Investments are offered through a group annuity issued by Empower Annuity Insurance Company of America, Corporate Headquarters: Greenwood Village, CO; or, in New York, by Empower Life & Annuity Insurance Company of New York, Home Office: New York, NY. The investments include (A) accounts under the annuity that invest solely in shares of an underlying mutual fund (“variable investments”) and (B) a Fixed Account. The name of each variable investment reflects the underlying mutual fund. Results for each variable investment are stated after deduction of a variable asset charge of 1.44% for administrative, service and other fees (the “program charge”). The expense ratio for each variable investment is the sum of the program charge and the operating expense of the underlying mutual fund.

Investments do not require an up-front or deferred sales charge. Results of variable investments prior to their inception dates are hypothetical based on each underlying fund’s oldest share class without a sales charge, adjusted for typical additional expenses; results are hypothetical because the variable investments’ underlying fund was not offered in the group annuity prior to the variable investment’s inception date. Lifetime results for less than one year are not annualized, but calculated as cumulative total results.

Figures shown are past results and are not predictive of future results. Current and future results may be lower or higher than those shown here. Prices and results will vary, so you may lose money. Assets in the Fixed Account, however, are guaranteed by Empower Annuity Insurance Company of America, Corporate Headquarters: Greenwood Village, CO; or, in New York, by Empower Life & Annuity Insurance Company of New York, Home Office: New York, NY, and payments on investments are subject to the insurer’s claims-paying ability. Investing for short periods makes losses more likely.

*The return is since the variable investment inception date shown above.

Definitions

Underlying fund inception date: the date the underlying mutual fund began investment operations.

Variable investment inception date: the date the variable investment under the annuity began investment operations.

YTD (year-to-date) return: the net change in percentage in the value of the portfolio (in percentage terms) from January 1 of the current year to the date shown above. Short-term market volatility affects year-to-date returns more than longer term results. Average annual total returns cover longer periods of time. In cases where the fund was first offered in the current year, the net change in the value of the portfolio (in percentage terms) is shown since fund inception. Returns for less than one year are not annualized, but calculated as cumulative total returns.

Expenses: annual variable investment expenses, which are deducted from fund assets. The operating expenses of the mutual funds are for institutional share classes, which are R-6 shares for American Funds. Net expense ratios reflect any applicable waivers and/or reimbursements to the underlying mutual funds. Gross expense ratios do not.

Other information

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing. For an investment offered through a group annuity, some of this information may differ and can be obtained from a financial professional.

Expense ratios are as of each fund’s prospectus available at the time of publication.

Certain share classes were offered after the inception dates of some funds. Results for these shares prior to the dates of first sale are hypothetical based on the original share class results without a sales charge, adjusted for typical estimated expenses.

Class R-6 shares were first offered on 5/1/2009.

Results for certain funds with an inception date after the share class inception also include hypothetical returns because those funds’ shares sold after the funds’ date of first offering. View dates of first sale and specific expense adjustment information.

Non-American Funds results for periods before a share class was sold are hypothetical and may be based, in part, on returns for periods prior to the class’s actual inception. Generally, these hypothetical returns reflect the performance of an older share class of the fund, which may be adjusted to reflect the fees and expense of the newer share class. Please refer to each fund’s prospectus for dates of first sale and specific expense adjustment information.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower and net expenses higher. Please visit capitalgroup.com for more information. Read details about how waivers and/or reimbursements affect the results for each fund. Variable investment results are based upon a single investment at the beginning of the period being reported and retained throughout the period.

Results for non-American Funds are based on the specific share class. Results are calculated by Morningstar. Due to differing calculation methods, the results shown here may differ from those calculated by individual fund companies.

Non-American Funds may include waivers and/or reimbursements, without which results would be lower and net expense ratios higher. Please review each fund’s most recent prospectus for details.

For Class R-6 shares of the funds listed below, used in all RecordkeeperDirect-Multifund unit classes, the investment advisor has agreed to reimburse a portion of fund expenses through the date(s) listed below, without which results would have been lower and net expenses higher.

• American Funds 2065 Target Date Retirement Fund (expiration: 1/1/2023)
• American Funds Corporate Bond Fund (expiration: 8/1/2023)

The investment advisor may elect at its discretion to extend, modify or terminate the reimbursements of any noted expiration date. Please review the fund’s most recent prospectus for details.

To estimate the investment expenses you might pay annually, multiply your balance in the investment option by the expense ratio. Click on the name of a variable investment to see the details page, which includes investment expenses expressed as a dollar amount.

Allocations may not achieve investment objectives. The portfolios’ risks are directly related to the risks of the underlying funds.

Although the American Funds Target Date Retirement Funds are managed for investors on a projected retirement date time frame, the allocation strategy does not guarantee that investors’ retirement goals will be met. Investment professionals manage the fund, moving it from a more growth-oriented strategy to a more income-oriented focus as the target date gets closer. The target year is the year that corresponds roughly to the year in which an investor is assumed to retire and begin taking withdrawals. Investment professionals continue to manage each portfolio for approximately 30 years after it reaches its target date.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries.

Small-company stocks entail additional risks, and they can fluctuate in price more than larger company stocks.

The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. Investments in mortgage-related securities involve additional risks, such as prepayment risk. Fund shares of U.S. Government Securities Fund are not guaranteed by the U.S. government.

While not directly correlated to changes in interest rates, the values of inflation-linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations.

American Funds Strategic Bond Fund may engage in frequent and active trading of its portfolio securities, which may involve correspondingly greater transaction costs, adversely affecting the fund’s results.

The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds.

Nondiversified funds have the ability to invest a larger percentage of assets in securities of individual issuers than a diversified fund. As a result, a single issuer could adversely affect a fund’s results more than if the fund invested a smaller percentage of assets in securities of that issuer. See the applicable prospectus for details. (American Funds Emerging Markets Bond Fund).