-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ByS9e8K3zRjtowZtY7AQLX8R94ly19h1Epcqj8TfhUD2PrHJr17v9bQnXoeub1Q/ yZ38z/gSKS93LgJFV8KpUw== 0000881453-98-000028.txt : 19980311 0000881453-98-000028.hdr.sgml : 19980311 ACCESSION NUMBER: 0000881453-98-000028 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19980310 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERICAN SKANDIA LIFE ASSURANCE CORP/CT CENTRAL INDEX KEY: 0000881453 STANDARD INDUSTRIAL CLASSIFICATION: INSURANCE CARRIERS, NEC [6399] IRS NUMBER: 061241288 STATE OF INCORPORATION: CT FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: SEC FILE NUMBER: 033-62791 FILM NUMBER: 98561747 BUSINESS ADDRESS: STREET 1: ONE CORPORATE DRIVE CITY: SHELTON STATE: CT ZIP: 06484 BUSINESS PHONE: 2039261888 MAIL ADDRESS: STREET 1: ONE CORPORATE DRIVE CITY: SHELTON STATE: CT ZIP: 06484 424B3 1 WLSXT N4 PROXY SUPP. Supplement to Prospectus Dated May 1, 1997 Supplement dated March 10, 1998 This Supplement should be retained with the current Prospectus for your variable annuity contract issued by American Skandia Life Assurance Corporation ("American Skandia"). If you do not have a current prospectus, please contact American Skandia at 1-800-SKANDIA. Notice of Proxy Contract Owners with Account Value allocated to the Berger Capital Growth Sub-account as of March 9, 1998 ("record date") will be receiving a solicitation of proxy as beneficial owners of units of the Sub-account that invest in underlying shares of the Berger Capital Growth portfolio of American Skandia Trust ("shareholders"). Shareholders of the Berger Capital Growth portfolio are being asked to reappoint American Skandia Investment Services, Incorporated as investment manager of the portfolio, to appoint Neuberger&Berman Management Incorporated as the new portfolio sub-advisor, to change the portfolio's investment objective and certain fundamental investment restrictions, and to change the portfolio's name to "Neuberger&Berman Mid-Cap Growth." Contract Owners who choose to allocate Account Value to the Berger Capital Growth Sub-account after the record date will not receive a proxy solicitation and will not be entitled to vote on the changes outlined above. Contract Owners should take this into consideration if they are considering allocating Account Value to the Berger Capital Growth Sub-account. Roth IRA/SEP IRA/SIMPLE IRA The section of the Prospectus entitled "Purchasing Annuities - Uses of the Annuity" is amended as follows: The Annuity may be issued in connection with or purchased as a funding vehicle for certain retirement plans designed to meet the requirements of various sections of the Code. These include, but are not limited to: (a) Section 403(b) (tax-sheltered annuities available to employees of certain qualifying employers); (b) Section 408 (individual retirement accounts and individual retirement annuities - "IRAs"; Simplified Employee Pensions - "SEPs"; and Savings Incentive Match Plans for Employees - "SIMPLE IRAs"); and (c) Section 408A (Roth IRAs). The section of the Prospectus entitled "Certain Tax Considerations - Penalty on Distributions" is amended as follows: With respect to Roth IRAs only, distributions are not subject to federal income tax or the 10% penalty tax if five (5) tax years have passed since the first contribution was made or any conversion from a traditional IRA was made, and the distribution is made (a) once the taxpayer is age 59 1/2 or older, (b) upon the death or disability of the taxpayer, or (c) for qualified first-time home buyer expenses, subject to certain limitations. Distributions from a Roth IRA that are not "qualified" as described above may be subject to a penalty tax. Wells XT/WellsVA+ (3/98) The section of the Prospectus entitled "Certain Tax Considerations - Individual Retirement Programs" is amended as follows: Eligible individuals may maintain an individual retirement account or individual retirement annuity ("IRA"). Subject to limitations, contributions of certain amounts may be deductible from gross income. Such persons may also maintain a form of IRA called a "Roth IRA". Contributions to a Roth IRA are not deductible but, under certain circumstances, distributions from such an account are tax-free. Purchasers of IRAs and Roth IRAs will receive a special disclosure document, which describes limitations on eligibility, contributions, transferability and distributions. It also describes the conditions under which distributions from IRAs and qualified plans may be rolled over or transferred into an IRA on a tax-deferred basis and the conditions under which distributions from traditional IRAs may be rolled over to, or the traditional IRA itself may be converted into a Roth IRA. Eligible employers that meet specified criteria may establish savings incentive match plans for employees or Simplified Employee Pensions using the employees' IRAs. These arrangements are known as SIMPLE IRAs and others as SEP IRAs. Employer contributions that may be made to SIMPLE IRAs and SEP IRAs are larger than the amounts that may be contributed to other IRAs, and may be deductible to the employer. -----END PRIVACY-ENHANCED MESSAGE-----