SUPPLEMENT DATED DECEMBER 19, 2003 TO THE
TRAVELERS TARGET MATURITY ANNUITY
PROSPECTUS DATED MAY 1, 2003
The following information supplements, and to the extent inconsistent therewith,
replaces the information in the Travelers Target Maturity Annuity prospectus.
Please retain this supplement and keep it with the prospectus for future
reference.
DISTRIBUTION OF THE CONTRACTS
The section on Distribution of the Contracts is deleted in its entirety and
replaced with the following:
DISTRIBUTION AND PRINCIPAL UNDERWRITING AGREEMENT. Travelers Distribution LLC
("TDLLC") serves as the principal underwriter and distributor of the securities
offered through this Prospectus pursuant to the terms of the Distribution and
Principal Underwriting Agreement. TDLLC also acts as the principal underwriter
and distributor of other variable annuity contracts and variable life insurance
policies issued by the Company and its affiliated companies.
TDLLC's principal executive offices are located at One Cityplace, Hartford,
Connecticut 06103. TDLLC is registered as a broker-dealer with the Securities
and Exchange Commission ("SEC") under the Securities Exchange Act of 1934, as
well as the securities commissions in the states in which it operates, and is a
member of the National Association of Securities Dealers, Inc. ("NASD"). TDLLC
is affiliated with the Company and each Separate Account. TDLLC, as the
principal underwriter and distributor, does not retain any fees under the
Contracts.
The Contracts are offered on a continuous basis. TDLLC enters into selling
agreements with broker-dealers who are registered with the SEC and are members
of the NASD, and with entities that may offer the Contracts but are exempt from
registration. Applications for the Contract are solicited by registered
representatives who are associated persons of such broker-dealer firms. Such
representatives act as appointed agents of the Company under applicable state
insurance law and must be licensed to sell variable insurance products. We
intend to offer the Contract in all jurisdictions where we are licensed to do
business and where the Contract is approved.
COMPENSATION. Broker-dealers who have selling agreements with TDLLC are paid
compensation for the promotion and sale of the Contracts. Registered
representatives who solicit sales of the Contract typically receive a portion of
the compensation payable to the broker-dealer firm, depending on the agreement
between the firm and the registered representative. Compensation paid on the
Contracts, as well as other incentives or payments, are not assessed as an
additional direct charge to Contract owners or the Separate Account. We intend
to recoup commissions and other sales expenses through fees and charges imposed
under the Contract and from profits on payments received by the Company and
TDLLC for providing administrative, marketing and other support and services to
the Funds.
The amount and timing of compensation may vary depending on the selling
agreement but is not expected to exceed 10% of Purchase Payments (if up-front
compensation is paid to registered representatives) and 2% annually of average
account value (if asset based compensation is paid to registered
representatives). We may also periodically establish commission specials;
however, commissions paid under these specials will not exceed the amounts
described immediately above. To the extent permitted by NASD rules and other
applicable laws and regulations, TDLLC may pay or allow other promotional
incentives or payments in the form of cash or other compensation.
Broker-dealer firms may receive separate compensation or reimbursement for,
among other things, training of sales personnel, marketing or other services
they provide to the Company or our affiliates. In addition, the Company or TDLLC
may enter into special compensation arrangements with certain broker-dealer
firms based on aggregate or anticipated sales of the Contracts or other
criteria. These special compensation arrangements will not be offered to all
broker-dealer firms and the terms of such arrangements may differ between
broker-dealer firms. The Company and TDLLC have entered into
such arrangements with AIG Advisor Group (including Advantage Capital
Corporation, FSC Securities Corporation, Royal Alliance Associates, Inc., Sentra
Securities Corporation, Spelman & Co., Inc. and SunAmerica Securities, Inc.),
ING Advisors Network (including Financial Network Corporation, Locust Street
Securities, Multi-Financial Securities, IFG Network Securities, VESTAX
Securities, Washington Square Securities and PrimeVest Financial Services),
Morgan Stanley, Merrill Lynch, NFP Securities, Inc., Piper Jaffray, Primerica
Financial Services, Inc., Prudential Securities, and Citigroup Global Markets.
Any such compensation payable to a broker-dealer firm will be made by TDLLC or
the Company out of their own assets and will not result in any additional direct
charge to you.
The Company and TDLLC have entered into selling agreements with certain
broker-dealer firms that have an affiliate that acts as investment adviser to
one or more Underlying Funds or serves as a subadviser to a Portfolio of The
Travelers Series Trust or Travelers Series Fund Inc., which are offered under
the Contracts. These firms include Fidelity Management & Research Company,
Morgan Stanley Investment Advisers Inc., Merrill Lynch Investment Managers,
L.P., Salomon Brothers Asset Management and Smith Barney Fund Management.
TOWER SQUARE SECURITIES. TDLLC has entered into a selling agreement with Tower
Square Securities, Inc. ("Tower Square"), which is affiliated with the Company.
Registered representatives of Tower Square, who are properly licensed and
appointed, may offer the Contract to customers. Such representatives are
eligible for various cash benefits, such as bonuses, commission advances and
non-cash compensation programs offered by the Company. Sales of the Contracts
may help qualify a Tower Square representative for such benefits. Sales
representatives may receive other payments from the Company for services that do
not directly involve the sale of the Contracts, including payments made for the
recruitment and training of personnel, production of promotional literature, and
similar services. In addition, sales representatives who meet certain Company
productivity, persistency and length of the services standards may be eligible
for additional compensation.
CITISTREET LLC. The Company has entered into an agreement with CitiStreet LLC
("CitiStreet"), an affiliate of the Company, whereby the Company pays CitiStreet
fees in connection with CitiStreet's provision of certain administrative,
recordkeeping, marketing and support services in support of annuity contracts
purchased from the Company in connection with Section 401(a), 401(k), 403(b),
457(b) and 408(b) plans. The Company will also provide compensation to
CitiStreet LLC in connection with the sale of the Contracts to such plans.
L-23100
SUPPLEMENT DATED DECEMBER 19, 2003 TO THE
TRAVELERS TARGET MATURITY ANNUITY
WITH OPTIONAL PRINCIPAL PROTECTION FEATURE
PROSPECTUS DATED MAY 1, 2003
The following information supplements, and to the extent inconsistent therewith,
replaces the information in the Travelers Target Maturity Annuity with Optional
Principal Protection Feature prospectus. Please retain this supplement and keep
it with the prospectus for future reference.
DISTRIBUTION OF THE CONTRACTS
The section on Distribution of the Contracts is deleted in its entirety and
replaced with the following:
DISTRIBUTION AND PRINCIPAL UNDERWRITING AGREEMENT. Travelers Distribution LLC
("TDLLC") serves as the principal underwriter and distributor of the securities
offered through this Prospectus pursuant to the terms of the Distribution and
Principal Underwriting Agreement. TDLLC also acts as the principal underwriter
and distributor of other variable annuity contracts and variable life insurance
policies issued by the Company and its affiliated companies.
TDLLC's principal executive offices are located at One Cityplace, Hartford,
Connecticut 06103. TDLLC is registered as a broker-dealer with the Securities
and Exchange Commission ("SEC") under the Securities Exchange Act of 1934, as
well as the securities commissions in the states in which it operates, and is a
member of the National Association of Securities Dealers, Inc. ("NASD"). TDLLC
is affiliated with the Company and each Separate Account. TDLLC, as the
principal underwriter and distributor, does not retain any fees under the
Contracts.
The Contracts are offered on a continuous basis. TDLLC enters into selling
agreements with broker-dealers who are registered with the SEC and are members
of the NASD, and with entities that may offer the Contracts but are exempt from
registration. Applications for the Contract are solicited by registered
representatives who are associated persons of such broker-dealer firms. Such
representatives act as appointed agents of the Company under applicable state
insurance law and must be licensed to sell variable insurance products. We
intend to offer the Contract in all jurisdictions where we are licensed to do
business and where the Contract is approved.
COMPENSATION. Broker-dealers who have selling agreements with TDLLC are paid
compensation for the promotion and sale of the Contracts. Registered
representatives who solicit sales of the Contract typically receive a portion of
the compensation payable to the broker-dealer firm, depending on the agreement
between the firm and the registered representative. Compensation paid on the
Contracts, as well as other incentives or payments, are not assessed as an
additional direct charge to Contract owners or the Separate Account. We intend
to recoup commissions and other sales expenses through fees and charges imposed
under the Contract and from profits on payments received by the Company and
TDLLC for providing administrative, marketing and other support and services to
the Funds.
The amount and timing of compensation may vary depending on the selling
agreement but is not expected to exceed 10% of Purchase Payments (if up-front
compensation is paid to registered representatives) and 2% annually of average
account value (if asset based compensation is paid to registered
representatives). We may also periodically establish commission specials;
however, commissions paid under these specials will not exceed the amounts
described immediately above. To the extent permitted by NASD rules and other
applicable laws and regulations, TDLLC may pay or allow other promotional
incentives or payments in the form of cash or other compensation.
Broker-dealer firms may receive separate compensation or reimbursement for,
among other things, training of sales personnel, marketing or other services
they provide to the Company or our affiliates. In addition, the Company or TDLLC
may enter into special compensation arrangements with certain broker-dealer
firms based on aggregate or anticipated sales of the Contracts or other
criteria. These special compensation arrangements will not be offered to all
broker-dealer firms and the terms of such
arrangements may differ between broker-dealer firms. The Company and TDLLC have
entered into such arrangements with AIG Advisor Group (including Advantage
Capital Corporation, FSC Securities Corporation, Royal Alliance Associates,
Inc., Sentra Securities Corporation, Spelman & Co., Inc. and SunAmerica
Securities, Inc.), ING Advisors Network (including Financial Network
Corporation, Locust Street Securities, Multi-Financial Securities, IFG Network
Securities, VESTAX Securities, Washington Square Securities and PrimeVest
Financial Services), Morgan Stanley, Merrill Lynch, NFP Securities, Inc., Piper
Jaffray, Primerica Financial Services, Inc., Prudential Securities, and
Citigroup Global Markets. Any such compensation payable to a broker-dealer firm
will be made by TDLLC or the Company out of their own assets and will not result
in any additional direct charge to you.
The Company and TDLLC have entered into selling agreements with certain
broker-dealer firms that have an affiliate that acts as investment adviser to
one or more Underlying Funds or serves as a subadviser to a Portfolio of The
Travelers Series Trust or Travelers Series Fund Inc., which are offered under
the Contracts. These firms include Fidelity Management & Research Company,
Morgan Stanley Investment Advisers Inc., Merrill Lynch Investment Managers,
L.P., Salomon Brothers Asset Management and Smith Barney Fund Management.
TOWER SQUARE SECURITIES. TDLLC has entered into a selling agreement with Tower
Square Securities, Inc. ("Tower Square"), which is affiliated with the Company.
Registered representatives of Tower Square, who are properly licensed and
appointed, may offer the Contract to customers. Such representatives are
eligible for various cash benefits, such as bonuses, commission advances and
non-cash compensation programs offered by the Company. Sales of the Contracts
may help qualify a Tower Square representative for such benefits. Sales
representatives may receive other payments from the Company for services that do
not directly involve the sale of the Contracts, including payments made for the
recruitment and training of personnel, production of promotional literature, and
similar services. In addition, sales representatives who meet certain Company
productivity, persistency and length of the services standards may be eligible
for additional compensation.
CITISTREET LLC. The Company has entered into an agreement with CitiStreet LLC
("CitiStreet"), an affiliate of the Company, whereby the Company pays CitiStreet
fees in connection with CitiStreet's provision of certain administrative,
recordkeeping, marketing and support services in support of annuity contracts
purchased from the Company in connection with Section 401(a), 401(k), 403(b),
457(b) and 408(b) plans. The Company will also provide compensation to
CitiStreet LLC in connection with the sale of the Contracts to such plans.
L-23101