497VPU 1 voya-html7682_497vpu.htm VARIABLE ANNUITY ACCOUNT B OF VOYA RETIREMENT INSURANCE & ANNUITY CO - 497VPU

 

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

 

 

GROUP VARIABLE ANNUITY CONTRACTS FOR

EMPLOYER-SPONSORED DEFERRED COMPENSATION PLANS

A GROUP DEFERRED FIXED AND VARIABLE ANNUITY CONTRACT

(THE “CONTRACT” OR “CONTRACTS”)

 

issued to

Plans Sponsored by Non-Governmental Tax-Exempt Organizations for Deferrals that are Subject to Tax Code Section 457 (“457 Plans”), by Tax-Exempt Organizations for Deferrals Not Subject to Tax Code Section 457 (“Non Section 457 Plans”) or by Taxable Organizations (“Non Section 457 Plans”)

 

UPDATING SUMMARY PROSPECTUS

May 1, 2024

____________________________________________________________________________

 

There are two classes of Contract described in this updating summary prospectus (“summary prospectus”). The Installment Purchase Payment class of Contract accepts ongoing, or installment, Purchase Payments into an account. The Single Purchase Payment class of Contract accepts a one-time, or single, Purchase Payment to an account.

 

The full prospectus for the Contract contains more information about the Contract, including the features, benefits, and risks. You can find the current prospectus and other information about the Contract online at https://prospectus.voya.com/GroupVA. 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.

 

Additional general information about certain investment products, including variable annuities, has been prepared by the U.S. Securities and Exchange Commission’s staff and is available at https://www.Investor.gov.

 

If a participant elects to deduct from the participant’s account advisory fees due under an independent advisory services agreement between the participant and an investment adviser, then such deductions will reduce the death benefit payable under the participant’s certificate and also may be subject to federal and state income taxes and a 10% federal penalty tax.

 

The U. S. Securities and Exchange Commission (the “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.

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TABLE OF CONTENTS

 

SPECIAL TERMS USED IN THIS SUMMARY PROSPECTUS 3
UPDATED INFORMATION ABOUT YOUR CONTRACT 4
IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT 4
APPENDIX:  FUNDS AVAILABLE UNDER THE CONTRACT 9
HOW TO GET MORE INFORMATION 23
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SPECIAL TERMS USED IN THIS SUMMARY PROSPECTUS

The following are some of the important terms used throughout this summary prospectus that have special meaning.

 

Account Value: The value of: (1) amounts allocated to the Fixed Interest Options, including interest earnings to date; less (2) any deductions from the Fixed Interest Options (e.g., withdrawals and fees); and plus (3) the current dollar value of amounts allocated to the Subaccounts of Variable Annuity Account B, which includes investment performance and fees deducted from the Subaccounts.

 

Contract or Contracts: The group 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 or entity to which we issue the Contract. Generally, the Plan Sponsor.

 

Customer Service: The location from which we service the Contracts. The mailing address and telephone number of Customer Service is Defined Contributions Administration, P.O. Box 990063, Hartford, CT 06199-0063, 1-800-584-6001.

 

Fixed Interest Options: The Guaranteed Accumulation Account, the Fixed Account, the Fixed Account 2, the Fixed Plus Account and the Fixed Plus Account II A are Fixed Interest Options that may be available during the Accumulation Phase under some Contracts. Amounts allocated to the Guaranteed Accumulation Account are deposited in a nonunitized separate account established by the Company. Amounts allocated to the Fixed Interest Options are held in the Company’s General Account which supports insurance and annuity obligations.

 

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 B or one of our other separate accounts.

 

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 B 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 B, the Separate Account: Voya Variable Annuity Account B, a segregated asset account established by us to fund the variable benefits provided by the Contract. The Variable Annuity Account B 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 B. Each one invests in a specific mutual Fund.

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UPDATED INFORMATION ABOUT YOUR CONTRACT

 

The information in this summary prospectus is a summary of certain Contract features that have changed since May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your Contract.

 

•Investment Options

 

•Effective December 1, 2023, the VY® Invesco Global Portfolio changed its name to Voya Global Insights Portfolio
•Effective December 1, 2023, Invesco Advisors, Inc. was replaced as subadviser for the Voya Global Insights Portfolio with Voya Investment Management Co. LLC.
•Effective July 12, 2024, the Voya Balanced Portfolio (Class I shares) will merge into the Voya Solution Balanced Income Portfolio (Class I shares) (a series of Voya Partners, Inc.).

 

IMPORTANT INFORMATION YOU SHOULD CONSIDER ABOUT THE CONTRACT

 

FEES AND EXPENSES
Charges for Early Withdrawals

If the Investor withdraws money from the Contract within ten (10) completed Purchase Payment Periods, the Investor can be assessed an early withdrawal charge equal to a maximum of 5% of the amount withdrawn. The specified maximum percentage referenced in the preceding sentence applies to withdrawals from Contracts with installment Purchase Payments and the withdrawal charge schedule that applies to that account, but it will never exceed 8.50% of total Purchase Payments.

 

Please also note that withdrawals from the Guaranteed Accumulation Account are subject to a Market Value Adjustment, which can be either positive or negative (see Appendix B to this prospectus).

 

For example, if you make an early withdrawal from a Contract with installment Purchase Payments, you could pay a surrender charge of up to $5,000 on a $100,000 investment.

 

See “FEE TABLE – Transaction Expenses” and “CHARGES AND FEES – Transaction Fees – Early Withdrawal Charge” in the full Contract Prospectus.

Transaction Charges

In addition to the early withdrawal charge, the Investor may also be charged for fund redemption fees:

•   Certain Funds may impose redemption fees as a result of withdrawals, transfers or other Fund transactions you may initiate; and

•  Charges for advisory services due to an independent advisory services agreement between you and an investment adviser may be deducted from Contract value. The advisory fee is an independent advisory services agreement between the participant and an investment adviser; it is not considered a loan.

 

See “CHARGES AND FEES – Transaction Fees – Fund Redemption Fees” in the full Contract Prospectus.

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FEES AND EXPENSES

(continued from previous page)

Ongoing Fees and Expenses (annual charges) The table below describes the fees and expenses that you may pay each year, depending on the options you choose. 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 Base Contract Expenses include an administrative expense change equal to 0.25% annually of your Account Value invested in the Subaccounts. The administrative expense charge and the $20 annual maintenance fee may be waived, reduced or eliminated in certain circumstances. These ongoing fees and expenses do not reflect any advisory fees due under an independent advisory services agreement with a participant, and if such charges were reflected, these ongoing fees and expenses would be higher.
  Annual Fee Minimum Maximum

Base Contract Expenses

(varies by Contract class)

 1.50%1,2 1.50%1,2

Investment options

(Portfolio Company fees and expenses)

 0.27%3 1.50%3

Because your Contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your Contract, the following table shows the lowest and highest cost you could pay each year based on current charges. This estimate assumes that you do not take withdrawals from the Contract, which could add early withdrawal charges that substantially increase costs. 

 

Lowest Annual Cost Estimate:

$283

Highest Annual Cost Estimate:
$2,559

Assumes:

•   Investment of $100,000;

•   5% annual appreciation;

•   No optional benefits;

•   Fees and expenses of least expensive Fund;

•   No sales charges or advisory fees; and

•   No additional Purchase Payments, transfers or withdrawals.

Assumes:

•   Investment of $100,000;

•   5% annual appreciation;

•   Fees and expenses of most expensive Fund;

•   No sales charges or advisory fees; and

•   No additional Purchase Payments, transfers or withdrawals.

 

See “FEE TABLE – Periodic Fees and Expenses” and “CHARGES AND FEES – Periodic Fees and Charges” in the full Contract Prospectus.

 

 

1 As a percentage of average Account Value.
2 The Base Contract Expenses include (1) the mortality and expense risk charge (1.50%), which compensates us for the mortality and expense risks we assume under the Contract, including those risks associated with our funding of the death benefit; and (2) a $20 annual maintenance fee converted to an annual percentage equal to 0.020350%. The minimum amount reflects these waivers, reductions or eliminations, while the maximum amount does not. The minimum and maximum amounts include the maximum mortality and expense risk charge of 1.50%, although this charge may be reduced if a plan meets certain criteria and we agree to the reduction with the Contract Holder in writing. See “CHARGES AND FEES – Periodic Fees and Charges.”
3 These expenses, which include management fees, distribution (12b-1) and/or service fees and other expenses, do not take into account any fee waiver or expense reimbursement arrangements that may apply. These expenses are for the year ended December 31, 2023, and will vary from year to year.
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RISKS
Risk of Loss

An Investor can lose money by investing in the Contract.

 

See “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT” in the prospectus for the Contract.

Not a Short-Term Investment

This Contract is not designed for short-term investing and is not appropriate for an Investor who needs ready access to cash. The Contract is typically most useful as part of a personal retirement plan. Early withdrawals may be restricted by the Tax Code or your plan and may expose you to early withdrawal charges or tax penalties. You should not participate in this Contract if you are looking for a short-term investment or expect to make withdrawals before you are age 59½. You might be subject to federal and state income taxes and a 10% penalty.

 

See “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT” in the full Contract Prospectus.

Risks Associated with Investment Options

 

An investment in the Contract is subject to the risk of poor investment performance and can vary depending on the performance of the investment options available under the Contract. Each investment option (including the Guaranteed Accumulation Account and the other Fixed Interest Options) will have its own unique risks, and you should review these investment options before making an investment decision. If all or a portion of your Account Value in the Guaranteed Accumulation Account is withdrawn, you could experience a loss as to the amount invested in that account.

 

See ‘THE INVESTMENT OPTIONS – The Variable Investment Options” and APPENDIX A, APPENDIX B, APPENDIX C, APPENDIX D and APPENDIX E in the full Contract Prospectus and “APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT” to this summary prospectus.

Insurance Company Risks

An investment in the Contract is subject to the risks related to VRIAC, including that any obligations, including under the Fixed Interest Options, guarantees or benefits are subject to the financial strength and claims-paying ability of VRIAC. More information about VRIAC, including its financial strength and claims paying ability, is available upon request, by contacting Customer Service at 1-800-584-6001.

 

See “THE CONTRACT – The General Account” in the full Contract Prospectus.

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RESTRICTIONS
Investment Options

•   Generally the Contract Holder or you, if permitted by the plan, may select no more than 25 investment options at enrollment. Thereafter, more than 25 investment options can be selected at any one time;

•   Some Subaccounts and Fixed Interest Options may not be available through certain Contracts, your plan or in some states; Your Plan Sponsor may also have selected a subset of Variable Investment and/or Fixed Interest Options to be available under your plan. See your Contract or certificate for any state specific variations;

•    Not all Fixed Interest Options may be available for current or future investment;

•    There are certain restrictions on transfers from the Fixed Interest Options;

•   The Company reserves the right to combine two or more Subaccounts, close Subaccounts or substitute a new Fund for a Fund in which a Subaccount currently invests; and

•   The Contract is not designed to serve as a vehicle for frequent transfers. We actively monitor Fund transfer and reallocation activity to identify violations of our Excessive Trading Policy. Electronic trading privileges will be suspended if the Company determines, in its sole discretion, that our Excessive Trading Policy has been violated.

 

See “THE INVESTMENT OPTIONS – Selecting Investment Options and Right to Change the Separate Account” and "THE CONTRACT – Limits on Frequent or Disruptive Transfers” in the full Contract Prospectus.

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TAXES
Tax Implications

•  You should consult with a tax and/or legal adviser to determine the tax implications of an investment in, and distributions received under, the Contract;

•  There is no additional tax benefit to the Investor if the Contract is purchased through a tax-qualified plan or individual retirement account (“IRA”); and

•   Withdrawals will be subject to ordinary income tax and may be subject to tax penalties.

 

See “FEDERAL TAX CONSIDERATIONS” in the full Contract Prospectus.

 

CONFLICTS OF INTEREST
Investment Professional Compensation

•   We pay compensation to broker/dealers whose registered representatives sell the Contract.

•   Compensation may be paid in the form of commissions or other compensation, depending upon the agreement between the broker/dealers and the registered representative.

•   Because of this sales-based compensation, an investment professional may have a financial incentive to offer or recommend the Contract over another investment.

 

See “OTHER TOPICS – Contract Distribution” in the full Contract Prospectus.

Exchanges

Some investment professionals may have a financial incentive to offer you a new Contract in place of the one you own. You should exchange your Contract only if you determine, after comparing the features, fees and risks of both contracts, that it is preferable for you to purchase the new contract rather than continue to own the existing Contract.

 

See “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT” in the full Contract Prospectus.

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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 prospectus for the Funds, which may be amended from time to time and can be found online at https://vpx.broadridge.com/getcontract1.asp?dtype=pros&cid=voyavpx&fid=NRVA00980. 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.

 

INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years
Seeks growth of capital.

American Funds Insurance Series® – Growth Fund (Class 2)

 

Investment Adviser: Capital Research and Management CompanySM

 0.53% 38.49% 18.68% 14.36%
Seeks long-term growth of capital and income.

American Funds Insurance Series® – Growth-Income Fund (Class 2)

 

Investment Adviser: Capital Research and Management CompanySM

 0.5% 26.14% 13.35% 10.91%
Seeks long-term growth of capital.

American Funds Insurance Series® – International Fund (Class 2)

 

Investment Adviser: Capital Research and Management CompanySM

 0.78% 15.84% 4.83% 3.41%
Seeks to provide a competitive total return through an actively managed portfolio of stocks, bonds and money market instruments which offer income and capital growth opportunity.

Calvert VP SRI Balanced Portfolio (Class I)

 

Investment Adviser: Calvert Research and Management

 0.65% 16.82% 10.27% 7.45%

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
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INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years
Seeks to provide current income.

Federated Hermes Fund for U.S. Government Securities II

 

Investment Adviser: Federated Investment Management Company

 0.78% 4.19% -0.11% 0.85%
Seeks high current income.

Federated Hermes High Income Bond Fund II (Primary Shares)

 

Investment Adviser: Federated Investment Management Company

 0.81% 12.71% 4.75% 4.13%
Seeks long-term capital appreciation.

Fidelity® VIP ContrafundSM Portfolio (Initial Class)

 

Investment Adviser: Fidelity Management & Research Company LLC (“FMR”)

 

Subadvisers: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited

 0.56% 33.45% 16.65% 11.61%
Seeks reasonable income. Also considers the potential for capital appreciation. Seeks to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500® Index.

Fidelity® VIP Equity-Income PortfolioSM (Initial Class)

 

Investment Adviser: Fidelity Management & Research Company LLC (“FMR”)

 

Subadvisers: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited

 0.47% 10.65% 12.30% 8.58%
Seeks to achieve capital appreciation.

Fidelity® VIP Growth Portfolio (Initial Class)

 

Investment Adviser: Fidelity Management & Research Company LLC (“FMR”)

 

Subadvisers: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited and Fidelity Management & Research (Japan) Limited

 0.58% 36.24% 19.64% 14.80%

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
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INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years
Seeks long-term growth of capital.

Fidelity® VIP Overseas Portfolio (Initial Class)

 

Investment Adviser: Fidelity Management & Research Company LLC (“FMR”)

 

Subadvisers: FMR Investment Management (UK) Limited, Fidelity Management & Research (Hong Kong) Limited, Fidelity Management & Research (Japan) Limited, FIL Investment Advisors, FIL Investment Advisors (UK) and FIL Investments (Japan) Limited

 0.73% 20.55% 9.99% 4.91%
Seeks long-term total return. Under normal market conditions, the Fund invests at least 80% of its net assets in investments of small-capitalization companies.

Franklin Small Cap Value VIP Fund (Class 2)**

 

Investment Adviser: Franklin Mutual Advisers, LLC

 0.91% 12.75% 11.00% 7.04%
A non-diversified Fund that seeks capital growth.

Invesco V.I. American Franchise Fund (Series I)

 

Investment Adviser: Invesco Advisers, Inc.

 0.86% 40.93% 16.16% 11.70%
Seeks long-term growth of capital.

Invesco V.I. Core Equity Fund (Series I)

 

Investment Adviser: Invesco Advisers, Inc.

 0.80% 23.36% 12.95% 7.79%
Seeks total return.

Invesco V.I. Main Street Small Cap Fund® (Series I)

 

Investment Adviser: Invesco Advisers, Inc.

 0.88% 18.13% 13.07% 8.93%
Seeks to deliver long-term growth of capital by investing primarily in stocks of mid-sized U.S. companies.

Lord Abbett Series Fund, Inc. – Mid Cap Stock Portfolio (Class VC)

 

Investment Adviser: Lord, Abbett & Co. LLC

 1.15% 14.97% 10.87% 6.57%

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.** The Franklin Small Cap Value VIP Fund is closed to investment by new Investors. Existing retirement plans and individual Investors who have investment in the Subaccount that corresponds to this fund may leave their investment in that Subaccount and may continue to make additional purchases and exchanges.
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INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/20233)

1 Year 5 Years 10 Years

Seeks maximum total return, consistent with preservation of capital and prudent investment management.

 

PIMCO International Bond Portfolio (Unhedged)

Investment Adviser: Pacific Investment Management Company LLC

 

 1.18% 6.21% -1.16% -0.36%
Seeks maximum real return, consistent with preservation of real capital and prudent investment management.

PIMCO Real Return Portfolio (Administrative Class)

 

Investment Adviser: Pacific Investment Management Company LLC

 0.84% 3.67% 3.16% 2.25%
Maximize total return through a combination of income and capital appreciation.

Pioneer High Yield VCT Portfolio (Class I)

 

Investment Adviser: Amundi Asset Management US, Inc.

 0.95% 11.77% 4.18% 3.41%
Seeks total return consisting of capital appreciation (both realized and unrealized) and current income; the secondary investment objective is long-term capital appreciation.

Voya Balanced Portfolio (Class I)**

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.61% 15.92% 7.98% 5.84%
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of an index that measures the investment return of emerging markets securities.

Voya Emerging Markets Index Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.55% 9.57% 2.93% 1.95%
Seeks to maximize total return through a combination of current income and capital appreciation.

Voya Global Bond Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.68% 6.24% -0.52% 0.66%

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
** Effective on or about July 12, 2024, the Voya Balanced Portfolio (Class I shares) will merge into the Voya Solution Balanced Income Portfolio (Class I shares) (a series of Voya Partners, Inc.).
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INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years
Seeks long-term capital growth and current income.

Voya Global High Dividend Low Volatility Portfolio (Class I)4

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.60% 6.74% 8.17% N/A
Seeks total return.

Voya Global Perspectives® Portfolio (Class I)5

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.83% 10.50% 5.85% 4.31%
Seeks to provide high current return, consistent with preservation of capital and liquidity, through investment in high-quality money market instruments while maintaining a stable share price of $1.00.

Voya Government Money Market Portfolio (Class I)6

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.43% 4.77% 1.68% 1.08%
Seeks to maximize total return through investments in a diversified portfolio of common stock and securities convertible into common stocks. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return.

Voya Growth and Income Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.67% 27.39% 16.20% 11.30%

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
4 This Fund employs a managed volatility strategy. See “THE INVESTMENT OPTIONS – The Variable Investment Options – Funds with Managed Volatility Strategies” for more information.
5 This Fund is structured as a Fund of Funds that invests directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS – The Variable Investment Options – Fund of Funds” for more information.
6 There is no guarantee that the Voya Government Money Market Portfolio Subaccount will have a positive or level return.
USP.75996-2413  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years
Seeks to provide Investors with a high level of current income and total return.

Voya High Yield Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.47% 12.28% 4.87% 4.13%
Seeks to outperform the total return performance of the S&P 500® Index while maintaining a market level of risk.

Voya Index Plus LargeCap Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.55% 26.07% 14.74% 11.33%
Seeks to outperform the total return performance of the S&P MidCap 400® Index while maintaining a market level of risk.

Voya Index Plus MidCap Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.60% 17.52% 12.10% 8.15%
Seeks to outperform the total return performance of the S&P SmallCap 600® Index while maintaining a market level of risk.

Voya Index Plus SmallCap Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.60% 18.21% 10.88% 7.69%
Until the day prior to its Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2065.  On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Index Solution 2065 Portfolio (Service Class)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.72% 19.98% N/A N/A

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
USP.75996-2414  

INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years
Seeks to maximize total return consistent with reasonable risk. The Portfolio seeks its objective through investments in a diversified portfolio consisting primarily of debt securities. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return.

Voya Intermediate Bond Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

 0.55% 7.28% 1.50% 2.34%
Seeks maximum total return.

Voya International High Dividend Low Volatility Portfolio (Class I)7

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co., LLC

 0.74% 14.87% 6.34% 3.85%
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of a widely accepted international index.

Voya International Index Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.46% 17.74% 7.88% 3.99%
A non-diversified Fund that seeks long-term capital growth.

Voya Large Cap Growth Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.67% 37.86% 14.76% 12.32%

 

 

* Operating Expenses reflecting applicablewaivers or expense limitations as reported in the Fund’s expenses.
7 This Fund employs a managed volatility strategy. See “THE INVESTMENT OPTIONS – The Variable Investment Options - Funds with Managed Volatility Strategies” for more information.

 

USP.75996-2415  

INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years
Seeks long-term growth of capital and current income.

Voya Large Cap Value Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.69% 13.73% 13.20% 8.83%
Seeks long-term capital appreciation.

Voya MidCap Opportunities Portfolio

(Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.75% 23.54% 13.52% 9.91%
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Growth Index.

Voya RussellTM Large Cap Growth Index Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.43% 45.99% 20.21% 15.52%
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Index.

Voya RussellTM Large Cap Index Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.36% 29.41% 16.10% 12.31%
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Value Index.

Voya RussellTM Large Cap Value Index Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.59% 9.99% 10.10% 7.82%

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.

USP.75996-2416  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Growth Index.

Voya RussellTM Mid Cap Growth Index Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.65% 25.02% 13.05% 9.85%
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Index.

Voya RussellTM Mid Cap Index Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.40% 16.83% 12.26% 9.01%
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell 2000® Index.

Voya RussellTM Small Cap Index Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.45% 16.68% 9.63% 6.89%
Seeks growth of capital primarily through investment in a diversified portfolio of common stock of companies with smaller market capitalizations.

Voya Small Company Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.86% 18.00% 9.84% 7.02%
Seeks long-term capital appreciation.

Voya SmallCap Opportunities Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.86% 20.93% 9.11% 6.25%

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
USP.75996-2417  

INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years

Until the day prior to its Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2025. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation

targeted to retirement.

Voya Solution 2025 Portfolio (Class S)8

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.97% 13.68% 6.85% 5.39%
Until the day prior to its Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2035. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Solution 2035 Portfolio (Class S)9

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.98% 17.64% 8.79% 6.43%
Until the day prior to its Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2045. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Solution 2045 Portfolio (Class S)9

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 1.00% 20.09% 10.31% 7.11%

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
8 This Fund is structured as a Fund of Funds that invests directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS – The Variable Investment Options – Funds of Funds” for more information.
9 This Fund is structured as a Fund of Funds that invests directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS – The Variable Investment Options – Funds of Funds” for more information.
USP.75996-2418  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years
Until the day prior to its Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2055. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Solution 2055 Portfolio (Class S)9

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 1.03% 20.66% 10.40% 7.18%
Seeks to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Solution Income Portfolio (Class S)10

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.93% 10.57% 4.83% 4.02%
Seeks to provide total return (i.e., income and capital growth, both realized and unrealized) consistent with preservation of capital.

Voya Strategic Allocation Conservative Portfolio (Class I)10, **

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.71% 11.92% 5.29% 4.54%
Seeks to provide capital appreciation.

Voya Strategic Allocation Growth Portfolio (Class I)10, ***

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.77% 18.65% 9.55% 6.74%

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
** Effective on or about July 12, 2024, the Voya Strategic Allocation Conservative Portfolio (Class I shares) will merge into the Voya Solution Conservative Portfolio (Class I shares) (a series of Voya Partners, Inc.).
*** Effective on or about July 12, 2024, the Voya Strategic Allocation Growth Portfolio (Class I shares) will merge into the Voya Solution Aggressive Portfolio (Class I shares) (a series of Voya Partners, Inc.).
USP.75996-2419  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years
Seeks to provide total return (i.e., income and capital appreciation, both realized and unrealized).

Voya Strategic Allocation Moderate Portfolio (Class I)10, **

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.75% 16.11% 7.78% 5.87%
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Bloomberg Barclays U.S. Aggregate Bond Index.

Voya U.S. Bond Index Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.36% 5.03% 0.78% 1.49%
Seeks total return.

Voya U.S. Stock Index Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

 0.27% 25.93% 15.37% 11.73%
Seeks long-term capital growth. Income is a secondary objective.

VY® American Century Small-Mid Cap Value Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: American Century Investment Management, Inc.

 1.10% 8.77% 12.07% 8.72%
Seeks capital appreciation.

VY® Baron Growth Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: BAMCO, Inc.

 1.25% 14.80% 14.26% 9.84%

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
10 This Fund is structured as a Fund of Funds that invests directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS – The Variable Investment Options – Funds of Funds” for more information.
** Effective on or about July 12, 2024, the Voya Strategic Allocation Moderate Portfolio (Class I shares) will merge into the Voya Solution Balanced Portfolio (Class I shares) (a series of Voya Partners, Inc.).
USP.75996-2420  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years
Seeks high total return consisting of capital appreciation and current income.

VY® CBRE Global Real Estate Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: CBRE Clarion Securities LLC

 0.90% 12.59% 6.17% 4.48%
Seeks total return including capital appreciation and current income.

VY® CBRE Real Estate Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: CBRE Clarion Securities LLC

 1.00% 14.04% 8.62% 7.43%
Seeks total return consisting of long-term capital appreciation and current income.

VY® Columbia Contrarian Core Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Columbia Management Investment Advisers, LLC

 0.96% 31.76% 16.51% 11.58%
Seeks long-term growth of capital.

VY® Columbia Small Cap Value II Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Columbia Management Investment Advisers, LLC

 1.18% 13.85% 11.62% 7.07%
Seeks capital growth and income.

VY® Invesco Comstock Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Invesco Advisers, Inc.

 0.95% 12.03% 13.26% 8.79%
Seeks total return consisting of long-term capital appreciation and current income.

VY® Invesco Equity and Income Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Invesco Advisers, Inc.

 0.64% 10.25% 9.84% 7.04%

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.

USP.75996-2421  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years
Seeks capital appreciation.

Voya Global Insights Portfolio** (Class I)**

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC***

 0.61% 32.69% 11.91% 8.30%
Seeks long-term growth of capital and income.

VY® Invesco Growth and Income Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Invesco Advisers, Inc.

 0.86% 12.34% 11.85% 8.25%
Seeks capital appreciation.

VY® JPMorgan Emerging Markets Equity Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: J.P. Morgan Investment Management Inc.

 1.44% 6.55% 4.48% 3.58%
Seeks growth from capital appreciation.

VY® JPMorgan Mid Cap Value Portfolio (Class S)11

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: J.P. Morgan Investment Management Inc.

 1.10% 10.54% 10.61% 7.77%
Seeks capital growth over the long term.

VY® JPMorgan Small Cap Core Equity Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: J.P. Morgan Investment Management Inc.

 1.13% 12.26% 9.93% 7.74%

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
** Effective December 1, 2023, the VY® Invesco Global Portfolio changed its name to Voya Global Insights Portfolio.
*** Effective December 1, 2023, Invesco Advisors, Inc. was replaced as subadviser for the Voya Global Insights Portfolio with Voya Investment Management Co. LLC.
11 VY® JPMorgan Mid Cap Value Portfolio is only available to plans offering the Fund prior to the close of business on February 7, 2014.
USP.75996-2422  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

 CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2023)

1 Year 5 Years 10 Years
Seeks, over the long-term, a high total investment return, consistent with the preservation of capital and with prudent investment risk.

VY® T. Rowe Price Capital Appreciation Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: T. Rowe Price Associates, Inc.

 0.89% 18.60% 12.59% 10.31%
Seeks long-term capital appreciation.

VY® T. Rowe Price Diversified Mid Cap Growth Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: T. Rowe Price Associates, Inc.

 0.87% 20.96% 13.50% 10.80%
Seeks a high level of dividend income as well as long-term growth of capital primarily through investments in stocks.

VY® T. Rowe Price Equity Income Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: T. Rowe Price Associates, Inc.

 0.61% 9.57% 11.32% 8.05%
A non-diversified Fund that seeks long-term growth through investments in stocks.

VY® T. Rowe Price Growth Equity Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: T. Rowe Price Associates, Inc.

 0.71% 20.96% 13.50% 10.80%
Seeks long-term capital appreciation.

Wanger Acorn

 

Investment Adviser: Columbia Wanger Asset Management, LLC

 0.95% 21.74% 7.51% 7.20%
Seeks long-term capital appreciation.

Wanger International

 

Investment Adviser: Columbia Wanger Asset Management, LLC.

 1.14% 16.95% 6.45% 3.50%

 

 

* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
USP.75996-2423  

HOW TO GET MORE INFORMATION

 

This updating summary prospectus incorporates by reference the full Group Variable Annuity Contracts for Employer-Sponsored Deferred Compensation Plans Contract prospectus and Statement of Additional Information (“SAI”), each dated May 1, 2024, as amended or supplemented. You can find these documents online at https://vpx.broadridge.com/getcontract1.asp?dtype=pros&cid=voyavpx&fid=NRVA00980 for the statutory prospectus and https://vpx.broadridge.com/getcontract1.asp?dtype=sai&cid=voyavpx&fid=NRVA28672 for the SAI. You can also obtain these documents at no cost by calling 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: C000002956

USP.75996-24

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