SEC Info℠

Home

Search

My Interests

Help

Sign In

Please Sign In

Variable Annuity Acct C of Voya Retirement Insurance & Annuity Co. – ‘497VPI’ on 4/22/24

On:  Monday, 4/22/24, at 9:47am ET   ·   Effective:  4/22/24   ·   Accession #:  1133228-24-4119   ·   File #:  333-109622

Previous ‘497VPI’:  ‘497VPI’ on 4/22/24   ·   Latest ‘497VPI’:  This Filing

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

 Text Wildcards:  ? (any letter/digit),  * (many).  Search Logic:  for Documents:  & (and),  | (or);  for Text:  | (anywhere),  "(&)" (near).  Details... 

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/22/24  Var Annuity Acct C of Voya Re… Co 497VPI      4/22/24    1:225K                                   Broadridge Fin’l… Inc/FA
          → Variable Annuity Acct C of Voya Retirement Insurance & Annuity Co. ⇒ VOYA Flexible Income

Document/Exhibit                   Description                      Pages   Size 

 1: 497VPI      Variable Annuity Acct C of Voya Retirement          HTML    223K 
                Insurance & Annuity Co - 497VPI                                  

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

VOYA FLEXIBLE INCOME ANNUITY

A FIXED OR VARIBLE, GROUP AND/OR INDIVIDUAL
IMMEDIATE ANNUITY CONTRACT

(THE “CONTRACT” OR “CONTRACTS”)

issued to

Plans Established by Eligible Organizations With a Traditional Individual Retirement Annuity (“IRA”) Under Tax Code Section 408(b) Or With Retirement Plans
Under Tax Code Sections 401, 403(b) or 457

SUMMARY PROSPECTUS FOR NEW INVESTORS

May 1, 2024

____________________________________________________________________________

This summary prospectus summarizes key features of the Contract.

Before you participate in the Contract through your retirement plan, you should also review the full prospectus for the Contract (the “full Contract Prospectus”). It contains more information about the Contract’s features, benefits and risks. You can find this document and other information about the contract online at https://vpx.broadridge.com/getcontract1.asp?dtype=isp&cid=voyavpx&fid=92912K323. You can also obtain this information at no cost by calling 1-800-584-6001 or by sending an email request to ProspectusRequests@voya.com.

___________________________________________________________________________

An Investor may cancel the Contract within 10 days of receiving it

without paying fees or penalties.

In some states, this cancellation period may be longer. Upon cancellation, you will receive either a full refund of the amount you paid with your application or your total Account Value. You should review this summary prospectus, or consult with your investment professional, for additional information about the specific cancellation terms that apply.

___________________________________________________________________________

The U.S. Securities and Exchange Commission (“SEC”) has not approved or disapproved this Contract or passed upon the adequacy of this summary prospectus. Any representation to the contrary is a criminal offense.

TABLE OF CONTENTS

SPECIAL TERMS USED IN THIS SUMMARY PROSPECTUS

The following are some of the important terms used throughout this summary prospectus that have special meaning. There are other capitalized terms that are explained or defined in other parts of this summary prospectus.

Account Value: The current dollar value of amounts allocated to the Subaccounts of Variable Annuity Account C, which includes investment performance and fees deducted from the Subaccounts.

Annuity Unit: A unit of measurement that represents the time accumulated during an annuity Contract.

Annuity Unit Value: The value of each Annuity Unit in a Subaccount.

Beneficiary (or Beneficiaries): The person designated to receive the death benefit payable under the Contract.

Contract or Contracts: The group or individual deferred fixed and variable annuity Contract offered by your Plan Sponsor as a funding vehicle for your retirement plan.

Contract Holder: The person to whom we issue the Contract. Generally, the Plan Sponsor or a trust.

Customer Service: The location from which we service the Contracts. The mailing address and telephone number of Customer Service is Payout Services, One Orange Way, Windsor, CT 06095-4774, 1-800-584-6001.

Fund(s): The underlying mutual Funds in which the Subaccounts invest.

General Account: The account that contains all of our assets other than those held in Variable Annuity Account C or one of our other separate accounts.

Good Order: Generally, a request is considered to be in “Good Order” when it is signed, dated and made with such clarity and completeness that we are not required to exercise any discretion in carrying it out. We can only act upon written requests that are received in Good Order.

Immediate Annuity: The Investor receives a guaranteed income within one year from the date of a single premium purchase.

Income Phase: The period during which you receive payments from your Contract.

Investor (also “you” or “participant”): The individual who participates in the Contract through a retirement plan.

Plan Sponsor: The sponsor of your retirement plan. Generally, your employer.

Purchase Payment: Collectively, the initial purchase payment and any additional purchase payment.

Subaccount: Division(s) of Variable Annuity Account C that are investment options under the Contract. Each Subaccount invests in a corresponding underlying mutual Fund.

Tax Code: The Internal Revenue Code of 1986, as amended.

VRIAC, the Company, we, us and our: Voya Retirement Insurance and Annuity Company, a stock company domiciled in Connecticut, that issues the Contract described in this summary prospectus.

Variable Annuity Account C, the Separate Account: Voya Variable Annuity Account C, a segregated asset account established by us to fund the variable benefits provided by the Contract. The Variable Annuity Account C is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and it also meets the definition of “separate account” under the federal securities laws.

Variable Investment Options: The Subaccounts of Variable Annuity Account C. Each one invests in a specific mutual Fund.

IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

OVERVIEW OF THE CONTRACT

This summary provides a brief overview of the more significant aspects of the Contract. Further detail is provided in this summary prospectus, the Contract and the summary or full prospectuses for the Funds being considered. We urge you to read the entire summary prospectus as it describes all material features and benefits of the Contract and your rights and limitations thereunder. It also sets forth information you should know before making the decision to participate in the Contract through your retirement plan. Certain features and benefits may vary depending on the state in which your Contract is issued.

Purpose

The Contract described in this prospectus is a fixed or variable, group and/or individual immediate annuity contract. An immediate annuity means the Investor receives a guaranteed income within one year from the date of a single premium purchase (see “Immediate Annuity” in the SPECIAL TERMS USED IN THIS SUMMARY PROSPECTUS). It is designed for individuals who would like regular Income Payments from an annuity Contract. It is intended to be used as a funding vehicle for certain types of retirement plans and to qualify for beneficial tax treatment and/or to provide current income reduction under Tax Code Sections 401(a), 401(k), 403(b) and 457. It is a long-term investment and is typically most useful as part of a personal retirement plan. It is not designed for short-term investing and is not appropriate for an Investor who needs ready access to cash. See Long Term Investment under “CONTRACT PURCHASE AND PARTICIPATION – Factors to Consider in the Purchase Decision” in the full Contract Prospectus. The Contract may be issued as either a nonqualified contract, or as a qualified contract for use with a traditional Individual Retirement Annuity (“IRA”) under Section 408(b). Contracts sold in New York are not available for 457 plans.

The Contract is available as an internal exchange from certain existing annuity contracts issued by the Company or certain of its affiliates, and to any participants in a retirement plan where the Plan Sponsor has purchased a group master Contract (whether or not connected with an internal exchange). We may also issue contracts directly without a relationship to an existing Company Contract or a retirement plan. When considering whether to purchase or participate in the Contract, you should consider your financial goals, investment time horizon and risk tolerance.

The Variable Investment Options

The Variable Investment Options are Subaccounts within the Separate Account. Each Subaccount invests its assets directly in shares of a corresponding underlying Fund, and each Fund has its own distinct investment objectives, fees and expenses and investment advisers. Earnings on amounts invested in a Subaccount will vary depending upon the performance and fees of the corresponding underlying Fund. You do not invest directly in or hold shares of the Funds. Additional information about each underlying fund is set forth in an appendix to this summary prospectus. See “APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT.”

There is no guarantee that your Account Value will increase. Depending upon the investment experience of each Fund in which a Subaccount invests, your Account Value may increase or decrease daily. You bear the investment risk for the Funds in which the Subaccounts invest; you will benefit from favorable investment experience but also bear the risk of poor investment performance.

The Fixed Income Payments

If you select Fixed Income Payments, the amount of your Fixed Income Payment will not vary. Except as specifically mentioned, the prospectus describes only the variable Incomes Options. See “APPENDIX B: FIXED DOLLAR OPTION” in the full Contract Prospectus.

Contract Features

Death Benefit. A Beneficiary may receive a death benefit in the event of your death from any Guaranteed Income payments. See the “Benefits Available Under the Contract” below.

Withdrawals. Some Income Payment options allow you to withdraw a portion or all of any remaining guaranteed payments. An Early withdrawal charge may apply. See “WITHDRAWALS” in the full Contract Prospectus.

Charges for Advisory Services. A participant may enter into an agreement with an independent investment adviser that will provide agreed-upon advisory services and may arrange to have the advisory fees deducted from the Variable Investment Options, in which case they may be subject to federal and state income taxes and a 10% penalty tax. See “CHARGES AND FEES – Charges for Advisory Services” in the full Contract Prospectus.

Taxation. Taxes will generally be due when you receive a distribution. Tax penalties may apply in some circumstances. See “FEDERAL Tax Considerations” in the full Contract Prospectus.

Benefits Available Under the Contract

BUYING THE CONTRACT

Purchasing the Contract

To purchase a Contract, you must make one payment of at least $10,000. After your initial payment, no additional Purchase Payments may be made. We reserve the right to lower the minimum required payment, to establish a maximum payment amount and to reject any payment exceeding the maximum.

Participating in the Contract

You may participate in the Contract by submitting your Purchase Payment and the required application or completed enrollment materials to us in Good Order.

Age Requirements

The maximum issue age is between 80 and 95, depending upon the Income Payment option and features selected. We reserve the right to modify the maximum issue age.

Allocation of Purchase Payments to the Investment Options

We will allocate your Purchase Payment, less any applicable premium taxes, among the investment options you select. Generally, the Contract Holder, or you if permitted by the plan, may select no more than 25 investment options at initial enrollment. Thereafter, more options can be selected at any one time. You may also select the Fixed Dollar option and allocate all or a portion of your Purchase Payments to the General Account. Allocations must be in whole percentages. Any purchase payment received before we accept the application or enrollment materials will be invested as of the day we do accept them. See “THE Investment Options” in the full Contract Prospectus.

Tax Code Restrictions

The Tax Code places some limitations on contributions to your account. See “FEDERAL Tax Considerations” in the full Contract Prospectus.

When Purchase Payments Are Credited

We must accept or reject an application or your enrollment materials within two business days of receipt. If the forms are incomplete, we may hold any forms and accompanying Purchase Payments for five business days pending completion. If we reject the application or enrollment forms, we will return the forms and any Purchase Payments.

MAKING WITHDRAWALS: ACCESSING THE MONEY IN YOUR CONTRACT

Withdrawals of Variable Income Payments

You may make partial or full withdrawals of the present value of any remaining guaranteed variable Income Payments if you are receiving payments under either one of the following:

Partial withdrawals are allowed only if each remaining guaranteed payment will be at least $50.

Withdrawals of Fixed Income Payments

You may make partial or full withdrawals of the present value of any remaining fixed Income Payments if you are receiving payments under either one of the following:

Partial withdrawals are allowed only if each remaining guaranteed payment will be at least $50.

Withdrawal Value

Variable Income Payments. For any withdrawal of remaining variable guaranteed Income Payments, the amount available for withdrawal is equal to the present value of any remaining guaranteed variable payments (less any applicable early withdrawal charge) calculated using the same rate we used to calculate the Income Payments (i.e., the 3.5% or 5% assumed annual net return rate stated in the Contract). Withdrawal values are determined as of the valuation date following our receipt of your written request in Good Order at Customer Service.

Fixed Income Payments. See APPENDIX B in the full Contract Prospectus for details regarding the withdrawal value of fixed payments.

Amount Received. For partial withdrawals, you will receive, reduced by any required withholding tax, the amount you specify, subject to the value in your account. However, the amount actually withdrawn from your account will be adjusted by any applicable early withdrawal charge and redemption fees.

Early Withdrawal Charge

Withdrawals may be subject to an early withdrawal charge and may also be subject to redemption fees. See “CHARGES AND Fees” in the full Contract Prospectus for additional information.

Reduction of Remaining Payments

Any withdrawal will result in a proportionate reduction of any remaining guaranteed payments and any applicable guaranteed minimum payment amount. Additionally, the withdrawal amount will be taken from the Subaccounts proportionately, unless you designate otherwise. For lifetime Income Payment options, any payments to be made beyond the guaranteed payment period will be unaffected by any withdrawals.

The Tax Code and/or your plan may impose other limitations on withdrawals. See “FEDERAL TAX CONSIDERATIONS – Distributions – Eligibility” in the full Contract Prospectus.

ADDITIONAL INFORMATION ABOUT FEES

The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering or making withdrawals from the Contract. These fees and expenses do not reflect any advisory fee paid to an independent investment advisor retained by a participant, and if such charges were reflected, these fees and expenses would be higher. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected.

The first table describes the fees and expenses that you may pay at the time you buy the Contract, surrender, or make withdrawals from the Contract or take a loan from the Contract. State premium taxes may also be deducted.

Transaction Expenses

There is no surrender charge under the Contract.

The next table describes the fees and expenses that you will pay each year during the time that you own the Contract (not including Fund fees and expenses).

Annual Contract Expenses

The next item shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. A complete list of the Funds available under the Contract, including their annual expenses, may be found in an appendix to this summary prospectus. See “APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT.”

Annual Fund Expenses

Examples

These examples are intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include transaction expenses (assuming no loans), annual Contract expenses and annual Fund expenses. They do not reflect any advisory fee paid to an independent investment advisor (if retained by a participant) from a participant’s account, and if such charges were reflected, the costs would be higher.

The following examples assume that you invest $100,000 in the Contract for the time periods indicated. The Examples also assume that your investment has a 5% return each year and assume the most expensive combination of annual Fund expenses. For the purpose of these Examples, we deducted the maximum contract fees and expenses and the maximum total annual fees and expenses of any of the funds available for each type of contract and the maximum charges under the contract (i.e., a maximum mortality and expense risk charge of 1.25% annually, an administrative expense charge of 0.25% annually, and the guaranteed minimum income charge of 1.00% annually for the first five years, as applicable) and assume you have selected the “nonlifetime–guaranteed payments” income payment option for a 15 year period with a 3.5% assumed annual net return rate.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Applicable to Contracts Without the Five-Year Guaranteed Minimum Income Feature:

Applicable to Contracts With the Five-Year Guaranteed Minimum Income Feature:

APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT

The following is a list of Funds available under the Contract. The Funds available to you may vary based on employer and state approval and participants should refer to their plan documents for a list of available Funds.

More information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at https://vpx.broadridge.com/getcontract1.asp?dtype=isp&cid=voyavpx&fid=92912K323. You can also request this information at no cost by calling Customer Service at 1-800-584-6001 or by sending an email request to ProspectusRequests@voya.com.

The current expenses and performance information below reflects fee and expenses of the Funds, but do not reflect the other fees and expenses that your Contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Fund’s past performance is not necessarily an indication of future performance.

HOW TO GET MORE INFORMATION

This summary prospectus incorporates by reference the full Voya Flexible Income Contract prospectus and Statement of Additional Information, each dated May 1, 2024, as amended or supplemented. You can find these documents online at https://vpx.broadridge.com/getcontract1.asp?dtype=isp&cid=voyavpx&fid=92912K323 or available without charge, upon request, by calling us toll-free at 1-800-584-6001 or by sending an email request to ProspectusRequests@voya.com.

Copies of this information may be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

EDGAR Contract Identifier: C000002963

---

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘497VPI’ Filing		Date		Other Filings
		7/12/24
		5/1/24		485BPOS
		4/26/24
Filed on / Effective on:		4/22/24		497VPI
		12/31/23		24F-2NT,  N-CEN,  N-VPFS
		12/1/23
		6/20/21
		2/7/14
		4/29/11		485BPOS,  497,  497J
				List all Filings

↑Top

---

Filing Submission 0001133228-24-004119   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

---

---

Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help — Tue., Apr. 23, 3:02:48.1pm ET