$8,543 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
16.06 |
% |
|
|
to |
|
|
|
14.62 |
% |
| 2022 |
|
|
5,040 |
|
|
|
$2.11 |
|
|
|
to |
|
|
|
$1.80 |
|
|
|
$10,226 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(19.00 |
%) |
|
|
to |
|
|
|
(20.00 |
%) |
| 2021 |
|
|
5,958 |
|
|
|
$2.61 |
|
|
|
to |
|
|
|
$2.25 |
|
|
|
$14,972 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
14.61 |
% |
|
|
to |
|
|
|
13.18 |
% |
| 2020 |
|
|
8,935 |
|
|
|
$2.28 |
|
|
|
to |
|
|
|
$1.99 |
|
|
|
$19,699 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
13.84 |
% |
|
|
to |
|
|
|
12.43 |
% |
| 2019 |
|
|
11,624 |
|
|
|
$2.00 |
|
|
|
to |
|
|
|
$1.77 |
|
|
|
$22,676 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
20.38 |
% |
|
|
to |
|
|
|
18.89 |
% |
| VP Aggr, Cl 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
27,355 |
|
|
|
$2.46 |
|
|
|
to |
|
|
|
$2.07 |
|
|
|
$62,759 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
16.03 |
% |
|
|
to |
|
|
|
14.59 |
% |
| 2022 |
|
|
31,593 |
|
|
|
$2.12 |
|
|
|
to |
|
|
|
$1.80 |
|
|
|
$62,848 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(19.00 |
%) |
|
|
to |
|
|
|
(20.01 |
%) |
| 2021 |
|
|
35,239 |
|
|
|
$2.61 |
|
|
|
to |
|
|
|
$2.26 |
|
|
|
$86,904 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
14.62 |
% |
|
|
to |
|
|
|
13.20 |
% |
| 2020 |
|
|
40,297 |
|
|
|
$2.28 |
|
|
|
to |
|
|
|
$1.99 |
|
|
|
$87,068 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
13.82 |
% |
|
|
to |
|
|
|
12.40 |
% |
| 2019 |
|
|
49,606 |
|
|
|
$2.00 |
|
|
|
to |
|
|
|
$1.77 |
|
|
|
$94,862 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
20.47 |
% |
|
|
to |
|
|
|
18.97 |
% |
| VP Conserv, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
9,869 |
|
|
|
$1.34 |
|
|
|
to |
|
|
|
$1.13 |
|
|
|
$12,557 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.39 |
% |
|
|
to |
|
|
|
6.06 |
% |
| 2022 |
|
|
12,028 |
|
|
|
$1.25 |
|
|
|
to |
|
|
|
$1.07 |
|
|
|
$14,301 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(16.38 |
%) |
|
|
to |
|
|
|
(17.42 |
%) |
| 2021 |
|
|
13,302 |
|
|
|
$1.49 |
|
|
|
to |
|
|
|
$1.29 |
|
|
|
$18,961 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
1.79 |
% |
|
|
to |
|
|
|
0.53 |
% |
| 2020 |
|
|
17,061 |
|
|
|
$1.47 |
|
|
|
to |
|
|
|
$1.28 |
|
|
|
$24,007 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
8.22 |
% |
|
|
to |
|
|
|
6.87 |
% |
| 2019 |
|
|
14,309 |
|
|
|
$1.36 |
|
|
|
to |
|
|
|
$1.20 |
|
|
|
$18,573 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
9.65 |
% |
|
|
to |
|
|
|
8.28 |
% |
| VP Conserv, Cl 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
30,356 |
|
|
|
$1.34 |
|
|
|
to |
|
|
|
$1.13 |
|
|
|
$38,161 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.32 |
% |
|
|
to |
|
|
|
5.99 |
% |
| 2022 |
|
|
36,585 |
|
|
|
$1.25 |
|
|
|
to |
|
|
|
$1.07 |
|
|
|
$43,017 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(16.33 |
%) |
|
|
to |
|
|
|
(17.37 |
%) |
| 2021 |
|
|
44,394 |
|
|
|
$1.49 |
|
|
|
to |
|
|
|
$1.29 |
|
|
|
$62,613 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
1.80 |
% |
|
|
to |
|
|
|
0.53 |
% |
| 2020 |
|
|
51,800 |
|
|
|
$1.47 |
|
|
|
to |
|
|
|
$1.28 |
|
|
|
$72,136 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
8.15 |
% |
|
|
to |
|
|
|
6.81 |
% |
| 2019 |
|
|
56,178 |
|
|
|
$1.36 |
|
|
|
to |
|
|
|
$1.20 |
|
|
|
$72,369 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
9.65 |
% |
|
|
to |
|
|
|
8.28 |
% |
|
|
|
|
|
| 130 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| VP Man Risk, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
249 |
|
|
|
$1.19 |
|
|
|
to |
|
|
|
$1.10 |
|
|
|
$290 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
11.14 |
% |
|
|
to |
|
|
|
9.77 |
% |
| 2022 |
|
|
300 |
|
|
|
$1.07 |
|
|
|
to |
|
|
|
$1.00 |
|
|
|
$316 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(18.21 |
%) |
|
|
to |
|
|
|
(19.22 |
%) |
| 2021 |
|
|
356 |
|
|
|
$1.30 |
|
|
|
to |
|
|
|
$1.24 |
|
|
|
$459 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
9.62 |
% |
|
|
to |
|
|
|
8.26 |
% |
| 2020 |
|
|
314 |
|
|
|
$1.19 |
|
|
|
to |
|
|
|
$1.14 |
|
|
|
$371 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
6.72 |
% |
|
|
to |
|
|
|
5.40 |
% |
| 2019 |
|
|
346 |
|
|
|
$1.12 |
|
|
|
to |
|
|
|
$1.08 |
|
|
|
$384 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
14.90 |
% |
|
|
to |
|
|
|
13.47 |
% |
| VP Man Risk US, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
20 |
|
|
|
$1.32 |
|
|
|
to |
|
|
|
$1.22 |
|
|
|
$27 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
13.41 |
% |
|
|
to |
|
|
|
12.00 |
% |
| 2022 |
|
|
22 |
|
|
|
$1.17 |
|
|
|
to |
|
|
|
$1.09 |
|
|
|
$26 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(18.04 |
%) |
|
|
to |
|
|
|
(19.06 |
%) |
| 2021 |
|
|
24 |
|
|
|
$1.42 |
|
|
|
to |
|
|
|
$1.35 |
|
|
|
$35 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
12.21 |
% |
|
|
to |
|
|
|
10.82 |
% |
| 2020 |
|
|
27 |
|
|
|
$1.27 |
|
|
|
to |
|
|
|
$1.22 |
|
|
|
$35 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
8.70 |
% |
|
|
to |
|
|
|
7.35 |
% |
| 2019 |
|
|
28 |
|
|
|
$1.17 |
|
|
|
to |
|
|
|
$1.13 |
|
|
|
$33 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
17.14 |
% |
|
|
to |
|
|
|
15.68 |
% |
| VP Man Vol Conserv, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
9,887 |
|
|
|
$1.14 |
|
|
|
to |
|
|
|
$1.00 |
|
|
|
$10,635 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
6.80 |
% |
|
|
to |
|
|
|
5.47 |
% |
| 2022 |
|
|
10,961 |
|
|
|
$1.07 |
|
|
|
to |
|
|
|
$0.95 |
|
|
|
$11,073 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(16.83 |
%) |
|
|
to |
|
|
|
(17.86 |
%) |
| 2021 |
|
|
11,095 |
|
|
|
$1.28 |
|
|
|
to |
|
|
|
$1.16 |
|
|
|
$13,538 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
1.61 |
% |
|
|
to |
|
|
|
0.34 |
% |
| 2020 |
|
|
12,973 |
|
|
|
$1.26 |
|
|
|
to |
|
|
|
$1.15 |
|
|
|
$15,714 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.05 |
% |
|
|
to |
|
|
|
5.72 |
% |
| 2019 |
|
|
13,203 |
|
|
|
$1.18 |
|
|
|
to |
|
|
|
$1.09 |
|
|
|
$15,032 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.80 |
% |
|
|
to |
|
|
|
9.42 |
% |
| VP Man Vol Conserv Gro, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
23,720 |
|
|
|
$1.23 |
|
|
|
to |
|
|
|
$1.09 |
|
|
|
$27,721 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
8.89 |
% |
|
|
to |
|
|
|
7.54 |
% |
| 2022 |
|
|
28,273 |
|
|
|
$1.13 |
|
|
|
to |
|
|
|
$1.01 |
|
|
|
$30,541 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(17.89 |
%) |
|
|
to |
|
|
|
(18.91 |
%) |
| 2021 |
|
|
32,135 |
|
|
|
$1.38 |
|
|
|
to |
|
|
|
$1.25 |
|
|
|
$42,467 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
4.40 |
% |
|
|
to |
|
|
|
3.11 |
% |
| 2020 |
|
|
35,403 |
|
|
|
$1.32 |
|
|
|
to |
|
|
|
$1.21 |
|
|
|
$45,046 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
8.07 |
% |
|
|
to |
|
|
|
6.72 |
% |
| 2019 |
|
|
39,945 |
|
|
|
$1.22 |
|
|
|
to |
|
|
|
$1.13 |
|
|
|
$47,298 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
12.86 |
% |
|
|
to |
|
|
|
11.46 |
% |
| VP Man Vol Gro, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
61,933 |
|
|
|
$1.44 |
|
|
|
to |
|
|
|
$1.27 |
|
|
|
$85,008 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
13.46 |
% |
|
|
to |
|
|
|
12.05 |
% |
| 2022 |
|
|
69,477 |
|
|
|
$1.27 |
|
|
|
to |
|
|
|
$1.13 |
|
|
|
$84,426 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(20.23 |
%) |
|
|
to |
|
|
|
(21.22 |
%) |
| 2021 |
|
|
78,467 |
|
|
|
$1.59 |
|
|
|
to |
|
|
|
$1.44 |
|
|
|
$120,065 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.78 |
% |
|
|
to |
|
|
|
9.40 |
% |
| 2020 |
|
|
87,841 |
|
|
|
$1.44 |
|
|
|
to |
|
|
|
$1.31 |
|
|
|
$121,965 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.19 |
% |
|
|
to |
|
|
|
8.82 |
% |
| 2019 |
|
|
96,239 |
|
|
|
$1.30 |
|
|
|
to |
|
|
|
$1.21 |
|
|
|
$121,875 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
17.09 |
% |
|
|
to |
|
|
|
15.63 |
% |
| VP Man Vol Mod Gro, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
126,249 |
|
|
|
$1.35 |
|
|
|
to |
|
|
|
$1.19 |
|
|
|
$161,004 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
11.16 |
% |
|
|
to |
|
|
|
9.78 |
% |
| 2022 |
|
|
143,791 |
|
|
|
$1.21 |
|
|
|
to |
|
|
|
$1.08 |
|
|
|
$165,780 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(18.97 |
%) |
|
|
to |
|
|
|
(19.97 |
%) |
| 2021 |
|
|
162,991 |
|
|
|
$1.49 |
|
|
|
to |
|
|
|
$1.35 |
|
|
|
$233,147 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.62 |
% |
|
|
to |
|
|
|
6.28 |
% |
| 2020 |
|
|
182,920 |
|
|
|
$1.39 |
|
|
|
to |
|
|
|
$1.27 |
|
|
|
$244,333 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
9.28 |
% |
|
|
to |
|
|
|
7.92 |
% |
| 2019 |
|
|
207,283 |
|
|
|
$1.27 |
|
|
|
to |
|
|
|
$1.18 |
|
|
|
$254,666 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
15.01 |
% |
|
|
to |
|
|
|
13.58 |
% |
| VP Mod, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
106,741 |
|
|
|
$1.87 |
|
|
|
to |
|
|
|
$1.58 |
|
|
|
$191,309 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
11.84 |
% |
|
|
to |
|
|
|
10.45 |
% |
| 2022 |
|
|
121,163 |
|
|
|
$1.67 |
|
|
|
to |
|
|
|
$1.43 |
|
|
|
$194,674 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(17.44 |
%) |
|
|
to |
|
|
|
(18.46 |
%) |
| 2021 |
|
|
132,830 |
|
|
|
$2.03 |
|
|
|
to |
|
|
|
$1.75 |
|
|
|
$259,307 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.92 |
% |
|
|
to |
|
|
|
6.58 |
% |
| 2020 |
|
|
150,475 |
|
|
|
$1.88 |
|
|
|
to |
|
|
|
$1.64 |
|
|
|
$273,283 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
11.74 |
% |
|
|
to |
|
|
|
10.36 |
% |
| 2019 |
|
|
170,011 |
|
|
|
$1.68 |
|
|
|
to |
|
|
|
$1.49 |
|
|
|
$277,234 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
14.98 |
% |
|
|
to |
|
|
|
13.55 |
% |
| VP Mod, Cl 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
345,071 |
|
|
|
$1.87 |
|
|
|
to |
|
|
|
$1.58 |
|
|
|
$605,341 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
11.82 |
% |
|
|
to |
|
|
|
10.43 |
% |
| 2022 |
|
|
396,064 |
|
|
|
$1.67 |
|
|
|
to |
|
|
|
$1.43 |
|
|
|
$623,767 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(17.41 |
%) |
|
|
to |
|
|
|
(18.44 |
%) |
| 2021 |
|
|
452,165 |
|
|
|
$2.03 |
|
|
|
to |
|
|
|
$1.75 |
|
|
|
$865,825 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.96 |
% |
|
|
to |
|
|
|
6.62 |
% |
| 2020 |
|
|
508,831 |
|
|
|
$1.88 |
|
|
|
to |
|
|
|
$1.64 |
|
|
|
$906,510 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
11.67 |
% |
|
|
to |
|
|
|
10.28 |
% |
| 2019 |
|
|
573,110 |
|
|
|
$1.68 |
|
|
|
to |
|
|
|
$1.49 |
|
|
|
$918,561 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
15.02 |
% |
|
|
to |
|
|
|
13.59 |
% |
| VP Mod Aggr, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
16,669 |
|
|
|
$2.14 |
|
|
|
to |
|
|
|
$1.80 |
|
|
|
$33,939 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
13.79 |
% |
|
|
to |
|
|
|
12.38 |
% |
| 2022 |
|
|
19,680 |
|
|
|
$1.88 |
|
|
|
to |
|
|
|
$1.60 |
|
|
|
$35,392 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(18.41 |
%) |
|
|
to |
|
|
|
(19.42 |
%) |
| 2021 |
|
|
25,188 |
|
|
|
$2.31 |
|
|
|
to |
|
|
|
$1.99 |
|
|
|
$55,691 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
11.19 |
% |
|
|
to |
|
|
|
9.81 |
% |
| 2020 |
|
|
31,308 |
|
|
|
$2.07 |
|
|
|
to |
|
|
|
$1.81 |
|
|
|
$62,605 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
12.90 |
% |
|
|
to |
|
|
|
11.50 |
% |
| 2019 |
|
|
45,434 |
|
|
|
$1.84 |
|
|
|
to |
|
|
|
$1.63 |
|
|
|
$80,893 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
17.53 |
% |
|
|
to |
|
|
|
16.07 |
% |
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| VP Mod Aggr, Cl 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
72,302 |
|
|
|
$2.15 |
|
|
|
to |
|
|
|
$1.81 |
|
|
|
$143,922 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
13.77 |
% |
|
|
to |
|
|
|
12.36 |
% |
| 2022 |
|
|
86,561 |
|
|
|
$1.89 |
|
|
|
to |
|
|
|
$1.61 |
|
|
|
$152,423 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(18.38 |
%) |
|
|
to |
|
|
|
(19.40 |
%) |
| 2021 |
|
|
101,715 |
|
|
|
$2.31 |
|
|
|
to |
|
|
|
$1.99 |
|
|
|
$220,851 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
11.22 |
% |
|
|
to |
|
|
|
9.83 |
% |
| 2020 |
|
|
121,398 |
|
|
|
$2.08 |
|
|
|
to |
|
|
|
$1.82 |
|
|
|
$238,709 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
12.88 |
% |
|
|
to |
|
|
|
11.48 |
% |
| 2019 |
|
|
151,330 |
|
|
|
$1.84 |
|
|
|
to |
|
|
|
$1.63 |
|
|
|
$265,526 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
17.57 |
% |
|
|
to |
|
|
|
16.10 |
% |
| VP Mod Conserv, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
15,883 |
|
|
|
$1.58 |
|
|
|
to |
|
|
|
$1.33 |
|
|
|
$23,826 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
9.40 |
% |
|
|
to |
|
|
|
8.05 |
% |
| 2022 |
|
|
19,163 |
|
|
|
$1.44 |
|
|
|
to |
|
|
|
$1.23 |
|
|
|
$26,305 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(16.92 |
%) |
|
|
to |
|
|
|
(17.95 |
%) |
| 2021 |
|
|
21,920 |
|
|
|
$1.74 |
|
|
|
to |
|
|
|
$1.50 |
|
|
|
$36,380 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
4.69 |
% |
|
|
to |
|
|
|
3.39 |
% |
| 2020 |
|
|
25,092 |
|
|
|
$1.66 |
|
|
|
to |
|
|
|
$1.45 |
|
|
|
$39,950 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
9.90 |
% |
|
|
to |
|
|
|
8.54 |
% |
| 2019 |
|
|
28,014 |
|
|
|
$1.51 |
|
|
|
to |
|
|
|
$1.34 |
|
|
|
$40,757 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
12.39 |
% |
|
|
to |
|
|
|
10.99 |
% |
| VP Mod Conserv, Cl 4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
41,087 |
|
|
|
$1.58 |
|
|
|
to |
|
|
|
$1.33 |
|
|
|
$60,596 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
9.39 |
% |
|
|
to |
|
|
|
8.03 |
% |
| 2022 |
|
|
48,643 |
|
|
|
$1.45 |
|
|
|
to |
|
|
|
$1.23 |
|
|
|
$65,859 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(16.94 |
%) |
|
|
to |
|
|
|
(17.97 |
%) |
| 2021 |
|
|
55,536 |
|
|
|
$1.74 |
|
|
|
to |
|
|
|
$1.50 |
|
|
|
$91,018 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
4.74 |
% |
|
|
to |
|
|
|
3.43 |
% |
| 2020 |
|
|
65,124 |
|
|
|
$1.66 |
|
|
|
to |
|
|
|
$1.45 |
|
|
|
$102,483 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
9.88 |
% |
|
|
to |
|
|
|
8.52 |
% |
| 2019 |
|
|
75,033 |
|
|
|
$1.51 |
|
|
|
to |
|
|
|
$1.34 |
|
|
|
$108,010 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
12.36 |
% |
|
|
to |
|
|
|
10.96 |
% |
| VP Ptnrs Core Eq, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
277 |
|
|
|
$3.65 |
|
|
|
to |
|
|
|
$3.06 |
|
|
|
$697 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
23.32 |
% |
|
|
to |
|
|
|
21.79 |
% |
| 2022 |
|
|
334 |
|
|
|
$2.96 |
|
|
|
to |
|
|
|
$2.51 |
|
|
|
$684 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(18.25 |
%) |
|
|
to |
|
|
|
(19.27 |
%) |
| 2021 |
|
|
393 |
|
|
|
$3.62 |
|
|
|
to |
|
|
|
$3.11 |
|
|
|
$992 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
28.05 |
% |
|
|
to |
|
|
|
26.46 |
% |
| 2020 |
|
|
545 |
|
|
|
$2.83 |
|
|
|
to |
|
|
|
$2.46 |
|
|
|
$1,082 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
15.68 |
% |
|
|
to |
|
|
|
14.24 |
% |
| 2019 |
|
|
630 |
|
|
|
$2.44 |
|
|
|
to |
|
|
|
$2.15 |
|
|
|
$1,086 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
25.12 |
% |
|
|
to |
|
|
|
23.57 |
% |
| VP Ptnrs Sm Cap Val, Cl 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
2,889 |
|
|
|
$3.49 |
|
|
|
to |
|
|
|
$2.27 |
|
|
|
$8,768 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.16 |
% |
|
|
to |
|
|
|
8.79 |
% |
| 2022 |
|
|
3,047 |
|
|
|
$3.17 |
|
|
|
to |
|
|
|
$2.09 |
|
|
|
$8,464 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(13.92 |
%) |
|
|
to |
|
|
|
(14.99 |
%) |
| 2021 |
|
|
3,668 |
|
|
|
$3.68 |
|
|
|
to |
|
|
|
$2.46 |
|
|
|
$11,935 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
22.65 |
% |
|
|
to |
|
|
|
21.13 |
% |
| 2020 |
|
|
4,584 |
|
|
|
$3.00 |
|
|
|
to |
|
|
|
$2.03 |
|
|
|
$12,234 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
3.08 |
% |
|
|
to |
|
|
|
1.80 |
% |
| 2019 |
|
|
4,545 |
|
|
|
$2.91 |
|
|
|
to |
|
|
|
$1.99 |
|
|
|
$11,859 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
18.47 |
% |
|
|
to |
|
|
|
17.00 |
% |
| VP US Flex Conserv Gro, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
291 |
|
|
|
$1.24 |
|
|
|
to |
|
|
|
$1.13 |
|
|
|
$354 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.12 |
% |
|
|
to |
|
|
|
8.76 |
% |
| 2022 |
|
|
401 |
|
|
|
$1.12 |
|
|
|
to |
|
|
|
$1.04 |
|
|
|
$442 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(17.56 |
%) |
|
|
to |
|
|
|
(18.59 |
%) |
| 2021 |
|
|
363 |
|
|
|
$1.36 |
|
|
|
to |
|
|
|
$1.28 |
|
|
|
$488 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
6.43 |
% |
|
|
to |
|
|
|
5.10 |
% |
| 2020 |
|
|
975 |
|
|
|
$1.28 |
|
|
|
to |
|
|
|
$1.21 |
|
|
|
$1,243 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
4.82 |
% |
|
|
to |
|
|
|
3.52 |
% |
| 2019 |
|
|
625 |
|
|
|
$1.22 |
|
|
|
to |
|
|
|
$1.17 |
|
|
|
$757 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
13.72 |
% |
|
|
to |
|
|
|
12.30 |
% |
| VP US Flex Gro, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
2,437 |
|
|
|
$1.51 |
|
|
|
to |
|
|
|
$1.38 |
|
|
|
$3,656 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
15.64 |
% |
|
|
to |
|
|
|
14.21 |
% |
| 2022 |
|
|
2,821 |
|
|
|
$1.31 |
|
|
|
to |
|
|
|
$1.21 |
|
|
|
$3,668 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(19.54 |
%) |
|
|
to |
|
|
|
(20.53 |
%) |
| 2021 |
|
|
2,316 |
|
|
|
$1.63 |
|
|
|
to |
|
|
|
$1.53 |
|
|
|
$3,748 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
14.35 |
% |
|
|
to |
|
|
|
12.93 |
% |
| 2020 |
|
|
3,107 |
|
|
|
$1.42 |
|
|
|
to |
|
|
|
$1.35 |
|
|
|
$4,405 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
3.76 |
% |
|
|
to |
|
|
|
2.47 |
% |
| 2019 |
|
|
3,925 |
|
|
|
$1.37 |
|
|
|
to |
|
|
|
$1.32 |
|
|
|
$5,370 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
19.01 |
% |
|
|
to |
|
|
|
17.53 |
% |
| VP US Flex Mod Gro, Cl 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,572 |
|
|
|
$1.38 |
|
|
|
to |
|
|
|
$1.26 |
|
|
|
$2,139 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
12.74 |
% |
|
|
to |
|
|
|
11.34 |
% |
| 2022 |
|
|
1,469 |
|
|
|
$1.22 |
|
|
|
to |
|
|
|
$1.13 |
|
|
|
$1,772 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(18.35 |
%) |
|
|
to |
|
|
|
(19.37 |
%) |
| 2021 |
|
|
1,916 |
|
|
|
$1.49 |
|
|
|
to |
|
|
|
$1.40 |
|
|
|
$2,841 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
10.37 |
% |
|
|
to |
|
|
|
8.99 |
% |
| 2020 |
|
|
1,751 |
|
|
|
$1.35 |
|
|
|
to |
|
|
|
$1.29 |
|
|
|
$2,350 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
4.48 |
% |
|
|
to |
|
|
|
3.18 |
% |
| 2019 |
|
|
1,269 |
|
|
|
$1.30 |
|
|
|
to |
|
|
|
$1.25 |
|
|
|
$1,635 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
16.41 |
% |
|
|
to |
|
|
|
14.96 |
% |
| Wanger Acorn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,417 |
|
|
|
$3.59 |
|
|
|
to |
|
|
|
$3.01 |
|
|
|
$5,089 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
20.53 |
% |
|
|
to |
|
|
|
19.04 |
% |
| 2022 |
|
|
1,597 |
|
|
|
$2.98 |
|
|
|
to |
|
|
|
$2.53 |
|
|
|
$4,790 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(34.13 |
%) |
|
|
to |
|
|
|
(34.94 |
%) |
| 2021 |
|
|
1,471 |
|
|
|
$4.52 |
|
|
|
to |
|
|
|
$3.89 |
|
|
|
$6,733 |
|
|
|
|
|
|
|
0.74 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
7.82 |
% |
|
|
to |
|
|
|
6.48 |
% |
| 2020 |
|
|
1,908 |
|
|
|
$4.19 |
|
|
|
to |
|
|
|
$3.65 |
|
|
|
$8,162 |
|
|
|
|
|
|
|
— |
|
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
22.99 |
% |
|
|
to |
|
|
|
21.47 |
% |
| 2019 |
|
|
2,256 |
|
|
|
$3.41 |
|
|
|
to |
|
|
|
$3.01 |
|
|
|
$7,891 |
|
|
|
|
|
|
|
0.26 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
29.80 |
% |
|
|
to |
|
|
|
28.19 |
% |
|
|
|
|
|
| 132 |
|
∎ RIVERSOURCE VARIABLE ANNUITY
ACCOUNT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
At December 31 |
|
|
|
|
|
For the year ended December 31 |
|
| |
|
Units
(000s) |
|
|
Accumulation unit value
lowest to highest(1) |
|
|
Net assets
(000s) |
|
|
|
|
|
Investment
income ratio(2) |
|
|
Expense ratio
lowest to highest(3) |
|
|
Total return
lowest to highest(1)(4) |
|
| Wanger Intl |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2023 |
|
|
1,560 |
|
|
|
$2.00 |
|
|
|
to |
|
|
|
$1.68 |
|
|
|
$4,634 |
|
|
|
|
|
|
|
0.32 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
15.80 |
% |
|
|
to |
|
|
|
14.36 |
% |
| 2022 |
|
|
1,751 |
|
|
|
$1.73 |
|
|
|
to |
|
|
|
$1.47 |
|
|
|
$4,524 |
|
|
|
|
|
|
|
0.93 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
(34.51 |
%) |
|
|
to |
|
|
|
(35.32 |
%) |
| 2021 |
|
|
1,595 |
|
|
|
$2.64 |
|
|
|
to |
|
|
|
$2.27 |
|
|
|
$6,319 |
|
|
|
|
|
|
|
0.55 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
17.63 |
% |
|
|
to |
|
|
|
16.17 |
% |
| 2020 |
|
|
1,966 |
|
|
|
$2.24 |
|
|
|
to |
|
|
|
$1.95 |
|
|
|
$6,680 |
|
|
|
|
|
|
|
2.13 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
13.23 |
% |
|
|
to |
|
|
|
11.82 |
% |
| 2019 |
|
|
2,262 |
|
|
|
$1.98 |
|
|
|
to |
|
|
|
$1.74 |
|
|
|
$6,931 |
|
|
|
|
|
|
|
0.78 |
% |
|
|
1.00 |
% |
|
|
to |
|
|
|
2.25 |
% |
|
|
28.70 |
% |
|
|
to |
|
|
|
27.10 |
% |
| (1) |
The accumulation unit values and total returns are presented as a range of values based on the variable annuity contracts
with the lowest and highest expense ratios. |
| (2) |
These amounts represent the dividends, excluding distributions of capital gains, received by the division from the
underlying fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude variable account expenses that result in direct reductions in the unit values. The recognition of investment income by the
division is affected by the timing of the declaration of dividends by the underlying fund in which the division invests. These ratios are annualized for periods less than one year. |
| (3) |
These ratios represent the annualized contract expenses of the separate account, consisting primarily of mortality and
expense charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to contract owner accounts through the redemption of units and expenses of the underlying fund
are excluded. |
| (4) |
These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund,
and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total
return presented. Investment options with a date notation indicate the effective date of that investment option in the variable account. The total return is calculated for the period indicated or from the effective date through the end of the
reporting period. Although the total return is presented as a range of values, based on the subaccounts representing the lowest and highest expense ratios, some individual subaccount total returns are not within the ranges presented due to the
introduction of new subaccounts during the year and other market factors. |
| (5) |
New subaccount operations commenced on April 24, 2020. |
| (6) |
New subaccount operations commenced on April 23, 2021. |
| (7) |
New subaccount operations commenced on April 28, 2023. |
|
|
|
|
|
|
|
| RIVERSOURCE VARIABLE ANNUITY
ACCOUNT ∎ |
|
|
133 |
|
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE BOARD OF DIRECTORS AND SHAREHOLDER OF
RIVERSOURCE LIFE INSURANCE
COMPANY
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of RiverSource Life Insurance Company and its subsidiaries (the “Company”) as of
December 31, 2023 and 2022, and the related consolidated statements of income, of comprehensive income, of shareholder’s equity and of cash flows for each of the three years in the period ended December 31, 2023, including the related
notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023
and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Change in Accounting Principle
As discussed in
Note 3 to the consolidated financial statements, the Company changed the manner in which it accounts for long-duration insurance contracts in 2023.
Basis for Opinion
These consolidated financial
statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public
Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.
We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those
standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the
effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing
procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated
or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex
judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion
on the critical audit matter or on the accounts or disclosures to which it relates.
F-1
Valuation of market risk benefits
As described in Notes 2 and 12 to the consolidated financial statements, market risk benefits are contracts or contract features that both provide protection
to the contractholder from other-than-nominal capital market risk and expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees
to contractholders. Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation approach or an option-based valuation approach, dependent upon the fee
structure of the contract. The significant assumptions used by management to develop the fair value measurements of market risk benefits include utilization of guaranteed withdrawals, surrender rate, market volatility, nonperformance risk and
mortality rate. As of December 31, 2023, the market risk benefits asset was $1,427 million and the market risk benefits liability was $1,762 million.
The principal considerations for our determination that performing procedures relating to the valuation of market risk benefits is a critical audit matter are
(i) the significant judgment by management when developing the fair value estimate of the market risk benefits, (ii) a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating audit evidence related
to management’s significant assumptions related to utilization of guaranteed withdrawals, surrender rate, market volatility, nonperformance risk and mortality rate (collectively, the significant market risk benefit assumptions), and
(iii) the audit effort involved the use of professionals with specialized skill and knowledge.
Addressing the matter involved performing procedures
and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to market risk benefits, including controls over the
reasonableness of the significant market risk benefit assumptions. These procedures also included, among others, (i) evaluating management’s process for developing the fair value estimate of the market risk benefits, (ii) testing, on
a sample basis, the completeness and accuracy of data used in the estimate, and (iii) the involvement of professionals with specialized skill and knowledge to assist in evaluating the reasonableness of the significant market risk benefit
assumptions based on industry knowledge and data as well as historical Company data and experience, and the continued appropriateness of unchanged assumptions.
|
|
|
| /s/ PricewaterhouseCoopers LLP |
| Minneapolis, Minnesota |
| February 22, 2024 |
We have served as the Company’s auditor since 2010.
F-2
RiverSource Life Insurance Company
CONSOLIDATED BALANCE SHEETS
(in millions, except share amounts)
|
|
|
|
|
|
|
|
|
| December 31, |
|
2023 |
|
|
2022(1) |
|
| Assets |
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
| Available-for-Sale: Fixed
maturities, at fair value (amortized cost: 2023, $19,871; 2022, $17,331; allowance for credit losses: 2023, $2; 2022, $22) |
|
$ |
19,374 |
|
|
$ |
16,135 |
|
| Mortgage loans, at amortized cost (allowance for credit losses: 2023, $10; 2022, $11) |
|
|
1,725 |
|
|
|
1,768 |
|
| Policy loans |
|
|
912 |
|
|
|
847 |
|
| Other investments (allowance for credit losses: 2023, nil; 2022,
nil) |
|
|
165 |
|
|
|
207 |
|
| Total investments |
|
|
22,176 |
|
|
|
18,957 |
|
| Investments of consolidated investment entities, at fair value |
|
|
2,099 |
|
|
|
2,354 |
|
| Cash and cash equivalents |
|
|
2,598 |
|
|
|
2,611 |
|
| Cash of consolidated investment entities, at fair value |
|
|
87 |
|
|
|
133 |
|
| Market risk benefits |
|
|
1,427 |
|
|
|
1,015 |
|
| Reinsurance recoverables (allowance for credit losses: 2023, $27; 2022, $23) |
|
|
4,284 |
|
|
|
4,228 |
|
| Receivables |
|
|
6,702 |
|
|
|
7,577 |
|
| Receivables of consolidated investment entities, at fair value |
|
|
28 |
|
|
|
20 |
|
| Accrued investment income |
|
|
176 |
|
|
|
145 |
|
| Deferred acquisition costs |
|
|
2,696 |
|
|
|
2,759 |
|
| Other assets |
|
|
6,977 |
|
|
|
4,726 |
|
| Other assets of consolidated investment entities, at fair value |
|
|
1 |
|
|
|
2 |
|
| Separate account assets |
|
|
74,634 |
|
|
|
70,876 |
|
| Total assets |
|
$ |
123,885 |
|
|
$ |
115,403 |
|
|
|
|
|
|
|
|
|
|
| Liabilities and Shareholder’s Equity |
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Policyholder account balances, future policy benefits and claims |
|
$ |
37,535 |
|
|
$ |
34,122 |
|
| Market risk benefits |
|
|
1,762 |
|
|
|
2,118 |
|
| Short-term borrowings |
|
|
201 |
|
|
|
201 |
|
| Long-term debt |
|
|
500 |
|
|
|
500 |
|
| Debt of consolidated investment entities, at fair value |
|
|
2,155 |
|
|
|
2,363 |
|
| Other liabilities |
|
|
5,896 |
|
|
|
4,131 |
|
| Other liabilities of consolidated investment entities, at fair value |
|
|
45 |
|
|
|
119 |
|
| Separate account liabilities |
|
|
74,634 |
|
|
|
70,876 |
|
| Total liabilities |
|
|
122,728 |
|
|
|
114,430 |
|
| Shareholder’s equity: |
|
|
|
|
|
|
|
|
| Common stock, $30 par value; 100,000 shares authorized, issued and outstanding |
|
|
3 |
|
|
|
3 |
|
| Additional paid-in capital |
|
|
2,466 |
|
|
|
2,466 |
|
| Accumulated deficit |
|
|
(618 |
) |
|
|
(412 |
) |
| Accumulated other comprehensive income (loss), net of tax |
|
|
(694 |
) |
|
|
(1,084 |
) |
| Total shareholder’s equity |
|
|
1,157 |
|
|
|
973 |
|
| Total liabilities and shareholder’s equity |
|
$ |
123,885 |
|
|
$ |
115,403 |
|
| (1) |
Certain prior period amounts have been restated. See Note 3 for more information. |
See Notes to Consolidated Financial Statements.
F-3
RiverSource Life Insurance Company
CONSOLIDATED STATEMENTS OF INCOME
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Years Ended December 31, |
|
2023 |
|
|
2022(1) |
|
|
2021(1) |
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums |
|
$ |
448 |
|
|
$ |
306 |
|
|
$ |
(871 |
) |
| Net investment income |
|
|
1,304 |
|
|
|
827 |
|
|
|
827 |
|
| Policy and contract charges |
|
|
2,020 |
|
|
|
2,078 |
|
|
|
2,250 |
|
| Other revenues |
|
|
590 |
|
|
|
644 |
|
|
|
616 |
|
| Net realized investment gains (losses) |
|
|
(70 |
) |
|
|
(100 |
) |
|
|
595 |
|
| Total revenues |
|
|
4,292 |
|
|
|
3,755 |
|
|
|
3,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Benefits and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Benefits, claims, losses and settlement expenses |
|
|
1,348 |
|
|
|
236 |
|
|
|
(157 |
) |
| Interest credited to fixed accounts |
|
|
654 |
|
|
|
665 |
|
|
|
600 |
|
| Remeasurement (gains) losses of future policy benefit reserves |
|
|
(20 |
) |
|
|
1 |
|
|
|
(52 |
) |
| Change in fair value of market risk benefits |
|
|
798 |
|
|
|
311 |
|
|
|
(113 |
) |
| Amortization of deferred acquisition costs |
|
|
239 |
|
|
|
241 |
|
|
|
245 |
|
| Interest and debt expense |
|
|
192 |
|
|
|
108 |
|
|
|
105 |
|
| Other insurance and operating expenses |
|
|
697 |
|
|
|
682 |
|
|
|
751 |
|
| Total benefits and expenses |
|
|
3,908 |
|
|
|
2,244 |
|
|
|
1,379 |
|
| Pretax income (loss) |
|
|
384 |
|
|
|
1,511 |
|
|
|
2,038 |
|
| Income tax provision (benefit) |
|
|
(10 |
) |
|
|
209 |
|
|
|
316 |
|
| Net income |
|
$ |
394 |
|
|
$ |
1,302 |
|
|
$ |
1,722 |
|
| (1) |
Certain prior period amounts have been restated. See Note 3 for more information. |
See Notes to Consolidated Financial Statements.
F-4
RiverSource Life Insurance Company
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Years Ended December 31, |
|
2023 |
|
|
2022(1) |
|
|
2021(1) |
|
|
|
|
|
| Net income |
|
$ |
394 |
|
|
$ |
1,302 |
|
|
$ |
1,722 |
|
| Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net unrealized gains (losses) on securities |
|
|
509 |
|
|
|
(2,035 |
) |
|
|
(848 |
) |
| Effect of changes in discount rate assumptions on certain long-duration contracts |
|
|
(54 |
) |
|
|
861 |
|
|
|
284 |
|
| Effect of changes in instrument-specific credit risk on market risk
benefits |
|
|
(65 |
) |
|
|
407 |
|
|
|
100 |
|
| Total other comprehensive income (loss), net of tax |
|
|
390 |
|
|
|
(767 |
) |
|
|
(464 |
) |
| Total comprehensive income (loss) |
|
$ |
784 |
|
|
$ |
535 |
|
|
$ |
1,258 |
|
| (1) |
Certain prior period amounts have been restated. See Note 3 for more information. |
See Notes to Consolidated Financial Statements.
F-5
RiverSource Life Insurance Company
CONSOLIDATED STATEMENTS OF SHAREHOLDER’S EQUITY
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Common
Shares |
|
|
Additional
Paid-In
Capital |
|
|
Retained
Earnings (Deficit) |
|
|
Accumulated Other
Comprehensive
Income (Loss) |
|
|
Total |
|
| Balances at January 1, 2021 |
|
$ |
3 |
|
|
$ |
2,466 |
|
|
$ |
(76 |
) |
|
$ |
1,184 |
|
|
$ |
3,577 |
|
| Cumulative effect of adoption of long-duration contracts guidance |
|
|
— |
|
|
|
— |
|
|
|
(860 |
) |
|
|
(1,037 |
) |
|
|
(1,897 |
) |
| Net income |
|
|
— |
|
|
|
— |
|
|
|
1,722 |
|
|
|
— |
|
|
|
1,722 |
|
| Other comprehensive loss, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(464 |
) |
|
|
(464 |
) |
| Cash dividends to Ameriprise Financial, Inc. |
|
|
— |
|
|
|
— |
|
|
|
(1,900 |
) |
|
|
— |
|
|
|
(1,900 |
) |
|
|
|
|
|
|
| Balances at December 31, 2021(1) |
|
|
3 |
|
|
|
2,466 |
|
|
|
(1,114 |
) |
|
|
(317 |
) |
|
|
1,038 |
|
| Net income |
|
|
— |
|
|
|
— |
|
|
|
1,302 |
|
|
|
— |
|
|
|
1,302 |
|
| Other comprehensive loss, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(767 |
) |
|
|
(767 |
) |
| Cash dividends to Ameriprise Financial, Inc. |
|
|
— |
|
|
|
— |
|
|
|
(600 |
) |
|
|
— |
|
|
|
(600 |
) |
|
|
|
|
|
|
| Balances at December 31, 2022(1) |
|
|
3 |
|
|
|
2,466 |
|
|
|
(412 |
) |
|
|
(1,084 |
) |
|
|
973 |
|
| Net income |
|
|
— |
|
|
|
— |
|
|
|
394 |
|
|
|
— |
|
|
|
394 |
|
| Other comprehensive income, net of tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
390 |
|
|
|
390 |
|
| Cash dividends to Ameriprise Financial, Inc. |
|
|
— |
|
|
|
— |
|
|
|
(600 |
) |
|
|
— |
|
|
|
(600 |
) |
| Balances at December 31, 2023 |
|
$ |
3 |
|
|
$ |
2,466 |
|
|
$ |
(618 |
) |
|
$ |
(694 |
) |
|
$ |
1,157 |
|
| (1) |
Certain prior period amounts have been restated. See Note 3 for more information. |
See Notes to Consolidated Financial Statements.
F-6
RiverSource Life Insurance Company
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
| Years Ended December 31, |
|
2023 |
|
|
2022(1) |
|
|
2021(1) |
|
| Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
$ |
394 |
|
|
$ |
1,302 |
|
|
$ |
1,722 |
|
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation, amortization and accretion, net |
|
|
(205 |
) |
|
|
(201 |
) |
|
|
(98 |
) |
| Deferred income tax (benefit) expense |
|
|
100 |
|
|
|
154 |
|
|
|
138 |
|
| Contractholder and policyholder charges, non-cash |
|
|
(403 |
) |
|
|
(395 |
) |
|
|
(390 |
) |
| Loss from equity method investments |
|
|
26 |
|
|
|
48 |
|
|
|
72 |
|
| Net realized investment (gains) losses |
|
|
46 |
|
|
|
(3 |
) |
|
|
(611 |
) |
| Impairments and provision for loan losses |
|
|
(20 |
) |
|
|
91 |
|
|
|
(3 |
) |
| Net losses (gains) of consolidated investment entities |
|
|
23 |
|
|
|
17 |
|
|
|
(20 |
) |
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Deferred acquisition costs |
|
|
63 |
|
|
|
62 |
|
|
|
(9 |
) |
| Policyholder account balances, future policy benefits and claims, and market risk benefits, net |
|
|
3,474 |
|
|
|
1,013 |
|
|
|
1,482 |
|
| Derivatives, net of collateral |
|
|
(666 |
) |
|
|
311 |
|
|
|
(575 |
) |
| Reinsurance recoverables |
|
|
100 |
|
|
|
84 |
|
|
|
(19 |
) |
| Receivables |
|
|
333 |
|
|
|
279 |
|
|
|
114 |
|
| Accrued investment income |
|
|
(31 |
) |
|
|
(21 |
) |
|
|
10 |
|
| Current income tax, net |
|
|
(323 |
) |
|
|
72 |
|
|
|
(321 |
) |
| Other operating assets and liabilities of consolidated investment entities |
|
|
(5 |
) |
|
|
2 |
|
|
|
20 |
|
| Other, net |
|
|
134 |
|
|
|
136 |
|
|
|
66 |
|
| Net cash provided by (used in) operating activities |
|
|
3,040 |
|
|
|
2,951 |
|
|
|
1,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Available-for-Sale
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from sales |
|
|
617 |
|
|
|
1,309 |
|
|
|
555 |
|
| Maturities, sinking fund payments and calls |
|
|
963 |
|
|
|
1,563 |
|
|
|
2,804 |
|
| Purchases |
|
|
(4,187 |
) |
|
|
(5,600 |
) |
|
|
(3,677 |
) |
| Proceeds from sales, maturities and repayments of mortgage loans |
|
|
118 |
|
|
|
141 |
|
|
|
272 |
|
| Funding of mortgage loans |
|
|
(74 |
) |
|
|
(124 |
) |
|
|
(215 |
) |
| Proceeds from sales and collections of other investments |
|
|
29 |
|
|
|
24 |
|
|
|
93 |
|
| Purchase of other investments |
|
|
(15 |
) |
|
|
(46 |
) |
|
|
(32 |
) |
| Purchase of investments by consolidated investment entities |
|
|
(427 |
) |
|
|
(961 |
) |
|
|
(1,603 |
) |
| Proceeds from sales, maturities and repayments of investments by consolidated investment entities |
|
|
643 |
|
|
|
615 |
|
|
|
1,047 |
|
| Purchase of equipment and software |
|
|
(10 |
) |
|
|
(13 |
) |
|
|
(13 |
) |
| Change in policy loans, net |
|
|
(65 |
) |
|
|
(13 |
) |
|
|
12 |
|
| Cash paid for deposit receivable |
|
|
(39 |
) |
|
|
(45 |
) |
|
|
(377 |
) |
| Cash received for deposit receivable |
|
|
774 |
|
|
|
550 |
|
|
|
254 |
|
| Advance on line of credit to Ameriprise Financial, Inc. |
|
|
(850 |
) |
|
|
(1,034 |
) |
|
|
(1 |
) |
| Repayment from Ameriprise Financial, Inc. on line of credit |
|
|
850 |
|
|
|
1,034 |
|
|
|
1 |
|
| Cash paid for written options with deferred premiums |
|
|
(59 |
) |
|
|
(619 |
) |
|
|
(552 |
) |
| Cash received from written options with deferred premiums |
|
|
43 |
|
|
|
204 |
|
|
|
106 |
|
| Other, net |
|
|
25 |
|
|
|
21 |
|
|
|
(39 |
) |
| Net cash provided by (used in) investing activities |
|
|
(1,664 |
) |
|
|
(2,994 |
) |
|
|
(1,365 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder account balances: |
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits and other additions |
|
|
1,476 |
|
|
|
1,169 |
|
|
|
1,553 |
|
| Net transfers from (to) separate accounts |
|
|
(132 |
) |
|
|
(162 |
) |
|
|
(273 |
) |
| Surrenders and other benefits |
|
|
(2,102 |
) |
|
|
(1,459 |
) |
|
|
(1,365 |
) |
| Proceeds from line of credit with Ameriprise Financial, Inc. |
|
|
— |
|
|
|
— |
|
|
|
6 |
|
| Payments on line of credit with Ameriprise Financial, Inc. |
|
|
— |
|
|
|
— |
|
|
|
(6 |
) |
| Cash paid for purchased options with deferred premiums |
|
|
(53 |
) |
|
|
(197 |
) |
|
|
(156 |
) |
| Cash received for purchased options with deferred premiums |
|
|
251 |
|
|
|
378 |
|
|
|
1,350 |
|
| Borrowings by consolidated investment entities |
|
|
— |
|
|
|
341 |
|
|
|
1,756 |
|
| Repayments of debt by consolidated investment entities |
|
|
(275 |
) |
|
|
(4 |
) |
|
|
(1,142 |
) |
| Cash dividends to Ameriprise Financial, Inc. |
|
|
(600 |
) |
|
|
(600 |
) |
|
|
(1,900 |
) |
| Net cash provided by (used in) financing activities |
|
|
(1,435 |
) |
|
|
(534 |
) |
|
|
(177 |
) |
| Net increase (decrease) in cash and cash equivalents |
|
|
(59 |
) |
|
|
(577 |
) |
|
|
36 |
|
| Cash and cash equivalents at beginning of period |
|
|
2,744 |
|
|
|
3,321 |
|
|
|
3,285 |
|
| Cash and cash equivalents at end of period |
|
$ |
2,685 |
|
|
$ |
2,744 |
|
|
$ |
3,321 |
|
|
|
|
|
| Supplemental Disclosures: |
|
|
|
|
|
|
|
|
|
|
|
|
| Income taxes paid (received), net |
|
$ |
215 |
|
|
$ |
(17 |
) |
|
$ |
496 |
|
| Interest paid excluding consolidated investment entities |
|
|
28 |
|
|
|
3 |
|
|
|
— |
|
| Interest paid by consolidated investment entities |
|
|
177 |
|
|
|
75 |
|
|
|
90 |
|
| Non-cash investing activity: |
|
|
|
|
|
|
|
|
|
|
|
|
| Exchange of an investment that resulted in a realized gain and an increase to amortized cost |
|
|
— |
|
|
|
— |
|
|
|
17 |
|
| Investments transferred in connection with reinsurance transaction |
|
|
— |
|
|
|
— |
|
|
|
7,513 |
|
| (1) |
Certain prior period amounts have been restated. See Note 3 for more information. |
See Notes to Consolidated Financial Statements.
F-7
RiverSource Life Insurance Company
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. NATURE OF BUSINESS AND
BASIS OF PRESENTATION
RiverSource Life Insurance Company is a stock life insurance company with one wholly owned stock life insurance company
subsidiary, RiverSource Life Insurance Co. of New York (“RiverSource Life of NY”). RiverSource Life Insurance Company is a wholly owned subsidiary of Ameriprise Financial, Inc. (“Ameriprise Financial”).
| • |
|
RiverSource Life Insurance Company is domiciled in Minnesota and holds Certificates of Authority in American
Samoa, the District of Columbia and all states except New York. RiverSource Life Insurance Company issues insurance and annuity products. |
| • |
|
RiverSource Life of NY is domiciled and holds a Certificate of Authority in New York. RiverSource Life of NY
issues insurance and annuity products. |
RiverSource Life Insurance Company also wholly owns RiverSource Tax Advantaged Investments, Inc.
(“RTA”) and Columbia Cent CLO Advisors, LLC (“Columbia Cent”). RTA is a stock company domiciled in Delaware and is a limited partner in affordable housing partnership investments. Columbia Cent provides asset management services
to collateralized loan obligations (“CLOs”).
The accompanying Consolidated Financial Statements include the accounts of RiverSource Life
Insurance Company and companies in which it directly or indirectly has a controlling financial interest and variable interest entities (“VIEs”) in which it is the primary beneficiary (collectively, the “Company”). All
intercompany transactions and balances have been eliminated in consolidation.
The accompanying Consolidated Financial Statements are prepared in
accordance with U.S. generally accepted accounting principles (“GAAP”) which vary in certain respects from reporting practices prescribed or permitted by state insurance regulatory authorities as described in Note 16. Certain
reclassifications of prior period amounts have been made to conform with the current presentation.
The Company evaluated events or transactions that
occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions requiring recognition or disclosure were identified.
The Company’s principal products are variable annuities, structured variable annuities, universal life (“UL”) insurance, including indexed
universal life (“IUL”) and variable universal life (“VUL”) insurance, which are issued primarily to individuals. Waiver of premium and accidental death benefit riders are generally available with UL products, in addition to other
benefit riders. Variable annuity contract purchasers can choose to add optional benefit riders to their contracts, such as guaranteed minimum death benefits (“GMDB”), guaranteed minimum withdrawal benefits (“GMWB”) and guaranteed
minimum accumulation benefits (“GMAB”) riders.
The Company also offers payout annuities, term life insurance and disability income
(“DI”) insurance.
The Company’s business is sold through the advisor network of Ameriprise Financial Services, LLC (“AFS”), a
subsidiary of Ameriprise Financial. RiverSource Distributors, Inc., a subsidiary of Ameriprise Financial, serves as the principal underwriter and distributor of variable annuity and life insurance products issued by the Company.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Company
adopted Accounting Standards Update (“ASU”), Financial Services — Insurance — Targeted Improvements to the Accounting for Long-Duration Contracts (“ASU 2018-12”), effective
January 1, 2023 with a transition date of January 1, 2021. The significant accounting policies for market risk benefits (“MRB”); deferred acquisition costs (“DAC”); deferred sales inducement costs (“DSIC”);
reinsurance; policyholder account balances, future policy benefits and claims; and unearned revenue liability were added or updated as a result of adopting the new accounting standard. See Note 3 for additional information related to the transition
approach and adoption impact.
Principles of Consolidation
A VIE is an entity that either has equity investors that lack certain essential characteristics of a controlling financial interest (including substantive
voting rights, the obligation to absorb the entity’s losses, or the rights to receive the entity’s returns) or has equity investors that do not provide sufficient financial resources for the entity to support its activities.
Voting interest entities (“VOEs”) are those entities that do not qualify as a VIE. The Company consolidates VOEs in which it holds a greater than 50%
voting interest. The Company generally accounts for entities using the equity method when it holds a greater than 20% but less than 50% voting interest or when the Company exercises significant influence over the entity. All other investments
that are not reported at fair value as trading or Available-for-Sale securities are accounted for using the measurement alternative method when the Company owns less
than a 20% voting interest and does not exercise significant influence. Under the
F-8
RiverSource Life Insurance Company
measurement alternative, the investment is recorded at the cost basis, less impairments, if any, plus or minus observable price changes of identical or similar
investments of the same issuer.
A VIE is consolidated by the reporting entity that determines it has both:
| • |
|
the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance;
and |
| • |
|
the obligation to absorb potentially significant losses or the right to receive potentially significant benefits
to the VIE. |
All VIEs are assessed for consolidation under this framework. When evaluating entities for consolidation, the Company
considers its contractual rights in determining whether it has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. In determining whether the Company has this power, it considers whether
it is acting in a role that enables it to direct the activities that most significantly impact the economic performance of an entity or if it is acting in an agent role.
In determining whether the Company has the obligation to absorb potential significant losses of the VIE or the right to receive potential significant benefits
from the VIE that could potentially be significant to the VIE, the Company considers an analysis of its rights to receive benefits such as investment returns and its obligation to absorb losses associated with any investment in the VIE in
conjunction with other qualitative factors. Management and incentive fees that are at market and commensurate with the level of services provided, and where the Company does not hold other interests in the VIE that would absorb more than an
insignificant amount of the VIE’s expected losses or receive more than an insignificant amount of the VIE’s expected residual returns, are not considered a variable interest and are excluded from the analysis.
The consolidation guidance has a scope exception for reporting entities with interests in registered money market funds which do not have an explicit support
agreement.
Amounts Based on Estimates and Assumptions
Accounting estimates are an integral part of the Consolidated Financial Statements. In part, they are based upon assumptions concerning future events. Among
the more significant are those that relate to investment securities valuation and the recognition of credit losses or impairments, valuation of derivative instruments, litigation reserves, future policy benefits, market risk benefits, and income
taxes and the recognition of deferred tax assets and liabilities. These accounting estimates reflect the best judgment of management and actual results could differ.
Investments
Available-for-Sale Securities
Available-for-Sale securities are carried at fair value with unrealized gains
(losses) recorded in accumulated other comprehensive income (“AOCI”), net of impacts to benefit reserves, reinsurance recoverables and income taxes. Gains and losses are recognized on a trade date basis in the Consolidated Statements of
Income upon disposition of the securities.
Available-for-Sale securities
are impaired when the fair value of an investment is less than its amortized cost. When an Available-for-Sale security is impaired, the Company first assesses whether or
not: (i) it has the intent to sell the security (i.e., made a decision to sell) or (ii) it is more likely than not that the Company will be required to sell the security before its anticipated recovery. If either of these conditions exist,
the Company recognizes an impairment by reducing the book value of the security for the difference between the investment’s amortized cost and its fair value with a corresponding charge to earnings. Subsequent increases in the fair value of Available-for-Sale securities that occur in periods after a write-down has occurred are recorded as unrealized gains in other comprehensive income (“OCI”), while
subsequent decreases in fair value would continue to be recorded as reductions of book value with a charge to earnings.
For securities that do not meet
the above criteria, the Company determines whether the decrease in fair value is due to a credit loss or due to other factors. The amount of impairment due to credit-related factors, if any, is recognized as an allowance for credit losses with a
related charge to net realized investment gains (losses). The allowance for credit losses is limited to the amount by which the security’s amortized cost basis exceeds its fair value. The amount of the impairment related to other factors is
recognized in OCI.
Factors the Company considers in determining whether declines in the fair value of fixed maturity securities are due to credit-related
factors include: (i) the extent to which the market value is below amortized cost; (ii) fundamental analysis of the liquidity, business prospects and overall financial condition of the issuer; and (iii) market events that could impact
credit ratings, economic and business climate, litigation and government actions, and similar external business factors.
If through subsequent evaluation
there is a sustained increase in cash flows expected, both the allowance and related charge to earnings may be reversed to reflect the increase in expected principal and interest payments.
In order to determine the amount of the credit loss component for corporate debt securities, a best estimate of the present value of cash flows expected to be
collected discounted at the security’s effective interest rate is compared to the amortized cost basis of
F-9
RiverSource Life Insurance Company
the security. The significant inputs to cash flow projections consider potential debt restructuring terms, projected cash flows available to pay creditors and
the Company’s position in the debtor’s overall capital structure. When assessing potential credit-related impairments for structured investments (e.g., residential mortgage backed securities, commercial mortgage backed securities and
asset backed securities), the Company also considers credit-related factors such as overall deal structure and its position within the structure, quality of underlying collateral, delinquencies and defaults, loss severities, recoveries, prepayments
and cumulative loss projections.
Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for Available-for-Sale securities. Accrued interest on Available-for-Sale securities is recorded as
earned in Accrued investment income. Available-for-Sale securities are generally placed on nonaccrual status when the accrued balance becomes 90 days past due or earlier
based on management’s evaluation of the facts and circumstances of each security under review. All previously accrued interest is reversed through Net investment income.
Other Investments
Other investments primarily reflect the
Company’s interests in affordable housing partnerships and syndicated loans. Affordable housing partnerships are accounted for under the equity method.
Financing Receivables
Financing receivables are comprised
of commercial loans, policy loans, and deposit receivables.
Commercial Loans
Commercial loans include commercial mortgage loans and syndicated loans and are recorded at amortized cost less the allowance for credit losses. Commercial
mortgage loans are recorded within Mortgage loans and syndicated loans are recorded within Other investments. Commercial mortgage loans are loans on commercial properties that are originated by the Company. Syndicated loans represent the
Company’s investment in loan syndications originated by unrelated third parties.
Interest income is accrued as earned on the unpaid principal
balances of the loans. Interest income recognized on commercial mortgage loans and syndicated loans is recorded in Net investment income.
Policy Loans
Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance
for credit losses.
Interest income is accrued as earned on the unpaid principal balances of the loans. Interest income recognized on policy loans is
recorded in Net investment income.
Deposit Receivables
For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability related to insurance
risk in accordance with applicable accounting standards. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement
using the deposit method of accounting. Deposits made and any related embedded derivatives are included in Receivables. As amounts are received, consistent with the underlying contracts, deposit receivables are adjusted. Deposit receivables are
accreted using the interest method and the accretion is reported in Other revenues.
See Note 7 for additional information on financing receivables.
Allowance for Credit Losses
The allowance for
credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected over the asset’s expected life, considering past events, current conditions and
reasonable and supportable forecasts of future economic conditions. Estimates of expected credit losses consider both historical charge-off and recovery experience as well as current economic conditions and
management’s expectation of future charge-off and recovery levels. Expected losses related to risks other than credit risk are excluded from the allowance for credit losses. The allowance for credit
losses is measured and recorded upon initial recognition of the loan, regardless of whether it is originated or purchased. The methods and information used to develop the allowance for credit losses for each class of financing receivable are
discussed below.
Commercial Loans
The allowance for
credit losses for commercial mortgage loans and syndicated loans utilizes a probability of default and loss severity approach to estimate lifetime expected credit losses. Actual historical default and loss severity data for each type of commercial
loan is adjusted for current conditions and reasonable and supportable forecasts of future economic conditions to develop the probability of default and loss severity assumptions that are applied to the amortized cost basis of the loans over the
expected life of each portfolio. The allowance for credit losses on commercial mortgage loans and syndicated loans is recorded through provisions charged to Net realized investment gains (losses) and is reduced/increased by net
charge-offs/recoveries.
F-10
RiverSource Life Insurance Company
Management determines the adequacy of the allowance for credit losses based on the overall loan portfolio composition, recent and historical loss experience,
and other pertinent factors, including when applicable, internal risk ratings, loan-to-value (“LTV”) ratios, and occupancy rates, along with reasonable and
supportable forecasts of economic and market conditions. This evaluation is inherently subjective as it requires estimates, which may be susceptible to significant change. While the Company may attribute portions of the allowance to specific loan
pools as part of the allowance estimation process, the entire allowance is available to absorb losses expected over the life of the loan portfolio.
Deposit Receivables
The allowance for credit losses is
calculated on an individual reinsurer basis. Deposit receivables are collateralized by underlying trust arrangements. Management evaluates the terms of the reinsurance and trust agreements, the nature of the underlying assets, and the potential for
changes in the collateral value when considering the need for an allowance for credit losses.
Nonaccrual Loans
Commercial mortgage loans and syndicated loans are placed on nonaccrual status when either the collection of interest or principal has become 90 days past due
or is otherwise considered doubtful of collection. When a loan is placed on nonaccrual status, unpaid accrued interest is reversed. Interest payments received on loans on nonaccrual status are generally applied to principal unless the remaining
principal balance has been determined to be fully collectible. Management has elected to exclude accrued interest in its measurement of the allowance for credit losses for commercial mortgage loans and syndicated loans.
Loan Modifications
A loan is modified when the
Company makes certain concessionary modifications to contractual terms such as principal forgiveness, interest rate reductions, other-than-insignificant payment delays, and/or term extensions in an attempt to make the loan more affordable to a
borrower experiencing financial difficulties. Generally, performance prior to the modification or significant events that coincide with the modification are considered in assessing whether the borrower can meet the new terms which may result in the
loan being returned to accrual status at the time of the modification or after a performance period. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status.
Charge-off and Foreclosure
Charge-offs are recorded when the Company concludes that all or a portion of the commercial mortgage loan or syndicated loan is uncollectible. Factors used by
the Company to determine whether all amounts due on commercial mortgage loans will be collected, include but are not limited to, the financial condition of the borrower, performance of the underlying properties, collateral and/or guarantees on the
loan, and the borrower’s estimated future ability to pay based on property type and geographic location. Factors used by the Company to determine whether all amounts due on syndicated loans will be collected, include but are not limited to the
borrower’s financial condition, industry outlook, and internal risk ratings based on rating agency data and internal analyst expectations.
If it is
determined that foreclosure on a commercial mortgage loan is probable and the fair value is less than the current loan balance, expected credit losses are measured as the difference between the amortized cost basis of the asset and fair value less
estimated costs to sell, if applicable. Upon foreclosure, the commercial mortgage loan and related allowance are reversed, and the foreclosed property is recorded as real estate owned within Other assets.
Cash and Cash Equivalents
Cash equivalents include highly
liquid investments with original or remaining maturities at the time of purchase of 90 days or less.
Reinsurance
The Company cedes insurance risk to other insurers under reinsurance agreements.
Reinsurance premiums paid and benefits received are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured
and consistently with the terms of the reinsurance contracts. Reinsurance premiums paid for traditional life, long term care (“LTC”) and DI insurance and life contingent payout annuities, net of the change in any prepaid reinsurance asset,
are reported as a reduction of Premiums. Reinsurance recoveries are reported as components of Benefits, claims, losses and settlement expenses.
UL and VUL
reinsurance premiums are reported as a reduction of Policy and contract charges. In addition, for UL and VUL insurance policies, the net cost of reinsurance ceded, which represents the discounted amount of the expected cash flows between the
reinsurer and the Company, is classified as an asset and amortized based on estimated gross profits (“EGPs”) over the period the reinsurance policies are in-force. Changes in the net cost of
reinsurance are reflected as a component of Policy and contract charges.
Insurance liabilities are reported before the effects of reinsurance.
Policyholder account balances, future policy benefits and claims recoverable under reinsurance contracts are recorded within Reinsurance recoverables, net of the allowance for credit losses. The Company evaluates the financial condition of its
reinsurers prior to entering into new reinsurance contracts and on a
F-11
RiverSource Life Insurance Company
periodic basis during the contract term. The allowance for credit losses related to reinsurance recoverable is based on applying observable industry data
including insurer ratings, default and loss severity data to the Company’s reinsurance recoverable balances. Management evaluates the results of the calculation and considers differences between the industry data and the Company’s data.
Such differences include that the Company has no actual history of significant losses and that industry data may contain non-life insurers. This evaluation is inherently subjective as it requires estimates,
which may be susceptible to significant change given the long-term nature of these receivables. In addition, the Company has a reinsurance protection agreement that provides credit protections for its reinsured LTC business. The allowance for credit
losses on reinsurance recoverable is recorded through provisions charged to Benefits, claims, losses and settlement expenses.
The Company also assumes
life insurance and fixed annuity risk from other insurers in limited circumstances. Reinsurance premiums received and benefits paid are accounted for consistently with the basis used in accounting for the policies from which risk is reinsured and
consistently with the terms of the reinsurance contracts. Liabilities for assumed business are recorded within Policyholder account balances, future policy benefits and claims.
See Note 9 for additional information on reinsurance.
Land, Buildings, Equipment and Software
Land, buildings,
equipment and internally developed software are carried at cost less accumulated depreciation or amortization and are reflected within Other assets. The Company uses the straight-line method of depreciation and amortization over periods ranging from
three to 39 years.
As of December 31, 2023 and 2022, land, buildings, equipment and software were $117 million and $123 million, net of
accumulated depreciation of $244 million and $229 million as of December 31, 2023 and 2022, respectively. Depreciation and amortization expense for the years ended December 31, 2023, 2022 and 2021 was $15 million,
$13 million and $14 million, respectively.
Derivative Instruments and Hedging Activities
Freestanding derivative instruments are recorded at fair value and are reflected in Other assets or Other liabilities. The Company’s policy is to not
offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. The accounting for changes in the fair value of a derivative instrument depends on its
intended use and the resulting hedge designation, if any. The Company primarily uses derivatives as economic hedges that are not designated as accounting hedges or do not qualify for hedge accounting treatment. The Company occasionally designates
derivatives as (i) hedges of changes in the fair value of assets, liabilities, or firm commitments (“fair value hedges”) or (ii) hedges of a forecasted transaction or of the variability of cash flows to be received or paid
related to a recognized asset or liability (“cash flow hedges”).
Derivative instruments that are entered into for hedging purposes are
designated as such at the time the Company enters into the contract. For all derivative instruments that are designated for hedging activities, the Company documents all of the hedging relationships between the hedge instruments and the hedged items
at the inception of the relationships. Management also documents its risk management objectives and strategies for entering into the hedge transactions. The Company assesses, at inception and on a quarterly basis, whether derivatives designated as
hedges are highly effective in offsetting the fair value or cash flows of hedged items. If it is determined that a derivative is no longer highly effective as a hedge, the Company will discontinue the application of hedge accounting.
For derivative instruments that do not qualify for hedge accounting or are not designated as accounting hedges, changes in fair value are recognized in current
period earnings. Changes in fair value of derivatives are presented in the Consolidated Statements of Income based on the nature and use of the instrument. Changes in fair value of derivatives used as economic hedges are presented in the
Consolidated Statements of Income with the corresponding change in the hedged asset or liability.
For derivative instruments that qualify as fair value
hedges, changes in the fair value of the derivatives, as well as changes in the fair value of the hedged assets, liabilities or firm commitments, are recognized on a net basis in current period earnings. The carrying value of the hedged item is
adjusted for the change in fair value from the designated hedged risk. If a fair value hedge designation is removed or the hedge is terminated prior to maturity, previous adjustments to the carrying value of the hedged item are recognized into
earnings over the remaining life of the hedged item.
For derivative instruments that qualify as cash flow hedges, the effective portion of the gain or
loss on the derivative instruments is reported in AOCI and reclassified into earnings when the hedged item or transaction impacts earnings. The amount that is reclassified into earnings is presented in the Consolidated Statements of Income with the
hedged instrument or transaction impact. Any ineffective portion of the gain or loss is reported in current period earnings as a component of Net investment income. If a hedge designation is removed or a hedge is terminated prior to maturity, the
amount previously recorded in AOCI is reclassified to earnings over the period that the hedged item impacts earnings. For hedge relationships that are discontinued because the forecasted transaction is not expected to occur according to the original
strategy, any related amounts previously recorded in AOCI are recognized in earnings immediately.
F-12
RiverSource Life Insurance Company
The equity component of indexed annuity, structured variable annuity and IUL obligations are considered embedded derivatives. Additionally, certain annuities
contain GMAB and GMWB provisions. These GMAB and GMWB provisions are accounted for as market risk benefits under ASU 2018-12.
See Note 14 for information regarding the Company’s fair value measurement of derivative instruments and Note 18 for the impact of derivatives
on the Consolidated Statements of Income.
Market Risk Benefits
Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and
expose the Company to other-than-nominal capital market risk. Market risk benefits include certain contract features on variable annuity products that provide minimum guarantees to contractholders. Guarantees accounted for as market risk benefits
include GMDB, guaranteed minimum income benefit (“GMIB”), GMWB and GMAB. If a contract contains multiple market risk benefits, those market risk benefits are bundled together as a single compound market risk benefit.
Market risk benefits are measured at fair value, at the individual contract level, using a non-option-based valuation
approach or an option-based valuation approach dependent upon the fee structure of the contract. Changes in fair value are recognized in net income each period with the exception of the portion of the change in fair value due to a change in the
instrument-specific credit risk, which is recognized in OCI.
Deferred Acquisition Costs
The Company incurs costs in connection with acquiring new and renewal insurance and annuity businesses. The portion of these costs which are incremental and
direct to the acquisition of a new or renewal insurance policy or annuity contract are deferred. Significant costs capitalized include sales based compensation related to the acquisition of new and renewal insurance policies and annuity contracts,
medical inspection costs for successful sales, and a portion of employee compensation and benefit costs based upon the amount of time spent on successful sales. Sales based compensation paid to Ameriprise Financial’s advisors and employees and
third-party distributors is capitalized. Employee compensation and benefits costs which are capitalized relate primarily to sales efforts, underwriting and processing. All other costs which are not incremental direct costs of acquiring an insurance
policy or annuity contract are expensed as incurred. The DAC associated with insurance policies or annuity contracts that are significantly modified or internally replaced with another contract are accounted for as write-offs. These transactions are
anticipated in establishing amortization periods and other valuation assumptions.
The Company monitors other DAC amortization assumptions, such as
persistency, mortality, morbidity, and variable annuity benefit utilization each quarter and, when assessed independently, each could impact the Company’s DAC balances. Unamortized DAC is reduced for actual experience in excess of expected
experience.
The analysis of DAC balances and the corresponding amortization considers all relevant factors and assumptions described previously. Unless
the Company’s management identifies a significant deviation over the course of the quarterly monitoring, management reviews and updates these DAC amortization assumptions annually in the third quarter of each year.
DAC is amortized on a constant-level basis for the grouped contracts over the expected contract term to approximate straight-line amortization. Contracts are
grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability for future policy benefits. DAC related to all long-duration product types (except for life contingent payout annuities) is
grouped on a calendar-year annual basis for each legal entity. Further disaggregation is reported for any contracts that include an additional liability for death or other insurance benefit. DAC related to life contingent payout annuities is grouped
on a calendar-year annual basis for each legal entity for policies issued prior to 2021 and on a quarterly basis for each legal entity thereafter.
DAC
related to annuity products (including variable deferred annuities, structured variable annuities, fixed deferred annuities, and life contingent payout annuities) is amortized based on initial premium. DAC related to life insurance products
(including UL insurance, VUL insurance, IUL insurance, term life insurance, and whole life insurance) is amortized based on original specified amount (i.e., face amount). DAC related to DI insurance is amortized based on original monthly benefit.
The accounting contract term for annuity products (except for life contingent payout annuities) is the projected accumulation period. Life contingent
payout annuities are amortized over the period which annuity payments are expected to be paid. The accounting contract term for life insurance products is the projected life of the contract. DI insurance is amortized over the projected life of the
contract, including the claim paying period.
Deferred Sales Inducement Costs
Deferred sales inducements are contract features that are intended to attract new customers or to persuade existing customers to keep their current policy.
Sales inducement costs consist of bonus interest credits and premium credits added to certain annuity contract and insurance policy values. These benefits are capitalized to the extent they are incremental to amounts that would be credited on
similar contracts without the applicable feature. The amounts capitalized are amortized on a constant level basis using the same methodology and assumptions used to amortize DAC on a constant level basis. DSIC is recorded in Other assets and
amortization of DSIC is recorded in Benefits, claims, losses and settlement expenses.
F-13
RiverSource Life Insurance Company
Separate Account Assets and Liabilities
Separate account
assets represent funds held for the benefit of and Separate account liabilities represent the obligation to the variable annuity contractholders and variable life insurance policyholders who have a contractual right to receive the benefits of their
contract or policy and bear the related investment risk. Gains and losses on separate account assets accrue directly to the contractholder or policyholder and are not reported in the Company’s Consolidated Statements of Income. Separate account
assets are recorded at fair value and Separate account liabilities are equal to the assets recognized.
Policyholder Account Balances, Future Policy
Benefits and Claims
The Company establishes reserves to cover the benefits associated with non-traditional and
traditional long-duration products. Non-traditional long-duration products include variable and structured variable annuity contracts, fixed annuity contracts and UL and VUL policies. Traditional long-duration
products include term life, whole life, DI and LTC insurance.
Non-Traditional Long-Duration Products
The liabilities for non-traditional long-duration products include fixed account values on variable and fixed annuities
and UL and VUL policies, non-life contingent payout annuities, liabilities for guaranteed benefits associated with variable annuities (including structured variable annuities), and embedded derivatives for
structured variable annuities, indexed annuities, and IUL products.
Liabilities for fixed account values on variable annuities, structured variable
annuities, fixed deferred annuities, and UL and VUL policies are equal to accumulation values, which are the cumulative gross deposits and credited interest less withdrawals and various charges. The liability for
non-life contingent payout annuities is recognized as the present value of future payments using the effective yield at inception of the contract.
A portion of the Company’s UL and VUL policies have product features that result in profits followed by losses from the insurance component of the
contract. These profits followed by losses can be generated by the cost structure of the product or secondary guarantees in the contract. The secondary guarantee ensures that, subject to specified conditions, the policy will not terminate and will
continue to provide a death benefit even if there is insufficient policy value to cover the monthly deductions and charges. The liability for these future losses is determined at the reporting date by estimating the death benefits in excess of
account value and recognizing the excess over the estimated life based on expected assessments (e.g. cost of insurance charges, contractual administrative charges, similar fees and investment margin). See Note 10 for information
regarding the liability for contracts with secondary guarantees. Liabilities for fixed deferred indexed annuity, structured variable annuity and IUL products are equal to the accumulation of host contract values, guaranteed benefits, and the
fair value of embedded derivatives.
See Note 12 for information regarding variable annuity guarantees.
Embedded Derivatives
The fair value of embedded
derivatives related to structured variable annuities, indexed annuities and IUL fluctuate based on equity markets and interest rates and the estimate of the Company’s nonperformance risk and is recorded in Policyholder account balances, future
policy benefits and claims. See Note 14 for information regarding the fair value measurement of embedded derivatives.
Traditional Long-Duration
Products
The liabilities for traditional long-duration products include cash flows related to unpaid amounts on reported claims, estimates of benefits
payable on claims incurred but not yet reported and estimates of benefits that will become payable on term life, whole life, DI, LTC, and life contingent payout annuity policies as claims are incurred in the future. The claim liability (also
referred to as disabled life reserve) is presented together as one liability for future policy benefits.
A liability for future policy benefits, which is
the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, is accrued as premium revenue
is recognized. Expected insurance benefits are accrued over the life of the contract in proportion to premium revenue recognized (referred to as the net premium approach). The net premium ratio reflects cash flows from contract inception to contract
termination (i.e., through the claim paying period) and cannot exceed 100%.
Assumptions utilized in the net premium approach, including mortality,
morbidity, and terminations, are reviewed as part of experience studies at least annually or more frequently if suggested by evidence. Expense assumptions and actual expenses are updated within the net premium calculation consistent with other
policyholder assumptions.
The updated cash flows used in the calculation are discounted using a forward rate curve. The discount rate represents an
upper-medium-grade (i.e., low credit risk) fixed-income instrument yield (i.e., an A rating) that reflects the duration characteristics of the liability. Discount rates are locked in annually, at the end of each year for all products, except life
contingent payout annuities, and calculated as the monthly average discount rate curves for the year. For life contingent payout annuities, the discount rates are locked in quarterly at the end of each quarter based on the average of the three
months for the quarter.
F-14
RiverSource Life Insurance Company
The liability for future policy benefits will be updated for actual experience at least on an annual basis and concurrent with changes to cash flow
assumptions. When net premiums are updated for cash flow changes, the estimated cash flows over the entire life of a group of contracts are updated using historical experience and updated future cash flow assumptions.
The revised net premiums are used to calculate an updated liability for future policy benefits as of the beginning of the reporting period, discounted at the
original locked in rate (i.e., contract issuance rate). The updated liability for future policy benefits as of the beginning of the reporting period is then compared with the carrying amount of the liability as of that date prior to updating cash
flow assumptions to determine the current period remeasurement gain or loss reflected in current period earnings. The revised net premiums are then applied as of the beginning of the quarter to calculate the benefit expense for the current reporting
period.
The difference between the updated carrying amount of the liability for future policy benefits measured using the current discount rate assumption
and the original discount rate assumption is recognized in OCI. The interest accretion rate remains the original discount rate used at contract issue date.
If the updating of cash flow assumptions results in the present value of future benefits and expenses exceeding the present value of future gross premiums, a
charge to net income is recorded for the current reporting period such that net premiums are set equal to gross premiums. In subsequent periods, the liability for future policy benefits is accrued with net premiums set equal to gross premiums.
Contracts (except for life contingent payout annuities sold subsequent to December 31, 2020) are grouped into cohorts by contract type and issue year, as
well as by legal entity and reportable segment. Life contingent payout annuities sold in periods beginning in 2021 are grouped into quarterly cohorts.
See
Note 10 for information regarding the liabilities for traditional long-duration products.
Deferred Profit Liability
For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability
(“DPL”). Gross premiums are measured using assumptions consistent with those used in the measurement of the liability for future policy benefits, including discount rate, mortality, lapses and expenses.
The DPL is amortized and recognized as premium revenue in proportion to expected future benefit payments from annuity contracts. Interest is accreted on the
balance of the DPL using the discount rate determined at contract issuance. The Company reviews and updates its estimate of cash flows from the DPL at the same time as the estimates of cash flows for the liability for future policy benefits. When
cash flows are updated, the updated estimates are used to recalculate the DPL at contract issuance. The recalculated DPL as of the beginning of the current reporting period is compared to the carrying amount of the DPL as of the beginning of the
current reporting period, and any difference is recognized as either a charge or credit to premium revenue.
DPL is recorded in Policyholder account
balances, future policy benefits and claims and included as a reconciling item within Note 10.
Unearned Revenue Liability
The Company’s UL and VUL policies require payment of fees or other policyholder assessments in advance for services to be provided in future periods.
These charges are deferred as unearned revenue and amortized consistent with DAC amortization factors. The unearned revenue liability is recorded in Other liabilities and the amortization is recorded in Policy and contract charges.
Income Taxes
The Company qualifies as a life insurance
company for federal income tax purposes. As such, the Company is subject to the Internal Revenue Code provisions applicable to life insurance companies.
The Company’s taxable income is included in the consolidated federal income tax return of Ameriprise Financial. The Company provides for income taxes on a
separate return basis, except that, under an agreement between Ameriprise Financial and the Company, tax benefits are recognized for losses to the extent they can be used in the consolidated return. It is the policy of Ameriprise Financial that it
will reimburse its subsidiaries for any tax benefits recorded. The controlled group for which the Company is a member is an applicable corporation with regard to the corporate alternative minimum tax (“CAMT”) and is therefore required to
compute the CAMT. In accordance with the tax sharing agreement, Ameriprise Financial will be liable for any CAMT liability and expense.
The Company’s
provision for income taxes represents the net amount of income taxes that the Company expects to pay or to receive from various taxing jurisdictions in connection with its operations. The Company provides for income taxes based on amounts that
the Company believes it will ultimately owe taking into account the recognition and measurement for uncertain tax positions. Inherent in the provision for income taxes are estimates and judgments regarding the tax treatment of certain items.
F-15
RiverSource Life Insurance Company
In connection with the provision for income taxes, the Consolidated Financial Statements reflect certain amounts related to deferred tax assets and
liabilities, which result from temporary differences between the assets and liabilities measured for financial statement purposes versus the assets and liabilities measured for tax return purposes.
The Company is required to establish a valuation allowance for any portion of its deferred tax assets that management believes will not be realized.
Significant judgment is required in determining if a valuation allowance should be established and the amount of such allowance if required. Factors used in making this determination include estimates relating to the performance of the
business. Consideration is given to, among other things in making this determination: (i) future taxable income exclusive of reversing temporary differences and carryforwards; (ii) future reversals of existing taxable temporary
differences; (iii) taxable income in prior carryback years; and (iv) tax planning strategies. Management may need to identify and implement appropriate planning strategies to ensure its ability to realize deferred tax assets and
reduce the likelihood of the establishment of a valuation allowance with respect to such assets. See Note 20 for additional information on the Company’s valuation allowance.
Changes in tax rates and tax law are accounted for in the period of enactment. Deferred tax assets and liabilities are adjusted for the effect of a change in
tax laws or rates and the effect is included in net income.
Revenue Recognition
Premiums on traditional life, DI and LTC insurance products and life contingent payout annuities are net of reinsurance ceded and are recognized as revenue
when due.
Interest income is accrued as earned using the effective interest method, which makes an adjustment of the yield for security premiums and
discounts on all performing fixed maturity securities classified as Available-for-Sale so that the related security or loan recognizes a constant rate of return on the
outstanding balance throughout its term. When actual prepayments differ significantly from originally anticipated prepayments, the retrospective effective yield is recalculated to reflect actual payments to date and updated future payment
assumptions and a catch-up adjustment is recorded in the current period. In addition, the new effective yield, which reflects anticipated future payments, is used prospectively.
Mortality and expense risk fees are based on a percentage of the fair value of assets held in the Company’s separate accounts and recognized when
assessed. Variable annuity guaranteed benefit rider charges, cost of insurance charges on UL and VUL insurance and contract charges (net of reinsurance premiums and cost of reinsurance for UL insurance products) and surrender charges on annuities
and UL and VUL insurance are recognized as revenue when assessed.
Realized gains and losses on the sale of securities, other than equity method
investments, are recognized using the specific identification method, on a trade date basis.
Fees received under marketing support and distribution
services arrangements are recognized as revenue when earned.
See Note 4 for further discussion of accounting policies on revenue from contracts with
customers.
3. RECENT ACCOUNTING PRONOUNCEMENTS
Adoption of New Accounting Standards
Financial
Instruments — Credit Losses — Troubled Debt Restructurings and Vintage Disclosures
In March 2022, the Financial Accounting Standards Board
(“FASB”) proposed amendments to ASU 2016-13, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (“Topic 326”). The update removes the
recognition and measurement guidance for Troubled Debt Restructurings (“TDRs”) by creditors in Subtopic 310-40, Receivables — Troubled Debt Restructurings by Creditors, and modifies
the disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. Rather than applying the recognition and measurement for TDRs, an entity must apply the loan refinancing
and restructuring guidance to determine whether a modification results in a new loan or a continuation of an existing loan. The update also requires entities to disclose current-period gross write-offs by year of origination for financing
receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments — Credit Losses — Measured at Amortized Cost. The amendments are to be applied
prospectively, but entities may apply a modified retrospective transition for changes to the recognition and measurement of TDRs. For entities that have adopted Topic 326, the amendments are effective for interim and annual periods beginning after
December 15, 2022. The Company adopted the standard on January 1, 2023. The adoption of this update did not have an impact on the Company’s consolidated financial condition and results of operations and modifications to disclosures
are immaterial in the current period.
Financial Services — Insurance — Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB updated the accounting standard related to long-duration insurance contracts (ASU
2018-12). The guidance changes elements of the measurement models and disclosure requirements for an insurer’s long-duration insurance contract benefits and acquisition costs by expanding the use of fair
value accounting to certain contract benefits, requiring updates, if any, and at least annually, to assumptions used to measure liabilities for future policy benefits, changing the amortization pattern of deferred acquisition costs to a
constant-level basis and removing certain shadow adjustments previously recorded in AOCI. Adoption of the accounting standard did not impact overall cash flows, insurance subsidiaries’ dividend capacity, or regulatory capital requirements.
F-16
RiverSource Life Insurance Company
When the Company adopted the standard effective January 1, 2023 with a transition date of January 1, 2021 (the “transition date”), opening
equity was adjusted for the adoption impacts to retained earnings and AOCI and prior periods presented (i.e. 2021 and 2022) were restated. The adoption impact as of January 1, 2021 was a reduction in total equity of $1.9 billion, of which
$0.9 billion and $1.0 billion were reflected in retained earnings and AOCI, respectively.
The following table presents the effects of the
adoption of the above new accounting standard to the Company’s previously reported Consolidated Balance Sheets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
As Filed
December 31,
2022 |
|
|
Adjustment |
|
|
Post-adoption
December 31,
2022 |
|
|
As Filed
December 31,
2021 |
|
|
Adjustment |
|
|
Post-adoption
December 31,
2021 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Market risk benefits |
|
$ |
— |
|
|
$ |
1,015 |
|
|
$ |
1,015 |
|
|
$ |
— |
|
|
$ |
539 |
|
|
$ |
539 |
|
| Reinsurance recoverables (allowance for credit losses: 2022, $23; 2021, $11) |
|
|
4,412 |
|
|
|
(184 |
) |
|
|
4,228 |
|
|
|
4,529 |
|
|
|
927 |
|
|
|
5,456 |
|
| Deferred acquisition costs |
|
|
3,141 |
|
|
|
(382 |
) |
|
|
2,759 |
|
|
|
2,757 |
|
|
|
64 |
|
|
|
2,821 |
|
| Other assets |
|
|
4,791 |
|
|
|
(65 |
) |
|
|
4,726 |
|
|
|
7,015 |
|
|
|
296 |
|
|
|
7,311 |
|
| Total assets |
|
$ |
115,019 |
|
|
$ |
384 |
|
|
$ |
115,403 |
|
|
$ |
139,427 |
|
|
$ |
1,826 |
|
|
$ |
141,253 |
|
| Liabilities and Shareholder’s Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder account balances, future policy benefits and claims |
|
$ |
36,057 |
|
|
$ |
(1,935 |
) |
|
$ |
34,122 |
|
|
$ |
35,744 |
|
|
$ |
(727 |
) |
|
$ |
35,017 |
|
| Market risk benefits |
|
|
— |
|
|
|
2,118 |
|
|
|
2,118 |
|
|
|
— |
|
|
|
3,440 |
|
|
|
3,440 |
|
| Other liabilities |
|
|
4,120 |
|
|
|
11 |
|
|
|
4,131 |
|
|
|
6,303 |
|
|
|
216 |
|
|
|
6,519 |
|
| Total liabilities |
|
|
114,236 |
|
|
|
194 |
|
|
|
114,430 |
|
|
|
137,286 |
|
|
|
2,929 |
|
|
|
140,215 |
|
| Shareholder’s equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated deficit |
|
|
(799 |
) |
|
|
387 |
|
|
|
(412 |
) |
|
|
(912 |
) |
|
|
(202 |
) |
|
|
(1,114 |
) |
| Accumulated other comprehensive income (loss), net of tax |
|
|
(887 |
) |
|
|
(197 |
) |
|
|
(1,084 |
) |
|
|
584 |
|
|
|
(901 |
) |
|
|
(317 |
) |
| Total shareholder’s equity |
|
|
783 |
|
|
|
190 |
|
|
|
973 |
|
|
|
2,141 |
|
|
|
(1,103 |
) |
|
|
1,038 |
|
| Total liabilities and shareholder’s equity |
|
$ |
115,019 |
|
|
$ |
384 |
|
|
$ |
115,403 |
|
|
$ |
139,427 |
|
|
$ |
1,826 |
|
|
$ |
141,253 |
|
The following table presents the effects of the adoption of the above new accounting standard to the Company’s previously
reported Consolidated Statements of Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| (in millions) |
|
As Filed 2022 |
|
|
Adjustment |
|
|
Post-adoption
2022 |
|
|
As Filed 2021 |
|
|
Adjustment |
|
|
Post-adoption
2021 |
|
| Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policy and contract charges |
|
$ |
2,091 |
|
|
$ |
(13 |
) |
|
$ |
2,078 |
|
|
$ |
2,304 |
|
|
$ |
(54 |
) |
|
$ |
2,250 |
|
| Total revenues |
|
|
3,768 |
|
|
|
(13 |
) |
|
|
3,755 |
|
|
|
3,471 |
|
|
|
(54 |
) |
|
|
3,417 |
|
| Benefits and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Benefits, claims, losses and settlement expenses |
|
|
1,366 |
|
|
|
(1,130 |
) |
|
|
236 |
|
|
|
715 |
|
|
|
(872 |
) |
|
|
(157 |
) |
| Remeasurement (gains) losses of future policy benefit reserves |
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
(52 |
) |
|
|
(52 |
) |
| Change in fair value of market risk benefits |
|
|
— |
|
|
|
311 |
|
|
|
311 |
|
|
|
— |
|
|
|
(113 |
) |
|
|
(113 |
) |
| Amortization of deferred acquisition costs |
|
|
196 |
|
|
|
45 |
|
|
|
241 |
|
|
|
112 |
|
|
|
133 |
|
|
|
245 |
|
| Other insurance and operating expenses |
|
|
670 |
|
|
|
12 |
|
|
|
682 |
|
|
|
738 |
|
|
|
13 |
|
|
|
751 |
|
| Total benefits and expenses |
|
|
3,005 |
|
|
|
(761 |
) |
|
|
2,244 |
|
|
|
2,270 |
|
|
|
(891 |
) |
|
|
1,379 |
|
| Pretax income (loss) |
|
|
763 |
|
|
|
748 |
|
|
|
1,511 |
|
|
|
1,201 |
|
|
|
837 |
|
|
|
2,038 |
|
| Income tax provision (benefit) |
|
|
50 |
|
|
|
159 |
|
|
|
209 |
|
|
|
137 |
|
|
|
179 |
|
|
|
316 |
|
| Net income (loss) |
|
$ |
713 |
|
|
$ |
589 |
|
|
$ |
1,302 |
|
|
$ |
1,064 |
|
|
$ |
658 |
|
|
$ |
1,722 |
|
The adoption of the standard did not affect the previously reported totals for net cash flows provided by (used in) operating,
investing, or financing activities.
Leases — Common Control Arrangements
In March 2023, the FASB proposed amendments to ASU 2016-02, Leases (“Topic 842”). The update
applicable to all entities requires leasehold improvements associated with common control leases to be amortized over the useful life of the leasehold improvements to the common control group as long as the lessee controls the use of the underlying
asset through a lease and to be accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. The amendments are effective for interim
and annual periods beginning after December 15, 2023. Early adoption is permitted for both interim and annual financial statements that have not yet been made
F-17
RiverSource Life Insurance Company
available for issuance. The Company early adopted the update during the second quarter of 2023 and will apply the amendments prospectively as of the beginning
of 2023 to all new and existing leasehold improvements recognized on or after that date with any remaining unamortized balance of existing leasehold improvements amortized over their remaining useful life to the common control group determined at
that date. The adoption of this update did not have a material impact on the Company’s consolidated financial condition and results of operations.
Future Adoption of New Accounting Standards
Segment
Reporting — Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU 2023-07,
Improvements to Reportable Segment Disclosures, updating reportable segment disclosure requirements in accordance with Topic 280, Segment Reporting (“Topic 280”), primarily through enhanced disclosures about significant
segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss and contain other disclosure requirements. The amendments also
expand Topic 280 disclosures to public entities with one reportable segment. The amendments are effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is
permitted. The Company is assessing changes to the segment related disclosures resulting from the standard. The adoption of the standard will not have an impact on the Company’s consolidated financial condition and results of operations as the
standard is disclosure-related only.
Income Taxes — Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, updating the accounting
standards related to income tax disclosures, primarily focused on the disaggregation of income taxes paid and the rate reconciliation table. The standard is to be applied prospectively with an option for retrospective application and is effective
for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is assessing changes to the income tax related disclosures resulting from the standard. The adoption of the standard will not have an impact on the
Company’s consolidated financial condition and results of operations as the standard is disclosure-related only.
4. REVENUE FROM CONTRACTS WITH
CUSTOMERS
The following table presents disaggregated revenue from contracts with customers and a reconciliation to total revenues reported on the
Consolidated Statements of Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| (in millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Policy and contract charges |
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated (from Columbia Management Investment Distributors, Inc.) |
|
$ |
152 |
|
|
$ |
164 |
|
|
$ |
193 |
|
| Unaffiliated |
|
|
14 |
|
|
|
14 |
|
|
|
17 |
|
| Total |
|
|
166 |
|
|
|
178 |
|
|
|
210 |
|
| Other revenues |
|
|
|
|
|
|
|
|
|
|
|
|
| Administrative fees |
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated (from Columbia Management Investment Services, Corp.) |
|
|
39 |
|
|
|
42 |
|
|
|
49 |
|
| Unaffiliated |
|
|
17 |
|
|
|
18 |
|
|
|
20 |
|
| |
|
|
56 |
|
|
|
60 |
|
|
|
69 |
|
| Other fees |
|
|
|
|
|
|
|
|
|
|
|
|
| Affiliated (from Columbia Management Investment Advisers, LLC (“CMIA”) and Columbia Wanger Asset
Management, LLC) |
|
|
307 |
|
|
|
334 |
|
|
|
389 |
|
| Unaffiliated |
|
|
4 |
|
|
|
4 |
|
|
|
5 |
|
| |
|
|
311 |
|
|
|
338 |
|
|
|
394 |
|
| Total |
|
|
367 |
|
|
|
398 |
|
|
|
463 |
|
| Total revenue from contracts with customers |
|
|
533 |
|
|
|
576 |
|
|
|
673 |
|
| Revenue from other sources(1) |
|
|
3,759 |
|
|
|
3,179 |
|
|
|
2,744 |
|
| Total revenues |
|
$ |
4,292 |
|
|
$ |
3,755 |
|
|
$ |
3,417 |
|
| (1) |
Amounts primarily consist of revenue associated with insurance and annuity products and investment income from financial
instruments. |
The following discussion describes the nature, timing, and uncertainty of revenues and cash flows arising from the
Company’s contracts with customers.
Policy and Contract Charges
The Company earns revenue for providing distribution-related services to affiliated and unaffiliated mutual funds that are available as underlying investments
in its variable annuity and variable life insurance products. The performance obligation is satisfied at the time the mutual fund is distributed. Revenue is recognized over the time the mutual fund is held in the variable product and is generally
earned based on a fixed rate applied, as a percentage, to the net asset value of the fund. The revenue is
F-18
RiverSource Life Insurance Company
not recognized at the time of sale because it is variably constrained due to factors outside the Company’s control, including market volatility and how
long the fund(s) remain in the insurance policy or annuity contract. The revenue will not be recognized until it is probable that a significant reversal will not occur. These fees are accrued and collected on a monthly basis.
Other Revenues
Administrative Fees
The Company earns revenue for providing customer support, contract servicing and administrative services for affiliated and unaffiliated mutual funds that are
available as underlying instruments in its variable annuity and variable life insurance products. The transfer agent and administration revenue is earned daily based on a fixed rate applied, as a percentage, to assets under management. These
performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.
Other Fees
The Company earns revenue for providing
affiliated and unaffiliated partners an opportunity to educate the financial advisors of its affiliate, AFS, that sell the Company’s products as well as product and marketing personnel to support the offer, sale and servicing of funds within
the Company’s variable annuity and variable life insurance products. These payments allow the parties to train and support the advisors, explain the features of their products, and distribute marketing and educational materials. The affiliated
revenue is earned based on a rate, updated at least annually, which is applied, as a percentage, to the market value of assets invested. The unaffiliated revenue is earned based on a fixed rate applied, as a percentage, to the market value of assets
invested. These performance obligations are considered a series of distinct services that are substantially the same and are satisfied each day over the contract term. These fees are accrued and collected on a monthly basis.
Receivables
Receivables for revenue from contracts with
customers are recognized when the performance obligation is satisfied and the Company has an unconditional right to the revenue. Receivables related to revenues from contracts with customers were $49 million and $48 million as of
December 31, 2023 and 2022, respectively.
5. VARIABLE INTEREST ENTITIES
The Company provides asset management services to CLOs which are considered to be VIEs that are sponsored by the Company. In addition, the Company invests in
structured investments other than CLOs and certain affordable housing partnerships which are considered VIEs. The Company consolidates the CLOs if the Company is deemed to be the primary beneficiary. The Company has no obligation to provide
financial or other support to the non-consolidated VIEs beyond its initial investment and existing future funding commitments, and the Company has not provided any additional support to these entities. The
Company has unfunded commitments related to consolidated CLOs of $24 million and $30 million as of December 31, 2023 and 2022, respectively.
See Note 2 for further discussion of the Company’s accounting policy on consolidation.
Structured Investments
The Company invests in structured
investments which are considered VIEs for which it is not the sponsor. These structured investments typically invest in fixed income instruments and are managed by third parties and include asset backed securities and commercial and residential
mortgage backed securities. The Company classifies these investments as Available-for-Sale securities. The Company has determined that it is not the primary beneficiary
of these structures due to the size of the Company’s investment in the entities and position in the capital structure of these entities.
Additionally, the Company invests in CLOs for which it is the sponsor. CLOs are asset backed financing entities collateralized by a pool of assets, primarily
syndicated loans and, to a lesser extent, high-yield bonds. Multiple tranches of debt securities are issued by a CLO, offering investors various maturity and credit risk characteristics. The debt securities issued by the CLOs are non-recourse to the Company. The CLO’s debt holders have recourse only to the assets of the CLO. The assets of the CLOs cannot be used by the Company. Scheduled debt payments are based on the performance of the
CLO’s collateral pool. The Company earns management fees from the CLOs based on the value of the CLO’s collateral pool and, in certain instances, may also receive incentive fees. The fee arrangement is at market and commensurate with the
level of effort required to provide those services. The Company has invested in a portion of the unrated, junior subordinated notes and highly rated senior notes of certain CLOs. The Company consolidates certain CLOs where it is the primary
beneficiary and has the power to direct the activities that most significantly impact the economic performance of the CLO.
The Company’s maximum
exposure to loss with respect to structured investments and non-consolidated CLOs is limited to its amortized cost. The Company classifies these investments as Available-for-Sale securities. See Note 6 for additional information on these investments.
Affordable Housing
Partnerships and Other Real Estate Partnerships
The Company is a limited partner in affordable housing partnerships that qualify for
government-sponsored low income housing tax credit programs and partnerships that invest in multi-family residential properties that were originally developed with an
F-19
RiverSource Life Insurance Company
affordable housing component. The Company has determined it is not the primary beneficiary and therefore does not consolidate these partnerships.
A majority of the limited partnerships are VIEs. The Company’s maximum exposure to loss as a result of its investment in the VIEs is limited to the
carrying value. The carrying value is reflected in other investments and was $70 million and $92 million as of December 31, 2023 and 2022, respectively. The Company’s liability related to original purchase commitments not
yet remitted to the VIEs was not material as of December 31, 2023 and 2022, respectively. The Company has not provided any additional support and is not contractually obligated to provide additional support to the VIEs beyond the funding
commitments.
Fair Value of Assets and Liabilities
The Company categorizes its fair value measurements according to a three-level hierarchy. See Note 14 for the definition of the three levels of the fair
value hierarchy.
The following tables present the balances of assets and liabilities held by consolidated investment entities measured at fair value on a
recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2023 |
|
| (in millions) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate debt securities |
|
$ |
— |
|
|
$ |
40 |
|
|
$ |
— |
|
|
$ |
40 |
|
| Common stocks |
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
5 |
|
| Syndicated loans |
|
|
— |
|
|
|
1,991 |
|
|
|
63 |
|
|
|
2,054 |
|
| Total investments |
|
|
— |
|
|
|
2,036 |
|
|
|
63 |
|
|
|
2,099 |
|
| Receivables |
|
|
— |
|
|
|
28 |
|
|
|
— |
|
|
|
28 |
|
| Other assets |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
| Total assets at fair value |
|
$ |
— |
|
|
$ |
2,065 |
|
|
$ |
63 |
|
|
$ |
2,128 |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt(1) |
|
$ |
— |
|
|
$ |
2,155 |
|
|
$ |
— |
|
|
$ |
2,155 |
|
| Other liabilities |
|
|
— |
|
|
|
45 |
|
|
|
— |
|
|
|
45 |
|
| Total liabilities at fair value |
|
$ |
— |
|
|
$ |
2,200 |
|
|
$ |
— |
|
|
$ |
2,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2022 |
|
| (in millions) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate debt securities |
|
$ |
— |
|
|
$ |
35 |
|
|
$ |
— |
|
|
$ |
35 |
|
| Common stocks |
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
3 |
|
| Syndicated loans |
|
|
— |
|
|
|
2,191 |
|
|
|
125 |
|
|
|
2,316 |
|
| Total investments |
|
|
— |
|
|
|
2,229 |
|
|
|
125 |
|
|
|
2,354 |
|
| Receivables |
|
|
— |
|
|
|
20 |
|
|
|
— |
|
|
|
20 |
|
| Other assets |
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
2 |
|
| Total assets at fair value |
|
$ |
— |
|
|
$ |
2,250 |
|
|
$ |
126 |
|
|
$ |
2,376 |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Debt(1) |
|
$ |
— |
|
|
$ |
2,363 |
|
|
$ |
— |
|
|
$ |
2,363 |
|
| Other liabilities |
|
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
119 |
|
| Total liabilities at fair value |
|
$ |
— |
|
|
$ |
2,482 |
|
|
$ |
— |
|
|
$ |
2,482 |
|
| (1) |
The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair
value of the CLOs’ debt was $2.1 billion and $2.4 billion as of December 31, 2023 and 2022, respectively. |
F-20
RiverSource Life Insurance Company
The following tables provide a summary of changes in Level 3 assets held by consolidated investment entities measured at fair value on a
recurring basis:
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Syndicated
Loans |
|
|
Other
Assets |
|
| Balance at January 1, 2023 |
|
$ |
125 |
|
|
$ |
1 |
|
| Total gains (losses) included in: |
|
|
|
|
|
|
|
|
| Net income |
|
|
(4 |
)(1) |
|
|
— |
|
| Purchases |
|
|
45 |
|
|
|
— |
|
| Sales |
|
|
(10 |
) |
|
|
— |
|
| Settlements |
|
|
(16 |
) |
|
|
— |
|
| Transfers into Level 3 |
|
|
122 |
|
|
|
— |
|
| Transfers out of Level 3 |
|
|
(199 |
) |
|
|
(1 |
) |
| Balance at December 31, 2023 |
|
$ |
63 |
|
|
$ |
— |
|
| Changes in unrealized gains (losses) included in net income relating to assets held at December 31,
2023 |
|
$ |
(1 |
)(1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Common
Stocks |
|
|
Syndicated
Loans |
|
|
Other
Assets |
|
| Balance at January 1, 2022 |
|
$ |
— |
|
|
$ |
64 |
|
|
$ |
3 |
|
| Total gains (losses) included in: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
— |
|
|
|
(11 |
)(1) |
|
|
— |
|
| Purchases |
|
|
— |
|
|
|
69 |
|
|
|
— |
|
| Sales |
|
|
— |
|
|
|
(4 |
) |
|
|
— |
|
| Settlements |
|
|
— |
|
|
|
(8 |
) |
|
|
— |
|
| Transfers into Level 3 |
|
|
2 |
|
|
|
218 |
|
|
|
1 |
|
| Transfers out of Level 3 |
|
|
(2 |
) |
|
|
(203 |
) |
|
|
(3 |
) |
| Balance at December 31, 2022 |
|
$ |
— |
|
|
$ |
125 |
|
|
$ |
1 |
|
| Changes in unrealized gains (losses) included in net income relating to assets held at December 31,
2022 |
|
$ |
— |
|
|
$ |
(10 |
)(1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Syndicated
Loans |
|
|
Other
Assets |
|
| Balance at January 1, 2021 |
|
$ |
92 |
|
|
$ |
2 |
|
| Total gains (losses) included in: |
|
|
|
|
|
|
|
|
| Net income |
|
|
2 |
(1) |
|
|
1 |
(1) |
| Purchases |
|
|
106 |
|
|
|
— |
|
| Sales |
|
|
(38 |
) |
|
|
— |
|
| Settlements |
|
|
(49 |
) |
|
|
— |
|
| Transfers into Level 3 |
|
|
119 |
|
|
|
2 |
|
| Transfers out of Level 3 |
|
|
(150 |
) |
|
|
(2 |
) |
| Deconsolidation of consolidated investment entities |
|
|
(18 |
) |
|
|
— |
|
| Balance at December 31, 2021 |
|
$ |
64 |
|
|
$ |
3 |
|
| Changes in unrealized gains (losses) included in net income relating to assets held at December 31,
2021 |
|
$ |
— |
|
|
$ |
1 |
(1) |
| (1) |
Included in Net investment income. |
Securities and loans transferred from Level 3 primarily represent assets with fair values that are now obtained from a third-party pricing service with
observable inputs or priced in active markets. Securities and loans transferred to Level 3 represent assets with fair values that are now based on a single non-binding broker quote.
All Level 3 measurements as of December 31, 2023 and 2022 were obtained from non-binding broker quotes where
unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.
Determination of Fair Value
Assets
Investments
The fair value of syndicated loans obtained from third-party pricing services using a market approach with observable inputs is classified as Level 2. The
fair value of syndicated loans obtained from third-party pricing services with a single non-binding broker quote as the underlying valuation source is classified as Level 3. The underlying inputs used in non-binding broker quotes are not readily available to the Company. See Note 14 for a description of the Company’s determination of the fair value of corporate debt securities, common stocks and other
investments.
Receivables
For receivables of the
consolidated CLOs, the carrying value approximates fair value as the nature of these assets has historically been short-term and the receivables have been collectible. The fair value of these receivables is classified as Level 2.
F-21
RiverSource Life Insurance Company
Liabilities
Debt
The fair value of the CLOs’ assets, typically syndicated bank loans, is more observable than the fair value of the CLOs’ debt tranches for which
market activity is limited and less transparent. As a result, the fair value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets and is classified as Level 2.
Other Liabilities
Other liabilities consist primarily of
securities purchased but not yet settled held by consolidated CLOs. The carrying value approximates fair value as the nature of these liabilities has historically been short-term. The fair value of these liabilities is classified as Level 2.
Other liabilities also include accrued interest on CLO debt.
Fair Value Option
The Company has elected the fair value option for the financial assets and liabilities of the consolidated CLOs. Management believes that the use of the fair
value option better matches the changes in fair value of assets and liabilities related to the CLOs.
The following table presents the fair value and
unpaid principal balance of loans and debt for which the fair value option has been elected:
|
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
| (in millions) |
|
2023 |
|
|
2022 |
|
| Syndicated loans |
|
|
|
|
|
|
|
|
| Unpaid principal balance |
|
$ |
2,190 |
|
|
$ |
2,525 |
|
| Excess unpaid principal over fair value |
|
|
(136 |
) |
|
|
(209 |
) |
| Fair value |
|
$ |
2,054 |
|
|
$ |
2,316 |
|
| Fair value of loans more than 90 days past due |
|
$ |
— |
|
|
$ |
— |
|
| Fair value of loans in nonaccrual status |
|
|
13 |
|
|
|
23 |
|
| Difference between fair value and unpaid principal of loans more than 90 days past due, loans in nonaccrual
status or both |
|
|
40 |
|
|
|
48 |
|
| Debt |
|
|
|
|
|
|
|
|
| Unpaid principal balance |
|
$ |
2,362 |
|
|
$ |
2,636 |
|
| Excess unpaid principal over fair value |
|
|
(207 |
) |
|
|
(273 |
) |
| Carrying value
(1) |
|
$ |
2,155 |
|
|
$ |
2,363 |
|
| (1) |
The carrying value of the CLOs’ debt is set equal to the fair value of the CLOs’ assets. The estimated fair
value of the CLOs’ debt was $2.1 billion and $2.4 billion as of December 31, 2023 and 2022, respectively. |
Interest
income from syndicated loans, bonds and structured investments is recorded based on contractual rates in Net investment income. Gains and losses related to changes in the fair value of investments are recorded in Net investment income and gains and
losses on sales of investments are recorded in Net realized investment gains (losses). Interest expense on debt is recorded in Interest and debt expense with gains and losses related to changes in the fair value of debt recorded in Net investment
income.
Total net gains (losses) recognized in Net investment income related to the changes in fair value of investments the Company owns in the
consolidated CLOs where it has elected the fair value option and collateralized financing entity accounting were immaterial for the years ended December 31, 2023, 2022 and 2021.
Debt of the consolidated investment entities and the stated interest rates were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Carrying Value |
|
|
|
|
|
Weighted Average
Interest Rate |
|
| |
|
December 31, |
|
|
|
|
|
December 31, |
|
| (in millions) |
|
2023 |
|
|
2022 |
|
|
|
|
|
2023 |
|
|
2022 |
|
| Debt of consolidated CLOs due 2028-2034 |
|
$ |
2,155 |
|
|
$ |
2,363 |
|
|
|
|
|
|
|
6.6 |
% |
|
|
5.3 |
% |
The debt of the consolidated CLOs has both fixed and floating interest rates, which range from nil to 14.8%. The interest rates
on the debt of CLOs are weighted average rates based on the outstanding principal and contractual interest rates.
F-22
RiverSource Life Insurance Company
6. INVESTMENTS
Available-for-Sale securities distributed by type were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2023 |
|
| Description of Securities (in millions) |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Allowance
for Credit
Losses |
|
|
Fair
Value |
|
| Fixed maturities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate debt securities |
|
$ |
10,828 |
|
|
$ |
405 |
|
|
$ |
(497 |
) |
|
$ |
(1 |
) |
|
$ |
10,735 |
|
| Residential mortgage backed securities |
|
|
3,886 |
|
|
|
20 |
|
|
|
(264 |
) |
|
|
— |
|
|
|
3,642 |
|
| Commercial mortgage backed securities |
|
|
2,784 |
|
|
|
6 |
|
|
|
(193 |
) |
|
|
— |
|
|
|
2,597 |
|
| State and municipal obligations |
|
|
717 |
|
|
|
61 |
|
|
|
(19 |
) |
|
|
(1 |
) |
|
|
758 |
|
| Asset backed securities |
|
|
1,545 |
|
|
|
7 |
|
|
|
(21 |
) |
|
|
— |
|
|
|
1,531 |
|
| Foreign government bonds and obligations |
|
|
12 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12 |
|
| U.S. government and agency obligations |
|
|
99 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
99 |
|
| Total |
|
$ |
19,871 |
|
|
$ |
499 |
|
|
$ |
(994 |
) |
|
$ |
(2 |
) |
|
$ |
19,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2022 |
|
| Description of Securities (in millions) |
|
Amortized
Cost |
|
|
Gross
Unrealized
Gains |
|
|
Gross
Unrealized
Losses |
|
|
Allowance
for Credit
Losses |
|
|
Fair
Value |
|
| Fixed maturities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate debt securities |
|
$ |
9,349 |
|
|
$ |
180 |
|
|
$ |
(803 |
) |
|
$ |
(20 |
) |
|
$ |
8,706 |
|
| Residential mortgage backed securities |
|
|
3,254 |
|
|
|
8 |
|
|
|
(303 |
) |
|
|
— |
|
|
|
2,959 |
|
| Commercial mortgage backed securities |
|
|
2,904 |
|
|
|
2 |
|
|
|
(255 |
) |
|
|
— |
|
|
|
2,651 |
|
| State and municipal obligations |
|
|
761 |
|
|
|
53 |
|
|
|
(26 |
) |
|
|
(2 |
) |
|
|
786 |
|
| Asset backed securities |
|
|
1,025 |
|
|
|
10 |
|
|
|
(38 |
) |
|
|
— |
|
|
|
997 |
|
| Foreign government bonds and obligations |
|
|
37 |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
35 |
|
| U.S. government and agency obligations |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
| Total |
|
$ |
17,331 |
|
|
$ |
253 |
|
|
$ |
(1,427 |
) |
|
$ |
(22 |
) |
|
$ |
16,135 |
|
As of December 31, 2023 and 2022, accrued interest of $168 million and $139 million, respectively, is excluded
from the amortized cost basis of Available-for-Sale securities in the tables above and is recorded in Accrued investment income.
As of December 31, 2023 and 2022, fixed maturity securities comprised approximately 87% and 85%, respectively, of the Company’s total
investments. Rating agency designations are based on the availability of ratings from Nationally Recognized Statistical Rating Organizations (“NRSROs”), including Moody’s Investors Service (“Moody’s”),
Standard & Poor’s Ratings Services (“S&P”) and Fitch Ratings Ltd. (“Fitch”). The Company uses the median of available ratings from Moody’s, S&P and Fitch, or if fewer than three ratings are available,
the lower rating is used. When ratings from Moody’s, S&P and Fitch are unavailable, the Company may utilize ratings from other NRSROs or rate the securities internally. As of December 31, 2023 and 2022, $265 million and
$257 million, respectively, of securities were internally rated by CMIA, an affiliate of the Company, using criteria similar to those used by NRSROs.
A summary of fixed maturity securities by rating was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2023 |
|
|
December 31, 2022 |
|
| Ratings (in millions, except percentages) |
|
Amortized
Cost |
|
|
Fair
Value |
|
|
Percent of
Total Fair Value |
|
|
Amortized
Cost |
|
|
Fair
Value |
|
|
Percent of
Total Fair Value |
|
| AAA |
|
$ |
4,558 |
|
|
$ |
4,337 |
|
|
|
22 |
% |
|
$ |
6,313 |
|
|
$ |
5,754 |
|
|
|
36 |
% |
| AA |
|
|
3,961 |
|
|
|
3,799 |
|
|
|
20 |
|
|
|
1,159 |
|
|
|
1,188 |
|
|
|
7 |
|
| A |
|
|
2,213 |
|
|
|
2,279 |
|
|
|
12 |
|
|
|
1,572 |
|
|
|
1,594 |
|
|
|
10 |
|
| BBB |
|
|
8,813 |
|
|
|
8,633 |
|
|
|
44 |
|
|
|
7,646 |
|
|
|
7,023 |
|
|
|
43 |
|
| Below investment grade
(1) |
|
|
326 |
|
|
|
326 |
|
|
|
2 |
|
|
|
641 |
|
|
|
576 |
|
|
|
4 |
|
| Total fixed maturities |
|
$ |
19,871 |
|
|
$ |
19,374 |
|
|
|
100 |
% |
|
$ |
17,331 |
|
|
$ |
16,135 |
|
|
|
100 |
% |
| (1) |
The amortized cost of below investment grade securities includes interest in
non-consolidated CLOs managed by the Company of $1 million as of both December 31, 2023 and 2022. The fair value of below investment grade securities includes interest in non-consolidated CLOs managed by the Company of $1 million as of both December 31, 2023 and 2022. These securities are not rated but are included in below investment grade due to their risk
characteristics. |
F-23
RiverSource Life Insurance Company
As of December 31, 2023, approximately 61% of securities rated AA were GNMA, FNMA and FHLMC mortgage backed securities. These issuers were downgraded
in the third quarter of 2023 from AAA to AA due to the downgrade of the U.S. Government long-term credit rating. As of December 31, 2022, approximately 36% of securities rated AAA were GNMA, FNMA and FHLMC mortgage backed securities. As of
December 31, 2023, the Company had holdings in Ameriprise Advisor Financing 2, LLC (“AAF 2”), an affiliate of the Company, totaling $554 million that was 48% of the Company’s total shareholder’s equity. Also, the
Company had an additional 34 issuers with holdings totaling $5.8 billion that individually were between 10% and 23% of the Company’s total shareholder’s equity as of December 31, 2023. As of December 31, 2022, the
Company had holdings in AAF 2 totaling $544 million that was 56% of the Company’s total shareholder’s equity. Also, the Company had an additional 30 issuers with holdings totaling $4.4 billion that individually were between
10% and 22% of the Company’s total shareholder’s equity as of December 31, 2022. There were no other holdings of any other issuer greater than 10% of the Company’s total shareholder’s equity as of
December 31, 2023 and 2022.
The following tables summarize the fair value and gross unrealized losses on Available-for-Sale securities, aggregated by major investment type and the length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit losses
has been recorded:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2023 |
|
| (in millions, except number of securities) |
|
Less than 12 months |
|
|
12 months or more |
|
|
Total |
|
| Description of Securities |
|
Number of
Securities |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Number of
Securities |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Number of
Securities |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
| Corporate debt securities |
|
|
43 |
|
|
$ |
410 |
|
|
$ |
(8 |
) |
|
|
340 |
|
|
$ |
4,735 |
|
|
$ |
(489 |
) |
|
|
383 |
|
|
$ |
5,145 |
|
|
$ |
(497 |
) |
| Residential mortgage backed securities |
|
|
30 |
|
|
|
389 |
|
|
|
(4 |
) |
|
|
204 |
|
|
|
2,114 |
|
|
|
(260 |
) |
|
|
234 |
|
|
|
2,503 |
|
|
|
(264 |
) |
| Commercial mortgage backed securities |
|
|
20 |
|
|
|
264 |
|
|
|
(4 |
) |
|
|
196 |
|
|
|
2,062 |
|
|
|
(189 |
) |
|
|
216 |
|
|
|
2,326 |
|
|
|
(193 |
) |
| State and municipal obligations |
|
|
5 |
|
|
|
29 |
|
|
|
(1 |
) |
|
|
47 |
|
|
|
137 |
|
|
|
(18 |
) |
|
|
52 |
|
|
|
166 |
|
|
|
(19 |
) |
| Asset backed securities |
|
|
5 |
|
|
|
102 |
|
|
|
— |
|
|
|
32 |
|
|
|
684 |
|
|
|
(21 |
) |
|
|
37 |
|
|
|
786 |
|
|
|
(21 |
) |
| Foreign government bonds and obligations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
6 |
|
|
|
— |
|
|
|
2 |
|
|
|
6 |
|
|
|
— |
|
| U.S. government and agency obligations |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
| Total |
|
|
104 |
|
|
$ |
1,194 |
|
|
$ |
(17 |
) |
|
|
821 |
|
|
$ |
9,738 |
|
|
$ |
(977 |
) |
|
|
925 |
|
|
$ |
10,932 |
|
|
$ |
(994 |
) |
|
|
| |
|
December 31, 2022 |
|
| (in millions, except number of securities) |
|
Less than 12 months |
|
|
12 months or more |
|
|
Total |
|
| Description of Securities |
|
Number of
Securities |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Number of
Securities |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
|
Number of
Securities |
|
|
Fair
Value |
|
|
Unrealized
Losses |
|
| Corporate debt securities |
|
|
405 |
|
|
$ |
5,028 |
|
|
$ |
(443 |
) |
|
|
100 |
|
|
$ |
1,532 |
|
|
$ |
(360 |
) |
|
|
505 |
|
|
$ |
6,560 |
|
|
$ |
(803 |
) |
| Residential mortgage backed securities |
|
|
189 |
|
|
|
1,643 |
|
|
|
(117 |
) |
|
|
52 |
|
|
|
826 |
|
|
|
(186 |
) |
|
|
241 |
|
|
|
2,469 |
|
|
|
(303 |
) |
| Commercial mortgage backed securities |
|
|
176 |
|
|
|
1,746 |
|
|
|
(149 |
) |
|
|
58 |
|
|
|
666 |
|
|
|
(106 |
) |
|
|
234 |
|
|
|
2,412 |
|
|
|
(255 |
) |
| State and municipal obligations |
|
|
40 |
|
|
|
126 |
|
|
|
(15 |
) |
|
|
26 |
|
|
|
59 |
|
|
|
(11 |
) |
|
|
66 |
|
|
|
185 |
|
|
|
(26 |
) |
| Asset backed securities |
|
|
39 |
|
|
|
808 |
|
|
|
(28 |
) |
|
|
4 |
|
|
|
60 |
|
|
|
(10 |
) |
|
|
43 |
|
|
|
868 |
|
|
|
(38 |
) |
| Foreign government bonds and obligations |
|
|
10 |
|
|
|
32 |
|
|
|
(1 |
) |
|
|
1 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
11 |
|
|
|
33 |
|
|
|
(2 |
) |
| Total |
|
|
859 |
|
|
$ |
9,383 |
|
|
$ |
(753 |
) |
|
|
241 |
|
|
$ |
3,144 |
|
|
$ |
(674 |
) |
|
|
1,100 |
|
|
$ |
12,527 |
|
|
$ |
(1,427 |
) |
As part of the Company’s ongoing monitoring process, management determined that the decrease in gross unrealized losses on
its Available-for-Sale securities for which an allowance for credit losses has not been recognized during the year ended December 31, 2023 is primarily attributable
to the impact of lower interest rates and tighter credit spreads. The Company did not recognize these unrealized losses in earnings because it was determined that such losses were due to non-credit factors.
The Company does not intend to sell these securities and does not believe that it is more likely than not that the Company will be required to sell these securities before the anticipated recovery of the remaining amortized cost basis. As of
December 31, 2023 and 2022, approximately 94% and 93%, respectively, of the total of Available-for-Sale securities with gross unrealized losses were considered
investment grade.
F-24
RiverSource Life Insurance Company
The following table presents a rollforward of the allowance for credit losses on
Available-for-Sale securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Corporate Debt
Securities |
|
|
State and
Municipal
Obligations |
|
|
Total |
|
| Balance at January 1, 2021 |
|
$ |
10 |
|
|
$ |
— |
|
|
$ |
10 |
|
| Additions for which credit losses were not previously recorded |
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
| Charge-offs |
|
|
(10 |
) |
|
|
— |
|
|
|
(10 |
) |
| Balance at December 31, 2021 |
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
| Additions for which credit losses were not previously recorded |
|
|
20 |
|
|
|
— |
|
|
|
20 |
|
| Additional increases (decreases) on securities that had an allowance
recorded in a previous period |
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
| Balance at December 31, 2022 |
|
|
20 |
|
|
|
2 |
|
|
|
22 |
|
| Additions for which credit losses were not previously recorded |
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
| Reductions for securities sold during the period (realized) |
|
|
(20 |
) |
|
|
(1 |
) |
|
|
(21 |
) |
| Balance at December 31, 2023 |
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
2 |
|
Net realized gains and losses on
Available-for-Sale securities, determined using the specific identification method, recognized in Net realized investment gains (losses) were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| (in millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Gross realized investment gains |
|
$ |
11 |
|
|
$ |
28 |
|
|
$ |
576 |
|
| Gross realized investment losses |
|
|
(57 |
) |
|
|
(25 |
) |
|
|
(6 |
) |
| Credit reversals (losses) |
|
|
20 |
|
|
|
(21 |
) |
|
|
(1 |
) |
| Other impairments |
|
|
(1 |
) |
|
|
(70 |
) |
|
|
(13 |
) |
| Total |
|
$ |
(27 |
) |
|
$ |
(88 |
) |
|
$ |
556 |
|
Previously recorded allowance for credit losses was reversed during the year ended December 31, 2023 primarily due to the
sale of a corporate debt security in the communications industry. Credit losses for the year ended December 31, 2022 primarily related to recording an allowance for credit losses on a corporate debt security in the communications industry.
Credit losses for the year ended December 31, 2021 primarily related to recording an allowance for credit losses on certain state and municipal securities. Other impairments for the years ended December 31, 2023, 2022 and 2021 related to Available-for-Sale securities which the Company intended to sell.
See
Note 19 for a rollforward of net unrealized investment gains (losses) included in AOCI.
Available-for-Sale securities by contractual maturity as of December 31, 2023 were as follows:
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Amortized
Cost |
|
|
Fair Value |
|
| Due within one year |
|
$ |
552 |
|
|
$ |
546 |
|
| Due after one year through five years |
|
|
1,845 |
|
|
|
1,812 |
|
| Due after five years through 10 years |
|
|
4,280 |
|
|
|
4,018 |
|
| Due after 10 years |
|
|
4,979 |
|
|
|
5,228 |
|
|
|
|
11,656 |
|
|
|
11,604 |
|
| Residential mortgage backed securities |
|
|
3,886 |
|
|
|
3,642 |
|
| Commercial mortgage backed securities |
|
|
2,784 |
|
|
|
2,597 |
|
| Asset backed securities |
|
|
1,545 |
|
|
|
1,531 |
|
| Total |
|
$ |
19,871 |
|
|
$ |
19,374 |
|
Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.
Residential mortgage backed securities, commercial mortgage backed securities and asset backed securities are not due at a single maturity date. As such, these securities were not included in the maturities distribution.
The following is a summary of Net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| (in millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Fixed maturities |
|
$ |
830 |
|
|
$ |
615 |
|
|
$ |
643 |
|
| Mortgage loans |
|
|
69 |
|
|
|
73 |
|
|
|
102 |
|
| Other investments |
|
|
431 |
|
|
|
159 |
|
|
|
101 |
|
|
|
|
1,330 |
|
|
|
847 |
|
|
|
846 |
|
| Less: investment expenses |
|
|
26 |
|
|
|
20 |
|
|
|
19 |
|
| Total |
|
$ |
1,304 |
|
|
$ |
827 |
|
|
$ |
827 |
|
F-25
RiverSource Life Insurance Company
Net realized investment gains (losses) are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| (in millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Fixed maturities |
|
$ |
(27 |
) |
|
$ |
(88 |
) |
|
$ |
556 |
|
| Mortgage loans |
|
|
1 |
|
|
|
(1 |
) |
|
|
57 |
|
| Other investments |
|
|
(44 |
) |
|
|
(11 |
) |
|
|
(18 |
) |
| Total |
|
$ |
(70 |
) |
|
$ |
(100 |
) |
|
$ |
595 |
|
7. FINANCING RECEIVABLES
Financing receivables are comprised of commercial loans, policy loans and deposit receivables. See Note 2 for information regarding the Company’s
accounting policies related to financing receivables and the allowance for credit losses.
Allowance for Credit Losses
The following table presents a rollforward of the allowance for credit losses:
|
|
|
|
|
| (in millions) |
|
Commercial
Loans |
|
| Balance at January 1, 2021 |
|
$ |
35 |
|
| Provisions |
|
|
(23 |
) |
| Balance at December 31, 2021 |
|
|
12 |
|
| Provisions |
|
|
1 |
|
| Charge-offs |
|
|
(2 |
) |
| Balance at December 31, 2022 |
|
|
11 |
|
| Provisions |
|
|
(1 |
) |
| Balance at December 31, 2023 |
|
$ |
10 |
|
The decrease in the allowance for credit losses provision for commercial loans in 2021 reflected the sale of certain commercial
mortgage loans and syndicated loans in conjunction with the fixed deferred and payout annuity reinsurance transaction in 2021.
As of December 31,
2023 and 2022, accrued interest on commercial loans was $15 million and $14 million, respectively, and is recorded in Accrued investment income and excluded from the amortized cost basis of commercial loans.
Purchases and Sales
There were no commercial mortgage
loans sold for the years ended December 31, 2023 and 2022. During the year ended December 31, 2021, the Company sold $746 million of commercial mortgage loans.
During the years ended December 31, 2023, 2022 and 2021, the Company purchased $1 million, $42 million and $26 million, respectively,
of syndicated loans, and sold $1 million, nil and $340 million, respectively, of syndicated loans.
The Company has not acquired any loans with
deteriorated credit quality as of the acquisition date.
Credit Quality Information
There were no nonperforming loans as of both December 31, 2023 and 2022. All loans were considered to be performing.
Commercial Loans
Commercial Mortgage Loans
The Company reviews the credit worthiness of the borrower and the performance of the underlying properties in order to determine the risk of loss on
commercial mortgage loans. Loan-to-value ratio is the primary credit quality indicator included in this review.
Based on this review, the commercial mortgage loans are assigned an internal risk rating, which management updates when credit risk changes. Commercial
mortgage loans which management has assigned its highest risk rating were less than 1% of total commercial mortgage loans as of both December 31, 2023 and 2022. Loans with the highest risk rating represent distressed loans which the Company has
identified as impaired or expects to become delinquent or enter into foreclosure within the next six months. There were no commercial mortgage loans past due as of both December 31, 2023 and 2022.
F-26
RiverSource Life Insurance Company
The tables below present the amortized cost basis of commercial mortgage loans by year of origination and loan-to-value ratio:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2023 |
|
| Loan-to-Value Ratio (in millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
Prior |
|
|
Total |
|
| > 100% |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
20 |
|
|
$ |
22 |
|
| 80% - 100% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
11 |
|
|
|
49 |
|
|
|
62 |
|
| 60% - 80% |
|
|
55 |
|
|
|
26 |
|
|
|
6 |
|
|
|
14 |
|
|
|
40 |
|
|
|
102 |
|
|
|
243 |
|
| 40% - 60% |
|
|
7 |
|
|
|
46 |
|
|
|
129 |
|
|
|
49 |
|
|
|
65 |
|
|
|
343 |
|
|
|
639 |
|
| < 40% |
|
|
7 |
|
|
|
31 |
|
|
|
43 |
|
|
|
37 |
|
|
|
71 |
|
|
|
580 |
|
|
|
769 |
|
| Total |
|
$ |
69 |
|
|
$ |
103 |
|
|
$ |
178 |
|
|
$ |
102 |
|
|
$ |
189 |
|
|
$ |
1,094 |
|
|
$ |
1,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2022 |
|
| Loan-to-Value Ratio (in millions) |
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
Prior |
|
|
Total |
|
| > 100% |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
39 |
|
|
$ |
43 |
|
| 80% - 100% |
|
|
1 |
|
|
|
9 |
|
|
|
2 |
|
|
|
20 |
|
|
|
7 |
|
|
|
30 |
|
|
|
69 |
|
| 60% - 80% |
|
|
39 |
|
|
|
85 |
|
|
|
17 |
|
|
|
52 |
|
|
|
9 |
|
|
|
104 |
|
|
|
306 |
|
| 40% - 60% |
|
|
49 |
|
|
|
84 |
|
|
|
64 |
|
|
|
80 |
|
|
|
55 |
|
|
|
426 |
|
|
|
758 |
|
| < 40% |
|
|
16 |
|
|
|
8 |
|
|
|
27 |
|
|
|
42 |
|
|
|
78 |
|
|
|
432 |
|
|
|
603 |
|
| Total |
|
$ |
105 |
|
|
$ |
186 |
|
|
$ |
112 |
|
|
$ |
196 |
|
|
$ |
149 |
|
|
$ |
1,031 |
|
|
$ |
1,779 |
|
Loan-to-value ratio is based on income and
expense data provided by borrowers at least annually and long-term capitalization rate assumptions based on property type. For the year ended December 31, 2023, write-offs of commercial mortgage loans were not material.
In addition, the Company reviews the concentrations of credit risk by region and property type. Concentrations of credit risk of commercial mortgage loans by
U.S. region were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Loans |
|
|
|
|
|
Percentage |
|
| |
|
December 31, |
|
|
|
|
|
December 31, |
|
| (in millions) |
|
2023 |
|
|
|
|
|
2022 |
|
|
|
|
|
2023 |
|
|
|
|
|
2022 |
|
| East North Central |
|
$ |
180 |
|
|
|
|
|
|
$ |
192 |
|
|
|
|
|
|
|
10 |
% |
|
|
|
|
|
|
11 |
% |
| East South Central |
|
|
47 |
|
|
|
|
|
|
|
51 |
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
3 |
|
| Middle Atlantic |
|
|
97 |
|
|
|
|
|
|
|
100 |
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
6 |
|
| Mountain |
|
|
130 |
|
|
|
|
|
|
|
120 |
|
|
|
|
|
|
|
8 |
|
|
|
|
|
|
|
7 |
|
| New England |
|
|
21 |
|
|
|
|
|
|
|
17 |
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
1 |
|
| Pacific |
|
|
595 |
|
|
|
|
|
|
|
601 |
|
|
|
|
|
|
|
34 |
|
|
|
|
|
|
|
34 |
|
| South Atlantic |
|
|
452 |
|
|
|
|
|
|
|
467 |
|
|
|
|
|
|
|
26 |
|
|
|
|
|
|
|
26 |
|
| West North Central |
|
|
105 |
|
|
|
|
|
|
|
115 |
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
6 |
|
| West South Central |
|
|
108 |
|
|
|
|
|
|
|
116 |
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
6 |
|
| Total |
|
$ |
1,735 |
|
|
|
|
|
|
$ |
1,779 |
|
|
|
|
|
|
|
100 |
% |
|
|
|
|
|
|
100 |
% |
Concentrations of credit risk of commercial mortgage loans by property type were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Loans |
|
|
|
|
|
Percentage |
|
| |
|
December 31, |
|
|
|
|
|
December 31, |
|
| (in millions) |
|
2023 |
|
|
|
|
|
2022 |
|
|
|
|
|
2023 |
|
|
|
|
|
2022 |
|
| Apartments |
|
$ |
454 |
|
|
|
|
|
|
$ |
465 |
|
|
|
|
|
|
|
26 |
% |
|
|
|
|
|
|
26 |
% |
| Hotel |
|
|
13 |
|
|
|
|
|
|
|
14 |
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
1 |
|
| Industrial |
|
|
293 |
|
|
|
|
|
|
|
295 |
|
|
|
|
|
|
|
17 |
|
|
|
|
|
|
|
17 |
|
| Mixed use |
|
|
54 |
|
|
|
|
|
|
|
55 |
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
3 |
|
| Office |
|
|
230 |
|
|
|
|
|
|
|
243 |
|
|
|
|
|
|
|
13 |
|
|
|
|
|
|
|
14 |
|
| Retail |
|
|
546 |
|
|
|
|
|
|
|
576 |
|
|
|
|
|
|
|
32 |
|
|
|
|
|
|
|
32 |
|
| Other |
|
|
145 |
|
|
|
|
|
|
|
131 |
|
|
|
|
|
|
|
8 |
|
|
|
|
|
|
|
7 |
|
| Total |
|
$ |
1,735 |
|
|
|
|
|
|
$ |
1,779 |
|
|
|
|
|
|
|
100 |
% |
|
|
|
|
|
|
100 |
% |
Syndicated Loans
The
investment in syndicated loans as of December 31, 2023 and 2022 was $57 million and $72 million, respectively. The Company’s syndicated loan portfolio is diversified across industries and issuers. There were no syndicated loans
past due as of both December 31, 2023 and 2022. The Company assigns an internal risk rating to each syndicated loan in its portfolio ranging from 1 through 5, with 5 reflecting the lowest quality. For the year ended December 31, 2023,
write-offs of syndicated loans were not material.
F-27
RiverSource Life Insurance Company
The tables below present the amortized cost basis of syndicated loans by origination year and internal risk rating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2023 |
|
| Internal Risk Rating (in millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
Prior |
|
|
Total |
|
| Risk 5 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Risk 4 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Risk 3 |
|
|
— |
|
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
9 |
|
| Risk 2 |
|
|
6 |
|
|
|
1 |
|
|
|
9 |
|
|
|
2 |
|
|
|
6 |
|
|
|
— |
|
|
|
24 |
|
| Risk 1 |
|
|
6 |
|
|
|
2 |
|
|
|
9 |
|
|
|
1 |
|
|
|
5 |
|
|
|
1 |
|
|
|
24 |
|
| Total |
|
$ |
12 |
|
|
$ |
3 |
|
|
$ |
25 |
|
|
$ |
3 |
|
|
$ |
12 |
|
|
$ |
2 |
|
|
$ |
57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2022 |
|
| Internal Risk Rating (in millions) |
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
2019 |
|
|
2018 |
|
|
Prior |
|
|
Total |
|
| Risk 5 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
| Risk 4 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Risk 3 |
|
|
— |
|
|
|
5 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
2 |
|
|
|
10 |
|
| Risk 2 |
|
|
5 |
|
|
|
13 |
|
|
|
2 |
|
|
|
5 |
|
|
|
— |
|
|
|
11 |
|
|
|
36 |
|
| Risk 1 |
|
|
3 |
|
|
|
5 |
|
|
|
1 |
|
|
|
3 |
|
|
|
5 |
|
|
|
9 |
|
|
|
26 |
|
| Total |
|
$ |
8 |
|
|
$ |
23 |
|
|
$ |
3 |
|
|
$ |
11 |
|
|
$ |
5 |
|
|
$ |
22 |
|
|
$ |
72 |
|
Policy Loans
Policy loans do not exceed the cash surrender value at origination. As there is minimal risk of loss related to policy loans, there is no allowance for credit
losses.
Deposit Receivables
Deposit
receivables were $6.5 billion and $7.4 billion as of December 31, 2023 and 2022, respectively. Deposit receivables are collateralized by the fair value of the assets held in trusts. Based on management’s evaluation of the
collateral value relative to the deposit receivables, the allowance for credit losses for deposit receivables was not material as of both December 31, 2023 and 2022.
Modifications with Borrowers Experiencing Financial Difficulty
Modifications of financing receivables with borrowers experiencing financial difficulty by the Company were not material during the year ended
December 31, 2023.
8. DEFERRED ACQUISITION COSTS AND DEFERRED SALES INDUCEMENT COSTS
The following tables summarize the balances of and changes in DAC, including the January 1, 2021 adoption of ASU
2018-12.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Variable
Annuities |
|
|
Structured
Variable
Annuities |
|
|
Fixed
Annuities |
|
|
Fixed Indexed
Annuities |
|
|
Universal Life
Insurance |
|
|
Variable
Universal Life
Insurance |
|
| Pre-adoption balance at December 31, 2020 |
|
$ |
1,671 |
|
|
$ |
22 |
|
|
$ |
43 |
|
|
$ |
7 |
|
|
$ |
100 |
|
|
$ |
452 |
|
| Effect of shadow reserve adjustments |
|
|
42 |
|
|
|
4 |
|
|
|
18 |
|
|
|
1 |
|
|
|
31 |
|
|
|
53 |
|
| Post-adoption balance at January 1, 2021 |
|
|
1,713 |
|
|
|
26 |
|
|
|
61 |
|
|
|
8 |
|
|
|
131 |
|
|
|
505 |
|
| Capitalization of acquisition costs |
|
|
110 |
|
|
|
71 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
|
|
54 |
|
| Amortization |
|
|
(145 |
) |
|
|
(6 |
) |
|
|
(8 |
) |
|
|
(1 |
) |
|
|
(9 |
) |
|
|
(47 |
) |
| Balance at December 31, 2021 |
|
$ |
1,678 |
|
|
$ |
91 |
|
|
$ |
53 |
|
|
$ |
7 |
|
|
$ |
125 |
|
|
$ |
512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Indexed
Universal Life
Insurance |
|
|
Other Life
Insurance |
|
|
Life
Contingent
Payout
Annuities |
|
|
Term and
Whole Life
Insurance |
|
|
Disability
Income
Insurance |
|
|
Total,
All Products |
|
| Pre-adoption balance at December 31, 2020 |
|
$ |
108 |
|
|
$ |
(3 |
) |
|
$ |
— |
|
|
$ |
19 |
|
|
$ |
89 |
|
|
$ |
2,508 |
|
| Effect of shadow reserve adjustments |
|
|
149 |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
304 |
|
| Post-adoption balance at January 1, 2021 |
|
|
257 |
|
|
|
3 |
|
|
|
— |
|
|
|
19 |
|
|
|
89 |
|
|
|
2,812 |
|
| Capitalization of acquisition costs |
|
|
9 |
|
|
|
— |
|
|
|
1 |
|
|
|
2 |
|
|
|
4 |
|
|
|
254 |
|
| Amortization |
|
|
(18 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
(9 |
) |
|
|
(245 |
) |
| Balance at December 31, 2021 |
|
$ |
248 |
|
|
$ |
3 |
|
|
$ |
1 |
|
|
$ |
19 |
|
|
$ |
84 |
|
|
$ |
2,821 |
|
F-28
RiverSource Life Insurance Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Variable
Annuities |
|
|
Structured
Variable
Annuities |
|
|
Fixed
Annuities |
|
|
Fixed Indexed
Annuities |
|
|
Universal Life
Insurance |
|
|
Variable
Universal Life
Insurance |
|
| Balance at January 1, 2022 |
|
$ |
1,678 |
|
|
$ |
91 |
|
|
$ |
53 |
|
|
$ |
7 |
|
|
$ |
125 |
|
|
$ |
512 |
|
| Capitalization of acquisition costs |
|
|
39 |
|
|
|
73 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
55 |
|
| Amortization |
|
|
(135 |
) |
|
|
(15 |
) |
|
|
(8 |
) |
|
|
(1 |
) |
|
|
(8 |
) |
|
|
(46 |
) |
| Balance at December 31, 2022 |
|
$ |
1,582 |
|
|
$ |
149 |
|
|
$ |
45 |
|
|
$ |
6 |
|
|
$ |
118 |
|
|
$ |
521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Indexed
Universal Life
Insurance |
|
|
Other Life
Insurance |
|
|
Life
Contingent
Payout
Annuities |
|
|
Term and
Whole Life
Insurance |
|
|
Disability
Income
Insurance |
|
|
Total,
All Products |
|
| Balance at January 1, 2022 |
|
$ |
248 |
|
|
$ |
3 |
|
|
$ |
1 |
|
|
$ |
19 |
|
|
$ |
84 |
|
|
$ |
2,821 |
|
| Capitalization of acquisition costs |
|
|
5 |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
4 |
|
|
|
179 |
|
| Amortization |
|
|
(17 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
(9 |
) |
|
|
(241 |
) |
| Balance at December 31, 2022 |
|
$ |
236 |
|
|
$ |
3 |
|
|
$ |
2 |
|
|
$ |
18 |
|
|
$ |
79 |
|
|
$ |
2,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Variable
Annuities |
|
|
Structured
Variable
Annuities |
|
|
Fixed
Annuities |
|
|
Fixed Indexed
Annuities |
|
|
Universal Life
Insurance |
|
|
Variable
Universal Life
Insurance |
|
| Balance at January 1, 2023 |
|
$ |
1,582 |
|
|
$ |
149 |
|
|
$ |
45 |
|
|
$ |
6 |
|
|
$ |
118 |
|
|
$ |
521 |
|
| Capitalization of acquisition costs |
|
|
23 |
|
|
|
83 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
57 |
|
| Amortization |
|
|
(124 |
) |
|
|
(24 |
) |
|
|
(10 |
) |
|
|
(1 |
) |
|
|
(8 |
) |
|
|
(44 |
) |
| Balance at December 31, 2023 |
|
$ |
1,481 |
|
|
$ |
208 |
|
|
$ |
35 |
|
|
$ |
5 |
|
|
$ |
110 |
|
|
$ |
534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Indexed
Universal Life
Insurance |
|
|
Other Life
Insurance |
|
|
Life
Contingent
Payout
Annuities |
|
|
Term and
Whole Life
Insurance |
|
|
Disability
Income
Insurance |
|
|
Total,
All Products |
|
| Balance at January 1, 2023 |
|
$ |
236 |
|
|
$ |
3 |
|
|
$ |
2 |
|
|
$ |
18 |
|
|
$ |
79 |
|
|
$ |
2,759 |
|
| Capitalization of acquisition costs |
|
|
4 |
|
|
|
— |
|
|
|
4 |
|
|
|
1 |
|
|
|
4 |
|
|
|
176 |
|
| Amortization |
|
|
(17 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
(2 |
) |
|
|
(8 |
) |
|
|
(239 |
) |
| Balance at December 31, 2023 |
|
$ |
223 |
|
|
$ |
2 |
|
|
$ |
6 |
|
|
$ |
17 |
|
|
$ |
75 |
|
|
$ |
2,696 |
|
The following tables summarize the balances of and changes in DSIC, including the January 1, 2021 adoption of ASU 2018-12. DSIC are recorded in Other assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Variable Annuities |
|
|
Fixed Annuities |
|
|
Total,
All Products |
|
| Pre-adoption balance at December 31, 2020 |
|
$ |
173 |
|
|
$ |
14 |
|
|
$ |
187 |
|
| Effect of shadow reserve adjustments |
|
|
8 |
|
|
|
8 |
|
|
|
16 |
|
| Post-adoption balance at January 1, 2021 |
|
|
181 |
|
|
|
22 |
|
|
|
203 |
|
| Capitalization of sales inducement costs |
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
| Amortization |
|
|
(18 |
) |
|
|
(3 |
) |
|
|
(21 |
) |
| Balance at December 31, 2021 |
|
$ |
164 |
|
|
$ |
19 |
|
|
$ |
183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Variable Annuities |
|
|
Fixed Annuities |
|
|
Total,
All Products |
|
| Balance at January 1, 2022 |
|
$ |
164 |
|
|
$ |
19 |
|
|
$ |
183 |
|
| Capitalization of sales inducement costs |
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
| Amortization |
|
|
(16 |
) |
|
|
(3 |
) |
|
|
(19 |
) |
| Balance at December 31, 2022 |
|
$ |
149 |
|
|
$ |
16 |
|
|
$ |
165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Variable Annuities |
|
|
Fixed Annuities |
|
|
Total,
All Products |
|
| Balance at January 1, 2023 |
|
$ |
149 |
|
|
$ |
16 |
|
|
$ |
165 |
|
| Amortization |
|
|
(15 |
) |
|
|
(4 |
) |
|
|
(19 |
) |
| Balance at December 31, 2023 |
|
$ |
134 |
|
|
$ |
12 |
|
|
$ |
146 |
|
F-29
RiverSource Life Insurance Company
9. REINSURANCE
The Company reinsures a portion of the
insurance risks associated with its traditional life, DI and LTC insurance products through reinsurance agreements with unaffiliated reinsurance companies. The Company reinsures 100% of its insurance risk associated with its life contingent payout
annuity policies in force as of June 30, 2021 through a reinsurance agreement with Global Atlantic Financial Group’s subsidiary Commonwealth Annuity and Life Insurance Company. Policies issued on or after July 1, 2021 and policies
issued by RiverSource Life of NY are not subject to this reinsurance agreement.
Reinsurance contracts do not relieve the Company from its primary
obligation to policyholders.
The Company generally reinsures 90% of the death benefit liability for new term life insurance policies beginning in 2001
(RiverSource Life of NY began in 2002) and new individual UL and VUL insurance policies beginning in 2002 (2003 for RiverSource Life of NY). Policies issued prior to these dates are not subject to these same reinsurance levels.
However, for IUL policies issued after September 1, 2013 and VUL policies issued after January 1, 2014, the Company generally reinsures 50% of the
death benefit liability. Similarly, the Company reinsures 50% of the death benefit and morbidity liabilities related to its UL product with LTC benefits.
The maximum amount of life insurance risk the Company will retain is $10 million on a single life and $10 million on any flexible premium
survivorship life policy; however, reinsurance agreements are in place such that retaining more than $1.5 million of insurance risk on a single life or a flexible premium survivorship life policy is very unusual. Risk on UL and VUL policies is
reinsured on a yearly renewable term basis. Risk on most term life policies starting in 2001 (2002 for RiverSource Life of NY) is reinsured on a coinsurance basis, a type of reinsurance in which the reinsurer participates proportionally in all
material risks and premiums associated with a policy.
The Company also has life insurance and fixed annuity risk previously assumed under reinsurance
arrangements with unaffiliated insurance companies.
For existing LTC policies, the Company has continued ceding 50% of the risk on a coinsurance basis to
subsidiaries of Genworth Financial, Inc. (“Genworth”) and retains the remaining risk. For RiverSource Life of NY, this reinsurance arrangement applies for 1996 and later issues only, which are 89% of the total RiverSource Life of NY in
force policies. Under these agreements, the Company has the right, but never the obligation, to recapture some, or all, of the risk ceded to Genworth.
Generally, the Company retains at most $5,000 per month of risk per life on DI policies sold on policy forms introduced in most states starting in 2007 (2010
for RiverSource Life of NY) and reinsures the remainder of the risk on a coinsurance basis with unaffiliated reinsurance companies. The Company retains all risk for new claims on DI contracts sold on other policy forms introduced prior to 2007 (2010
for RiverSource Life of NY). The Company also retains all risk on accidental death benefit claims and substantially all risk associated with waiver of premium provisions.
As of December 31, 2023 and 2022, traditional life and UL insurance policies in force were $198.8 billion and $198.9 billion, respectively,
of which $144.7 billion and $146.2 billion as of December 31, 2023 and 2022 were reinsured at the respective year ends.
The effect of
reinsurance on premiums for traditional long-duration products was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| (in millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Direct premiums |
|
$ |
674 |
|
|
$ |
530 |
|
|
$ |
490 |
|
| Reinsurance ceded |
|
|
(226 |
) |
|
|
(224 |
) |
|
|
(1,361 |
) |
| Net premiums |
|
$ |
448 |
|
|
$ |
306 |
|
|
$ |
(871 |
) |
Policy and contract charges are presented on the Consolidated Statements of Income net of $180 million, $165 million
and $152 million of reinsurance ceded for non-traditional long-duration products for the years ended December 31, 2023, 2022 and 2021, respectively.
The amount of claims recovered through reinsurance on all contracts was $438 million, $435 million and $404 million for the years ended
December 31, 2023, 2022 and 2021, respectively.
Reinsurance recoverables include approximately $2.8 billion and $2.7 billion related
to LTC risk ceded to Genworth as of December 31, 2023 and 2022, respectively.
Policyholder account balances, future policy benefits and claims
include $376 million and $388 million related to previously assumed reinsurance arrangements as of December 31, 2023 and 2022, respectively.
F-30
RiverSource Life Insurance Company
10. POLICYHOLDER ACCOUNT BALANCES, FUTURE POLICY BENEFITS AND CLAIMS
Policyholder account balances, future policy benefits and claims consisted of the following:
|
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
|
December 31, |
|
| (in millions) |
|
2023 |
|
|
2022 |
|
| Policyholder account balances |
|
|
|
|
|
|
|
|
| Policyholder account balances |
|
$ |
27,947 |
|
|
$ |
24,986 |
|
| Future policy benefits |
|
|
|
|
|
|
|
|
| Liability for future policy benefits |
|
|
7,763 |
|
|
|
7,495 |
|
| Deferred profit liability |
|
|
81 |
|
|
|
62 |
|
| Additional liabilities for insurance guarantees |
|
|
1,321 |
|
|
|
1,186 |
|
| Other insurance and annuity liabilities |
|
|
213 |
|
|
|
177 |
|
| Total future policy benefits |
|
|
9,378 |
|
|
|
8,920 |
|
| Policy claims and other policyholders’ funds |
|
|
210 |
|
|
|
216 |
|
| Total policyholder account balances, future policy benefits and
claims |
|
$ |
37,535 |
|
|
$ |
34,122 |
|
Variable Annuities
Purchasers of variable annuities can select from a variety of investment options and can elect to allocate a portion to a fixed account. A vast majority
of the premiums received for variable annuity contracts are held in separate accounts where the assets are held for the exclusive benefit of those contractholders.
Most of the variable annuity contracts issued by the Company contain a GMDB. The Company previously offered contracts with GMAB, GMWB, and GMIB provisions. See
Note 2 and Note 12 for information regarding the Company’s variable annuity guarantees. See Note 14 and Note 18 for additional information regarding the Company’s derivative instruments used to hedge risks related to
these guarantees.
Structured Variable Annuities
Structured variable annuities provide contractholders the option to allocate a portion of their account value to an indexed account held in a non-insulated separate account with the contractholder’s rate of return, which may be positive or negative, tied to selected indices. The amount allocated by a contractholder to the indexed account creates an
embedded derivative which is measured at fair value. The Company hedges the equity and interest rate risk related to the indexed account with freestanding derivative instruments.
Fixed Annuities
Fixed annuities include deferred, payout
and fixed deferred indexed annuity contracts. In 2020, the Company discontinued sales of fixed deferred and fixed deferred indexed annuities.
Deferred
contracts offer a guaranteed minimum rate of interest and security of the principal invested. Payout contracts guarantee a fixed income payment for life or the term of the contract. Liabilities for fixed annuities in a benefit or payout status are
based on future estimated payments using established industry mortality tables and interest rates.
The Company’s fixed index annuity product is a
fixed annuity that includes an indexed account. The rate of interest credited above the minimum guarantee for funds allocated to the indexed account is linked to the performance of the specific index for the indexed account (subject to a cap). The
amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at fair value.
See Note 18 for
additional information regarding the Company’s derivative instruments used to hedge the risk related to indexed accounts.
Insurance Liabilities
UL policies accumulate cash value that increases by a fixed interest rate. Purchasers of VUL can select from a variety of investment options and can
elect to allocate a portion of their account balance to a fixed account or a separate account. A vast majority of the premiums received for VUL policies are held in separate accounts where the assets are held for the exclusive benefit of those
policyholders.
IUL is a UL policy that includes an indexed account. The rate of credited interest for funds allocated by a contractholder to the indexed
account is linked to the performance of the specific index for the indexed account (subject to stated account parameters, which include a cap and floor, or a spread). The policyholder may allocate all or a portion of the policy value to a fixed or
any available indexed account. The amount allocated by a contractholder to the indexed account creates an embedded derivative which is measured at at fair value. The Company hedges the interest credited rate including equity and interest rate risk
related to the indexed account with freestanding derivative instruments. See Note 18 for additional information regarding the Company’s derivative instruments used to hedge the risk related to IUL.
F-31
RiverSource Life Insurance Company
The Company also offers term life insurance as well as DI products. The Company no longer offers standalone LTC products and whole life insurance but has in
force policies from prior years.
Insurance liabilities include accumulation values, incurred but not reported claims, obligations for anticipated future
claims, unpaid reported claims and claim adjustment expenses.
The balances of and changes in policyholder account balances were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions, except percentages) |
|
Variable
Annuities |
|
|
Structured
Variable
Annuities |
|
|
Fixed Annuities |
|
|
Fixed Indexed
Annuities |
|
|
Non-Life
Contingent
Payout Annuities |
|
| Balance at January 1, 2023 |
|
$ |
4,752 |
|
|
$ |
6,410 |
|
|
$ |
6,799 |
|
|
$ |
312 |
|
|
$ |
471 |
|
| Contract deposits |
|
|
73 |
|
|
|
3,084 |
|
|
|
47 |
|
|
|
— |
|
|
|
91 |
|
| Policy charges |
|
|
(10 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Surrenders and other benefits |
|
|
(759 |
) |
|
|
(156 |
) |
|
|
(1,086 |
) |
|
|
(10 |
) |
|
|
(127 |
) |
| Net transfer from (to) separate account liabilities |
|
|
(25 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Variable account index-linked adjustments |
|
|
— |
|
|
|
1,403 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Interest credited |
|
|
142 |
|
|
|
1 |
|
|
|
222 |
|
|
|
5 |
|
|
|
9 |
|
| Balance at December 31, 2023 |
|
$ |
4,173 |
|
|
$ |
10,742 |
|
|
$ |
5,982 |
|
|
$ |
307 |
|
|
$ |
444 |
|
| Weighted-average crediting rate |
|
|
3.3 |
% |
|
|
1.8 |
% |
|
|
3.6 |
% |
|
|
2.0 |
% |
|
|
N/A |
|
| Cash surrender value(1) |
|
$ |
4,146 |
|
|
$ |
10,129 |
|
|
$ |
5,974 |
|
|
$ |
278 |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions, except percentages) |
|
Universal Life
Insurance |
|
|
Variable
Universal Life
Insurance |
|
|
Indexed
Universal Life
Insurance |
|
|
Other Life
Insurance |
|
|
Total,
All Products |
|
| Balance at January 1, 2023 |
|
$ |
1,544 |
|
|
$ |
1,520 |
|
|
$ |
2,654 |
|
|
$ |
524 |
|
|
$ |
24,986 |
|
| Contract deposits |
|
|
123 |
|
|
|
272 |
|
|
|
193 |
|
|
|
1 |
|
|
|
3,884 |
|
| Policy charges |
|
|
(176 |
) |
|
|
(94 |
) |
|
|
(121 |
) |
|
|
— |
|
|
|
(401 |
) |
| Surrenders and other benefits |
|
|
(69 |
) |
|
|
(78 |
) |
|
|
(53 |
) |
|
|
(44 |
) |
|
|
(2,382 |
) |
| Net transfer from (to) separate account liabilities |
|
|
— |
|
|
|
(107 |
) |
|
|
— |
|
|
|
— |
|
|
|
(132 |
) |
| Variable account index-linked adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,403 |
|
| Interest credited |
|
|
52 |
|
|
|
56 |
|
|
|
82 |
|
|
|
20 |
|
|
|
589 |
|
| Balance at December 31, 2023 |
|
$ |
1,474 |
|
|
$ |
1,569 |
|
|
$ |
2,755 |
|
|
$ |
501 |
|
|
$ |
27,947 |
|
| Weighted-average crediting rate |
|
|
3.6 |
% |
|
|
3.9 |
% |
|
|
2.0 |
% |
|
|
4.0 |
% |
|
|
|
|
| Net amount at risk |
|
$ |
8,740 |
|
|
$ |
57,291 |
|
|
$ |
14,407 |
|
|
$ |
141 |
|
|
|
|
|
| Cash surrender value(1) |
|
$ |
1,330 |
|
|
$ |
1,065 |
|
|
$ |
2,271 |
|
|
$ |
326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions, except percentages) |
|
Variable
Annuities |
|
|
Structured
Variable
Annuities |
|
|
Fixed Annuities |
|
|
Fixed Indexed
Annuities |
|
|
Non-Life
Contingent
Payout Annuities |
|
| Balance at January 1, 2022 |
|
$ |
4,972 |
|
|
$ |
4,458 |
|
|
$ |
7,251 |
|
|
$ |
323 |
|
|
$ |
527 |
|
| Contract deposits |
|
|
146 |
|
|
|
2,784 |
|
|
|
55 |
|
|
|
— |
|
|
|
53 |
|
| Policy charges |
|
|
(8 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Surrenders and other benefits |
|
|
(450 |
) |
|
|
(41 |
) |
|
|
(744 |
) |
|
|
(17 |
) |
|
|
(124 |
) |
| Net transfer from (to) separate account liabilities |
|
|
(60 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Variable account index-linked adjustments |
|
|
— |
|
|
|
(791 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Interest credited |
|
|
152 |
|
|
|
— |
|
|
|
237 |
|
|
|
6 |
|
|
|
15 |
|
| Balance at December 31, 2022 |
|
$ |
4,752 |
|
|
$ |
6,410 |
|
|
$ |
6,799 |
|
|
$ |
312 |
|
|
$ |
471 |
|
| Weighted-average crediting rate |
|
|
3.2 |
% |
|
|
1.1 |
% |
|
|
3.5 |
% |
|
|
1.9 |
% |
|
|
N/A |
|
| Cash surrender value(1) |
|
$ |
4,720 |
|
|
$ |
5,986 |
|
|
$ |
6,786 |
|
|
$ |
277 |
|
|
|
N/A |
|
F-32
RiverSource Life Insurance Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions, except percentages) |
|
Universal Life
Insurance |
|
|
Variable
Universal Life
Insurance |
|
|
Indexed
Universal Life
Insurance |
|
|
Other Life
Insurance |
|
|
Total,
All Products |
|
| Balance at January 1, 2022 |
|
$ |
1,602 |
|
|
$ |
1,493 |
|
|
$ |
2,534 |
|
|
$ |
563 |
|
|
$ |
23,723 |
|
| Contract deposits |
|
|
134 |
|
|
|
233 |
|
|
|
218 |
|
|
|
(3 |
) |
|
|
3,620 |
|
| Policy charges |
|
|
(178 |
) |
|
|
(91 |
) |
|
|
(116 |
) |
|
|
— |
|
|
|
(393 |
) |
| Surrenders and other benefits |
|
|
(67 |
) |
|
|
(70 |
) |
|
|
(50 |
) |
|
|
(56 |
) |
|
|
(1,619 |
) |
| Net transfer from (to) separate account liabilities |
|
|
— |
|
|
|
(102 |
) |
|
|
— |
|
|
|
— |
|
|
|
(162 |
) |
| Variable account index-linked adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(791 |
) |
| Interest credited |
|
|
53 |
|
|
|
57 |
|
|
|
68 |
|
|
|
20 |
|
|
|
608 |
|
| Balance at December 31, 2022 |
|
$ |
1,544 |
|
|
$ |
1,520 |
|
|
$ |
2,654 |
|
|
$ |
524 |
|
|
$ |
24,986 |
|
| Weighted-average crediting rate |
|
|
3.6 |
% |
|
|
3.9 |
% |
|
|
2.0 |
% |
|
|
4.0 |
% |
|
|
|
|
| Net amount at risk |
|
$ |
9,187 |
|
|
$ |
57,354 |
|
|
$ |
15,043 |
|
|
$ |
149 |
|
|
|
|
|
| Cash surrender value(1) |
|
$ |
1,382 |
|
|
$ |
1,054 |
|
|
$ |
2,148 |
|
|
$ |
348 |
|
|
|
|
|
| (1) |
Cash surrender value represents the amount of the contractholder’s account balances distributable at the balance
sheet date less certain surrender charges. For VA and VUL, the cash surrender value shown is the proportion of the total cash surrender value related to their fixed account liabilities. |
Refer to Note 12 for the net amount at risk for market risk benefits associated with variable and structured variable annuities. Fixed, fixed indexed, and non-life contingent payout annuities do not have net amount at risk in excess of account value. Net amount at risk for insurance products is calculated as the death benefit amount in excess of applicable account
values, host, embedded derivative, and separate account liabilities.
The following tables present the account values of fixed deferred annuities, fixed
insurance, and the fixed portion of variable annuities and variable insurance contracts by range of guaranteed minimum interest rates (“GMIRs”) and the range of the difference between rates credited to policyholders and contractholders as
of December 31, 2023 and 2022 and the respective guaranteed minimums, as well as the percentage of account values subject to rate reset in the time period indicated. Rates are reset at management’s discretion, subject to guaranteed
minimums.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
| |
|
|
|
|
|
|
|
|
|
Account Values with Crediting Rates |
|
| (in millions, except percentages) |
|
Range of
Guaranteed
Minimum
Crediting
Rates |
|
|
At
Guaranteed
Minimum |
|
|
1-49 bps above
Guaranteed
Minimum |
|
|
50-99 bps above
Guaranteed
Minimum |
|
|
100-150 bps above
Guaranteed
Minimum |
|
|
Greater than
150 bps above
Guaranteed
Minimum |
|
|
Total |
|
| Fixed accounts of variable annuities |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
43 |
|
|
$ |
131 |
|
|
$ |
52 |
|
|
$ |
15 |
|
|
$ |
2 |
|
|
$ |
243 |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
137 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
138 |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
2,214 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
2,215 |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
1,514 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,514 |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
3,908 |
|
|
$ |
132 |
|
|
$ |
52 |
|
|
$ |
16 |
|
|
$ |
2 |
|
|
$ |
4,110 |
|
|
|
|
|
|
| Fixed accounts of structured variable annuities |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
1 |
|
|
$ |
18 |
|
|
$ |
7 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
28 |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
11 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
12 |
|
|
$ |
18 |
|
|
$ |
7 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
39 |
|
|
|
|
|
|
| Fixed annuities |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
107 |
|
|
$ |
377 |
|
|
$ |
183 |
|
|
$ |
93 |
|
|
$ |
— |
|
|
$ |
760 |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
36 |
|
|
|
14 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
51 |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
2,816 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,817 |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
2,339 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,339 |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
5,298 |
|
|
$ |
392 |
|
|
$ |
184 |
|
|
$ |
93 |
|
|
$ |
— |
|
|
$ |
5,967 |
|
|
|
|
|
|
| Non-indexed accounts of fixed indexed annuities |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
7 |
|
|
$ |
13 |
|
|
$ |
— |
|
|
$ |
22 |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
7 |
|
|
$ |
13 |
|
|
$ |
— |
|
|
$ |
22 |
|
|
|
|
|
|
| Universal life insurance |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
51 |
|
|
|
3 |
|
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
63 |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
854 |
|
|
|
1 |
|
|
|
4 |
|
|
|
4 |
|
|
|
— |
|
|
|
863 |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
518 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
519 |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
1,423 |
|
|
$ |
5 |
|
|
$ |
13 |
|
|
$ |
4 |
|
|
$ |
— |
|
|
$ |
1,445 |
|
|
|
|
|
|
F-33
RiverSource Life Insurance Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
| |
|
|
|
|
|
|
|
|
|
|
Account Values with Crediting Rates |
|
| (in millions, except percentages) |
|
Range of
Guaranteed
Minimum
Crediting
Rates |
|
|
At
Guaranteed
Minimum |
|
|
1-49 bps above
Guaranteed
Minimum |
|
|
50-99 bps above
Guaranteed
Minimum |
|
|
100-150 bps above
Guaranteed
Minimum |
|
|
Greater than
150 bps above
Guaranteed
Minimum |
|
|
Total |
|
| Fixed accounts of variable universal life insurance |
|
|
1 |
% |
|
|
– |
|
|
|
1.99 |
% |
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
4 |
|
|
$ |
— |
|
|
$ |
24 |
|
|
$ |
30 |
|
|
|
|
2 |
% |
|
|
– |
|
|
|
2.99 |
% |
|
|
13 |
|
|
|
12 |
|
|
|
— |
|
|
|
1 |
|
|
|
8 |
|
|
|
34 |
|
|
|
|
3 |
% |
|
|
– |
|
|
|
3.99 |
% |
|
|
122 |
|
|
|
2 |
|
|
|
3 |
|
|
|
6 |
|
|
|
— |
|
|
|
133 |
|
|
|
|
4 |
% |
|
|
– |
|
|
|
5.00 |
% |
|
|
607 |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
613 |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
742 |
|
|
$ |
22 |
|
|
$ |
7 |
|
|
$ |
7 |
|
|
$ |
32 |
|
|
$ |
810 |
|
|
|
|
|
|
| Non-indexed accounts of indexed universal life insurance |
|
|
1 |
% |
|
|
– |
|
|
|
1.99 |
% |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2 |
|
|
|
|
2 |
% |
|
|
– |
|
|
|
2.99 |
% |
|
|
128 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
128 |
|
|
|
|
3 |
% |
|
|
– |
|
|
|
3.99 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
4 |
% |
|
|
– |
|
|
|
5.00 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
128 |
|
|
$ |
— |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
130 |
|
|
|
|
|
|
| Other life insurance |
|
|
1 |
% |
|
|
– |
|
|
|
1.99 |
% |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
2 |
% |
|
|
– |
|
|
|
2.99 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
3 |
% |
|
|
– |
|
|
|
3.99 |
% |
|
|
30 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
30 |
|
|
|
|
4 |
% |
|
|
– |
|
|
|
5.00 |
% |
|
|
295 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
295 |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
325 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
325 |
|
|
|
|
|
|
| Total |
|
|
1 |
% |
|
|
– |
|
|
|
1.99 |
% |
|
$ |
151 |
|
|
$ |
530 |
|
|
$ |
255 |
|
|
$ |
123 |
|
|
$ |
26 |
|
|
$ |
1,085 |
|
|
|
|
2 |
% |
|
|
– |
|
|
|
2.99 |
% |
|
|
376 |
|
|
|
30 |
|
|
|
10 |
|
|
|
1 |
|
|
|
8 |
|
|
|
425 |
|
|
|
|
3 |
% |
|
|
– |
|
|
|
3.99 |
% |
|
|
6,036 |
|
|
|
4 |
|
|
|
7 |
|
|
|
11 |
|
|
|
— |
|
|
|
6,058 |
|
|
|
|
4 |
% |
|
|
– |
|
|
|
5.00 |
% |
|
|
5,273 |
|
|
|
7 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,280 |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
11,836 |
|
|
$ |
571 |
|
|
$ |
272 |
|
|
$ |
135 |
|
|
$ |
34 |
|
|
$ |
12,848 |
|
|
|
|
|
|
| Percentage of total account values that reset in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Next 12 months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.9 |
% |
|
|
99.5 |
% |
|
|
99.3 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
99.9 |
% |
| > 12 months to 24 months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.1 |
|
|
|
0.5 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
| > 24 months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
F-34
RiverSource Life Insurance Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
| |
|
|
|
|
|
|
|
|
|
Account Values with Crediting Rates |
|
| (in millions, except percentages) |
|
Range of
Guaranteed
Minimum
Crediting
Rates |
|
|
At
Guaranteed
Minimum |
|
|
1-49 bps above
Guaranteed
Minimum |
|
|
50-99 bps above
Guaranteed
Minimum |
|
|
100-150 bps above
Guaranteed
Minimum |
|
|
Greater than
150 bps above
Guaranteed
Minimum |
|
|
Total |
|
| Fixed accounts of variable annuities |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
169 |
|
|
$ |
102 |
|
|
$ |
18 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
289 |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
177 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
177 |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
2,611 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
2,612 |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
1,611 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,611 |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
4,568 |
|
|
$ |
102 |
|
|
$ |
18 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
4,689 |
|
|
|
|
|
|
| Fixed accounts of structured variable annuities |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
12 |
|
|
$ |
7 |
|
|
$ |
3 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
23 |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
12 |
|
|
$ |
7 |
|
|
$ |
3 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
23 |
|
|
|
|
|
|
| Fixed annuities |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
460 |
|
|
$ |
402 |
|
|
$ |
132 |
|
|
$ |
33 |
|
|
$ |
10 |
|
|
$ |
1,037 |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
67 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
67 |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
3,344 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,344 |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
2,333 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,333 |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
6,204 |
|
|
$ |
402 |
|
|
$ |
132 |
|
|
$ |
33 |
|
|
$ |
10 |
|
|
$ |
6,781 |
|
|
|
|
|
|
| Non-indexed accounts of fixed indexed annuities |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
1 |
|
|
$ |
3 |
|
|
$ |
7 |
|
|
$ |
14 |
|
|
$ |
— |
|
|
$ |
25 |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
1 |
|
|
$ |
3 |
|
|
$ |
7 |
|
|
$ |
14 |
|
|
$ |
— |
|
|
$ |
25 |
|
|
|
|
|
|
| Universal life insurance |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
55 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
56 |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
885 |
|
|
|
1 |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
|
|
888 |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
569 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
569 |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
1,509 |
|
|
$ |
1 |
|
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,513 |
|
|
|
|
|
|
| Fixed accounts of variable universal life insurance |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
4 |
|
|
$ |
3 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
9 |
|
|
$ |
18 |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
30 |
|
|
|
— |
|
|
|
1 |
|
|
|
2 |
|
|
|
2 |
|
|
|
35 |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
134 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
137 |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
648 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
648 |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
816 |
|
|
$ |
4 |
|
|
$ |
4 |
|
|
$ |
3 |
|
|
$ |
11 |
|
|
$ |
838 |
|
|
|
|
|
|
| Non-indexed accounts of indexed universal life insurance |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3 |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
126 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
126 |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
126 |
|
|
$ |
— |
|
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
129 |
|
|
|
|
|
|
| Other life insurance |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
32 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
32 |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
314 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
314 |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
346 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
346 |
|
|
|
|
|
|
| Total |
|
|
1 |
% |
|
– |
|
|
1.99 |
% |
|
$ |
646 |
|
|
$ |
517 |
|
|
$ |
165 |
|
|
$ |
48 |
|
|
$ |
19 |
|
|
$ |
1,395 |
|
|
|
|
2 |
% |
|
– |
|
|
2.99 |
% |
|
|
455 |
|
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
461 |
|
|
|
|
3 |
% |
|
– |
|
|
3.99 |
% |
|
|
7,006 |
|
|
|
2 |
|
|
|
3 |
|
|
|
2 |
|
|
|
— |
|
|
|
7,013 |
|
|
|
|
4 |
% |
|
– |
|
|
5.00 |
% |
|
|
5,475 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,475 |
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
13,582 |
|
|
$ |
519 |
|
|
$ |
170 |
|
|
$ |
52 |
|
|
$ |
21 |
|
|
$ |
14,344 |
|
|
|
|
|
|
F-35
RiverSource Life Insurance Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
| |
|
|
|
|
|
|
|
|
|
|
Account Values with Crediting Rates |
|
| (in millions, except percentages) |
|
Range of
Guaranteed
Minimum
Crediting
Rates |
|
|
At
Guaranteed
Minimum |
|
|
1-49 bps above
Guaranteed
Minimum |
|
|
50-99 bps above
Guaranteed
Minimum |
|
|
100-150 bps above
Guaranteed
Minimum |
|
|
Greater than
150 bps above
Guaranteed
Minimum |
|
|
Total |
|
| Percentage of total account values that reset in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Next 12 months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.8 |
% |
|
|
96.3 |
% |
|
|
93.8 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
99.6 |
% |
| > 12 months to 24 months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.1 |
|
|
|
3.0 |
|
|
|
5.8 |
|
|
|
— |
|
|
|
— |
|
|
|
0.3 |
|
| > 24 months |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.1 |
|
|
|
0.7 |
|
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
| Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
|
|
100.0 |
% |
The following tables summarize the balances of and changes in the liability for future policy benefits, including the
January 1, 2021 adoption of ASU 2018-12:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Life Contingent
Payout
Annuities |
|
|
Term and
Whole Life
Insurance |
|
|
Disability
Income
Insurance |
|
|
Long Term
Care Insurance |
|
|
Total, All
Products |
|
| Pre-adoption balance at December 31, 2020 |
|
$ |
1,536 |
|
|
$ |
633 |
|
|
$ |
530 |
|
|
$ |
5,749 |
|
|
$ |
8,448 |
|
| Effect of shadow reserve adjustments |
|
|
(175 |
) |
|
|
— |
|
|
|
— |
|
|
|
(566 |
) |
|
|
(741 |
) |
| Adjustments for loss contracts (with premiums in excess of gross premiums) under the modified retrospective
approach |
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
35 |
|
|
|
39 |
|
| Effect of change in deferred profit liability |
|
|
(43 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(43 |
) |
| Effect of remeasurement of the liability at the current single A
discount rate |
|
|
215 |
|
|
|
265 |
|
|
|
238 |
|
|
|
1,965 |
|
|
|
2,683 |
|
| Post-adoption balance at January 1, 2021 |
|
|
1,537 |
|
|
|
898 |
|
|
|
768 |
|
|
|
7,183 |
|
|
|
10,386 |
|
| Less: reinsurance recoverable |
|
|
— |
|
|
|
601 |
|
|
|
24 |
|
|
|
3,623 |
|
|
|
4,248 |
|
| Post-adoption balance at January 1, 2021, after reinsurance
recoverable |
|
$ |
1,537 |
|
|
$ |
297 |
|
|
$ |
744 |
|
|
$ |
3,560 |
|
|
$ |
6,138 |
|
F-36
RiverSource Life Insurance Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions, except percentages) |
|
Life Contingent
Payout
Annuities |
|
|
Term and
Whole Life
Insurance |
|
|
Disability
Income
Insurance |
|
|
Long Term
Care Insurance |
|
|
Total, All
Products |
|
| Present Value of Expected Net Premiums: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at January 1, 2021 |
|
$ |
— |
|
|
$ |
702 |
|
|
$ |
238 |
|
|
$ |
1,831 |
|
|
$ |
2,771 |
|
| Beginning balance at original discount rate |
|
|
— |
|
|
|
536 |
|
|
|
183 |
|
|
|
1,498 |
|
|
|
2,217 |
|
| Effect of changes in cash flow assumptions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6 |
) |
|
|
(6 |
) |
| Effect of actual variances from expected experience |
|
|
— |
|
|
|
56 |
|
|
|
(35 |
) |
|
|
(61 |
) |
|
|
(40 |
) |
| Adjusted beginning of year balance |
|
$ |
— |
|
|
$ |
592 |
|
|
$ |
148 |
|
|
$ |
1,431 |
|
|
$ |
2,171 |
|
| Issuances |
|
|
38 |
|
|
|
78 |
|
|
|
18 |
|
|
|
— |
|
|
|
134 |
|
| Interest accrual |
|
|
— |
|
|
|
29 |
|
|
|
9 |
|
|
|
73 |
|
|
|
111 |
|
| Net premiums collected |
|
|
(38 |
) |
|
|
(63 |
) |
|
|
(20 |
) |
|
|
(184 |
) |
|
|
(305 |
) |
| Derecognition (lapses) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Ending balance at original discount rate |
|
$ |
— |
|
|
$ |
636 |
|
|
$ |
155 |
|
|
$ |
1,320 |
|
|
$ |
2,111 |
|
| Effect of changes in discount rate assumptions |
|
|
— |
|
|
|
141 |
|
|
|
33 |
|
|
|
227 |
|
|
|
401 |
|
| Balance at December 31, 2021 |
|
$ |
— |
|
|
$ |
777 |
|
|
$ |
188 |
|
|
$ |
1,547 |
|
|
$ |
2,512 |
|
| Present Value of Future Policy Benefits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at January 1, 2021 |
|
$ |
1,537 |
|
|
$ |
1,600 |
|
|
$ |
1,006 |
|
|
$ |
9,014 |
|
|
$ |
13,157 |
|
| Beginning balance at original discount rate |
|
|
1,321 |
|
|
|
1,169 |
|
|
|
714 |
|
|
|
6,716 |
|
|
|
9,920 |
|
| Effect of changes in cash flow assumptions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8 |
) |
|
|
(8 |
) |
| Effect of actual variances from expected experience |
|
|
(14 |
) |
|
|
58 |
|
|
|
(40 |
) |
|
|
(124 |
) |
|
|
(120 |
) |
| Adjusted beginning of year balance |
|
$ |
1,307 |
|
|
$ |
1,227 |
|
|
$ |
674 |
|
|
$ |
6,584 |
|
|
$ |
9,792 |
|
| Issuances |
|
|
39 |
|
|
|
78 |
|
|
|
18 |
|
|
|
— |
|
|
|
135 |
|
| Interest accrual |
|
|
53 |
|
|
|
70 |
|
|
|
39 |
|
|
|
347 |
|
|
|
509 |
|
| Benefit payments |
|
|
(168 |
) |
|
|
(120 |
) |
|
|
(43 |
) |
|
|
(336 |
) |
|
|
(667 |
) |
| Derecognition (lapses) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Ending balance at original discount rate |
|
$ |
1,231 |
|
|
$ |
1,255 |
|
|
$ |
688 |
|
|
$ |
6,595 |
|
|
$ |
9,769 |
|
| Effect of changes in discount rate assumptions |
|
|
139 |
|
|
|
343 |
|
|
|
226 |
|
|
|
1,755 |
|
|
|
2,463 |
|
| Balance at December 31, 2021 |
|
$ |
1,370 |
|
|
$ |
1,598 |
|
|
$ |
914 |
|
|
$ |
8,350 |
|
|
$ |
12,232 |
|
| Adjustment due to reserve flooring |
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1 |
|
| Net liability for future policy benefits |
|
$ |
1,370 |
|
|
$ |
822 |
|
|
$ |
726 |
|
|
$ |
6,803 |
|
|
$ |
9,721 |
|
| Less: reinsurance recoverable |
|
|
1,265 |
|
|
|
558 |
|
|
|
25 |
|
|
|
3,443 |
|
|
|
5,291 |
|
| Net liability for future policy benefits, after reinsurance
recoverable |
|
$ |
105 |
|
|
$ |
264 |
|
|
$ |
701 |
|
|
$ |
3,360 |
|
|
$ |
4,430 |
|
| Discounted expected future gross premiums |
|
$ |
— |
|
|
$ |
2,005 |
|
|
$ |
1,158 |
|
|
$ |
1,623 |
|
|
$ |
4,786 |
|
| Expected future gross premiums |
|
$ |
— |
|
|
$ |
2,815 |
|
|
$ |
1,395 |
|
|
$ |
1,905 |
|
|
$ |
6,115 |
|
| Expected future benefit payments |
|
$ |
1,707 |
|
|
$ |
2,159 |
|
|
$ |
1,217 |
|
|
$ |
11,568 |
|
|
$ |
16,651 |
|
| Weighted average interest accretion rate |
|
|
4.2 |
% |
|
|
6.5 |
% |
|
|
5.9 |
% |
|
|
5.3 |
% |
|
|
|
|
| Weighted average discount rate |
|
|
2.6 |
% |
|
|
2.8 |
% |
|
|
2.8 |
% |
|
|
2.9 |
% |
|
|
|
|
| Weighted average duration of liability (in years) |
|
|
7 |
|
|
|
8 |
|
|
|
9 |
|
|
|
10 |
|
|
|
|
|
F-37
RiverSource Life Insurance Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions, except percentages) |
|
Life Contingent
Payout
Annuities |
|
|
Term and
Whole Life
Insurance |
|
|
Disability
Income
Insurance |
|
|
Long Term
Care Insurance |
|
|
Total, All
Products |
|
| |
|
|
|
| Present Value of Expected Net Premiums: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at January 1, 2022 |
|
$ |
— |
|
|
$ |
777 |
|
|
$ |
188 |
|
|
$ |
1,547 |
|
|
$ |
2,512 |
|
| Beginning balance at original discount rate |
|
|
— |
|
|
|
636 |
|
|
|
155 |
|
|
|
1,320 |
|
|
|
2,111 |
|
| Effect of changes in cash flow assumptions |
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
52 |
|
|
|
54 |
|
| Effect of actual variances from expected experience |
|
|
— |
|
|
|
47 |
|
|
|
(22 |
) |
|
|
(48 |
) |
|
|
(23 |
) |
| Adjusted beginning of year balance |
|
$ |
— |
|
|
$ |
684 |
|
|
$ |
134 |
|
|
$ |
1,324 |
|
|
$ |
2,142 |
|
| Issuances |
|
|
42 |
|
|
|
57 |
|
|
|
12 |
|
|
|
— |
|
|
|
111 |
|
| Interest accrual |
|
|
— |
|
|
|
34 |
|
|
|
7 |
|
|
|
65 |
|
|
|
106 |
|
| Net premiums collected |
|
|
(42 |
) |
|
|
(67 |
) |
|
|
(16 |
) |
|
|
(169 |
) |
|
|
(294 |
) |
| Derecognition (lapses) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Ending balance at original discount rate |
|
$ |
— |
|
|
$ |
708 |
|
|
$ |
137 |
|
|
$ |
1,220 |
|
|
$ |
2,065 |
|
| Effect of changes in discount rate assumptions |
|
|
— |
|
|
|
(22 |
) |
|
|
(3 |
) |
|
|
(13 |
) |
|
|
(38 |
) |
| Balance at December 31, 2022 |
|
$ |
— |
|
|
$ |
686 |
|
|
$ |
134 |
|
|
$ |
1,207 |
|
|
$ |
2,027 |
|
| Present Value of Future Policy Benefits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at January 1, 2022 |
|
$ |
1,370 |
|
|
$ |
1,598 |
|
|
$ |
914 |
|
|
$ |
8,350 |
|
|
$ |
12,232 |
|
| Beginning balance at original discount rate |
|
|
1,231 |
|
|
|
1,255 |
|
|
|
688 |
|
|
|
6,595 |
|
|
|
9,769 |
|
| Effect of changes in cash flow assumptions |
|
|
— |
|
|
|
(8 |
) |
|
|
1 |
|
|
|
42 |
|
|
|
35 |
|
| Effect of actual variances from expected experience |
|
|
(13 |
) |
|
|
52 |
|
|
|
(28 |
) |
|
|
(36 |
) |
|
|
(25 |
) |
| Adjusted beginning of year balance |
|
$ |
1,218 |
|
|
$ |
1,299 |
|
|
$ |
661 |
|
|
$ |
6,601 |
|
|
$ |
9,779 |
|
| Issuances |
|
|
42 |
|
|
|
57 |
|
|
|
12 |
|
|
|
— |
|
|
|
111 |
|
| Interest accrual |
|
|
49 |
|
|
|
73 |
|
|
|
38 |
|
|
|
336 |
|
|
|
496 |
|
| Benefit payments |
|
|
(154 |
) |
|
|
(116 |
) |
|
|
(42 |
) |
|
|
(368 |
) |
|
|
(680 |
) |
| Derecognition (lapses) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Ending balance at original discount rate |
|
$ |
1,155 |
|
|
$ |
1,313 |
|
|
$ |
669 |
|
|
$ |
6,569 |
|
|
$ |
9,706 |
|
| Effect of changes in discount rate assumptions |
|
|
(90 |
) |
|
|
6 |
|
|
|
27 |
|
|
|
(130 |
) |
|
|
(187 |
) |
| Balance at December 31, 2022 |
|
$ |
1,065 |
|
|
$ |
1,319 |
|
|
$ |
696 |
|
|
$ |
6,439 |
|
|
$ |
9,519 |
|
| Adjustment due to reserve flooring |
|
$ |
— |
|
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3 |
|
| Net liability for future policy benefits |
|
$ |
1,065 |
|
|
$ |
636 |
|
|
$ |
562 |
|
|
$ |
5,232 |
|
|
$ |
7,495 |
|
| Less: reinsurance recoverable |
|
|
949 |
|
|
|
443 |
|
|
|
19 |
|
|
|
2,649 |
|
|
|
4,060 |
|
| Net liability for future policy benefits, after reinsurance
recoverable |
|
$ |
116 |
|
|
$ |
193 |
|
|
$ |
543 |
|
|
$ |
2,583 |
|
|
$ |
3,435 |
|
| Discounted expected future gross premiums |
|
$ |
— |
|
|
$ |
1,855 |
|
|
$ |
926 |
|
|
$ |
1,381 |
|
|
$ |
4,162 |
|
| Expected future gross premiums |
|
$ |
— |
|
|
$ |
3,183 |
|
|
$ |
1,331 |
|
|
$ |
1,908 |
|
|
$ |
6,422 |
|
| Expected future benefit payments |
|
$ |
1,595 |
|
|
$ |
2,234 |
|
|
$ |
1,169 |
|
|
$ |
11,229 |
|
|
$ |
16,227 |
|
| Weighted average interest accretion rate |
|
|
4.1 |
% |
|
|
6.4 |
% |
|
|
6.1 |
% |
|
|
5.2 |
% |
|
|
|
|
| Weighted average discount rate |
|
|
5.2 |
% |
|
|
5.5 |
% |
|
|
5.4 |
% |
|
|
5.4 |
% |
|
|
|
|
| Weighted average duration of liability (in years) |
|
|
6 |
|
|
|
7 |
|
|
|
8 |
|
|
|
9 |
|
|
|
|
|
F-38
RiverSource Life Insurance Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions, except percentages) |
|
Life Contingent
Payout
Annuities |
|
|
Term and
Whole Life
Insurance |
|
|
Disability
Income
Insurance |
|
|
Long Term
Care Insurance |
|
|
Total, All
Products |
|
| Present Value of Expected Net Premiums: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at January 1, 2023 |
|
$ |
— |
|
|
$ |
686 |
|
|
$ |
134 |
|
|
$ |
1,207 |
|
|
$ |
2,027 |
|
| Beginning balance at original discount rate |
|
|
— |
|
|
|
708 |
|
|
|
137 |
|
|
|
1,220 |
|
|
|
2,065 |
|
| Effect of changes in cash flow assumptions |
|
|
— |
|
|
|
(19 |
) |
|
|
(19 |
) |
|
|
19 |
|
|
|
(19 |
) |
| Effect of actual variances from expected experience |
|
|
— |
|
|
|
(2 |
) |
|
|
(18 |
) |
|
|
(3 |
) |
|
|
(23 |
) |
| Adjusted beginning of year balance |
|
$ |
— |
|
|
$ |
687 |
|
|
$ |
100 |
|
|
$ |
1,236 |
|
|
$ |
2,023 |
|
| Issuances |
|
|
177 |
|
|
|
55 |
|
|
|
12 |
|
|
|
— |
|
|
|
244 |
|
| Interest accrual |
|
|
1 |
|
|
|
36 |
|
|
|
5 |
|
|
|
59 |
|
|
|
101 |
|
| Net premiums collected |
|
|
(178 |
) |
|
|
(70 |
) |
|
|
(12 |
) |
|
|
(158 |
) |
|
|
(418 |
) |
| Derecognition (lapses) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Ending balance at original discount rate |
|
$ |
— |
|
|
$ |
708 |
|
|
$ |
105 |
|
|
$ |
1,137 |
|
|
$ |
1,950 |
|
| Effect of changes in discount rate assumptions |
|
|
— |
|
|
|
(5 |
) |
|
|
(1 |
) |
|
|
9 |
|
|
|
3 |
|
| Balance at December 31, 2023 |
|
$ |
— |
|
|
$ |
703 |
|
|
$ |
104 |
|
|
$ |
1,146 |
|
|
$ |
1,953 |
|
| Present Value of Future Policy Benefits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at January 1, 2023 |
|
$ |
1,065 |
|
|
$ |
1,319 |
|
|
$ |
696 |
|
|
$ |
6,439 |
|
|
$ |
9,519 |
|
| Beginning balance at original discount rate |
|
|
1,155 |
|
|
|
1,313 |
|
|
|
669 |
|
|
|
6,569 |
|
|
|
9,706 |
|
| Effect of changes in cash flow assumptions |
|
|
— |
|
|
|
(18 |
) |
|
|
(25 |
) |
|
|
9 |
|
|
|
(34 |
) |
| Effect of actual variances from expected experience |
|
|
(10 |
) |
|
|
(1 |
) |
|
|
(29 |
) |
|
|
5 |
|
|
|
(35 |
) |
| Adjusted beginning of year balance |
|
$ |
1,145 |
|
|
$ |
1,294 |
|
|
$ |
615 |
|
|
$ |
6,583 |
|
|
$ |
9,637 |
|
| Issuances |
|
|
177 |
|
|
|
56 |
|
|
|
11 |
|
|
|
— |
|
|
|
244 |
|
| Interest accrual |
|
|
50 |
|
|
|
73 |
|
|
|
37 |
|
|
|
329 |
|
|
|
489 |
|
| Benefit payments |
|
|
(150 |
) |
|
|
(132 |
) |
|
|
(42 |
) |
|
|
(405 |
) |
|
|
(729 |
) |
| Derecognition (lapses) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Ending balance at original discount rate |
|
$ |
1,222 |
|
|
$ |
1,291 |
|
|
$ |
621 |
|
|
$ |
6,507 |
|
|
$ |
9,641 |
|
| Effect of changes in discount rate assumptions |
|
|
(58 |
) |
|
|
34 |
|
|
|
40 |
|
|
|
54 |
|
|
|
70 |
|
| Balance at December 31, 2023 |
|
$ |
1,164 |
|
|
$ |
1,325 |
|
|
$ |
661 |
|
|
$ |
6,561 |
|
|
$ |
9,711 |
|
| Adjustment due to reserve flooring |
|
$ |
— |
|
|
$ |
5 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5 |
|
| Net liability for future policy benefits |
|
$ |
1,164 |
|
|
$ |
627 |
|
|
$ |
557 |
|
|
$ |
5,415 |
|
|
$ |
7,763 |
|
| Less: reinsurance recoverable |
|
|
880 |
|
|
|
440 |
|
|
|
22 |
|
|
|
2,738 |
|
|
|
4,080 |
|
| Net liability for future policy benefits, after reinsurance
recoverable |
|
$ |
284 |
|
|
$ |
187 |
|
|
$ |
535 |
|
|
$ |
2,677 |
|
|
$ |
3,683 |
|
| Discounted expected future gross premiums |
|
$ |
— |
|
|
$ |
1,764 |
|
|
$ |
904 |
|
|
$ |
1,325 |
|
|
$ |
3,993 |
|
| Expected future gross premiums |
|
$ |
— |
|
|
$ |
2,938 |
|
|
$ |
1,269 |
|
|
$ |
1,786 |
|
|
$ |
5,993 |
|
| Expected future benefit payments |
|
$ |
1,726 |
|
|
$ |
2,166 |
|
|
$ |
1,068 |
|
|
$ |
10,850 |
|
|
$ |
15,810 |
|
| Weighted average interest accretion rate |
|
|
4.2 |
% |
|
|
6.2 |
% |
|
|
6.1 |
% |
|
|
5.0 |
% |
|
|
|
|
| Weighted average discount rate |
|
|
4.9 |
% |
|
|
5.1 |
% |
|
|
5.1 |
% |
|
|
5.1 |
% |
|
|
|
|
| Weighted average duration of liability (in years) |
|
|
7 |
|
|
|
7 |
|
|
|
8 |
|
|
|
8 |
|
|
|
|
|
Impacts of the annual review of policy benefit reserves assumptions are reflected within the effect of changes in cash flow
assumptions in the disaggregated rollforwards above. The annual review of policy benefit reserves assumptions in the third quarter of 2023 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC premium rate
increase assumptions. The annual review of policy benefit reserves assumptions in the third quarter of 2022 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC morbidity, premium rate increase and benefit
reduction assumptions, and updates to Term Life lapse assumptions. The annual review of policy benefit reserves assumptions in the third quarter of 2021 resulted in a net decrease in future policy benefit reserves, primarily due to updates to LTC
premium rate increase and benefit reduction assumptions.
F-39
RiverSource Life Insurance Company
The balances of and changes in additional liabilities related to insurance guarantees were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions, except percentages) |
|
Universal Life
Insurance |
|
|
Variable
Universal Life
Insurance |
|
|
Other Life
Insurance |
|
|
Total,
All Products |
|
| Balance at January 1, 2023 |
|
$ |
1,100 |
|
|
$ |
74 |
|
|
$ |
12 |
|
|
$ |
1,186 |
|
| Interest accrual |
|
|
35 |
|
|
|
5 |
|
|
|
1 |
|
|
|
41 |
|
| Benefit accrual |
|
|
128 |
|
|
|
8 |
|
|
|
2 |
|
|
|
138 |
|
| Benefit payments |
|
|
(50 |
) |
|
|
(18 |
) |
|
|
(4 |
) |
|
|
(72 |
) |
| Effect of actual variances from expected experience |
|
|
(13 |
) |
|
|
11 |
|
|
|
(2 |
) |
|
|
(4 |
) |
| Impact of change in net unrealized (gains) losses on
securities |
|
|
25 |
|
|
|
1 |
|
|
|
6 |
|
|
|
32 |
|
| Balance at December 31, 2023 |
|
$ |
1,225 |
|
|
$ |
81 |
|
|
$ |
15 |
|
|
$ |
1,321 |
|
| Weighted average interest accretion rate |
|
|
3.0 |
% |
|
|
6.9 |
% |
|
|
4.0 |
% |
|
|
|
|
| Weighted average discount rate |
|
|
3.2 |
% |
|
|
7.1 |
% |
|
|
4.0 |
% |
|
|
|
|
| Weighted average duration of reserves (in years) |
|
|
10 |
|
|
|
8 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions, except percentages) |
|
Universal Life
Insurance |
|
|
Variable
Universal Life
Insurance |
|
|
Other Life
Insurance |
|
|
Total,
All Products |
|
| Balance at January 1, 2022 |
|
$ |
1,120 |
|
|
$ |
76 |
|
|
$ |
46 |
|
|
$ |
1,242 |
|
| Interest accrual |
|
|
32 |
|
|
|
5 |
|
|
|
1 |
|
|
|
38 |
|
| Benefit accrual |
|
|
108 |
|
|
|
8 |
|
|
|
— |
|
|
|
116 |
|
| Benefit payments |
|
|
(43 |
) |
|
|
(14 |
) |
|
|
(4 |
) |
|
|
(61 |
) |
| Effect of actual variances from expected experience |
|
|
(19 |
) |
|
|
2 |
|
|
|
(2 |
) |
|
|
(19 |
) |
| Impact of change in net unrealized (gains) losses on
securities |
|
|
(98 |
) |
|
|
(3 |
) |
|
|
(29 |
) |
|
|
(130 |
) |
| Balance at December 31, 2022 |
|
$ |
1,100 |
|
|
$ |
74 |
|
|
$ |
12 |
|
|
$ |
1,186 |
|
| Weighted average interest accretion rate |
|
|
2.9 |
% |
|
|
7.0 |
% |
|
|
4.1 |
% |
|
|
|
|
| Weighted average discount rate |
|
|
3.2 |
% |
|
|
7.1 |
% |
|
|
4.0 |
% |
|
|
|
|
| Weighted average duration of reserves (in years) |
|
|
10 |
|
|
|
8 |
|
|
|
6 |
|
|
|
|
|
The amount of revenue and interest recognized in the Statement of Income was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| (in millions) |
|
Gross
Premiums |
|
|
Interest
Expense |
|
|
Gross
Premiums |
|
|
Interest
Expense |
|
|
Gross
Premiums |
|
|
Interest
Expense |
|
| Life contingent payout annuities |
|
$ |
196 |
|
|
$ |
49 |
|
|
$ |
45 |
|
|
$ |
49 |
|
|
$ |
39 |
|
|
$ |
53 |
|
| Term and whole life insurance |
|
|
169 |
|
|
|
37 |
|
|
|
169 |
|
|
|
39 |
|
|
|
166 |
|
|
|
41 |
|
| Disability income insurance |
|
|
124 |
|
|
|
32 |
|
|
|
127 |
|
|
|
31 |
|
|
|
131 |
|
|
|
30 |
|
| Long term care insurance |
|
|
185 |
|
|
|
270 |
|
|
|
189 |
|
|
|
271 |
|
|
|
192 |
|
|
|
274 |
|
| Total |
|
$ |
674 |
|
|
$ |
388 |
|
|
$ |
530 |
|
|
$ |
390 |
|
|
$ |
528 |
|
|
$ |
398 |
|
The following tables summarize the balances of and changes in unearned revenue, including the January 1, 2021 adoption of ASU 2018-12.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Universal Life
Insurance |
|
|
Variable
Universal Life
Insurance |
|
|
Indexed
Universal Life
Insurance |
|
|
Total,
All Products |
|
| Pre-adoption balance at December 31, 2020 |
|
$ |
19 |
|
|
$ |
76 |
|
|
$ |
— |
|
|
$ |
95 |
|
| Effect of shadow reserve adjustments |
|
|
5 |
|
|
|
10 |
|
|
|
153 |
|
|
|
168 |
|
| Post-adoption balance at January 1, 2021 |
|
|
24 |
|
|
|
86 |
|
|
|
153 |
|
|
|
263 |
|
| Deferral of revenue |
|
|
3 |
|
|
|
34 |
|
|
|
55 |
|
|
|
92 |
|
| Amortization |
|
|
(1 |
) |
|
|
(8 |
) |
|
|
(13 |
) |
|
|
(22 |
) |
| Balance at December 31, 2021 |
|
$ |
26 |
|
|
$ |
112 |
|
|
$ |
195 |
|
|
$ |
333 |
|
| Balance at January 1, 2022 |
|
$ |
26 |
|
|
$ |
112 |
|
|
$ |
195 |
|
|
$ |
333 |
|
| Deferral of revenue |
|
|
2 |
|
|
|
48 |
|
|
|
54 |
|
|
|
104 |
|
| Amortization |
|
|
(1 |
) |
|
|
(10 |
) |
|
|
(16 |
) |
|
|
(27 |
) |
| Balance at December 31, 2022 |
|
$ |
27 |
|
|
$ |
150 |
|
|
$ |
233 |
|
|
$ |
410 |
|
| Balance at January 1, 2023 |
|
$ |
27 |
|
|
$ |
150 |
|
|
$ |
233 |
|
|
$ |
410 |
|
| Deferral of revenue |
|
|
1 |
|
|
|
59 |
|
|
|
52 |
|
|
|
112 |
|
| Amortization |
|
|
(1 |
) |
|
|
(13 |
) |
|
|
(19 |
) |
|
|
(33 |
) |
| Balance at December 31, 2023 |
|
$ |
27 |
|
|
$ |
196 |
|
|
$ |
266 |
|
|
$ |
489 |
|
F-40
RiverSource Life Insurance Company
11. SEPARATE ACCOUNT ASSETS AND LIABILITIES
The fair value of
separate account assets is invested exclusively in mutual funds.
The balances of and changes in separate account liabilities were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Variable
Annuities |
|
|
Variable
Universal Life |
|
|
Total |
|
| Balance at January 1, 2023 |
|
$ |
63,223 |
|
|
$ |
7,653 |
|
|
$ |
70,876 |
|
| Premiums and deposits |
|
|
835 |
|
|
|
459 |
|
|
|
1,294 |
|
| Policy charges |
|
|
(1,343 |
) |
|
|
(292 |
) |
|
|
(1,635 |
) |
| Surrenders and other benefits |
|
|
(5,378 |
) |
|
|
(317 |
) |
|
|
(5,695 |
) |
| Investment return |
|
|
8,477 |
|
|
|
1,250 |
|
|
|
9,727 |
|
| Net transfer from (to) general account |
|
|
25 |
|
|
|
42 |
|
|
|
67 |
|
| Balance at December 31, 2023 |
|
$ |
65,839 |
|
|
$ |
8,795 |
|
|
$ |
74,634 |
|
| Cash surrender value |
|
$ |
64,280 |
|
|
$ |
8,263 |
|
|
$ |
72,543 |
|
|
|
|
|
| (in millions) |
|
Variable
Annuities |
|
|
Variable
Universal Life |
|
|
Total |
|
| Balance at January 1, 2022 |
|
$ |
82,862 |
|
|
$ |
9,376 |
|
|
$ |
92,238 |
|
| Premiums and deposits |
|
|
1,067 |
|
|
|
425 |
|
|
|
1,492 |
|
| Policy charges |
|
|
(1,396 |
) |
|
|
(278 |
) |
|
|
(1,674 |
) |
| Surrenders and other benefits |
|
|
(4,923 |
) |
|
|
(286 |
) |
|
|
(5,209 |
) |
| Investment return |
|
|
(14,450 |
) |
|
|
(1,654 |
) |
|
|
(16,104 |
) |
| Net transfer from (to) general account |
|
|
63 |
|
|
|
70 |
|
|
|
133 |
|
| Balance at December 31, 2022 |
|
$ |
63,223 |
|
|
$ |
7,653 |
|
|
$ |
70,876 |
|
| Cash surrender value |
|
$ |
61,461 |
|
|
$ |
7,200 |
|
|
$ |
68,661 |
|
12. MARKET RISK BENEFITS
Market risk benefits are contracts or contract features that both provide protection to the contractholder from other-than-nominal capital market risk and
expose the Company to other-than-nominal capital market risk. Most of the variable annuity contracts issued by the Company contain a GMDB provision. The Company previously offered contracts containing GMWB, GMAB, or GMIB provisions.
The GMDB provisions provide a specified minimum return upon death of the contractholder. The death benefit payable is the greater of (i) the contract
value less any purchase payment credits subject to recapture less a pro-rata portion of any rider fees, or (ii) the GMDB provisions specified in the contract. The Company has the following primary
GMDB provisions:
| • |
|
Return of premium — provides purchase payments minus adjusted partial surrenders. |
| • |
|
Reset — provides that the value resets to the account value at specified contract anniversary intervals
minus adjusted partial surrenders. This provision was often provided in combination with the return of premium provision and is no longer offered. |
| • |
|
Ratchet — provides that the value ratchets up to the maximum account value at specified anniversary
intervals, plus subsequent purchase payments less adjusted partial surrenders. |
The variable annuity contracts with GMWB riders typically
have account values that are based on an underlying portfolio of mutual funds, the values of which fluctuate based on fund performance. At contract issue, the guaranteed amount is equal to the amount deposited but the guarantee may be increased
annually to the account value (a “step-up”) in the case of favorable market performance or by a benefit credit if the contract includes this provision.
The Company has GMWB riders in force, which contain one or more of the following provisions:
| • |
|
Withdrawals at a specified rate per year until the amount withdrawn is equal to the guaranteed amount.
|
| • |
|
Withdrawals at a specified rate per year for the life of the contractholder (“GMWB for life”).
|
| • |
|
Withdrawals at a specified rate per year for joint contractholders while either is alive. |
| • |
|
Withdrawals based on performance of the contract. |
| • |
|
Withdrawals based on the age withdrawals begin. |
| • |
|
Credits are applied annually for a specified number of years to increase the guaranteed amount as long as
withdrawals have not been taken. |
F-41
RiverSource Life Insurance Company
Variable annuity contractholders age 79 or younger at contract issue could obtain a principal-back guarantee by purchasing the optional GMAB rider for an
additional charge. The GMAB rider guarantees that, regardless of market performance at the end of the 10-year waiting period, the contract value will be no less than the original investment or a specified
percentage of the highest anniversary value, adjusted for withdrawals. If the contract value is less than the guarantee at the end of the 10-year period, a lump sum will be added to the contract value to make
the contract value equal to the guarantee value.
Individual variable annuity contracts may have both a death benefit and a living benefit. Net amount at
risk is quantified for each benefit and a composite net amount at risk is calculated using the greater of the death benefit or living benefit for each individual contract. The net amount at risk for GMDB and GMAB is defined as the current guaranteed
benefit amount in excess of the current contract value. The net amount at risk for GMIB is defined as the greater of the present value of the minimum guaranteed annuity payments less the current contract value or zero. The net amount at risk for
GMWB is defined as the greater of the present value of the minimum guaranteed withdrawal payments less the current contract value or zero.
The following
tables summarize the balances of and changes in market risk benefits, including the January 1, 2021 adoption of ASU 2018-12:
|
|
|
|
|
| |
|
(in millions) |
|
| Pre-adoption balance at December 31, 2020 |
|
$ |
3,084 |
|
| Effect of shadow reserve adjustments |
|
|
(3 |
) |
| Adjustments for the cumulative effect of the changes in instrument-specific credit risk on market risk
benefits between the original contract issuance date and the transition date |
|
|
670 |
|
| Adjustments to the host contract for differences between previous carrying amount and fair value measurement
for the market risk benefits under the option-based method of valuation |
|
|
20 |
|
| Adjustments for the remaining difference (exclusive of the
instrument-specific credit risk change and host contract adjustments) between previous carrying amount and fair value measurements for the market risk benefits |
|
|
1,058 |
|
| Post-adoption balance at January 1, 2021 |
|
$ |
4,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| (in millions, except age) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Balance at beginning of period |
|
$ |
1,103 |
|
|
$ |
2,901 |
|
|
$ |
4,829 |
|
| Issuances |
|
|
17 |
|
|
|
27 |
|
|
|
45 |
|
| Interest accrual and time decay |
|
|
(53 |
) |
|
|
(237 |
) |
|
|
(294 |
) |
| Reserve increase from attributed fees collected |
|
|
788 |
|
|
|
810 |
|
|
|
819 |
|
| Reserve release for benefit payments and derecognition |
|
|
(35 |
) |
|
|
(29 |
) |
|
|
(8 |
) |
| Effect of changes in interest rates and bond markets |
|
|
(367 |
) |
|
|
(4,193 |
) |
|
|
(1,053 |
) |
| Effect of changes in equity markets and subaccount performance |
|
|
(1,267 |
) |
|
|
2,258 |
|
|
|
(1,558 |
) |
| Effect of changes in equity index volatility |
|
|
(67 |
) |
|
|
205 |
|
|
|
73 |
|
| Actual policyholder behavior different from expected behavior |
|
|
5 |
|
|
|
17 |
|
|
|
52 |
|
| Effect of changes in other future expected assumptions |
|
|
128 |
|
|
|
(139 |
) |
|
|
123 |
|
| Effect of changes in the instrument-specific credit risk on market
risk benefits |
|
|
83 |
|
|
|
(517 |
) |
|
|
(127 |
) |
| Balance at end of period |
|
$ |
335 |
|
|
$ |
1,103 |
|
|
$ |
2,901 |
|
| Reconciliation of the gross balances in an asset or liability position: |
|
|
|
|
|
|
|
|
|
|
|
|
| Asset position |
|
$ |
1,427 |
|
|
$ |
1,015 |
|
|
$ |
539 |
|
| Liability position |
|
|
(1,762 |
) |
|
|
(2,118 |
) |
|
|
(3,440 |
) |
| Net asset (liability) position |
|
$ |
(335 |
) |
|
$ |
(1,103 |
) |
|
$ |
(2,901 |
) |
| Guaranteed benefit amount in excess of current account balances (net amount at risk): |
|
|
|
|
|
|
|
|
|
| Death benefits |
|
$ |
913 |
|
|
$ |
2,781 |
|
|
$ |
251 |
|
| Living benefits |
|
$ |
2,513 |
|
|
$ |
3,364 |
|
|
$ |
195 |
|
| Composite (greater of) |
|
$ |
3,308 |
|
|
$ |
5,830 |
|
|
$ |
441 |
|
| Weighted average attained age of contractholders |
|
|
69 |
|
|
|
68 |
|
|
|
68 |
|
| Changes in unrealized (gains) losses in net income relating to liabilities held at end of period |
|
$ |
(1,551 |
) |
|
$ |
(2,044 |
) |
|
$ |
(2,502 |
) |
| Changes in unrealized (gains) losses in other comprehensive income relating to liabilities held at end of
period |
|
$ |
84 |
|
|
$ |
(505 |
) |
|
$ |
(102 |
) |
F-42
RiverSource Life Insurance Company
The following tables provide a summary of the significant inputs and assumptions used in the fair value measurements developed by the Company or reasonably
available to the Company of market risk benefits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2023 |
|
| |
|
Fair Value |
|
|
Valuation Technique |
|
Significant Inputs and Assumptions |
|
Range |
|
|
|
|
|
Weighted
Average |
|
| |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Market risk benefits |
|
$ |
335 |
|
|
Discounted cash flow |
|
Utilization of guaranteed withdrawals(1) |
|
|
0.0 |
% |
|
– |
|
|
48.0 |
% |
|
|
|
|
|
|
11.6 |
% |
|
|
|
|
|
|
|
|
Surrender rate(2) |
|
|
0.3 |
% |
|
– |
|
|
75.0 |
% |
|
|
|
|
|
|
3.7 |
% |
|
|
|
|
|
|
|
|
Market volatility(3) |
|
|
0.0 |
% |
|
– |
|
|
25.2 |
% |
|
|
|
|
|
|
10.6 |
% |
|
|
|
|
|
|
|
|
Nonperformance risk(4) |
|
|
85 bps |
|
|
|
|
|
|
|
85 |
bps |
|
|
|
|
|
|
|
|
Mortality rate(5) |
|
|
0.0 |
% |
|
– |
|
|
41.6 |
% |
|
|
|
|
|
|
1.6 |
% |
|
|
| |
|
December 31, 2022 |
|
| |
|
Fair Value |
|
|
Valuation Technique |
|
Significant Inputs and Assumptions |
|
Range |
|
|
|
|
|
Weighted
Average |
|
| |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Market risk benefits |
|
$ |
1,103 |
|
|
Discounted cash flow |
|
Utilization of guaranteed withdrawals(1) |
|
|
0.0 |
% |
|
– |
|
|
48.0 |
% |
|
|
|
|
|
|
11.0 |
% |
|
|
|
|
|
|
|
|
Surrender rate(2) |
|
|
0.2 |
% |
|
– |
|
|
45.6 |
% |
|
|
|
|
|
|
3.6 |
% |
|
|
|
|
|
|
|
|
Market volatility(3) |
|
|
0.0 |
% |
|
– |
|
|
26.6 |
% |
|
|
|
|
|
|
12.1 |
% |
|
|
|
|
|
|
|
|
Nonperformance risk(4) |
|
|
95 bps |
|
|
|
|
|
|
|
95 |
bps |
|
|
|
|
|
|
|
|
Mortality rate(5) |
|
|
0.0 |
% |
|
– |
|
|
41.6 |
% |
|
|
|
|
|
|
1.5 |
% |
| (1) |
The utilization of guaranteed withdrawals represents the percentage of contractholders that will begin withdrawing in any
given year. The weighted average utilization rate represents the average assumption, weighted based on the benefit base. The calculation excludes policies that have already started taking withdrawals. |
| (2) |
The weighted average surrender rate represents the average assumption weighted based on the account value of each
contract. |
| (3) |
Market volatility represents the implied volatility of each contractholder’s mix of funds. The weighted average
market volatility represents the average volatility across all contracts, weighted by the size of the guaranteed benefit. |
| (4) |
The nonperformance risk is the spread added to the U.S. Treasury curve. |
| (5) |
The weighted average mortality rate represents the average assumption weighted based on the account value of each
contract. |
Changes to Significant Inputs and Assumptions:
During the years ended December 31, 2023 and 2022, the Company updated inputs and assumptions based on management’s review of experience studies.
These updates resulted in the following notable changes in the fair value estimates of market risk benefits calculations:
Year ended December 31,
2023
| • |
|
Updates to utilization of guaranteed withdrawals assumptions resulted in a decrease to pre-tax income of $18 million. |
| • |
|
Updates to surrender assumptions resulted in a decrease to pre-tax income
of $110 million. |
Year ended December 31, 2022
| • |
|
Updates to utilization of guaranteed withdrawals assumptions resulted in a decrease to pre-tax income of $39 million. |
| • |
|
Updates to surrender assumptions resulted in a decrease to pre-tax income
of $200 million. |
| • |
|
Updates to mortality assumptions resulted in a decrease to pre-tax income
of $49 million. |
Refer to the rollforward of market risk benefits for the impacts of changes to interest rate, equity market,
volatility and nonperformance risk assumptions.
Uncertainty of Fair Value Measurements
Significant increases (decreases) in utilization and volatility used in the fair value measurement of market risk benefits in isolation would have resulted in
a significantly higher (lower) liability value.
Significant increases (decreases) in nonperformance risk and surrender assumptions used in the fair
value measurement of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.
Significant increases
(decreases) in mortality assumptions used in the fair value measurement of the death benefit portion of market risk benefits in isolation would have resulted in a significantly higher (lower) liability value whereas significant increases (decreases)
in mortality rates used in the fair values measurement of the life contingent portion of market risk benefits in isolation would have resulted in a significantly lower (higher) liability value.
Surrender assumptions, utilization assumptions and mortality assumptions vary with the type of base product, type of rider, duration of the policy, age of the
contractholder, calender year of the projection, previous withdrawal history, and the relationship between the value of the guaranteed benefit and the contract accumulation value.
F-43
RiverSource Life Insurance Company
Determination of Fair Value
The Company values market
risk benefits using internal valuation models. These models include observable capital market assumptions and significant unobservable inputs related to implied volatility as well as contractholder behavior assumptions that include margins for risk,
all of which the Company believes a market participant would expect. The fair value also reflects a current estimate of the Company’s nonperformance risk. Given the significant unobservable inputs to this valuation, these measurements are
classified as Level 3.
13. DEBT
Short-Term
Borrowings
RiverSource Life Insurance Company is a member of the Federal Home Loan Bank (“FHLB”) of Des Moines which provides access to
collateralized borrowings. As of December 31, 2023 and 2022, the Company had accessed collateralized borrowings and pledged (granted a lien on) certain investments, primarily commercial mortgage backed securities, with an aggregate fair
value of $1.1 billion and $962 million, respectively. The amount of the Company’s liability including accrued interest was $201 million as of both December 31, 2023 and 2022. The remaining maturity of outstanding FHLB
advances was less than three months as of both December 31, 2023 and 2022. The weighted average annualized interest rate on the FHLB advances held as of December 31, 2023 and 2022 was 5.6% and 4.6%, respectively.
Lines of Credit
RiverSource Life Insurance Company, as
the borrower, has amended its revolving credit agreement with Ameriprise Financial as the lender. The aggregate amount outstanding under this line of credit may not exceed 3% of RiverSource Life Insurance Company’s statutory admitted assets
(excluding separate accounts) as of the prior year end. Prior to June 1, 2023, the interest rate for any borrowing under the agreement was established by reference to London Interbank Offered Rate (“LIBOR”) for U.S. dollar deposits
with maturities comparable to the relevant interest period, plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In June 2023, in anticipation of the end of the publication of
U.S. dollar LIBOR, an amendment to the agreement changed the interest rate to Daily Simple Secured Overnight Financing Rate plus 0.1% (“Adjusted Daily Simple SOFR”) plus an applicable margin subject to adjustment based on debt ratings of
the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no prepayment penalty. There were no amounts outstanding on this line of credit as of both December 31, 2023 and 2022.
RiverSource Life of NY, as the borrower, has amended its revolving credit agreement with Ameriprise Financial as the lender. The aggregate amount outstanding
under this line of credit may not exceed the lesser of $25 million or 3% of RiverSource Life of NY’s statutory admitted assets (excluding separate accounts) as of the prior year end. Prior to July 1, 2023, the interest rate for any
borrowing under the agreement was established by reference to LIBOR for U.S. dollar deposits with maturities comparable to the relevant interest period. In July 2023, in anticipation of the end of the publication of U.S. dollar LIBOR, an amendment
to the agreement changed the interest rate to Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any time with no
prepayment penalty. The credit agreement is amended to extend the maturity on an annual basis with Ameriprise Financial, subject to the New York Department of Financial Services’ non-disapproval. There
were no amounts outstanding on this line of credit as of both December 31, 2023 and 2022.
RTA, as the borrower, has amended its revolving credit
agreement with Ameriprise Financial as the lender not to exceed $100 million. Prior to June 1, 2023, the interest rate for any borrowing under the agreement was established by reference to LIBOR for U.S. dollar deposits with maturities
comparable to the relevant interest period, plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In June 2023, in anticipation of the end of the publication of U.S. dollar LIBOR,
an amendment to the agreement changed the interest rate to Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. Amounts borrowed may be repaid at any
time with no prepayment penalty. This line of credit is automatically renewed annually with Ameriprise Financial. There were no amounts outstanding on this line of credit as of both December 31, 2023 and 2022.
Long-Term Debt
The Company has a $500 million
unsecured 3.5% surplus note due December 31, 2050 to Ameriprise Financial. The surplus note is subordinate in right of payment to the prior payment in full of the Company’s obligations to policyholders, claimants and beneficiaries and all
other creditors. No payment of principal or interest shall be made without the prior approval of the Minnesota Department of Commerce and such payments shall be made only from RiverSource Life Insurance Company’s statutory surplus. Interest
payments, which commenced on June 30, 2021, are due semiannually in arrears on June 30 and December 31. Subject to the preceding conditions, the Company may prepay all or a portion of the principal at any time. The outstanding balance was
$500 million as of both December 31, 2023 and 2022 and is recorded in Long-term debt.
F-44
RiverSource Life Insurance Company
14. FAIR VALUES OF ASSETS AND LIABILITIES
GAAP defines fair
value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not
exchanged subject to a forced liquidation or distressed sale.
Valuation Hierarchy
The Company categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Company’s
valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety.
The three levels of the fair value hierarchy are defined as follows:
| Level 1 |
Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the
measurement date. |
| Level 2 |
Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets
and liabilities. |
| Level 3 |
Prices or valuations that require inputs that are both significant to the fair value measurement and
unobservable. |
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis (See Note
5 for the balances of assets and liabilities for consolidated investment entities):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2023 |
|
| (in millions) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Available-for-Sale
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate debt securities |
|
$ |
— |
|
|
$ |
10,283 |
|
|
$ |
452 |
|
|
$ |
10,735 |
|
| Residential mortgage backed securities |
|
|
— |
|
|
|
3,642 |
|
|
|
— |
|
|
|
3,642 |
|
| Commercial mortgage backed securities |
|
|
— |
|
|
|
2,597 |
|
|
|
— |
|
|
|
2,597 |
|
| State and municipal obligations |
|
|
— |
|
|
|
758 |
|
|
|
— |
|
|
|
758 |
|
| Asset backed securities |
|
|
— |
|
|
|
976 |
|
|
|
555 |
|
|
|
1,531 |
|
| Foreign government bonds and obligations |
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
12 |
|
| U.S. government and agency obligations |
|
|
99 |
|
|
|
— |
|
|
|
— |
|
|
|
99 |
|
| Total Available-for-Sale
securities |
|
|
99 |
|
|
|
18,268 |
|
|
|
1,007 |
|
|
|
19,374 |
|
| Cash equivalents |
|
|
558 |
|
|
|
2,012 |
|
|
|
— |
|
|
|
2,570 |
|
| Market risk benefits |
|
|
— |
|
|
|
— |
|
|
|
1,427 |
|
|
|
1,427 |
(1) |
| Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed deferred indexed annuity ceded embedded derivatives |
|
|
— |
|
|
|
— |
|
|
|
51 |
|
|
|
51 |
|
| Other assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate derivative contracts |
|
|
1 |
|
|
|
184 |
|
|
|
— |
|
|
|
185 |
|
| Equity derivative contracts |
|
|
65 |
|
|
|
4,945 |
|
|
|
— |
|
|
|
5,010 |
|
| Foreign exchange derivative contracts |
|
|
1 |
|
|
|
20 |
|
|
|
— |
|
|
|
21 |
|
| Credit derivative contracts |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
| Total other assets |
|
|
67 |
|
|
|
5,150 |
|
|
|
— |
|
|
|
5,217 |
|
| Separate account assets at net asset value (“NAV”) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
74,634 |
(2) |
| Total assets at fair value |
|
$ |
724 |
|
|
$ |
25,430 |
|
|
$ |
2,485 |
|
|
$ |
103,273 |
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder account balances, future policy benefits and claims: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed deferred indexed annuity embedded derivatives |
|
|
— |
|
|
|
3 |
|
|
|
49 |
|
|
$ |
52 |
|
| IUL embedded derivatives |
|
|
— |
|
|
|
— |
|
|
|
873 |
|
|
|
873 |
|
| Structured variable annuity embedded derivatives |
|
|
— |
|
|
|
— |
|
|
|
1,011 |
|
|
|
1,011 |
|
| Total policyholder account balances, future policy benefits and claims |
|
|
— |
|
|
|
3 |
|
|
|
1,933 |
|
|
|
1,936 |
(3) |
| Market risk benefits |
|
|
— |
|
|
|
— |
|
|
|
1,762 |
|
|
|
1,762 |
(1) |
| Other liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate derivative contracts |
|
|
1 |
|
|
|
304 |
|
|
|
— |
|
|
|
305 |
|
| Equity derivative contracts |
|
|
95 |
|
|
|
3,355 |
|
|
|
— |
|
|
|
3,450 |
|
| Foreign exchange derivative contracts |
|
|
1 |
|
|
|
3 |
|
|
|
— |
|
|
|
4 |
|
| Credit derivative contracts |
|
|
— |
|
|
|
106 |
|
|
|
— |
|
|
|
106 |
|
| Total other liabilities |
|
|
97 |
|
|
|
3,768 |
|
|
|
— |
|
|
|
3,865 |
|
| Total liabilities at fair value |
|
$ |
97 |
|
|
$ |
3,771 |
|
|
$ |
3,695 |
|
|
$ |
7,563 |
|
F-45
RiverSource Life Insurance Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2022 |
|
| (in millions) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Available-for-Sale
securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate debt securities |
|
$ |
— |
|
|
$ |
8,311 |
|
|
$ |
395 |
|
|
$ |
8,706 |
|
| Residential mortgage backed securities |
|
|
— |
|
|
|
2,959 |
|
|
|
— |
|
|
|
2,959 |
|
| Commercial mortgage backed securities |
|
|
— |
|
|
|
2,651 |
|
|
|
— |
|
|
|
2,651 |
|
| State and municipal obligations |
|
|
— |
|
|
|
786 |
|
|
|
— |
|
|
|
786 |
|
| Asset backed securities |
|
|
— |
|
|
|
452 |
|
|
|
545 |
|
|
|
997 |
|
| Foreign government bonds and obligations |
|
|
— |
|
|
|
35 |
|
|
|
— |
|
|
|
35 |
|
| U.S. government and agency obligations |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
| Total Available-for-Sale
securities |
|
|
1 |
|
|
|
15,194 |
|
|
|
940 |
|
|
|
16,135 |
|
| Cash equivalents |
|
|
1,063 |
|
|
|
1,529 |
|
|
|
— |
|
|
|
2,592 |
|
| Market risk benefits |
|
|
— |
|
|
|
— |
|
|
|
1,015 |
|
|
|
1,015 |
(1) |
| Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed deferred indexed annuity ceded embedded derivatives |
|
|
— |
|
|
|
— |
|
|
|
48 |
|
|
|
48 |
|
| Other assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate derivative contracts |
|
|
7 |
|
|
|
260 |
|
|
|
— |
|
|
|
267 |
|
| Equity derivative contracts |
|
|
129 |
|
|
|
2,564 |
|
|
|
— |
|
|
|
2,693 |
|
| Foreign exchange derivative contracts |
|
|
— |
|
|
|
34 |
|
|
|
— |
|
|
|
34 |
|
| Credit derivative contracts |
|
|
— |
|
|
|
13 |
|
|
|
— |
|
|
|
13 |
|
| Total other assets |
|
|
136 |
|
|
|
2,871 |
|
|
|
— |
|
|
|
3,007 |
|
| Separate account assets at NAV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
70,876 |
(2) |
| Total assets at fair value |
|
$ |
1,200 |
|
|
$ |
19,594 |
|
|
$ |
2,003 |
|
|
$ |
93,673 |
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder account balances, future policy benefits and claims: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fixed deferred indexed annuity embedded derivatives |
|
$ |
— |
|
|
$ |
3 |
|
|
$ |
44 |
|
|
$ |
47 |
|
| IUL embedded derivatives |
|
|
— |
|
|
|
— |
|
|
|
739 |
|
|
|
739 |
|
| Structured variable annuity embedded derivatives |
|
|
— |
|
|
|
— |
|
|
|
(137 |
) |
|
|
(137 |
)(4) |
| Total policyholder account balances, future policy benefits and claims |
|
|
— |
|
|
|
3 |
|
|
|
646 |
|
|
|
649 |
(5) |
| Market risk benefits |
|
|
— |
|
|
|
— |
|
|
|
2,118 |
|
|
|
2,118 |
(1) |
| Other liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate derivative contracts |
|
|
4 |
|
|
|
351 |
|
|
|
— |
|
|
|
355 |
|
| Equity derivative contracts |
|
|
138 |
|
|
|
2,228 |
|
|
|
— |
|
|
|
2,366 |
|
| Foreign exchange derivative contracts |
|
|
6 |
|
|
|
4 |
|
|
|
— |
|
|
|
10 |
|
| Total other liabilities |
|
|
148 |
|
|
|
2,583 |
|
|
|
— |
|
|
|
2,731 |
|
| Total liabilities at fair value |
|
$ |
148 |
|
|
$ |
2,586 |
|
|
$ |
2,764 |
|
|
$ |
5,498 |
|
| (1) |
See Note 12 for additional information related to market risk benefits, including the balances of and changes in market
risk benefits as well as the significant inputs and assumptions used in the fair value measurements of market risk benefits. |
| (2) |
Amounts are comprised of financial instruments that are measured at fair value using the NAV per share (or its equivalent)
as a practical expedient and have not been classified in the fair value hierarchy. |
| (3) |
The Company’s adjustment for nonperformance risk resulted in a $195 million cumulative decrease to the embedded
derivatives as of December 31, 2023. |
| (4) |
The fair value of the structured variable annuity embedded derivatives was a net asset as of December 31, 2022
and the amount is presented as a contra liability. |
| (5) |
The Company’s adjustment for nonperformance risk resulted in a $139 million cumulative decrease to the embedded
derivatives as of December 31, 2022. |
F-46
RiverSource Life Insurance Company
The following tables provide a summary of changes in Level 3 assets and liabilities measured at fair value on a recurring basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Available-for-Sale Securities |
|
|
|
|
|
Receivables |
|
| (in millions) |
|
Corporate
Debt
Securities |
|
|
Asset
Backed
Securities |
|
|
Total |
|
|
|
|
|
Fixed Deferred
Indexed Annuity
Ceded Embedded
Derivatives |
|
| Balance at January 1, 2023 |
|
$ |
395 |
|
|
$ |
545 |
|
|
$ |
940 |
|
|
|
|
|
|
$ |
48 |
|
| Total gains (losses) included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
(1) |
|
|
|
|
|
|
6 |
|
| Other comprehensive income (loss) |
|
|
12 |
|
|
|
10 |
|
|
|
22 |
|
|
|
|
|
|
|
— |
|
| Purchases |
|
|
110 |
|
|
|
— |
|
|
|
110 |
|
|
|
|
|
|
|
— |
|
| Settlements |
|
|
(65 |
) |
|
|
— |
|
|
|
(65 |
) |
|
|
|
|
|
|
(3 |
) |
| Balance at December 31, 2023 |
|
$ |
452 |
|
|
$ |
555 |
|
|
$ |
1,007 |
|
|
|
|
|
|
$ |
51 |
|
| Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at
December 31, 2023 |
|
$ |
11 |
|
|
$ |
10 |
|
|
$ |
21 |
|
|
|
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Policyholder Account Balances,
Future Policy Benefits and Claims |
|
| (in millions) |
|
Fixed
Deferred
Indexed
Annuity
Embedded
Derivatives |
|
|
IUL
Embedded
Derivatives |
|
|
Structured
Variable
Annuity
Embedded
Derivatives |
|
|
Total |
|
| Balance at January 1, 2023 |
|
$ |
44 |
|
|
$ |
739 |
|
|
$ |
(137 |
)(4) |
|
$ |
646 |
|
| Total (gains) losses included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
8 |
(2) |
|
|
198 |
(2) |
|
|
1,166 |
(3) |
|
|
1,372 |
|
| Issues |
|
|
— |
|
|
|
59 |
|
|
|
104 |
|
|
|
163 |
|
| Settlements |
|
|
(3 |
) |
|
|
(123 |
) |
|
|
(122 |
) |
|
|
(248 |
) |
| Balance at December 31, 2023 |
|
$ |
49 |
|
|
$ |
873 |
|
|
$ |
1,011 |
|
|
$ |
1,933 |
|
| Changes in unrealized (gains) losses in net income relating to liabilities held at December 31,
2023 |
|
$ |
— |
|
|
$ |
198 |
(2) |
|
$ |
1,166 |
(3) |
|
$ |
1,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Available-for-Sale Securities |
|
|
|
|
|
Receivables |
|
| (in millions) |
|
Corporate
Debt
Securities |
|
|
Commercial
Mortgage Backed
Securities |
|
|
Asset
Backed
Securities |
|
|
Total |
|
|
|
|
|
Fixed Deferred
Indexed Annuity
Ceded Embedded
Derivatives |
|
| Balance at January 1, 2022 |
|
$ |
496 |
|
|
$ |
— |
|
|
$ |
291 |
|
|
$ |
787 |
|
|
|
|
|
|
$ |
59 |
|
| Total gains (losses) included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1 |
)(1) |
|
|
|
|
|
|
(8 |
) |
| Other comprehensive income (loss) |
|
|
(44 |
) |
|
|
— |
|
|
|
(25 |
) |
|
|
(69 |
) |
|
|
|
|
|
|
— |
|
| Purchases |
|
|
29 |
|
|
|
30 |
|
|
|
564 |
|
|
|
623 |
|
|
|
|
|
|
|
— |
|
| Settlements |
|
|
(85 |
) |
|
|
— |
|
|
|
(285 |
) |
|
|
(370 |
) |
|
|
|
|
|
|
(3 |
) |
| Transfers out of Level 3 |
|
|
— |
|
|
|
(30 |
) |
|
|
— |
|
|
|
(30 |
) |
|
|
|
|
|
|
— |
|
| Balance at December 31, 2022 |
|
$ |
395 |
|
|
$ |
— |
|
|
$ |
545 |
|
|
$ |
940 |
|
|
|
|
|
|
$ |
48 |
|
| Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2022 |
|
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1 |
)(1) |
|
|
|
|
|
$ |
— |
|
| Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at
December 31, 2022 |
|
$ |
(42 |
) |
|
$ |
— |
|
|
$ |
(21 |
) |
|
$ |
(63 |
) |
|
|
|
|
|
$ |
— |
|
F-47
RiverSource Life Insurance Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Policyholder Account Balances,
Future Policy Benefits and Claims |
|
| (in millions) |
|
Fixed
Deferred
Indexed
Annuity
Embedded
Derivatives |
|
|
IUL
Embedded
Derivatives |
|
|
Structured
Variable
Annuity
Embedded
Derivatives |
|
|
Total |
|
| Balance at January 1, 2022 |
|
$ |
56 |
|
|
$ |
905 |
|
|
$ |
406 |
|
|
$ |
1,367 |
|
| Total (gains) losses included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
(9 |
)(2) |
|
|
(105 |
)(2) |
|
|
(633 |
)(3) |
|
|
(747 |
) |
| Issues |
|
|
— |
|
|
|
51 |
|
|
|
90 |
|
|
|
141 |
|
| Settlements |
|
|
(3 |
) |
|
|
(112 |
) |
|
|
— |
|
|
|
(115 |
) |
| Balance at December 31, 2022 |
|
$ |
44 |
|
|
$ |
739 |
|
|
$ |
(137 |
)(4) |
|
$ |
646 |
|
| Changes in unrealized (gains) losses in net income relating to liabilities held at December 31,
2022 |
|
$ |
— |
|
|
$ |
(105 |
)(2) |
|
$ |
(633 |
)(3) |
|
$ |
(738 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Available-for-Sale Securities |
|
|
|
|
|
Receivables |
|
| (in millions) |
|
Corporate
Debt
Securities |
|
|
Residential
Mortgage
Backed
Securities |
|
|
Asset
Backed
Securities |
|
|
Total |
|
|
|
|
|
Fixed Deferred
Indexed Annuity
Ceded Embedded
Derivatives |
|
| Balance at January 1, 2021 |
|
$ |
766 |
|
|
$ |
9 |
|
|
$ |
395 |
|
|
$ |
1,170 |
|
|
|
|
|
|
$ |
— |
|
| Total gains (losses) included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1 |
)(1) |
|
|
|
|
|
|
3 |
|
| Other comprehensive income (loss) |
|
|
(10 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
(11 |
) |
|
|
|
|
|
|
— |
|
| Purchases |
|
|
108 |
|
|
|
— |
|
|
|
— |
|
|
|
108 |
|
|
|
|
|
|
|
— |
|
| Issues |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
57 |
|
| Settlements |
|
|
(119 |
) |
|
|
— |
|
|
|
(81 |
) |
|
|
(200 |
) |
|
|
|
|
|
|
(1 |
) |
| Transfers into Level 3 |
|
|
168 |
|
|
|
— |
|
|
|
2 |
|
|
|
170 |
|
|
|
|
|
|
|
— |
|
| Transfers out of Level 3 |
|
|
(416 |
) |
|
|
(9 |
) |
|
|
(24 |
) |
|
|
(449 |
) |
|
|
|
|
|
|
— |
|
| Balance at December 31, 2021 |
|
$ |
496 |
|
|
$ |
— |
|
|
$ |
291 |
|
|
$ |
787 |
|
|
|
|
|
|
$ |
59 |
|
| Changes in unrealized gains (losses) in net income relating to assets held at December 31, 2021 |
|
$ |
(1 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1 |
)(1) |
|
|
|
|
|
$ |
— |
|
| Changes in unrealized gains (losses) in other comprehensive income (loss) relating to assets held at
December 31, 2021 |
|
$ |
(8 |
) |
|
$ |
— |
|
|
$ |
(1 |
) |
|
$ |
(9 |
) |
|
|
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Policyholder Account Balances,
Future Policy Benefits and Claims |
|
| (in millions) |
|
Fixed
Deferred
Indexed
Annuity
Embedded
Derivatives |
|
|
IUL
Embedded
Derivatives |
|
|
Structured
Variable
Annuity
Embedded
Derivatives |
|
|
Total |
|
| Balance at January 1, 2021 |
|
$ |
49 |
|
|
$ |
935 |
|
|
$ |
70 |
|
|
$ |
1,054 |
|
| Total (gains) losses included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income |
|
|
10 |
(2) |
|
|
68 |
(2) |
|
|
393 |
(3) |
|
|
471 |
|
| Issues |
|
|
— |
|
|
|
— |
|
|
|
(28 |
) |
|
|
(28 |
) |
| Settlements |
|
|
(3 |
) |
|
|
(98 |
) |
|
|
(29 |
) |
|
|
(130 |
) |
| Balance at December 31, 2021 |
|
$ |
56 |
|
|
$ |
905 |
|
|
$ |
406 |
|
|
$ |
1,367 |
|
| Changes in unrealized (gains) losses in net income relating to liabilities held at December 31,
2021 |
|
$ |
— |
|
|
$ |
68 |
(2) |
|
$ |
— |
|
|
$ |
68 |
|
| (1) |
Included in Net investment income. |
| (2) |
Included in Interest credited to fixed accounts. |
| (3) |
Included in Benefits, claims, losses and settlement expenses. |
| (4) |
The fair value of the structured variable annuity embedded derivatives was a net asset as of January 1, 2023 and
December 31, 2022 and the amounts are presented as contra liabilities. |
The increase (decrease) to pretax income of the
Company’s adjustment for nonperformance risk on the fair value of its embedded derivatives was $51 million, $45 million and $(23) million, net of the reinsurance accrual, for the years ended December 31, 2023, 2022 and 2021,
respectively.
F-48
RiverSource Life Insurance Company
Securities transferred from Level 3 primarily represent securities with fair values that are now obtained from a third-party pricing service with
observable inputs or fair values that were included in an observable transaction with a market participant. Securities transferred to Level 3 represent securities with fair values that are now based on a single
non-binding broker quote.
The following tables provide a summary of the significant unobservable inputs used in
the fair value measurements developed by the Company or reasonably available to the Company of Level 3 assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2023 |
|
| |
|
Fair Value |
|
|
Valuation Technique |
|
Unobservable Input |
|
Range |
|
|
|
|
Weighted
Average |
|
| |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate debt securities (private placements) |
|
$ |
451 |
|
|
Discounted cash flow |
|
Yield/spread to U.S. Treasuries(1) |
|
|
1.0% |
|
|
– |
|
2.4% |
|
|
|
|
|
|
1.2 |
% |
| Asset backed securities |
|
$ |
555 |
|
|
Discounted cash flow |
|
Annual default rate |
|
|
3.1% |
|
|
|
|
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
Loss severity |
|
|
25.0% |
|
|
|
|
|
|
25.0 |
% |
|
|
|
|
|
|
|
|
Yield/spread to U.S. Treasuries(2) |
|
|
275 bps |
|
|
– |
|
515 bps |
|
|
|
|
|
|
284 |
bps |
| Fixed deferred indexed annuity ceded embedded derivatives |
|
$ |
51 |
|
|
Discounted cash flow |
|
Surrender rate(3) |
|
|
0.0% |
|
|
– |
|
66.8% |
|
|
|
|
|
|
1.4 |
% |
| Fixed deferred indexed annuity embedded derivatives |
|
$ |
49 |
|
|
Discounted cash flow |
|
Surrender rate(3) |
|
|
0.0% |
|
|
– |
|
66.8% |
|
|
|
|
|
|
1.4 |
% |
|
|
|
|
|
|
|
|
Nonperformance risk(4) |
|
|
85 bps |
|
|
|
|
|
|
85 |
bps |
| IUL embedded derivatives |
|
$ |
873 |
|
|
Discounted cash flow |
|
Nonperformance risk(4) |
|
|
85 bps |
|
|
|
|
|
|
85 |
bps |
| Structured variable annuity embedded derivatives |
|
$ |
1,011 |
|
|
Discounted cash flow |
|
Surrender rate(3) |
|
|
0.5% |
|
|
– |
|
75.0% |
|
|
|
|
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
Nonperformance risk(4) |
|
|
85 bps |
|
|
|
|
|
|
85 |
bps |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2022 |
|
| |
|
Fair Value |
|
|
Valuation Technique |
|
Unobservable Input |
|
Range |
|
|
|
|
Weighted
Average |
|
| |
|
(in millions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate debt securities (private placements) |
|
$ |
395 |
|
|
Discounted cash flow |
|
Yield/spread to U.S. Treasuries(1) |
|
|
1.1% |
|
|
– |
|
2.3% |
|
|
|
|
|
|
1.4 |
% |
| Asset backed securities |
|
$ |
545 |
|
|
Discounted cash flow |
|
Annual default rate |
|
|
2.4% |
|
|
|
|
|
|
2.4 |
% |
|
|
|
|
|
|
|
|
Loss severity |
|
|
25.0% |
|
|
|
|
|
|
25.0 |
% |
|
|
|
|
|
|
|
|
Yield/spread to U.S. Treasuries(2) |
|
|
320 bps |
|
|
– |
|
550 bps |
|
|
|
|
|
|
329 |
bps |
| Fixed deferred indexed annuity ceded embedded derivatives |
|
$ |
48 |
|
|
Discounted cash flow |
|
Surrender rate(3) |
|
|
0.0% |
|
|
– |
|
66.8% |
|
|
|
|
|
|
1.4 |
% |
| Fixed deferred indexed annuity embedded derivatives |
|
$ |
44 |
|
|
Discounted cash flow |
|
Surrender rate(3) |
|
|
0.0% |
|
|
– |
|
66.8% |
|
|
|
|
|
|
1.4 |
% |
|
|
|
|
|
|
|
|
Nonperformance risk(4) |
|
|
95 bps |
|
|
|
|
|
|
95 |
bps |
| IUL embedded derivatives |
|
$ |
739 |
|
|
Discounted cash flow |
|
Nonperformance risk(4) |
|
|
95 bps |
|
|
|
|
|
|
95 |
bps |
| Structured variable annuity embedded derivatives |
|
$ |
(137 |
)(5) |
|
Discounted cash flow |
|
Surrender rate(3) |
|
|
0.8% |
|
|
– |
|
40.0% |
|
|
|
|
|
|
0.9 |
% |
|
|
|
|
|
|
|
|
Nonperformance risk(4) |
|
|
95 bps |
|
|
|
|
|
|
95 |
bps |
| (1) |
The weighted average for the yield/spread to U.S. Treasuries for corporate debt securities (private placements) is
weighted based on the security’s market value as a percentage of the aggregate market value of the securities. |
| (2) |
The weighted average for the yield/spread to U.S. Treasuries for asset backed securities is calculated as the sum of each
tranche’s balance multiplied by its spread to U.S. Treasuries divided by the aggregate balances of the tranches. |
| (3) |
The weighted average surrender rate represents the average assumption weighted based on the account value of each
contract. |
| (4) |
The nonperformance risk is the spread added to the U.S. Treasury curve. |
| (5) |
The fair value of the structured variable annuity embedded derivatives was a net asset as of December 31, 2022
and the amount is presented as a contra liability. |
Level 3 measurements not included in the tables above are obtained from non-binding broker quotes where unobservable inputs utilized in the fair value calculation are not reasonably available to the Company.
Uncertainty of Fair Value Measurements
Significant
increases (decreases) in the yield/spread to U.S. Treasuries used in the fair value measurement of Level 3 corporate debt securities and asset backed securities in isolation would have resulted in a significantly lower (higher) fair value
measurement.
Significant increases (decreases) in the annual default rate used in the fair value measurement of Level 3 asset backed securities in
isolation, generally, would have resulted in a significantly lower (higher) fair value measurement and significant increases (decreases) in loss severity in isolation would have resulted in a significantly lower (higher) fair value measurement.
Significant increases (decreases) in the surrender assumption used in the fair value measurement of the fixed deferred indexed annuity ceded embedded
derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.
Significant increases (decreases) in nonperformance
risk used in the fair value measurement of the IUL embedded derivatives in isolation would have resulted in a significantly lower (higher) fair value measurement.
F-49
RiverSource Life Insurance Company
Significant increases (decreases) in nonperformance risk and surrender assumption used in the fair value measurements of the fixed deferred indexed annuity
embedded derivatives and structured variable annuity embedded derivatives in isolation would have resulted in a significantly lower (higher) liability value.
Determination of Fair Value
The Company uses valuation
techniques consistent with the market and income approaches to measure the fair value of its assets and liabilities. The Company’s market approach uses prices and other relevant information generated by market transactions involving identical
or comparable assets or liabilities. The Company’s income approach uses valuation techniques to convert future projected cash flows to a single discounted present value amount. When applying either approach, the Company maximizes the use of
observable inputs and minimizes the use of unobservable inputs.
The following is a description of the valuation techniques used to measure fair value and
the general classification of these instruments pursuant to the fair value hierarchy.
Assets
Available-for-Sale Securities
When available, the fair value of securities is based on quoted prices in active markets. If quoted prices are not available, fair values are obtained from
third-party pricing services, non-binding broker quotes, or other model-based valuation techniques.
Level 1
securities primarily include U.S. Treasuries.
Level 2 securities primarily include corporate bonds, residential mortgage backed securities,
commercial mortgage backed securities, state and municipal obligations, asset backed securities and foreign government securities. The fair value of these Level 2 securities is based on a market approach with prices obtained from third-party
pricing services. Observable inputs used to value these securities can include, but are not limited to, reported trades, benchmark yields, issuer spreads and non-binding broker quotes. The fair value of
securities included in an observable transaction with a market participant are also considered Level 2 when the market is not active.
Level 3
securities primarily include certain corporate bonds, non-agency residential mortgage backed securities, commercial mortgage backed securities and asset backed securities with fair value typically based on a
single non-binding broker quote. The underlying inputs used for some of the non-binding broker quotes are not readily available to the Company. The
Company’s privately placed corporate bonds are typically based on a single non-binding broker quote. The fair value of affiliated asset backed securities is determined using a discounted cash flow
model. Inputs used to determine the expected cash flows include assumptions about discount rates and default, prepayment and recovery rates of the underlying assets. Given the significance of the unobservable inputs to this fair value measurement,
the fair value of the investment in the affiliated asset backed securities is classified as Level 3.
Management is responsible for the fair values
recorded on the financial statements. Prices received from third-party pricing services are subjected to exception reporting that identifies investments with significant daily price movements as well as no movements. The Company reviews the
exception reporting and resolves the exceptions through reaffirmation of the price or recording an appropriate fair value estimate. The Company also performs subsequent transaction testing. The Company performs annual due diligence of third-party
pricing services. The Company’s due diligence procedures include assessing the vendor’s valuation qualifications, control environment, analysis of asset-class specific valuation methodologies, and understanding of sources of market
observable assumptions and unobservable assumptions, if any, employed in the valuation methodology. The Company also considers the results of its exception reporting controls and any resulting price challenges that arise.
Cash Equivalents
Cash equivalents include time deposits
and other highly liquid investments with original or remaining maturities at the time of purchase of 90 days or less. Actively traded money market funds are measured at their NAV and classified as Level 1. U.S. Treasuries are also
classified as Level 1. The Company’s remaining cash equivalents are classified as Level 2 and measured at amortized cost, which is a reasonable estimate of fair value because of the short time between the purchase of the
instrument and its expected realization.
Receivables
The Company reinsured its fixed deferred indexed annuity products which have an indexed account that is accounted for as an embedded derivative. The Company
uses discounted cash flow models to determine the fair value of these ceded embedded derivatives. The fair value of fixed deferred indexed annuity ceded embedded derivatives includes significant observable interest rates, volatilities and equity
index levels and significant unobservable surrender rates. Given the significance of the unobservable surrender rates, these embedded derivatives are classified as Level 3.
F-50
RiverSource Life Insurance Company
Other Assets
Derivatives that are measured using quoted
prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements. The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less
active over-the-counter (“OTC”) markets is generally measured using pricing models with market observable inputs such as interest rates and equity index
levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. The counterparties’ nonperformance risk associated with uncollateralized derivative assets was immaterial
as of both December 31, 2023 and 2022. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.
Separate Account Assets
The fair value of assets held by
separate accounts is determined by the NAV of the funds in which those separate accounts are invested. The NAV is used as a practical expedient for fair value and represents the exit price for the separate account. Separate account assets are
excluded from classification in the fair value hierarchy.
Liabilities
Policyholder Account Balances, Future Policy Benefits and Claims
There is no active market for the transfer of the Company’s embedded derivatives attributable to the provisions of fixed deferred indexed annuity,
structured variable annuity and IUL products.
The Company uses a discounted cash flow model to determine the fair value of the embedded derivatives
associated with the provisions of its equity index annuity product. The projected cash flows generated by this model are based on significant observable inputs related to interest rates, volatilities and equity index levels and, therefore, are
classified as Level 2.
The Company uses discounted cash flow models to determine the fair value of the embedded derivatives associated with the
provisions of its fixed deferred indexed annuity, structured variable annuity and IUL products. The structured variable annuity product is a limited flexible purchase payment annuity that offers 45 different indexed account options providing equity
market exposure and a fixed account. Each indexed account includes a protection option (a buffer or a floor). If the index has a negative return, contractholder losses will be reduced by a buffer or limited to a floor. The portion allocated to an
indexed account is accounted for as an embedded derivative. The fair value of fixed deferred indexed annuity, structured variable annuity and IUL embedded derivatives includes significant observable interest rates, volatilities and equity index
levels and significant unobservable surrender rates and the estimate of the Company’s nonperformance risk. Given the significance of the unobservable surrender rates and the nonperformance risk assumption, the fixed deferred indexed annuity,
structured variable annuity and IUL embedded derivatives are classified as Level 3.
The embedded derivatives attributable to these provisions are
recorded in Policyholder account balances, future policy benefits and claims.
Other Liabilities
Derivatives that are measured using quoted prices in active markets, such as derivatives that are exchange-traded, are classified as Level 1 measurements.
The variation margin on futures contracts is also classified as Level 1. The fair value of derivatives that are traded in less active OTC markets is generally measured using pricing models with market observable inputs such as interest rates
and equity index levels. These measurements are classified as Level 2 within the fair value hierarchy and include swaps and the majority of options. The Company’s nonperformance risk associated with uncollateralized derivative liabilities
was immaterial as of both December 31, 2023 and 2022. See Note 17 and Note 18 for further information on the credit risk of derivative instruments and related collateral.
Fair Value on a Nonrecurring Basis
The Company assesses
its investment in affordable housing partnerships for impairment. The investments that are determined to be impaired are written down to their fair value. The Company uses a discounted cash flow model to measure the fair value of these investments.
Inputs to the discounted cash flow model are estimates of future net operating losses and tax credits available to the Company and discount rates based on market condition and the financial strength of the syndicator (general partner). The balance
of affordable housing partnerships measured at fair value on a nonrecurring basis was $41 million and $58 million as of December 31, 2023 and 2022, respectively, and is classified as Level 3 in the fair value hierarchy.
F-51
RiverSource Life Insurance Company
Assets and Liabilities Not Reported at Fair Value
The
following tables provide the carrying value and the estimated fair value of financial instruments that are not reported at fair value:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2023 |
|
| |
|
Carrying
Value |
|
|
Fair Value |
|
| (in millions) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans, net |
|
$ |
1,725 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,599 |
|
|
$ |
1,599 |
|
| Policy loans |
|
|
912 |
|
|
|
— |
|
|
|
912 |
|
|
|
— |
|
|
|
912 |
|
| Other investments |
|
|
76 |
|
|
|
— |
|
|
|
54 |
|
|
|
22 |
|
|
|
76 |
|
| Receivables |
|
|
6,514 |
|
|
|
— |
|
|
|
— |
|
|
|
5,566 |
|
|
|
5,566 |
|
| Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder account balances, future policy benefits and claims |
|
$ |
16,641 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,243 |
|
|
$ |
14,243 |
|
| Short-term borrowings |
|
|
201 |
|
|
|
— |
|
|
|
201 |
|
|
|
— |
|
|
|
201 |
|
| Long-term debt |
|
|
500 |
|
|
|
— |
|
|
|
339 |
|
|
|
— |
|
|
|
339 |
|
| Other liabilities |
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
5 |
|
| Separate account liabilities — investment contracts |
|
|
332 |
|
|
|
— |
|
|
|
332 |
|
|
|
— |
|
|
|
332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2022 |
|
| |
|
Carrying
Value |
|
|
Fair Value |
|
| (in millions) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| Financial Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mortgage loans, net |
|
$ |
1,768 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,600 |
|
|
$ |
1,600 |
|
| Policy loans |
|
|
847 |
|
|
|
— |
|
|
|
847 |
|
|
|
— |
|
|
|
847 |
|
| Other investments |
|
|
89 |
|
|
|
— |
|
|
|
69 |
|
|
|
20 |
|
|
|
89 |
|
| Receivables |
|
|
7,372 |
|
|
|
— |
|
|
|
— |
|
|
|
6,174 |
|
|
|
6,174 |
|
| Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Policyholder account balances, future policy benefits and claims |
|
$ |
14,450 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
12,470 |
|
|
$ |
12,470 |
|
| Short-term borrowings |
|
|
201 |
|
|
|
— |
|
|
|
201 |
|
|
|
— |
|
|
|
201 |
|
| Long-term debt |
|
|
500 |
|
|
|
— |
|
|
|
315 |
|
|
|
— |
|
|
|
315 |
|
| Other liabilities |
|
|
8 |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
|
|
7 |
|
| Separate account liabilities — investment contracts |
|
|
298 |
|
|
|
— |
|
|
|
298 |
|
|
|
— |
|
|
|
298 |
|
Other investments include syndicated loans and the Company’s membership in the FHLB. Receivables include deposit
receivables. See Note 7 for additional information on mortgage loans, policy loans, syndicated loans and deposit receivables.
Policyholder account
balances, future policy benefits and claims include fixed annuities in deferral status, non-life contingent fixed annuities in payout status, indexed and structured variable annuity host contracts, and the
fixed portion of a small number of variable annuity contracts classified as investment contracts. See Note 10 for additional information on these liabilities. Short-term borrowings include FHLB borrowings. Long-term debt includes the surplus
note with Ameriprise Financial. See Note 13 for further information on short-term borrowings and long-term debt. Other liabilities include future funding commitments to affordable housing partnerships and other real estate partnerships.
Separate account liabilities are related to certain annuity products that are classified as investment contracts.
15. RELATED PARTY TRANSACTIONS
Revenues
See Note 4 for information about
revenues from contracts with customers earned by the Company from related party transactions with affiliates.
The Company is the lessor of one real
estate property which it leases to Ameriprise Financial under an operating lease that expires November 30, 2029. The Company earned $5 million in rental income for each of the years ended December 31, 2023, 2022 and 2021, which
is reflected in Other revenues. The Company expects to earn $5 million in each year of the five year period ending December 31, 2028 and a total of $4 million thereafter.
Expenses
Charges by Ameriprise Financial and
affiliated companies to the Company for use of joint facilities, technology support, marketing services and other services aggregated $338 million, $320 million and $345 million for the years ended December 31, 2023, 2022
and 2021, respectively. Certain of these costs are included in DAC. Expenses allocated to the Company may not be reflective of expenses that would have been incurred by the Company on a stand-alone basis.
F-52
RiverSource Life Insurance Company
Income Taxes
The Company’s taxable income is
included in the consolidated federal income tax return of Ameriprise Financial. The net amount due from (to) Ameriprise Financial for federal income taxes was $269 million and $(56) million as of December 31, 2023 and 2022,
respectively, which is reflected in Other assets and Other liabilities, respectively.
Investments
The Company invested in AA and A rated asset backed securities issued by AAF as of December 31, 2021 and in AA, A and BBB rated asset backed securities
issued by AAF 2 as of December 31, 2023 and 2022, both affiliates of the Company. The asset backed securities are collateralized by a portfolio of loans issued to advisors affiliated with AFS, an affiliated broker dealer. During the third
quarter of 2022, the Company redeemed the outstanding AA and A rated securities issued by AAF at par and invested $564 million in new AA, A and BBB rated asset backed securities issued by AAF 2. As of December 31, 2023 and 2022, the
fair value of these asset backed securities was $554 million and $544 million, respectively. The fair value of these asset backed securities is reported in Investments:
Available-for-Sale Fixed maturities, at fair value. Interest income from these asset backed securities was $34 million, $17 million and $12 million for
the years ended December 31, 2023, 2022 and 2021, respectively, and is reported in Net investment income.
Lines of Credit
RiverSource Life Insurance Company, as the lender, has amended its revolving credit agreement with Ameriprise Financial as the borrower. This line of credit is
not to exceed 3% of RiverSource Life Insurance Company’s statutory admitted assets as of the prior year end. Prior to June 1, 2023, the interest rate for any borrowing under the agreement was established by reference to LIBOR for U.S.
dollar deposits with maturities comparable to the relevant interest period, plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In June 2023, in anticipation of the end of the
publication of U.S. dollar LIBOR, an amendment to the agreement changed the interest rate to Adjusted Daily Simple SOFR plus an applicable margin subject to adjustment based on debt ratings of the senior unsecured debt of Ameriprise Financial. In
the event of default, an additional 1% interest will accrue during such period of default. There were no amounts outstanding on this revolving credit agreement as of both December 31, 2023 and 2022. See Note 13 for information about
additional lines of credit with an affiliate.
Long-Term Debt
See Note 13 for information about a surplus note to an affiliate.
Dividends, Return of Capital or Distributions
Cash
dividends and return of capital or distributions paid and received by RiverSource Life Insurance Company were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| (in millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Dividends paid to Ameriprise Financial |
|
$ |
600 |
|
|
$ |
600 |
|
|
$ |
1,900 |
|
| Dividend received from RiverSource Life of NY |
|
|
50 |
|
|
|
63 |
|
|
|
— |
|
| Dividends received from RTA |
|
|
— |
|
|
|
— |
|
|
|
50 |
|
| Return of capital received from RTA |
|
|
75 |
|
|
|
80 |
|
|
|
— |
|
For dividends and other distributions from the life insurance companies, advance notification was provided to state insurance
regulators prior to payments. See Note 16 for additional information.
16. REGULATORY REQUIREMENTS
The National Association of Insurance Commissioners (“NAIC”) defines Risk-Based Capital (“RBC”) requirements for insurance companies. The
RBC requirements are used by the NAIC and state insurance regulators to identify companies that merit regulatory actions designed to protect policyholders. These requirements apply to the Company. The Company has met its minimum RBC requirements.
Insurance companies are required to prepare statutory financial statements in accordance with the accounting practices prescribed or permitted by the
insurance departments of their respective states of domicile, which vary materially from GAAP. Prescribed statutory accounting practices include publications of the NAIC, as well as state laws, regulations and general administrative rules. The more
significant differences from GAAP include charging policy acquisition costs to expense as incurred, establishing annuity and insurance reserves using different actuarial methods and assumptions, classifying surplus notes as a component of statutory
surplus rather than debt, valuing investments on a different basis and excluding certain assets from the balance sheet by charging them directly to surplus, such as a portion of the net deferred income tax assets.
F-53
RiverSource Life Insurance Company
State insurance statutes contain limitations as to the amount of dividends and other distributions that insurers may make without providing prior notification
to state regulators. For RiverSource Life Insurance Company, payments in excess of unassigned surplus, as determined in accordance with accounting practices prescribed by the State of Minnesota, require advance notice to the Minnesota Department of
Commerce, RiverSource Life Insurance Company’s primary regulator, and are subject to potential disapproval. RiverSource Life Insurance Company’s statutory unassigned deficit was $582 million and $679 million as of
December 31, 2023 and 2022, respectively.
In addition, dividends or distributions whose fair market value, together with that of other dividends
or distributions made within the preceding 12 months, exceed the greater of the previous year’s statutory net gain from operations or 10% of the previous year-end statutory capital and surplus are
referred to as “extraordinary dividends.” Extraordinary dividends also require advance notice to the Minnesota Department of Commerce, and are subject to potential disapproval. Statutory capital and surplus was $3.1 billion as of both
December 31, 2023 and 2022.
Statutory net gain from operations and net income for RiverSource Life Insurance Company are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| (in millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Statutory net gain from operations |
|
$ |
1,331 |
|
|
$ |
1,615 |
|
|
$ |
1,366 |
|
| Statutory net income |
|
|
845 |
|
|
|
1,769 |
|
|
|
253 |
|
Government debt securities of $4 million as of both December 31, 2023 and 2022 were on deposit with various
states as required by law.
17. OFFSETTING ASSETS AND LIABILITIES
Certain financial instruments and derivative instruments are eligible for offset in the Consolidated Balance Sheets. The Company’s derivative instruments
are subject to master netting and collateral arrangements and qualify for offset. A master netting arrangement with a counterparty creates a right of offset for amounts due to and from that same counterparty that is enforceable in the event of a
default or bankruptcy. The Company’s policy is to recognize amounts subject to master netting arrangements on a gross basis in the Consolidated Balance Sheets.
The following tables present the gross and net information about the Company’s assets subject to master netting arrangements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2023 |
|
| |
|
Gross
Amounts of
Recognized
Assets |
|
|
Gross Amounts
Offset in the
Consolidated
Balance Sheets |
|
|
Amounts of Assets
Presented in
the Consolidated
Balance Sheets |
|
|
Gross Amounts Not Offset
in the Consolidated Balance Sheets |
|
|
Net
Amount |
|
| (in millions) |
|
Financial
Instruments(1) |
|
|
Cash
Collateral |
|
|
Securities
Collateral |
|
| Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTC |
|
$ |
5,170 |
|
|
$ |
— |
|
|
$ |
5,170 |
|
|
$ |
(3,694 |
) |
|
$ |
(1,101 |
) |
|
$ |
(357 |
) |
|
$ |
18 |
|
| OTC cleared |
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
|
(9 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exchange-traded |
|
|
38 |
|
|
|
— |
|
|
|
38 |
|
|
|
(18 |
) |
|
|
— |
|
|
|
— |
|
|
|
20 |
|
| Total |
|
$ |
5,217 |
|
|
$ |
— |
|
|
$ |
5,217 |
|
|
$ |
(3,721 |
) |
|
$ |
(1,101 |
) |
|
$ |
(357 |
) |
|
$ |
38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2022 |
|
| |
|
Gross
Amounts of
Recognized
Assets |
|
|
Gross Amounts
Offset in the
Consolidated
Balance Sheets |
|
|
Amounts of Assets
Presented in
the Consolidated
Balance Sheets |
|
|
Gross Amounts Not Offset
in the Consolidated Balance Sheets |
|
|
Net
Amount |
|
| (in millions) |
|
Financial
Instruments(1) |
|
|
Cash
Collateral |
|
|
Securities
Collateral |
|
| Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTC |
|
$ |
2,887 |
|
|
$ |
— |
|
|
$ |
2,887 |
|
|
$ |
(2,313 |
) |
|
$ |
(565 |
) |
|
$ |
(5 |
) |
|
$ |
4 |
|
| OTC cleared |
|
|
23 |
|
|
|
— |
|
|
|
23 |
|
|
|
(9 |
) |
|
|
— |
|
|
|
— |
|
|
|
14 |
|
| Exchange-traded |
|
|
97 |
|
|
|
— |
|
|
|
97 |
|
|
|
(75 |
) |
|
|
— |
|
|
|
— |
|
|
|
22 |
|
| Total |
|
$ |
3,007 |
|
|
$ |
— |
|
|
$ |
3,007 |
|
|
$ |
(2,397 |
) |
|
$ |
(565 |
) |
|
$ |
(5 |
) |
|
$ |
40 |
|
| (1) |
Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or
similar arrangements that management elects not to offset on the Consolidated Balance Sheets. |
F-54
RiverSource Life Insurance Company
The following tables present the gross and net information about the Company’s liabilities subject to master netting arrangements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2023 |
|
| |
|
Gross
Amounts of
Recognized
Liabilities |
|
|
Gross Amounts
Offset in the
Consolidated
Balance Sheets |
|
|
Amounts of Liabilities
Presented in
the Consolidated
Balance Sheets |
|
|
Gross Amounts Not Offset
in the Consolidated Balance Sheets |
|
|
Net
Amount |
|
| (in millions) |
|
Financial
Instruments(1) |
|
|
Cash
Collateral |
|
|
Securities
Collateral |
|
| Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTC |
|
$ |
3,812 |
|
|
$ |
— |
|
|
$ |
3,812 |
|
|
$ |
(3,694 |
) |
|
$ |
(34 |
) |
|
$ |
(78 |
) |
|
$ |
6 |
|
| OTC cleared |
|
|
35 |
|
|
|
— |
|
|
|
35 |
|
|
|
(9 |
) |
|
|
— |
|
|
|
— |
|
|
|
26 |
|
| Exchange-traded |
|
|
18 |
|
|
|
— |
|
|
|
18 |
|
|
|
(18 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total |
|
$ |
3,865 |
|
|
$ |
— |
|
|
$ |
3,865 |
|
|
$ |
(3,721 |
) |
|
$ |
(34 |
) |
|
$ |
(78 |
) |
|
$ |
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2022 |
|
| |
|
Gross
Amounts of
Recognized
Liabilities |
|
|
Gross Amounts
Offset in the
Consolidated
Balance Sheets |
|
|
Amounts of Liabilities
Presented in
the Consolidated
Balance Sheets |
|
|
Gross Amounts Not Offset
in the Consolidated Balance Sheets |
|
|
Net
Amount |
|
| (in millions) |
|
Financial
Instruments(1) |
|
|
Cash
Collateral |
|
|
Securities
Collateral |
|
| Derivatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OTC |
|
$ |
2,630 |
|
|
$ |
— |
|
|
$ |
2,630 |
|
|
$ |
(2,313 |
) |
|
$ |
(38 |
) |
|
$ |
(277 |
) |
|
$ |
2 |
|
| OTC cleared |
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
|
(9 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Exchange-traded |
|
|
92 |
|
|
|
— |
|
|
|
92 |
|
|
|
(75 |
) |
|
|
— |
|
|
|
(17 |
) |
|
|
— |
|
| Total |
|
$ |
2,731 |
|
|
$ |
— |
|
|
$ |
2,731 |
|
|
$ |
(2,397 |
) |
|
$ |
(38 |
) |
|
$ |
(294 |
) |
|
$ |
2 |
|
| (1) |
Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or
similar arrangements that management elects not to offset on the Consolidated Balance Sheets. |
In the tables above, the amount of assets
or liabilities presented are offset first by financial instruments that have the right of offset under master netting or similar arrangements, then any remaining amount is reduced by the amount of cash and securities collateral. The actual
collateral may be greater than amounts presented in the tables.
When the fair value of collateral accepted by the Company is less than the amount due to
the Company, there is a risk of loss if the counterparty fails to perform or provide additional collateral. To mitigate this risk, the Company monitors collateral values regularly and requires additional collateral when necessary. When the value of
collateral pledged by the Company declines, it may be required to post additional collateral.
Freestanding derivative instruments are reflected in Other
assets and Other liabilities. Cash collateral pledged by the Company is reflected in Other assets and cash collateral accepted by the Company is reflected in Other liabilities. See Note 18 for additional disclosures related to the
Company’s derivative instruments and Note 5 for information related to derivatives held by consolidated investment entities.
18. DERIVATIVES AND
HEDGING ACTIVITIES
Derivative instruments enable the Company to manage its exposure to various market risks. The value of such instruments is
derived from an underlying variable or multiple variables, including equity and interest rate indices or prices. The Company primarily enters into derivative agreements for risk management purposes related to the Company’s products and
operations.
Certain of the Company’s freestanding derivative instruments are subject to master netting arrangements. The Company’s policy on the
recognition of derivatives on the Consolidated Balance Sheets is to not offset fair value amounts recognized for derivatives and collateral arrangements executed with the same counterparty under the same master netting arrangement. See Note 17
for additional information regarding the estimated fair value of the Company’s freestanding derivatives after considering the effect of master netting arrangements and collateral.
F-55
RiverSource Life Insurance Company
Generally, the Company uses derivatives as economic hedges and accounting hedges. The following table presents the notional value and gross fair value of
derivative instruments, including embedded derivatives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
December 31, 2023 |
|
|
December 31, 2022 |
|
| |
|
Notional |
|
|
Gross Fair Value |
|
|
Notional |
|
|
Gross Fair Value |
|
| (in millions) |
|
Assets(1) |
|
|
Liabilities(2) |
|
|
Assets(1) |
|
|
Liabilities(2) |
|
| Derivatives not designated as
hedging instruments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate contracts |
|
$ |
42,516 |
|
|
$ |
185 |
|
|
$ |
305 |
|
|
$ |
101,302 |
|
|
$ |
267 |
|
|
$ |
355 |
|
| Equity contracts |
|
|
81,905 |
|
|
|
5,010 |
|
|
|
3,450 |
|
|
|
67,416 |
|
|
|
2,693 |
|
|
|
2,366 |
|
| Credit contracts |
|
|
3,375 |
|
|
|
1 |
|
|
|
106 |
|
|
|
1,802 |
|
|
|
13 |
|
|
|
— |
|
| Foreign exchange contracts |
|
|
2,952 |
|
|
|
21 |
|
|
|
4 |
|
|
|
2,870 |
|
|
|
34 |
|
|
|
10 |
|
| Total non-designated
hedges |
|
|
130,748 |
|
|
|
5,217 |
|
|
|
3,865 |
|
|
|
173,390 |
|
|
|
3,007 |
|
|
|
2,731 |
|
| Embedded derivatives |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| IUL |
|
|
N/A |
|
|
|
— |
|
|
|
873 |
|
|
|
N/A |
|
|
|
— |
|
|
|
739 |
|
| Fixed deferred indexed annuities and deposit receivables |
|
|
N/A |
|
|
|
51 |
|
|
|
52 |
|
|
|
N/A |
|
|
|
48 |
|
|
|
47 |
|
| Structured variable annuity(3) |
|
|
N/A |
|
|
|
— |
|
|
|
1,011 |
|
|
|
N/A |
|
|
|
— |
|
|
|
(137 |
) |
| Total embedded derivatives |
|
|
N/A |
|
|
|
51 |
|
|
|
1,936 |
|
|
|
N/A |
|
|
|
48 |
|
|
|
649 |
|
| Total derivatives |
|
$ |
130,748 |
|
|
$ |
5,268 |
|
|
$ |
5,801 |
|
|
$ |
173,390 |
|
|
$ |
3,055 |
|
|
$ |
3,380 |
|
| (1) |
The fair value of freestanding derivative assets is included in Other assets and the fair value of ceded derivative assets
related to deposit receivables is included in Receivables. |
| (2) |
The fair value of freestanding derivative liabilities is included in Other liabilities. The fair value of IUL, fixed
deferred indexed annuity and structured variable annuity embedded derivatives is included in Policyholder account balances, future policy benefits and claims. |
| (3) |
The fair value of the structured variable annuity embedded derivatives as of December 31, 2023 included
$1.0 billion of individual contracts in a liability position and $15 million of individual contracts in an asset position. The fair value of the structured variable annuity embedded derivatives as of December 31, 2022 included
$194 million of individual contracts in a liability position and $331 million of individual contracts in an asset position. |
See Note 14 for additional information regarding the Company’s fair value measurement of derivative instruments.
As of December 31, 2023 and 2022, investment securities with a fair value of $1.5 billion and $1.7 billion, respectively, were pledged to
meet contractual obligations under derivative contracts, of which $145 million and $302 million, respectively, may be sold, pledged or rehypothecated by the counterparty. As of December 31, 2023 and 2022, investment securities
with a fair value of $376 million and $14 million, respectively, were received as collateral to meet contractual obligations under derivative contracts, of which $314 million and $5 million, respectively, may be sold, pledged or
rehypothecated by the Company. As of both December 31, 2023 and 2022, the Company had sold, pledged, or rehypothecated none of these securities. In addition, as of both December 31, 2023 and 2022,
non-cash collateral accepted was held in separate custodial accounts and was not included in the Company’s Consolidated Balance Sheets.
The following table presents a summary of the impact of derivatives not designated as hedging instruments, including embedded derivatives, on the Consolidated
Statements of Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Net Investment
Income |
|
|
Benefits,
Claims, Losses
and Settlement
Expenses |
|
|
Interest
Credited to
Fixed Accounts |
|
|
Change in Fair
Value of
Market Risk
Benefits |
|
| Year Ended December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate contracts |
|
$ |
— |
|
|
$ |
(5 |
) |
|
$ |
— |
|
|
$ |
(422 |
) |
| Equity contracts |
|
|
— |
|
|
|
770 |
|
|
|
79 |
|
|
|
(1,239 |
) |
| Credit contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7 |
|
| Foreign exchange contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
| IUL embedded derivatives |
|
|
— |
|
|
|
— |
|
|
|
(75 |
) |
|
|
— |
|
| Fixed deferred indexed annuity and deposit receivables embedded derivatives |
|
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
| Structured variable annuity embedded derivatives |
|
|
— |
|
|
|
(1,166 |
) |
|
|
— |
|
|
|
— |
|
| Total gain (loss) |
|
$ |
— |
|
|
$ |
(401 |
) |
|
$ |
1 |
|
|
$ |
(1,649 |
) |
F-56
RiverSource Life Insurance Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Net Investment
Income |
|
|
Benefits,
Claims, Losses
and Settlement
Expenses |
|
|
Interest
Credited to
Fixed Accounts |
|
|
Change in Fair
Value of
Market Risk
Benefits |
|
|
|
|
|
|
| Year Ended December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate contracts |
|
$ |
— |
|
|
$ |
(26 |
) |
|
$ |
— |
|
|
$ |
(2,874 |
) |
| Equity contracts |
|
|
— |
|
|
|
(164 |
) |
|
|
(126 |
) |
|
|
899 |
|
| Credit contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
279 |
|
| Foreign exchange contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
105 |
|
| IUL embedded derivatives |
|
|
— |
|
|
|
— |
|
|
|
217 |
|
|
|
— |
|
| Fixed deferred indexed annuity and deposit receivables embedded derivatives |
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
| Structured variable annuity embedded derivatives |
|
|
— |
|
|
|
633 |
|
|
|
— |
|
|
|
— |
|
| Total gain (loss) |
|
$ |
— |
|
|
$ |
443 |
|
|
$ |
95 |
|
|
$ |
(1,591 |
) |
|
|
|
|
|
| Year Ended December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate contracts |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(886 |
) |
| Equity contracts |
|
|
1 |
|
|
|
34 |
|
|
|
91 |
|
|
|
(851 |
) |
| Credit contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
43 |
|
| Foreign exchange contracts |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
| IUL embedded derivatives |
|
|
— |
|
|
|
— |
|
|
|
30 |
|
|
|
— |
|
| Fixed deferred indexed annuity and deposit receivables embedded derivatives |
|
|
— |
|
|
|
— |
|
|
|
(8 |
) |
|
|
— |
|
| Structured variable annuity embedded derivatives |
|
|
— |
|
|
|
(393 |
) |
|
|
— |
|
|
|
— |
|
| Total gain (loss) |
|
$ |
1 |
|
|
$ |
(359 |
) |
|
$ |
113 |
|
|
$ |
(1,689 |
) |
The Company holds derivative instruments that either do not qualify or are not designated for hedge accounting treatment. These
derivative instruments are used as economic hedges of equity, interest rate, credit and foreign currency exchange rate risk related to various products and transactions of the Company.
The deferred premium associated with certain of the above options is paid or received semi-annually over the life of the contract or at maturity. The
following is a summary of the payments the Company is scheduled to make and receive for these options as of December 31, 2023:
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Premiums
Payable |
|
|
Premiums
Receivable |
|
| 2024 |
|
$ |
131 |
|
|
$ |
23 |
|
| 2025 |
|
|
121 |
|
|
|
20 |
|
| 2026 |
|
|
247 |
|
|
|
88 |
|
| 2027 |
|
|
20 |
|
|
|
— |
|
| 2028 |
|
|
30 |
|
|
|
— |
|
| 2029-2030 |
|
|
378 |
|
|
|
— |
|
| Total |
|
$ |
927 |
|
|
$ |
131 |
|
Actual timing and payment amounts may differ due to future settlements, modifications or exercises of the contracts prior to
the full premium being paid or received.
Structured variable annuity and IUL products have returns tied to the performance of equity markets. As a
result of fluctuations in equity markets, the obligation incurred by the Company related to structured variable annuity and IUL products will positively or negatively impact earnings over the life of these products. The equity
components of structured variable annuity and IUL product obligations are considered embedded derivatives, which are bifurcated from their host contracts for valuation purposes and reported on the Consolidated Balance Sheets at fair value with
changes in fair value reported in earnings. As a means of economically hedging its obligations under the provisions of these products, the Company enters into interest rate swaps, index options and futures contracts.
As discussed in Note 12, the Company issues variable annuity contracts that provide protection to contractholders from other-than-nominal capital market risk
and expose the Company to other-than-nominal capital market risk. The Company economically hedges its obligations under these market risk benefits using options, swaptions, swaps and futures.
F-57
RiverSource Life Insurance Company
Credit Risk
Credit risk associated with the
Company’s derivatives is the risk that a derivative counterparty will not perform in accordance with the terms of the applicable derivative contract. To mitigate such risk, the Company has established guidelines and oversight of credit risk
through a comprehensive enterprise risk management program that includes members of senior management. Key components of this program are to require preapproval of counterparties and the use of master netting and collateral arrangements whenever
practical. See Note 17 for additional information on the Company’s credit exposure related to derivative assets.
Certain of the Company’s
derivative contracts contain provisions that adjust the level of collateral the Company is required to post based on the Company’s financial strength rating (or based on the debt rating of the Company’s parent, Ameriprise Financial).
Additionally, certain of the Company’s derivative contracts contain provisions that allow the counterparty to terminate the contract if the Company does not maintain a specific financial strength rating or Ameriprise Financial’s debt does
not maintain a specific credit rating (generally an investment grade rating). If these termination provisions were to be triggered, the Company’s counterparty could require immediate settlement of any net liability position. As of
December 31, 2023 and 2022, the aggregate fair value of derivative contracts in a net liability position containing such credit contingent provisions was $62 million and $234 million, respectively. The aggregate fair value of assets
posted as collateral for such instruments as of December 31, 2023 and 2022 was $55 million and $232 million, respectively. If the credit contingent provisions of derivative contracts in a net liability position as of both
December 31, 2023 and 2022 were triggered, the aggregate fair value of additional assets that would be required to be posted as collateral or needed to settle the instruments immediately would have been $7 million and
$2 million as of December 31, 2023 and 2022, respectively.
19. SHAREHOLDER’S EQUITY
The following tables provide the amounts related to each component of OCI:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, 2023 |
|
| (in millions) |
|
Pretax |
|
|
Income Tax
Benefit
(Expense) |
|
|
Net of Tax |
|
| Net unrealized gains (losses) on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net unrealized gains (losses) on securities arising during the period(1) |
|
$ |
652 |
|
|
$ |
(144 |
) |
|
$ |
508 |
|
| Reclassification of net (gains) losses on securities included in net income(2) |
|
|
27 |
|
|
|
(7 |
) |
|
|
20 |
|
| Impact of benefit reserves and reinsurance recoverables |
|
|
(24 |
) |
|
|
5 |
|
|
|
(19 |
) |
| Net unrealized gains (losses) on securities |
|
|
655 |
|
|
|
(146 |
) |
|
|
509 |
|
| Effect of changes in discount rate assumptions on certain long-duration contracts |
|
|
(69 |
) |
|
|
15 |
|
|
|
(54 |
) |
| Effect of changes in instrument-specific credit risk on MRBs |
|
|
(83 |
) |
|
|
18 |
|
|
|
(65 |
) |
| Total other comprehensive income (loss) |
|
$ |
503 |
|
|
$ |
(113 |
) |
|
$ |
390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, 2022 |
|
| (in millions) |
|
Pretax |
|
|
Income Tax
Benefit
(Expense) |
|
|
Net of Tax |
|
| Net unrealized gains (losses) on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net unrealized gains (losses) on securities arising during the period(1) |
|
$ |
(2,784 |
) |
|
$ |
595 |
|
|
$ |
(2,189 |
) |
| Reclassification of net (gains) losses on securities included in net income(2) |
|
|
88 |
|
|
|
(19 |
) |
|
|
69 |
|
| Impact of benefit reserves and reinsurance recoverables |
|
|
103 |
|
|
|
(18 |
) |
|
|
85 |
|
| Net unrealized gains (losses) on securities |
|
|
(2,593 |
) |
|
|
558 |
|
|
|
(2,035 |
) |
| Effect of changes in discount rate assumptions on certain long-duration contracts |
|
|
1,095 |
|
|
|
(234 |
) |
|
|
861 |
|
| Effect of changes in instrument-specific credit risk on MRBs |
|
|
517 |
|
|
|
(110 |
) |
|
|
407 |
|
| Total other comprehensive income (loss) |
|
$ |
(981 |
) |
|
$ |
214 |
|
|
$ |
(767 |
) |
F-58
RiverSource Life Insurance Company
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, 2021 |
|
| (in millions) |
|
Pretax |
|
|
Income Tax
Benefit
(Expense) |
|
|
Net of Tax |
|
| Net unrealized gains (losses) on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net unrealized gains (losses) on securities arising during the period(1) |
|
$ |
(527 |
) |
|
$ |
111 |
|
|
$ |
(416 |
) |
| Reclassification of net (gains) losses on securities included in net income(2) |
|
|
(556 |
) |
|
|
117 |
|
|
|
(439 |
) |
| Impact of benefit reserves and reinsurance recoverables |
|
|
8 |
|
|
|
(1 |
) |
|
|
7 |
|
| Net unrealized gains (losses) on securities |
|
|
(1,075 |
) |
|
|
227 |
|
|
|
(848 |
) |
| Effect of changes in discount rate assumptions on certain long-duration contracts |
|
|
361 |
|
|
|
(77 |
) |
|
|
284 |
|
| Effect of changes in instrument-specific credit risk on MRBs |
|
|
127 |
|
|
|
(27 |
) |
|
|
100 |
|
| Total other comprehensive income (loss) |
|
$ |
(587 |
) |
|
$ |
123 |
|
|
$ |
(464 |
) |
| (1) |
Includes impairments on Available-for-Sale
securities related to factors other than credit that were recognized in OCI during the period. |
| (2) |
Reclassification amounts are recorded in Net realized investment gains (losses). |
Other comprehensive income (loss) related to net unrealized gains (losses) on securities includes three components: (i) unrealized gains
(losses) that arose from changes in the market value of securities that were held during the period; (ii) (gains) losses that were previously unrealized, but have been recognized in current period net income due to sales of Available-for-Sale securities and due to the reclassification of noncredit losses to credit losses; and (iii) other adjustments primarily consisting of changes in
insurance and annuity asset and liability balances, such as benefit reserves and reinsurance recoverables, to reflect the expected impact on their carrying values had the unrealized gains (losses) been realized as of the respective balance
sheet dates.
The following table presents the changes in the balances of each component of AOCI, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
Net Unrealized
Gains (Losses)
on Securities |
|
|
Effect of
Changes in
Discount Rate
Assumptions |
|
|
Effect of
Changes in
Instrument-
Specific Credit
Risk on MRBs |
|
|
Other |
|
|
Total |
|
| Balance at January 1, 2021 |
|
$ |
1,185 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(1 |
) |
|
$ |
1,184 |
|
| Cumulative effect of adoption of long-duration contracts guidance |
|
|
707 |
|
|
|
(1,217 |
) |
|
|
(527 |
) |
|
|
— |
|
|
|
(1,037 |
) |
| OCI before reclassifications |
|
|
(409 |
) |
|
|
284 |
|
|
|
100 |
|
|
|
— |
|
|
|
(25 |
) |
| Amounts reclassified from AOCI |
|
|
(439 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(439 |
) |
| Total OCI |
|
|
(848 |
) |
|
|
284 |
|
|
|
100 |
|
|
|
— |
|
|
|
(464 |
) |
| Balance at December 31, 2021 |
|
|
1,044 |
|
|
|
(933 |
) |
|
|
(427 |
) |
|
|
(1 |
) |
|
|
(317 |
) |
| OCI before reclassifications |
|
|
(2,104 |
) |
|
|
861 |
|
|
|
407 |
|
|
|
— |
|
|
|
(836 |
) |
| Amounts reclassified from AOCI |
|
|
69 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
69 |
|
| Total OCI |
|
|
(2,035 |
) |
|
|
861 |
|
|
|
407 |
|
|
|
— |
|
|
|
(767 |
) |
| Balance at December 31, 2022 |
|
|
(991 |
) |
|
|
(72 |
) |
|
|
(20 |
) |
|
|
(1 |
) |
|
|
(1,084 |
) |
| OCI before reclassifications |
|
|
489 |
|
|
|
(54 |
) |
|
|
(65 |
) |
|
|
— |
|
|
|
370 |
|
| Amounts reclassified from AOCI |
|
|
20 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20 |
|
| Total OCI |
|
|
509 |
|
|
|
(54 |
) |
|
|
(65 |
) |
|
|
— |
|
|
|
390 |
|
| Balance at December 31, 2023 |
|
$ |
(482 |
) |
|
$ |
(126 |
) |
|
$ |
(85 |
) |
|
$ |
(1 |
) |
|
$ |
(694 |
) |
20. INCOME TAXES
The
components of income tax provision (benefit) were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| (in millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Current income tax |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
$ |
(112 |
) |
|
$ |
57 |
|
|
$ |
172 |
|
| State |
|
|
2 |
|
|
|
(2 |
) |
|
|
6 |
|
| Total current income tax |
|
|
(110 |
) |
|
|
55 |
|
|
|
178 |
|
| Deferred income tax |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
|
98 |
|
|
|
150 |
|
|
|
136 |
|
| State |
|
|
2 |
|
|
|
4 |
|
|
|
2 |
|
| Total deferred income tax |
|
|
100 |
|
|
|
154 |
|
|
|
138 |
|
| Total income tax provision (benefit) |
|
$ |
(10 |
) |
|
$ |
209 |
|
|
$ |
316 |
|
F-59
RiverSource Life Insurance Company
The principal reasons that the aggregate income tax provision (benefit) is different from that computed by using the U.S. statutory rate of 21% were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Tax at U.S. statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
|
|
21.0 |
% |
| Changes in taxes resulting from: |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends received deduction |
|
|
(8.2 |
) |
|
|
(2.3 |
) |
|
|
(1.7 |
) |
| Low income housing tax credits |
|
|
(8.0 |
) |
|
|
(2.9 |
) |
|
|
(3.3 |
) |
| Foreign tax credit, net of addback |
|
|
(7.0 |
) |
|
|
(1.7 |
) |
|
|
(0.9 |
) |
| Audit adjustments |
|
|
(3.4 |
) |
|
|
— |
|
|
|
— |
|
| Uncertain tax positions |
|
|
1.6 |
|
|
|
— |
|
|
|
— |
|
| Other, net |
|
|
1.5 |
|
|
|
(0.3 |
) |
|
|
0.4 |
|
| Income tax provision (benefit) |
|
|
(2.5 |
)% |
|
|
13.8 |
% |
|
|
15.5 |
% |
The decrease in the Company’s effective tax rate for the year ended December 31, 2023 compared to 2022 is primarily
due to lower pretax income in the current year.
The decrease in the Company’s effective tax rate for the year ended December 31, 2022 compared
to 2021 is primarily due to lower pretax income relative to tax preferred items.
Deferred income tax assets and liabilities result from temporary
differences between the assets and liabilities measured for GAAP reporting versus income tax return purposes. Deferred income tax assets and liabilities are measured at the statutory rate of 21% as of both December 31, 2023 and 2022. The
significant components of the Company’s deferred income tax assets and liabilities, which are included net within Other assets or Other liabilities, were as follows:
|
|
|
|
|
|
|
|
|
| |
|
December 31, |
|
| (in millions) |
|
2023 |
|
|
2022(1) |
|
| Deferred income tax assets |
|
|
|
|
|
|
|
|
| Insurance and annuity benefits including corresponding hedges |
|
$ |
1,244 |
|
|
$ |
1,431 |
|
| Investments including net unrealized on
Available-for-Sale securities |
|
|
118 |
|
|
|
165 |
|
| Other |
|
|
30 |
|
|
|
29 |
|
| Gross deferred income tax assets |
|
|
1,392 |
|
|
|
1,625 |
|
| Less: valuation allowance |
|
|
30 |
|
|
|
30 |
|
| Total deferred income tax assets |
|
|
1,362 |
|
|
|
1,595 |
|
| Deferred income tax liabilities |
|
|
|
|
|
|
|
|
| Deferred acquisition costs |
|
|
380 |
|
|
|
410 |
|
| Other |
|
|
56 |
|
|
|
52 |
|
| Gross deferred income tax liabilities |
|
|
436 |
|
|
|
462 |
|
| Net deferred income tax assets |
|
$ |
926 |
|
|
$ |
1,133 |
|
| (1) |
Prior period amounts have been reclassified to conform to current year presentation and primarily relate to derivative
activity being presented with the liabilities they are hedging and remaining investments being presented together inclusive of net unrealized on Available-for-Sale
securities. |
Included in the Company’s deferred income tax assets are tax benefits related to state net operating losses of
$28 million, net of federal benefit, which will expire beginning December 31, 2024. Based on analysis of the Company’s tax position as of December 31, 2023, management believes it is more likely than not that the Company will not
realize certain state net operating losses of $28 million and state deferred tax assets of $2 million; therefore, a valuation allowance of $30 million has been established.
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in millions) |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Balance at January 1 |
|
$ |
37 |
|
|
$ |
37 |
|
|
$ |
38 |
|
| Reductions for tax positions related to the current year |
|
|
(3 |
) |
|
|
(1 |
) |
|
|
(1 |
) |
| Additions for tax positions of prior years |
|
|
65 |
|
|
|
1 |
|
|
|
— |
|
| Reductions for tax positions of prior years |
|
|
(71 |
) |
|
|
— |
|
|
|
— |
|
| Reductions due to lapse of statutes of limitations |
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
| Balance at December 31 |
|
$ |
27 |
|
|
$ |
37 |
|
|
$ |
37 |
|
F-60
RiverSource Life Insurance Company
If recognized, approximately $19 million, $20 million and $20 million, net of federal tax benefits, of unrecognized tax benefits as of
December 31, 2023, 2022 and 2021, respectively, would affect the effective tax rate.
It is reasonably possible that the total amount of
unrecognized tax benefits will change in the next 12 months. The Company estimates that the total amount of gross unrecognized tax benefits may decrease by approximately $2 million in the next 12 months primarily due to state statutes of
limitations expirations.
The Company recognizes interest and penalties related to unrecognized tax benefits as a component of the income tax provision.
The Company recognized a net increase of $8 million, nil and a net increase of $1 million in interest and penalties for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and
2022, the Company had a payable of $11 million and $3 million related to accrued interest and penalties, respectively.
The Company files income
tax returns as part of its inclusion in the consolidated federal income tax return of Ameriprise Financial in the U.S. federal jurisdiction and various state jurisdictions. As of December 31, 2023, the federal statutes of limitations are closed
on years through 2018. A previously open item for 2014 and 2015 was resolved in the second quarter of 2023. Also in the second quarter of 2023, the Internal Revenue Service (“IRS”) audit for tax years 2016 through 2018 was finalized. The
IRS is currently auditing Ameriprise Financial’s U.S. income tax returns for 2019 and 2020. The state income tax returns of Ameriprise Financial and its subsidiaries, including the Company, are currently under examination by various
jurisdictions for years ranging from 2017 through 2021.
21. COMMITMENTS AND CONTINGENCIES
Commitments
The following table presents the
Company’s funding commitments as of December 31:
|
|
|
|
|
|
|
|
|
| (in millions) |
|
2023 |
|
|
2022 |
|
| Commercial mortgage loans |
|
$ |
15 |
|
|
$ |
— |
|
Contingencies
The
Company and its affiliates are involved in the normal course of business in legal proceedings which include regulatory inquiries, arbitration and litigation, including class actions, concerning matters arising in connection with the conduct of its
activities. These include proceedings specific to the Company as well as proceedings generally applicable to business practices in the industries in which it operates. The Company can also be subject to legal proceedings arising out of its general
business activities, such as its investments, contracts and employment relationships. Uncertain economic conditions, heightened and sustained volatility in the financial markets and significant financial reform legislation may increase the
likelihood that clients and other persons or regulators may present or threaten legal claims or that regulators increase the scope or frequency of examinations of the Company or the insurance industry generally.
As with other insurance companies, the level of regulatory activity and inquiry concerning the Company’s businesses remains elevated. From time to time,
the Company and its affiliates, including AFS and RiverSource Distributors, Inc. receive requests for information from, and/or are subject to examination or claims by various state, federal and other domestic authorities. The Company and its
affiliates typically have numerous pending matters, which include information requests, exams or inquiries regarding their business activities and practices and other subjects, including from time to time: sales and distribution of, and disclosure
practices related to, various products, including the Company’s insurance and annuity products; supervision of associated persons, including AFS financial advisors and RiverSource Distributors, Inc.’s wholesalers; administration of
insurance and annuity claims; security of client information; and transaction monitoring systems and controls. The Company and its affiliates are cooperating with the applicable regulators.
These pending matters are subject to uncertainties and, as such, it is inherently difficult to determine whether any loss is probable or even reasonably
possible, or to reasonably estimate the amount of any loss that may result from such matters. The Company cannot predict with certainty if, how, or when any such proceedings will be initiated or resolved. Matters frequently need to be more developed
before a potential loss or range of loss can be reasonably estimated for any matter. An adverse outcome in any matter could result in an adverse judgment, a settlement, fine, penalty, or other sanction, and may lead to further claims, examinations,
or adverse publicity each of which could have a material adverse effect on the Company’s consolidated financial condition, results of operations, or liquidity.
In accordance with applicable accounting standards, the Company establishes an accrued liability for contingent litigation and regulatory matters when those
matters present loss contingencies that are both probable and can be reasonably estimated. The Company discloses the nature of the contingency when management believes there is at least a reasonable possibility that the outcome may be material to
the Company’s consolidated financial statements and, where feasible, an estimate of the possible loss. In such cases, there still may be an exposure to loss in excess of any amounts reasonably estimated and accrued. When a loss contingency is
not both probable and reasonably estimable, the Company does not establish an accrued liability, but continues to
F-61
RiverSource Life Insurance Company
monitor, in conjunction with any outside counsel handling a matter, further developments that would make such loss contingency both probable and reasonably
estimable. Once the Company establishes an accrued liability with respect to a loss contingency, the Company continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously
established, and any appropriate adjustments are made each quarter.
Guaranty Fund Assessments
RiverSource Life Insurance Company and RiverSource Life of NY are required by law to be a member of the guaranty fund association in every state where they are
licensed to do business. In the event of insolvency of one or more unaffiliated insurance companies, the Company could be adversely affected by the requirement to pay assessments to the guaranty fund associations. The Company projects its cost of
future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of its premiums written relative to the industry-wide
premium in each state. The Company accrues the estimated cost of future guaranty fund assessments when it is considered probable that an assessment will be imposed, the event obligating the Company to pay the assessment has occurred and the amount
of the assessment can be reasonably estimated.
The Company has a liability for estimated guaranty fund assessments and a related premium tax asset. As of
December 31, 2023 and 2022, the estimated liability was $34 million and $12 million, respectively. As of December 31, 2023 and 2022, the related premium tax asset was $29 million and $10 million, respectively.
The expected period over which guaranty fund assessments will be made and the related tax credits recovered is not known.
F-62
SAI9000_12_C01_(05/24)
PART C –
OTHER INFORMATION
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Resolution of the Executive Committee of the Board of Directors of American Enterprise Life Insurance Company
establishing the American Enterprise Variable Annuity Account dated July 15, 1987, filed
electronically as Exhibit 1 to the Initial Registration Statement No.
33-54471, filed on or about July 5, 1994, is incorporated by reference. |
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Unanimous Written Consent of the Board of Directors In Lieu of a Meeting for IDS Life Insurance Company, adopted
December 8, 2006 for the Re-designation of the Separate Accounts to Reflect Entity
Consolidation and Rebranding filed electronically as Exhibit 27(a)(6) to
Post-Effective Amendment No. 28 to Registration Statement No. 333-69777 is
incorporated by reference. |
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Account's Post-Effective
Amendment No. 30 to Registration Statement No. 333-92297 on or about August 25, 2006 is incorporated by reference. |
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Account's Post-Effective
Amendment No. 30 to Registration Statement No. 333-92297 on or about August 25, 2006 is incorporated by reference. |
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Amendment No. 1 to Registration Statement No. 333-74865 filed on or about Aug. 4, 1999, is incorporated by reference.
(See Exhibit 5 to Form N-4 Registration Statement filed with the SEC on
8/5/1999.) |
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Statement No.
333-139760 on or about Jan. 3, 2007, is incorporated herein by reference. |
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Statement No. 333-139760 on or about Jan. 3, 2007, is incorporated herein by reference. |
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Statement No. 333-139760 on or about Jan. 3, 2007, is incorporated herein by reference. |
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Statement No. 333-139760 on or about Jan. 3, 2007, is incorporated herein by reference. |
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Registration Statement No.
333-139760 on or about Jan. 3, 2007, is incorporated herein by reference.. |
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Registration Statement No.
333-139760 on or about Jan. 3, 2007, is incorporated herein by reference. |
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10's Initial Registration Statement No. 33-62407 is incorporated herein by reference. |
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Insurance Company, dated
Jan. 1, 2007, filed electronically as Exhibit 8.9 to RiverSource Variable Life Account's Post-Effective Amendment No. 1 to Registration Statement No. 333-139762 filed on or about April 24, 2007, is incorporated
by reference. |
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Company, IDS Life Insurance
Company, Goldman Sachs Variable Insurance Trust and Goldman, Sachs & Co. filed herewith as Exhibit 27(h)(24) to Post-Effective Amendment No. 28 to Registration Statement No. 333-69777 is incorporated herein
by reference. |
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Distributors, Inc. American
Enterprise Life Insurance Company, American Partners Life Insurance Company, IDS Life Insurance Company, and Ameriprise Financial Services, Inc. filed electronically as Exhibit 27(h)(1) to Post-Effective
Amendment No. 28 to Registration Statement No. 333-69777 is incorporated herein by
reference. |
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Enterprise Life
Insurance Company, American Partners Life Insurance Company, IDS Life Insurance Company and Janus Aspen Series filed electronically as Exhibit 27(h)(12) to Post-Effective Amendment No. 28 to Registration Statement
No. 333-69777 is incorporated herein by reference. |
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Management Securities,
LLC, and Lazard Retirement Series, Inc., dated Jan. 1, 2007, filed electronically Exhibit 8.7 to Registrant’s Post-Effective Amendment No. 1 to Registration Statement No. 333-139762 on or about April 24, 2007 is
incorporated by reference. |
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Company, American Partners Life
Insurance Company, IDS Life Insurance Company, Credit Suisse Trust, Credit Suisse Asset Management, LLC. and Credit Suisse Asset Management Securities, Inc. filed electronically as Exhibit 8.6 to
Post-Effective Amendment No. 41 to Registration Statement No. 333-79311 is incorporated
herein by reference. |
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Company, IDS Life Insurance Company,
Ameriprise Financial Services, Inc., AllianceBernstein L.P. and AllianceBernstein Investments, Inc. filed electronically as Exhibit 27(h)(20) to Post-Effective Amendment No. 28 to Registration Statement
No. 333-69777 is incorporated herein by reference. |
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Insurance Company, The
Dreyfus Corporation, Dreyfus Variable Investment Fund, and Dreyfus Investment Portfolios filed electronically as Exhibit 8.7 to Post-Effective Amendment No. 41 to Registration Statement No. 333-79311 is incorporated
herein by reference. |
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Insurance Company and J.P. Morgan
Series Trust II filed as Exhibit 8.14 to RiverSource Variable Annuity Account's Initial Registration Statement No. 333-139760 on or about Jan. 3, 2007 is incorporated herein by reference. |
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Assurance Company, American
Enterprise Life Insurance Company, American Partners Life Insurance Company, IDS Life Insurance Company, IDS Life Insurance Company of New York, Ameriprise Financial Services, Inc. and American Century
Investment Services, Inc. filed electronically as Exhibit 27(h)(3) to Post-Effective
Amendment No. 22 to Registration Statement No. 333-44644 is incorporated
herein by reference. |
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Company, Columbia Funds
Variable Insurance Trust, Columbia Management Advisors, LLC and Columbia Management Distributors, Inc. filed as Exhibit 8.17 to RiverSource Variable Annuity Account's Initial Registration Statement
No. 333-139760 on or about Jan. 3, 2007 is incorporated herein by reference.
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Insurance Co. of New
York and RiverSource Distributors, Inc. filed electronically as Exhibit 8.8 to Post-Effective Amendment No. 1 to Registration Statement No. 333-139761 is incorporated herein by reference. |
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Third Avenue
Management LLC, American Enterprise Life Insurance Company and IDS Life Insurance Company filed electronically as Exhibit 27(h)(18) to Post-Effective Amendment No. 28 to Registration Statement No. 333-69777 is
incorporated herein by reference. |
Item 28. Directors and Officers of the Depositor The following are the Officers and Directors who are engaged directly or indirectly in activities
relating to the Registrant or the variable annuity contracts offered by the Registrant and the executive officers of the Company:
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Principal Business Address*
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Position and
Offices With Depositor |
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Chairman of the Board and President
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Senior Vice President – Corporate Tax |
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Director, Senior Vice President and Chief Actuary |
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Senior Vice President and Treasurer |
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Director, Vice President – Insurance and Annuities Product Development and Management |
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Vice President and Controller |
*
The business address is 70100 Ameriprise Financial Center, Minneapolis, MN
55474.
Item 29. Persons Controlled by or Under Common Control with the Depositor or the Registrant
The following is the list of subsidiaries of Ameriprise Financial,
Inc:
SUBSIDIARIES AND AFFILIATES OF AMERIPRISE FINANCIAL, INC.
Parent Company /Subsidiary Name |
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Ameriprise Financial, Inc.* |
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Ameriprise Advisor Capital, LLC |
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Ameriprise Advisor Financing 2, LLC |
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Ameriprise Asset Management Holdings Singapore (Pte.) Ltd. |
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Ameriprise Asset Management Holdings Hong Kong Limited |
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Threadneedle Portfolio Services Hong Kong Limited |
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Columbia Threadneedle Investments Japan Co., Ltd. |
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Columbia Threadneedle Malaysia Sdn Bhd. |
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Parent Company /Subsidiary Name |
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Threadneedle Investments Singapore (Pte.) Ltd. |
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Ameriprise Capital Trust I |
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Ameriprise Capital Trust II |
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Ameriprise Capital Trust III |
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Ameriprise Capital Trust IV |
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Ameriprise Captive Insurance Company |
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Ameriprise Certificate Company |
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Investors Syndicate Development Corporation |
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Ameriprise Holdings, Inc. |
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Ameriprise India Partner, LLC |
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American Enterprise Investment Services Inc.2 |
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Ameriprise Financial Services,
LLC2 |
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AMPF Property Corporation |
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Investment Professionals,
Inc.2 |
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Columbia Management Investment Advisers, LLC |
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Advisory Capital Strategies Group Inc. |
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Columbia Wanger Asset Management, LLC |
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Emerging Global Advisors, LLC |
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J. & W. Seligman & Co. Incorporated |
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Columbia Management Investment Distributors, Inc.2 |
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Lionstone BBP Limited Partner, LLC |
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Lionstone CREAD Partners Two, LLC |
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Cash Flow Asset Management GP, LLC |
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Cash Flow Asset Management,
L.P.4 |
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Lionstone Advisory Services, LLC |
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Lionstone CFRE II Real Estate Advisory, LLC |
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Lionstone Development Services, LLC |
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LPL 1111 Broadway GP, LLC |
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Parent Company /Subsidiary Name |
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Lionstone Raleigh Development Partners GP, LLC |
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Lionstone RDP Channel House Investors, L.P. |
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Lionstone RDP PCS Phase I Investors, L.P. |
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Lionstone RDP Platform Investors, L.P. |
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Lionstone RDP Tower V Investors GP, LLC |
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Lionstone RDP St. Albans Investors GP, LLC |
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Lionstone RDP Co-Investment Fund I GP, LLC |
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RiverSource CDO Seed Investments, LLC |
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Columbia Management Investment Services Corp. |
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Columbia Threadneedle Canada, Inc. |
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Columbia Threadneedle Canada Holdings, Inc. |
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Columbia Threadneedle Investments UK International Limited |
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Columbia Threadneedle (Europe) Limited |
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Columbia Threadneedle AM (Holdings) plc |
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Columbia Threadneedle Capital (Group) Limited |
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Columbia Threadneedle Capital (Holdings) Limited |
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Columbia Threadneedle Capital (UK) Limited |
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Columbia Threadneedle Multi-Manager LLP |
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Columbia Threadneedle Group (Holdings) Limited |
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Columbia Threadneedle Group (Management) Limited |
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Columbia Threadneedle Holdings Limited |
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Columbia Threadneedle Investment Services Limited |
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Columbia Threadneedle Management Limited |
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F&C Unit Management Limited |
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Parent Company /Subsidiary Name |
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FCEM Holdings (UK) Limited |
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F&C Emerging Markets Limited |
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F&C Private Equity Nominee Limited |
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Columbia Threadneedle Luxembourg
S.A.6† |
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Columbia Threadneedle Netherlands B.V. |
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F&C Alternative Investments (Holdings) Limited |
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Columbia Threadneedle Treasury Limited |
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Columbia Threadneedle Fund Management Limited |
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Columbia Threadneedle Managers Limited |
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Columbia Threadneedle (Services) Limited |
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Columbia Threadneedle Management (Swiss) GmbH‡ |
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Columbia Threadneedle Investment Business Limited |
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Columbia Threadneedle PE Co-Investment GP LLP |
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Columbia Threadneedle PE Co-Investment FP LP6 |
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Columbia Threadneedle Real Estate Partners LLP7 |
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CT UK Residential Real Estate FCP-RAIF (Associate) |
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REIT Asset Management Limited |
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Columbia Threadneedle REP (Corporate Services) Limited |
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F&C REIT Corporate Finance Limited |
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Columbia Threadneedle Real Estate Partners S.à.r.l. |
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CT Real Estate Partners GmbH & Co. KG, München |
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CT Real Estate Partners Verwaltungsgesellschaft mbH, München (General Partner) |
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Columbia Threadneedle Real Estate Partners Asset Management plc |
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FOSCA II Manager S.à.r.l. |
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Parent Company /Subsidiary Name |
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Columbia Threadneedle REP Property Management Limited |
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Columbia Threadneedle Unit Trust Managers Limited |
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Castle Mount Impact Partners GP LLP |
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Castle Mount Impact Partners FP LP |
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LPE II (Founding Partner) LP |
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The Aurora Fund (Founder Partner) LP6 |
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F&C Climate Opportunity Partners (GP) Limited |
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F&C Climate Opportunity Partners (GP) LP |
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F&C Climate Opportunity Partners (Founder Partner) LP6 |
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F&C Equity Partners Holdings Limited |
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F&C European Capital Partners (Founder Partner) LP6 |
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F&C European Capital Partners II (GP) Limited |
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F&C European Capital Partners II (Founder Partner) LP6 |
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F&C European Capital Partners II (GP) LP |
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F&C Group ESOP Trustee Limited |
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F&C Investment Manager plc |
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FP Asset Management Holdings Limited |
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Columbia Threadneedle Asset Managers Limited |
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Columbia Threadneedle (EM) Investments Limited |
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Pyrford International Limited |
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RiverSource Distributors,
Inc.2 |
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RiverSource Life Insurance Company |
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Columbia Cent CLO Advisers, LLC |
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RiverSource Life Insurance Co. of New York |
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RiverSource Tax Advantaged Investments, Inc. |
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Parent Company /Subsidiary Name |
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AEXP Affordable Housing Portfolio,
LLC8 |
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TAM UK International Holdings Limited |
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Columbia Threadneedle Investments (ME) Limited |
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Threadneedle Asset Management Oversight Limited |
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Ameriprise International Holdings GmbH |
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Threadneedle EMEA Holdings 1, LLC |
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Threadneedle Holdings Limited |
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Threadneedle Asset Management Holdings Limited** |
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Columbia Threadneedle Foundation |
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Threadneedle Asset Management Limited |
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Threadneedle Investment Services Limited |
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Threadneedle Asset Management (Nominees) Limited |
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Sackville TIPP Property (GP) Limited |
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Threadneedle Asset Management Finance Limited |
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Threadneedle International Limited |
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Threadneedle Investments (Channel Islands) Limited |
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Threadneedle Investments Limited |
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Threadneedle Management Services Limited |
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Threadneedle Pension Trustees Limited |
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Threadneedle Navigator ISA Manager Limited |
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Threadneedle Pensions Limited |
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Parent Company /Subsidiary Name |
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Threadneedle Portfolio Services AG |
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Threadneedle Portfolio Services Limited |
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Threadneedle Property Investments Limited |
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Sackville (CTESIF) 2&3 GP Sàrl |
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Sackville LCW (GP) Limited |
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Sackville LCW Sub LP 1 (GP) Limited |
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Sackville LCW Nominee 1 Limited |
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Sackville LCW Nominee 2 Limited |
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Sackville LCW Sub LP 2 (GP) Limited |
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Sackville LCW Nominee 3 Limited |
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Sackville LCW Nominee 4 Limited |
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Sackville Property Atlantic (Jersey GP) Limited |
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Sackville Property Curtis (Jersey GP) Limited |
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Sackville Property Farnborough (Jersey GP) Limited |
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Sackville Property Hayes (Jersey GP) Limited |
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Sackville UKPEC6 Hayes Nominee 1 Limited |
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Sackville UKPEC6 Hayes Nominee 2 Limited |
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Sackville Tandem Property (GP) Limited |
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Sackville TPEN Property (GP) Limited |
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Sackville TSP Property (GP) Limited |
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Sackville UK Property Select II (GP) Limited |
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Sackville UK Property Select II (GP) No. 3 Limited |
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Sackville UK Property Select II Nominee (3) Limited |
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Sackville UK Property Select III (GP) No. 1 Limited |
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Sackville UK Property Select III Nominee (1) Limited |
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Sackville UK Property Select III Nominee (2) Limited |
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Parent Company /Subsidiary Name |
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Sackville UK Property Select III (GP) No. 2 Limited |
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Sackville UK Property Select III Nominee (3) Ltd |
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Sackville UK Property Select III Nominee (4) Ltd |
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Sackville UK Property Select III (GP) No. 3 Limited |
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Sackville UK Property Select III Nominee (5) Ltd |
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Sackville UK Property Select III Nominee (6) Ltd |
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Sackville UK Property Select III (GP) S.à r.l. |
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Sackville UK Property Select IV (GP) S.à.r.l. |
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Sackville UK Property Select IV (GP) No. 1 Limited |
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Sackville UK Property Select IV Nominee (1) Limited |
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Sackville UK Property Select IV Nominee (2) Limited |
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Sackville UK Property Select IV (GP) No. 2 Limited |
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Sackville UK Property Select IV Nominee (3) Limited |
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Sackville UK Property Select IV Nominee (4) Limited |
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Sackville UK Property Select IV (GP) No. 3 Limited |
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Sackville UK Property Select IV Nominee (5) Limited |
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Sackville UK Property Select IV Nominee (6) Limited |
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Sackville UKPEC1 Leeds (GP) Limited |
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Sackville UKPEC3 Croxley (GP) Limited |
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Threadneedle Property Execution 1 Limited |
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Threadneedle Property Execution 2 Limited |
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Threadneedle UK Property Select IV Feeder SA SICAV-RAIF |
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Threadneedle Unit Trust Manager Limited |
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Threadneedle Management Luxembourg S.A. |
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Unless otherwise indicated all ownership interests are 100%
*
Publicly-traded company (NYSE: AMP)
**
The company has non-voting shares held by third parties
†
Regulated by Luxembourg Authority
‡
FINMA Authorized Representative office of BMO Asset Management Ltd.
1
Owned by: Ameriprise Financial, Inc. 100% profit sharing ratio with capital
contribution of 124,078,760 INR (Indian currency=rupees) & 10 INR owned each by Columbia Management Investment Advisers, LLC & Ameriprise India Partner,
LLC
2
Registered broker-dealer
3
Managed by members of onshore hedge fund feeders
4
Owned by: Lionstone Partners, LLC (99%) & Cash Flow Asset Management GP, LLC (1%)
5
Owned by: Lionstone Partners, LLC (99.9%) & LPL 1111 Broadway GP, LLC (0.1%)
6
Columbia Threadneedle AM (Holdings) plc owns a percentage of the
entity
7
Columbia ThreadneedleTreasury Limited holds 1 unit
8
One-third of this entity is owned by American Express Travel Related
Services
The amended and restated By-Laws of the depositor provide that the depositor will indemnify, to the fullest extent now or hereafter provided for or permitted by law, each person involved in, or made or threatened to be made a party to, any action, suit, claim or proceeding, whether civil or criminal, including any investigative, administrative, legislative, or other proceeding, and including any action by or in the right of the depositor or any other corporation, or any partnership, joint venture, trust, employee benefit plan, or other enterprise (any such entity, other than the depositor, being hereinafter referred to as an “Enterprise”), and including appeals therein (any such action or process being hereinafter referred to as a “Proceeding”), by reason of the fact that such person, such person’s testator or intestate (i) is or was a director or officer of the depositor, or (ii) is or was serving, at the request of the depositor, as a director, officer, or in any other capacity, or any other Enterprise, against any and all judgments, amounts paid in settlement, and expenses, including attorney’s fees, actually and reasonably incurred as a result of or in connection with any Proceeding, except as provided below.
No indemnification will be made to or on behalf of any such person if a
judgment or other final adjudication adverse to such person establishes that such person’s acts were committed in bad faith or were the result of active and
deliberate dishonesty and were material to the cause of action so adjudicated, or that such person personally gained in fact a financial profit or other advantage to
which such person was not legally entitled. In addition, no indemnification will be made with respect to any Proceeding initiated by any such person against the depositor, or a director or officer of the depositor, other than to enforce the terms of this indemnification provision, unless such Proceeding was authorized by the Board of Directors of the depositor. Further, no indemnification will be made with respect to any settlement or compromise of any Proceeding unless and until the depositor has consented to such settlement or compromise.
The depositor may, from time to time, with the approval of the Board of
Directors, and to the extent authorized, grant rights to indemnification, and to the advancement of expenses, to any employee or agent of the depositor or to any
person serving at the request of the depositor as a director or officer, or in any other capacity, of any other Enterprise, to the fullest extent of the provisions
with respect to the indemnification and advancement of expenses of directors and officers of the depositor.
Insofar as indemnification for liability arising under the Securities Act of
1933 (the “Act”) may be permitted to directors, officers and controlling persons of the depositor or the registrant pursuant to the foregoing provisions,
or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
Item 31. Principal Underwriter
(a) RiverSource Distributors Inc. acts as principal
underwriter for:
RiverSource Variable
Annuity Account 1
RiverSource Variable Annuity Account
RiverSource Account
F
RiverSource Variable Annuity Fund A
RiverSource Variable Annuity Fund
B
RiverSource Variable Account 10
RiverSource Account SBS
RiverSource MVA Account
RiverSource Account MGA
RiverSource Account for Smith Barney
RiverSource Variable Life Separate Account
RiverSource Variable Life Account
RiverSource of New York Variable Annuity Account 1
RiverSource of New York Variable Annuity Account 2
RiverSource of New York Account
4
RiverSource of New York Account 7
RiverSource of New York Account
8
(b) As to each director, officer or
partner of the principal underwriter:
Name and Principal Business Address* |
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Positions and
Offices with Underwriter |
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Name and Principal Business Address* |
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Positions and
Offices with Underwriter |
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Chairman of the Board and Chief Executive Officer |
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Senior Vice President and Treasurer |
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*
The business address is 70100 Ameriprise Financial Center, Minneapolis, MN
55474.
(c) RiverSource Distributors Inc., the principal underwriter during Registrant’s last fiscal year, was paid the following commissions:
NAME OF PRINCIPAL UNDERWRITER |
NET
UNDERWRITING
DISCOUNTS AND
COMMISSIONS |
COMPENSATION ON REDEMPTION |
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RiverSource Distributors, Inc. |
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Item 32. Location of Accounts and Records
Item 33. Management Services
Item 34. Fee Representation
The RiverSource Life Insurance Company (the Company) hereby represents that the fees and charges deducted under the Contracts, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred, and the risks assumed by the Company.
The Company hereby represents that it is relying on the November 28,
1988 no-action letter (Ref. No. IP-6-88) relating to variable annuity contracts offered as funding vehicles for retirement plans meeting the
requirements of Section 403(b) of the Internal Revenue Code. Registrant further represents that it will comply with the provisions of
paragraphs (1)-(4) of that letter.
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act of
1940, RiverSource Life Insurance Company, on behalf of the Registrant, certifies that it meets all of the requirements of Securities Act Rule 485(b) for effectiveness
of this Amendment to its Registration Statement and has caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Minneapolis, and State of Minnesota, on April 23,
2024.
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RiverSource Variable Annuity Account |
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Gumer C. Alvero Chairman of the Board and President |
As required by the Securities Act of 1933, this Amended Registration Statement has been signed by the Depositor on April 23, 2024.
| |
RiverSource Life Insurance Company |
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Gumer C. Alvero Chairman of the Board and President |
As required by the Securities Act of 1933, Amendment to this Registration Statement has been signed by the following persons in the capacities indicated on April 23, 2024.
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Chairman of the Board and President (Chief Executive Officer) |
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Senior Vice President – Corporate Tax |
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Director, Senior Vice President and Chief Actuary |
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Senior Vice President and Treasurer |
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Chief Financial Officer (Chief Financial Officer) |
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Vice President and Controller (Principal Accounting Officer) |
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Director, Vice President-Insurance and Annuities Product Development and Management |
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Nicole D. Wood Assistant General Counsel and Assistant Secretary |
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CONTENTS OF Post-Effective Amendment No. 29
This Registration Statement is comprised of the following papers and documents:
RiverSource® Signature Select Variable Annuity
RiverSource® Signature Variable
Annuity
The combined Statement of Additional Information and Financial Statements
for RiverSource Variable Annuity Account dated May 1, 2024 is
filed electronically herewith.
Exhibit
Index
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Opinion of counsel and consent to its use as to the legality of the securities being registered. |
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Consents of Independent Registered Public Accounting
Firm |
