RILA Annuities 2026: Caps, Buffers, Surrender in 21 Prospectuses
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Quick Answer
A registered index-linked annuity (RILA) is an insurance contract registered with the SEC that credits you an index return up to a cap and shields you from the first slice of losses, the buffer; across the 21 RILA prospectuses we read, the contract guarantees far less than the sales pages suggest. The prospectuses were filed on EDGAR between April 3 and May 1, 2026. The maximum surrender charge runs from 5% to 9%, with a median of 8% (our arithmetic; one advisory contract has none). The guaranteed minimum cap on the shortest term runs from 0.05% to 2%, a median of 1.5% across the 20 that state one, so the cap you get today is the insurer's choice, not the contract's promise. At the lowest buffer each contract offers, the largest end-of-term loss is 90% in 16 contracts and 95% to 100% in five. And 19 of the 21 say you can lose up to 100% by leaving before the term ends (Allianz says 99% or 35%, Empower 90%). As of October 22, 2026.
Key Takeaways
- Sample: 21 prospectuses on Form 485BPOS filed on EDGAR from April 3 to May 1, 2026 covering 21 products from 21 insurers, found by full-text search for the RILA wording. It is a sample of the market, not every RILA, and it does not rank products (our arithmetic).
- Surrender: 20 of 21 charge on early withdrawal, up to 5% (Equitable Series B) to 9% (MassMutual Ascend Index Summit 6 Pro); 13 of the 20 charge up to 8%. The one exception, Midland National Oak Elite Advisory, charges none but applies an adjustment to money taken out early.
- Guaranteed minimum cap, shortest term: 2% in nine contracts, 1.5% in three, 1% in six, 0.50% in Principal Strategic Income and 0.05% in Nationwide Defender; Midland's prospectus names no figure. A cap at its minimum would pay at most that percentage of premium in a year when the index is up 20% (our arithmetic).
- Buffers: 16 contracts have 10% as the lowest buffer, which leaves 90% of a bad term on you. Five allow more: Corebridge MarketLock (99% at a 1% lock buffer), Minnesota Life AccumuLink Advance (up to 99%), Prudential FlexGuard 2.0 and ForeStructured Growth (95% at a 5% buffer), and RiverSource Structured Solutions (up to 100% in annual-fee and annual-lock accounts).
- Early exit is the larger risk: 19 prospectuses say a negative interim value, market value or daily adjustment can take up to 100% of what you move out before the term ends; the buffer does not protect you then.
- Fees: only five of 21 show a base annual fee above zero (Allianz 0.26%, Midland 0.25%, MassMutual 0.95%, Athene 0.9459%, Principal 1.50% for its income benefit); for the rest the price of the contract is the cap.
- Rule: the SEC's compliance date for the new Form N-4 treatment of RILAs was May 1, 2026, which is why this is the first year the prospectuses share one fee, risk and adjustment table.
CSV · 168 rows
21 RILA prospectuses filed on SEC EDGAR in 2026: surrender charge, buffer loss, guaranteed minimum cap, base fee and early-exit loss
168 rows: for each of 21 RILA contracts the issuer, accession number, maximum surrender charge and period, end-of-term loss at the lowest buffer, guaranteed minimum cap, explicit base fee and early-exit loss, plus summary statistics, the SEC compliance date and the index footnote.
Why the prospectuses line up this year
For years many RILAs registered on Form S-1 or S-3 with their own layouts. The SEC changed that in July 2024. In the Federal Register adopting release (document 2024-14925) the Commission writes that “the compliance date for the final amendments will be May 1, 2026, except with respect to rule 156 and the technical amendments to Forms N-3 and N-6”, and that “insurance companies will no longer be permitted to register RILA offerings on Forms S-1 or S-3”. The amended Form N-4 puts every contract behind the same key-information table: charges for early withdrawals, ongoing fees, the risk of loss and the adjustments. That is why the 21 documents we read answer the same questions in the same order, and why a census like this one is possible for the first time.
The census: 21 contracts side by side
Each row is one prospectus. “Largest end-of-term loss” is the worst case the filing states for the lowest buffer the contract currently offers, taking the buffer into account and holding to the end of the term. Nationwide Defender guarantees a minimum buffer of 5% for the life of the contract, which would leave 95%; today's lowest is 10%. Surrender charges are the maximum; most step down over six years.
| Contract (insurer) | Filing | Maximum surrender charge | Largest end-of-term loss at lowest buffer offered | Guaranteed minimum cap, shortest term | Explicit base annual fee |
|---|---|---|---|---|---|
| Allianz Index Advantage ADV (Allianz Life Insurance Co of North America) | 485BPOS 2026-04-22, 0000072499-26-000029 | 6.5% of purchase payment, 6 years, declining | 90% | 1.5% | 0.26% |
| Aspida DreamPath (Aspida Life Insurance Co) | 485BPOS 2026-04-30, 0001104659-26-052739 | 7%, 6 years | 90% | 2% | no base fee row; cost is the cap |
| Athene Amplify 2.0 (Athene Annuity and Life Co) | 485BPOS 2026-04-03, 0000837332-26-000033 | 8%, 6 years | 90% | 2% | 0.9459% |
| Corebridge MarketLock Annuity (American General Life Insurance Co) | 485BPOS 2026-04-28, 0001193125-26-186396 | 8%, 6 years | 99% | 2% | none (optional death benefit 0.20%) |
| Equitable Structured Capital Strategies (Equitable Financial Life Insurance Co) | 485BPOS 2026-04-22, 0001193125-26-169404 | 5% (Series B), 5 years; Series C and ADV none | 90% | 2% | 0.65% to 1.65% on variable options only |
| F&G Confidence Builder (Fidelity & Guaranty Life Insurance Co) | 485BPOS 2026-04-30, 0001193125-26-197886 | 7%, 6 years | 90% | 2% | no base fee row; cost is the cap |
| ForeStructured Growth (Forethought Life Insurance Co) | 485BPOS 2026-04-21, 0001104659-26-046037 | 8% (B-share; 2% I-share), 6 years | 95% | 1% | no base fee row; cost is the cap |
| Great-West Capital Choice (Empower Annuity Insurance Co of America) | 485BPOS 2026-04-21, 0001104659-26-046059 | 7%, 6 years | 90% | 1.5% | no base fee row; cost is the cap |
| Guardian MarketPerform (Guardian Insurance & Annuity Co) | 485BPOS 2026-05-01, 0001193125-26-200695 | 8%, 6 years | 90% | 1.5% | no base fee row; cost is the cap |
| Jackson MarketLink Pro (Jackson National Life Insurance Co) | 485BPOS 2026-04-21, 0002047976-26-000115 | 8%, 6 years (8% in first 2) | 90% | 1% | no base fee row; cost is the cap |
| MassMutual Ascend Index Summit 6 Pro (MassMutual Ascend Life Insurance Co) | 485BPOS 2026-04-29, 0001193125-26-191072 | 9%, 6 years | 90% | 1% | 0.95% |
| Midland National Oak Elite Advisory (Midland National Life Insurance Co) | 485BPOS 2026-04-20, 0002040519-26-000034 | none (advisory); early exit adjustment only | 90% | not stated | 0.25% |
| Minnesota Life AccumuLink Advance (Minnesota Life Insurance Co) | 485BPOS 2026-04-28, 0001193125-26-184917 | 8%, 6 years | 99% | 1% | 0% |
| Nationwide Defender Annuity (Nationwide Life Insurance Co) | 485BPOS 2026-04-27, 0001193125-26-180736 | 8%, 6 years | 90% | 0.05% | 0.00% |
| Pacific Protective Growth (Pacific Life Insurance Co) | 485BPOS 2026-04-24, 0001104659-26-048669 | 7%, 6 years | 90% | 2% | no base fee row; cost is the cap |
| Principal Strategic Income (Principal Life Insurance Co) | 485BPOS 2026-04-30, 0000009712-26-000040 | 8%, 6 years | 90% | 0.5% | 1.50% (GLWB fee) |
| Prudential FlexGuard 2.0 (B Series) (Pruco Life Insurance Co) | 485BPOS 2026-04-20, 0001133228-26-005860 | 8%, 6 years | 95% | 1% | 0.00% |
| RiverSource Structured Solutions (RiverSource Life Insurance Co) | 485BPOS 2026-04-27, 0001193125-26-181786 | 8%, 3 or 6 years | 100% | 2% | 0% |
| Symetra Trek (Symetra Life Insurance Co) | 485BPOS 2026-04-28, 0001559495-26-000016 | 8%, 6 years (9% if bought before May 1, 2022) | 90% | 2% | none; cost is the cap |
| Transamerica Structured Index Advantage Income (Transamerica Life Insurance Co) | 485BPOS 2026-04-27, 0001164098-26-000910 | 8%, 6 years | 90% | 2% | 0.00% to 3.25% (with GLWB) |
| TruStage ZoneChoice (MEMBERS Life Insurance Co) | 485BPOS 2026-04-14, 0001562577-26-000145 | 8%, 6 years (9% if issued on or before May 25, 2023) | 90% | 1% | no base fee row; cost is the cap |
Source: the 21 prospectuses named in the Filing column, read on October 22, 2026; filed dates are the EDGAR filing dates; our arithmetic for the medians and counts.
The cap: what the contract guarantees
A cap is the most index gain you can be credited for a term. The prospectuses do not promise today's cap; they promise a floor under it. The table gives each contract's guaranteed minimum as the filing words it. The contrast is wide: a 6-year term guarantees as much as 12% at Athene, F&G and Pacific, while a 1-year term at Nationwide may never fall below 0.05%.
| Contract | Guaranteed minimum cap, as the prospectus words it |
|---|---|
| Allianz Index Advantage ADV | 1-year 10% Buffer: 1.50% minimum Cap; 3-year 20% Buffer: 5% minimum Cap |
| Aspida DreamPath | Guaranteed Minimum Cap Rate 2% (1-year), 5% (3-year), 10% (6-year) |
| Athene Amplify 2.0 | minimum Cap Rates 2% (1-year), 4% (2-year), 12% (6-year) |
| Corebridge MarketLock Annuity | S&P 500 1-Year Point-to-Point Cap 10% Buffer: 2% Cap Rate; 3-Year and 6-Year: 5% Cap Rate |
| Equitable Structured Capital Strategies | minimum Performance Cap Rate 2% (1-year), 6% (3-year), 10% (5-year Standard Segments) |
| F&G Confidence Builder | Guaranteed Minimum Cap Rate 2% (1-year), 6% (3-year), 12% (6-year) |
| ForeStructured Growth | guaranteed minimum Index Cap 1.00% during and 0.50% after the Withdrawal Charge Period |
| Great-West Capital Choice | minimum Cap of 1.5% |
| Guardian MarketPerform | Cap Rate never less than 1.50% (1-year), 5.00% (3-year), 10.00% (6-year) |
| Jackson MarketLink Pro | Cap Rate no lower than 1% (1-year Term) or 2% (6-year Term) |
| MassMutual Ascend Index Summit 6 Pro | Cap never lower than 1%; Upside Participation Rate never lower than 5% |
| Midland National Oak Elite Advisory | Cycle not launched if Cap Rate falls below its Rate Threshold (amount not stated in prospectus) |
| Minnesota Life AccumuLink Advance | lowest guaranteed minimum Cap is 1%; lowest guaranteed minimum Participation Rate is 10% |
| Nationwide Defender Annuity | Cap Rate is guaranteed to never be less than 0.05% |
| Pacific Protective Growth | guaranteed minimum Cap Rate 2% (1-year), 4% (2-year), 6% (3-year), 12% (6-year) |
| Principal Strategic Income | lowest Cap Rate 0.50% and lowest Participation Rate 5.00% |
| Prudential FlexGuard 2.0 (B Series) | Guaranteed Minimum Cap Rate 1% (1-year), 5% (3-year), 10% (6-year) |
| RiverSource Structured Solutions | Guaranteed Minimum Cap 2% (1-year), 4% (2-year), 6% (3-year), 8% (6-year) |
| Symetra Trek | Indexed Interest Cap not less than 2% during the Surrender Charge Period or 1% after |
| Transamerica Structured Index Advantage Income | lowest Cap Rate for new Crediting Periods is 2% |
| TruStage ZoneChoice | Minimum Cap Rate: 1% |
Source: the same 21 prospectuses. Current caps are declared by the insurer and sit in rate sheets or on websites outside the prospectus; Minnesota Life, for example, points to a web page for them. We publish no current cap.
The index is also not the whole market. Corebridge's prospectus footnotes that “each Index is a ‘price return index,’ not a ‘total return index,’ and therefore does not reflect dividends paid on the securities comprising the Index.” A buffered annuity that tracks the S&P 500 price index therefore leaves the dividends behind before the cap even applies.
The loss: held to the end versus taken out early
The buffer works only if you hold to the end of the term. Each prospectus states a second, separate risk: if you withdraw, annuitize or pay a fee out of a strategy before the term ends, the insurer applies an interim value, market value or daily adjustment, and the buffer no longer applies. Nineteen of the 21 say that adjustment can take up to 100% of the amount moved.
| Contract | Maximum loss the prospectus attaches to leaving before the term ends |
|---|---|
| Allianz Index Advantage ADV | 99% or 35%, depending on the index option (Daily Adjustment) |
| Aspida DreamPath | up to 100% |
| Athene Amplify 2.0 | up to 100% |
| Corebridge MarketLock Annuity | up to 100% |
| Equitable Structured Capital Strategies | up to 100% |
| F&G Confidence Builder | up to 100% |
| ForeStructured Growth | up to 100% |
| Great-West Capital Choice | 90% (Market Value Adjustment) |
| Guardian MarketPerform | up to 100% |
| Jackson MarketLink Pro | up to 100% |
| MassMutual Ascend Index Summit 6 Pro | up to 100% |
| Midland National Oak Elite Advisory | up to 100% |
| Minnesota Life AccumuLink Advance | up to 100% |
| Nationwide Defender Annuity | up to 100% |
| Pacific Protective Growth | up to 100% |
| Principal Strategic Income | up to 100% |
| Prudential FlexGuard 2.0 (B Series) | up to 100% |
| RiverSource Structured Solutions | up to 100% |
| Symetra Trek | up to 100% |
| Transamerica Structured Index Advantage Income | up to 100% |
| TruStage ZoneChoice | up to 100% |
Source: the same 21 prospectuses, risk-of-loss and adjustment sections.
Equitable's prospectus puts it plainly: because the end-of-term downside protection of a segment buffer “does not apply to the Segment Interim Value, it is theoretically possible that you could lose up to 100% of your investment and previously credited interest in certain extreme scenarios.” A surrender charge, income tax and a 10% federal penalty before age 59½ can come on top.
Fees: the price is in the cap
Sixteen of 21 prospectuses show no base annual fee above zero in their fee table, and several say so directly: Symetra Trek answers “No” to ongoing fees and adds that there is an “implicit ongoing fee” because gains are limited by the cap. The five that do charge a base fee are Allianz Index Advantage ADV (0.26%), Midland National Oak Elite Advisory (0.25%), MassMutual Ascend Index Summit 6 Pro (0.95%), Athene Amplify 2.0 (0.9459%, a segment fee) and Principal Strategic Income (1.50% for its income benefit, up to 2.00%). Transamerica's income version shows a range from 0.00% to 3.25% because the income benefit is built in. A contract with no fee and a low cap is not free; it is priced through what you give up above the cap.
A $250,000 example
The table uses the structure the prospectuses describe: a 1-year strategy on a price index with a 10% buffer. The cap in the fourth row is illustrative; the fifth row uses 1.5%, the median guaranteed minimum cap in the census.
| Scenario on $250,000 in a 1-year, 10% buffer strategy | How the term works | Result (our arithmetic) |
|---|---|---|
| Index falls 8% over the year | Loss of 8% is inside the buffer | $0 lost, value $250,000 |
| Index falls 25% | Buffer absorbs 10 points; you bear 15% | $37,500 lost, value $212,500 |
| Index falls 100% | You bear 90% | $225,000 lost, value $25,000 |
| Index rises 20%, cap 10% (illustrative cap) | Gain stops at the cap | $25,000 gained |
| Index rises 20%, cap at the 1.5% guaranteed minimum | Gain stops at the cap | $3,750 gained |
| Withdraw all in year 1 at an 8% maximum surrender charge | 8% of $250,000, before any interim value loss and tax | up to $20,000 charge |
Source: buffer, cap and surrender mechanics as described in the prospectuses; all dollar results are our arithmetic on a hypothetical $250,000, before fees, taxes and interim value adjustments.
How we read the 21 filings
We ran EDGAR full-text search for the RILA wording across Form 485BPOS, 497 and N-4 filings in 2026, kept the main prospectus for one product per insurer where we could find it, downloaded each document and read the key-information table and the sections on adjustments, caps and buffers. Each figure in the CSV carries the accession number, and the quoted wording was matched to the saved text by script. Limits: the sample is 21 contracts found by search, not a census of the market; some insurers sell more than one RILA and we read one; we did not read riders, state variations or broker-dealer variations, which can change terms; and a prospectus filed in April can be amended later. Our search also lists newer amendments that were not yet effective on October 22, 2026, including Allianz (June 29, 2026), Pacific Life (September 2, 2026) and Jackson MarketLink Pro (October 16, 2026), so terms for new buyers may differ from the table.
What a reader can do with this
- Ask for the cap in writing before you sign. The prospectus guarantees only the minimum; the cap you are quoted is the insurer's current choice and can fall at the next term.
- Price the early exit, not only the buffer. Ask the insurer for the interim value on your own dates, and ask which strategies pay a fee out of the strategy (that counts as a withdrawal).
- Match the term to your plan. A 6-year strategy with a six-year surrender schedule is a six-year decision; a 10% buffer still leaves 90% of a bad term on you.
- Compare with other buffered products. Structured notes carry issuer credit risk and a different tax path; see structured notes in 2026. If you hold an old annuity, read 1035 exchanges first, because a swap into a new contract restarts a surrender schedule. In an IRA, a longevity contract is a different tool: QLAC limits. Insurance wrappers for large investors are covered in private placement life insurance.
- Keep the prospectus date. The numbers above are from April and May 2026 filings; compare them with the version in front of you.
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Frequently asked questions
This is analysis of public documents, not investment, legal or tax advice. Sources, read and saved on October 22, 2026: Form 485BPOS prospectuses on SEC EDGAR for the 21 contracts named in the census table (accession numbers in the table and the CSV); Federal Register document 2024-14925, “Registration for Index-Linked Annuities and Registered Market Value Adjustment Annuities; Amendments to Form N-4,” published July 24, 2024; EDGAR full-text search results for 2026 amendments. Worked examples and medians are our arithmetic.
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