Select Life Variable Account of ReliaStar Life insurance Co. is reorganizing two portfolio pairs on July 10 and July 17, with policy values preserved through automatic reallocations. Policyholders can transfer Assets without charge before those dates, while future allocations will move to the surviving portfolios unless alternative instructions are provided.

Key Highlights

  • Automatic reallocations will preserve equal total net asset value and create no tax Liability for policyholders.
  • Policyholders invested in affected subaccounts will be moved automatically into corresponding surviving portfolios at equal total net asset value.
  • The Voya Solution Moderately Aggressive Portfolio, Class I, will be reorganized into the Voya Solution Aggressive Portfolio, Class I, in July.
  • Surviving portfolios will be closed to new investors and new investments by existing investors on their respective reorganization dates.

Policyholders invested in the affected subaccounts will be moved automatically into corresponding surviving portfolios at equal total net asset value.

Two Portfolio Reorganizations Set for July

The Voya Solution Moderately Aggressive Portfolio, Class I, is also being reorganized into the Voya Solution Aggressive Portfolio, Class I, on that date. The surviving portfolios will be closed to new investors and new investments by existing investors on their respective reorganization dates.

Automatic Transfers Preserve Policy Value

Before either reorganization date, policyholders may move amounts from the affected subaccounts to another available subaccount or fixed interest option without a transfer charge. Those moves will not count toward applicable transfer restrictions or limits.

Without alternative allocation instructions, future allocations directed to an affected subaccount will move automatically to the surviving portfolio, while the policy value immediately before and after the reallocation will remain equal and the automatic move will create no tax liability.

Source(s)

  • https://www.sec.gov/Archives/edgar/data/897899/000091767726000318/vpe0726_497.htm