Filed Pursuant to Rule 424(b)(3)
File No. 333-230622
GREAT-WEST SECUREFOUNDATION®
Group Fixed Deferred Annuity Certificate
Issued by
Great-West Life & Annuity Insurance Company
Supplement dated October 1, 2020 to the Prospectus dated May 1, 2020
This Supplement amends certain information contained in the Prospectus dated May 1, 2020.
Background
On October 2, 2020, your Individual Retirement Account (“IRA”) provider will be removing the Class L shares of the Great-West SecureFoundation Lifetime Funds and the Great-West SecureFoundation Balanced Fund from your IRA investment platform, and will be replacing them with the corresponding Investor Class shares of the same funds. The Investor Class shares are less expensive than the Class L shares because the Investor Class shares do not pay distribution and service (12b-1) fees.
If you have money invested in (or have allocated future contributions to) any of the Class L shares of the Great-West SecureFoundation Lifetime Funds or the Great-West SecureFoundation Balanced Fund, your investment(s) in such Class L shares will automatically be transferred (or redirected) to the Investor Class shares of the same fund. For example, if you have money invested in Class L shares of the Great-West SecureFoundation Lifetime 2050 Fund, then your money will automatically be transferred to the Investor Class shares of the Great-West SecureFoundation Lifetime 2050 Fund. Any benefits you have under this Great-West SecureFoundation Group Fixed Deferred Annuity Certificate will automatically transfer and continue with the Investor Class shares.
Accordingly, effective October 2, 2020, the Prospectus is revised as follows:
GREAT-WEST SECUREFOUNDATION® BALANCED FUND
The fund is designed for investors seeking a professionally designed asset allocation program to simplify the accumulation of assets prior to retirement together with the potential benefit of the guarantee that may be provided by the Certificate. The fund strives to provide shareholders with a high level of diversification primarily through both a professionally designed asset allocation model and professionally selected investments in underlying portfolios (the “Underlying Portfolios”). The intended benefit of asset allocation is diversification, which is expected to reduce volatility over the long-term.
The fund is a “fund of funds” that pursues its investment objective by investing in other mutual funds, including Underlying Portfolios that may or may not be affiliated with the Great-West SecureFoundation® Balanced Fund, cash and cash equivalents.
Only the Investor Class shares of the Great-West SecureFoundation® Balanced Fund is available.
Investment Objective
The fund seeks long-term capital appreciation and income.
GREAT-WEST SECUREFOUNDATION® LIFETIME FUNDS
There are nine separate Great-West SecureFoundation® Lifetime Funds. These are the:
Great-West SecureFoundation® Lifetime 2020 Fund
Great-West SecureFoundation® Lifetime 2025 Fund
Great-West SecureFoundation® Lifetime 2030 Fund
Great-West SecureFoundation® Lifetime 2035 Fund
