SELECT LIFE VARIABLE ACCOUNT OF RELIASTAR Life insurance CO scheduled portfolio reorganizations for July 10, 2026 and July 17, 2026. The changes automatically shift policy owners into corresponding surviving portfolios at equal total net asset value, preserve policy value and provide lower-cost exposure where Class I replaces Class S.

Key Highlights

  • Policy owners may transfer allocations before the reorganization date without a charge or transfer-limit count.
  • Surviving portfolios are closed to new investors and new investments by existing investors on each reorganization date.
  • Allocations in merging portfolios automatically move into corresponding surviving portfolios at equal total net asset value.
  • The reorganizations are set for July dates, and merging portfolios will no longer be available through the policy afterward.

Reorganization Overview

The changes move policy owners’ allocations from merging portfolios into corresponding surviving portfolios. This automatic movement is designed to preserve the policy value immediately before and immediately after each reallocation.

The reorganizations are set for July dates. Each applicable reorganization date determines when the related movement occurs and when the merging portfolio is no longer available through the policy.

Movement Into Surviving Portfolios

Investments held in subaccounts tied to the merging portfolios automatically move into the corresponding surviving portfolios. The movement occurs at equal total net asset value rather than changing the policy value through the reallocation itself.

The corresponding surviving portfolio is the destination for the applicable merging portfolio. This structure moves the existing allocation into the portfolio identified as surviving for that reorganization.

Preservation of Policy Value

The changes preserve the policy value immediately before and after each automatic reallocation. Accordingly, the stated purpose of the movement is to transfer the allocation between the applicable portfolios while maintaining that value across the reorganization.

The equal-total-net-asset-value movement applies to investments in subaccounts tied to the merging portfolios. The policy owner’s allocation therefore moves as part of the automatic reorganization rather than remaining in a portfolio that is no longer available through the policy.

Availability Before Reorganization

Before the applicable reorganization date, policy owners may transfer amounts from a merging-portfolio subaccount. Available destinations include another available subaccount or the fixed interest option.

These transfers carry no charge. They also do not count toward any applicable transfer restriction or limit, so the stated treatment applies to transfers made before the applicable reorganization date.

Instructions After Reorganization

After a reorganization, allocations directed to a former merging portfolio automatically go to the corresponding surviving portfolio. The former merging portfolio is no longer available through the policy after its applicable reorganization date.

Policy owners may provide alternative instructions instead. Those instructions can direct allocations away from the automatic destination and toward another available choice under the policy.

Effect on Policy Allocations

The changes address both existing investments and later allocation directions. Existing investments in the affected subaccounts move automatically, while future directions to a former merging portfolio are redirected to its corresponding surviving portfolio.

The applicable July reorganization date separates the before-and-after treatment. Before that date, transfers receive the stated no-charge and restriction treatment; after it, the former merging portfolio is replaced by the corresponding surviving portfolio for allocation purposes.

Source(s)

  • https://www.sec.gov/Archives/edgar/data/897899/000091767726000314/ved0726_497.htm