Effective on or about August 24, 2018, the following fund renaming occurred in the Schwab Advisor Choice Variable Annuity:

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1 Effective on or about August 24, 2018, the following fund renaming occurred in the Schwab Advisor Choice Variable Annuity: Great-West Loomis Sayles Bond Fund will be renamed to the Great-West Multi-Sector Bond Fund Effective June 30, 2018, the following fund renaming occurred in the Schwab Advisor Choice Variable Annuity: Putnam VT s Fund IA will be renamed to the Putnam VT Multi-Cap Core Fund Effective July 2, 2018, the following fund renaming occurred in the Schwab OneSource Choice Variable Annuity: Deutsche Small Cap Index VIP will be renamed to the DWS Small Cap Index VIP Deutsche Capital Growth VIP will be renamed to the DWS Capital Growth VIP Deutsche Core Equity VIP will be renamed to the DWS Core Equity VIP Deutsche Small Mid Cap Growth VIP will be renamed to the DWS Small Mid Cap Growth VIP Deutsche Global Small Cap VIP will be renamed to the DWS Global Small Cap VIP Questions? Visit or call your Registered Investment Advisor Charles Schwab & Co., Inc. All rights reserved. BJB (0818-8KZH) REG (08/18)

2 Retirement investing made easy The Schwab Advisor Choice Variable Annuity With broadly diversified portfolios that help personalize your investment strategy

3 Schwab Advisor Choice Variable Annuity Investment options by asset class The Schwab Advisor Choice Variable Annuity offers over 110 professionally managed portfolios to enable you to tailor an asset allocation strategy. Guaranteed Retirement Income 1 Great-West Moderate Profile Great-West Moderately Conservative Profile Great-West Conservative Profile Great-West SecureFoundation Balanced Fund Bond Federated Fund for US Government Securities II Great-West Loomis Sayles Bond Fund Initial Invesco VI High Yield Fund Series I Janus Henderson Flexible Bond Portfolio Inst PIMCO VIT Emerging Markets Bond Portfolio Admin PIMCO VIT High Yield Portfolio Admin PIMCO VIT Low Duration Portfolio Admin PIMCO VIT Return Portfolio Admin PIMCO VIT Total Return Portfolio Admin Pioneer Bond VCT I Putnam VT Income IA 2 Putnam VT Mortgage Securities Fund 2 Templeton Global Bond VIP 2 Index Deutsche Small Cap Index VIP A Great-West Bond Index NVIT Mid Cap Index Fund II Schwab S&P 500 Index Portfolio 3 Vanguard VIF Mid-Cap Index Portfolio Vanguard VIF Estate Index Portfolio Asset Allocation American Century Investments VP Balanced Fund I BlackRock Global Allocation V.I. Fund I Great-West Aggressive Profile Great-West Moderately Aggressive Profile Great-West Moderate Profile Great-West Moderately Conservative Profile Great-West Conservative Profile Great-West Lifetime 2015 Great-West Lifetime 2020 Great-West Lifetime 2025 Great-West Lifetime 2030 Great-West Lifetime 2035 Great-West Lifetime 2040 Great-West Lifetime 2045 Great-West Lifetime 2050 Great-West Lifetime 2055 Janus Henderson Balanced Portfolio Inst Putnam VT Global Asset Allocation IA 2 Schwab VIT Balanced Portfolio Schwab VIT Balanced with Growth Portfolio Schwab VIT Growth Portfolio Large-Cap AB VPS Growth Portfolio A AB VPS Growth and Income Portfolio A Alger Capital Appreciation Portfolio I-2 American Century Investments VP Income & Growth Fund I American Century Investments VP Value Fund I American Funds IS Growth-Income 4 ClearBridge Variable Large Cap Growth I Columbia VP Large Cap Growth Fund 2 Delaware VIP Value Series Std Deutsche Capital Growth VIP A Deutsche Core Equity VIP A Dreyfus VIF Growth and Income Portfolio Initial Invesco VI Comstock Fund Series I Invesco VI Growth and Income Fund Series I Neuberger Berman AMT Sustainable Equity S Pioneer Fund VCT Portfolio I Putnam VT Equity Income Fund IB 2 Putnam VT s Fund IA 2 Vanguard VIF Capital Growth Portfolio Vanguard VIF Diversified Value Portfolio Mid-Cap AB VPS Small/Mid Cap Value Portfolio A American Century Investments VP Mid Cap Value Fund II ClearBridge Variable Mid Cap I Delaware VIP Smid Cap Growth Series Std Deutsche Small Mid Cap Growth VIP A Dreyfus IP MidCap Stock Portfolio Initial Great-West Ariel Mid Cap Value Great-West Mid Cap Value Fund Great-West T. Rowe Price Mid Cap Growth Fund LVIP Baron Growth Opportunities Fund Svc MFS VIT III Mid Cap Value Portfolio Initial Neuberger Berman AMT Mid Cap Intrinsic Value Portfolio S Pioneer Select Mid Cap Growth VCT Portfolio I Touchstone Focused Fund Wells Fargo VT Discovery Fund 2 Wells Fargo VT Opportunity Fund 2 Small-Cap ClearBridge Variable Small Cap Growth I Delaware VIP Small Cap Value Series Std Dimensional VA US Targeted Value Portfolio Franklin Small Cap Value VIP Fund 2 Great-West Invesco Small Cap Value Fund Invesco VI Small Cap Equity Fund I JPMorgan Insurance Trust Small Cap Core Portfolio 1 Oppenheimer Main Street Small Cap Fund /VA Non-Svc Touchstone Small Company Fund Vanguard VIF Small Company Growth Portfolio International ALPS/Red Rocks Listed Private Equity I American Century Investments VP International Fund I American Funds IS Global Growth Fund 1 American Funds IS International Fund 2 American Funds IS New World 2 Delaware VIP Emerging Markets Series Std Delaware VIP International Value Equity Series Std Deutsche Global Small Cap VIP A Invesco VI International Growth Fund I Ivy Funds VIP International Core Equity Janus Henderson Global Research Portfolio Instl Lazard Retirement Emerging Markets Equity Series Portfolio Svc MFS VIT II International Value Portfolio Svc Oppenheimer Global Fund/VA Non-Svc Oppenheimer International Growth Fund/VA Non-Svc Putnam VT International Equity Fund IA 2 Putnam VT International Value IA 2 Specialty AB VPS Estate Investment Portfolio A Columbia VP Seligman Global Tech Fund 2 Goldman Sachs VIT Multi-Strategy Alternatives Portfolio Svc Janus Henderson Global Technology Portfolio Inst MFS VIT Utilities Series Svc PIMCO VIT CommodityReturn Strategy Portfolio Admin Putnam VT Global Health Care Fund IB 2 T. Rowe Price Health Sciences Portfolio Van Eck VIP Global Hard Assets Fund S Money Market Schwab Government Money Market Portfolio Guarantees based to the financial strength and claims-paying ability of the issuing insurance company.

4 Schwab VIT Portfolios Simplify retirement investing. Give your annuity assets the potential to grow without taking on more risk than necessary. Choose one of three broadly diversified variable insurance trust (VIT) portfolios in your Schwab Advisor Choice Variable Annuity and enjoy a professionally managed solution that reflects your risk preferences. Sample portfolio Broadly diversified for today s investing challenges To help you meet the challenges of investing in today s complex global economy, Charles Schwab Investment Management, Inc. has created three Schwab VIT Portfolios, providing exposure to a broad range of asset classes and sectors. Each portfolio is a fund of funds that includes: Diversification across asset classes, such as domestic and international stocks, real assets, fixed income, and cash investments Diversification within asset classes, such as emerging-market stocks, small-cap stocks, Treasury, corporate, and mortgage-backed bonds Assets Fixed Income Cash Investments seeking to protect against inflation, such as Treasury Inflation-Protected Securities (TIPS), real estate envestment trusts (REITs), and commodities Assets* Fixed Income Large-Cap U.S. REITs TIPS Small-Cap Commodities U.S. Aggregate Bond** Micro-Cap Int l Developed-Market Bonds Developed Markets Small-Cap Emerging Markets Cash Money Market Funds * Exposure to REITs and commodities is achieved through investments in ETFs and mutual funds that hold these assets, not through direct investment in the assets. ** U.S. Aggregate Bond may consist of U.S. treasuries, agency securities, corporate bonds, and mortgage-backed securities.

5 Choose a portfolio that suits your needs. The three Schwab VIT Portfolios, comprised primarily of exchange-traded funds (ETFs), represent varying levels of growth potential and risk. Simply choose the portfolio that most closely meets your current goals and risk preferences. As your needs change, you re free to shift between portfolios without any tax implications. Schwab VIT Portfolios Balanced 20% 18% Assets 9% Fixed Income 38% Cash 15% The Schwab VIT Balanced Portfolio aims to combine income and modest capital growth with less exposure to risk than the overall stock market. Balanced With Growth 29% 26% Assets 10% Fixed Income 30% Cash 5% The Schwab VIT Balanced With Growth Portfolio aims to combine income and slightly higher capital growth with a moderate level of exposure to risk. Growth 38% 34% Assets 10% Fixed Income 13% Cash 5% The Schwab VIT Growth Portfolio aims to provide greater capital growth with increased exposure to risk. Lower Growth potential and risk level Higher

6 Trust your investment management to Schwab. Your portfolio will be professionally managed by one of the largest money management firms in America Charles Schwab Investment Management,Inc. (CSIM). As investment advisor of the Schwab VIT Portfolios, CSIM: Leverages strategic asset allocation research to build and manage portfolios that accommodate a range of risk preferences Selects individual investment products (including Schwab ETFs, third-party ETFs, and mutual funds) that provide diversified exposure to the portfolios strategic asset classes Monitors and rebalances the portfolios as appropriate to maintain their target asset allocations Target asset allocations Balanced Balanced With Growth Growth Large-Cap 15% 22% 29% Small-Cap 4% 6% 7% Micro-Cap 1% 1% 2% Developed Markets 11% 17% 21% Small-Cap 2% 3% 5% Emerging Markets 5% 6% 8% Assets U.S. REITs 6% 6% 6% Commodities 3% 4% 4% Fixed Income TIPS 2% 2% 1% U.S. Aggregate Bond 34% 27% 12% Int l Developed-Market Bonds 2% 1% 0% Cash Money Market Funds 15% 5% 5% Save on investing costs. Take the next step. Talk with your Registered Investment Advisor who can help you turn your retirement savings into retirement income.annuities. Actual asset allocations may vary at times. The investment advisor may add or remove asset classes and subasset classes at any time. U.S. Aggregate Bond may consist of U.S. treasuries, agency securities, corporate bonds, and mortgage-backed securities. The investment adviser and its affiliates have agreed to limit the total annual portfolio operating expenses (excluding interest, taxes, and certain non-routine expenses) of the portfolio to 0.58% for so long as the investment adviser serves as adviser to the portfolio. This agreement is limited to the portfolio s direct operating expenses and does not apply to acquired fund fees and expenses (AFFE). This agreement may only be amended or terminated with the approval of the portfolio s board of trustees. Please see the Schwab VIT Portfolios prospectus for details on fees and expenses. Please see the Schwab Advisor Choice Variable Annuity prospectus for information on variable annuity fees that are separate from and additional to the operating expenses of the Schwab VIT Portfolios.

7 1 Guaranteed income is provided through the optional Guaranteed Lifetime Withdrawal Benefit, available at an additional charge. 2 Putnam funds are distributed by Putnam Investments, LLC and managed by Putnam Investment Management, LLC, both of which are affiliates of Great-West Life & Annuity Insurance Company and Great-West Life & Annuity Insurance Company of NY and their subsidiaries and affiliates. 3 Standard & Poor s, S&P, S&P 500, Standard & Poor s 500, and 500 are trademarks of the McGraw-Hill Companies, Inc., and have been licensed for use by the Schwab S&P 500 Fund. The Schwab S&P 500 Fund is not sponsored, endorsed, sold or promoted by Standard & Poor s, and Standard & Poor s makes no representation regarding the advisability of investing in the fund. Variable annuities are sold by prospectus only. You can request a prospectus or, if available, the summary prospectus by calling (option 2) or by visiting schwab.com/ annuity. Before purchasing a variable annuity, you should carefully read the prospectus and consider the investment objectives and all risks, charges, and expenses associated with the annuity and its investment options. You could lose money by investing in a money market fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Variable annuities are suitable for long-term goals, such as retirement, and under current federal tax law, any withdrawals prior to age 59½ may be subject to income tax and a 10% federal tax penalty. The value of the annuity may be more or less than the premiums paid, and it is possible to lose money. Some of the investment options referenced herein may have names and investment objectives that are similar to certain retail mutual funds. They are not, however, directly related to those mutual funds and their investment performance may differ substantially. Diversification strategies do not ensure a profit and do not protect against losses in declining markets. Rebalancing does not protect against losses or guarantee that an investor s goal will be met. Schwab VIT Portfolios are distributed by Charles Schwab & Co., Inc. and Charles Schwab Investment Management, Inc. (CSIM) is the adviser. Shares of the Schwab VIT Portfolios are currently available exclusively for variable annuity and variable life insurance separate accounts, and in the future may be offered to tax-qualified retirement plans. Variable annuity contract investors should review the variable annuity contract prospectus prepared by their insurance company (e.g., Great-West) for information on how to allocate premiums to the portfolio and to transfer to, and redeem amounts from, the portfolio. When you invest in a variable annuity, you do not invest directly in the portfolios. You invest in the subaccounts of a separate account of the insurance company that, in turn, invest in the portfolios you ve selected. Your account is then credited with variable accumulation units in that subaccount. The range of fees and charges associated with the subaccounts and the terms and conditions of your investment are detailed in the annuity prospectus. Schwab Advisor Services serves independent investment advisors and includes the custody, trading, and support services of Schwab. Independent investment advisors are not owned, affiliated with, or supervised by Schwab. 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. Great-West Financial, Empower Retirement and Great-West Investments TM are the marketing names of Great-West Life & Annuity Insurance Company, Corporate Headquarters: Greenwood Village, CO; Great-West Life & Annuity Insurance Company of New York, Home Office: New York, NY; and their subsidiaries and affiliates, including registered investment advisers Advised Assets Group, LLC and Great-West Capital Management, LLC. AM GWFS Equities, Inc., Member FINRA/SIPC, is the principal underwriter for the Schwab Advisor Choice Annuity TM (Form ICC14-J466-J466 Series), flexible premium variable annuity contracts issued by Great-West Life & Annuity Insurance Company (GWL&A). GWL&A is not authorized to transact the business of insurance in New York. These variable annuity contracts are not available in all states. GWFS Equities, Inc. is a subsidiary of GWL&A. In New York, the Schwab Advisor Choice Annuity TM (Form J466ny Series) is issued by GWL&A of NY. GWFS Equities, Inc. is an affiliate of GWL&A of NY. Charles Schwab & Co., Inc. is the selling broker-dealer and insurance agency and is not affiliated with GWL&A, GWL&A of NY or GWFS Equities, Inc. Charles Schwab & Co., Inc. ( Schwab ) is the selling broker-dealer and insurance agency and is unaffiliated with GWL&A, GWL&A of NY, or GWFS Equities, Inc. Shares of Great-West Funds, Inc. are not sold directly to the general public but are offered to permitted accounts as defined in the prospectus. Asset allocation funds of Great-West Funds may invest in funds that are advised by Great- West Capital Management, LLC or sub-advised by affiliates of GWCM. Asset allocation funds may also invest in a fixedinterest contract issued and guaranteed by GWL&A, a Great-West Funds affiliate. While certain sub-advised funds may be managed in a similar manner as or modeled after other mutual funds with similar names and investment objectives, the Great-West funds are not directly related to them. Consequently, the investment performance and other features of other mutual funds and any similarly named Great-West fund may differ substantially Charles Schwab & Co., Inc. All rights reserved. IAN (0518-8M9L) REG (05/18)