https://www.sec.gov/Archives/edgar/data/1033669/000093041320002504/c100671_497.htm497 1 c100671_497.htm
LAZARD RETIREMENT SERIES, INC.
Lazard Retirement US Small Mid-Cap Equity Portfolio
Supplement to Current Summary Prospectus and Prospectus
The Board of Directors of Lazard Retirement Series, Inc. has approved a reverse share split for Service Shares of Lazard Retirement US Small Mid-Cap Equity Portfolio (the "Portfolio"). The effect of the reverse share split is to reduce the number of shares outstanding of the Portfolio and increase the Portfolio's per share net asset value ("NAV"). The amount of each shareholder's aggregate investment in the Portfolio, however, will remain unchanged as a result of the reverse share split.
The reverse share split will occur automatically and without any action on the part of shareholders after the close of business on December 4, 2020. The shares of the Portfolio will be offered, sold and redeemed on a split-adjusted basis beginning on the first business day following the split (i.e., December 7, 2020). Shareholders' next account statement after the reverse share split occurs will reflect the reverse share split.
The reverse share split will be carried out in accordance with a 1:2 split ratio, which means that each Portfolio shareholder will hold one Portfolio share for every two Portfolio shares held immediately prior to the reverse share split. As an example, if you had a $10,000 investment in the Portfolio represented by 2,000 shares with an NAV per share of $5.00 immediately prior to the reverse share split, immediately following the reverse share split you would have a $10,000 investment in the Portfolio represented by 1,000 shares with an NAV per share of $10.00.
The reverse share split will not be a taxable event, nor will it have an impact on the Portfolio's holdings or its performance.
Dated: November 9, 2020
