GREAT-WEST SMART TRACK VARIABLE ANNUITIES

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1 GREAT-WEST SMART TRACK VARIABLE ANNUITIES Income Strategy Retirement income for life guaranteed The information contained within this brochure applies to both the Great-West Smart Track II 5 Year Variable Annuity and the Great-West Smart Track Advisor Variable Annuity.

2 GUARANTEED RETIREMENT INCOME FOR LIFE OFFERS THE FINANCIAL FREEDOM TO DO WHAT YOU ENJOY THE MOST WITH THE PEOPLE YOU CARE ABOUT THE MOST.

3 RETIRE HOW YOU WANT Retirement brings with it a sense of optimism and excitement about where this next stage of your life will take you. But it s not without its challenges namely generating the income you need to do all the things you want. Past generations relied on pension income and a more Market uncertainty A market downturn in retirement stable Social Security benefit. But you need an innovative won t impact your guaranteed income amount. And you approach that is designed to address the needs of today s always have the option to keep a portion of your money retirees. A Great-West Smart Track variable annuity can in the market to benefit if the market rises, which can help be the modern strategy to successfully take you to and you keep pace with inflation. through retirement. Social Security uncertainty The viability of Social It offers a dual strategy that allows you to remain invested Security benefits continues to be an unknown, but your in the market while offering what may be most important monthly income from a Smart Track variable annuity is of all protected lifetime income. Smart Track s Income a guaranteed certainty. Strategy can help you prepare for the following areas that become top of mind as you transition into retirement: Monthly income You can cover your recurring monthly expenses, such as Medicare and other healthcare costs, with Longevity You never have to worry about outliving your a consistent guaranteed monthly retirement income amount money with guaranteed lifetime retirement income for you that will never go down and has the potential to go up. and/or your spouse.1 1 T he guaranteed income benefit does not guarantee the investment performance of the applicable Covered Portfolio and is subject to the terms and conditions of the contract and the claims-paying ability of Great-West Life & Annuity Insurance Company or, in New York, Great-West Life & Annuity Insurance Company of New York. The guaranteed income benefit and its related costs go into effect upon the purchase of units of a Covered Fund. For complete information about the guaranteed income benefit, please refer to the variable annuity prospectus and rider termination detail.

4 Your retirement income It s easy to protect all or a portion of the savings you ve worked hard to accumulate. The amount you choose to allocate to your Income Strategy establishes the Benefit Base on which your guaranteed income amount is determined. Your Benefit Base has the potential to go up if the market performs well, but it won t go down during market declines. 2 The upside potential is enhanced because you have a choice of investment options that can help you stay invested in the market with a mix of equities and fixed income. 3 Annual step-ups can lock in your Covered Fund value and increase your Benefit Base. You can also increase your Benefit Base by contributing more assets to your Income Strategy even after your distribution phase begins. COVERED FUND VALUE BENEFIT BASE ANNUAL STEP-UP 2 UPSIDE POTENTIAL DOWNSIDE PROTECTION BENEFIT YEAR FOR ILLUSTRATIVE PURPOSES ONLY. This hypothetical example is intended to show how the Annual Step-Up and Benefit Base work and does not represent the performance of any particular investment option. 2 Benefit Base may be decreased if excess withdrawals are taken or when it is beneficial to lock in a higher GAW if a reset is elected. 3 GLWB Covered Funds may invest in other funds advised by GWCM, funds that are sub-advised by affiliated and unaffiliated sub-advisers retained by GWCM and funds that are advised by affiliated and unaffiliated investment advisers of GWCM. 4 Covered Fund Value is evaluated each year on the anniversary of the increased initial investment. The Benefit Base will ratchet or step-up if the Covered Fund Value is higher than the previous step-up.

5 Solving your retirement income challenges All of the Great-West Secure Income Guaranteed Lifetime Withdrawal Benefit (GLWB) options available through a Smart Track variable annuity provide the benefits to help you try and achieve your retirement goals.5 You have the freedom and flexibility to choose one of the options below based on what best meets your needs. INCOME NOW INCOME SOON INCOME LATER Great-West Secure Income Foundation offers guaranteed lifetime retirement income and growth potential at a reasonable cost. Consider this if you are looking to take income now. Great-West Secure Income Plus offers guaranteed Benefit Base growth before you start distributions through a 5% accumulation credit and lifetime retirement income. Consider this if you are planning to take income soon. Great-West Secure Income Max is designed to provide maximum guaranteed lifetime retirement income by offering a 1% credit to your distribution percentage if you wait five years to start income. Consider this if you are planning to take income in five years or more. While each option is unique, they all share an important common goal helping you achieve the financial independence you deserve. You ll benefit from: Guaranteed lifetime retirement income Multiple ways to increase your income during retirement Contributions and transfers to the Income Strategy establishes 1. A nnual step-ups allow you to lock in investment gains on the your Benefit Base and your guaranteed annual distribution ratchet date if the Income Strategy is greater than the Benefit percentage is based on your age at the time of your first withdrawal Base before or during the distribution phase. or the younger age of you or your spouse if joint is elected. Single or joint living benefit riders For the same fee you have the opportunity to guarantee 2. Additional contributions to the Income Strategy will increase your Benefit Base dollar for dollar. 3. Age-band income resets provide you with the opportunity lifetime income for yourself and your spouse. To provide even to receive more lifetime retirement income when you cross more flexibility, you can wait until you start taking distributions into a new age band and your Income Strategy value and to choose the single or joint distribution rate.6 your eligible guaranteed annual distribution percentage will provide a higher level of income.7 5 Additional GLWB riders may be available in the Great-West Smart Track II - 5 Year Variable Annuity. Please see prospectus for full details. 6 If joint withdrawals are elected, the joint distribution percentage will be based on the younger person s age. The applicable withdrawal percentages are disclosed in the Rate Sheet Supplement in effect at the time the contract is purchased. 7 Income increase opportunities are calculated by Great-West Financial on the contract s ratchet date and can occur automatically if Max GAW is elected. Otherwise, eligible increases may be elected at any time.

6 Age-band income resets Automatic resets may occur to lock in a higher Guaranteed Annual Withdrawal, even if the account value has fallen. Resets may occur when you cross the age bands of 65, 70 and 80, and any year thereafter. Resets will only take place if your income will increase. For example: Automatic resets TAKING INCOME AT AGE INCOME STRATEGY VALUE BENEFIT BASE DISTRIBUTION PERCENTAGE 8 INCOME AMOUNT may increase your income even after distributions 68 $100,000 $100,000 5% $5,000 have started. 70 $95,000 $95,000 x 5.5% = $5,225 $95, % $5,225 You ll find more information on the Guaranteed Lifetime Withdrawal Benefit and available investment options in the pocket on the right. 8 Distribution percentage refers to Guaranteed Annual Withdrawal percentage in the Smart Track II 5 Year and Smart Track Advisor prospectus. Distribution percentage is based on investor s age at first withdrawal.

7 Annuity ownership is highly correlated with retirement planning, retirement readiness and positive retirement expectations. IRI, Boomer Expectations for Retirement 2015

8 Before purchasing a variable annuity, you should carefully read the prospectus which contains the annuity s investment objectives, risks, charges, expenses, and other information associated with the annuity and its investment options. You may obtain a prospectus for the annuity and its underlying funds by calling Great-West Life & Annuity Insurance Company and Great-West Life & Annuity Insurance Company of New York do not offer or provide investment, fiduciary, financial, legal, or tax advice, or act in a fiduciary capacity, for any client unless explicitly described in writing. Please consult with your investment advisor, attorney and/or tax advisor as needed. Unless otherwise noted: NOT FDIC, NCUA/NCUSIF INSURED NOT A DEPOSIT NOT GUARANTEED BY ANY BANK OR CREDIT UNION NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY FUNDS MAY LOSE VALUE NOT A CONDITION OF ANY BANKING OR CREDIT UNION ACTIVITY GWFS Equities, Inc., or one or more of its affiliates, may receive a fee from the investment option provider for providing certain recordkeeping, distribution and administrative services. The principal underwriter is GWFS Equities, Inc., Member FINRA/SIPC, a wholly owned subsidiary of Great-West Life & Annuity Insurance Company. Variable annuities are long-term investments and may not be suitable for all investors. Earnings are taxable as ordinary income when distributed and may be subject to a 10% additional tax if withdrawn before age 59 ½. An investment in a variable annuity is subject to fluctuating values of the underlying investment options, and it entails risk, including the possible loss of principal. A withdrawal charge may also apply. Great-West Financial refers to products and services provided by Great-West Life & Annuity Insurance Company (GWL&A), Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York (GWL&A of NY), Home Office: NY, NY; and their subsidiaries and affiliates. The trademarks, logos, service marks and design elements used are owned by GWL&A. Interstate Compact contract form numbers ICC15-J888 Series, ICC16-J100 Series (Individual Flexible Premium Variable Annuities), ICC16-GLWB-SIF, ICC16-GLWB-SIP, ICC16-GLWB-SIM, ICC16-GLWB-T- Note, ICC16-AM-SIF, ICC16-AM-SIP, ICC16-AM-SIM (Guaranteed Lifetime Withdrawal Benefit Riders) are issued by GWL&A. GWL&A is not licensed to do business in New York. In New York, contract form numbers J888-NY, J100ny (Individual Flexible Premium Variable Annuities), GLWBny, GLWB-SIFny, GLWB-SIPny, GLWB-SIM2ny, GLWB-T-Note-ny, SIF-AMny, SIP-AMny, SIM-AMny (Guaranteed Lifetime Withdrawal Benefit Riders) are issued by GWL&A of NY. Contracts may not be available in all states. Any guarantees are based on the claims-paying ability of the issuing insurance company Great-West Life & Annuity Insurance Company. All rights reserved. (1/2017) B1010-B1011ICB AM