CORRESP
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June 30, 2010
Mark Cowan
Office of Insurance Products
Division of Investment Management
Securities and Exchange Commission
100 F Street, N.E. (Mail Stop 5-6)
Washington, D.C. 20549
ATTN: Document Control - Edgar
RE: Post-Effective Amendment No. 12 on Form N-4
File Nos. 333-139762 and 811-07195
RiverSource(R) Builder Select Variable Annuity
RiverSource(R) Signature One Select Variable Annuity
Post-Effective Amendment No. 13 on Form N-4
File Nos. 333-139763 and 811-07195
RiverSource(R) Innovations Select Variable Annuity
Post-Effective Amendment No. 17 on Form N-4
File Nos. 333-139759 and 811-07195
RiverSource(R) FlexChoice Select Variable Annuity
Post-Effective Amendment No. 10 on Form N-4
File Nos. 333-139760 and 811-07195
RiverSource(R) FlexChoice Select Variable Annuity
Post-Effective Amendment No. 8 on Form N-4
File Nos. 333-144422 and 811-07511
RiverSource(R) FlexChoice Select Variable Annuity
Post-Effective Amendment No. 9 on Form N-4
File Nos. 333-139764 and 811-07511
RiverSource(R) Innovations Select Variable Annuity
Dear Mr. Cowan:
This letter is in response to Staff's comments received on or about June 25,
2010 for the above-referenced Post-Effective Amendment filed on or about May 12,
2010. Comments and responses are outlined below.
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COMMENT 1. It is very difficult to determine where the new disclosure is
intended to appear. Page number reference would be helpful.
RESPONSE: Complied. Page number references will be added to the supplement.
COMMENT 2. Per Instruction to Item 3 on form N-4, additional fund table must
comply with Item 3 of Form N-1A. Many of the footnotes included in the filings
are not permissible. The table should be fixed when the prospectus is amended.
RESPONSE: Registrant confirms that fund tables and footnotes will comply with
Item 3 of Form N-1A when the prospectus is updated.
COMMENT 3. Contract in Brief
Disclosure states that withdrawals during the waiting period "could"
negatively impact the value of the guarantee. Shouldn't it state that
withdrawals "will" impact the guarantee value? (See disclosure under
"Surrenders" on the next page.)
RESPONSE: Complied. Disclosure has been revised and states that "...withdrawals
will negatively impact the value of your income guarantee provided by this
rider."
COMMENT 4. Optional Benefits
Please disclose specific placement of the new disclosure and what it
replaces.
RESPONSE: Complied. The following introductory paragraph is added above the
"Optional benefits":
UNDER "THE CONTRACTS IN BRIEF" SECTION OF THE PROSPECTUS (PG.8), DISCLOSURE
DESCRIBING THE OPTIONAL BENEFITS ENTITLED "OPTIONAL BENEFITS" WILL BE REPLACED
WITH THE FOLLOWING:
COMMENT 5. Optional Benefits
Please clarify who should and who should not consider purchasing the rider.
RESPONSE: Complied. The following revisions have been made (in italics,
underlined) to the "Optional Benefits":
OPTIONAL BENEFITS: We offer optional death benefits and optional living
benefits. We currently offer SecureSource Stages 2 riders and Accumulation
Protector Benefit rider as optional living benefits. SecureSource Stages 2
riders are guaranteed minimum withdrawal benefits that permit you to
withdraw a guaranteed amount from the contract over a period of time, which
may include, under limited circumstances, the lifetime of a single person
(Single Life) or the lifetime of you and your spouse (Joint Life).
SecureSource Stages 2 riders may be appropriate for you if you intend to
make periodic withdrawals from your annuity contract after the waiting
period and wish to ensure that market performance will not affect your
ability to withdraw income over your lifetime. This optional living benefit
may not be appropriate for you if you do not intend to limit withdrawals to
the amount allowed under the rider. Accumulation Protector Benefit rider is
intended to provide you with a guaranteed contract value at the end of
specified waiting period regardless of the volatility inherent in the
investments in the subaccounts.
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Accumulation Protector Benefit rider may be appropriate for you if you want
a guaranteed contract value at the end of specified waiting period
regardless of the volatility inherent in the investments in the
subaccounts. This optional living benefit may not be appropriate for you if
you intend to surrender your contract value before the end of the 10-year
waiting period or take withdrawals during the waiting period (which
provides a reduced benefit). Optional living benefits require the use of a
PN program investment option which may limit transfers and allocations; may
limit the timing, amount and allocation of purchase payments; and may limit
the amount of surrenders that can be taken under the optional benefit
during a contract year. For more information on considerations before
buying optional living benefits, please see "Optional Living Benefits--
SecureSource Stages 2 Riders --Important SecureSource Stages 2 +Rider
Considerations" and "Optional Living Benefits-- Accumulation Protector
Benefit Rider." (See "Optional Benefits").
COMMENT 6. SecureSource Stages 2 Rider charges
Clarify exactly where the disclosure should appear. Does it replace what is
currently there?
RESPONSE: The disclosure describing SecureSource Stages 2 charges is added to
the "Charges - Optional Living Benefit Charges - Currently Offered". The
introductory paragraph is replaced with the following:
THE FOLLOWING DISCLOSURE IS ADDED UNDER "CHARGES - OPTIONAL LIVING BENEFIT
CHARGES - CURRENTLY OFFERED":
COMMENT 7. SecureSource Stages 2 Riders
Why the disclosure that benefit is intended for assets held and accumulated
for at least 3 years is deleted?
RESPONSE: The disclosure that the benefit is intended for assets held and
accumulated for at least 3 year was appropriate for the previous version of the
SecureSource rider (SecureSource Stages rider), because that rider sets all
guarantees to zero if withdrawals are taken in the 3-years waiting period .
However, the SecureSource Stages 2 rider has a benefit available immediately.
This is described in the first bullet in the second paragraph ("If you take any
withdrawals during the 3-year waiting period, the lifetime benefit amount will
be determined using percentage B for the appropriate age band as long as rider
benefits are payable;").
In addition to the comments listed above, the Staff has requested that we make
the following representations on behalf of the Registrant. In connection with
the Post-Effective Amendment listed above, RiverSource Life Insurance Company
(the "Company"), on behalf of the Registrant, hereby acknowledges the following:
The disclosures in the filing are the responsibility of the Company and the
Company is fully responsible for the adequacy and accuracy of the
disclosures in this filing. The Company represents to the Commission that
comments made by the Commission, or the staff acting pursuant to delegated
authority, or changes to disclosure in response to staff comments in the
filing reviewed by the staff, do not foreclosure the Commission from
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taking any action with respect to the filing, and the Company represents
that it will not assert this action as a defense in any proceeding
initiated by the Commission or any person, under the federal securities
laws of the United States.
If you have any questions concerning this filing, please contact me at (612)
671-2237, or Boba Selimovic at (612) 671-7449.
Sincerely,
/s/ Rodney J. Vessels
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Rodney J. Vessels
Assistant General Counsel
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