Supplement dated February 2, 2024, to the Prospectus
dated May 1, 2013, for Individual Retirement Bonus VUL policies issued by
Empower Life & Annuity Insurance Company
COLI VUL-4 Series Account
This Supplement amends certain information in your variable life insurance policy (“Policy”) prospectus (the “Prospectus”). Please read this Supplement carefully and keep it with your Prospectus for future reference.
Important Notice Regarding the Reorganization of Several American Century Variable Portfolios and
American Century Variable Portfolios II
The Board of Directors of American Century Variable Portfolios, Inc. (“ACVP”) and American Century Variable Portfolios II, Inc. (“ACVP II”) approved an agreement and plan of reorganization of certain ACVP and ACVP II portfolios (the “Acquired Funds”) into a newly organized series (the “Acquiring Funds”) of Lincoln Variable Insurance Portfolios (“LVIP”) that are substantially similar to the Acquired Funds (the “Reorganizations”). The Reorganizations are subject to approval and will be submitted to Acquired Fund shareholders for their consideration at a special shareholder meeting to be held on or about April 4, 2024. If approved, the Reorganizations are expected to take place on or about the close of business on April 26, 2024 (the “Closing Date”). The list of Acquired Funds and corresponding Acquiring Funds is shown in the table below:
| ACVP and ACVP II – Acquired Funds | LVIP - Acquiring Funds |
| American Century Investments® VP Capital Appreciation Fund | LVIP American Century Capital Appreciation Fund |
| American Century Investments® VP Inflation Protection Fund | LVIP American Century Inflation Protection Fund |
| American Century Investments® VP Value Fund | LVIP American Century Value Fund |
Shareholders of each Acquired Fund will vote separately on each Reorganization, and a Reorganization will only occur if approved. On the Closing Date, after the close of business, your Account Value in the Sub-Account invested in each Acquired Fund at the time of the Reorganization will become invested in the Sub-Account that invests in the corresponding class of an Acquiring Fund, and the Acquired Funds will liquidate, cease operations, and will no longer be available for investment.
A combined Proxy Statement/Prospectus will be sent to Policy Owners invested in the Acquired Funds requesting their vote on the proposal, which will include a full discussion of the Reorganizations and the factors the Board of Directors considered in approving the proposal.
Your rights and obligations under the Policy and your Account Value will not change as a result of the Reorganizations. The fees and charges under the Policy will not change and there are no tax consequences to you as a result of the Reorganization.
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As of the Closing Date, this Supplement amends your Prospectus by removing all references to the Acquired Funds as investment options under the Policy. As of the Closing Date, this Supplement further amends your Prospectus by adding the Acquiring Funds as investment options under your Policy.
If you have any questions regarding this Supplement or if you wish to receive prospectuses for the Acquired Funds, or other Funds available under your Policy, contact us by writing or calling Protective Life at P.O. Box 10648, Birmingham, AL 35201-0648 or toll free at 800-456-6330. You may also obtain Acquired Fund and other Fund prospectuses online at www.protective.com/productprospectus by selecting your Policy then “Investment Options.” Please work with your financial representative to determine if your existing allocation instructions should be changed before or after the Closing Date.