flexincpea24.htm - Generated by SEC Publisher for SEC Filing

As filed with the Securities and Exchange Registration No. 333-109622

Commission on April 20, 2020 Registration No. 811-02513

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-4

Post-Effective Amendment No. 24 To

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

and Amendment to

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Variable Annuity Account C of

Voya Retirement Insurance and Annuity Company

One Orange Way, Windsor, Connecticut 06095-4774

Depositor’s Telephone Number, including Area Code: (860) 580-1631

Peter M. Scavongelli, Senior Counsel

Voya Legal Services

One Orange Way, C2N, Windsor, Connecticut 06095-4774

(Name and Address of Agent for Service)

It is proposed that this filing will become effective:

			immediately upon filing pursuant to paragraph (b) of Rule 485
	X		on May 1, 2020, pursuant to paragraph (b) of Rule 485

If appropriate check the following box:

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Title of Securities Being Registered: Fixed or Variable, Group or Individual Immediate Annuity Contract

PART A

Voya Retirement Insurance and Annuity Company

Variable Annuity Account C

Voya Flexible Income Annuity

CONTRACT PROSPECTUS – MAY 1, 2020

The Contract. The contract described in this prospectus is a fixed or variable, group and/or individual immediate annuity contract issued by Voya Retirement Insurance and Annuity Company (the “Company,” “we,” “us” and “our”). 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. 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) of the Internal Revenue Code of 1986, as amended (“Tax Code”) or with retirement plans under Tax Code Sections 401, 403(b) or 457. Contracts sold in New York are not available to 457 plans.

Why Reading This Prospectus Is Important. This prospectus contains facts about the contract and its investment options that you should know before purchasing. The information will help you decide if the contract is right for you. Please read this prospectus carefully and keep it for future reference.

Investment Options. The contract offers variable investment options and a fixed dollar option. When you purchase the contract, your purchase payment will be applied to the investment options you select. Some investment options may be unavailable through your contract, your plan or in your state.

Variable Income Payments. If you select variable income payments, the amount of your variable income payments will vary based on the performance of the variable investment options that you select. These options are called subaccounts. The subaccounts are within Variable Annuity Account C (the “separate account”), a separate account of the Company. Each subaccount invests in one of the mutual funds (“funds”) listed on the next page. Subaccount performance will vary depending upon the performance of its underlying fund. Information about the risks of investing in the funds through the contract is located in the “Investment Options” section on page 10 and in each fund’s prospectus. Read this prospectus in conjunction with the fund prospectuses, and retain for future reference.

Fixed Income Payments. If you select fixed income payments, the amount of your fixed income payment will not vary. Except as specifically mentioned, this prospectus describes only the variable investment options. However, we describe the fixed dollar option in APPENDIX I of this prospectus.

Compensation. We pay compensation to broker–dealers whose registered representatives sell the contracts. See “Contract Distribution” for further information about the amount of compensation we pay.

Getting Additional Information. If you have received a summary prospectus for any of the funds available through your contract, you may obtain a full prospectus and other fund information free of charge by either accessing the internet address, calling the telephone number or sending an email request to the email address shown on the front of the fund’s summary prospectus. You may obtain the May 1, 2020 Statement of Additional Information (“SAI”) about the separate account free of charge by indicating your request on your application or enrollment form, calling us at 1–800–584–6001 or writing to us at the address referenced under “Contract Overview – Questions: Contacting the Company” section of the prospectus. You may also obtain a prospectus or an SAI for any of the funds by calling that number. The contract prospectus, the SAI and other information about the separate account may be obtained by accessing the Securities and Exchange Commission’s (“SEC”) website, http://www.sec.gov. When looking for information regarding the contracts offered through this prospectus, you may find it useful to use the number assigned to the registration statement of the contract prospectus under the Securities Act of 1933. This number is 333–109622. The SAI table of contents is listed on page 49 of this prospectus. The SAI is incorporated into this prospectus by reference.

Internet Availability of Fund Shareholder Reports. Beginning on January 1, 2021, as permitted by regulations adopted by the SEC, paper copies of the shareholder reports for the funds available under your contract will no longer be sent by mail, unless you specifically request paper copies of the reports from the Company. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If available, you may elect to receive shareholder reports and other communications from the Company electronically by contacting Customer Service.

You may elect to receive all future reports in paper free of charge. You can inform the Company that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-283-3427. Your election to receive reports in paper will apply to all funds available under your contract.

Additional Disclosure Information. Neither the SEC, nor any state securities commission, has approved or disapproved the securities offered through this prospectus or passed on the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. We do not intend for this prospectus to be an offer to sell or a solicitation of an offer to buy these securities in any state that does not permit their sale. We have not authorized anyone to provide you with information that is different than that contained in this prospectus.

CONTRACT PROSPECTUS – MAY 1, 2020 (CONTINUED)

The Funds*

Calvert VP SRI Balanced Portfolio (Class I)

Fidelity^® VIP Contrafund^SM Portfolio (Initial Class)

Fidelity^® VIP Equity–Income Portfolio^SM (Initial Class)

Fidelity^® VIP Growth Portfolio (Initial Class)

Franklin Small Cap Value VIP Fund (Class 2)

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

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

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

Voya Balanced Portfolio (Class I)

Voya Global Bond Portfolio (Class I)

Voya Global High Dividend Low Volatility Portfolio
(Class I)⁽¹⁾⁽²⁾

Voya Government Money Market Portfolio (Class I)

Voya Growth and Income Portfolio (Class I)

Voya High Yield Portfolio (Class I)

Voya Index Plus LargeCap Portfolio (Class I)

Voya Index Plus MidCap Portfolio (Class I)

Voya Index Plus SmallCap Portfolio (Class I)

Voya Intermediate Bond Portfolio (Class I)

Voya International High Dividend Low Volatility Portfolio (Class I)⁽¹⁾

Voya International Index Portfolio (Class I)

Voya Large Cap Growth Portfolio (Class I)

Voya Large Cap Value Portfolio (Class I)

Voya Russell^TM Large Cap Growth Index Portfolio (Class I)

Voya Russell^TM Large Cap Index Portfolio (Class S)

Voya Small Company Portfolio (Class I)⁽³⁾

Voya Strategic Allocation Conservative Portfolio (Class I)⁽⁴⁾

Voya Strategic Allocation Growth Portfolio (Class I)⁽⁴⁾

Voya Strategic Allocation Moderate Portfolio (Class I)⁽⁴⁾

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

VY^® Baron Growth Portfolio (Class S)

VY^® Clarion Real Estate Portfolio (Class I)

VY^® Columbia Contrarian Core Portfolio (Class S)

VY^® Invesco Comstock Portfolio (Class S)

VY^® Invesco Equity and Income Portfolio (Class I)

VY^® Invesco Oppenheimer Global Portfolio (Class I)

VY^® JPMorgan Mid Cap Value Portfolio (Class S)⁽⁵⁾

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

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

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

*See “APPENDIX II – FUND DESCRIPTIONS” for a complete listing of all fund name changes since your last supplement and for further information about the funds.
⁽¹⁾	This fund employs a managed volatility strategy. See “INVESTMENT OPTIONS – Funds Available Through the Separate Account” for more information.
⁽²⁾	Prior to May 1, 2020, this fund was known as the Voya Global Equity Portfolio.
⁽³⁾	Voya Small Company Portfolio is only available to plans offering the fund prior to April 29, 2011.
⁽⁴⁾	These funds are structured as fund of funds that invest directly in shares of underlying funds. See “FEES – Fund Fees and Expenses” for additional information.
⁽⁵⁾	VY^® JPMorgan Mid Cap Value Portfolio is only available to individuals invested in this fund and/or plans offering this fund as of February 7, 2014.

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TABLE OF CONTENTS

Contract Overview

Contract Design

Who’s Who

The Contract and Your Retirement Plan

Contract Rights

Questions: Contacting the Company (sidebar)

Sending Forms and Written Requests in Good Order (sidebar)

Contract Facts


Fee Table	5
Condensed Financial Information	8
The Company	8
Contract Purchase and Participation	9
Right to Cancel	10
Investment Options	10
Fees	17
Calculating Variable Income Payments	21
Withdrawals	22
Death Benefit	23
Income Payments	25
FEDERAL Tax Considerations	28
Contract Distribution	44
Other Topics	47
Contents of the Statement of Additional Information	49
Appendix I – Fixed Dollar Option	50
Appendix II – FUND DescriptionS	53
Appendix III – Calculation of Present Value of Remaining Guaranteed Variable or Fixed Income Payments	58
Appendix IV – Condensed Financial Information	CFI 1

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CONTRACT OVERVIEW
The following is intended as an overview. Please read each section of this prospectus for additional information.		Questions: Contacting the Company To answer your questions, contact your sales representative or write or call our Customer Service at: Attention: Payout Services One Orange Way Windsor, CT 06095–4774 1–800–584–6001 Sending Forms and Written Requests in Good Order If you are writing to change your beneficiary, request a withdrawal, or for any other purpose, contact your sales representative or write or call us to learn what information is required for the request to be in “good order.” By contacting us, we can provide you with the appropriate administrative requirements for your requested transaction. 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 requests that are received in good order.
Contract Design
The contract described in this prospectus is a fixed and/or variable, group or individual immediate annuity contract. It is designed for individuals who would like regular income payments from an annuity contract.
Who’s Who
Contract Holder: The person or plan to whom we issue an individually owned contract, or the plan to which we issue a group master contract. We may also refer to the contract holder as the contract owner. You (the “Participant”): The individual who owns an individual contract, participates in a group master contract, or who receives income payments in connection with an individual contract owned by a plan sponsor. We (the “Company”): Voya Retirement Insurance and Annuity Company. We issue the contract. For greater detail, please review “CONTRACT PURCHASE AND PARTICIPATION.”
The Contract and Your Retirement Plan
We may offer this contract to employees or other individuals in connection with a retirement plan. Plan Type. We refer to a retirement plan by the Tax Code Section under which it qualifies. For example: a “457 plan” is a plan that qualifies for tax treatment under Tax Code Section 457. We are not a party to the plan, so the terms and the conditions of the contract and the plan may differ. Use of an Annuity Contract in Your Plan. Under the federal tax laws, earnings on amounts held in annuity contracts are generally not taxed until they are withdrawn. However, in the case of a qualified retirement account (such as a 401(a), 403(b), 408(b) or 457(b) retirement plan), an annuity contract is not necessary to obtain this favorable tax treatment and does not provide any tax benefits beyond the deferral already available to the tax qualified account itself. Annuities do provide other features and benefits (such as the option of lifetime income phase options at established rates) that may be valuable to you. You should discuss your alternatives with your financial representative taking into account the additional fees and expenses you may incur in an annuity. See “Contract Purchase and Participation.”

Contract Rights

For individual and group master contracts issued in connection with 401 and 457 plans, the plan sponsor is the contract holder and holds the rights under the contract. Section 401 and 457 plan sponsors may allow their participants to exercise certain limited contract rights. For example, a Section 401 or 457 plan sponsor has the right to make investment selections, but may permit their individual participants to exercise that right. For individual contracts issued on a nonqualified basis and those issued in connection with 408(b) and most 403(b) retirement plans, the individual is the contract holder and holds all contract rights. In situations where an individual or group master contract is issued to the plan sponsor of a 403(b) plan, the participant generally holds all contract rights. However, pursuant to Treasury Department regulations that were generally effective on January 1, 2009, the exercise of certain of these rights may require the consent and approval of the contract holder or its delegate. We reserve the right to modify the contracts to comply with these regulations where allowed, or where required by law. See “FEDERAL Tax Considerations – Distributions – Eligibility – 403(b) Plans.”

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Contract Facts

Income Payment Options. You may select from a number of features for your payments including but not limited to: duration, number of payees, payments to beneficiaries, guaranteed minimum payment amount, and variable or fixed payments. Some features require payment of additional fees. See “Income Payments.”

Free Look/Right to Cancel. The contract holder may cancel the contract no later than within ten days of receipt (some states require more than ten days). Participants in 403(b) plans and some 401 plans may cancel their participation in a group contract no later than ten days after they receive evidence of participation in the contract. See “Right to Cancel.”

Death Benefit. If any guaranteed income payments remain to be paid at the time of the death of the annuitant or both annuitants, if applicable, they may be paid to your beneficiary. See “Death Benefit.”

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.”

Fees. Certain fees associated with the contract will reduce income payments. See “Fee Table” and “Fees.”

Taxation. The Tax Code has certain rules that apply to amounts distributed under the contract. Tax penalties may apply if rules are not followed. See “FEDERAL Tax Considerations.”

FEE TABLE
The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering the contract. The tables and examples in this section show the fees that may affect the amount of variable income payments. For fees applicable to fixed income payments, see APPENDIX I. See “Fees” for additional information. State premium taxes currently ranging from 0% to 3.5% of purchase payments may also be deducted.* *Maximum Transaction Expenses* Early Withdrawal Charge (As a percentage of the present value of remaining guaranteed income payments withdrawn)⁽¹⁾ *Early Withdrawal Charge Schedule*⁽²⁾		In this Section: • Maximum Transaction Expenses; • Maximum Periodic Fees and Charges; • Fund Fees and Expenses; and • Examples. See the “Fees” Section for: • Transaction Fees; • Fund Redemption Fees; • Fees Deducted from Investments in the Separate Account; and • Reduction or Elimination of Certain Fees.
Number of Years from Contract Effective Date⁽³⁾ Fewer than 1 1 or more but fewer than 2 2 or more but fewer than 3 3 or more but fewer than 4 4 or more but fewer than 5 5 or more but fewer than 6 6 or more but fewer than 7 7 or more	Early Withdrawal Charge 7% 6% 5% 4% 3% 2% 1% 0%

* State premium taxes may apply, but are not reflected in the fee tables or examples. See “Fees – Premium and Other Taxes.”

_______________________

⁽¹⁾Although the maximum early withdrawal charge is 7% of the remaining guaranteed income payments withdrawn, the total early withdrawal charge deducted will not exceed 8.5% of your purchase payment to the contract. See “Fees – Early Withdrawal Charge.”

⁽²⁾Not all contracts permit withdrawals. Under certain contracts withdrawals are not allowed during the first year. See “Withdrawals.”

⁽³⁾For participants under a group contract, the early withdrawal charge will be calculated based upon the number of years from the certificate effective date. For amounts transferred into this contract as a result of an internal exchange, see “Fees.”

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Maximum Periodic Fees and Charges

The next table describes the fees and expenses that you will pay periodically during the time that you own the contract, not including fund fees and expenses.

Maximum Fees Deducted from the Subaccounts. (Daily deductions, equal to the following percentages on an annual basis, from amounts invested in the subaccounts.)

For Contracts Without the Guaranteed Minimum Income Feature:

Mortality and Expense Risk Charge

Administrative Expense Charge⁽⁴⁾

Total Separate Account Expenses

Maximum Charge

1.25%

0.25%

1.50%

Current Charge

0.95%

0.00%

0.95%

For Contracts With the Five–Year Guaranteed Minimum Income Feature:

Mortality and Expense Risk Charge

Administrative Expense Charge⁽⁴⁾

Five–Year Guaranteed Minimum Income Charge⁽⁵⁾

Total Separate Account Expenses

Maximum Charge

1.25%

0.25%

1.00%

2.50%

Current Charge

0.95%

0.00%

1.00%

1.95%

Fund Fees and Expenses

The next item shows the minimum and maximum total operating expenses charged by a fund that you may pay periodically during the time that you own the contract. The minimum and maximum expenses listed below are based on expenses for the fund’s most recent fiscal year end without taking into account any fee waiver or expense reimbursement arrangements that may apply. Expenses of the funds may be higher or lower in the future. More detail concerning each fund’s fees and expenses is contained in the prospectus for each fund.

Total Annual Fund Operating Expenses

(expenses that are deducted from fund assets, including management fees, distribution and/or service (12b–1) fees, and other expenses):

Minimum

0.50%

Maximum

1.62%

See the “FEES – Fund Fees and Expenses” section of this prospectus for additional information about the fees and expenses of the funds, including information about the revenue we may receive from each of the funds or the funds’ affiliates.

^{_________________________}

⁽⁴⁾We currently do not impose an administrative expense charge; however, we reserve the right to impose this charge for new contracts and to deduct a daily charge from the subaccounts equivalent to not more than 0.25% annually.

⁽⁵⁾This charge terminates after five years.

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Examples

The following examples are intended to help you compare the costs of investing in the contract with the cost of investing in other variable annuity contracts. For each type of contract, these costs include contract holder transaction expenses, separate account annual expenses, and fund fees and expenses applicable to that type of contract.

Fund Fees and Expenses Examples. The following examples assume that you invest $10,000 in the contract and that your investment has a 5% return each year. 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:

	Example (A) If you withdraw your remaining guaranteed payments at the end of the periods shown, you would pay the following fees, including any applicable early withdrawal charge:				Example (B) If you do not withdraw your remaining guaranteed payments, you would pay the following fees at the end of the periods shown (no early withdrawal charge is reflected):
	1 Year	3 Years	5 Years	10 Years	1 Year	3 Years	5 Years	10 Years
Applicable to contracts *without* the guaranteed minimum income feature	$909	$1,330	$1,757	$2,667	$302	$916	$1,545	$2,667

Applicable to contracts *with* the five–year guaranteed minimum income feature	$1,012	$1,638	$2,264	$3,675	$412	$1,237	$2,063	$3,675

Fund Fees and Expenses Examples. The following examples assume that you invest $10,000 in the contract and that your investment has a 5% return each year. For the purpose of these Examples, we deducted the maximum contract fees and expenses and the minimum 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:

	Example (A) If you withdraw your remaining guaranteed payments at the end of the periods shown, you would pay the following fees, including any applicable early withdrawal charge:				Example (B) If you do not withdraw your remaining guaranteed payments, you would pay the following fees at the end of the periods shown (no early withdrawal charge is reflected):
	1 Year	3 Years	5 Years	10 Years	1 Year	3 Years	5 Years	10 Years
Applicable to contracts *without* the guaranteed minimum income feature	$815	$1,046	$1,278	$2,234	$202	$620	$1,055	$2,234

Applicable to contracts *with* the five–year guaranteed minimum income feature	$920	$1,363	$1,812	$3,295	$314	$951	$1,602	$3,295

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CONDENSED FINANCIAL INFORMATION

Understanding Condensed Financial Information. In APPENDIX IV of this prospectus, we provide condensed financial information about the separate account subaccounts you may invest in through the contract. The numbers show the year–end unit values of each subaccount from the time purchase payments were first received in the subaccount under the contract.

Financial Statements. The statements of assets and liabilities, the statements of operations, the statements of changes in net assets and the related notes to financial statements for Variable Annuity Account C and the consolidated financial statements and the related notes to consolidated financial statements for Voya Retirement Insurance and Annuity Company are located in the Statement of Additional Information.

THE COMPANY

Voya Retirement Insurance and Annuity Company (the “Company,” “we,” “us” and “our”) issues the contracts described in this prospectus and is responsible for providing each contract’s insurance and annuity benefits. All guarantees and benefits provided under the contracts that are not related to the separate account are subject to the claims paying ability of the Company and our general account. We are a stock life insurance company organized under the insurance laws of the State of Connecticut in 1976. Prior to January 1, 2002, the Company was known as Aetna Life Insurance and Annuity Company. From January 1, 2002, until August 31, 2014, the Company was known as ING Life Insurance and Annuity Company.

We are an indirect, wholly owned subsidiary of Voya Financial, Inc. (“Voya”), which until April 7, 2014, was known as ING U.S., Inc. In May 2013, the common stock of Voya began trading on the New York Stock Exchange (“NYSE”) under the symbol “VOYA.”

We are engaged in the business of issuing insurance and annuities and providing financial services in the United States. We are authorized to conduct business in all states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands. Our principal executive offices are located at:

One Orange Way

Windsor, CT 06095–4774

Product Regulation. Our annuity, retirement and investment products are subject to a complex and extensive array of state and federal tax, securities, insurance and employee benefit plan laws and regulations, which are administered and enforced by a number of different governmental and self–regulatory authorities, including state insurance regulators, state securities administrators, state banking authorities, the SEC, the Financial Industry Regulatory Authority (“FINRA”), the Department of Labor (“DOL”), the IRS and the Office of the Comptroller of the Currency (“OCC”). For example, U.S. federal income tax law imposes requirements relating to insurance and annuity product design, administration and investments that are conditions for beneficial tax treatment of such products under the Tax Code. See “FEDERAL TAX CONSIDERATIONS” for further discussion of some of these requirements. Additionally, state and federal securities and insurance laws impose requirements relating to insurance and annuity product design, offering and distribution and administration. Failure to administer product features in accordance with contract provisions or applicable law, or to meet any of these complex tax, securities, or insurance requirements could subject us to administrative penalties imposed by a particular governmental or self–regulatory authority, unanticipated costs associated with remedying such failure or other claims, harm to our reputation, interruption of our operations or adversely impact profitability.

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CONTRACT PURCHASE AND PARTICIPATION

Contracts Available for Purchase. The contract is designed for persons who would like to receive regular income payments from an annuity contract. 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. The contract is available as either a nonqualified contract or as a qualified contract for use with a traditional IRA under Section 408(b) of the Tax Code or with retirement plans qualifying under Tax Code Sections 401, 403(b) or 457. Contracts sold in New York are not available to 457 plans. Availability as a group contract is subject to state approval. We reserve the right to limit purchase of an individual nonqualified contract to natural persons.

When considering whether to purchase or participate in the contract, you should consult with your financial representative about your financial goals, investment time horizon and risk tolerance.

ERISA Notification. We must be notified by the employer or plan trustee if the contract is offered in connection with a 403(b) or 401 plan that is subject to Title I of the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended.

How to Purchase. You may purchase the contract by submitting your purchase payment and the required application or enrollment forms to us.

Purchase Payment Amount. 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.

Acceptance or Rejection. We must accept or reject your application or enrollment materials within two business days of receipt. If the forms are incomplete, we may hold any forms and accompanying purchase payment for five business days pending completion. In all cases, we may hold a purchase payment for longer periods with your permission. If we reject your application or enrollment, we will return the forms and any purchase payment.

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 Your Purchase Payment 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 payment to the general account. See “Investment Options.” 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.

Factors to Consider in the Purchase Decision. The decision to purchase or participate in the contract should be discussed with your sales representative. Make sure that you understand the investment options it provides, its other features, the risk and potential benefits you will face, and the fees and expenses you will incur when, together with your financial representative, you consider an investment in the contract. You should pay attention to the following issues, among others:

• Long–Term Investment – This contract is a long–term investment, and is typically most useful as part of a personal retirement plan. Early withdrawals may be restricted by the Tax Code or your plan or may expose you to early withdrawal charges or tax penalties. The value of deferred taxation on earnings grows with the amount of time funds are left in the contract. You should not participate in this contract if you are looking for a short–term investment or expect to need to make withdrawals before you are 59½;

• Investment Risk – The value of investment options available under this contract may fluctuate with the markets and interest rates. You should not participate in this contract in order to invest in these options if you cannot risk getting back less money than you put in;

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• Features and Fees – The fees for this contract reflect costs associated with the features and benefits it provides. As you consider this contract, you should determine the value that these various benefits and features have for you, given your particular circumstances, and consider the charges for those features; and

• Exchanges – Replacing an existing insurance contract with this contract may not be beneficial to you. If this contract will be a replacement for another annuity contract or mutual fund option under the plan, you should compare the two options carefully, compare the costs associated with each, and identify additional benefits available under this contract. You should consider whether these additional benefits justify incurring a new schedule of early withdrawal charges or any increased charges that might apply under this contract. Also, be sure to talk to a qualified financial professional, tax and/or legal adviser to make sure that the exchange will be handled so that it is tax–free.

Other Products. We and our affiliates offer various other products with different features and terms than the contracts described in this prospectus, which may offer some or all of the same funds. These products have different benefits, fees and charges, and may offer different share classes of the funds offered in this contract that are less expensive. These other products may or may not better match your needs. You should be aware that there are other options available, and, if you are interested in learning more about these other products, contact your registered representative. These other options may not be available under your plan.

RIGHT TO CANCEL

When and How to Cancel. The contract holder may cancel the contract within ten days of receipt (some states require more than ten days) by returning it, or the document showing your participation under a group contract, to our Customer Service along with a written notice of cancellation. For contracts issued in connection with 401 or 457 plans, the contract holder may follow these procedures on behalf of the participant.

Refunds. On the day we receive the request for cancellation in good order, we will calculate your contract value. Your refund will equal that value and will reflect deduction of any income payments made. This amount may be more or less than your purchase payment. In certain states (or if you have purchased the contract as an IRA), we may be required to return your entire purchase payment. We will issue your refund within seven calendar days of our receipt of your request in good order.

INVESTMENT OPTIONS

When you purchase the contract, your purchase payment (less any applicable premium tax) will be applied to the investment options you select. If you select variable investment options, you will receive variable income payments. If you select the fixed dollar option, you will receive fixed income payments. If you select one or more variable investment options and the fixed dollar option, a portion of your payment will vary and a portion will remain fixed.

Variable Investment Options

These options are called subaccounts of Variable Annuity Account C. Each subaccount invests directly in shares of a corresponding mutual fund and earnings on amounts invested in the subaccount will vary depending upon the performance and fees of its underlying fund. You do not invest directly in or hold shares of the funds.

Variable Annuity Account C

We established Variable Annuity Account C (the separate account) under Connecticut law in 1976 as a continuation of the separate account established in 1974 under Arkansas Law by Aetna Variable Annuity Life Insurance Company. The separate account was established as a segregated asset account to fund variable annuity contracts. The separate account is registered as a unit investment trust under the Investment Company Act of 1940 (the “1940 Act”). It also meets the definition of separate account under the federal securities laws.

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Although we hold title to the assets of the separate account, such assets are not chargeable with the liabilities of any other business that we conduct. Income, gains or losses, whether or not realized, of the separate account are credited to or charged against the assets of the separate account without regard to other income, gains or losses of the Company. All obligations arising under the contract are obligations of the Company.

Funds Available Through the Separate Account

The separate account is divided into “subaccounts.” Each subaccount invests directly in shares of a corresponding fund. The funds available through the subaccounts of the separate account are listed in the front of this prospectus. We also provide brief descriptions of each fund in APPENDIX II. Investment results of the funds are likely to differ significantly and there is no assurance that any of the funds will achieve their respective investment objectives. Shares of the funds will rise and fall in value and you could lose money by investing in the funds. Shares of the funds are not bank deposits and are not guaranteed, endorsed or insured by any financial institution, the FDIC or any other government agency. Unless otherwise noted, all funds are diversified as defined under the 1940 Act. Please refer to the fund prospectuses for additional information and read them carefully. Fund prospectuses may be obtained, free of charge at the address and telephone number referenced under “Contract Overview – Questions: Contacting the Company,” by accessing the SEC’s website or by contacting the SEC Public Reference Branch.

Funds With Managed Volatility Strategies. As described in more detail in the fund prospectuses, certain funds employ a managed volatility strategy that is intended to reduce the fund’s overall volatility and downside risk, and to help us manage the risks associated with providing certain guarantees under the contract. During rising markets, the hedging strategies employed to manage volatility could result in your account value rising less than would have been the case if you had been invested in a fund with substantially similar investment objectives, policies and strategies that does not utilize a volatility management strategy. In addition, the cost of these hedging strategies may have a negative impact on performance. On the other hand, investing in funds with a managed volatility strategy may be helpful in a declining market with higher market volatility because the hedging strategy will reduce your equity exposure in such circumstances. In such cases, your account value may decline less than would have been the case if you had not invested in funds with a managed volatility strategy. There is no guarantee that a managed volatility strategy can achieve or maintain the fund’s optimal risk targets, and the fund may not perform as expected. Funds that employ a managed volatility strategy are identified in the list of available funds in the beginning of this prospectus.

Insurance–Dedicated Funds (Mixed and Shared Funding). The funds described in this prospectus are available only to insurance companies for their variable contracts (or directly to certain retirement plans, as allowed by the Tax Code). Such funds are often referred to as “insurance–dedicated funds,” and are used for “mixed” and “shared” funding.

“Mixed funding” occurs when shares of a fund, which the subaccount buys for variable annuity contracts, are bought for variable life insurance contracts issued by us or other insurance companies.

Shared funding” occurs when shares of a fund, which the subaccount buys for variable annuity contracts, are also bought by other insurance companies for their variable annuity contracts. In other words:

• Mixed funding––bought for annuities and life insurance; and

• Shared funding––bought by more than one company.

Possible Conflicts of Interest. It is possible that a conflict of interest may arise due to mixed and/or shared funding, which could adversely impact the value of a fund. For example, if a conflict of interest occurred and one of the subaccounts withdrew its investment in a fund, the fund may be forced to sell its securities at disadvantageous prices, causing its share value to decrease. Each fund’s board of directors or trustees will monitor events to identify any conflicts which may arise and to determine what action, if any, should be taken to address such conflicts.

For additional risks associated with each fund, please see the fund’s prospectus.

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Selection of Underlying Funds. The underlying funds available through the contract described in this prospectus are determined by the Company but ultimately selected by the Plan Sponsor. When determining which underlying funds to make available we may consider various factors, including, but not limited to, asset class coverage, the alignment of the investment objectives of an underlying fund with our hedging strategy, the strength of the adviser’s or sub–adviser’s reputation and tenure, brand recognition, performance, and the capability and qualification of each investment firm. Another factor that we may consider is whether the underlying fund or its service providers (e.g., the investment adviser or sub–advisers) or its affiliates will make payments to us or our affiliates in connection with certain administrative, marketing, and support services, or whether affiliates of the fund can provide marketing and distribution support for sales of the contracts. (For additional information on these arrangements, please refer to the section of this prospectus entitled “Revenue from the Funds.”) We review the funds periodically and may, subject to certain limits or restrictions, remove a fund or limit its availability to new contributions and/or transfers of account value if we determine that a fund no longer satisfies one or more of the selection criteria, and/or if the fund has not attracted significant allocations under the contract. We have included the certain of the funds at least in part because they are managed or sub–advised by our affiliates.

We do not recommend or endorse any particular fund and we do not provide investment advice.

Voting Rights

Each of the subaccounts holds shares in a fund and each is entitled to vote at regular and special meetings of that fund. Under our current view of applicable law, we will vote the shares for each subaccount as instructed by persons having a voting interest in the subaccount. If, however, we determine that we are permitted to vote the shares in our own right, we may do so.

We will vote shares for which instructions have not been received in the same proportion as those for which we received instructions. Accordingly, it is possible for a small number of persons (assuming there is a quorum) to determine the outcome of a vote.

Each person who has a voting interest in the separate account will receive periodic reports relating to the funds in which he or she has an interest, as well as any proxy materials and a form on which to give voting instructions. Voting instructions will be solicited by a written communication at least 14 days before the meeting.

The number of votes (including fractional votes) you are entitled to direct will be determined as of the record date set by any fund you invest in through the subaccounts. The number of votes is equal to the portion of reserves set aside for the contract’s share of the fund, divided by the net asset value of one share of that fund.

We may restrict or eliminate any voting rights of persons who have voting rights as to the separate account.

Right to Change the Separate Account

We do not guarantee that each fund will always be available for investment through the contract. Subject to certain conditions and restrictions applicable to certain types of retirement plans and state and federal law and the rules and regulations thereunder, we may, from time to time, make any of the following changes to the separate account with respect to some or all classes of contracts:

• Offer additional subaccounts that will invest in new funds or fund classes we find appropriate for contracts we issue;

• Combine two or more subaccounts;

• Close subaccounts. We will provide advance notice by a supplement to this prospectus if we close a subaccount. If a subaccount is closed or otherwise is unavailable for new investment, unless we receive alternative allocation instructions, all future amounts directed to the subaccount that was closed or is unavailable may be automatically allocated among the other available subaccounts according to the most recent allocation instructions we have on file. If the most recent allocation instructions we have on file do not include any available subaccounts, the amount to be allocated will be returned unless we are provided with alternative allocation instructions. Alternative allocation instructions can be given by contacting us at the address and telephone number referenced under “CONTRACT OVERVIEW – Questions: Contacting the Company”;

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• Substitute a new fund for a fund in which a subaccount currently invests. In the case of a substitution, the new fund may have different fees and charges than the fund it replaced. A substitution may become necessary if, in our judgment:

> A fund no longer suits the purposes of your contract;

> There is a change in laws or regulations;

> There is a change in the fund’s investment objectives or restrictions;

> The fund is no longer available for investment; or

> Another reason we deem a substitution is appropriate.

• Stop selling the contract;

• Limit or eliminate any voting rights for the separate account; or

• Make any changes required by the 1940 Act or its rules or regulations.

We will not make a change until the change is disclosed in an effective prospectus or prospectus supplement, authorized, if necessary, by an order from the SEC and approved, if necessary, by the appropriate state insurance department(s).

The changes described above do not include those changes that may, if allowed under your plan, be initiated by your plan sponsor.

We reserve the right to transfer separate account assets to another separate account that we determine to be associated with the class of contracts to which the contract belongs.

Selecting Investment Options

When Selecting Investment Options:

• Choose options appropriate for you. Your sales representative can help you evaluate which investment options may be appropriate for your individual circumstances and your financial goals;

• Understand the risks associated with the options you choose. Some subaccounts invest in funds that are considered riskier than others. Funds with additional risks are expected to have values that rise and fall more rapidly and to a greater degree than other funds. For example, funds investing in foreign or international securities are subject to risks not associated with domestic investments, and their investment performance may vary accordingly. Also, funds using derivatives in their investment strategy may be subject to additional risks. Because investment risk is borne by you, you should carefully consider any decisions that you make regarding investment allocations. You bear the risk of any decline in your account value resulting from the performance of the funds you have chosen; and

• Be informed. Read this prospectus, all of the information that is available to you regarding the funds—including each fund’s prospectus, statement of additional information, and annual and semi–annual reports, the fund prospectuses and the Fixed Dollar Option Appendix in this prospectus. After you select the options for your account dollars, you should monitor and periodically re–evaluate your allocations to determine if they are still appropriate.

Furthermore, be aware that there may be:

• Limits on Availability of Options. Some funds may be unavailable through your contract or 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;

• Transfers Among Variable Investment Options. You may transfer amounts among the available subaccounts. The Company reserves the right to limit such transfers to 12 in any calendar year and to establish a minimum transfer amount. Transfers are not allowed into or out of the fixed dollar option; and

• Transfer Requests. Requests may be made, after the contract is issued, in writing, by telephone or, where applicable, electronically at www.voyaretirementplans.com.

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Limits on Frequent or Disruptive Transfers

The contract is not designed to serve as a vehicle for frequent transfers. Frequent transfer activity can disrupt management of a fund and raise its expenses through:

• Increased trading and transaction costs;

• Forced and unplanned portfolio turnover;

• Lost opportunity costs; and

• Large asset swings that decrease the fund’s ability to provide maximum investment return to all contract owners and participants.

This in turn can have an adverse effect on fund performance. Accordingly, individuals or organizations that use market–timing investment strategies or make frequent transfers should be aware that:

• We suspend the Electronic Trading Privileges, as defined below, of any individual or organization if we determine, in our sole discretion, that the individual’s or organization’s transfer activity is disruptive or not in the best interest of other owners of our variable insurance and retirement products, or the participant’s in such products; and

• Each underlying fund may limit or restrict fund purchases and we will implement any limitation or restriction on transfers to an underlying fund as directed by that underlying fund.

Consequently, individuals or organizations that use market–timing investment strategies or make frequent transfers should not purchase or participate in the contract.

Excessive Trading Policy. We and the other members of the Voya family of companies that provide multi–fund variable insurance and retirement products have adopted a common Excessive Trading Policy to respond to the demands of the various fund families that make their funds available through our products to restrict excessive fund trading activity and to ensure compliance with Rule 22c–2 of the 1940 Act.

We actively monitor fund transfer and reallocation activity within our variable insurance products to identify violations of our Excessive Trading Policy. Our Excessive Trading Policy is violated if fund transfer and reallocation activity:

• Meets or exceeds our current definition of Excessive Trading, as defined below; or

• Is determined, in our sole discretion, to be disruptive or not in the best interests of other owners of our variable insurance and retirement products, or participants in such products.

We currently define “Excessive Trading” as:

• More than one purchase and sale of the same fund (including money market funds) within a 60 calendar day period (hereinafter, a purchase and sale of the same fund is referred to as a “round–trip”). This means two or more round–trips involving the same fund within a 60 calendar day period would meet our definition of Excessive Trading; or

• Six round–trips involving the same fund within a rolling 12–month period.

The following transactions are excluded when determining whether trading activity is excessive:

• Purchases or sales of shares related to non–fund transfers (for example, new purchase payments, withdrawals and loans);

• Transfers associated with any scheduled dollar cost averaging, scheduled rebalancing, or scheduled asset allocation programs;

• Purchases and sales of fund shares in the amount of $5,000 or less;

• Purchases and sales of funds that affirmatively permit short–term trading in their fund shares, and movement between such funds and a money market fund; and

• Transactions initiated by us, another member of the Voya family of companies, or a fund.

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If we determine that an individual or entity has made a purchase of a fund within 60 days of a prior round–trip involving the same fund, we will send them a letter warning that another sale of that same fund within 60 days of the beginning of the prior round–trip will be deemed to be Excessive Trading and result in a six month suspension of their ability to initiate fund transfers or reallocations through the Internet, facsimile, Voice Response Unit (VRU), telephone calls to Customer Service or other electronic trading medium that we may make available from time to time (“Electronic Trading Privileges”). Likewise, if we determine that an individual or entity has made five round–trips involving the same fund within a rolling 12–month period, we will send them a letter warning that another purchase and sale of that same fund within 12 months of the initial purchase in the first round–trip will be deemed to be Excessive Trading and result in a suspension of their Electronic Trading Privileges. According to the needs of the various business units, a copy of any warning letters may also be sent, as applicable, to the person(s) or entity authorized to initiate fund transfers or reallocations, the agent/registered representative, or the investment adviser for that individual or entity. A copy of the warning letters and details of the individual’s or entity’s trading activity may also be sent to the fund whose shares were involved in the trading activity.

If we determine that an individual or entity has violated our Excessive Trading Policy, we will send them a letter stating that their Electronic Trading Privileges have been suspended for a period of six months. Consequently, all fund transfers or reallocations, not just those that involve the fund whose shares were involved in the activity that violated our Excessive Trading Policy, will then have to be initiated by providing written instructions to us via regular U.S. mail. Suspension of Electronic Trading Privileges may also extend to products other than the product through which the Excessive Trading activity occurred. During the six month suspension period, electronic “inquiry only” privileges will be permitted where and when possible. A copy of the letter restricting future transfer and reallocation activity to regular U.S. mail and details of the individual’s or entity’s trading activity may also be sent, as applicable, to the person(s) or entity authorized to initiate fund transfers or reallocations, the agent/registered representative or investment adviser for that individual or entity, and the fund whose shares were involved in the activity that violated our Excessive Trading Policy.

Following the six month suspension period during which no additional violations of our Excessive Trading Policy are identified, Electronic Trading Privileges may again be restored. We will continue to monitor the fund transfer and reallocation activity, and any future violations of our Excessive Trading Policy will result in an indefinite suspension of Electronic Trading Privileges. A violation of our Excessive Trading Policy during the six month suspension period will also result in an indefinite suspension of Electronic Trading Privileges.

We reserve the right to suspend Electronic Trading Privileges with respect to any individual or entity, with or without prior notice, if we determine, in our sole discretion, that the individual’s or entity’s trading activity is disruptive or not in the best interests of other owners of our variable insurance and retirement products, or participants in such products, regardless of whether the individual’s or entity’s trading activity falls within the definition of Excessive Trading set forth above.

Our failure to send or an individual’s or entity’s failure to receive any warning letter or other notice contemplated under our Excessive Trading Policy will not prevent us from suspending that individual’s or entity’s Electronic Trading Privileges or taking any other action provided for in our Excessive Trading Policy.

The Company does not allow exceptions to our Excessive Trading Policy. We reserve the right to modify our Excessive Trading Policy, or the policy as it relates to a particular fund, at any time without prior notice, depending on, among other factors, the needs of the underlying fund(s), the best interests of contract owners, participants, and fund investors, and/or state or federal regulatory requirements. If we modify our policy, it will be applied uniformly to all contract owners and participants or, as applicable, to all contract owners and participants investing in the underlying fund.

Our Excessive Trading Policy may not be completely successful in preventing market–timing or excessive trading activity. If it is not completely successful, fund performance and management may be adversely affected, as noted above.

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Limits Imposed by the Underlying Funds. Each underlying fund available through the variable insurance and retirement products offered by us and/or the other members of the Voya family of companies, either by prospectus or stated policy, has adopted or may adopt its own excessive/frequent trading policy, and orders for the purchase of fund shares are subject to acceptance or rejection by the underlying fund. We reserve the right, without prior notice, to implement fund purchase restrictions and/or limitations on an individual or entity that the fund has identified as violating its excessive/frequent trading policy and to reject any allocation or transfer request to a subaccount if the corresponding fund will not accept the allocation or transfer for any reason. All such restrictions and/or limitations (which may include, but are not limited to, suspension of Electronic Trading Privileges and/or blocking of future purchases of a fund or all funds within a fund family) will be done in accordance with the directions we receive from the fund.

Agreements to Share Information with Fund Companies. As required by Rule 22c–2 under the 1940 Act, we have entered into information sharing agreements with each of the fund companies whose funds are offered through the contract. Contract owner and participant trading information is shared under these agreements as necessary for the fund companies to monitor fund trading and our implementation of our Excessive Trading Policy. Under these agreements, the Company is required to share information regarding contract owner and participant transactions, including but not limited to information regarding fund transfers initiated by you. In addition to information about contract owner and participant transactions, this information may include personal contract owner and participant information, including names and social security numbers or other tax identification numbers.

As a result of this information sharing, a fund company may direct us to restrict a contract owner or participant’s transactions if the fund determines that the contract owner or participant has violated the fund’s excessive/frequent trading policy. This could include the fund directing us to reject any allocations of purchase payments or account value to the fund or all funds within the fund family.

Telephone and Electronic Transactions: Security Measures. To prevent fraudulent use of telephone and electronic transactions (including, but not limited to, Internet transactions), we have established security procedures. These include recording calls on our toll–free telephone lines and requiring use of a unique identifier or personal password. You are responsible for keeping your unique identifier or personal password and account information confidential. If we fail to follow reasonable security procedures, we may be liable for losses due to unauthorized or fraudulent telephone or other electronic transactions. We are not liable for losses resulting from telephone or electronic instructions we believe to be genuine. If a loss occurs when we rely on such instructions, you will bear the loss.

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FEES
The charges we assess and the deductions we make under the contract are in consideration for: (i) the services and benefits we provide; (ii) the costs and expenses we incur; and (iii) the risks we assume. The fees and charges deducted under the contract may result in a profit to us. The following repeats and adds to information provided under “Fee Table.” Please review both sections for information on fees. *Transaction Fees* Early Withdrawal Charge Withdrawals of all or a portion of the present value of remaining guaranteed income payments may be subject to an early withdrawal charge. In the case of a partial withdrawal, the amount withdrawn from your account will be the amount you specified plus adjustment for any applicable early withdrawal charge. Not all contracts permit withdrawals. See “Withdrawals.” Amount: The charge is a percentage of the present value of any remaining guaranteed payments that you withdraw. The percentage will be determined by the early withdrawal charge schedule applicable to your contract. Although the maximum early withdrawal charge is 7% of the remaining guaranteed payments withdrawn, the total early withdrawal charge will never be more than 8.5% of your purchase payment to the contract. Early Withdrawal Charge Schedule:		Types of Fees The following types of fees and deductions associated with the contract may affect the amount of your variable income payments. For fees applicable to fixed payments see “APPENDIX I.” • Transaction Fees > Early Withdrawal Charge > Fund Redemption Fees • Fees Deducted from Investments in the Separate Account > Mortality and Expense Risk Charge > Administrative Expense Charge > Five–Year Guaranteed Minimum Income Charge • Reduction or Elimination of Certain Fees • Fund Fees and Expenses > Revenue from the Funds > Fund of Funds • Premium and Other Taxes
Number of Years from Contract Effective Date* Fewer than 1** 1 or more but fewer than 2 2 or more but fewer than 3 3 or more but fewer than 4 4 or more but fewer than 5 5 or more but fewer than 6 6 or more but fewer than 7 7 or more	Early Withdrawal Charge 7% 6% 5% 4% 3% 2% 1% 0%

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* For participants under a group contract, the early withdrawal charge will be calculated based on the number of years from the certificate effective date. For amounts transferred into this contract as an internal exchange, see “Internal Exchanges” below.

** Certain contracts do not allow withdrawals during the first contract year.

When/How. At the time of withdrawal we deduct this charge from the amount withdrawn.

Purpose. This is a deferred sales charge. It reimburses us for some of the sales and administrative expenses associated with the contract. If our expenses are greater than the amount we collect for the early withdrawal charge, we may use any of our corporate assets, including potential profit that may arise from the mortality and expense risk charge, to make up any difference.

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Internal Exchanges. In the case of amounts transferred from a prior contract or other arrangement issued or administered by the Company or certain of its affiliates, the “Number of Years from Contract Effective Date” is calculated from the date of the first purchase payment made under the individual’s account under the prior contract or if earlier, the effective date of the individual’s account under the prior contract or other arrangement. There is no surrender charge under this contract on amounts transferred or rolled over as an internal transfer when the prior contract or arrangement imposed a front end load, there was no applicable surrender charge under the prior contract or arrangement, or if the prior contract or arrangement would not have assessed a surrender charge if the money had been transferred to a contract issued by a non–affiliated company.

Fund Redemption Fees

Certain funds may impose redemption fees as a result of withdrawals, transfers, or other fund transactions you initiate. If applicable, we would deduct the amount of any redemption fees imposed by the underlying mutual funds as a result of withdrawals, transfers or other fund transactions you initiate and remit such fees back to that fund. Redemption fees, if any are separate and distinct from any transaction charges or other charges deducted from your account value. For a more complete description of the funds’ fees and expenses, review each fund’s prospectus.

Fees Deducted from Investments in the Separate Account

Mortality and Expense Risk Charge

Maximum Amount: 1.25% annually of values invested in the subaccounts. We currently charge 0.95% annually.

When/How. We deduct this charge daily from the subaccounts corresponding to the funds you select.

Purpose. This charge compensates us for the mortality and expense risks we assume under the contract. It consists of the following risks:

• The mortality risks are those risks associated with our promise to make lifetime income payments based on annuity rates specified in the contract; and

• The expense risk is the risk that the actual expenses we incur under the contract will exceed the maximum costs that we can charge.

If the amount we deduct for this charge is not enough to cover our mortality costs and expenses under the contract, we will bear the loss. We may use any excess to recover distribution costs relating to the contract and as a source of profit. We expect to earn a profit from this charge.

Administrative Expense Charge

Maximum Amount: We currently do not charge an administrative expense charge. We reserve, however, the right to charge up to 0.25% annually of values invested in the subaccounts.

When/How. If imposed, we deduct this charge daily from the subaccounts corresponding to the funds you select.

Purpose. This charge helps defray the cost of providing administrative services under the contracts and in relation to the separate account and subaccounts.

Five–Year Guaranteed Minimum Income Charge

This additional charge is assessed only if you select the five–year guaranteed minimum income feature.

Amount: 1.00% annually of values invested in the subaccounts until the five–year guarantee period has ended.

When/How. We deduct this charge daily from the subaccounts corresponding to the funds you select. This charge will be assessed only during the first five contract years.

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Purpose. This charge compensates us for the additional mortality and expense risks we assume by guaranteeing minimum income payments. For additional information regarding those risks, see “Mortality and Expense Risk Charge – Purpose” in this section.

Reduction or Elimination of Certain Fees

When sales of the contract are made to individuals or a group of individuals in a manner that results in savings of sales or administration expenses, we may reduce or eliminate the early withdrawal charge or mortality and expense risk charge. Our decision to reduce or eliminate either of these charges will be based on one or more of the following:

• The size and type of group of individuals to whom the contract is issued;

• A prior or existing relationship with the Company, such as being an employee or former employee of the Company or one of its affiliates, receiving distributions or making transfers from other contracts or arrangements offered by us or one of our affiliates, or transferring amounts held under qualified plans sponsored by the Company or an affiliate; or

• The type and frequency of administrative and sales services to be provided.

The reduction or elimination of any of these charges will not be unfairly discriminatory against any person and will be done according to our rules in effect at the time the contract is issued. We reserve the right to change these rules from time to time. The right to reduce or eliminate any of these charges may be subject to state approval.

Fund Fees and Expenses

As shown in the fund prospectuses and described in the “Fee Table – Fund Fees and Expenses,” each fund deducts management/investment advisory fees from the amounts allocated to the fund. In addition, each fund deducts other expenses, which may include service fees that may be used to compensate service providers, including the Company and its affiliates, for administrative and contract owner services provided on behalf of the fund. Furthermore, certain funds deduct a distribution or 12b–1 fee, which is used to finance any activity that is primarily intended to result in the sale of fund shares. Fund fees and expenses are deducted from the value of the fund shares on a daily basis, which in turn affects the value of each subaccount that purchases fund shares. Fund fees and expenses are one factor that impacts the value of a fund’s shares. To learn more about fund fees and expenses, the additional factors that can affect the value of a fund’s shares and other important information about the funds, refer to the fund prospectuses.

Less expensive share classes of the funds offered through this contract may be available for investment outside of this contract. You should evaluate the expenses associated with the funds available through this contract before making a decision to invest.

Revenue from the Funds

The Company or its affiliates may receive compensation from each of the funds or the funds’ affiliates. This revenue may include:

• A share of the management fee;

• Service fees;

• For certain share classes, 12b–1 fees; and

• Additional payments (sometimes referred to as revenue sharing).

12b–1 fees are used to compensate the Company and its affiliates for distribution related activity. Service fees and additional payments (sometimes collectively referred to as sub–accounting fees) help compensate the Company and its affiliates for administrative, recordkeeping or other services that we provide to the funds or the funds’ affiliates, such as:

• Communicating with customers about their fund holdings;

• Maintaining customer financial records;

• Processing changes in customer accounts and trade orders (e.g. purchase and redemption requests);

• Recordkeeping for customers, including subaccounting services;

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• Answering customer inquiries about account status and purchase and redemption procedures;

• Providing account balances, account statements, tax documents and confirmations of transactions in a customer’s account;

• Transmitting proxy statements, annual and semi–annual reports, fund prospectuses and other fund communications to customers; and

• Receiving, tabulating and transmitting proxies executed by customers.

The management fee, service fees and 12b–1 fees are deducted from fund assets. Any such fees deducted from fund assets are disclosed in the fund prospectuses. Additional payments, which are not deducted from fund assets and may be paid out of the legitimate profits of fund advisers and/or other fund affiliates, do not increase, directly or indirectly, fund fees and expenses, and we may use these additional payments to finance distribution.

The amount of revenue the Company may receive from each of the funds or from the funds’ affiliates may be substantial, although the amount and types of revenue vary with respect to each of the funds offered through the contract. This revenue is one of several factors we consider when determining contract fees and charges and whether to offer a fund through our contracts. Fund revenue is important to the Company’s profitability and it is generally more profitable for us to offer affiliated funds than to offer unaffiliated funds.

Assets allocated to affiliated funds, meaning funds managed by Voya Investments, LLC or another Company affiliate, generate the largest dollar amount of revenue for the Company. Affiliated funds may also be subadvised by a Company affiliate or an unaffiliated third party. Assets allocated to unaffiliated funds, meaning funds managed by an unaffiliated third party, generate lesser, but still substantial dollar amounts of revenue for the Company. The Company expects to earn a profit from this revenue to the extent it exceeds the Company’s expenses, including the payment of sales compensation to our distributors.

Revenue Received from Affiliated Funds. The revenue received by the Company from affiliated funds may be based either on an annual percentage of average net assets held in the fund by the Company or a share of the fund’s management fee.

In the case of affiliated funds subadvised by unaffiliated third parties, any sharing of the management fee between the Company and the affiliated investment adviser is based on the amount of such fee remaining after the subadvisory fee has been paid to the unaffiliated subadviser. Because subadvisory fees vary by subadviser, varying amounts of revenue are retained by the affiliated investment adviser and ultimately shared with the Company. The sharing of the management fee between the Company and the affiliated investment adviser does not increase, directly or indirectly, fund fees and expenses. The Company may also receive additional compensation in the form of intercompany payments from an affiliated fund’s investment adviser or the investment adviser’s parent in order to allocate revenue and profits across the organization. The intercompany payments and other revenue received from affiliated funds provide the Company with a financial incentive to offer affiliated funds through the contract rather than unaffiliated funds.

Additionally, in the case of affiliated funds subadvised by third parties, no direct payments are made to the Company or the affiliated investment adviser by the subadvisers. However, subadvisers may provide reimbursement for employees of the Company or its affiliates to attend business meetings or training conferences.

Revenue Received from Unaffiliated Funds. Revenue received from each of the unaffiliated funds or their affiliates is based on an annual percentage of the average net assets held in that fund by the Company. Some unaffiliated funds or their affiliates pay us more than others and some of the amounts we receive may be significant.

If the unaffiliated fund families currently offered through the contract (including funds with limited availability) that made cash payments to us were individually ranked according to the total amount they paid to the Company or its affiliates in 2019, in connection with the registered variable annuity contracts issued by the Company, that ranking would be as follows:

•	Fidelity^® Variable Insurance Products Funds	•	Invesco Variable Insurance Funds
•	Franklin Templeton Variable Insurance Products Trust Funds	•	Calvert Funds
•	Lord Abbett Series Funds

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If the revenues received from the affiliated funds were taken into account when ranking the funds according to the total dollar amount they paid to the Company or its affiliates in 2019, the affiliated funds would be first on the list.

In addition to the types of revenue received from affiliated and unaffiliated funds described above, affiliated and unaffiliated funds and their investment advisers, subadvisers or affiliates may participate at their own expense in Company sales conferences or educational and training meetings. In relation to such participation, a fund’s investment adviser, subadviser or affiliate may help offset the cost of the meetings or sponsor events associated with the meetings. In exchange for these expense offset or sponsorship arrangements, the investment adviser, subadviser or affiliate may receive certain benefits and access opportunities to Company representatives and wholesalers rather than monetary benefits. These benefits and opportunities include, but are not limited to co–branded marketing materials; targeted marketing sales opportunities; training opportunities at meetings; training modules for personnel; and opportunity to host due diligence meetings for representatives and wholesalers.

Please note certain management personnel and other employees of the Company or its affiliates may receive a portion of their total employment compensation based on the amount of net assets allocated to affiliated funds. See also “Contract Distribution.”

Fund of Funds

Certain funds may be structured as “fund of funds.” These funds may have higher fees and expenses than a fund that invests directly in debt and equity securities because they also incur the fees and expenses of the underlying funds in which they invest. These funds may be affiliated funds, and the underlying funds in which they invest may be affiliated as well. The fund prospectuses disclose the aggregate annual operating expenses of each fund and its corresponding underlying fund or funds. These funds are identified in the investment option list in the front of this prospectus.

Premium and Other Taxes

Maximum Amount. Some states and municipalities charge a premium tax on annuities. These taxes currently range from 0% to 3.5%, depending upon the jurisdiction.

When/How. Our current practice is to reflect the cost of premium taxes in our income payment rates. We reserve the right, however, to deduct a charge for premium taxes from your purchase payment on the contract effective date. We will not deduct a charge for any municipal premium tax of 1% or less, but we reserve the right to reflect such an expense in our annuity purchase rates.

In addition, we reserve the right to assess a charge for any federal taxes due against the separate account. See “FEDERAL Tax Considerations.”

CALCULATING VARIABLE INCOME PAYMENTS

The amount of any variable income payment is determined by multiplying the number of annuity units that you hold by an annuity unit value for each unit.

Annuity Units. When you select variable income payments, your initial purchase payment purchases annuity units of the separate account subaccounts corresponding to the funds you select. The number of units purchased is based on your purchase payment amount and the value of each unit on the day the purchase payment is invested. Generally, the number of units will not vary over the life of the contract, but the value of each unit will vary daily based on the performance of the underlying fund and deduction of fees. Some events may result in a change in the number of units, including withdrawals, death of an annuitant if a reduction in payment to a surviving annuitant was selected, transfers among subaccounts, or a change in a guaranteed payment period. While the number of units may change if you transfer among subaccounts or make a change in a guaranteed payment period, the current value of your contract will not change as a result of either of these events.

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Annuity Unit Value. The value of each annuity unit in a subaccount is called the annuity unit value (“AUV”). The AUV varies daily in relation to the underlying fund’s investment performance. The AUV also reflects daily deductions for fund fees and expenses, the mortality and expense risk charge, the administrative expense charge, if any, and the guaranteed minimum income charge (if applicable). We discuss these deductions in more detail in “Fee Table” and “Fees.”

Valuation. We determine the AUV every normal business day after the close of the NYSE (normally at 4:00 p.m. Eastern Time). At that time we calculate the current AUV by multiplying the AUV last calculated by the net return factor of the subaccount, and by a factor to reflect the assumed annual net return rate. The net return factor measures the investment performance of the subaccount from one valuation to the next. The assumed annual net return rate will be either 3.5% or 5%, as you select. Currently, we are only offering an assumed annual net return rate of 3.5%.

Current AUV = Prior AUV x Net Return Factor x

Assumed Annual Net Return Rate Factor

Net Return Factor. The net return factor for a subaccount between two consecutive valuations equals the sum of 1.0000 plus the net return rate.

The net return rate is computed according to a formula that is equivalent to the following:

• The net assets of the fund held by the subaccount as of the current valuation; minus

• The net assets of the fund held by the subaccount at the preceding valuation; plus or minus

• Taxes or provisions for taxes, if any, due to subaccount operations (with any federal income tax liability offset by foreign tax credits to the extent allowed); divided by

• The total value of the subaccount’s units at the preceding valuation; minus

• A daily deduction for the mortality and expense risk charge, the administrative expense charge, if any and the guaranteed minimum income charge (if applicable). See “Fees.”

The net return rate may be either positive or negative.

WITHDRAWALS

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:

• A lifetime payment option with guaranteed payments and you elected a right to make withdrawals. In this circumstance withdrawals are allowed once each year, beginning after the first contract year (subject to state approval); or

• The nonlifetime payment option.

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

Withdrawals of Fixed Income Payments

(For additional details see APPENDIX I – FIXED DOLLAR OPTION.)

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:

• The nonlifetime payment option and you elected a right to make withdrawals. In this circumstance withdrawals are allowed once each year, beginning after the first contract year.

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

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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 our Customer Service.

Fixed Income Payments. See APPENDIX I 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 as described in “Fees – Early Withdrawal Charge,” and may also be subject to redemption fees as described in “Fees – Fund Redemption Fees.”

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. In addition, on March 27, 2020, Congress passed and the President signed into law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). Among other provisions, the CARES Act includes temporary relief from certain of the limitations the Tax Code imposes on withdrawals. See “FEDERAL TAX CONSIDERATIONS – Distributions – Eligibility.”

DEATH BENEFIT

The following describes the death benefit applicable to variable income payments. These are also outlined under “Income Payments – Payment Options.” For information on the death benefit applicable to the fixed dollar option, refer to APPENDIX I.

See “Income Payments” for a definition of annuitant and beneficiary as used in this section.

Payment of Death Benefit. Upon the death of the annuitant and any surviving joint annuitant, if applicable, a death benefit may be payable if your contract is issued under any of the following income payment options:

1. Life Income – Guaranteed Payments;

2. Life Income – Two Lives – Guaranteed Payments; or

3. Nonlifetime – Guaranteed Payments.

Any death benefit will be paid in the form specified in the contract and will be distributed at least as rapidly as under the method of distribution in effect upon the date of death. See “FEDERAL Tax Considerations” for rules where you have elected to delay your payment start date under a nonqualified annuity and you die before the income payment start date. Under payment options 1 and 2 above, a lump–sum payment of the present value of any death benefit may be requested within six months following the date of death. A lump–sum payment may be requested at any time (even after the six month period) if you had elected the right to withdraw. Under payment option 3 above, a lump–sum payment of the present value of any death benefit may be requested at any time. If a lump–sum payment is requested, no early withdrawal charge is applied and payment will be sent within seven calendar days following our receipt of your request in good order.

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If the death benefit is not taken in a lump sum, your beneficiary must meet the distribution rules imposed by the Tax Code. These rules recently changed for death occurring after January 1, 2020. Failure to meet these rules can result in tax penalties. The CARES Act includes temporary relief from certain of the Tax Code rules applicable to the distribution of the death benefit. See “FEDERAL TAX CONSIDERATIONS for additional information.

Calculation of Lump–Sum Payment of the Death Benefit. The value of the lump–sum payment of the death benefit will equal the present value of any remaining guaranteed income payments, calculated using the same rate we used to calculate the income payments (i.e., the 3.5% or 5% assumed annual net return rate used for variable payments). We will calculate this value on the next valuation date following our receipt of proof of death acceptable to us and payment request in good order. Such value will reflect any payments made after the date of death. See APPENDIX I – Fixed Dollar Option for information on calculation of a lump–sum payment of the death benefit applicable to the fixed dollar option.

Payment of Death Benefit or Proceeds

Subject to the conditions and requirements of state law, full payment of the death benefit or proceeds (“Proceeds”) to a beneficiary may be made either into an interest bearing retained asset account that is backed by our general account (described in “The Retained Asset Account” below) or by check. For additional information about the payment options available to you, please refer to your claim forms or contact us at the address referenced under “CONTRACT OVERVIEW – Questions: Contacting the Company.” Beneficiaries should carefully review all settlement and payment options available under the contract and are encouraged to consult with a financial professional, tax and/or legal adviser before choosing a settlement or payment option.

The Retained Asset Account. The retained asset account, known as the Voya Personal Transition Account, is an interest bearing account backed by our general account. The retained asset account is not guaranteed by the FDIC and, as part of our general account, is subject to the claims of our creditors. Beneficiaries that receive their payment through the retained asset account may access the entire Proceeds in the account at any time without penalty through a draftbook feature. The Company seeks to earn a profit on the account, and interest credited on the account may vary from time to time but will not be less than the minimum rate stated in the supplemental contract delivered to the beneficiary together with the paperwork to make a claim to the Proceeds. Interest earned on the Proceeds in the account may be less than could be earned if the Proceeds were invested outside of the account. Likewise, interest credited on the Proceeds in the account may be less than under other settlement or payment options available through the contract.

Who Receives Death Benefit Proceeds? The beneficiary is the person entitled to receive any death benefit proceeds. We will pay any death benefit proceeds based on the last written beneficiary designation on file with us as of the date of death.

Changes in Beneficiary Designations. The designated beneficiary may be changed at any time during the lifetime of the annuitant and the joint annuitant (if applicable). Such change must be submitted to us in writing, and except for contracts issued in New York, will become effective as of the date written notice of the change is received and recorded by us. For contracts issued in New York, the change will become effective as of the date the notice is signed. However, our obligation to pay death benefits will be fully discharged upon payment to the beneficiary named in the written notice of beneficiary designation that we last received as of the date of such payment.

Some restrictions may apply to beneficiary changes under qualified contracts.

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INCOME PAYMENTS

Under the contract, we will make regular income payments to you or to a payee you designate in writing.

Initiating Payments. To initiate income payments, you must make the following selections on your application or enrollment form:

• Payment start date;

• Payment frequency (i.e., monthly, quarterly, semi–annually or annually);

• Income payment option and any special features, such as a right to withdraw or the Five–Year Guaranteed Minimum Income Feature*;

• Fixed, variable or a combination of both fixed and variable payments;

• The subaccounts to allocate your purchase payment among (only if variable payments are elected); and

• An assumed annual net return rate (only if variable payments are elected).

*If you select the Five–Year Guaranteed Minimum Income Feature, you may not make any withdrawals.

Terms to understand:

Annuitant(s): The person(s) whose life or life

expectancy(ies) determines the amount or continuation of lifetime income payments or whose death results in payment of death benefits.

Beneficiary(ies): The person(s) or entity(ies) entitled to receive a death benefit under the contract.

Your sales representative can help you consider what selections may be appropriate for your financial goals. Generally, your selections may not be changed after the contract is issued. Some changes, such as transfers among subaccounts, may be allowed. Payments need to conform to minimum distribution requirements if applicable.

What Affects Income Payment Amounts? Some of the factors that may affect the amount of your income payments include your age, gender, the amount of your purchase payment, the income payment option selected, the number of guaranteed income payments selected (if any), whether you select fixed, variable or a combination of both fixed and variable payments, and, for variable payments, the assumed annual net return rate selected.

Payment Due Dates. You will generally receive your first income payment on the last day of the selected payment period. For example, if you elect to receive one payment a year, we will make the payment on the day before the anniversary of the contract effective date. An alternative first payment date may be elected subject to our approval and in compliance with the Tax Code and regulations thereunder.

Minimum Payment Amounts. For all payment options, the initial income payment must be at least $50 per month, or total yearly payments of at least $250.

Fixed Income Payments. If you select fixed payments, your purchase payment will be applied to the fixed dollar option and the amount of your payments will not vary. Except where noted, this prospectus describes only the variable investment options. The fixed dollar option is described in APPENDIX I.

Assumed Annual Net Return Rate. If you select variable income payments we will apply an assumed annual net return rate of 3.5%. We reserve the right to also offer an assumed annual net return rate of 5%, in which case, you must select an assumed annual net return rate of either 5% or 3.5%. If you do not select an assumed annual net return rate, the default will be a 3.5% annual net return rate. Currently, we are only offering an assumed annual net return rate of 3.5%.

For contracts issued with an assumed annual net return rate of 5%, your first income payment will be higher, but subsequent payments will increase only if the investment performance of the subaccounts you selected is greater than 5% annually, after deduction of fees. Payment amounts will decline if the investment performance is less than 5%, after deduction of fees.

For contracts issued with an assumed annual net return rate of 3.5%, your first income payment will be lower, but subsequent payments will increase more rapidly and decline more slowly depending upon the investment performance of the subaccounts you selected.

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For more information about selecting an assumed annual net return rate, call us for a copy of the SAI. See “Contract Overview – Questions: Contacting the Company.”

Five–Year Guaranteed Minimum Income Feature. If you select this feature, we guarantee that during the first five contract years your variable payment will never be less than the guaranteed minimum payment amount shown in the contract. The guaranteed minimum payment amount equals 90% of your estimated initial payment. If the variable annuity minimum income guarantee has been chosen or assumed, an assumed annual net return rate of 3.5% will apply.

Estimated Initial Payment Amount. On the date we issue the contract we estimate the amount of your initial payment based on the value of the annuity units your payment purchases on that date. See “Calculating Variable Income Payments–Annuity Units.” Your guaranteed minimum payment amount equals 90% of this estimated amount.

This feature requires that you select at issue:

• A lifetime payment option or a nonlifetime payment option of 15 years or more;

• The ability to make withdrawals;

• 100% variable payments;

• A 3.5% assumed annual net return rate; and

• Funds from the following list:

> Calvert VP SRI Balanced Portfolio

> Fidelity^Ò VIP Equity–Income Portfolio^SM

> Invesco V.I. Core Equity Fund

> Voya Balanced Portfolio

> Voya Government Money Market Portfolio

> Voya Growth and Income Portfolio

> Voya Index Plus LargeCap Portfolio

> Voya Intermediate Bond Portfolio

> Voya Large Cap Value Portfolio

> Voya Russell^TM Large Cap Index Portfolio

> Voya Strategic Allocation Conservative Portfolio

> Voya Strategic Allocation Growth Portfolio

> Voya Strategic Allocation Moderate Portfolio

> VY^® Clarion Real Estate Portfolio

> VY^® Invesco Comstock Portfolio

> VY^® Invesco Equity and Income Portfolio

> VY^® Pioneer High Yield Portfolio

> VY^® T. Rowe Price Equity Income Portfolio

If you select this feature you may transfer only between these available funds.

Certain age restrictions may also apply.

If you select this feature, any withdrawal during the first five contract years will result in a proportionate reduction in your guaranteed minimum payment amount.

In addition to other contract charges, if you select this feature, the guaranteed minimum income charge will apply for the first five contract years. See “Fees.”

Start Date. The contract is designed to be viewed as an immediate annuity contract under the Tax Code. For nonqualified contracts you may elect to delay your income payment start date for up to 12 months following purchase of the contract. See “FEDERAL Tax Considerations” for rules applicable where death occurs before the annuity starting date under a nonqualified annuity. Consult a tax and/or legal adviser before electing a delay. Annuity payments under a qualified contract must meet the required beginning date applicable to your plan.

Taxation. The Tax Code has rules regarding income payments. For example, for qualified contracts, guaranteed payments may not extend beyond (a) the estimated life expectancy of the annuitant or (b) the joint life expectancies of the annuitant and beneficiary. Payments must comply with the minimum distribution requirements of Tax Code Section 401(a)(9). In some cases tax penalties will apply if rules are not followed. For tax rules that may apply to the contract see “FEDERAL Tax Considerations.”

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Payment Options

The following table lists the income payment options and their accompanying death benefits and rights to withdraw. The Tax Code and/or some contracts may restrict the options and the terms available to you and/or your beneficiary. See “Death Benefit,” “Withdrawals,” “FEDERAL TAX CONSIDERATIONS,” and APPENDIX I for additional detail. We may offer additional income payment options under the contract from time to time.

Lifetime Payment Options

Life Income

Length of Payments: For as long as the annuitant lives. It is possible that no payment will be made if the annuitant dies prior to the first payment’s due date.

Death Benefit–None: All payments end upon the annuitant’s death.

Right to Withdraw–None.

Life Income – Guaranteed Payments

Length of Payments: For as long as the annuitant lives, with payments guaranteed for your choice of five–50 years* (or other periods we may make available at the time you select this option).

Death Benefit–Payment to the Beneficiary: If the annuitant dies before we have made all the guaranteed payments, payments will continue to the beneficiary.

Right to Withdraw: At the time of purchase, you may elect the right to withdraw all or a portion of any remaining guaranteed payments (some restrictions apply, see “Withdrawals”).

Life Income –

Two Lives

Length of Payments: For as long as either annuitant lives. It is possible that no payment will be made if both the annuitant and joint annuitant die before the first payment’s due date.

Continuing Payments: When you select this option you will also choose either:

• Full or reduced payments to continue to the surviving annuitant after the first annuitant’s death; or

• 100% of the payment to continue to the annuitant on the joint annuitant’s death, and a reduced payment to continue to the joint annuitant on the annuitant’s death.

In either case, payments cease upon the death of the surviving annuitant.

Any reduction in payment will result in a corresponding reduction to the amount of the guaranteed minimum income payment, if applicable.

Death Benefit–None: All payments end upon the death of both annuitants.

Right to Withdraw–None.

Life Income –

Two

Lives – Guaranteed Payments

Length of Payments: For as long as either annuitant lives, with payments guaranteed for your choice of five–50 years* (or other periods we may make available at the time you select this option.)

Continuing Payments: 100% of the payment will continue to the surviving annuitant after the first annuitant’s death.

Death Benefit–Payment to the Beneficiary: If both annuitants die before the guaranteed payments have all been paid, payments will continue to the beneficiary.

Right to Withdraw: At the time of purchase, you may elect the right to withdraw all or a portion of any remaining guaranteed payments (some restrictions apply, see “Withdrawals.”)

Nonlifetime Payment Option

Nonlifetime – Guaranteed Payments

Length of Payments: Payments will continue for your choice of five–50 years* (or other periods we may make available at the time you select this option).

Death Benefit – Payment to the Beneficiary: If the annuitant dies before we make all the guaranteed payments, payments will continue to the beneficiary.

Right to Withdraw:

• If you are receiving variable income payments you may withdraw all or a portion of any remaining guaranteed payments at any time.

• If you elect to receive fixed income payments at the time of purchase, you may elect the right to withdraw all or a portion of any remaining guaranteed payments (some restrictions apply, see “Withdrawals.”)

__________________________________

* For qualified contracts a guaranteed payment period may not extend beyond your life expectancy or age 100 whichever is earlier. For non–qualified contracts, a guaranteed payment period may not extend beyond age 100.

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Right to Change Guaranteed Payment Period

If you are receiving payments under a nonlifetime payment option, you may shorten or lengthen the period for which the guaranteed payments will be made or change to a lifetime payment option, subject to the following:

• You may make the change on any contract anniversary beginning on the second contract anniversary;

• Any change request must be in writing and received by us in good order within 30 days prior to the contract anniversary;

• A guaranteed payment period may be shortened to a period not less than ten years from the contract effective date;

• For nonqualified contracts, a guaranteed payment period may be lengthened to a period not greater than 50 years from the contract effective date or age 100, whichever is earlier;

• For qualified contracts, a guaranteed payment period may not extend beyond your life expectancy or age 100, whichever is earlier;

• The withdrawal value on the contract anniversary of the change, along with current benefit rates in effect at that time, will be used to determine the amount of the new annuity payments (see “Withdrawals – Withdrawal Value”); and

• We will terminate your withdrawal rights if a life annuity option is chosen.

The right to change a payment period is available for both fixed and variable payments. The right to change a payment period may not be available in all states. Certain other conditions and restrictions may apply.

A change to a lifetime payment option and any change in the guaranteed payment period may have an impact on the amount of each payment and the amount of each payment that is taxable. For advice about how any such change will affect your taxes, consult your tax and/or legal adviser.

FEDERAL TAX CONSIDERATIONS

Introduction

The contract described in this prospectus is designed to be treated as an annuity for U.S. federal income tax purposes. This section discusses our understanding of current federal income tax laws affecting the contract. The U.S. federal income tax treatment of the contract is complex and sometimes uncertain. You should keep the following in mind when reading this section:

• Your tax position (or the tax position of the beneficiary, as applicable) determines the federal taxation of amounts held or paid out under the contracts;

• Tax laws change. It is possible that a change in the future could affect contracts issued in the past, including the contract described in this prospectus;

• This section addresses some, but not all, applicable federal income tax rules and generally does not discuss federal estate and gift tax implications, state and local taxes or any other tax provisions;

• We do not make any guarantee about the tax treatment of the contract or transactions involving the contract; and

• No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of those set forth below.

In this Section:

• Introduction;

• Taxation of Nonqualified Contracts;

• Taxation of Qualified Contracts;

• Possible Changes in Taxation; and

• Taxation of the Company.

When consulting a tax and/or legal adviser, be certain that he or she has expertise with respect to the provisions of the Internal Revenue Code of 1986, as amended (the “Tax Code”) that apply to your tax concerns.

We do not intend this information to be tax advice. No attempt is made to provide more than a general summary of information about the use of the contract with non–tax–qualified and tax–qualified retirement arrangements, and the Tax Code may contain other restrictions and conditions that are not included in this summary. You should consult with a tax and/or legal adviser for advice about the effect of federal income tax laws, state tax laws or any other tax laws affecting the contract or any transactions involving the contract.

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Immediate Annuities. Under Section 72 of the Tax Code, an immediate annuity means an annuity:

• That is purchased with a single premium;

• With annuity payments starting within one year from the date of purchase; and

• That provides a series of substantially equal periodic payments made annually or more frequently.

This contract is designed as an immediate annuity. Treatment as an immediate annuity has significance with respect to exceptions from the 10% early withdrawal penalty, to contracts owned by non–natural persons, and for certain exchanges. You should consult with your tax and/or legal adviser about use of the contract as an immediate annuity.

Types of Contracts: Nonqualified or Qualified

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) of the Tax Code or with retirement plans under Tax Code Sections 401, 403(b) or 457.

Nonqualified Contracts. Nonqualified contracts do not receive the same tax benefits as are afforded to contracts funding qualified plans. You may not deduct the amount of your purchase payments to a nonqualified contract. Rather, nonqualified contracts are purchased with after–tax contributions and are purchased to save money with the right to receive annuity payments for either a specified period of time or over a lifetime.

Qualified Contracts. Qualified contracts are designed for use by individuals and/or employers whose purchase payments are comprised solely of proceeds from and/or contributions to retirement plans or programs that are intended to qualify as plans or programs entitled to special favorable income tax treatment under Sections 401(a), 401(k), 403(b), 408, 408A or 457(b) of the Tax Code. Employers or individuals intending to use the contract with such plans should seek legal and tax advice.

Roth Accounts. Tax Code Section 402A allows employees of employers offering 401(k) plans, employees of public schools and certain Tax Code Section 501(c)(3) organizations offering 403(b) plans, and employees of certain governmental employers offering 457(b) plans to contribute after–tax salary contributions to a Roth 401(k), Roth 403(b) and Roth 457(b) account, respectively. Roth accounts provide for tax–free distributions, subject to certain conditions and restrictions. If permitted by us and under the plan for which the contract is issued, we will set up one or more accounts for you under the contract for Roth after–tax contributions and the portion of any transfer or rollover attributable to such amounts.

Taxation of Nonqualified Contracts

Taxation of Gains Prior to Distribution or Annuity Starting Date

General. Tax Code Section 72 governs taxation of annuities in general. We believe that if you are a natural person you will generally not be taxed on increases in the value of a nonqualified contract until a distribution occurs or until annuity payments begin. This assumes that the contract will qualify as an annuity contract for federal income tax purposes. For these purposes, the agreement to collaterally assign or pledge any portion of the contract value generally will be treated as a distribution. In order to be eligible to receive deferral of taxation, the following requirements must be satisfied:

• Diversification. Tax Code Section 817(h) requires that in a nonqualified contract the investments of the funds be “adequately diversified” in accordance with Treasury Regulations in order for the contract to qualify as an annuity contract under federal tax law. The separate account, through the funds, intends to comply with the diversification requirements prescribed by Tax Code Section 817(h) and by Treasury Regulations Sec. 1.817–5, which affects how the funds’ assets may be invested. If it is determined, however, that your contract does not satisfy the applicable diversification requirements because a subaccount’s corresponding fund fails to be adequately diversified for whatever reason, we will take appropriate steps to bring your contract into compliance with such requirements, and we reserve the right to modify your contract as necessary to do so;

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• Investor Control. Although earnings under nonqualified annuity contracts are generally not taxed until withdrawn, the IRS has stated in published rulings that a variable contract owner will be considered the owner of separate account assets if the contract owner possesses incidents of investment control over the assets. In these circumstances, income and gains from the separate account assets would be currently includible in the variable contract owner’s gross income. Future guidance regarding the extent to which owners could direct their investments among subaccounts without being treated as owners of the underlying assets of the separate account may adversely affect the tax treatment of existing contracts. The Company therefore reserves the right to modify the contract as necessary to attempt to prevent the contract owner from being considered the federal tax owner of a proportional share of the assets of the separate account;

• Required Distributions. In order to be treated as an annuity contract for federal income tax purposes, the Tax Code requires a nonqualified contract to contain certain provisions specifying how your interest in the contract will be distributed in the event of your death. The nonqualified contracts contain provisions that are intended to comply with these Tax Code requirements, although no regulations interpreting these requirements have yet been issued. When such requirements are clarified by regulation or otherwise, we intend to review such distribution provisions and modify them if necessary to assure that they comply with the applicable requirements;

• Non–Natural Owners of a Non–Qualified Contract. If the owner of the contract is not a natural person (in other words, you are not an individual), a nonqualified contract generally is not treated as an annuity for income tax purposes and the income on the contract for the taxable year is currently taxable as ordinary income. Income on the contract is any increase in the contract value over the “investment in the contract” (generally, the purchase payments or other consideration you paid for the contract less any nontaxable withdrawals) during the taxable year. There are some exceptions to this rule and a non–natural person should consult with a tax and/or legal adviser before purchasing the contract. When the contract owner is not a natural person, a change in the annuitant is treated as the death of the contract owner for purposes of the required distribution rules described above; and

• Delayed Annuity Starting Date. If the contract’s annuity starting date occurs (or is scheduled to occur) at a time when the annuitant has reached an advanced age (e.g., after age 95), it is possible that the contract would not be treated as an annuity for federal income tax purposes. In that event, the income and gains under the contract could be currently includible in your income.

Taxation of Distributions

General. When a withdrawal from a nonqualified contract occurs before the contract’s annuity starting date, the amount received will be treated as ordinary income subject to tax up to an amount equal to the excess (if any) of the contract value (unreduced by the amount of any surrender charge) immediately before the distribution over the contract owner’s investment in the contract at that time. A market value adjustment, if applicable, could increase the contract value. Investment in the contract is generally equal to the amount of all purchase payments to the contract, plus amounts previously included in your gross income as the result of certain loans, collateral assignments or gifts, less the aggregate amount of non–taxable distributions previously made.

In the case of a surrender under a nonqualified contract, the amount received generally will be taxable only to the extent it exceeds the contract owner’s investment in the contract (cost basis).

10% Penalty Tax. A distribution from a nonqualified contract may be subject to a penalty tax equal to 10% of the amount treated as income. In general, however, there is no penalty tax on distributions:

• Made on or after the taxpayer reaches age 59½;

• Made on or after the death of a contract owner (the annuitant if the contract owner is a non–natural person);

• Attributable to the taxpayer’s becoming disabled as defined in the Tax Code;

• Made as part of a series of substantially equal periodic payments (at least annually) over your life or life expectancy or the joint lives or joint life expectancies of you and your designated beneficiary; or

• The distribution is allocable to investment in the contract before August 14, 1982.

The 10% penalty tax does not apply to distributions from an immediate annuity as defined in the Tax Code. Other exceptions may be applicable under certain circumstances and special rules may be applicable in connection with the exceptions enumerated above. A tax and/or legal adviser should be consulted with regard to exceptions from the penalty tax.

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Tax–Free Exchanges. Section 1035 of the Tax Code permits the exchange of a life insurance, endowment or annuity contract for an annuity contract on a tax–free basis. In such instance, the “investment in the contract” in the old contract will generally carry over to the new contract. You should consult with your tax and/or legal adviser regarding procedures for making Tax Code Section 1035 exchanges.

If your contract is purchased through a tax–free exchange of an annuity contract that was purchased prior to August 14, 1982, then any distributions other than annuity payments will be treated, for tax purposes, as coming:

• First, from any remaining “investment in the contract” made prior to August 14, 1982 and exchanged into the contract;

• Next, from any “income on the contract” attributable to the investment made prior to August 14, 1982;

• Then, from any remaining “income on the contract;” and

• Lastly, from any remaining “investment in the contract.”

In certain instances, the partial exchange of a portion of one annuity contract is a tax–free exchange. Pursuant to IRS guidance, receipt of partial withdrawals or surrenders from either the original contract or the new contract during the 180 day period beginning on the date of the partial exchange may retroactively negate the partial exchange. If the partial exchange is retroactively negated, the partial withdrawal or surrender of the original contract may be treated as a withdrawal, taxable as ordinary income to the extent of gain in the original contract and, if the partial exchange occurred prior to you reaching age 59½, may be subject to an additional 10% penalty tax. We are not responsible for the manner in which any other insurance company, for tax reporting purposes, or the IRS, with respect to the ultimate tax treatment, reports or recognizes a partial exchange. We strongly advise you to discuss any proposed 1035 exchange or subsequent distribution within 180 days of a partial exchange with your tax and/or legal adviser prior to proceeding with the transaction.

Taxation of Annuity Payments. Although tax consequences may vary depending on the payment option elected under an annuity contract, a portion of each annuity payment is generally not taxed and the remainder is taxed as ordinary income. The non–taxable portion of an annuity payment is generally determined in a manner that is designed to allow you to recover your investment in the contract ratably on a tax–free basis over the expected stream of annuity payments, as determined when annuity payments start. Once your investment in the contract has been fully recovered, however, the full amount of each subsequent annuity payment is subject to tax as ordinary income.

Annuity contracts that are partially annuitized are treated as separate contracts with their own annuity starting date and exclusion ratio. Specifically, an exclusion ratio will be applied to any amount received as an annuity under a portion of the annuity contract, provided that annuity payments are made for a period of ten years or more or for life. Please consult your tax and/or legal adviser before electing a partial annuitization.

Death Benefits. Amounts may be distributed from a contract because of your death or the death of the annuitant. Different distribution requirements apply if your death occurs:

• After you begin receiving annuity payments under the contract; or

• Before you begin receiving such distributions.

If your death occurs after you begin receiving annuity payments, distributions must be made at least as rapidly as under the method in effect at the time of your death.

If your death occurs before you begin receiving annuity payments, your entire balance must be distributed within five years after the date of your death. For example, if you die on September 1, 2020, your entire balance must be distributed by August 31, 2025. However, if distributions begin within one year of your death, then payments may be made over one of the following timeframes:

• Over the life of the designated beneficiary; or

• Over a period not extending beyond the life expectancy of the designated beneficiary.

If the designated beneficiary is your spouse, the contract may be continued with the surviving spouse as the new contract owner. If the contract owner is a non–natural person and the primary annuitant dies or is changed, the same rules apply as outlined above for the death of a contract owner.

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Generally, amounts distributed from a contract because of your death or the death of the annuitant prior to the time annuity payments begin are includible in the income of the recipient as follows:

• If distributed in a lump sum, they are taxed in the same manner as a surrender of the contract; or

• If distributed under a payment option, they are taxed in the same way as annuity payments.

Special rules may apply to amounts distributed after a beneficiary has elected to maintain the contract value and receive payments.

If the death occurs after annuity payments begin, a guaranteed period exists under the annuity option selected, and the annuitant dies before the end of that period, payments made for the remainder of that period are includible in income as follows:

• If distributed in a lump sum, they are included in income to the extent that they exceed the unrecovered investment in the contract at that time; or

• If distributed in accordance with the existing annuity option selected, they are fully excluded from income until the remaining investment in the contract is deemed to be recovered, and all payments thereafter are fully includible in income.

Some contracts offer a death benefit that may exceed the greater of the purchase payments and the contract value. Certain charges are imposed with respect to these death benefits. It is possible that these charges (or some portion thereof) could be treated for federal tax purposes as a distribution from the contract.

Collateral Assignments, Pledges, Gratuitous Transfers and Other Issues. A pledge or collateral assignment (or agreement to pledge or collaterally assign) any portion of the contract value of a nonqualified contract is treated as a distribution of such amount or portion. If the entire contract value is pledged or collaterally assigned, subsequent increases in the contract value are also treated as distributions for as long as the pledge or collateral assignment remains in place. The investment in the contract is increased by the amount includible in income with respect to such pledge or collateral assignment, though it is not affected by any other aspect of the pledge or collateral assignment (including its release).

If an owner transfers a non–qualified contract without adequate consideration (a gratuitous transfer) to a person other than the owner’s spouse (or to a former spouse incident to a divorce), the owner must include in income the difference between the “cash surrender value” and the investment in the contract at the time of the transfer. In such case, the transferee’s investment in the contract will be increased to reflect the amount that is included in the transferor’s income. The exceptions for transfers to an owner’s spouse or former spouse are limited to individuals who are treated as spouses under federal law.

The designation of an annuitant or payee other than an owner may result in certain tax consequences to you that are generally not discussed herein.

Anyone contemplating any pledges, collateral assignments, gratuitous transfers, or other designations, should consult a tax and/or legal adviser regarding the potential tax effects of such a transaction.

Multiple Contracts. Tax laws require that all nonqualified deferred annuity contracts that are issued by a company or its affiliates to the same contract owner during any calendar year be treated as one annuity contract for purposes of determining the amount includible in gross income under Tax Code Section 72(e). In addition, the Treasury Department has specific authority to issue regulations that prevent the avoidance of Tax Code Section 72(e) through the serial purchase of annuity contracts or otherwise.

Net Investment Income Tax. A net investment income tax of 3.8% will apply to some types of investment income. This tax will apply to all taxable distributions from nonqualified contracts. This tax only applies to taxpayers with “modified adjusted gross income” above $250,000 in the case of married couples filing jointly or a qualifying widow(er) with dependent child, $125,000 in the case of married couples filing separately, and $200,000 for all others.

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Withholding. We will withhold and remit to the IRS a part of the taxable portion of each distribution made under a contract unless the distributee notifies us at or before the time of the distribution that he or she elects not to have any amounts withheld. Withholding is mandatory, however, if the distributee fails to provide a valid taxpayer identification number, if we are notified by the IRS that the taxpayer identification number we have on file is incorrect, or if payment is made outside of the U.S. The withholding rates applicable to the taxable portion of periodic annuity payments are the same as the withholding rates generally applicable to payments of wages. In addition, a 10% withholding rate applies to the taxable portion of any non–periodic payments. Regardless of whether you elect to have federal income tax withheld, you are still liable for payment of federal income tax on the taxable portion of the payment.

Certain states have indicated that state income tax withholding will also apply to payments from the contracts made to residents. Generally, an election out of federal withholding will also be considered an election out of state withholding. In some states, you may elect out of state withholding, even if federal withholding applies. If you need more information concerning a particular state or any required forms, please contact our Customer Service.

If the payee is a non–resident alien, then U.S. federal withholding on taxable distributions will generally be at a 30% rate, unless a lower tax treaty rate applies. We may require additional documentation prior to processing any requested transaction.

If the payee of a distribution from the contract is a foreign financial institution (“FFI”) or a non–financial foreign entity (“NFFE”) within the meaning of the Tax Code as amended by the Foreign Account Tax Compliance Act (“FATCA”), the distribution could be subject to U.S. federal withholding tax on the taxable amount of the distribution at a 30% rate irrespective of the status of any beneficial owner of the contract or the distribution. The rules relating to FATCA are complex, and a tax advisor should be consulted if an FFI or NFFE is or may be designated as a payee with respect to the contract.

Taxation of Qualified Contracts

Temporary Rules Under the CARES Act

On March 27, 2020, Congress passed and the President signed into law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). Among other provisions, the CARES Act includes temporary relief from certain of the Tax Code rules described below. The scope and availability of this temporary relief may vary depending on a number of factors, including (1) the type of plan with which the contract is used; (2) whether your plan implements a particular type of relief; (3) your specific circumstances; and (4) future guidance issued by the Internal Revenue Service and the Department of Labor. You should consult with a tax and/or legal adviser to determine if relief is available to you before taking or failing to take any actions involving the contract or your interest in the contract.

Required Minimum Distributions. The CARES Act waives the requirement to take minimum distributions from defined contribution plans in 2020. The waiver applies to any minimum distribution due from such an arrangement in 2020, including minimum distributions with respect to the 2019 tax year that are due in 2020.

The relief applies both to lifetime and post-death minimum distributions due in 2020. In that regard, the CARES Act also provides that if the post-death five-year rule described below under “Required Distributions Upon Death” applies, the five-year period is determined without regard to calendar year 2020. It is unclear whether this special exception extends to the ten-year period also described below under that same heading.

Distributions. The CARES Act provides relief for coronavirus-related distributions made from certain qualified plans to a “qualified individual” (defined below). The relief:

· Permits in-service distributions, even if such amounts are not otherwise distributable from the plan under Tax Code sections 401(k), 403(b), or 457;

· Provides an exception to the 10% Additional Tax under Tax Code section 72(t);

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· Exempts the distribution from the mandatory 20% withholding applicable to eligible rollover distributions;

· Permits the employee to include income attributable to the distribution over the three-year period beginning with the year the distribution would otherwise be taxable unless the taxpayer elects out; and

· Permits recontribution of the distribution to a plan or IRA within three years, in which case the recontribution is generally treated as a direct trustee to trustee transfer within 60 days of the distribution.

The distribution must come from an “eligible retirement plan” within the meaning of Tax Code section 402(c)(8)(B), i.e., a 401(a) plan, 403(a) plan, 403(b) plan, or governmental 457(b) plan, including Roth arrangements. The relief is limited to aggregate distributions of $100,000. The relief applies to such distributions made at any time during the 2020 calendar year.

Individuals Eligible for Withdrawal and Loan Relief. Only a “qualified individual” is eligible for the withdrawal and loan relief provided under the CARES Act. A “qualified individual” is an individual in one of the following categories:

· The individual is diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (“COVID-19”) by a test approved by the Centers for Disease Control and Prevention;

· The individual’s spouse or dependent is diagnosed with such virus or disease; or

· The individual experiences adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or disease, being unable to work due to lack of child care due to such virus or disease, closing or reducing hours of a business owned or operated by the individual due to such virus or disease, or other factors as determined by Internal Revenue Service.

The CARES Act provides that the administrator of an eligible retirement plan may rely on an employee’s certification that the employee is a qualified individual as defined above.

Eligible Retirement Plans and Programs

The contract may be purchased with the following retirement plans and programs to accumulate retirement savings:

• 401(a), 401(k) and Roth 401(k) Plans. Sections 401(a) and 401(k) of the Tax Code permit certain employers to establish various types of retirement plans for employees, and permit self–employed individuals to establish these plans for themselves and their employees. The Tax Code also allows employees of certain private employers to contribute after–tax salary contributions to a Roth 401(k) account, which provides for tax–free distributions, subject to certain restrictions;

• 403(b) and Roth 403(b) Plans. Section 403(b) of the Tax Code allows employees of certain Tax Code Section 501(c)(3) organizations and public schools to exclude from their gross income the purchase payments made, within certain limits, to a contract that will provide an annuity for the employee’s retirement. The Tax Code also allows employees of 501(c)(3) organizations and public schools to contribute after–tax salary contributions to a Roth 403(b) account, which provides for tax–free distributions, subject to certain restrictions;

• Individual Retirement Annuities (“IRA”) and Roth IRA. Section 408 of the Tax Code permits eligible individuals to contribute to an individual retirement program known as an Individual Retirement Annuity (“IRA”). Section 408A of the Tax Code permits certain eligible individuals to contribute to a Roth IRA, which provides for tax–free distributions, subject to certain restrictions. Sales of the contract for use with IRAs or Roth IRAs may be subject to special requirement of the IRS. The IRS has not reviewed the contracts described in this prospectus for qualification as IRAs and has not addressed, in a ruling of general applicability, where the contract’s death benefit provisions comply with IRA qualification requirements; and

• 457 and Roth 457 Plans. Section 457 of the Tax Code permits certain employers to offer deferred compensation plans for their employees. These plans may be offered by state governments, local governments, political subdivisions, agencies, instrumentalities and certain affiliates of such entities (governmental employers), as well as non–governmental, tax–exempt organizations (non–governmental employers). A 457 plan is a 457(b) plan. Participation in a 457(b) plan maintained by a non–governmental employer is generally limited to a select group of management and highly–compensated employees (other than 457(b) plans maintained by nonqualified, church–controlled organizations). Depending on the plan design, the participant may be entitled to determine the investment allocation of their deferred compensation account. The Tax Code also allows employees of governmental 457(b) Plan employers to contribute after–tax salary contributions to a Roth 457(b) account, which provides for tax–free distributions, subject to certain restrictions.

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The Company may offer or have offered the contract for use with certain other types of qualified plans. Please see your contract and consult with your tax adviser if you have questions about other types of plan arrangements not discussed herein.

Special Considerations for IRAs. IRAs are subject to limits on the amounts that can be contributed, the deductible amount of the contribution, the persons who may be eligible, and the time when distributions commence. Contributions to IRAs must be made in cash or as a rollover or a transfer from another eligible plan. Also, distributions from IRAs, individual retirement accounts, and other types of retirement plans may be “rolled over” on a tax–deferred basis into an IRA. You may roll over a distribution from an IRA to an IRA only once in any 12 month period. You will not be able to roll over any portion of an IRA distribution if you rolled over any other IRA distribution during the preceding 1–year period. This limit applies by aggregating all of your IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of this limit. Please note that this one–rollover–per–year rule does not apply to: (1) the conversion of a traditional IRA to a Roth IRA, (2) a rollover to or from a qualified plan, or (3) a trustee–to–trustee transfer between IRAs. Please consult your own tax and/or legal adviser if you have additional questions about these rules.

Early distributions from SIMPLE IRAs made within 2 years of beginning participation in the SIMPLE IRA are subject to a 25% early distribution tax.

Special Considerations for Roth IRAs. Contributions to a Roth IRA are subject to limits on the amount of contributions and the persons who may be eligible to contribute. Roth IRA contributions are not deductible, and must be made in cash or as a rollover or transfer from another Roth IRA, IRA, or eligible plan. Individuals may convert an IRA, SEP, or a SIMPLE to a Roth IRA. Such rollovers and conversions are subject to tax, and other special rules may apply. A conversion of a traditional IRA to a Roth IRA, and a rollover from any other eligible retirement plan to a Roth IRA, made after December 31, 2017, cannot be recharacterized as having been made to a traditional IRA.

You will not be able to roll over any portion of a Roth IRA distribution if you rolled over any other IRA distribution during the preceding 1–year period. This limit applies by aggregating all of your IRAs, including SEP and SIMPLE IRAs as well as traditional and Roth IRAs, effectively treating them as one IRA for purposes of this limit. Please note that this one–rollover–per–year rule does not apply to: (1) the conversion of a traditional IRA to a Roth IRA, (2) a rollover to or from a qualified plan, or (3) a trustee–to–trustee transfer between Roth IRAs. Please consult your own tax and/or legal adviser if you have additional questions about these rules.

A 10% penalty tax may apply to amounts attributable to a conversion to a Roth IRA if the amounts are distributed during the five taxable years beginning with the year in which the conversion was made.

Special Considerations for Section 457 Plans. Under 457(b) plans of non–governmental employers, all amounts of deferred compensation, all property and rights purchased with such amounts and all income attributable to such amounts, property and rights remain solely the property and rights of the employer and are subject to the claims of the employer’s general creditors. 457(b) plans of governmental employers, on the other hand, are required to hold all assets and income of the plan in trust for the exclusive benefit of plan participants and their beneficiaries. For purposes of meeting this requirement, an annuity contract is treated as a trust.

Taxation

The tax rules applicable to qualified contracts vary according to the type of qualified contract, the specific terms and conditions of the qualified contract and the terms and conditions of the qualified plan or program. The ultimate effect of federal income taxes on the amounts held under a qualified contract, or on income phase (e.g., annuity) payments from a qualified contract, depends on the type of qualified contract or program as well as your particular facts and circumstances. Special favorable tax treatment may be available for certain types of contributions and distributions. In addition, certain requirements must be satisfied in purchasing a qualified contract with proceeds from a tax–qualified plan or program in order to continue receiving favorable tax treatment.

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Adverse tax consequences may result from:

• Contributions in excess of specified limits;

• Distributions before age 59½ (subject to certain exceptions);

• Distributions that do not conform to specified commencement and minimum distribution rules; and

• Other specified circumstances.

Some qualified plans and programs are subject to additional distribution or other requirements that are not incorporated into the contract described in this prospectus. No attempt is made to provide more than general information about the use of the contract with qualified plans and programs. Contract owners, sponsoring employers, participants, annuitants, and beneficiaries are cautioned that the rights of any person to any benefit under these qualified plans and programs may be subject to the terms and conditions of the plan or program, regardless of the terms and conditions of the contract. The Company is not bound by the terms and conditions of such plans and program to the extent such terms contradict the language of the contract, unless we consent in writing.

Contract owners, sponsoring employers, participants, annuitants, and beneficiaries generally are responsible for determining that contributions, distributions and other transactions with respect to the contract comply with applicable law. Therefore, you should seek tax and/or legal advice regarding the suitability of a contract for your particular situation. The following discussion assumes that qualified contracts are purchased with proceeds from and/or contributions under retirement plans or programs that qualify for the intended special federal tax treatment.

Tax Deferral. Under federal tax laws, earnings on amounts held in annuity contracts are generally not taxed until they are withdrawn. However, in the case of a qualified plan (as described in this prospectus), an annuity contract is not necessary to obtain this favorable tax treatment and does not provide any tax benefits beyond the deferral already available to the qualified plan itself. Annuities do provide other features and benefits (such as the guaranteed death benefit or the option of lifetime income phase options at established rates) that may be valuable to you. You should discuss your alternatives with a qualified financial representative taking into account the additional fees and expenses you may incur in an annuity.

Contributions

In order to be excludable from gross income for federal income tax purposes, total annual contributions to certain qualified plans and programs are limited by the Tax Code. We provide general information on these requirements for certain plans and programs below. You should consult with a tax and/or legal adviser in connection with contributions to a qualified contract.

401(a), 401(k), Roth 401(k), 403(b) and Roth 403(b) Plans. The total annual contributions (including pre–tax and Roth 401(k) or Roth 403(b) after–tax contributions) by you and your employer cannot exceed, generally, the lesser of 100% of your compensation or $57,000 (as indexed for 2020). Compensation means your compensation for the year from the employer sponsoring the plan and, includes any elective deferrals under Tax Code Section 402(g) and any amounts not includible in gross income under Tax Code Sections 125 or 457.

This limit applies to your contributions as well as to any contributions made by your employer on your behalf. An additional requirement limits your salary reduction contributions to a 401(k), Roth 401(k), 403(b) or Roth 403(b) plan to generally no more than $19,500 (as indexed for 2020). Contribution limits are subject to annual adjustments for cost–of–living increases. Your own limit may be higher or lower, depending upon certain conditions.

With the exception of the Roth 401(k) and Roth 403(b) contributions, purchase payments to your account(s) will generally be excluded from your gross income. Roth 401(k) and Roth 403(b) salary reduction contributions are made on an after–tax basis.

457(b) and Roth 457(b) Plans. The total annual contributions (including pre–tax and Roth 457(b) after–tax salary reduction contributions) made by you and your employer to a 457(b) or Roth 457(b) plan cannot exceed, generally, the lesser of 100% of your includible compensation or $19,500 (as indexed for 2020). Generally, includible compensation means your compensation for the year from the employer sponsoring the plan, including deferrals to the employer’s Tax Code Section 401(k), Roth 401(k), 403(b), Roth 403(b), and 125 cafeteria plans in addition to any deferrals to the 457(b) or Roth 457(b) plan.

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Catch–up Contributions. Notwithstanding the contribution limits noted above, if permitted by the plan, a participant in a 401(k), Roth 401(k), 403(b), Roth 403(b), governmental 457(b) or governmental Roth 457(b) plan who is at least age 50 by the end of the participant’s taxable year may contribute an additional amount (“Age 50 Catch–ups”) not to exceed the lesser of:

• $6,500; or

• The participant’s compensation for the year reduced by any other elective deferrals of the participant for the year.

Special 457 Catch–ups. Special catch–up provisions may be available for 457(b) plans (“Special 457 Catch–ups”) during the three years prior to the participant’s normal retirement age. Note that the Special 457 Catch–ups cannot be used simultaneously with the Age 50 Catch–ups. Specifically, a participant may elect to defer the lesser of: (a) twice the deferral limit ($39,000); or (b) the basic annual limit plus the amount of the basic annual limit not used in prior taxable years (disregarding any deferrals under the Age 50 Catch–up). If a participant is eligible for the Special 457 Catch–up and the Age 50 Catch–up, the participant can make deferrals up to the greater catch–up limit, but may not make deferrals in excess of the greater catch–up limit.) For advice with respect to these catch–up provisions, please consult your own tax and/or legal adviser.

Traditional and Roth IRAs. You are eligible to contribute to a traditional IRA if you have compensation includible in income for the taxable year. For 2020, the contribution to your traditional IRA cannot exceed the lesser of $6,000 or your taxable compensation. If you are age 50 or older, you can make an additional catch–up contribution of $1,000. Contributions to a traditional IRA may be deductible depending on your modified adjusted gross income (“MAGI”), tax filing status, and whether you or your spouse are an active participant in a retirement plan.

You may be eligible to contribute to a Roth IRA if you have compensation includible in income for the year. For 2020, the contribution to a Roth IRA cannot exceed the lesser of $6,000 or your taxable compensation. If you are age 50 or older, you can make an additional catch up contribution of $1,000. The amount you can contribute to a Roth IRA is reduced by the amount of any contributions you make to an individual retirement plan for your benefit (not including SEPs or SIMPLE IRAs). Your ability to contribute to a Roth IRA may be further limited by your MAGI and tax filing status. Contributions to a Roth IRA are not deductible.

Distributions – General

Certain tax rules apply to distributions from the contract. A distribution is any amount taken from a contract including withdrawals, income phase (i.e., annuity) payments, and death benefit proceeds. If a portion of a distribution is taxable, the distribution will be reported to the IRS.

401(a), 401(k), 403(b) and Governmental 457(b) Plans. Distributions from these plans are generally taxed as received unless one of the following is true:

• The distribution is an eligible rollover distribution and is directly transferred or rolled over within 60 days to another plan eligible to receive rollovers or to a traditional IRA in accordance with the Tax Code;

• You made after–tax contributions to the plan. In this case, depending upon the type of distribution, the amount will be taxed on all or part of the earnings on the contributions according to the rules detailed in the Tax Code; or

• The distribution is a qualified health insurance premium of a retired public safety officer as defined in the Pension Protection Act of 2006.

A distribution is an eligible rollover distribution unless it is:

• Part of a series of substantially equal periodic payments (at least one per year) made over the life (or life expectancy) of the participant or the joint lives (or joint life expectancies) of the participant and his designated beneficiary or for a specified period of ten years or more;

• A required minimum distribution under Tax Code Section 401(a)(9);

• A hardship withdrawal; or

• Otherwise not recognized under applicable regulations as eligible for rollover.

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IRAs. All distributions from an IRA are taxed as received unless either one of the following is true:

• The distribution is directly transferred to another IRA or to a plan eligible to receive rollovers as permitted under the Tax Code; or

• You made after–tax contributions to the IRA. In this case, the distribution will be taxed according to rules detailed in the Tax Code.

10% Additional Tax. The Tax Code imposes a 10% additional tax on the taxable portion of any distribution from a contract used with a 401(a), 401(k) or 403(b) or Roth 403(b) plan (collectively, “qualified plans”). The Tax Code imposes a 10% additional tax on the taxable portion of any distribution from a traditional or Roth IRA, or amounts from a governmental 457(b) or Roth 457(b) plan that are attributable to amounts transferred from a qualified plan.

Exceptions to the 10% additional tax may apply if:

• You have attained age 59½;

• You have become disabled, as defined in the Tax Code;

• You have died and the distribution is to your beneficiary;

• The distribution amount is rolled over tax free into another eligible retirement plan or to a traditional or Roth IRA in accordance with the terms of the Tax Code;

• The distribution is paid directly to the government in accordance with an IRS levy;

• The distribution is a qualified reservist distribution as defined under the Tax Code;

• The distribution is a qualified birth or adoption distribution;

• The distribution is eligible for penalty relief extended to victims of certain natural disasters; or

• You have unreimbursed medical expenses that are deductible (without regard to whether you itemized deductions);

• You have separated from service with the plan sponsor at or after age 55;

• You are a qualified public safety employee taking a distribution from a governmental plan and you separated from service after age 50;

• You have separated from service with the plan sponsor and the distribution amount is made in substantially equal periodic payments (at least annually) over your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your designated beneficiary; or

• The withdrawal amount is paid to an alternate payee under a Qualified Domestic Relations Order (“QDRO”).

Additional exceptions may apply to distributions from a traditional or Roth IRA if:

• The distribution amount is made in substantially equal periodic payments (at least annually) over your life (or life expectancy) or the join lives (or joint life expectancies) of you and your designated beneficiary;

• The distributions are not more than the cost of your medical insurance due to a period of unemployment (subject to certain conditions);

• The distributions are not more than your qualified higher education expenses; or

• You use the distribution to buy, build or rebuild a first home.

The Tax Code may provide other exceptions or impose other penalty taxes in other circumstances.

Qualified Distributions – Roth 401(k), Roth 403(b), Roth 457(b) and Roth IRA. A partial or full distribution of purchase payments to a Roth 401(k), Roth 403(b), Roth 457(b) or a Roth IRA account and earnings credited on those purchase payments (or of in–plan rollover amounts and earnings credited on those amounts, as described in the “In–Plan Roth Rollovers” section below) will be excludable from income if it is a qualified distribution. A “qualified distribution” from a Roth 401(k), Roth 403(b), Roth 457(b) or a Roth IRA account is defined as a distribution that meets the following two requirements:

• The distribution occurs after the five–year taxable period measured from the earlier of:

> The first taxable year you, as applicable, made a contribution to a Roth IRA or a designated Roth contribution to any designated Roth account established for you under the same applicable retirement plan as defined in Tax Code Section 402A;

> If a rollover contribution was made from a designated Roth account previously established for you under another applicable retirement plan, the first taxable year for which you made a designated Roth contribution to such previously established account; or

> The first taxable year in which you made an in–plan Roth rollover of non–Roth amounts under the same plan; AND

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• The distribution occurs after you attain age 59½, die with payment being made to your beneficiary or estate, or become disabled as defined in the Tax Code.

A distribution from a Roth account that is not a qualified distribution is includible in gross income under the Tax Code in proportion to your investment in the contract (basis) and earnings on the contract.

Non–Governmental 457(b) Plans. Compensation deferred under a 457(b) plan of a non–governmental employer is generally includible in income in the first year in which it is paid or otherwise made available to you or your designated beneficiary.

Distributions – Eligibility

Distributions from qualified plans (as described in this prospectus) generally may occur only upon the occurrence of certain events. The terms of your plan will govern when you are eligible to take a distribution from the plan. The following describes circumstances when you may be able to take a distribution from certain more common types of plans.

401(a) Pension Plans. Subject to the terms of your 401(a) pension plan, distributions generally may only occur upon:

• Retirement;

• Death;

• Disability;

• Severance from employment;

• Attainment of normal retirement age;

• Attainment of age 59½; or

• Termination of the plan.

Such distributions remain subject to other applicable restrictions under the Tax Code.

401(k) and Roth 401(k) Plans. Subject to the terms of your 401(k) plan, distributions from your 401(k) or Roth 401(k) employee account, and possibly all or a portion of your 401(k) or Roth 401(k) employer account generally may only occur upon:

• Retirement;

• Death;

• Attainment of age 59½;

• Severance from employment;

• Disability;

• The birth or adoption of a child;

• Financial hardship (for 2018 and earlier, contributions only, not earnings); or

• Termination of the plan; or

• Meeting other circumstances as allowed by federal law, regulations or rulings.

Such distributions remain subject to other applicable restrictions under the Tax Code.

403(b) and Roth 403(b) Plans. Subject to the terms of your 403(b) or Roth (403(b) plan, distribution of certain salary reduction contributions and earnings generally may occur only upon:

• Retirement;

• Death;

• Attainment of age 59½;

• Severance from employment;

• Disability;

• The birth or adoption of a child;

• Financial hardship (contributions only, not earnings);

• Termination of the plan; or

• Meeting other circumstances as allowed by federal law, regulations or rulings.

Such distributions remain subject to other applicable restrictions under the Tax Code.

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Section 403(b) regulations prohibit the distribution of amounts attributable to employer contributions before the earlier of your severance from employment or prior to the occurrence of some event as provided under your employer’s plan, such as after a fixed number of years, the attainment of a stated age, or a disability.

If the Company agrees to accept amounts exchanged from a Tax Code Section 403(b)(7) custodial account, such amounts will be subject to the withdrawal restrictions set forth in Tax Code Section 403(b)(7)(A)(ii).

Before we process a withdrawal request we generally are required to confirm with your 403(b) plan sponsor or otherwise that the withdrawals you request from a 403(b) contract comply with applicable tax requirements.

457(b) and Roth 457(b) Plans. Under 457(b) and Roth 457(b) plans, distributions may generally not be made available to you earlier than:

• The calendar year you attain age 59½;

• When you experience a severance from employment; or

• When you experience an unforeseeable emergency.

A one–time in–service distribution may also be permitted under a Section 457(b) plan entity if the total amount payable to the participant does not exceed $5,000 and no amounts have been deferred by the participant during the two–year period ending on the date of distribution.

Lifetime Required Minimum Distributions (401(a), 401(k), Roth 401(k), 403(b), Roth 403(b), 457(b) and Roth 457(b) Plans and IRAs)

To avoid certain tax penalties, you and any designated beneficiary must also satisfy the required minimum distribution rules set forth in the Tax Code. These rules dictate the following:

• The start date for distributions;

• The time period in which all amounts in your contract(s) must be distributed; and

• Distribution amounts.

Start Date. Generally, you must begin receiving distributions by April 1 of the calendar year following the calendar year in which you attain age 72 (age 70½ if born before July 1, 1949) or in the case of an employer–sponsored plan, April 1 of the calendar year following the calendar year in which you retire, whichever occurs later, unless:

• Under 401(a), 401(k), Roth 401(k), 403(b) and Roth 403(b) plan that are not governmental or church plans, you are a 5% owner, in which case such distributions must begin by April 1 of the calendar year following the calendar year in which you attain age 72 (age70½ if born before July 1, 1949); or

• Under 403(b) plans, the Company maintains separate records of amounts held as of December 31, 1986. In this case distribution of these amounts generally must begin by the end of the calendar year in which you attain age 75. However, if you take any distributions in excess of the minimum required amount, then special rules require that the excess be distributed from the December 31, 1986 balance.

Time Period. You must receive distributions from the contract over a period not extending beyond one of the following time periods:

• Over your life or the joint lives of you and your designated beneficiary; or

• Over a period not greater than your life expectancy or the joint life expectancies of you and your designated beneficiary.

Distribution Amounts. The amount of each required minimum distribution must be calculated in accordance with Tax Code Section 401(a)(9). Before annuity payments begin, the required minimum distribution amount is generally determined by dividing the entire interest in the account as of December 31 of the preceding year by the applicable distribution period. The entire interest in the account includes the amount of any outstanding rollover, transfer, and recharacterization, if applicable, and the actuarial present value of other benefits provided under the account, such as guaranteed death benefits and any optional living benefit. If annuity payments have begun under an annuity option that satisfies the Tax Code Section 401(a)(9) regulations, such payments will generally be viewed as satisfying your required minimum distribution.

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50% Excise Tax. If you fail to receive the required minimum distribution for any tax year, a 50% excise tax is imposed on the required amount that was not distributed. In certain circumstances this excise tax may be waived by the IRS.

Roth IRAs. Required minimum distributions are not applicable to Roth IRAs during your lifetime.

Further information regarding required minimum distributions may be found in your contract or certificate.

Required Distributions Upon Death (401(a), 401(k), Roth 401(k), 403(b), Roth 403(b), 457(b) and Roth 457(b) Plans and IRAs and Roth IRAs)

Upon your death, any remaining interest in a 401(a), 401(k), Roth 401(k), 403(b), Roth 403(b), 457(b), Roth 457(b), IRAs or Roth IRA plan must be distributed in accordance with federal income tax requirements under Section 401(a)(9) of the Tax Code. The death benefit provisions of your contract will be interpreted to comply with those requirements. The post-death distribution requirements were amended, applicable generally with respect to deaths occurring after 2019, by the Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”), which was part of the larger Further Consolidated Appropriations Act, 2020. The post-death distribution requirements under prior law continue to apply in certain circumstances.

Prior Law. Under prior law, if an employee under an employer sponsored retirement plan dies prior to the required beginning date, the remaining interest must be distributed (1) within five years after the death (the “five-year rule”), or (2) over the life of the designated beneficiary, or over a period not extending beyond the life expectancy of the designated beneficiary, provided that such distributions commence within one year after death (the “lifetime payout rule”). If the employee dies on or after the required beginning date (including after the date distributions have commenced in the form of an annuity), the remaining interest must be distributed at least as rapidly as under the method of distribution being used as of the date of death (the “at-least-as-rapidly rule”).

The New Law. Under the new law, if you die after 2019, and you have a designated beneficiary, any remaining interest must be distributed within ten years after your death, unless the designated beneficiary is an eligible designated beneficiary (“EDB”) or some other exception applies. A designated beneficiary is any individual designated as a beneficiary by the employee. An EDB is any designated beneficiary who is (1) your surviving spouse, (2) your minor child, (3) disabled, (4) chronically ill, or (5) an individual not more than ten years younger than you. An individual’s status as an EDB is determined on the date of your death. This ten-year post-death distribution period applies regardless of whether you die before your required beginning date or you die on or after that date (including after distributions have commenced in the form of an annuity). However, if the beneficiary is an EDB and the EDB dies before the entire interest is distributed under this ten-year rule, the remaining interest must be distributed within ten years after the EDB’s death (i.e., a new ten-year distribution period begins).

Instead of taking distributions under the new ten-year rule, an EDB can stretch distributions over life, or over a period not extending beyond life expectancy, provided that such distributions commence within one year of your death, subject to certain special rules. In particular, if the EDB dies before the remaining interest is distributed under this stretch rule, the remaining interest must be distributed within ten years after the EDB’s death (regardless of whether the remaining distribution period under the stretch rule was more or less than ten years). In addition, if your minor child is an EDB, the child will cease to be an EDB on the date the child reaches the age of majority, and any remaining interest must be distributed within ten years after that date (regardless of whether the remaining distribution period under the stretch rule was more or less than ten years).

If your beneficiary is not an individual, such as a charity, your estate, or in some cases a trust, any remaining interest after your death generally must be distributed under prior law in accordance with the five-year rule or the at-least-as-rapidly rule, as applicable (but not the lifetime payout rule). However, if your beneficiary is a trust and all the beneficiaries of the trust are individuals, the new law may apply pursuant to special rules that treat the beneficiaries of the trust as designated beneficiaries, including special rules allowing a beneficiary of a trust who is disabled or chronically ill to stretch the distribution of their interest over their life or life expectancy in some cases. You should consult a professional tax adviser about the federal income tax consequences of your beneficiary designations, particularly if a trust is involved.

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More generally, the new law applies if you die after 2019, subject to several exceptions. In particular, if you are an employee under a governmental plan, such as a governmental 457(b) plan, the new law applies to your interest in that plan if you die after 2021. In addition, if your plan is maintained pursuant to one or more collective bargaining agreements, the new law generally applies to your interest in that plan if you die after 2021 (unless the collective bargaining agreements terminate earlier).

In addition, the new post-death distribution requirements generally do not apply if the employee died prior to January 1, 2020. However, if the designated beneficiary of the deceased employee dies after January 1, 2020, any remaining interest must be distributed within ten years of the designated beneficiary’s death. Hence, this ten-year rule generally will apply to a contract issued prior to 2020 which continues to be held by a designated beneficiary of an employee who died prior to 2020.

It is important to note that under prior law, annuity payments that commenced under a method that satisfied the distribution requirements while the employee was alive could continue to be made under that method after the death of the employee. Under the new law, however, if you commence taking distributions in the form of an annuity that can continue after your death, such as in the form of a joint and survivor annuity or an annuity with a guaranteed period of more than ten years, any distributions after your death that are scheduled to be made beyond the applicable distribution period imposed under the new law might need to be accelerated at the end of that period (or otherwise modified after your death if permitted under federal tax law and by us) in order to comply with the new post-death distribution requirements.

Certain transition rules may apply. Please consult your tax adviser.

Start Dates for Spousal Beneficiaries. Under the new law, as under prior law, if your beneficiary is your spouse, your surviving spouse can delay the application of the post-death distribution requirements until after your surviving spouse’s death by transferring the remaining interest tax-free to your surviving spouse’s own IRA.

The post-death distribution requirements are complex and unclear in numerous respects. The Internal Revenue Service and U.S. Department of the Treasury have issued very little guidance on the new law. In addition, the manner in which these requirements will apply will depend on your particular facts and circumstances. You may wish to consult a professional tax adviser for tax advice as to your particular situation.

Withholding

Taxable distributions under the contract are generally subject to withholding. Federal income tax withholding rates vary according to the type of distribution and the recipient’s tax status.

401(a), 401(k), Roth 401(k), 403(b), Roth 403(b), 457(b) and Roth 457(b) Plans of Governmental Employers. Generally, eligible rollover distributions from these plans are subject to a mandatory 20% federal income tax withholding. However, mandatory withholding will not be required if you elect a direct rollover of the distributions to an eligible retirement plan or in the case of certain distributions described in the Tax Code.

457(b) Plans of Non–Governmental Employers. All distributions from this plan, except death benefit proceeds, are subject to mandatory federal income tax withholding as wages. Death benefit proceeds are not subject to income tax withholding.

IRAs and Roth IRAs. Generally, you or, if applicable, a designated beneficiary may elect not to have tax withheld from distributions. Withholding is mandatory, however, if the distributee fails to provide a valid taxpayer identification number, if we are notified by the IRS that the taxpayer identification number we have on file is incorrect, or if the payment is made outside of the U.S. Regardless of whether you elect to have federal income tax withheld, you are still liable for payment of federal income tax on the taxable portion of the payment.

Non–resident Aliens. If you or your designated beneficiary is a non–resident alien, withholding will generally be 30% based on the individual’s citizenship, the country of domicile and tax treaty status.

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In–Plan Roth Rollovers

Tax Code Section 401(k), 403(b) and governmental 457(b) plans may add a “qualified Roth contribution program,” under which employees can forego the current exclusion from gross income for elective deferrals, in exchange for the future exclusion of the distribution of the deferrals and any earnings thereon. That is, participants may elect to make non–excludable contributions to “designated Roth accounts” (instead of making excludable contributions) – and to exclude from gross income (if certain conditions are met) distributions from these accounts (instead of having distributions included in gross income).

If permitted under the plan for which the contract is issued and provided the plan offers an applicable Roth account (a Roth 401(k), Roth 403(b) or Roth 457(b) account), non–Roth amounts may be rolled over into a corresponding Roth account within the same plan. The Tax Code provides that, generally, an in–plan rollover to a Roth account is taxable and includable in gross income in the year the rollover occurs, just as if the amount were distributed and not rolled into a qualified account. Please note that in–plan rollovers into a Roth account are not subject to withholding. Consequently, an individual considering such a transaction may want to increase their tax withholding or make an estimated tax payment in the year of the rollover. Amounts rolled over into an in–plan Roth account cannot subsequently be converted back into a non–Roth account.

A partial or full distribution of in–plan Roth rollover amounts and earnings credited on those amounts (or of purchase payments made by salary reduction to a Roth account and earnings credited on those purchase payments, as described above) will be excludable from income if it is a qualified distribution as defined in the “Qualified Distributions – Roth 401(k), Roth 403(b) and Roth 457(b)” section above.

In–plan Roth rollovers are not subject to the 10% additional tax on early distributions under Tax Code Section 72(t) that would normally apply to distributions from a 401(k) or 403(b) plan (or from a governmental 457(b) plan to the extent such amounts are attributable to rollovers from a 401(a), 401(k), 403(a) or 403(b) plan). However, a special recapture rule applies when a plan distributes any part of the in–plan Roth rollover within a five–year taxable period, making the distribution subject to the 10% additional tax on early distributions under Tax Code Section 72(t) unless an exception to this tax applies or the distribution is allocable to any nontaxable portion of the in–plan Roth rollover. The five–year taxable period begins January 1 of the year of the in–plan Roth rollover and ends on the last day of the fifth year of the period. This special recapture rule does not apply when the participant rolls over the distribution to another designated Roth account or to a Roth IRA but does apply to a subsequent distribution from the rolled over account or Roth IRA within the five–year taxable period.

Due to administrative complexity, certain in–plan Roth rollovers may not be available through the contract. Additionally, the tax rules associated with Roth accounts and in–plan Roth rollovers can be complex and you should seek tax and/or legal advice regarding your particular situation.

Assignment and Other Transfers

401(a), 401(k), Roth 401(k), 403(b), Roth 403(b), 457(b) and Roth 457(b) Plans. Your beneficial interest in the contract may not be assigned or transferred to persons other than:

• A plan participant as a means to provide benefit payments;

• An alternate payee under a QDRO in accordance with Tax Code Section 414(p);

• The Company as collateral for a loan; or

• The enforcement of a federal income tax lien or levy.

IRAs and Roth IRAs. The Tax Code does not allow a transfer or assignment of your rights under this contract except in limited circumstances. Adverse tax consequences may result if you assign or transfer your interest in the contract to persons other than your spouse incident to a divorce. Anyone contemplating such an assignment or transfer should contact a tax and/or legal adviser regarding the potential tax effects of such a transaction.

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Same–Sex Marriages

The contract provides that upon your death a surviving spouse may have certain continuation rights that he or she may elect to exercise for the contract’s death benefit and any joint–life coverage under a living benefit. All contract provisions relating to spousal continuation are available only to a person who meets the definition of “spouse” under federal law. U.S. Treasury Department regulations provide that for federal tax purposes, the term “spouse” does not include individuals (whether of the opposite sex or the same sex) who have entered into a registered domestic partnership, civil union, or other similar formal relationship that is not denominated as a marriage under the laws of the state where the relationship was entered into, regardless of domicile. As a result, if a beneficiary of a deceased owner and the owner were parties to such a relationship, the beneficiary will be required by federal tax law to make distributions from the contract in the manner applicable to non-spouse beneficiaries and will not be able to continue the contract. Please consult your tax and/or legal adviser for further information about this subject.

Possible Changes in Taxation

Although the likelihood of changes in tax legislation, regulation, rulings and other interpretation thereof is uncertain, there is always the possibility that the tax treatment of the contract could change by legislation or other means. It is also possible that any change could be retroactive (i.e., effective before the date of the change). You should consult a tax and/or legal adviser with respect to legislative developments and their effect on the contract.

Taxation of the Company

We are taxed as a life insurance company under the Tax Code. The separate account is not a separate entity from us. Therefore, it is not taxed separately as a “regulated investment company” but is taxed as part of the Company.

We automatically apply investment income and capital gains attributable to the separate account to increase reserves under the contracts. Because of this, under existing federal tax law we believe that any such income and gains will not be taxed. Because we do not expect that we will incur any federal income tax liability attributable to the separate account we do not intend to make any provision for such taxes. However, changes in the tax laws and/or in their interpretation may result in our being taxed on income or gains attributable to the separate account. In this case, we may impose a charge against a separate account (with respect to some or all of the contracts) to set aside provisions to pay such taxes. We may deduct this amount from the separate account, including from your contract value invested in the subaccounts.

In calculating our corporate income tax liability, we may claim certain corporate income tax benefits associated with the investment company assets, including separate account assets, which are treated as company assets under applicable income tax law. These benefits may reduce our overall corporate income tax liability. Under current law, such benefits include foreign tax credits and corporate dividends received deductions. We do not pass the tax benefits through to the holders of the separate account because (i) the contract owners are not the owners of the assets generating these benefits under applicable income tax law and (ii) we do not currently include company income taxes in the tax charges you pay under the contract. We reserve the right to change these tax practices.

CONTRACT DISTRIBUTION

General

The Company’s subsidiary, Voya Financial Partners, LLC, serves as the principal underwriter for the contracts. Voya Financial Partners, LLC, a Delaware limited liability company, is registered as a broker–dealer with the SEC. Voya Financial Partners, LLC is also a member of FINRA and the Securities Investor Protection Corporation. Voya Financial Partners, LLC’s principal office is located at One Orange Way, Windsor, CT 06095–4774.

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We sell the contracts through licensed insurance agents who are registered representatives of broker–dealers that have entered into selling agreements with Voya Financial Partners, LLC. We refer to these broker–dealers as “distributors.” Voya Financial Advisors, Inc. is a distributor affiliated with the Company that has entered into a selling agreement with Voya Financial Partners, LLC for the sale of our variable annuity contracts.

Registered representatives of distributors who solicit sales of the contracts typically receive a portion of the compensation paid to the distributor in the form of commissions or other compensation, depending upon the agreement between the distributor and the registered representative. This compensation, as well as other incentives or payments, is not paid directly by contract owners or the separate account, but instead is paid by us through Voya Financial Partners, LLC. We intend to recoup this compensation and other sales expenses paid to distributors through fees and charges imposed under the contracts.

Compensation Arrangements. Registered representatives who offer and sell the contracts may be paid a commission. The maximum percentage amount that may be paid with respect to a given purchase payment is 7%. In addition to the commission paid upon receipt of a purchase payment to the contract, we may pay an additional amount, the total amount of which will not exceed 7% of the total commission paid with respect to a given purchase payment. Such additional payments will not be made upon receipt of the purchase payment, but will be paid over the same time period as the income payment option selected by the contract owner. Individual registered representatives may receive all or a portion of compensation paid to their distributor, depending upon the firm’s practices. In limited circumstances, certain of these distributors may also receive compensation, overrides or reimbursement for expenses associated with the distribution of the contract. At times certain distributors may be offered an enhanced commission for a limited period of time. Commissions and other payments, when combined, could exceed 7% of total purchase payments.

To the extent permitted by SEC and FINRA rules and other applicable laws and regulations, we may also pay or allow other promotional incentives or payments in the form of cash payments or other compensation to distributors, which may require the registered representative to attain a certain threshold of sales of Company products. These other promotional incentives or payments may not be offered to all distributors, and may be limited only to Voya Financial Advisors, Inc. and other distributors affiliated with the Company.

We may also enter into special compensation arrangements with certain distributors based on those firms’ aggregate or anticipated sales of the contracts or other criteria. These arrangements may include commission specials, in which additional commissions may be paid in connection with purchase payments received for a limited time period, within the maximum 7.0% commission rate noted above. These special compensation arrangements will not be offered to all distributors, and the terms of such arrangements may differ among distributors based on various factors. These special compensation arrangements may also be limited only to Voya Financial Advisors, Inc. and other distributors affiliated with the Company. Any such compensation payable to a distributor will not result in any additional direct charge to you by us.

Some personnel may receive various types of non–cash compensation as special sales incentives, including trips, and we may also pay for some personnel to attend educational and/or business seminars. Any such compensation will be paid in accordance with SEC and FINRA rules. Employees of the Company or its affiliates (including wholesaling employees) may receive more compensation when funds advised by the Company or its affiliates (“affiliated funds”) are selected by a contract holder than when unaffiliated funds are selected. Additionally, management personnel of the Company, and of its affiliated broker–dealers, may receive additional compensation if the overall amount of investments in funds advised by the Company or its affiliates meets certain target levels or increases over time. Compensation for certain management personnel, including sales management personnel, may be enhanced if management personnel meet or exceed goals for sales of the contracts, or if the overall amount of investments in the contracts and other products issued or advised by the Company or its affiliates increases over time. Certain management personnel may also receive compensation that is a specific percentage of the commissions paid to distributors or of purchase payments received under the contracts, or which may be a flat dollar amount that varies based upon other factors including management’s ability to meet or exceed service requirements, sell new contracts or retain existing contracts, or sell additional service features such as a common remitting program.

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In addition to direct cash compensation for sales of contracts described above, through Voya Financial Partners, LLC, we may also pay distributors additional compensation or reimbursement of expenses for their efforts in selling contracts to you and other customers. These amounts may include:

• Marketing/distribution allowances that may be based on the percentages of purchase payments received, the aggregate commissions paid and/or the aggregate assets held in relation to certain types of designated insurance products issued by the Company and/or its affiliates during the year;

• Loans or advances of commissions in anticipation of future receipt of purchase payments (a form of lending to registered representatives). These loans may have advantageous terms, such as reduction or elimination of the interest charged on the loan and/or forgiveness of the principal amount of the loan, which may be conditioned on sales;

• Education and training allowances to facilitate our attendance at certain educational and training meetings to provide information and training about our products. We also hold training programs from time to time at our own expense;

• Sponsorship payments or reimbursements for distributors to use in sales contests and/or meetings for their registered representatives who sell our products. We do not hold contests based solely on sales of this product;

• Certain overrides and other benefits that may include cash compensation based on the amount of earned commissions, representative recruiting or other activities that promote the sale of contracts; and

• Additional cash or noncash compensation and reimbursements permissible under existing law. This may include, but is not limited to, cash incentives, merchandise, trips, occasional entertainment, meals and tickets to sporting events, client appreciation events, business and educational enhancement items, payment for travel expenses (including meals and lodging) to pre–approved training and education seminars, and payment for advertising and sales campaigns.

We pay dealer concessions, wholesaling fees, overrides, bonuses, other allowances and benefits and the costs of all other incentives or training programs from our resources, which include the fees and charges imposed under the contracts.

The following is a list of the top 25 distributors that, during 2019, received the most compensation, in the aggregate, from us in connection with the sale of registered variable annuity contracts issued by the Company, ranked by total dollars received:

1.	Morgan Stanley Smith Barney LLC	14.	Woodbury Financial Services, Inc.
2.	LPL Financial LLC	15.	American Portfolios Financial Services, Inc.
3.	Northwestern Mutual Investment Services, Inc.	16.	Securities America, Inc.
4.	Kestra Investment Services, LLC	17.	RBC Capital Markets, LLC
5.	Voya Financial Advisors, Inc.	18.	Primerica Financial Services, Inc.
6.	Lincoln Investment Planning, Inc.	19.	Cetera Advisors LLC
7.	Ameriprise Financial Services, Inc.	20.	MMA Securities LLC
8.	Park Avenue Securities, LLC	21.	SagePoint Financial, Inc.
9.	Royal Alliance Associates, Inc.	22.	Cetera Investment Services LLC
10.	Regulus Advisors, LLC	23.	Purshe Kaplan Sterling Investments, Inc.
11.	Lincoln Financial Advisors Corporation	24.	M Holdings Securities, Inc.
12.	NYLIFE Securities LLC	25.	Ameritas Investment Corp.
13.	Cetera Advisor Networks LLC

This is a general discussion of the types and levels of compensation paid by us for the sale of our variable annuity contracts. It is important for you to know that the payment of volume or sales–based compensation to a distributor or registered representative may provide that registered representative a financial incentive to promote our contracts and/or services over those of another Company, and may also provide a financial incentive to promote one of our contracts over another.

The names of the broker–dealer and the registered representative responsible for your contract are set forth on your application.

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Third Party Compensation Arrangements. Please be aware that:

• The Company may seek to promote itself and the contracts by sponsoring or contributing to events sponsored by various associations, professional organizations and labor organizations;

• The Company may make payments to associations and organizations, including labor organizations, which endorse or otherwise recommend the contracts to their membership. If an endorsement is a factor in your contract purchasing decision, more information on the payment arrangement, if any, is available upon your request; and

• At the direction of the contract holder, we may make payments to the contract holder, its representatives or third party service providers intended to defray or cover the costs of plan or program related administration.

OTHER TOPICS

Order Processing

In certain circumstances, we may need to correct the pricing associated with an order that has been processed. In such circumstances, we may incur a loss or receive a gain depending upon the price of the fund when the order was executed and the price of the fund when the order is corrected. Losses may be covered from our assets and gains that may result from such order correction will be retained by us as additional compensation associated with order processing.

Anti-Money Laundering

In order to protect against the possible misuse of our products in money laundering or terrorist financing, we have adopted an anti–money laundering program satisfying the requirements of the USA PATRIOT Act and other current anti–money laundering laws. Among other things, this program requires us, our agents and customers to comply with certain procedures and standards that will allow us to verify the identity of the sponsoring organization and that contributions and loan repayments are not derived from improper sources.

Under our anti–money laundering program, we may require customers, and/or beneficiaries to provide sufficient evidence of identification, and we reserve the right to verify any information provided to us by accessing information databases maintained internally or by outside firms.

We may also refuse to accept certain forms of payments or loan repayments (traveler’s cheques, for example) or restrict the amount of certain forms of payments or loan repayments. In addition, we may require information as to why a particular form of payment was used (third party checks, for example) and the source of the funds of such payment in order to determine whether or not we will accept it. Use of an unacceptable form of payment may result in us returning the payment to you.

Applicable laws designed to prevent terrorist financing and money laundering might, in certain circumstances, require us to block certain transactions until authorization is received from the appropriate regulator. We may also be required to provide additional information about you and your contract to government regulators.

Our anti–money laundering program is subject to change without notice to take account of changes in applicable laws or regulations and our ongoing assessment of our exposure to illegal activity.

Unclaimed Property

Every state has some form of unclaimed property laws that impose varying legal and practical obligations on insurers and, indirectly, on contract owners, insureds, beneficiaries and other payees of proceeds. Unclaimed property laws generally provide for escheatment to the state of unclaimed proceeds under various circumstances.

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Contract owners are urged to keep their own, as well as their beneficiaries’ and other payees’, information up to date, including full names, postal and electronic media addresses, telephone numbers, dates of birth, and Social Security numbers. Such updates should be communicated to Payout Services in writing at the addresses referenced under “CONTRACT OVERVIEW – Questions: Contacting the Company” or by calling 1–800–584–6001.

Cyber Security

Like others in our industry, we are subject to operational and information security risks resulting from "cyber–attacks", "hacking" or similar illegal or unauthorized intrusions into computer systems and networks. These risks include, among other things, the theft, misuse, corruption and destruction of data maintained online or digitally, denial of service attacks on websites and other operational disruption and unauthorized release of confidential customer information. Although we seek to limit our vulnerability to such risks through technological and other means and we rely on industry standard commercial technologies to maintain the security of our information systems, it is not possible to anticipate or prevent all potential forms of cyber–attack or to guarantee our ability to fully defend against all such attacks. In addition, due to the sensitive nature of much of the financial and similar personal information we maintain, we may be at particular risk for targeting.

Cyber–attacks affecting us, any third party administrator, the underlying funds, intermediaries and other affiliated or third–party service providers may adversely affect us and your account value. For instance, cyber–attacks may interfere with our processing of contract transactions, including the processing of orders from our website or with the underlying funds, impact our ability to calculate AUVs, cause the release and possible destruction of confidential customer or business information, impede order processing, subject us and/or our service providers and intermediaries to regulatory fines and financial losses and/or cause reputational damage. Cyber security risks may also affect the issuers of securities in which the underlying funds invest, which may cause the funds underlying your contract to lose value. There can be no assurance that we or the underlying funds or our service providers will avoid losses affecting your contract that result from cyber–attacks or information security breaches in the future.

Payment Delay or Suspension

We reserve the right to suspend or postpone the date of any payment of benefits or values under the following circumstances:

• On any valuation date when the NYSE is closed (except customary holidays or weekends) or when trading on the NYSE is restricted;

• When an emergency exists as determined by the SEC so that disposal of the securities held in the subaccounts is not reasonably practicable or it is not reasonably practicable to determine the value of the subaccount’s assets; or

• During any other periods the SEC permits for the protection of investors.

The conditions under which restricted trading or an emergency exists shall be determined by the rules and regulations of the SEC.

Payment of benefits or values may also be delayed or suspended as required by court order or any regulatory action.

Contract Modification

We may change the contract as required by federal or state law or as otherwise permitted in the contract. Certain changes will require the approval of appropriate state or federal regulatory authorities.

Transfer of Ownership

Ownership of the contract may be changed to the extent permitted by law. You should immediately notify the Company, in writing, of any change in ownership. No such ownership change will be binding until such notification is received and recorded at our Customer Service. We reserve the right to reject transfer of ownership to a non–natural person. A transfer of ownership may have tax consequences and you should consult with a tax and/or legal adviser before transferring ownership of the contract.

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Legal Proceedings

We are not aware of any pending legal proceedings that are likely to have a material adverse effect upon the Company’s ability to meet its obligations under the contract, Voya Financial Partners, LLC ability to distribute the contract or upon the separate account.

• Litigation. Notwithstanding the foregoing, the Company and/or Voya Financial Partners, LLC, is a defendant in a number of litigation matters arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Certain claims are asserted as class actions. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages and other relief. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim oftentimes bears little relevance to the merits or potential value of a claim.

• Regulatory Matters. As with other financial services companies, the Company and its affiliates, including Voya Financial Partners, LLC, periodically receive informal and formal requests for information from various state and federal governmental agencies and self–regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters.

The outcome of a litigation or regulatory matter and the amount or range of potential loss is difficult to forecast and estimating potential losses requires significant management judgment. It is not possible to predict the ultimate outcome for all pending litigation and regulatory matters and given the large and indeterminate amounts sought and the inherent unpredictability of such matters, it is possible that an adverse outcome in certain litigation or regulatory matters could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period.

CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION

The SAI contains more specific information on the separate account and the contract, as well as the financial statements of the separate account and the Company. A list of the contents of the SAI is set forth below:

• General Information and History	2
• Variable Annuity Account C	2
• Offering and Purchase of Contracts	2
• Income Payments	3
• Performance Reporting	4
• Sales Material and Advertising	4
• Experts	5
• Financial Statements of the Separate Account	S–1
• Consolidated Financial Statements of Voya Retirement Insurance and Annuity Company	C–1

You may request an SAI by calling the Company at the number referenced under “Contract Overview – Questions: Contacting the Company.”

PRO.109622-20

APPENDIX I

FIXED DOLLAR OPTION

The following summarizes material information concerning the fixed dollar option. You may choose to allocate all or a portion of your purchase payment to the fixed dollar option. If you choose the fixed dollar option, your income payments will generally remain fixed as specified in your contract over the term of the contract. Your fixed payment may vary due to factors including your selection of an increasing annuity or your election and use of a right to withdraw. In certain cases, you may elect a right to withdraw any remaining guaranteed payments (see “Withdrawals” in this Appendix). Amounts allocated to the fixed dollar option are held in the Company’s general account that supports general insurance and annuity obligations.

Interests in the fixed dollar option have not been registered with the SEC in reliance upon exemptions under the Securities Act of 1933, as amended. Disclosure in this prospectus regarding the fixed dollar option may, however, be subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of such statements. Disclosure in this appendix regarding the fixed dollar option has not been reviewed by the SEC.

Payment Options

All of the payment options described under “Income Payments” in this prospectus are available for the fixed dollar option. If you allocate all of your purchase payment to the fixed dollar option, you may also elect one of the following features in connection with your fixed income payments:

• A Cash Refund Feature. (Only available if you select 100% fixed payments.) With this feature, if the annuitant or both annuitants (as applicable) die, then the beneficiary will receive a lump–sum payment equal to the purchase payment allocated to the fixed dollar option less any premium tax and less the total amount of fixed income payments paid prior to such death. The cash refund feature may be elected only with a “life income” or “life income–two lives” payment option that has no reduction in payment to the survivor. See “Income Payments – Payment Options.” You may not elect a right to withdraw or elect an increasing annuity with this feature.

• An Increasing Annuity. (Only available if you select 100% fixed payments.) With this feature you may elect for your payments to increase by either one, two, or three percent, compounded annually. The higher your percentage, the lower your initial payment will be. This is available with any payment option, except for those with a reduction in payment to the survivor. See “Income Payments – Payment Options.” You may not elect a right to withdraw or elect the cash refund feature with an increasing annuity.

Fixed Income Payment Amounts

The amount of each payment depends upon: (1) the purchase payment that you allocate to the fixed dollar option, less any premium tax; and (2) the payment option and features chosen.

Withdrawals

Withdrawal Value–Lifetime Payment Options. If you select a lifetime payment option with guaranteed payments and elect the right to make withdrawals, the withdrawal amount available from any fixed portion of remaining guaranteed payments is equal to the present value of the remaining fixed portion of guaranteed payments calculated using the contract rate adjusted by the change in the constant maturity ten year Treasury note rate from your contract effective date to the date we calculate the withdrawal value. Any applicable early withdrawal charge will be deducted.

Withdrawal Value–Nonlifetime Payment Options. If you select a nonlifetime payment option and elect the right to make withdrawals, the withdrawal amount available from any fixed portion of remaining guaranteed payments is equal to the present value of the remaining fixed portion of guaranteed payments calculated using the adjusted contract rate. The calculation is presented below. Any applicable early withdrawal charge will be deducted.

PRO.109622-20

The adjusted contract rate equals (Rate of Return) + WY – IY, where:

Rate of Return is the fixed annuity present value interest rate shown in your contract

WY is the withdrawal yield

IY is the issue yield

WY is determined as follows:

(1) WY is the average of the yields, as published in the Wall Street Journal on the Friday before the date of the withdrawal, of noncallable, non–inflation adjusted Treasury Notes or Bonds maturing on or closest to the withdrawal duration date; where

(2) The withdrawal duration date is the date (month and year) obtained when the withdrawal duration is added to the date of the withdrawal; and the

(3) Withdrawal duration equals 1 plus the number of whole years from the date of the withdrawal until the final guaranteed payment is due, divided by 2. Any resulting fraction will be rounded up to the next whole number.

IY is determined as follows:

(1) IY is the average of the yields, as published in the Wall Street Journal on the Friday before the later of the contract effective date or the benefit change date shown in your contract, of noncallable, non–inflation adjusted Treasury Notes or Bonds maturing on or closest to the issue duration date;

(2) The issue duration date (month and year) is obtained when the issue duration is added to the later of the contract effective date or the benefit change date;

(3) Issue duration equals 1 plus the number of whole years from the later of the contract effective date or the benefit change date until the final payment is due, divided by 2. Any resulting fraction will be rounded up to the next whole number; or

(4) Benefit change date is the date of the most recent change, if any, of the guaranteed payment period.

Early Withdrawal Charge

Withdrawals may be subject to an early withdrawal charge. The charge is a percentage of the amount that you withdraw. The percentage will be determined by the early withdrawal charge schedule applicable to your contract:

Number of Years from

Contract Effective Date*

1 or more, but fewer than 2

2 or more, but fewer than 3

3 or more, but fewer than 4

4 or more, but fewer than 5

5 or more, but fewer than 6

6 or more, but fewer than 7

7 or more

Early Withdrawal Charge

The early withdrawal charge, in effect, is a deferred sales charge imposed to reimburse the Company for unrecovered acquisition and distribution costs.

Internal Exchanges. In the case of amounts transferred from a prior contract or arrangement issued or administered by the Company or certain of its affiliates, the “Number of Years from Contract Effective Date” is calculated from the date of the first purchase payment made under the individual’s account under the prior contract or if earlier, the effective date of the individual’s account under the prior contract or arrangement. There is no surrender charge under this contract on amounts transferred or rolled over as an internal transfer when the prior contract or arrangement imposed a front end load, there was no applicable surrender charge under the prior contract, or arrangement or if the prior contract or arrangement would not have assessed a surrender charge if the money had been transferred to a contract issued by a non–affiliated company.

_______________________

* For participants under a group contract, the early withdrawal charge will be calculated based upon the number of years from the certificate effective date.

PRO.109622-20

Reduction or Elimination of the Early Withdrawal Charge. We may reduce or eliminate the early withdrawal charge when sales of the contract are made to individuals or a group of individuals in such a manner that results in savings of sales expenses. The entitlement to such a reduction in the early withdrawal charge will be based on one or more of the following criteria:

• The size and type of group of individuals to whom the contract is offered;

• The type and frequency of administrative and sales services to be provided; or

• Whether there is a prior or existing relationship with the Company such as being an employee or former employee of the Company or one of its affiliates; receiving distributions or making internal transfers from other contracts or arrangements offered by the Company or one of its affiliates; or making transfers of amounts held under qualified plans sponsored by the Company or an affiliate.

Any reduction or elimination of the early withdrawal charge will not be unfairly discriminatory against any person.

Death Benefit

If the annuitant or both annuitants, as applicable, die before all guaranteed payments are paid, payments will continue to the beneficiary in the manner stated in your contract.

Payment of Death Benefit. Any death benefit will be paid in the form specified in the contract and will be distributed at least as rapidly as under the method of distribution in effect upon the date of death. See “FEDERAL Tax Considerations” for rules that apply if you have elected to delay your payment start date under a nonqualified annuity and you die before the annuity starting date. A lump–sum payment of any death benefit may be requested within six months following the date of death. If a lump–sum payment is requested, no early withdrawal charge is applied and payment will be sent within seven calendar days following our receipt of request in good order. A lump–sum payment may be requested at any time (even after the six month period) if you had elected the right to withdraw. If a cash refund feature was elected, the death benefit will be paid in one lump sum to the beneficiary.

At the time of death benefit election, the beneficiary may elect to receive the death benefit proceeds directly by check rather than through the retained asset account draftbook feature by notifying us at the address referenced under the “Contract Overview – Questions: Contacting the Company” section of this prospectus.

If the contract holder who is not the annuitant dies, income payments will continue to be paid to the payee in the form specified in the contract. If no payee survives the death of the contract holder, income payments will be made to the annuitant. Such payments will be paid at least as rapidly as under the method of distribution then in effect.

Death Benefit Amount. If you elect a right to withdraw, the death benefit value will be determined as described under “Withdrawal” in this Appendix. No early withdrawal charge will apply. If the contract is issued with guaranteed payments and with no right to withdraw, the rate used to determine the value of the remaining guaranteed payments will be the fixed annuity present value interest rate shown in the contract.

The value of the death benefit will be determined as of the next valuation following the Company’s receipt at its Customer Service of proof of death acceptable to us and a request for payment in good order.

PRO.109622-20

APPENDIX II

FUND DESCRIPTIONS

The investment results of the mutual funds (funds) are likely to differ significantly and there is no assurance that any of the funds will achieve their respective investment objectives. You should consider the investment objectives, risks and charges, and expenses of the funds carefully before investing. Please refer to the fund prospectuses for additional information. Shares of the funds will rise and fall in value and you could lose money by investing in the funds. Shares of the funds are not bank deposits and are not guaranteed, endorsed or insured by any financial institution, the FDIC or any other government agency. Except as noted, all funds are diversified, as defined under the 1940 Act. Fund prospectuses may be obtained free of charge at the address and telephone number referenced under “Contract Overview – Questions: Contacting the Company,” by accessing the SEC’s web site or by contacting the SEC Public Reference Branch. If you have received a summary prospectus for any of the funds available through your contract, you may obtain a full prospectus and other fund information free of charge by either accessing the internet address, calling the telephone number or sending an email request to the email address shown on the front of the fund’s summary prospectus.

Certain funds offered under the contracts have investment objectives and policies similar to other funds managed by the fund’s investment adviser. The investment results of a fund may be higher or lower than those of other funds managed by the same adviser. There is no assurance and no representation is made that the investment results of any fund will be comparable to those of another fund managed by the same investment adviser.

For the share class of each fund offered through your contract, please see the cover page.

Fund Name

Investment Adviser/Subadviser

Investment Objective(s)

Calvert VP SRI Balanced Portfolio

Investment Adviser: Calvert Research and Management

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.

Fidelity^® VIP Contrafund^SMPortfolio

Investment Adviser: Fidelity Management & Research LLC is the fund’s manager. Other investment advisers serve as subadvisers for the fund.

Seeks long–term capital appreciation.

Fidelity^® VIP Equity–Income Portfolio^SM

Investment Adviser: Fidelity Management & Research Company LLC is the fund’s manager. Other investment advisers serve as subadvisers for the fund.

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 Growth Portfolio

Investment Adviser: Fidelity Management & Research Company LLC is the fund’s manager. Other investment advisers serve as subadvisers for the fund.

Seeks to achieve capital appreciation.

Franklin Small Cap Value VIP Fund

Investment Adviser: Franklin Mutual Advisers, LLC

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.

PRO.109622-20

Fund Name Investment Adviser/Subadviser	Investment Objective(s)
Invesco V.I. American Franchise Fund Investment Adviser: Invesco Advisers, Inc.	Seeks capital growth.
Invesco V.I. Core Equity Fund Investment Adviser: Invesco Advisers, Inc.	Seeks long–term growth of capital.
Lord Abbett Series Fund, Inc. – Mid Cap Stock Portfolio Investment Adviser: Lord, Abbett & Co. LLC	Seeks to deliver long–term growth of capital by investing primarily in stocks of mid–sized U.S. companies.
Voya Balanced Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC	Seeks total return consisting of capital appreciation (both realized and unrealized) and current income; the secondary investment objective is long–term capital appreciation.
Voya Global Bond Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC	Seeks to maximize total return through a combination of current income and capital appreciation.
Voya Global High Dividend Low Volatility Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC	Seeks long–term capital growth and current income.
Voya Government Money Market Portfolio* Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC * There is no guarantee that the Voya Government Money Market Portfolio subaccount will have a positive or level return.	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 Growth and Income Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC	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 High Yield Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC	Seeks to provide investors with a high level of current income and total return.

PRO.109622-20

Fund Name

Investment Adviser/Subadviser

Investment Objective(s)

Voya Index Plus LargeCap Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

Seeks to outperform the total return performance of the S&P 500^® Index while maintaining a market level of risk.

Voya Index Plus MidCap Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

Seeks to outperform the total return performance of the S&P MidCap 400^® Index while maintaining a market level of risk.

Voya Index Plus SmallCap Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

Seeks to outperform the total return performance of the S&P SmallCap 600^® Index while maintaining a market level of risk.

Voya Intermediate Bond Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

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 International High Dividend Low Volatility Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

Seeks maximum total return.

Voya International Index Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

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 Large Cap Growth Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

Seeks long–term capital growth.

Voya Large Cap Value Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

Seeks long–term growth of capital and current income.

PRO.109622-20

Fund Name

Investment Adviser/Subadviser

Investment Objective(s)

Voya Russell^TMLarge Cap Growth Index Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

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 Russell^TMLarge Cap Index Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

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 Small Company Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

Seeks growth of capital primarily through investment in a diversified portfolio of common stock of companies with smaller market capitalizations.

Voya Strategic Allocation Conservative Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

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

Voya Strategic Allocation Growth Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

Seeks to provide capital appreciation.

Voya Strategic Allocation Moderate Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Voya Investment Management Co. LLC

Seeks to provide total return (i.e., income and capital appreciation, both realized and unrealized).

VY^® American Century Small-Mid Cap Value Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: American Century Investment Management, Inc.

Seeks long–term capital growth. Income is a secondary objective.

VY^® Baron Growth Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: BAMCO, Inc.

Seeks capital appreciation.

VY^® Clarion Real Estate Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: CBRE Clarion Securities LLC

Seeks total return including capital appreciation and current income.

PRO.109622-20

Fund Name

Investment Adviser/Subadviser

Investment Objective(s)

VY^® Columbia Contrarian Core Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Columbia Management Investment Advisers, LLC

Seeks total return consisting of long–term capital appreciation and current income.

VY^® Invesco Comstock Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Invesco Advisers, Inc.

Seeks capital growth and income.

VY^® Invesco Equity and Income Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Invesco Advisers, Inc.

Seeks total return consisting of long–term capital appreciation and current income.

VY^® Invesco Oppenheimer Global Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: Invesco Advisers, Inc.

Seeks capital appreciation.

VY^® JPMorgan Mid Cap Value Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: J.P. Morgan Investment Management Inc.

Seeks growth from capital appreciation.

VY^® T. Rowe Price Diversified Mid Cap Growth Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: T. Rowe Price Associates, Inc.

Seeks long–term capital appreciation.

VY^® T. Rowe Price Equity Income Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: T. Rowe Price Associates, Inc.

Seeks a high level of dividend income as well as long–term growth of capital primarily through investments in stocks.

VY^® T. Rowe Price Growth Equity Portfolio

Investment Adviser: Voya Investments, LLC

Subadviser: T. Rowe Price Associates, Inc.

Seeks long–term growth through investments in stocks.

PRO.109622-20

APPENDIX III

CALCULATION OF PRESENT VALUE OF REMAINING
GUARANTEED VARIABLE OR
FIXED INCOME PAYMENTS

To the extent that the contracts allow for the full or partial withdrawal of the present value of remaining guaranteed variable or fixed income payments, the present value for each will be calculated as follows:

Withdrawals – Variable Income

The present value of remaining guaranteed variable income payments is calculated as follows:

Present Value = [ Units x Current Unit Value ] x Annuity Factor

Where Annuity Factor equals:

Annuity Factor = [ ( 1 – v ^ n ) / d ] x { 1 / [ ( 1 + i ) ^ ( b / ( 365 / m ) ) ] }

Notes: [ ( 1 – v ^ n ) / d ] is the present value of $1 / mode with the first payment due immediately.

{ 1 / [ ( 1 + i ) ^ ( b / ( 365 / m ) ) ] } is a discount factor representing the time value difference between the first payment being due immediately and the actual number of days before the first payment is due.

Where:

i = [( 1 + AIR ) ^ ( 1 / mode )] – 1

v = 1 / ( 1 + i )

d = i / ( 1 + i )

n = number of remaining guaranteed payments

m = number of payments per year (mode)

b = days until the next scheduled payment

This is calculated for each fund held and summed for a total present value amount.

PRO.109622-20

Withdrawals – Fixed Income

The present value of remaining guaranteed fixed income payments is calculated as follows:

Present Value = Fixed Benefit x Annuity Factor

Where Annuity Factor equals:

Annuity Factor = [ ( 1 – v ^ n ) / d ] x { 1 / [ ( 1 + i ) ^ ( b / ( 365 / m ) ) ] }

Notes: [ ( 1 – v ^ n ) / d ] is the present value of $1 / mode with the first payment due immediately.

Where:

i = [( 1 + adjusted contract rate ) ^ ( 1 / mode )] – 1

v = 1 / ( 1 + i )

d = i / ( 1 + i )

n = number of remaining guaranteed payments

m = number of payments per year (mode)

b = days until the next scheduled payment

Examples

Withdrawal (assuming variable income with one fund)

The present value of remaining guaranteed variable income payments is calculated as follows (assumes 24 remaining monthly payments will be fully withdrawn):

Let Units = 10 and Current Unit Value = $15,

Present Value = 10 x $15 x 23.1825 = $3,477.37

Where Annuity Factor equals:

[ ( 1 – 0.997137 ^ 24 ) / 0.002863 ] x { 1 / [ ( 1 + 0.002871 ) ^ ( 20 / ( 365 / 12 ) ) ] }

= 23.1825

Where:

Let AIR = 3.5%

i = [( 1 + 0.035 ) ^ ( 1 / 12 )] – 1 = 0.002871

v = 1 / ( 1 + 0.002871 ) = 0.997137

d = 0.002871 / ( 1 + 0.002871 ) = 0.002863

n = 24

m = 12

b = 20

PRO.109622-20

Withdrawals (assuming fixed income)

The present value of remaining guaranteed fixed income payments is calculated as follows (assumes 24 remaining monthly payments will be fully withdrawn) (using equivalent assumptions as the variable example to see the similarity):

Let Fixed Benefit = $150,

Present Value = $150 x 23.1825 = $3,477.37

Where Annuity Factor equals:

[ ( 1 – 0.997137 ^ 24 ) / 0.002863 ] x { 1 / [ ( 1 + 0.002871 ) ^ ( 20 / ( 365 / 12 ) ) ] }

= 23.1825

Where:

Let the Adjusted Contract Rate = 3.5%

i = [( 1 + 0.035 ) ^ ( 1 / 12 )] – 1 = 0.002871

v = 1 / ( 1 + 0.002871 ) = 0.997137

d = 0.002871 / ( 1 + 0.002871 ) = 0.002863

n = 24

m = 12

b = 20

PRO.109622-20

APPENDIX IV

CONDENSED FINANCIAL INFORMATION

Fund name changes after December 31, 2019 are not reflected in the following information.

TABLE I

FOR CONTRACTS WITH TOTAL SEPARATE ACCOUNT CHARGES OF 0.95%
ASSUMED ANNUAL NET RETURN RATE OF 3.50%

(Selected data for annuity units outstanding throughout each period, unaudited)

	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
CALVERT VP SRI BALANCED PORTFOLIO (CLASS I)
Value at beginning of period	$10.88	$11.68	$10.90	$10.56	$11.28	$10.75	$9.52	$9.00	$9.00	$8.39
Value at end of period	$12.95	$10.88	$11.68	$10.90	$10.56	$11.28	$10.75	$9.52	$9.00	$9.00
FIDELITY® VIP CONTRAFUND^SM PORTFOLIO (INITIAL CLASS)
Value at beginning of period	$17.20	$19.21	$16.46	$15.93	$16.53	$15.43	$12.28	$11.02	$11.82	$10.53
Value at end of period	$21.66	$17.20	$19.21	$16.46	$15.93	$16.53	$15.43	$12.28	$11.02	$11.82
FIDELITY® VIP EQUITY-INCOME PORTFOLIO^SM (INITIAL CLASS)
Value at beginning of period	$12.29	$14.00	$12.96	$11.47	$12.48	$12.00	$9.78	$8.71	$9.02	$8.19
Value at end of period	$14.98	$12.29	$14.00	$12.96	$11.47	$12.48	$12.00	$9.78	$8.71	$9.02
FIDELITY® VIP GROWTH PORTFOLIO (INITIAL CLASS)
Value at beginning of period	$15.83	$16.57	$12.81	$13.28	$12.95	$12.16	$9.32	$8.49	$8.85	$7.46
Value at end of period	$20.35	$15.83	$16.57	$12.81	$13.28	$12.95	$12.16	$9.32	$8.49	$8.85
FRANKLIN SMALL CAP VALUE VIP FUND (CLASS 2)
Value at beginning of period	$15.96	$19.15	$18.08	$14.51	$16.37	$17.01	$13.04	$11.51	$12.50	$10.19
Value at end of period	$19.30	$15.96	$19.15	$18.08	$14.51	$16.37	$17.01	$13.04	$11.51	$12.50
INVESCO V.I. CORE EQUITY FUND (SERIES I)
Value at beginning of period	$12.42	$14.33	$13.23	$12.53	$13.90	$13.43	$10.86	$9.96	$10.41	$9.93
Value at end of period	$15.33	$12.42	$14.33	$13.23	$12.53	$13.90	$13.43	$10.86	$9.96	$10.41
LORD ABBETT SERIES FUND, INC. - MID CAP STOCK PORTFOLIO (CLASS VC)
Value at beginning of period	$12.24	$15.06	$14.73	$13.22	$14.36	$13.45	$10.79	$9.84	$10.71	$8.92
Value at end of period	$14.37	$12.24	$15.06	$14.73	$13.22	$14.36	$13.45	$10.79	$9.84	$10.71
VOYA BALANCED PORTFOLIO (CLASS I)
Value at beginning of period	$10.42	$11.69	$10.65	$10.32	$10.99	$10.81	$9.68	$8.90	$9.42	$8.63
Value at end of period	$11.88	$10.42	$11.69	$10.65	$10.32	$10.99	$10.81	$9.68	$8.90	$9.42
VOYA GLOBAL BOND PORTFOLIO (CLASS I)
Value at beginning of period	$9.25	$9.87	$9.40	$9.24	$10.09	$10.50	$11.43	$11.07	$11.15	$10.06
Value at end of period	$9.55	$9.25	$9.87	$9.40	$9.24	$10.09	$10.50	$11.43	$11.07	$11.15
VOYA GOVERNMENT MONEY MARKET PORTFOLIO (CLASS I)
Value at beginning of period	$6.28	$6.46	$6.71	$7.01	$7.32	$7.65	$7.99	$8.35	$8.72	$9.09
Value at end of period	$6.12	$6.28	$6.46	$6.71	$7.01	$7.32	$7.65	$7.99	$8.35	$8.72
VOYA GROWTH AND INCOME PORTFOLIO (CLASS I)
Value at beginning of period	$14.16	$15.49	$13.45	$12.80	$13.57	$12.80	$10.24	$9.24	$9.68	$8.86
Value at end of period	$17.46	$14.16	$15.49	$13.45	$12.80	$13.57	$12.80	$10.24	$9.24	$9.68
VOYA INDEX PLUS LARGECAP PORTFOLIO (CLASS I)
Value at beginning of period	$14.17	$15.90	$13.33	$12.63	$13.08	$12.01	$9.44	$8.62	$9.01	$8.26
Value at end of period	$17.64	$14.17	$15.90	$13.33	$12.63	$13.08	$12.01	$9.44	$8.62	$9.01

CFI 1

Condensed Financial Information (continued)

	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
VOYA INDEX PLUS MIDCAP PORTFOLIO (CLASS I)
Value at beginning of period	$14.85	$18.12	$16.67	$14.74	$15.68	$14.96	$11.61	$10.31	$10.90	$9.34
Value at end of period	$18.06	$14.85	$18.12	$16.67	$14.74	$15.68	$14.96	$11.61	$10.31	$10.90
VOYA INDEX PLUS SMALLCAP PORTFOLIO (CLASS I)
Value at beginning of period	$14.49	$17.29	$16.43	$13.48	$14.56	$14.43	$10.56	$9.82	$10.34	$8.79
Value at end of period	$16.89	$14.49	$17.29	$16.43	$13.48	$14.56	$14.43	$10.56	$9.82	$10.34
VOYA INTERMEDIATE BOND PORTFOLIO (CLASS I)
Value at beginning of period	$9.34	$9.82	$9.76	$9.86	$10.24	$10.03	$10.50	$10.03	$9.74	$9.27
Value at end of period	$9.81	$9.34	$9.82	$9.76	$9.86	$10.24	$10.03	$10.50	$10.03	$9.74
VOYA INTERNATIONAL INDEX PORTFOLIO (CLASS I)
Value at beginning of period	$12.23	$14.82	$12.40	$12.85	$13.54	$15.04	$12.94	$11.39	$13.55	$13.13
Value at end of period	$14.21	$12.23	$14.82	$12.40	$12.85	$13.54	$15.04	$12.94	$11.39	$13.55
VOYA LARGE CAP GROWTH PORTFOLIO (CLASS I)
(Funds were first received in this option during January 2011)
Value at beginning of period	$20.68	$21.94	$17.66	$17.75	$17.44	$16.04	$12.80	$11.32	$11.67
Value at end of period	$26.27	$20.68	$21.94	$17.66	$17.75	$17.44	$16.04	$12.80	$11.32
VOYA LARGE CAP VALUE PORTFOLIO (CLASS I)
Value at beginning of period	$9.88	$11.20	$10.30	$9.45	$10.34	$9.81	$7.83	$7.14	$7.20	$6.31
Value at end of period	$11.83	$9.88	$11.20	$10.30	$9.45	$10.34	$9.81	$7.83	$7.14	$7.20
VOYA MULTI-MANAGER LARGE CAP CORE PORTFOLIO (CLASS I)
Value at beginning of period	$30.47	$14.84	$12.73	$12.23	$12.82	$11.62	$9.29	$8.79	$9.59	$8.63
Value at end of period	$29.16	$30.47	$14.84	$12.73	$12.23	$12.82	$11.62	$9.29	$8.79	$9.59
VOYA RUSSELL^TM LARGE CAP GROWTH INDEX PORTFOLIO (CLASS I)
Value at beginning of period	$25.14	$26.54	$21.12	$20.71	$20.11	$18.58	$14.71	$13.42	$13.46	$12.47
Value at end of period	$32.69	$25.14	$26.54	$21.12	$20.71	$20.11	$18.58	$14.71	$13.42	$13.46
VOYA RUSSELL^TM LARGE CAP INDEX PORTFOLIO (CLASS S)
Value at beginning of period	$21.82	$23.67	$20.23	$19.09	$19.59	$18.18	$14.42	$13.07	$13.37	$12.47
Value at end of period	$27.34	$21.82	$23.67	$20.23	$19.09	$19.59	$18.18	$14.42	$13.07	$13.37
VOYA SMALL COMPANY PORTFOLIO (CLASS I)
Value at beginning of period	$16.32	$20.27	$19.03	$15.97	$16.82	$16.49	$12.51	$11.42	$12.23	$10.28
Value at end of period	$19.71	$16.32	$20.27	$19.03	$15.97	$16.82	$16.49	$12.51	$11.42	$12.23
VOYA STRATEGIC ALLOCATION CONSERVATIVE PORTFOLIO (CLASS I)
Value at beginning of period	$10.09	$10.99	$10.38	$10.27	$10.75	$10.53	$9.82	$9.13	$9.38	$8.82
Value at end of period	$11.08	$10.09	$10.99	$10.38	$10.27	$10.75	$10.53	$9.82	$9.13	$9.38
VOYA STRATEGIC ALLOCATION GROWTH PORTFOLIO (CLASS I)
Value at beginning of period	$10.90	$12.42	$11.01	$10.76	$11.38	$11.15	$9.52	$8.65	$9.31	$8.61
Value at end of period	$12.81	$10.90	$12.42	$11.01	$10.76	$11.38	$11.15	$9.52	$8.65	$9.31
VOYA STRATEGIC ALLOCATION MODERATE PORTFOLIO (CLASS I)
Value at beginning of period	$10.54	$11.73	$10.70	$10.49	$11.02	$10.79	$9.67	$8.90	$9.35	$8.72
Value at end of period	$12.03	$10.54	$11.73	$10.70	$10.49	$11.02	$10.79	$9.67	$8.90	$9.35
VY® AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO (CLASS S)
Value at beginning of period	$17.50	$21.35	$20.08	$16.91	$17.98	$16.70	$13.29	$11.93	$12.88	$11.03
Value at end of period	$21.88	$17.50	$21.35	$20.08	$16.91	$17.98	$16.70	$13.29	$11.93	$12.88
VY® BARON GROWTH PORTFOLIO (CLASS S)
Value at beginning of period	$19.29	$20.55	$16.75	$16.62	$18.28	$18.31	$13.78	$12.03	$12.30	$10.16
Value at end of period	$25.58	$19.29	$20.55	$16.75	$16.62	$18.28	$18.31	$13.78	$12.03	$12.30
VY® CLARION REAL ESTATE PORTFOLIO (CLASS I)
Value at beginning of period	$11.28	$12.74	$12.62	$12.62	$12.77	$10.25	$10.47	$9.44	$8.99	$7.32
Value at end of period	$13.87	$11.28	$12.74	$12.62	$12.62	$12.77	$10.25	$10.47	$9.44	$8.99
VY® COLUMBIA CONTRARIAN CORE PORTFOLIO (CLASS S)
Value at beginning of period	$12.02	$13.80	$11.86	$11.43	$11.60	$10.75	$8.33	$7.76	$8.50	$7.93
Value at end of period	$15.31	$12.02	$13.80	$11.86	$11.43	$11.60	$10.75	$8.33	$7.76	$8.50

CFI 2

Condensed Financial Information (continued)

	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
VY® INVESCO COMSTOCK PORTFOLIO (CLASS S)
Value at beginning of period	$12.84	$15.32	$13.60	$12.07	$13.41	$12.84	$9.94	$8.75	$9.34	$8.47
Value at end of period	$15.39	$12.84	$15.32	$13.60	$12.07	$13.41	$12.84	$9.94	$8.75	$9.34
VY® INVESCO EQUITY AND INCOME PORTFOLIO (CLASS I)
Value at beginning of period	$12.65	$14.61	$13.76	$12.47	$13.31	$12.76	$10.67	$9.89	$10.44	$9.72
Value at end of period	$14.54	$12.65	$14.61	$13.76	$12.47	$13.31	$12.76	$10.67	$9.89	$10.44
VY® INVESCO OPPENHEIMER GLOBAL PORTFOLIO (CLASS I)
Value at beginning of period	$14.04	$16.90	$12.94	$13.49	$13.54	$13.82	$11.36	$9.76	$11.11	$9.99
Value at end of period	$17.71	$14.04	$16.90	$12.94	$13.49	$13.54	$13.82	$11.36	$9.76	$11.11
VY® JPMORGAN MID CAP VALUE PORTFOLIO (CLASS S)
Value at beginning of period	$17.07	$20.32	$18.67	$17.01	$18.33	$16.65	$13.23	$11.52	$11.82	$10.04
Value at end of period	$20.62	$17.07	$20.32	$18.67	$17.01	$18.33	$16.65	$13.23	$11.52	$11.82
VY® T. ROWE PRICE DIVERSIFIED MID CAP GROWTH PORTFOLIO (CLASS I)
Value at beginning of period	$18.78	$20.28	$16.98	$16.51	$16.91	$15.81	$12.22	$10.99	$11.93	$9.70
Value at end of period	$24.65	$18.78	$20.28	$16.98	$16.51	$16.91	$15.81	$12.22	$10.99	$11.93
VY® T. ROWE PRICE EQUITY INCOME PORTFOLIO (CLASS S)
Value at beginning of period	$18.52	$21.35	$19.19	$16.88	$18.94	$18.42	$14.84	$13.23	$13.94	$12.68
Value at end of period	$22.40	$18.52	$21.35	$19.19	$16.88	$18.94	$18.42	$14.84	$13.23	$13.94
VY® T. ROWE PRICE GROWTH EQUITY PORTFOLIO (CLASS I)
Value at beginning of period	$18.98	$20.06	$15.69	$16.15	$15.23	$14.64	$10.98	$9.65	$10.19	$9.11
Value at end of period	$23.77	$18.98	$20.06	$15.69	$16.15	$15.23	$14.64	$10.98	$9.65	$10.19

TABLE II

FOR CONTRACTS WITH TOTAL SEPARATE ACCOUNT CHARGES OF 0.95%
ASSUMED ANNUAL NET RETURN RATE OF 5.00%

(Selected data for annuity units outstanding throughout each period, unaudited)

	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
CALVERT VP SRI BALANCED PORTFOLIO (CLASS I)
Value at beginning of period	$8.77	$9.56	$9.04	$8.89	$9.63	$9.32	$8.37	$8.03	$8.14	$7.70
Value at end of period	$10.29	$8.77	$9.56	$9.04	$8.89	$9.63	$9.32	$8.37	$8.03	$8.14
FIDELITY® VIP CONTRAFUND^SM PORTFOLIO (INITIAL CLASS)
Value at beginning of period	$13.87	$15.71	$13.66	$13.41	$14.12	$13.37	$10.79	$9.83	$10.69	$9.67
Value at end of period	$17.22	$13.87	$15.71	$13.66	$13.41	$14.12	$13.37	$10.79	$9.83	$10.69
FIDELITY® VIP EQUITY-INCOME PORTFOLIO^SM (INITIAL CLASS)
Value at beginning of period	$9.91	$11.45	$10.75	$9.66	$10.66	$10.39	$8.60	$7.77	$8.16	$7.51
Value at end of period	$11.91	$9.91	$11.45	$10.75	$9.66	$10.66	$10.39	$8.60	$7.77	$8.16
FIDELITY® VIP GROWTH PORTFOLIO (INITIAL CLASS)
Value at beginning of period	$12.76	$13.56	$10.63	$11.18	$11.06	$10.53	$8.19	$7.57	$8.01	$6.84
Value at end of period	$16.17	$12.76	$13.56	$10.63	$11.18	$11.06	$10.53	$8.19	$7.57	$8.01
FRANKLIN SMALL CAP VALUE VIP FUND (CLASS 2)
Value at beginning of period	$12.87	$15.66	$15.00	$12.21	$13.98	$14.73	$11.46	$10.27	$11.31	$9.35
Value at end of period	$15.33	$12.87	$15.66	$15.00	$12.21	$13.98	$14.73	$11.46	$10.27	$11.31
INVESCO V.I. CORE EQUITY FUND (SERIES I)
Value at beginning of period	$10.01	$11.72	$10.97	$10.55	$11.87	$11.63	$9.54	$8.88	$9.42	$9.11
Value at end of period	$12.18	$10.01	$11.72	$10.97	$10.55	$11.87	$11.63	$9.54	$8.88	$9.42
LORD ABBETT SERIES FUND, INC. - MID CAP STOCK PORTFOLIO (CLASS VC)
Value at beginning of period	$9.87	$12.32	$12.22	$11.13	$12.26	$11.65	$9.48	$8.77	$9.69	$8.19
Value at end of period	$11.42	$9.87	$12.32	$12.22	$11.13	$12.26	$11.65	$9.48	$8.77	$9.69

CFI 3

Condensed Financial Information (continued)

	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
VOYA BALANCED PORTFOLIO (CLASS I)
Value at beginning of period	$8.41	$9.57	$8.84	$8.69	$9.38	$9.37	$8.51	$7.94	$8.52	$7.92
Value at end of period	$9.44	$8.41	$9.57	$8.84	$8.69	$9.38	$9.37	$8.51	$7.94	$8.52
VOYA GLOBAL BOND PORTFOLIO (CLASS I)
Value at beginning of period	$7.59	$8.22	$7.94	$7.92	$8.77	$9.26	$10.23	$10.05	$10.27	$9.40
Value at end of period	$7.73	$7.59	$8.22	$7.94	$7.92	$8.77	$9.26	$10.23	$10.05	$10.27
VOYA GOVERNMENT MONEY MARKET PORTFOLIO (CLASS I)
Value at beginning of period	$5.06	$5.29	$5.57	$5.90	$6.25	$6.63	$7.03	$7.45	$7.89	$8.34
Value at end of period	$4.87	$5.06	$5.29	$5.57	$5.90	$6.25	$6.63	$7.03	$7.45	$7.89
VOYA GROWTH AND INCOME PORTFOLIO (CLASS I)
Value at beginning of period	$11.41	$12.67	$11.16	$10.77	$11.59	$11.09	$9.00	$8.24	$8.76	$8.13
Value at end of period	$13.88	$11.41	$12.67	$11.16	$10.77	$11.59	$11.09	$9.00	$8.24	$8.76
VOYA INDEX PLUS LARGECAP PORTFOLIO (CLASS I)
Value at beginning of period	$11.43	$13.00	$11.06	$10.63	$11.17	$10.40	$8.30	$7.68	$8.15	$7.58
Value at end of period	$14.02	$11.43	$13.00	$11.06	$10.63	$11.17	$10.40	$8.30	$7.68	$8.15
VOYA INDEX PLUS MIDCAP PORTFOLIO (CLASS I)
Value at beginning of period	$11.97	$14.82	$13.83	$12.41	$13.39	$12.96	$10.21	$9.19	$9.86	$8.57
Value at end of period	$14.35	$11.97	$14.82	$13.83	$12.41	$13.39	$12.96	$10.21	$9.19	$9.86
VOYA INDEX PLUS SMALLCAP PORTFOLIO (CLASS I)
Value at beginning of period	$11.68	$14.14	$13.63	$11.35	$12.43	$12.50	$9.28	$8.76	$9.35	$8.07
Value at end of period	$13.42	$11.68	$14.14	$13.63	$11.35	$12.43	$12.50	$9.28	$8.76	$9.35
VOYA INTERMEDIATE BOND PORTFOLIO (CLASS I)
Value at beginning of period	$7.53	$8.03	$8.10	$8.30	$8.75	$8.69	$9.23	$8.94	$8.81	$8.50
Value at end of period	$7.79	$7.53	$8.03	$8.10	$8.30	$8.75	$8.69	$9.23	$8.94	$8.81
VOYA INTERNATIONAL INDEX PORTFOLIO (CLASS I)
Value at beginning of period	$10.64	$13.08	$11.10	$11.67	$12.48	$14.07	$12.28	$10.96	$13.23	$13.00
Value at end of period	$12.19	$10.64	$13.08	$11.10	$11.67	$12.48	$14.07	$12.28	$10.96	$13.23
VOYA LARGE CAP GROWTH PORTFOLIO (CLASS I)
(Funds were first received in this option during January 2011)
Value at beginning of period	$17.08	$18.39	$15.02	$15.31	$15.26	$14.24	$11.53	$10.35	$10.82
Value at end of period	$21.39	$17.08	$18.39	$15.02	$15.31	$15.26	$14.24	$11.53	$10.35
VOYA LARGE CAP VALUE PORTFOLIO (CLASS I)
Value at beginning of period	$8.26	$9.50	$8.87	$8.26	$9.16	$8.82	$7.14	$6.60	$6.76	$6.00
Value at end of period	$9.75	$8.26	$9.50	$8.87	$8.26	$9.16	$8.82	$7.14	$6.60	$6.76
VOYA MULTI-MANAGER LARGE CAP CORE PORTFOLIO (CLASS I)
Value at beginning of period	$25.18	$12.44	$10.83	$10.55	$11.22	$10.31	$8.37	$8.03	$8.89	$8.11
Value at end of period	$23.75	$25.18	$12.44	$10.83	$10.55	$11.22	$10.31	$8.37	$8.03	$8.89
VOYA RUSSELL^TM LARGE CAP GROWTH INDEX PORTFOLIO (CLASS I)
Value at beginning of period	$21.88	$23.43	$18.92	$18.81	$18.54	$17.37	$13.95	$12.92	$13.14	$12.35
Value at end of period	$28.04	$21.88	$23.43	$18.92	$18.81	$18.54	$17.37	$13.95	$12.92	$13.14
VOYA RUSSELL^TM LARGE CAP INDEX PORTFOLIO (CLASS S)
Value at beginning of period	$18.98	$20.90	$18.12	$17.34	$18.06	$17.00	$13.68	$12.58	$13.05	$12.35
Value at end of period	$23.45	$18.98	$20.90	$18.12	$17.34	$18.06	$17.00	$13.68	$12.58	$13.05
VOYA SMALL COMPANY PORTFOLIO (CLASS I)
Value at beginning of period	$13.16	$16.58	$15.79	$13.44	$14.36	$14.29	$11.00	$10.18	$11.06	$9.43
Value at end of period	$15.66	$13.16	$16.58	$15.79	$13.44	$14.36	$14.29	$11.00	$10.18	$11.06
VOYA STRATEGIC ALLOCATION CONSERVATIVE PORTFOLIO (CLASS I)
Value at beginning of period	$8.13	$8.99	$8.62	$8.64	$9.18	$9.13	$8.63	$8.14	$8.48	$8.09
Value at end of period	$8.81	$8.13	$8.99	$8.62	$8.64	$9.18	$9.13	$8.63	$8.14	$8.48
VOYA STRATEGIC ALLOCATION GROWTH PORTFOLIO (CLASS I)
Value at beginning of period	$8.78	$10.16	$9.14	$9.06	$9.71	$9.66	$8.37	$7.72	$8.42	$7.90
Value at end of period	$10.18	$8.78	$10.16	$9.14	$9.06	$9.71	$9.66	$8.37	$7.72	$8.42

CFI 4

Condensed Financial Information (continued)

	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
VOYA STRATEGIC ALLOCATION MODERATE PORTFOLIO (CLASS I)
Value at beginning of period	$8.50	$9.59	$8.88	$8.83	$9.41	$9.35	$8.50	$7.93	$8.46	$8.00
Value at end of period	$9.56	$8.50	$9.59	$8.88	$8.83	$9.41	$9.35	$8.50	$7.93	$8.46
VY® AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO (CLASS S)
Value at beginning of period	$14.11	$17.46	$16.66	$14.23	$15.35	$14.47	$11.68	$10.64	$11.65	$10.12
Value at end of period	$17.39	$14.11	$17.46	$16.66	$14.23	$15.35	$14.47	$11.68	$10.64	$11.65
VY® BARON GROWTH PORTFOLIO (CLASS S)
Value at beginning of period	$15.55	$16.81	$13.90	$13.99	$15.61	$15.86	$12.11	$10.73	$11.12	$9.32
Value at end of period	$20.33	$15.55	$16.81	$13.90	$13.99	$15.61	$15.86	$12.11	$10.73	$11.12
VY® CLARION REAL ESTATE PORTFOLIO (CLASS I)
Value at beginning of period	$9.40	$10.77	$10.82	$10.98	$11.28	$9.18	$9.51	$8.70	$8.40	$6.94
Value at end of period	$11.39	$9.40	$10.77	$10.82	$10.98	$11.28	$9.18	$9.51	$8.70	$8.40
VY® COLUMBIA CONTRARIAN CORE PORTFOLIO (CLASS S)
Value at beginning of period	$9.69	$11.29	$9.84	$9.62	$9.91	$9.31	$7.32	$6.92	$7.69	$7.27
Value at end of period	$12.16	$9.69	$11.29	$9.84	$9.62	$9.91	$9.31	$7.32	$6.92	$7.69
VY® INVESCO COMSTOCK PORTFOLIO (CLASS S)
Value at beginning of period	$10.35	$12.53	$11.29	$10.16	$11.45	$11.12	$8.73	$7.80	$8.45	$7.78
Value at end of period	$12.23	$10.35	$12.53	$11.29	$10.16	$11.45	$11.12	$8.73	$7.80	$8.45
VY® INVESCO EQUITY AND INCOME PORTFOLIO (CLASS I)
Value at beginning of period	$10.39	$12.17	$11.63	$10.69	$11.57	$11.26	$9.55	$8.98	$9.62	$9.08
Value at end of period	$11.77	$10.39	$12.17	$11.63	$10.69	$11.57	$11.26	$9.55	$8.98	$9.62
VY® INVESCO OPPENHEIMER GLOBAL PORTFOLIO (CLASS I)
Value at beginning of period	$11.52	$14.08	$10.93	$11.56	$11.77	$12.19	$10.17	$8.86	$10.21	$9.33
Value at end of period	$14.33	$11.52	$14.08	$10.93	$11.56	$11.77	$12.19	$10.17	$8.86	$10.21
VY® JPMORGAN MID CAP VALUE PORTFOLIO (CLASS S)
Value at beginning of period	$13.76	$16.62	$15.49	$14.31	$15.65	$14.43	$11.63	$10.27	$10.69	$9.22
Value at end of period	$16.39	$13.76	$16.62	$15.49	$14.31	$15.65	$14.43	$11.63	$10.27	$10.69
VY® T. ROWE PRICE DIVERSIFIED MID CAP GROWTH PORTFOLIO (CLASS I)
Value at beginning of period	$15.42	$16.89	$14.35	$14.16	$14.71	$13.94	$10.93	$9.98	$10.99	$9.06
Value at end of period	$19.95	$15.42	$16.89	$14.35	$14.16	$14.71	$13.94	$10.93	$9.98	$10.99
VY® T. ROWE PRICE EQUITY INCOME PORTFOLIO (CLASS S)
Value at beginning of period	$16.11	$18.84	$17.18	$15.33	$17.46	$17.22	$14.07	$12.73	$13.61	$12.55
Value at end of period	$19.22	$16.11	$18.84	$17.18	$15.33	$17.46	$17.22	$14.07	$12.73	$13.61
VY® T. ROWE PRICE GROWTH EQUITY PORTFOLIO (CLASS I)
Value at beginning of period	$15.30	$16.40	$13.02	$13.59	$13.00	$12.68	$9.65	$8.61	$9.22	$8.36
Value at end of period	$18.89	$15.30	$16.40	$13.02	$13.59	$13.00	$12.68	$9.65	$8.61	$9.22

TABLE III

FOR CONTRACTS WITH TOTAL SEPARATE ACCOUNT CHARGES OF 1.95%
ASSUMED ANNUAL NET RETURN RATE OF 3.50%

(Selected data for annuity units outstanding throughout each period, unaudited)

	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
CALVERT VP SRI BALANCED PORTFOLIO (CLASS I)
Value at beginning of period	$9.35	$10.14	$9.56	$9.35	$10.09	$9.72	$8.69	$8.30	$8.38	$7.89
Value at end of period	$11.02	$9.35	$10.14	$9.56	$9.35	$10.09	$9.72	$8.69	$8.30	$8.38
FIDELITY® VIP EQUITY-INCOME PORTFOLIO^SM (INITIAL CLASS)
Value at beginning of period	$10.55	$12.15	$11.36	$10.16	$11.17	$10.84	$8.93	$8.04	$8.40	$7.71
Value at end of period	$12.74	$10.55	$12.15	$11.36	$10.16	$11.17	$10.84	$8.93	$8.04	$8.40

CFI 5

Condensed Financial Information (continued)

	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
INVESCO V.I. CORE EQUITY FUND (SERIES I)
Value at beginning of period	$10.67	$12.43	$11.59	$11.10	$12.43	$12.13	$9.91	$9.19	$9.70	$9.35
Value at end of period	$13.03	$10.67	$12.43	$11.59	$11.10	$12.43	$12.13	$9.91	$9.19	$9.70
VOYA BALANCED PORTFOLIO (CLASS I)
Value at beginning of period	$8.96	$10.15	$9.34	$9.14	$9.83	$9.77	$8.84	$8.21	$8.78	$8.12
Value at end of period	$10.11	$8.96	$10.15	$9.34	$9.14	$9.83	$9.77	$8.84	$8.21	$8.78
VOYA GLOBAL BOND PORTFOLIO (CLASS I)
Value at beginning of period	$8.05	$8.67	$8.35	$8.29	$9.14	$9.61	$10.57	$10.34	$10.52	$9.59
Value at end of period	$8.23	$8.05	$8.67	$8.35	$8.29	$9.14	$9.61	$10.57	$10.34	$10.52
VOYA GOVERNMENT MONEY MARKET PORTFOLIO (CLASS I)
Value at beginning of period	$5.39	$5.61	$5.89	$6.21	$6.55	$6.91	$7.30	$7.70	$8.13	$8.56
Value at end of period	$5.21	$5.39	$5.61	$5.89	$6.21	$6.55	$6.91	$7.30	$7.70	$8.13
VOYA GROWTH AND INCOME PORTFOLIO (CLASS I)
Value at beginning of period	$12.16	$13.44	$11.79	$11.33	$12.14	$11.57	$9.35	$8.52	$9.02	$8.34
Value at end of period	$14.85	$12.16	$13.44	$11.79	$11.33	$12.14	$11.57	$9.35	$8.52	$9.02
VOYA INDEX PLUS LARGECAP PORTFOLIO (CLASS I)
Value at beginning of period	$12.18	$13.80	$11.68	$11.18	$11.71	$10.85	$8.62	$7.95	$8.40	$7.78
Value at end of period	$15.00	$12.18	$13.80	$11.68	$11.18	$11.71	$10.85	$8.62	$7.95	$8.40
VOYA INTERMEDIATE BOND PORTFOLIO (CLASS I)
Value at beginning of period	$8.02	$8.52	$8.56	$8.73	$9.16	$9.07	$9.58	$9.25	$9.08	$8.72
Value at end of period	$8.34	$8.02	$8.52	$8.56	$8.73	$9.16	$9.07	$9.58	$9.25	$9.08
VOYA LARGE CAP VALUE PORTFOLIO (CLASS I)
Value at beginning of period	$8.71	$9.97	$9.27	$8.59	$9.49	$9.10	$7.34	$6.76	$6.89	$6.09
Value at end of period	$10.32	$8.71	$9.97	$9.27	$8.59	$9.49	$9.10	$7.34	$6.76	$6.89
VOYA MULTI-MANAGER LARGE CAP CORE PORTFOLIO (CLASS I)
Value at beginning of period	$24.37	$11.98	$10.39	$10.08	$10.68	$9.77	$7.90	$7.54	$8.32	$7.561
Value at end of period	$23.09	$24.37	$11.98	$10.39	$10.08	$10.68	$9.77	$7.90	$7.54	$8.32
VOYA RUSSELL^TM LARGE CAP INDEX PORTFOLIO (CLASS S)
Value at beginning of period	$19.78	$21.68	$18.72	$17.84	$18.50	$17.34	$13.89	$12.72	$13.15	$12.39
Value at end of period	$24.54	$19.78	$21.68	$18.72	$17.84	$18.50	$17.34	$13.89	$12.72	$13.15
VOYA STRATEGIC ALLOCATION CONSERVATIVE PORTFOLIO (CLASS I)
Value at beginning of period	$8.67	$9.53	$9.10	$9.09	$9.62	$9.52	$8.96	$8.42	$8.74	$8.30
Value at end of period	$9.43	$8.67	$9.53	$9.10	$9.09	$9.62	$9.52	$8.96	$8.42	$8.74
VOYA STRATEGIC ALLOCATION GROWTH PORTFOLIO (CLASS I)
Value at beginning of period	$9.36	$10.78	$9.65	$9.53	$10.18	$10.08	$8.69	$7.98	$8.68	$8.10
Value at end of period	$10.89	$9.36	$10.78	$9.65	$9.53	$10.18	$10.08	$8.69	$7.98	$8.68
VOYA STRATEGIC ALLOCATION MODERATE PORTFOLIO (CLASS I)
Value at beginning of period	$9.06	$10.18	$9.38	$9.29	$9.86	$9.75	$8.83	$8.21	$8.71	$8.21
Value at end of period	$10.23	$9.06	$10.18	$9.38	$9.29	$9.86	$9.75	$8.83	$8.21	$8.71
VY® CLARION REAL ESTATE PORTFOLIO (CLASS I)
Value at beginning of period	$9.92	$11.31	$11.32	$11.44	$11.70	$9.48	$9.78	$8.91	$8.57	$7.05
Value at end of period	$12.07	$9.92	$11.31	$11.32	$11.44	$11.70	$9.48	$9.78	$8.91	$8.57
VY® INVESCO COMSTOCK PORTFOLIO (CLASS S)
Value at beginning of period	$11.03	$13.30	$11.92	$10.68	$11.99	$11.60	$9.07	$8.07	$8.70	$7.98
Value at end of period	$13.09	$11.03	$13.30	$11.92	$10.68	$11.99	$11.60	$9.07	$8.07	$8.70
VY® INVESCO EQUITY AND INCOME PORTFOLIO (CLASS I)
Value at beginning of period	$11.01	$12.84	$12.22	$11.19	$12.06	$11.68	$9.87	$9.24	$9.86	$9.26
Value at end of period	$12.53	$11.01	$12.84	$12.22	$11.19	$12.06	$11.68	$9.87	$9.24	$9.86
VY® T. ROWE PRICE EQUITY INCOME PORTFOLIO (CLASS S)
Value at beginning of period	$16.79	$19.55	$17.75	$15.77	$17.88	$17.57	$14.29	$12.87	$13.71	$12.59
Value at end of period	$20.11	$16.79	$19.55	$17.75	$15.77	$17.88	$17.57	$14.29	$12.87	$13.71

CFI 6

Condensed Financial Information (continued)

TABLE IV

FOR CONTRACTS WITH TOTAL SEPARATE ACCOUNT CHARGES OF 1.95%
ASSUMED ANNUAL NET RETURN RATE OF 5.00%

(Selected data for annuity units outstanding throughout each period, unaudited)

	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
CALVERT VP SRI BALANCED PORTFOLIO (CLASS I)
Value at beginning of period	$7.54	$8.29	$7.93	$7.87	$8.62	$8.42	$7.64	$7.40	$7.58	$7.24
Value at end of period	$8.75	$7.54	$8.29	$7.93	$7.87	$8.62	$8.42	$7.64	$7.40	$7.58
FIDELITY® VIP EQUITY-INCOME PORTFOLIO^SM (INITIAL CLASS)
Value at beginning of period	$8.51	$9.94	$9.43	$8.55	$9.54	$9.39	$7.85	$7.17	$7.60	$7.07
Value at end of period	$10.13	$8.51	$9.94	$9.43	$8.55	$9.54	$9.39	$7.85	$7.17	$7.60
INVESCO V.I. CORE EQUITY FUND (SERIES I)
Value at beginning of period	$8.60	$10.17	$9.62	$9.34	$10.62	$10.51	$8.71	$8.19	$8.78	$8.58
Value at end of period	$10.36	$8.60	$10.17	$9.62	$9.34	$10.62	$10.51	$8.71	$8.19	$8.78
VOYA BALANCED PORTFOLIO (CLASS I)
Value at beginning of period	$7.22	$8.30	$7.75	$7.69	$8.40	$8.46	$7.77	$7.32	$7.94	$7.45
Value at end of period	$8.03	$7.22	$8.30	$7.75	$7.69	$8.40	$8.46	$7.77	$7.32	$7.94
VOYA GLOBAL BOND PORTFOLIO (CLASS I)
Value at beginning of period	$6.61	$7.22	$7.05	$7.10	$7.95	$8.48	$9.45	$9.38	$9.69	$8.95
Value at end of period	$6.66	$6.61	$7.22	$7.05	$7.10	$7.95	$8.48	$9.45	$9.38	$9.69
VOYA GOVERNMENT MONEY MARKET PORTFOLIO (CLASS I)
Value at beginning of period	$4.35	$4.59	$4.88	$5.22	$5.59	$5.99	$6.41	$6.87	$7.35	$7.85
Value at end of period	$4.14	$4.35	$4.59	$4.88	$5.22	$5.59	$5.99	$6.41	$6.87	$7.35
VOYA GROWTH AND INCOME PORTFOLIO (CLASS I)
Value at beginning of period	$9.81	$10.99	$9.78	$9.54	$10.37	$10.03	$8.22	$7.60	$8.16	$7.66
Value at end of period	$11.80	$9.81	$10.99	$9.78	$9.54	$10.37	$10.03	$8.22	$7.60	$8.16
VOYA INDEX PLUS LARGECAP PORTFOLIO (CLASS I)
Value at beginning of period	$9.82	$11.29	$9.69	$9.41	$10.00	$9.40	$7.57	$7.09	$7.59	$7.14
Value at end of period	$11.92	$9.82	$11.29	$9.69	$9.41	$10.00	$9.40	$7.57	$7.09	$7.59
VOYA INTERMEDIATE BOND PORTFOLIO (CLASS I)
Value at beginning of period	$6.47	$6.97	$7.10	$7.35	$7.83	$7.86	$8.42	$8.25	$8.21	$8.00
Value at end of period	$6.63	$6.47	$6.97	$7.10	$7.35	$7.83	$7.86	$8.42	$8.25	$8.21
VOYA LARGE CAP VALUE PORTFOLIO (CLASS I)
Value at beginning of period	$7.28	$8.46	$7.98	$7.50	$8.41	$8.18	$6.69	$6.25	$6.47	$5.80
Value at end of period	$8.51	$7.28	$8.46	$7.98	$7.50	$8.41	$8.18	$6.69	$6.25	$6.47
VOYA MULTI-MANAGER LARGE CAP CORE PORTFOLIO (CLASS I)
Value at beginning of period	$20.31	$10.13	$8.91	$8.77	$9.42	$8.75	$7.17	$6.95	$7.78	$7.17
Value at end of period	$18.96	$20.31	$10.13	$8.91	$8.77	$9.42	$8.75	$7.17	$6.95	$7.78
VOYA RUSSELL^TM LARGE CAP INDEX PORTFOLIO (CLASS S)
Value at beginning of period	$17.21	$19.14	$16.76	$16.21	$17.05	$16.22	$13.18	$12.24	$12.83	$12.27
Value at end of period	$21.05	$17.21	$19.14	$16.76	$16.21	$17.05	$16.22	$13.18	$12.24	$12.83
VOYA STRATEGIC ALLOCATION CONSERVATIVE PORTFOLIO (CLASS I)
Value at beginning of period	$6.99	$7.80	$7.55	$7.65	$8.21	$8.25	$7.88	$7.51	$7.90	$7.62
Value at end of period	$7.49	$6.99	$7.80	$7.55	$7.65	$8.21	$8.25	$7.88	$7.51	$7.90
VOYA STRATEGIC ALLOCATION GROWTH PORTFOLIO (CLASS I)
Value at beginning of period	$7.55	$8.82	$8.01	$8.02	$8.69	$8.73	$7.64	$7.12	$7.85	$7.43
Value at end of period	$8.66	$7.55	$8.82	$8.01	$8.02	$8.69	$8.73	$7.64	$7.12	$7.85
VOYA STRATEGIC ALLOCATION MODERATE PORTFOLIO (CLASS I)
Value at beginning of period	$7.30	$8.32	$7.78	$7.82	$8.42	$8.45	$7.76	$7.32	$7.88	$7.53
Value at end of period	$8.13	$7.30	$8.32	$7.78	$7.82	$8.42	$8.45	$7.76	$7.32	$7.88

CFI 7

Condensed Financial Information (continued)

	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
VY® CLARION REAL ESTATE PORTFOLIO (CLASS I)
Value at beginning of period	$8.26	$9.56	$9.71	$9.95	$10.32	$8.49	$8.89	$8.22	$8.01	$6.69
Value at end of period	$9.92	$8.26	$9.56	$9.71	$9.95	$10.32	$8.49	$8.89	$8.22	$8.01
VY® INVESCO COMSTOCK PORTFOLIO (CLASS S)
Value at beginning of period	$8.89	$10.88	$9.89	$8.99	$10.24	$10.05	$7.97	$7.20	$7.87	$7.32
Value at end of period	$10.40	$8.89	$10.88	$9.89	$8.99	$10.24	$10.05	$7.97	$7.20	$7.87
VY® INVESCO EQUITY AND INCOME PORTFOLIO (CLASS I)
Value at beginning of period	$9.04	$10.69	$10.33	$9.59	$10.49	$10.31	$8.83	$8.39	$9.08	$8.65
Value at end of period	$10.14	$9.04	$10.69	$10.33	$9.59	$10.49	$10.31	$8.83	$8.39	$9.08
VY® T. ROWE PRICE EQUITY INCOME PORTFOLIO (CLASS S)
Value at beginning of period	$14.61	$17.26	$15.90	$14.33	$16.48	$16.43	$13.56	$12.39	$13.38	$12.47
Value at end of period	$17.25	$14.61	$17.26	$15.90	$14.33	$16.48	$16.43	$13.56	$12.39	$13.38

CFI 8

FOR MASTER APPLICATIONS ONLY

I hereby acknowledge receipt of Variable Annuity Account C Voya Flexible Income Variable Annuity prospectus dated May 1, 2020.

____ Please send a Variable Annuity Account C Statement of Additional Information (Form No. SAI.109622-20) dated May 1, 2020.

CONTRACT HOLDER’S SIGNATURE

DATE

PRO.109622-20

VARIABLE ANNUITY ACCOUNT C

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statement of Additional Information

dated May 1, 2020

Voya Flexible Income Annuity

A Fixed and Variable, Single Premium, Group or Individual, Immediate Annuity Contract

This Statement of Additional Information is not a prospectus and should be read in conjunction with the current prospectus for Variable Annuity Account C (the separate account) dated May 1, 2020.

A free prospectus is available upon request from the local Voya Retirement Insurance and Annuity Company office or by writing to or calling:

Customer Service

P.O. Box 990063

Hartford, CT 06199-0063

1-800-584-6001

Read the prospectus before you invest. Terms used in this Statement of Additional Information shall have the same meaning as in the prospectus.

TABLE OF CONTENTS

Page

	General Information and History	2
	Variable Annuity Account C	2
	Offering and Purchase of Contract	2
	Income Payments	3
	PERFORMANCE REPORTING	4
	Sales Material and Advertising	4
	Experts	5
	Financial Statements of the Separate Account	S-1
	Consolidated Financial Statements of VOYA RETIREMENT Insurance and Annuity Company	C-1

GENERAL INFORMATION AND HISTORY

Voya Retirement Insurance and Annuity Company (the “Company,” “we,” “us” and “our”) issues the contracts described in this prospectus and is responsible for providing each contract’s insurance and annuity benefits. All guarantees and benefits provided under the contracts that are not related to the separate account are subject to the claims paying ability of the Company and our general account. We are a stock life insurance company organized under the insurance laws of the State of Connecticut in 1976. Prior to January 1, 2002, the Company was known as Aetna Life Insurance and Annuity Company. From January 1, 2002 until August 31, 2014, the Company was known as ING Life Insurance and Annuity Company.

The Company serves as the depositor for the separate account.

Other than the mortality and expense risk charge and administrative expense charge, if any, described in the prospectus, all expenses incurred in the operations of the separate account are borne by the Company. However, the Company does receive compensation for certain administrative or distribution costs from the funds or affiliates of the funds used as funding options under the contract. (See “Fees” in the prospectus.)

The assets of the separate account are held by the Company. The separate account has no custodian. However, the funds in whose shares the assets of the separate account are invested each have custodians, as discussed in their respective prospectuses.

From this point forward, the term “contract(s)” refers only to those offered through the prospectus.

VARIABLE ANNUITY ACCOUNT C

Variable Annuity Account C is a separate account established by the Company for the purpose of funding variable annuity contracts issued by the Company. The separate account is registered with the Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940, as amended. Purchase payments to accounts under the contract may be allocated to one or more of the subaccounts. Each subaccount invests in the shares of only one of the funds offered under the contract. We may make additions to, deletions from or substitutions of available investment options as permitted by law and subject to the conditions of the contract. The availability of the funds is subject to applicable regulatory authorization. Not all funds are available in all jurisdictions, under all contracts, or under all plans.

A complete description of each of the funds, including their investment objectives, policies, risks and fees and expenses, is contained in each fund’s prospectus and statement of additional information.

OFFERING AND PURCHASE OF CONTRACT

The Company’s subsidiary, Voya Financial Partners, LLC serves as the principal underwriter for the contracts. Voya Financial Partners, LLC, a Delaware limited liability company, is registered as a broker-dealer with the SEC. Voya Financial Partners, LLC is also a member of the National Association of Securities Dealers, Inc., and the Securities Investor Protection Corporation. Voya Financial Partners, LLC’s principal office is located at One Orange Way, Windsor, Connecticut 06095-4774. The contracts are distributed through life insurance agents licensed to sell variable annuities who are registered representatives of Voya Financial Partners, LLC or of other registered broker-dealers who have entered into sales arrangements with Voya Financial Partners, LLC. The offering of the contracts is continuous. A description of the manner in which contracts are purchased may be found in the prospectus under the section entitled “Contract Purchase and Participation.”

Compensation paid to the principal underwriter, Voya Financial Partners, LLC, for the years ending December 31, 2019, 2018 and 2017 amounted to $54,558,355.73, $54,251,364.57 and $53,079,777.93, respectively. These amounts reflect compensation paid to Voya Financial Partners, LLC attributable to regulatory and operating expenses associated with the distribution of all registered variable annuity products issued by Variable Annuity Account C of the Company.

INCOME PAYMENTS

Your variable income payments will fluctuate as the annuity unit value(s) (“AUV”) fluctuates with the investment experience of the selected subaccount(s). The first income payment and subsequent income payments also vary depending upon the assumed annual net return rate selected (3.5% or 5% per annum). Currently only 3.5% assumed annual net return rate is available. Selection of a 5% rate causes a higher first income payment, but payments will increase thereafter only to the extent that the net investment rate increases by more than 5% on an annual basis. Income payments would decline if the rate failed to increase by 5%. Use of the 3.5% assumed rate causes a lower first income payment, but subsequent income payments would increase more rapidly or decline more slowly as changes occur in the net investment rate.

A fixed number of annuity units (“Annuity Units”) are determined in each of the designated subaccounts on the contract effective date. When you select variable income payments, your account value purchases Annuity Units of the separate account subaccounts corresponding to the funds you select. The number of Annuity Units purchased is based on your account value and the value of each unit on the day the Annuity Units are purchased. The number of Annuity Units, which generally does not change thereafter, is calculated by dividing (a) by (b), where (a) is the amount of the income payment as if the payment was calculated as of the contract effective date, and (b) is the AUV for that investment option on the contract effective date. The first payment will be calculated as of the 10^th valuation before the payment due date, which depends upon the payment frequency you have selected. As noted above, AUV fluctuate from one valuation to the next (see “Calculating Variable Income Payments” in the prospectus); such fluctuations reflect changes in the net investment factor for the applicable subaccount(s) (with a 10 valuation lag which gives the Company time to process payments) and a mathematical adjustment which offsets the assumed annual net return rate of 3.5% or 5% per annum.

The operation of all these factors can be illustrated by the following hypothetical example. These procedures will be performed separately for each subaccount selected.

EXAMPLE:

Assume that you purchase a single premium immediate annuity contract with a $50,000 premium. The payment option that you select has a payment factor of $6.68 per $1,000 of value applied. Also assume that no premium tax charge is payable.

If a payment was determined as of the contract effective date, that payment would be calculated by multiplying $6.68 per $1,000 by 50.000. This would produce an initial payment of $334.00.

Assume that the value of the Annuity Unit on the contract effective date is 13.400000. The payment calculated as of the contract effective date is divided by the AUV to determine the number of Annuity Units (that is, $334.00/13.400000 = 24.925 Annuity Units). The number of Annuity Units will generally remain constant over the term of your contract as determined by the income payment option you select. The value of each payment will be determined on the 10^th valuation before the payment due date by multiplying the number of Annuity Units by that date’s AUV.

Payments will subsequently fluctuate depending upon the net investment performance that occurs between payment valuation dates less a factor that represents the assumed annual net return rate. This offsets the assumed annual net return rate built into the number of Annuity Units determined above.

AUVs are calculated on a daily basis by multiplying the AUV by the daily net return factor and by a factor to reflect the daily assumed annual net return rate. The factor for a 3.5% assumed annual net return rate is 0.9999058 and for 5.0% is 0.9998663. The new payment is calculated by multiplying the number of Annuity Units by the new AUV.

PERFORMANCE REPORTING

We may illustrate the hypothetical values of income payments made from each of the subaccounts over certain periods of time based on historical net asset values of the funds. These numbers will reflect the mortality and expense risk charge, the administrative expense charge (if any), any applicable guaranteed minimum income charge and the advisory fees and other expenses of the funds.

We may also advertise different types of historical performance for the subaccounts including:

• Standardized average annual total returns; and

• Non-standardized average annual total returns.

We may also advertise certain ratings, rankings or other information related to the Company, the subaccounts or the funds.

Standardized Average Annual Total Returns. We calculate standardized average annual total returns according to a formula prescribed by the SEC.

This shows the percentage return applicable to $1,000 invested in the subaccount over the most recent month-end, one, five and 10-year periods. If the investment option was not available for the full period, we give a history from the date money was first received in that option under the separate account or from the date the fund was first available under the separate account. As an alternative to providing the most recent month-end performance, we may provide a phone number, website or both where these returns may be obtained. Standardized average annual returns reflect deduction of all recurring charges during each period (e.g., mortality and expense risk charges, administrative expense charges (if any), any applicable guaranteed minimum income charges and any applicable early withdrawal charges).

Non-Standardized Average Annual Total Returns. We calculate non-standardized average annual total returns in a similar manner as that stated above, except we may include returns that do not reflect the deduction of any applicable early withdrawal charges. If we reflected these charges in the calculation, they would decrease the level of performance reflected by the calculation. Non-standardized returns may also include performance from the fund’s inception date, if that date is earlier than the one we use for standardized returns.

SALES MATERIAL AND ADVERTISING

We may illustrate the hypothetical values of income payments made from each of the subaccounts over certain time periods based on the historical net asset values of the funds. We may also advertise returns based on other fee schedules that apply to a particular contract holder. These fee schedules may result in higher returns than those shown.

We may also include hypothetical illustrations in our sales literature that explain the mathematical principles of compounded interest, tax deferred accumulation, and the mechanics of variable annuity contracts. We may also discuss the difference between variable annuity contracts and savings or investment products such as personal savings accounts and certificates of deposit.

We may publish in advertisements and reports, the ratings and other information assigned to us by one or more independent rating organizations such as Duff & Phelps, Standard & Poor’s Corporation and Moody’s Investors Service, Inc. The purpose of the ratings is to reflect our financial strength and/or claims-paying ability. We may also quote ranking services such as Morningstar, Inc. and Lipper Analytical Services, Inc. which rank variable annuity or life subaccounts or their underlying funds by performance and/or investment objective. We may illustrate in advertisements the performance of the underlying funds, if accompanied by performance which also shows the performance of such funds reduced by applicable charges under the separate account. We may categorize funds in terms of the asset classes they represent and use such categories in marketing materials for the contracts. We may also show in advertisements the portfolio holdings of the underlying funds, updated at various intervals. From time to time, we will quote articles from newspapers and magazines or other publications or reports such as The Wall Street Journal, Money Magazine, USA Today and The VARDS Report.

We may provide in advertising, sales literature, periodic publications or other materials, information on various topics of interest to current and prospective contract holders. These topics may include the relationship between sectors of the economy and the economy as a whole and its effect on various securities markets, investment strategies and techniques (such as value investing, market timing, asset allocation, constant ratio transfer and account rebalancing), the advantages and disadvantages of investing in tax-deferred and taxable investments, customer profiles and hypothetical purchase and investment scenarios, financial management and tax and retirement planning, and investment alternatives to certificates of deposit and other financial instruments, including comparison between the contracts and the characteristics of and market for such financial instruments.

EXPERTS

The statements of assets and liabilities of Variable Annuity Account C as of December 31, 2019, and the related statements of operations and changes in net assets for the periods disclosed in the financial statements, and the consolidated financial statements of the Company as of December 31, 2019 and 2018, and for each of the three years in the period ended December 31, 2019, included in the Statement of Additional Information, have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their reports thereon appearing elsewhere herein, and are included in reliance upon such reports given on the authority of such firm as experts in accounting and auditing.

The primary business address of Ernst & Young LLP is Suite 200 Clarendon St., Boston, MA 02116.

FINANCIAL STATEMENTS Variable Annuity Account C of

Voya Retirement Insurance and Annuity Company

Year Ended December 31, 2019 with Report of Independent Registered Public Accounting Firm

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VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Financial Statements Year Ended December 31, 2019


Contents

Report of Independent Registered Public Accounting Firm	1

Audited Financial Statements

Statements of Assets and Liabilities	10
Statements of Operations	73
Statements of Changes in Net Assets	138
Notes to Financial Statements	219

This page intentionally left blank.

Report of Independent Registered Public Accounting Firm

To the Board of Directors of Voya Retirement Insurance and Annuity Company and Contract Owners of Variable Annuity Account C of Voya Retirement Insurance and Annuity Company

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise Variable Annuity Account C of Voya Retirement Insurance and Annuity Company (the Separate Account), as of December 31, 2019, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2019, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on each of the subaccounts’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

[Ernst & Young LLP signature or /s/ Ernst & Young LLP]

We have served as the Separate Accounts Auditor since 2001.

April 8, 2020

Appendix

Subaccounts comprising Variable Annuity Account C of Voya Retirement Insurance and Annuity Company


	Subaccounts	Statement of	Statements of Changes in
		Operations	Net Assets
AB Relative Value Fund - Class A		For the year ended	For each of the two years
AB VPS Growth and Income Portfolio - Class A		December 31, 2019	in the period ended
			December 31, 2019
Aberdeen International Equity Fund - Institutional Class
Invesco Floating Rate Fund - Class R5
Invesco Mid Cap Core Equity Fund - Class A
Invesco Small Cap Growth Fund - Class A
Invesco International Growth Fund - Class R5
Invesco Endeavor Fund - Class A
Invesco Health Care Fund - Investor Class
Invesco High Yield Fund - Class R5
Invesco American Value Fund - Class R5
Invesco Energy Fund - Class R5
Invesco Small Cap Value Fund - Class A
Invesco V.I. American Franchise Fund - Series I
Invesco V.I. Core Equity Fund - Series I
Alger Capital Appreciation Fund - Class A
Alger Responsible Investing Fund - Class A
AllianzGI NFJ Dividend Value Fund - Class A
AllianzGI NFJ Large-Cap Value Fund - Institutional Class
AllianzGI NFJ Small-Cap Value Fund - Class A
Amana Growth Fund - Investor Class
Amana Income Fund - Investor Class
American Balanced Fund® - Class R-3
American Beacon Small Cap Value Fund - Investor Class
Inflation-Adjusted Bond Fund - Investor Class
Income & Growth Fund - A Class
Fundamental Investors	- Class R-3
Fundamental Investors	- Class R-4
American Mutual Fund® - Class R-4
AMG Managers Fairpointe Mid Cap Fund - Class N
Ariel Appreciation Fund - Investor Class
Ariel Fund - Investor Class
Artisan International Fund - Investor Shares
BlackRock Equity Dividend Fund - Investor A Shares
BlackRock Health Sciences Opportunities Portfolio - Institutional Shares
BlackRock Health Sciences Opportunities Portfolio - Investor A Shares
BlackRock Mid Cap Dividend Fund - Institutional Shares


	Subaccounts	Statement of	Statements of Changes in
		Operations	Net Assets
BlackRock Mid Cap Dividend Fund - Investor A Shares		For the year ended	For each of the two years
Bond Fund of America - Class R-4		December 31, 2019	in the period ended
			December 31, 2019
Calvert VP SRI Balanced Portfolio
Capital Income Builder® - Class R-4
Capital World Growth & Income Fund - Class R-3
Cohen & Steers Realty Shares, Inc.
Columbia	Acorn® Fund - Class A Shares
Columbia	Acorn® Fund - Institutional Class
Columbia Select Mid Cap Value Fund - Class A Shares
Columbia Select Mid Cap Value Fund - Institutional Class
CRM Mid Cap Value Fund - Investor Shares
Davis Financial Fund - Class Y
Delaware Smid Cap Growth Fund - Institutional Class
Delaware Small Cap Value Fund - Class A
DWS Small Cap Growth Fund - Class S
DWS Equity 500 Index Fund - Class S
DFA Inflation-Protected Securities Portfolio - Institutional Class Shares
DFA Emerging Markets Core Equity Portfolio - Institutional Class Shares
DFA U.S. Targeted Value Portfolio - Institutional Class Shares
Dodge & Cox International Stock Fund
Dodge & Cox Stock Fund
Eaton Vance Large-Cap Value Fund - Class R Shares
EuroPacific Growth Fund® - Class R-3
EuroPacific Growth Fund® - Class R-4
Fidelity Advisor® New Insights Fund - Class I
Fidelity® VIP Equity-Income Portfolio - Initial Class
Fidelity® VIP Growth Portfolio - Initial Class
Fidelity® VIP High Income Portfolio - Initial Class
Fidelity® VIP Overseas Portfolio - Initial Class
Fidelity® VIP Contrafund® Portfolio - Initial Class
Fidelity® VIP Index 500 Portfolio - Initial Class
Fidelity® VIP Asset Manager Portfolio - Initial Class
Franklin Mutual Global Discovery Fund - Class R
Franklin Biotechnology Discovery Fund - Advisor Class
Franklin Natural Resources Fund - Advisor Class
Franklin Small-Mid Cap Growth Fund - Class A
Franklin Small Cap Value VIP Fund - Class 2
Goldman Sachs Growth Opportunities Fund - Investor Shares
Growth Fund of America® - Class R-3
Growth Fund of America® - Class R-4
The Hartford Capital Appreciation Fund - Class R4
The Hartford Dividend And Growth Fund - Class R4
The Hartford International Opportunities Fund - Class R4
Income Fund of America® - Class R-3


Subaccounts	Statement of	Statements of Changes in
	Operations	Net Assets
Ivy Science and Technology Fund - Class Y	For the year ended	For each of the two years
Janus Henderson Balanced Portfolio - Institutional Shares	December 31, 2019	in the period ended
		December 31, 2019
Janus Henderson Enterprise Portfolio - Institutional Shares
Janus Henderson Flexible Bond Portfolio - Institutional Shares
Janus Henderson Global Research Portfolio - Institutional Shares
Janus Henderson Research Portfolio - Institutional Shares
JPMorgan Equity Income Fund - Class I Shares
JPMorgan Government Bond Fund - Class I Shares
Lazard International Equity Portfolio - Open Shares
ClearBridge Aggressive Growth Fund - Class I
LKCM Aquinas Catholic Equity Fund
Loomis Sayles Small Cap Value Fund - Retail Class
Loomis Sayles Limited Term Government and Agency Fund - Class Y
Lord Abbett Developing Growth Fund - Class A
Lord Abbett Core Fixed Income Fund - Class A
Lord Abbett Short Duration Income Fund - Class R4
Lord Abbett Mid Cap Stock Fund - Class A
Lord Abbett Small Cap Value Fund - Class A
Lord Abbett Fundamental Equity Fund - Class A
Lord Abbett Series Fund Mid Cap Stock Portfolio - Class VC
Mainstay Large Cap Growth Fund - Class R3
Massachusetts Investors Growth Stock Fund - Class A
Metropolitan West Total Return Bond Fund - Class I Shares
Metropolitan West Total Return Bond Fund - Class M Shares
MFS® New Discovery Fund - Class R3
MFS® International Intrinsic Value Fund - Class R3
Neuberger Berman Genesis Fund - Trust Class Shares
Neuberger Berman Sustainable Equity Fund - Institutional Class Shares
Neuberger Berman Sustainable Equity Fund - Trust Class Shares
New Perspective Fund® - Class R-3
New Perspective Fund® - Class R-4
New World Fund® - Class R-4
Nuveen Global Infrastructure Fund - Class I
Invesco Oppenheimer Capital Appreciation Fund - Class A
Invesco Oppenheimer Developing Markets Fund - Class A
Invesco Oppenheimer Developing Markets Fund - Class Y
Invesco Oppenheimer Gold & Special Minerals Fund - Class A
Invesco Oppenheimer International Bond Fund - Class A
Invesco Oppenheimer International Growth Fund - Class Y
Invesco Oppenheimer International Small-Mid Company Fund - Class Y
Invesco Oppenheimer Main Street Fund - Class A
Invesco Oppenheimer V.I. Main Street Fund - Series I
Invesco Oppenheimer V.I. Main Street Small Cap Fund - Series I
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund - Series I


Subaccounts	Statement of	Statements of Changes in
	Operations	Net Assets
Invesco Oppenheimer V.I. Global Fund - Series I	For the year ended	For each of the two years
Invesco Oppenheimer V.I. Global Strategic Income Fund - Series I	December 31, 2019	in the period ended
		December 31, 2019
Parnassus Core Equity Fund - Investor Shares
Pax Sustainable Allocation Fund - Investor Class
PIMCO CommodityRealReturn Strategy Fund® - Administrative Class
PIMCO VIT Real Return Portfolio - Administrative Class
Pioneer Equity Income Fund - Class Y Shares
Pioneer High Yield Fund - Class A Shares
Pioneer Strategic Income Fund - Class A Shares
Pioneer Equity Income VCT Portfolio - Class I
Pioneer High Yield VCT Portfolio - Class I
PGIM Jennison Utility Fund - Class Z
Columbia Large Cap Value Fund - Advisor Class
Royce Total Return Fund - Service Class
Ave Maria Rising Dividend Fund
SMALLCAP World Fund® - Class R-4

T.	Rowe Price Institutional Large-Cap Growth Fund
T.	Rowe Price Mid-Cap Value Fund - R Class
T.	Rowe Price Value Fund - Advisor Class

TCW Total Return Bond Fund - Class N
Templeton Foreign Fund - Class A
Templeton Global Bond Fund - Advisor Class
Templeton Global Bond Fund - Class A
Third Avenue Real Estate Value Fund - Institutional Class
Touchstone Value Fund - Institutional Class
USAA Precious Metals and Minerals Fund - Adviser Shares
Diversified Value Portfolio
Equity Income Portfolio
Small Company Growth Portfolio
Victory Integrity Small-Cap Value Fund - Class Y
Victory Sycamore Established Value Fund - Class A
Victory Sycamore Small Company Opportunity Fund - Class R
Voya Balanced Portfolio - Class I
Voya Large Cap Value Fund - Class A
Voya Real Estate Fund - Class A
Voya Floating Rate Fund - Class A
Voya GNMA Income Fund - Class A
Voya Intermediate Bond Fund - Class A
Voya Intermediate Bond Portfolio - Class I
Voya Intermediate Bond Portfolio - Class S
Voya Global Perspectives® Portfolio - Class I
Voya High Yield Portfolio - Adviser Class
Voya High Yield Portfolio - Institutional Class
Voya High Yield Portfolio - Service Class


Subaccounts	Statement of	Statements of Changes in
	Operations	Net Assets
Voya Large Cap Growth Portfolio - Adviser Class	For the year ended	For each of the two years
Voya Large Cap Growth Portfolio - Institutional Class	December 31, 2019	in the period ended
		December 31, 2019
Voya Large Cap Growth Portfolio - Service Class
Voya Large Cap Value Portfolio - Adviser Class
Voya Large Cap Value Portfolio - Institutional Class
Voya Large Cap Value Portfolio - Service Class
Voya Limited Maturity Bond Portfolio - Adviser Class
Voya U.S. Stock Index Portfolio - Institutional Class
VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class
VY® Clarion Global Real Estate Portfolio - Institutional Class
VY® Clarion Real Estate Portfolio - Adviser Class
VY® Clarion Real Estate Portfolio - Institutional Class
VY® Clarion Real Estate Portfolio - Service Class
VY® Invesco Growth and Income Portfolio - Institutional Class
VY® Invesco Growth and Income Portfolio - Service Class
VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class
VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class
VY® JPMorgan Emerging Markets Equity Portfolio - Service Class
VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class
VY® JPMorgan Small Cap Core Equity Portfolio - Institutional Class
VY® JPMorgan Small Cap Core Equity Portfolio - Service Class
VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class
VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class
VY® T. Rowe Price Capital Appreciation Portfolio - Service Class
VY® T. Rowe Price Equity Income Portfolio - Adviser Class
VY® T. Rowe Price Equity Income Portfolio - Service Class
VY® T. Rowe Price International Stock Portfolio - Adviser Class
VY® T. Rowe Price International Stock Portfolio - Service Class
Voya Government Money Market Portfolio - Class I
Voya Global Real Estate Fund - Class A
Voya Multi-Manager International Small Cap Fund - Class A
Voya Multi-Manager International Small Cap Fund - Class I
Voya Global Bond Portfolio - Adviser Class
Voya Global Bond Portfolio - Initial Class
Voya Global Bond Portfolio - Service Class
Voya Index Solution 2025 Portfolio - Initial Class
Voya Index Solution 2025 Portfolio - Service Class
Voya Index Solution 2025 Portfolio - Service 2 Class
Voya Index Solution 2035 Portfolio - Initial Class
Voya Index Solution 2035 Portfolio - Service Class
Voya Index Solution 2035 Portfolio - Service 2 Class
Voya Index Solution 2045 Portfolio - Initial Class
Voya Index Solution 2045 Portfolio - Service Class


Subaccounts	Statement of	Statements of Changes in
	Operations	Net Assets
Voya Index Solution 2045 Portfolio - Service 2 Class	For the year ended	For each of the two years
Voya Index Solution 2055 Portfolio - Initial Class	December 31, 2019	in the period ended
		December 31, 2019
Voya Index Solution 2055 Portfolio - Service Class
Voya Index Solution 2055 Portfolio - Service 2 Class
Voya Index Solution Income Portfolio - Initial Class
Voya Index Solution Income Portfolio - Service Class
Voya Index Solution Income Portfolio - Service 2 Class
Voya Solution 2025 Portfolio - Adviser Class
Voya Solution 2025 Portfolio - Initial Class
Voya Solution 2025 Portfolio - Service Class
Voya Solution 2025 Portfolio - Service 2 Class
Voya Solution 2035 Portfolio - Adviser Class
Voya Solution 2035 Portfolio - Initial Class
Voya Solution 2035 Portfolio - Service Class
Voya Solution 2035 Portfolio - Service 2 Class
Voya Solution 2045 Portfolio - Adviser Class
Voya Solution 2045 Portfolio - Initial Class
Voya Solution 2045 Portfolio - Service Class
Voya Solution 2045 Portfolio - Service 2 Class
Voya Solution 2055 Portfolio - Initial Class
Voya Solution 2055 Portfolio - Service Class
Voya Solution 2055 Portfolio - Service 2 Class
Voya Solution Balanced Portfolio - Service Class
Voya Solution Income Portfolio - Adviser Class
Voya Solution Income Portfolio - Initial Class
Voya Solution Income Portfolio - Service Class
Voya Solution Income Portfolio - Service 2 Class
Voya Solution Moderately Conservative Portfolio - Service Class
VY® American Century Small-Mid Cap Value Portfolio - Adviser Class
VY® American Century Small-Mid Cap Value Portfolio - Initial Class
VY® American Century Small-Mid Cap Value Portfolio - Service Class
VY® Baron Growth Portfolio - Adviser Class
VY® Baron Growth Portfolio - Service Class
VY® Columbia Contrarian Core Portfolio - Service Class
VY® Columbia Small Cap Value II Portfolio - Adviser Class
VY® Columbia Small Cap Value II Portfolio - Service Class
VY® Invesco Comstock Portfolio - Adviser Class
VY® Invesco Comstock Portfolio - Service Class
VY® Invesco Equity and Income Portfolio - Adviser Class
VY® Invesco Equity and Income Portfolio - Initial Class
VY® Invesco Equity and Income Portfolio - Service Class
VY® JPMorgan Mid Cap Value Portfolio - Adviser Class
VY® JPMorgan Mid Cap Value Portfolio - Initial Class
VY® JPMorgan Mid Cap Value Portfolio - Service Class


Subaccounts	Statement of	Statements of Changes in
	Operations	Net Assets
VY® Invesco Oppenheimer Global Portfolio - Adviser Class	For the year ended	For each of the two years
VY® Invesco Oppenheimer Global Portfolio - Initial Class	December 31, 2019	in the period ended
		December 31, 2019
VY® Invesco Oppenheimer Global Portfolio - Service Class
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class
VY® T. Rowe Price Growth Equity Portfolio - Adviser Class
VY® T. Rowe Price Growth Equity Portfolio - Initial Class
VY® T. Rowe Price Growth Equity Portfolio - Service Class
Voya International High Dividend Low Volatility Portfolio - Adviser Class
Voya International High Dividend Low Volatility Portfolio - Initial Class
Voya International High Dividend Low Volatility Portfolio - Service Class
Voya Corporate Leaders 100 Fund - Class I
Voya Strategic Allocation Conservative Portfolio - Class I
Voya Strategic Allocation Growth Portfolio - Class I
Voya Strategic Allocation Moderate Portfolio - Class I
Voya Growth and Income Portfolio - Class A
Voya Growth and Income Portfolio - Class I
Voya Growth and Income Portfolio - Class S
Voya Global Equity Portfolio - Class I
Voya Global Equity Portfolio - Class S
Voya Index Plus LargeCap Portfolio - Class I
Voya Index Plus LargeCap Portfolio - Class S
Voya Index Plus MidCap Portfolio - Class I
Voya Index Plus MidCap Portfolio - Class S
Voya Index Plus SmallCap Portfolio - Class I
Voya Index Plus SmallCap Portfolio - Class S
Voya International Index Portfolio - Class I
Voya International Index Portfolio - Class S
Voya Russell™ Large Cap Growth Index Portfolio - Class I
Voya Russell™ Large Cap Growth Index Portfolio - Class S
Voya Russell™ Large Cap Index Portfolio - Class I
Voya Russell™ Large Cap Index Portfolio - Class S
Voya Russell™ Large Cap Value Index Portfolio - Class I
Voya Russell™ Large Cap Value Index Portfolio - Class S
Voya Russell™ Mid Cap Growth Index Portfolio - Class S
Voya Russell™ Mid Cap Index Portfolio - Class I
Voya Russell™ Small Cap Index Portfolio - Class I
Voya Small Company Portfolio - Class I
Voya Small Company Portfolio - Class S
Voya U.S. Bond Index Portfolio - Class I
Voya MidCap Opportunities Portfolio - Class I
Voya MidCap Opportunities Portfolio - Class S
Voya SmallCap Opportunities Portfolio - Class I


Subaccounts		Statement of	Statements of Changes in
		Operations	Net Assets
Voya SmallCap Opportunities Portfolio - Class S		For the year ended	For each of the two years
Wanger International		December 31, 2019	in the period ended
			December 31, 2019
Wanger Select
Wanger USA
Washington Mutual Investors Fund	- Class R-3
Washington Mutual Investors Fund	- Class R-4
Wells Fargo Small Company Growth Fund - Administrator Class
Wells Fargo Special Small Cap Value Fund - Class A
Federated International Leaders Fund - Institutional Shares
Cohen & Steers Real Estate Securities Fund, Inc. - Class A		For the year ended	For the year ended
		December 31, 2019	December 31, 2019 and
			for the period from June 4,
			2018 (commencement of
			operations) through
			December 31, 2018
Calvert US Large-Cap Core Responsible Index Fund - Class A		For the period from June 4, 2019 (commencement
		of operations) through December 31, 2019
Vanguard® Total Bond Market Index Fund - Admiral™ Shares		For the period from July 19, 2019 (commencement
		of operations) through December 31, 2019
Vanguard® Total International Stock Index Fund - Admiral™ Shares		For the period from July 19, 2019 (commencement
		of operations) through December 31, 2019
Wells Fargo Small Company Value Fund - Class A		For the period from September 20, 2019
		(commencement of operations) through December
		31, 2019
		For the period from	For the period from
		March 29, 2019	January 1, 2018 to
		(commencement of	November 2, 2018 (close
		operations) through	of operations) and the
		December 31, 2019	period from March 29,
			2019 (recommencement of
			operations) through
VY® Morgan Stanley Global Franchise Portfolio - Adviser Class			December 31, 2019

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


		AB VPS	Aberdeen		Invesco
		Growth and	International		Oppenheimer
	AB Relative	Income	Equity Fund -	Invesco Floating	Capital
	Value Fund -	Portfolio -	Institutional	Rate Fund -	Appreciation
	Class A	Class A	Class	Class R5	Fund - Class A
Assets
Investments in mutual funds
at fair value	$ 167	$ 700	$ 17,155	$ 359	$ 75
Total assets	167	700	17,155	359		75
Net assets	$ 167	$ 700	$ 17,155	$ 359	$ 75

Net assets
Accumulation units	$ 167	$ 700	$ 17,155	$ 359	$ 75
Contracts in payout (annuitization)	—	—	—	—		—
Total net assets	$ 167	$ 700	$ 17,155	$ 359	$ 75

Total number of mutual fund shares	29,633	23,091	1,087,807	48,831	1,341

Cost of mutual fund shares	$ 163	$ 689	$ 15,222	$ 367	$ 75

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


					Invesco
	Invesco	Invesco Mid		Invesco	Oppenheimer
	Oppenheimer	Cap Core	Invesco Small	International	International
	Main Street	Equity Fund -	Cap Growth	Growth Fund -	Growth Fund -
	Fund - Class A	Class A	Fund - Class A	Class R5	Class Y
Assets
Investments in mutual funds
at fair value	$ 1,650	$ 3,825	$ 114	$ 715	$ 770
Total assets	1,650	3,825	114	715		770
Net assets	$ 1,650	$ 3,825	$ 114	$ 715	$ 770

Net assets
Accumulation units	$ 1,650	$ 3,825	$ 114	$ 715	$ 770
Contracts in payout (annuitization)	—	—	—	—		—
Total net assets	$ 1,650	$ 3,825	$ 114	$ 715	$ 770

Total number of mutual fund shares	34,282	217,227	3,217	21,759	17,389

Cost of mutual fund shares	$ 1,668	$ 4,468	$ 114	$ 730	$ 687

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Invesco Oppenheimer International Small-Mid Company Fund - Class Y	Invesco Endeavor Fund - Class A		Invesco Health Care Fund - Investor Class
						Invesco	Invesco
						Oppenheimer Oppenheimer
						Developing	Developing
						Markets Fund -	Markets Fund -
						Class A	Class Y
Assets
Investments in mutual funds
at fair value	$ 795	$ 26		$ 115		$ 246,688	$ 49,389
Total assets	795		26		115	246,688	49,389
Net assets	$ 795	$ 26		$ 115		$ 246,688	$ 49,389

Net assets
Accumulation units	$ 795	$ 26		$ 115		$ 246,688	$ 49,389
Contracts in payout (annuitization)	—		—		—	—	—
Total net assets	$ 795	$ 26		$ 115		$ 246,688	$ 49,389

Total number of mutual fund shares	16,644	1,452		2,744		5,324,577	1,083,091

Cost of mutual fund shares	$ 763	$ 27		$ 102		$ 180,174	$ 39,462

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Invesco					Invesco
	Oppenheimer			Invesco		Oppenheimer
	International		Invesco High	American		Gold & Special
	Bond Fund -		Yield Fund -	Value Fund -	Invesco Energy	Minerals Fund -
	Class A		Class R5	Class R5	Fund - Class R5	Class A
Assets
Investments in mutual funds
at fair value	$ 44		$ 800	$ 1,002	$ 47	$ 79
Total assets		44	800	1,002	47		79
Net assets	$ 44		$ 800	$ 1,002	$ 47	$ 79

Net assets
Accumulation units	$ 44		$ 800	$ 1,002	$ 47	$ 79
Contracts in payout (annuitization)		—	—	—	—		—
Total net assets	$ 44		$ 800	$ 1,002	$ 47	$ 79

Total number of mutual fund shares	7,824		195,542	28,800	2,495	3,777

Cost of mutual fund shares	$ 43		$ 796	$ 1,020	$ 56	$ 58

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


		Invesco		Invesco
		Oppenheimer		Oppenheimer
		V.I. Discovery	Invesco	V.I. Global		Invesco
	Invesco Small	Mid Cap	Oppenheimer	Strategic		Oppenheimer
	Cap Value	Growth Fund -	V.I. Global	Income Fund -		V.I. Main Street
	Fund - Class A	Series I	Fund - Series I	Series I		Fund - Series I
Assets
Investments in mutual funds
at fair value	$ 45	$ 18	$ 292	$ 98		$ 61
Total assets	45	18	292		98	61
Net assets	$ 45	$ 18	$ 292	$ 98		$ 61

Net assets
Accumulation units	$ 45	$ —	$ 292	$ 98		$ —
Contracts in payout (annuitization)	—	18	—		—	61
Total net assets	$ 45	$ 18	$ 292	$ 98		$ 61

Total number of mutual fund shares	3,153	214	6,866	19,777		2,069

Cost of mutual fund shares	$ 48	$ 17	$ 210	$ 102		$ 53

The accompanying notes are an integral part of these financial statements.


VARIABLE ANNUITY ACCOUNT C OF
VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities
December 31, 2019
(Dollars in thousands)




	Invesco
	Oppenheimer
	V.I. Main	Invesco V.I.				Alger
	Street Small	American	Invesco V.I.			Responsible	Alger Capital
	Cap Fund -	Franchise	Core Equity		Investing Fund -		Appreciation
	Series I	Fund - Series I	Fund - Series I			Class A	Fund - Class A
Assets
Investments in mutual funds
at fair value	$ 29,094	$ 32,064	$ 30,828		$ 7,080		$ 123
Total assets	29,094	32,064		30,828		7,080	123
Net assets	$ 29,094	$ 32,064	$ 30,828		$ 7,080		$ 123

Net assets
Accumulation units	$ 29,094	$ 31,907	$ 30,522		$ 7,080		$ 123
Contracts in payout (annuitization)	—	157		306		—	—
Total net assets	$ 29,094	$ 32,064	$ 30,828		$ 7,080		$ 123

Total number of mutual fund shares	1,247,584	477,497		882,047		622,656	4,576

Cost of mutual fund shares	$ 29,809	$ 27,491	$ 28,344		$ 6,603		$ 116

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


AllianzGI NFJ
		Large-Cap	AllianzGI NFJ
	AllianzGI NFJ	Value Fund -	Small-Cap		Amana Growth	Amana Income
	Dividend Value	Institutional	Value Fund -		Fund - Investor	Fund - Investor
	Fund - Class A	Class	Class A		Class	Class
Assets
Investments in mutual funds
at fair value	$ 244	$ 8	$ 29		$ 62,144	$ 74,306
Total assets	244	8		29	62,144	74,306
Net assets	$ 244	$ 8	$ 29		$ 62,144	$ 74,306

Net assets
Accumulation units	$ 244	$ 8	$ 29		$ 62,144	$ 74,306
Contracts in payout (annuitization)	—	—		—	—	—
Total net assets	$ 244	$ 8	$ 29		$ 62,144	$ 74,306

Total number of mutual fund shares	20,895	267	2,032		1,392,430	1,407,043

Cost of mutual fund shares	$ 286	$ 5	$ 27		$ 48,584	$ 62,847

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


American
	American	Beacon Small	Inflation-
	Balanced	Cap Value	Adjusted Bond	Income &	Fundamental
	Fund® -	Fund -	Fund - Investor	Growth Fund -	Investors^SM-
	Class R-3	Investor Class	Class	A Class	Class R-3
Assets
Investments in mutual funds
at fair value	$ 1,969	$ 463	$ 26,836	$ 11,609	$ 1,090
Total assets	1,969	463	26,836	11,609	1,090
Net assets	$ 1,969	$ 463	$ 26,836	$ 11,609	$ 1,090

Net assets
Accumulation units	$ 1,969	$ 463	$ 26,836	$ 11,609	$ 1,090
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 1,969	$ 463	$ 26,836	$ 11,609	$ 1,090

Total number of mutual fund shares	69,475	19,854	2,311,441	299,057	17,629

Cost of mutual fund shares	$ 1,811	$ 488	$ 26,915	$ 10,889	$ 1,039

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


			AMG Managers	Ariel
	Fundamental	American	Fairpointe Mid Appreciation
	Investors^SM-	Mutual Fund® -	Cap Fund -	Fund -		Ariel Fund -
	Class R-4	Class R-4	Class N	Investor Class		Investor Class
Assets
Investments in mutual funds
at fair value	$ 121,394	$ 2,782	$ 22,420	$ 177		$ 10,234
Total assets	121,394	2,782	22,420		177	10,234
Net assets	$ 121,394	$ 2,782	$ 22,420	$ 177		$ 10,234

Net assets
Accumulation units	$ 121,394	$ 2,782	$ 22,420	$ 177		$ 10,234
Contracts in payout (annuitization)	—	—	—		—	—
Total net assets	$ 121,394	$ 2,782	$ 22,420	$ 177		$ 10,234

Total number of mutual fund shares	1,962,075	64,165	652,683	3,970		157,320

Cost of mutual fund shares	$ 106,406	$ 2,572	$ 25,394	$ 182		$ 10,204

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


			BlackRock
			Health	BlackRock
	Artisan	BlackRock	Sciences	Health Sciences BlackRock Mid
	International	Equity	Opportunities Opportunities		Cap Dividend
	Fund -	Dividend Fund -	Portfolio -	Portfolio -	Fund -
	Investor	Investor A	Institutional	Investor A	Institutional
	Shares	Shares	Shares	Shares	Shares
Assets
Investments in mutual funds
at fair value	$ 11,144	$ 964	$ 7,651	$ 28,072	$ 269
Total assets	11,144	964	7,651	28,072	269
Net assets	$ 11,144	$ 964	$ 7,651	$ 28,072	$ 269

Net assets
Accumulation units	$ 11,144	$ 964	$ 7,651	$ 28,072	$ 269
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 11,144	$ 964	$ 7,651	$ 28,072	$ 269

Total number of mutual fund shares	335,064	46,333	112,392	434,687	14,053

Cost of mutual fund shares	$ 10,191	$ 1,004	$ 6,834	$ 23,575	$ 264

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


			Calvert US
			Large-Cap
	BlackRock Mid		Core
	Cap Dividend	Bond Fund of	Responsible		Calvert VP	Capital Income
	Fund - Investor	America -	Index Fund -		SRI Balanced	Builder® -
	A Shares	Class R-4	Class A		Portfolio	Class R-4
Assets
Investments in mutual funds
at fair value	$ 14,680	$ 14,957	$ 8		$ 53,468	$ 5,991
Total assets	14,680	14,957		8	53,468	5,991
Net assets	$ 14,680	$ 14,957	$ 8		$ 53,468	$ 5,991

Net assets
Accumulation units	$ 14,680	$ 14,957	$ 8		$ 53,209	$ 5,991
Contracts in payout (annuitization)	—	—	—		259	—
Total net assets	$ 14,680	$ 14,957	$ 8		$ 53,468	$ 5,991

Total number of mutual fund shares	807,902	1,142,653	283		23,348,415	94,643

Cost of mutual fund shares	$ 14,544	$ 14,741	$ 7		$ 47,263	$ 5,748

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Capital World Growth & Income Fund &^_SM- Class R-3	Cohen &
		Steers Real
		Estate			Columbia
		Fund, Securities Inc. -	Steers Cohen Realty &	Columbia Acorn® Fund -	Acorn® Fund - Institutional
		Class A	Shares, Inc.	Class A Shares	Class
Assets
Investments in mutual funds
at fair value	$ 637	$ 1,363	$ 10,992	$ 67	$ 9
Total assets	637	1,363	10,992	67	9
Net assets	$ 637	$ 1,363	$ 10,992	$ 67	$ 9

Net assets
Accumulation units	$ 637	$ 1,363	$ 10,992	$ 67	$ 9
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 637	$ 1,363	$ 10,992	$ 67	$ 9

Total number of mutual fund shares	12,269	82,036	166,135	5,704	586

Cost of mutual fund shares	$ 571	$ 1,364	$ 11,054	$ 79	$ 9

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Columbia	Columbia Select
	Select Mid	Mid Cap Value
	Cap Value	Fund -	CRM Mid Cap		Delaware Small
	Fund - Class	Institutional	Value Fund -	Davis Financial	Cap Value
	A Shares	Class	Investor Shares	Fund - Class Y	Fund - Class A
Assets
Investments in mutual funds
at fair value	$ 6,711	$ 2	$ 110	$ 76	$ 2,812
Total assets	6,711	2	110	76	2,812
Net assets	$ 6,711	$ 2	$ 110	$ 76	$ 2,812

Net assets
Accumulation units	$ 6,711	$ 2	$ 110	$ 76	$ 2,812
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 6,711	$ 2	$ 110	$ 76	$ 2,812

Total number of mutual fund shares	593,380	220	5,129	1,490	46,045

Cost of mutual fund shares	$ 7,243	$ 3	$ 103	$ 77	$ 2,832

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


				DFA Emerging	DFA Inflation-
	Delaware Smid			Markets Core	Protected
	Cap Growth			Equity	Securities
	Fund -	DWS Small	DWS Equity	Portfolio -	Portfolio -
	Institutional	Cap Growth	500 Index	Institutional	Institutional
	Class	Fund - Class S	Fund - Class S	Class Shares	Class Shares
Assets
Investments in mutual funds
at fair value	$ 16,822	$ 21	$ 820	$ 2,645	$ 1,318
Total assets	16,822	21	820	2,645	1,318
Net assets	$ 16,822	$ 21	$ 820	$ 2,645	$ 1,318

Net assets
Accumulation units	$ 16,822	$ 21	$ 820	$ 2,645	$ 1,318
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 16,822	$ 21	$ 820	$ 2,645	$ 1,318

Total number of mutual fund shares	477,769	689	4,210	121,488	109,369

Cost of mutual fund shares	$ 14,034	$ 22	$ 864	$ 2,543	$ 1,284

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	DFA U.S.			Eaton Vance
	Targeted Value			Large-Cap
	Portfolio -	Dodge & Cox		Value Fund -		EuroPacific
	Institutional	International	Dodge & Cox	Class R		Growth Fund® -
	Class Shares	Stock Fund	Stock Fund	Shares		Class R-3
Assets
Investments in mutual funds
at fair value	$ 17,780	$ 168	$ 135	$ 1		$ 2,757
Total assets	17,780	168	135		1	2,757
Net assets	$ 17,780	$ 168	$ 135	$ 1		$ 2,757

Net assets
Accumulation units	$ 17,780	$ 168	$ 135	$ 1		$ 2,757
Contracts in payout (annuitization)	—	—	—		—	—
Total net assets	$ 17,780	$ 168	$ 135	$ 1		$ 2,757

Total number of mutual fund shares	767,054	3,861	696		56	50,638

Cost of mutual fund shares	$ 17,648	$ 153	$ 134	$ 1		$ 2,468

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


		Federated
		International	Fidelity	Fidelity® VIP Fidelity® VIP
	EuroPacific	Leaders Fund -	Advisor® New	Contrafund®	Index 500
	Growth Fund® -	Institutional	Insights Fund -	Portfolio -	Portfolio -
	Class R-4	Shares	Class I	Initial Class	Initial Class
Assets
Investments in mutual funds
at fair value	$ 313,071	$ 10	$ 3,580	$ 1,291,583	$ 318,967
Total assets	313,071	10	3,580	1,291,583	318,967
Net assets	$ 313,071	$ 10	$ 3,580	$ 1,291,583	$ 318,967

Net assets
Accumulation units	$ 313,071	$ 10	$ 3,580	$ 1,284,093	$ 318,967
Contracts in payout (annuitization)	—	—	—	7,490	—
Total net assets	$ 313,071	$ 10	$ 3,580	$ 1,291,583	$ 318,967

Total number of mutual fund shares	5,749,694	278	108,806	34,747,996	995,683

Cost of mutual fund shares	$ 241,681	$ 9	$ 3,272	$ 996,157	$ 182,478

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Fidelity® VIP	Fidelity® VIP	Fidelity® VIP	Fidelity® VIP	Fidelity® VIP
	Asset Manager Equity-Income		Growth	High Income	Overseas
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Initial Class	Initial Class	Initial Class	Initial Class
Assets
Investments in mutual funds
at fair value	$ 16,286	$ 250,735	$ 387,431	$ 8,611	$ 28,627
Total assets	16,286	250,735	387,431	8,611	28,627
Net assets	$ 16,286	$ 250,735	$ 387,431	$ 8,611	$ 28,627

Net assets
Accumulation units	$ 16,286	$ 247,858	$ 386,564	$ 8,587	$ 28,627
Contracts in payout (annuitization)	—	2,877	867	24	—
Total net assets	$ 16,286	$ 250,735	$ 387,431	$ 8,611	$ 28,627

Total number of mutual fund shares	1,069,307	10,548,400	4,898,607	1,585,892	1,237,644

Cost of mutual fund shares	$ 16,507	$ 222,558	$ 246,104	$ 8,596	$ 24,171

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


		Franklin	Franklin
	Franklin	Biotechnology	Natural	Franklin
	Mutual Global	Discovery	Resources	Small-Mid Cap Franklin Small
	Discovery	Fund - Advisor	Fund - Advisor	Growth Fund -	Cap Value VIP
	Fund - Class R	Class	Class	Class A	Fund - Class 2
Assets
Investments in mutual funds
at fair value	$ 1,099	$ 323	$ 16	$ 362	$ 110,535
Total assets	1,099	323	16	362	110,535
Net assets	$ 1,099	$ 323	$ 16	$ 362	$ 110,535

Net assets
Accumulation units	$ 1,099	$ 323	$ 16	$ 362	$ 109,273
Contracts in payout (annuitization)	—	—	—	—	1,262
Total net assets	$ 1,099	$ 323	$ 16	362	$ 110,535

Total number of mutual fund shares	36,531	2,077	691	11,070	7,344,501

Cost of mutual fund shares	$ 1,087	$ 312	$ 18	$ 378	$ 129,568

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Goldman
	Sachs Growth			The Hartford		The Hartford
	Opportunities Growth Fund Growth Fund			Capital		Dividend And
	Fund - Investor	of America® -	of America® -	Appreciation		Growth Fund -
	Shares	Class R-3	Class R-4	Fund - Class R4		Class R4
Assets
Investments in mutual funds
at fair value	$ 40	$ 8,205	$ 466,449	$ —		$ 9
Total assets	40	8,205	466,449	$ —		9
Net assets	$ 40	$ 8,205	$ 466,449	$ —		$ 9

Net assets
Accumulation units	$ 40	$ 8,205	$ 466,449	$ —		$ 9
Contracts in payout (annuitization)	—	—	—		—	—
Total net assets	$ 40	$ 8,205	$ 466,449	$ —		$ 9

Total number of mutual fund shares	2,605	163,878	9,216,533		2	331

Cost of mutual fund shares	$ 48	$ 7,246	$ 347,759	$ —		$ 8

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


				Janus		Janus
				Henderson		Henderson
	The Hartford			Balanced		Enterprise
	International	Income Fund	Ivy Science and	Portfolio -		Portfolio -
	Opportunities of America® -		Technology	Institutional		Institutional
	Fund - Class R4	Class R-3	Fund - Class Y	Shares		Shares
Assets
Investments in mutual funds
at fair value	$ 1,656	$ 830	$ 21,764	$ 157		$ 344
Total assets	1,656	830	21,764		157	344
Net assets	$ 1,656	$ 830	$ 21,764	$ 157		$ 344

Net assets
Accumulation units	$ 1,656	$ 830	$ 21,764	$ 157		$ 344
Contracts in payout (annuitization)	—	—	—		—	—
Total net assets	$ 1,656	$ 830	$ 21,764	$ 157		$ 344

Total number of mutual fund shares	97,387	35,852	284,383	3,969		4,022

Cost of mutual fund shares	$ 1,656	$ 803	$ 20,347	$ 116		$ 243

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


Janus
	Janus		Henderson	Janus
	Henderson		Global	Henderson
	Flexible Bond		Research	Research	JPMorgan	JPMorgan
	Portfolio -		Portfolio -	Portfolio -	Equity Income	Government
	Institutional		Institutional	Institutional	Fund - Class I	Bond Fund -
	Shares		Shares	Shares	Shares	Class I Shares
Assets
Investments in mutual funds
at fair value	$ 13		$ 84	$ 64	$ 3,454	$ 3,274
Total assets		13	84	64	3,454	3,274
Net assets	$ 13		$ 84	$ 64	$ 3,454	$ 3,274

Net assets
Accumulation units	$ 13		$ 84	$ 64	$ 3,454	$ 3,274
Contracts in payout (annuitization)		—	—	—	—	—
Total net assets	$ 13		$ 84	$ 64	$ 3,454	$ 3,274

Total number of mutual fund shares	1,090		1,477	1,563	177,692	305,113

Cost of mutual fund shares	$ 13		$ 53	$ 51	$ 3,114	$ 3,276

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


						Loomis Sayles
	Lazard	ClearBridge	LKCM		Loomis Sayles Limited Term
	International	Aggressive	Aquinas		Small Cap	Government
	Equity Portfolio -	Growth Fund -	Catholic		Value Fund -	and Agency
	Open Shares	Class I	Equity Fund		Retail Class	Fund - Class Y
Assets
Investments in mutual funds
at fair value	$ 986	$ 400	$ 39		$ 11,127	$ 465
Total assets	986	400		39	11,127	465
Net assets	$ 986	$ 400	$ 39		$ 11,127	$ 465

Net assets
Accumulation units	$ 986	$ 400	$ 39		$ 11,127	$ 465
Contracts in payout (annuitization)	—	—		—	—	—
Total net assets	$ 986	$ 400	$ 39		$ 11,127	$ 465

Total number of mutual fund shares	52,349	2,005	2,603		406,976	41,059

Cost of mutual fund shares	$ 983	$ 435	$ 43		$ 12,740	$ 464

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Lord Abbett	Lord Abbett		Lord Abbett	Lord Abbett	Lord Abbett
	Developing	Core Fixed		Short Duration	Mid Cap	Small Cap
	Growth Fund -	Income Fund -		Income Fund -	Stock Fund -	Value Fund -
	Class A	Class A		Class R4	Class A	Class A
Assets
Investments in mutual funds
at fair value	$ 118	$ 20		$ 7,163	$ 950	$ 348
Total assets	118		20	7,163	950	348
Net assets	$ 118	$ 20		$ 7,163	$ 950	$ 348

Net assets
Accumulation units	$ 118	$ 20		$ 7,163	$ 950	$ 348
Contracts in payout (annuitization)	—		—	—	—	—
Total net assets	$ 118	$ 20		$ 7,163	$ 950	$ 348

Total number of mutual fund shares	6,027	1,821		1,697,439	33,235	23,105

Cost of mutual fund shares	$ 116	$ 20		$ 7,126	$ 782	$ 402

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


		Lord Abbett				Metropolitan
	Lord Abbett	Series Fund	Mainstay		Massachusetts	West Total
	Fundamental	Mid Cap Stock	Large Cap		Investors	Return Bond
	Equity Fund -	Portfolio -	Growth Fund -		Growth Stock	Fund - Class I
	Class A	Class VC	Class R3		Fund - Class A	Shares
Assets
Investments in mutual funds
at fair value	$ 128	$ 68,398	$ 3		$ 104	$ 25,623
Total assets	128	68,398		3	104	25,623
Net assets	$ 128	$ 68,398	$ 3		$ 104	$ 25,623

Net assets
Accumulation units	$ 128	$ 67,900	$ 3		$ 104	$ 25,623
Contracts in payout (annuitization)	—	498		—	—	—
Total net assets	$ 128	$ 68,398	$ 3		$ 104	$ 25,623

Total number of mutual fund shares	10,735	2,881,112	338		3,160	2,344,285

Cost of mutual fund shares	$ 133	$ 56,925	$ 3		$ 79	$ 24,993

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


					Neuberger
	Metropolitan	MFS®		Neuberger	Berman
	West Total International			Berman	Sustainable
	Return Bond	Intrinsic	MFS® New	Genesis Fund -	Equity Fund -
	Fund - Class	Value Fund -	Discovery Fund -	Trust Class	Institutional
	M Shares	Class R3	Class R3	Shares	Class Shares
Assets
Investments in mutual funds
at fair value	$ 24,877	$ 1,134	$ 297	$ 511	$ 3,744
Total assets	24,877	1,134	297	511	3,744
Net assets	$ 24,877	$ 1,134	$ 297	$ 511	$ 3,744

Net assets
Accumulation units	$ 24,877	$ 1,134	$ 297	$ 511	$ 3,744
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 24,877	$ 1,134	$ 297	$ 511	$ 3,744

Total number of mutual fund shares	2,273,917	25,180	10,663	8,720	99,579

Cost of mutual fund shares	$ 24,391	$ 1,037	$ 282	$ 492	$ 3,666

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Neuberger
	Berman
	Sustainable	New	New
	Equity Fund -	Perspective	Perspective	New World	Nuveen Global
	Trust Class	Fund® -	Fund® -	Fund® -	Infrastructure
	Shares	Class R-3	Class R-4	Class R-4	Fund - Class I
Assets
Investments in mutual funds
at fair value	$ 14,208	$ 1,226	$ 239,015	$ 770	$ 2,309
Total assets	14,208	1,226	239,015	770	2,309
Net assets	$ 14,208	$ 1,226	$ 239,015	$ 770	$ 2,309

Net assets
Accumulation units	$ 14,208	$ 1,226	$ 239,015	$ 770	$ 2,309
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 14,208	$ 1,226	$ 239,015	$ 770	$ 2,309

Total number of mutual fund shares	376,376	26,582	5,135,699	10,987	202,551

Cost of mutual fund shares	$ 13,742	$ 1,097	$ 189,126	$ 708	$ 2,185

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Parnassus	Pax				Pioneer
	Core	Sustainable			PIMCO VIT	Equity
	Equity	Allocation	PIMCO		Real Return	Income
	Fund^SM-	Fund -	CommodityRealReturn		Portfolio -	Fund -
	Investor	Investor	Strategy Fund® -		Administrative Class Y
	Shares	Class	Administrative Class		Class	Shares
Assets
Investments in mutual funds
at fair value	$ 39,661	$ 40,352	$ 1,561		$ 71,157	$ 11,198
Total assets	39,661	40,352		1,561	71,157	11,198
Net assets	$ 39,661	$ 40,352	$ 1,561		$ 71,157	$ 11,198

Net assets
Accumulation units	$ 39,661	$ 40,352	$ 1,561		$ 71,157	$ 11,198
Contracts in payout (annuitization)	—	—		—	—	—
Total net assets	$ 39,661	$ 40,352	$ 1,561		$ 71,157	$ 11,198

Total number of mutual fund shares	843,314	1,728,152		267,305	5,629,520	302,077

Cost of mutual fund shares	$ 34,994	$ 39,973	$ 1,689		$ 74,572	$ 10,158

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


		Pioneer	Pioneer Equity		Pioneer High	PGIM
	Pioneer High	Strategic	Income VCT		Yield VCT	Jennison
	Yield Fund -	Income Fund -	Portfolio -		Portfolio -	Utility Fund -
	Class A Shares	Class A Shares	Class I		Class I	Class Z
Assets
Investments in mutual funds
at fair value	$ 780	$ 683		5	$ 15,331	$ 176
Total assets	780	683		5	15,331		176
Net assets	$ 780	$ 683	$ 5		$ 15,331	$ 176

Net assets
Accumulation units	$ 780	$ 683	$ 5		$ 15,331	$ 176
Contracts in payout (annuitization)	—	—		—	—		—
Total net assets	$ 780	$ 683	$ 5		$ 15,331	$ 176

Total number of mutual fund shares	80,057	62,076		294	1,600,291	11,209

Cost of mutual fund shares	$ 775	$ 656	$ 5		$ 15,107	$ 159

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Columbia				T. Rowe Price
	Large Cap	Royce Total	Ave Maria	SMALLCAP	Institutional
	Value Fund -	Return Fund -	Rising	World Fund® -	Large-Cap
	Advisor Class	Service Class	Dividend Fund	Class R-4	Growth Fund
Assets
Investments in mutual funds
at fair value	$ 11,159	$ 6	$ 6,122	$ 27,352	$ 42,479
Total assets	11,159	6	6,122	27,352	42,479
Net assets	$ 11,159	$ 6	$ 6,122	$ 27,352	$ 42,479

Net assets
Accumulation units	$ 11,159	$ 6	$ 6,122	$ 27,352	$ 42,479
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 11,159	$ 6	$ 6,122	$ 27,352	$ 42,479

Total number of mutual fund shares	785,831	545	327,754	469,002	964,344

Cost of mutual fund shares	$ 11,217	$ 7	$ 5,979	$ 23,471	$ 34,312

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


					Templeton
	T. Rowe Price	T. Rowe Price	TCW Total	Templeton	Global Bond
	Mid-Cap Value	Value Fund -	Return Bond	Foreign Fund -	Fund - Advisor
	Fund - R Class	Advisor Class	Fund - Class N	Class A	Class
Assets
Investments in mutual funds
at fair value	$ 227	$ 512	$ 7,674	$ 352	$ 22,530
Total assets	227	512	7,674	352	22,530
Net assets	$ 227	$ 512	$ 7,674	$ 352	$ 22,530

Net assets
Accumulation units	$ 227	$ 512	$ 7,674	$ 352	$ 22,530
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 227	$ 512	$ 7,674	$ 352	$ 22,530

Total number of mutual fund shares	8,284	13,719	748,697	48,436	2,111,567

Cost of mutual fund shares	$ 228	$ 470	$ 7,688	$ 347	$ 25,521

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


					Vanguard®
		Third Avenue			Total Bond
		Real Estate	Touchstone	USAA Precious	Market Index
	Templeton	Value Fund -	Value Fund -	Metals and Minerals	Fund -
	Global Bond	Institutional	Institutional	Fund -	Admiral™
	Fund - Class A	Class	Class	Adviser Shares	Shares
Assets
Investments in mutual funds
at fair value	$ 103,155	$ 55	$ 17,249	$ 18,901	$ 157
Total assets	103,155	55	17,249	18,901		157
Net assets	$ 103,155	$ 55	$ 17,249	$ 18,901	$ 157

Net assets
Accumulation units	$ 103,155	$ 55	$ 17,249	$ 18,901	$ 157
Contracts in payout (annuitization)	—	—	—	—		—
Total net assets	$ 103,155	$ 55	$ 17,249	$ 18,901	$ 157

Total number of mutual fund shares	9,622,635	2,176	1,772,802	1,146,199	14,244

Cost of mutual fund shares	$ 120,406	$ 65	$ 16,962	$ 14,818	$ 157

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Vanguard®
	Total
	International				Victory
	Stock Index			Small	Integrity
	Fund -			Company	Small-Cap
	Admiral™	Diversified	Equity Income	Growth	Value Fund -
	Shares	Value Portfolio	Portfolio	Portfolio	Class Y
Assets
Investments in mutual funds
at fair value	$ 15	$ 112	$ 181	$ 56	$ 289
Total assets	15	112	181	56		289
Net assets	$ 15	$ 112	$ 181	$ 56	$ 289

Net assets
Accumulation units	$ 15	$ 112	$ 181	$ 56	$ 289
Contracts in payout (annuitization)	—	—	—	—		—
Total net assets	$ 15	$ 112	$ 181	$ 56	$ 289

Total number of mutual fund shares	493	6,791	7,480	2,405	8,171

Cost of mutual fund shares	$ 14	$ 105	$ 161	$ 52	$ 276

The accompanying notes are an integral part of these financial statements.


VARIABLE ANNUITY ACCOUNT C OF
VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
Statements of Assets and Liabilities
December 31, 2019
(Dollars in thousands)




Victory
	Victory	Sycamore
	Sycamore	Small
	Established	Company	Voya Balanced Voya Large			Voya Real
	Value Fund -	Opportunity		Portfolio -	Cap Value	Estate Fund -
	Class A	Fund - Class R		Class I	Fund - Class A	Class A
Assets
Investments in mutual funds
at fair value	$ 6,605	$ 8	$ 221,428		$ 58	$ 727
Total assets	6,605	8		221,428	58	727
Net assets	$ 6,605	$ 8	$ 221,428		$ 58	$ 727

Net assets
Accumulation units	$ 6,605	$ 8	$ 208,691		$ 58	$ 727
Contracts in payout (annuitization)	—	—		12,737	—	—
Total net assets	$ 6,605	$ 8	$ 221,428		$ 58	$ 727

Total number of mutual fund shares	164,919	199		14,094,712	5,012	63,640

Cost of mutual fund shares	$ 6,346	$ 8	$ 169,101		$ 59	$ 853

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


			Voya		Voya	Voya
	Voya Floating Rate Fund - Class A	Voya GNMA Income Fund - Class A	Intermediate		Intermediate	Intermediate
			Bond Fund -	Bond Portfolio -		Bond Portfolio -
			Class A		Class I	Class S
Assets
Investments in mutual funds
at fair value	$ 3,571	$ 2,472	$ 856	$ 425,547		$ 2,191
Total assets	3,571	2,472	856		425,547	2,191
Net assets	$ 3,571	$ 2,472	$ 856	$ 425,547		$ 2,191

Net assets
Accumulation units	$ 3,571	$ 2,472	$ 856	$ 417,635		$ 2,191
Contracts in payout (annuitization)	—	—	—		7,912	—
Total net assets	$ 3,571	$ 2,472	$ 856	$ 425,547		$ 2,191

Total number of mutual fund shares	375,874	292,515	82,583		32,534,181	168,640

Cost of mutual fund shares	$ 3,640	$ 2,449	$ 828	$ 419,827		$ 2,160

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


			Voya High
		Voya High	Yield		Voya Large
	Voya Global	Yield	Portfolio -	Voya High	Cap Growth
	Perspectives®	Portfolio -	Institutional	Yield Portfolio -	Portfolio -
	Portfolio - Class I	Adviser Class	Class	Service Class	Adviser Class
Assets
Investments in mutual funds
at fair value	$ 2,415	$ 28	$ 105,196	$ 409	$ 83
Total assets	2,415	28	105,196	409	83
Net assets	$ 2,415	$ 28	$ 105,196	$ 409	$ 83

Net assets
Accumulation units	$ 2,415	$ 28	$ 104,249	$ 409	$ 83
Contracts in payout (annuitization)	—	—	947	—	—
Total net assets	$ 2,415	$ 28	$ 105,196	$ 409	$ 83

Total number of mutual fund shares	214,472	2,783	10,583,123	41,161	4,647

Cost of mutual fund shares	$ 2,355	$ 27	$ 104,127	$ 403	$ 81

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Voya Large			Voya Large
	Cap Growth	Voya Large	Voya Large	Cap Value	Voya Large
	Portfolio -	Cap Growth	Cap Value	Portfolio -	Cap Value
	Institutional	Portfolio -	Portfolio -	Institutional	Portfolio -
	Class	Service Class	Adviser Class	Class	Service Class
Assets
Investments in mutual funds
at fair value	$ 598,514	$ 5,930	$ 16	$ 303,689	$ 1,231
Total assets	598,514	5,930	16	303,689	1,231
Net assets	$ 598,514	$ 5,930	$ 16	$ 303,689	$ 1,231

Net assets
Accumulation units	$ 597,569	$ 5,930	$ 16	$ 300,855	$ 1,231
Contracts in payout (annuitization)	945	—	—	2,834	—
Total net assets	$ 598,514	$ 5,930	$ 16	$ 303,689	$ 1,231

Total number of mutual fund shares	30,182,233	308,679	1,361	24,851,779	102,241

Cost of mutual fund shares	$ 566,469	$ 5,905	$ 15	$ 288,015	$ 1,202

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


			VY®	VY® Clarion
		Voya U.S.	BlackRock	Global Real
	Voya Limited Stock Index		Inflation	Estate	VY® Clarion
	Maturity Bond	Portfolio -	Protected Bond	Portfolio -	Real Estate
	Portfolio -	Institutional	Portfolio -	Institutional	Portfolio -
	Adviser Class	Class	Adviser Class	Class	Adviser Class
Assets
Investments in mutual funds
at fair value	$ 5	$ 39,309	$ 12	$ 74,592	$ 44
Total assets	5	39,309	12	74,592	44
Net assets	$ 5	$ 39,309	$ 12	$ 74,592	$ 44

Net assets
Accumulation units	$ 5	$ 39,309	$ 12	$ 74,592	$ 44
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 5	$ 39,309	$ 12	$ 74,592	$ 44

Total number of mutual fund shares	465	2,313,664	1,223	5,689,730	1,211

Cost of mutual fund shares	$ 4	$ 34,032	$ 11	$ 67,360	$ 44

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


					VY®
			VY® Invesco		JPMorgan
	VY® Clarion		Growth and	VY® Invesco	Emerging
	Real Estate	VY® Clarion	Income	Growth and	Markets
	Portfolio -	Real Estate	Portfolio -	Income	Equity
	Institutional	Portfolio -	Institutional	Portfolio -	Portfolio -
	Class	Service Class	Class	Service Class	Adviser Class
Assets
Investments in mutual funds
at fair value	$ 1,556	$ 44,624	$ 29,008	$ 28,186	$ 190
Total assets	1,556	44,624	29,008	28,186	190
Net assets	$ 1,556	$ 44,624	$ 29,008	$ 28,186	$ 190

Net assets
Accumulation units	$ —	$ 44,624	$ 29,008	$ 28,186	$ 190
Contracts in payout (annuitization)	1,556	—	—	—	—
Total net assets	$ 1,556	$ 44,624	$ 29,008	$ 28,186	$ 190

Total number of mutual fund shares	40,554	1,164,509	1,260,683	1,212,319	9,052

Cost of mutual fund shares	$ 1,354	$ 38,195	$ 31,704	$ 31,132	$ 144

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	VY®
	JPMorgan	VY®		VY®
	Emerging	JPMorgan	VY®	JPMorgan	VY®
	Markets	Emerging	JPMorgan	Small Cap	JPMorgan
	Equity	Markets	Small Cap Core	Core Equity	Small Cap
	Portfolio -	Equity	Equity	Portfolio -	Core Equity
	Institutional	Portfolio -	Portfolio -	Institutional	Portfolio -
	Class	Service Class Adviser Class		Class	Service Class
Assets
Investments in mutual funds
at fair value	$ 14,297	$ 26,095	$ 3	$ 50,704	$ 39,048
Total assets	14,297	26,095	3	50,704	39,048
Net assets	$ 14,297	$ 26,095	$ 3	$ 50,704	$ 39,048

Net assets
Accumulation units	$ 14,297	$ 26,095	$ 3	$ 50,704	$ 39,048
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 14,297	$ 26,095	$ 3	$ 50,704	$ 39,048

Total number of mutual fund shares	643,435	1,182,915	210	3,127,927	2,448,123

Cost of mutual fund shares	$ 11,207	$ 21,857	$ 3	$ 58,996	$ 45,653

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


				VY® T. Rowe
	VY® Morgan		VY® T. Rowe	Price Capital	VY® T. Rowe	VY® T. Rowe
	Stanley Global		Price Capital	Appreciation	Price Capital	Price Equity
	Franchise		Appreciation	Portfolio -	Appreciation	Income
	Portfolio -		Portfolio -	Institutional	Portfolio -	Portfolio -
	Adviser Class		Adviser Class	Class	Service Class	Adviser Class
Assets
Investments in mutual funds
at fair value	$ 1		$ 363	$ 431,537	$ 1,030,790	$ 942
Total assets		1	363	431,537	1,030,790	942
Net assets	$ 1		$ 363	$ 431,537	$ 1,030,790	$ 942

Net assets
Accumulation units	$ 1		$ 363	$ 431,537	$ 1,030,790	$ 942
Contracts in payout (annuitization)		—	—	—	—	—
Total net assets	$ 1		$ 363	$ 431,537	$ 1,030,790	$ 942

Total number of mutual fund shares		38	12,988	14,673,142	35,037,055	94,530

Cost of mutual fund shares	$ 1		$ 331	$ 396,928	$ 922,472	$ 1,167

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	VY® T. Rowe	VY® T. Rowe	VY® T. Rowe	Voya
	Price Equity	Price	Price	Government
	Income	International	International Money Market		Voya Global
	Portfolio -	Stock Portfolio -	Stock Portfolio -	Portfolio -	Real Estate
	Service Class	Adviser Class	Service Class	Class I	Fund - Class A
Assets
Investments in mutual funds
at fair value	$ 105,540	$ 96	$ 8,458	$ 248,617	$ 58
Total assets	105,540	96	8,458	248,617	58
Net assets	$ 105,540	$ 96	$ 8,458	$ 248,617	$ 58

Net assets
Accumulation units	$ 105,044	$ 96	$ 8,458	$ 247,429	$ 58
Contracts in payout (annuitization)	496	—	—	1,188	—
Total net assets	$ 105,540	$ 96	$ 8,458	$ 248,617	$ 58

Total number of mutual fund shares	10,236,625	5,889	519,553	248,617,344	4,284

Cost of mutual fund shares	$ 133,180	$ 77	$ 7,451	$ 248,617	$ 73

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Voya Multi-	Voya Multi-
	Manager	Manager			Voya Global
	International International		Voya Global	Voya Global	Bond
	Small Cap	Small Cap	Bond Portfolio -	Bond Portfolio -	Portfolio -
	Fund - Class A	Fund - Class I	Adviser Class	Initial Class	Service Class
Assets
Investments in mutual funds
at fair value	$ 247	$ 1,361	$ 304	$ 69,980	$ 503
Total assets	247	1,361	304	69,980	503
Net assets	$ 247	$ 1,361	$ 304	$ 69,980	$ 503

Net assets
Accumulation units	$ 247	$ 1,361	$ 304	$ 68,767	$ 495
Contracts in payout (annuitization)	—	—	—	1,213	8
Total net assets	$ 247	$ 1,361	$ 304	$ 69,980	$ 503

Total number of mutual fund shares	4,541	25,149	28,592	6,461,683	46,484

Cost of mutual fund shares	$ 238	$ 1,430	$ 298	$ 71,121	$ 500

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Voya Index	Voya Index	Voya Index	Voya Index	Voya Index
	Solution 2025	Solution 2025	Solution 2025	Solution 2035	Solution 2035
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Service 2 Class	Service Class	Initial Class	Service 2 Class
Assets
Investments in mutual funds
at fair value	$ 12,222	$ 1,859	$ 6,057	$ 18,659	$ 1,970
Total assets	12,222	1,859	6,057	18,659	1,970
Net assets	$ 12,222	$ 1,859	$ 6,057	$ 18,659	$ 1,970

Net assets
Accumulation units	$ 12,222	$ 1,859	$ 6,057	$ 18,659	$ 1,970
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 12,222	$ 1,859	$ 6,057	$ 18,659	$ 1,970

Total number of mutual fund shares	1,061,900	166,391	532,213	1,547,139	168,195

Cost of mutual fund shares	$ 11,407	$ 1,766	$ 5,665	$ 17,147	$ 1,803

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Voya Index	Voya Index	Voya Index	Voya Index	Voya Index
	Solution 2035	Solution 2045	Solution 2045	Solution 2045	Solution 2055
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Service Class	Initial Class	Service 2 Class	Service Class	Initial Class
Assets
Investments in mutual funds
at fair value	$ 8,925	$ 17,160	$ 2,745	$ 5,102	$ 7,159
Total assets	8,925	17,160	2,745	5,102	7,159
Net assets	$ 8,925	$ 17,160	$ 2,745	$ 5,102	$ 7,159

Net assets
Accumulation units	$ 8,925	$ 17,160	$ 2,745	$ 5,102	$ 7,159
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 8,925	$ 17,160	$ 2,745	$ 5,102	$ 7,159

Total number of mutual fund shares	749,402	1,360,824	225,224	411,142	438,415

Cost of mutual fund shares	$ 8,221	$ 15,613	$ 2,521	$ 4,612	$ 6,684

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


			Voya Index	Voya Index		Voya Index
	Voya Index	Voya Index	Solution	Solution		Solution
	Solution 2055	Solution 2055	Income	Income		Income
	Portfolio -	Portfolio -	Portfolio -	Portfolio -		Portfolio -
	Service 2 Class	Service Class	Initial Class	Service 2 Class		Service Class
Assets
Investments in mutual funds
at fair value	$ 1,618	$ 3,535	$ 3,374	$ 736		$ 1,114
Total assets	1,618	3,535	3,374		736	1,114
Net assets	$ 1,618	$ 3,535	$ 3,374	$ 736		$ 1,114

Net assets
Accumulation units	$ 1,618	$ 3,535	$ 3,374	$ 736		$ 1,114
Contracts in payout (annuitization)	—	—	—		—	—
Total net assets	$ 1,618	$ 3,535	$ 3,374	$ 736		$ 1,114

Total number of mutual fund shares	101,193	219,143	311,867	70,215		104,008

Cost of mutual fund shares	$ 1,466	$ 3,231	$ 3,230	$ 703		$ 1,059

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Voya	Voya	Voya
International International International
	High Dividend	High Dividend	High Dividend
	Low Volatility	Low Volatility	Low Volatility	Voya Solution	Voya Solution
	Portfolio -	Portfolio -	Portfolio -	2025 Portfolio -	2025 Portfolio -
	Adviser Class	Initial Class	Service Class	Adviser Class	Initial Class
Assets
Investments in mutual funds
at fair value	$ 197	$ 73,467	$ 59	$ 468	$ 11,199
Total assets	197	73,467	59	468	11,199
Net assets	$ 197	$ 73,467	$ 59	$ 468	$ 11,199

Net assets
Accumulation units	$ 197	$ 72,279	$ 59	$ 468	$ 11,199
Contracts in payout (annuitization)	—	1,188	—	—	—
Total net assets	$ 197	$ 73,467	$ 59	$ 468	$ 11,199

Total number of mutual fund shares	17,373	6,394,004	5,185	41,161	956,324

Cost of mutual fund shares	$ 193	$ 69,200	$ 66	$ 462	$ 11,025

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Voya Solution	Voya Solution	Voya Solution	Voya Solution	Voya Solution
	2025 Portfolio -	2025 Portfolio -	2035 Portfolio -	2035 Portfolio -	2035 Portfolio -
	Service 2 Class	Service Class	Adviser Class	Initial Class	Service 2 Class
Assets
Investments in mutual funds
at fair value	$ 6,734	$ 135,241	$ 475	$ 11,644	$ 11,338
Total assets	6,734	135,241	475	11,644	11,338
Net assets	$ 6,734	$ 135,241	$ 475	$ 11,644	$ 11,338

Net assets
Accumulation units	$ 6,734	$ 135,241	$ 475	$ 11,644	$ 11,338
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 6,734	$ 135,241	$ 475	$ 11,644	$ 11,338

Total number of mutual fund shares	599,636	11,688,898	40,865	971,948	999,846

Cost of mutual fund shares	$ 6,508	$ 136,721	$ 458	$ 11,439	$ 11,033

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Voya Solution	Voya Solution	Voya Solution	Voya Solution	Voya Solution
	2035 Portfolio -	2045 Portfolio -	2045 Portfolio -	2045 Portfolio -	2045 Portfolio -
	Service Class	Adviser Class	Initial Class	Service 2 Class	Service Class
Assets
Investments in mutual funds
at fair value	$ 154,810	$ 18	$ 8,702	$ 5,014	$ 113,924
Total assets	154,810	18	8,702	5,014	113,924
Net assets	$ 154,810	$ 18	$ 8,702	$ 5,014	$ 113,924

Net assets
Accumulation units	$ 154,810	$ 18	$ 8,702	$ 5,014	$ 113,924
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 154,810	$ 18	$ 8,702	$ 5,014	$ 113,924

Total number of mutual fund shares	13,086,228	1,574	734,341	442,174	9,770,525

Cost of mutual fund shares	$ 156,877	$ 18	$ 8,752	$ 4,887	$ 115,943

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


				Voya Solution	Voya Solution
	Voya Solution Voya Solution		Voya Solution	Balanced	Income
	2055 Portfolio -	2055 Portfolio -	2055 Portfolio	Portfolio -	Portfolio -
	Initial Class	Service 2 Class	- Service Class	Service Class	Adviser Class
Assets
Investments in mutual funds
at fair value	$ 4,029	$ 1,692	$ 30,438	$ 5,786	$ 855
Total assets	4,029	1,692	30,438	5,786	855
Net assets	$ 4,029	$ 1,692	$ 30,438	$ 5,786	$ 855

Net assets
Accumulation units	$ 4,029	$ 1,692	$ 30,438	$ 5,786	$ 855
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 4,029	$ 1,692	$ 30,438	$ 5,786	$ 855

Total number of mutual fund shares	284,337	121,525	2,175,712	586,213	72,745

Cost of mutual fund shares	$ 3,945	$ 1,664	$ 28,965	$ 5,638	$ 808

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


					VY®
					American
				Voya Solution	Century
	Voya Solution Voya Solution		Voya Solution	Moderately	Small-Mid
	Income	Income	Income	Conservative	Cap Value
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Service 2 Class	Service Class	Service Class	Adviser Class
Assets
Investments in mutual funds
at fair value	$ 8,415	$ 3,320	$ 38,441	$ 7,654	$ 51
Total assets	8,415	3,320	38,441	7,654		51
Net assets	$ 8,415	$ 3,320	$ 38,441	$ 7,654	$ 51

Net assets
Accumulation units	$ 8,415	$ 3,320	$ 38,441	$ 7,654	$ 51
Contracts in payout (annuitization)	—	—	—	—		—
Total net assets	$ 8,415	$ 3,320	$ 38,441	$ 7,654	$ 51

Total number of mutual fund shares	698,341	284,944	3,216,818	743,064	4,605

Cost of mutual fund shares	$ 8,162	$ 3,175	$ 36,571	$ 7,365	$ 51

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	VY® American	VY® American
	Century Small-	Century Small-	VY® Baron	VY® Baron	VY® Columbia
	Mid Cap Value	Mid Cap Value	Growth	Growth	Contrarian
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Core Portfolio -
	Initial Class	Service Class	Adviser Class	Service Class	Service Class
Assets
Investments in mutual funds
at fair value	$ 34,644	$ 67,826	$ 351	$ 156,083	$ 13,169
Total assets	34,644	67,826	351	156,083	13,169
Net assets	$ 34,644	$ 67,826	$ 351	$ 156,083	$ 13,169

Net assets
Accumulation units	$ 34,644	$ 67,143	$ 351	$ 155,100	$ 13,086
Contracts in payout (annuitization)	—	683	—	983	83
Total net assets	$ 34,644	$ 67,826	$ 351	$ 156,083	$ 13,169

Total number of mutual fund shares	2,889,401	5,752,842	17,959	7,209,393	766,506

Cost of mutual fund shares	$ 34,897	$ 69,030	$ 441	$ 185,493	$ 15,873

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	VY® Columbia	VY® Columbia			VY® Invesco
	Small Cap	Small Cap	VY® Invesco	VY® Invesco	Equity and
	Value II	Value II	Comstock	Comstock	Income
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Adviser Class	Service Class	Adviser Class	Service Class	Adviser Class
Assets
Investments in mutual funds
at fair value	$ 145	$ 5,775	$ 260	$ 60,153	$ 1,487
Total assets	145	5,775	260	60,153	1,487
Net assets	$ 145	$ 5,775	$ 260	$ 60,153	$ 1,487

Net assets
Accumulation units	$ 145	$ 5,775	$ 260	$ 59,168	$ 1,487
Contracts in payout (annuitization)	—	—	—	985	—
Total net assets	$ 145	$ 5,775	$ 260	$ 60,153	$ 1,487

Total number of mutual fund shares	9,634	370,652	15,306	3,501,356	34,293

Cost of mutual fund shares	$ 134	$ 6,394	$ 248	$ 53,674	$ 1,537

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	VY® Invesco	VY® Invesco	VY® Invesco	VY® Invesco	VY® Invesco
	Equity and	Equity and	Oppenheimer Oppenheimer Oppenheimer
	Income	Income	Global	Global	Global
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Service Class	Adviser Class	Initial Class	Service Class
Assets
Investments in mutual funds
at fair value	$ 281,505	$ 1,061	$ 266	$ 603,394	$ 1,758
Total assets	281,505	1,061	266	603,394	1,758
Net assets	$ 281,505	$ 1,061	$ 266	$ 603,394	$ 1,758

Net assets
Accumulation units	$ 279,227	$ 1,061	$ 266	$ 600,174	$ 1,758
Contracts in payout (annuitization)	2,278	—	—	3,220	—
Total net assets	$ 281,505	$ 1,061	$ 266	$ 603,394	$ 1,758

Total number of mutual fund shares	6,386,238	24,239	14,450	31,006,910	94,705

Cost of mutual fund shares	$ 279,512	$ 1,054	$ 260	$ 497,150	$ 1,709

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


					VY® T. Rowe
				VY® T. Rowe	Price
	VY®	VY®	VY®	Price	Diversified
	JPMorgan Mid	JPMorgan Mid	JPMorgan Mid	Diversified Mid	Mid Cap
	Cap Value	Cap Value	Cap Value	Cap Growth	Growth
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Adviser Class	Initial Class	Service Class	Adviser Class	Initial Class
Assets
Investments in mutual funds
at fair value	$ 270	$ 21,263	$ 60,015	$ 388	$ 515,075
Total assets	270	21,263	60,015	388	515,075
Net assets	$ 270	$ 21,263	$ 60,015	$ 388	$ 515,075

Net assets
Accumulation units	$ 270	$ 21,263	$ 58,963	$ 388	$ 513,018
Contracts in payout (annuitization)	—	—	1,052	—	2,057
Total net assets	$ 270	$ 21,263	$ 60,015	$ 388	$ 515,075

Total number of mutual fund shares	15,757	1,199,940	3,427,476	35,285	41,206,037

Cost of mutual fund shares	$ 296	$ 23,513	$ 66,379	$ 348	$ 413,059

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	VY® T. Rowe
	Price	VY® T. Rowe	VY® T. Rowe	VY® T. Rowe
	Diversified Mid	Price Growth	Price Growth	Price Growth	Voya
	Cap Growth	Equity	Equity	Equity	Corporate
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Leaders 100
	Service Class	Adviser Class	Initial Class	Service Class	Fund - Class I
Assets
Investments in mutual funds
at fair value	$ 1,259	$ 1,070	$ 556,786	$ 3,244	$ 7,835
Total assets	1,259	1,070	556,786	3,244	7,835
Net assets	$ 1,259	$ 1,070	$ 556,786	$ 3,244	$ 7,835

Net assets
Accumulation units	$ 1,259	$ 1,070	$ 555,147	$ 3,244	$ 7,835
Contracts in payout (annuitization)	—	—	1,639	—	—
Total net assets	$ 1,259	$ 1,070	$ 556,786	$ 3,244	$ 7,835

Total number of mutual fund shares	105,506	14,878	6,837,603	42,244	360,893

Cost of mutual fund shares	$ 1,129	$ 1,177	$ 546,091	$ 3,423	$ 7,558

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Voya Strategic	Voya Strategic	Voya Strategic
	Allocation	Allocation	Allocation	Voya Growth	Voya Growth
	Conservative	Growth	Moderate	and Income	and Income
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Class I	Class I	Class I	Class A	Class I
Assets
Investments in mutual funds
at fair value	$ 30,351	$ 71,733	$ 60,494	$ 1,537	$ 1,215,091
Total assets	30,351	71,733	60,494	1,537	1,215,091
Net assets	$ 30,351	$ 71,733	$ 60,494	$ 1,537	$ 1,215,091

Net assets
Accumulation units	$ 29,921	$ 71,063	$ 59,196	$ 1,537	$ 1,150,216
Contracts in payout (annuitization)	430	670	1,298	—	64,875
Total net assets	$ 30,351	$ 71,733	$ 60,494	$ 1,537	$ 1,215,091

Total number of mutual fund shares	2,331,110	4,592,361	4,137,749	55,044	42,724,712

Cost of mutual fund shares	$ 29,363	$ 54,970	$ 51,697	$ 1,519	$ 1,142,709

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Voya Growth	Voya Global	Voya Global	Voya Index	Voya Index
	and Income	Equity	Equity	Plus LargeCap	Plus LargeCap
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Class S	Class I	Class S	Class I	Class S
Assets
Investments in mutual funds
at fair value	$ 236	$ 86,802	$ 11,598	$ 386,977	$ 207
Total assets	236	86,802	11,598	386,977	207
Net assets	$ 236	$ 86,802	$ 11,598	$ 386,977	$ 207

Net assets
Accumulation units	$ 236	$ 85,628	$ 11,598	$ 382,686	$ 207
Contracts in payout (annuitization)	—	1,174	—	4,291	—
Total net assets	$ 236	$ 86,802	$ 11,598	$ 386,977	$ 207

Total number of mutual fund shares	8,450	8,022,347	1,066,959	13,450,726	7,259

Cost of mutual fund shares	$ 239	$ 77,198	$ 10,306	$ 253,990	$ 170

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Voya Index	Voya Index		Voya Index	Voya Index	Voya
	Plus MidCap	Plus MidCap		Plus SmallCap	Plus SmallCap	International
	Portfolio -	Portfolio -		Portfolio -	Portfolio -	Index Portfolio -
	Class I	Class S		Class I	Class S	Class I
Assets
Investments in mutual funds
at fair value	$ 310,525	$ 59		$ 132,714	$ 165	$ 43,908
Total assets	310,525		59	132,714	165	43,908
Net assets	$ 310,525	$ 59		$ 132,714	$ 165	$ 43,908

Net assets
Accumulation units	$ 309,204	$ 59		$ 131,802	$ 165	$ 43,513
Contracts in payout (annuitization)	1,321		—	912	—	395
Total net assets	$ 310,525	$ 59		$ 132,714	$ 165	$ 43,908

Total number of mutual fund shares	15,924,347	3,070		6,346,911	7,998	4,138,392

Cost of mutual fund shares	$ 298,739	$ 61		$ 125,379	$ 172	$ 40,435

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


						Voya
	Voya		Voya Russell™ Voya Russell™			Russell™
	International		Large Cap	Large Cap		Large Cap
	Index		Growth Index Growth Index Voya Russell™			Index
	Portfolio -		Portfolio -	Portfolio -	Large Cap Index	Portfolio -
	Class S		Class I	Class S	Portfolio - Class I	Class S
Assets
Investments in mutual funds
at fair value	$ 9		$ 97,199	$ 2,678	$ 177,976	$ 489
Total assets		9	97,199	2,678	177,976	489
Net assets	$ 9		$ 97,199	$ 2,678	$ 177,976	$ 489

Net assets
Accumulation units	$ 9		$ 88,517	$ 2,678	$ 177,976	$ —
Contracts in payout (annuitization)		—	8,682	—	—	489
Total net assets	$ 9		$ 97,199	$ 2,678	$ 177,976	$ 489

Total number of mutual fund shares		874	2,262,554	62,749	7,141,896	19,774

Cost of mutual fund shares	$ 8		$ 72,958	$ 1,881	$ 127,994	$ 327

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


			Voya
	Voya Russell™	Voya Russell™	Russell™ Mid	Voya
	Large Cap	Large Cap	Cap Growth	Russell™ Mid
	Value Index	Value Index	Index	Cap Index	Voya Russell™
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Small Cap Index
	Class I	Class S	Class S	Class I	Portfolio - Class I
Assets
Investments in mutual funds
at fair value	$ 536	$ 19,633	$ 20,857	$ 183,792	$ 89,526
Total assets	536	19,633	20,857	183,792	89,526
Net assets	$ 536	$ 19,633	$ 20,857	$ 183,792	$ 89,526

Net assets
Accumulation units	$ 536	$ 19,633	$ 20,857	$ 183,792	$ 89,526
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 536	$ 19,633	$ 20,857	$ 183,792	$ 89,526

Total number of mutual fund shares	22,080	815,338	581,637	13,464,583	6,260,587

Cost of mutual fund shares	$ 480	$ 16,947	$ 17,885	$ 196,960	$ 90,718

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Voya Small	Voya Small		Voya MidCap	Voya MidCap
	Company	Company	Voya U.S. Bond Opportunities Opportunities
	Portfolio -	Portfolio -	Index Portfolio -	Portfolio -	Portfolio -
	Class I	Class S	Class I	Class I	Class S
Assets
Investments in mutual funds
at fair value	$ 141,444	$ 168	$ 20,131	$ 266,926	$ 1,081
Total assets	141,444	168	20,131	266,926	1,081
Net assets	$ 141,444	$ 168	$ 20,131	$ 266,926	$ 1,081

Net assets
Accumulation units	$ 139,526	$ 168	$ 20,131	$ 266,926	$ 1,081
Contracts in payout (annuitization)	1,918	—	—	—	—
Total net assets	$ 141,444	$ 168	$ 20,131	$ 266,926	$ 1,081

Total number of mutual fund shares	8,300,678	10,195	1,846,870	19,175,700	83,590

Cost of mutual fund shares	$ 161,005	$ 189	$ 19,607	$ 257,854	$ 1,030

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Voya
	SmallCap	Voya SmallCap
	Opportunities Opportunities
	Portfolio -	Portfolio -	Wanger
	Class I	Class S	International	Wanger Select	Wanger USA
Assets
Investments in mutual funds
at fair value	$ 64,232	$ 99	$ 40,999	$ 61,435	$ 95,744
Total assets	64,232	99	40,999	61,435	95,744
Net assets	$ 64,232	$ 99	$ 40,999	$ 61,435	$ 95,744

Net assets
Accumulation units	$ 64,232	$ 99	$ 40,999	$ 61,435	$ 95,744
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 64,232	$ 99	$ 40,999	$ 61,435	$ 95,744

Total number of mutual fund shares	2,837,094	4,809	1,576,895	3,358,922	4,301,156

Cost of mutual fund shares	$ 72,485	$ 106	$ 44,108	$ 65,823	$ 109,558

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Assets and Liabilities December 31, 2019

(Dollars in thousands)


	Washington Mutual Investors Fund - Class R-3	Washington Mutual Investors Fund - Mutual Investors Fund - Class R-4	Wells Fargo Small Company Growth Fund - Administrator Class	Wells Fargo Small Company Value Fund - Class A	Wells Fargo Special Small Cap Value Fund - Class A
Assets
Investments in mutual funds
at fair value	$ 1,149	$ 233,053	$ 7,076	$ 128	$ 118,289
Total assets	1,149	233,053	7,076	128	118,289
Net assets	$ 1,149	$ 233,053	$ 7,076	$ 128	$ 118,289

Net assets
Accumulation units	$ 1,149	$ 233,053	$ 7,076	$ 128	$ 118,289
Contracts in payout (annuitization)	—	—	—	—	—
Total net assets	$ 1,149	$ 233,053	$ 7,076	$ 128	$ 118,289

Total number of mutual fund shares	24,090	4,869,482	131,689	4,538	3,358,582

Cost of mutual fund shares	$ 1,059	$ 185,923	$ 7,524	$ 118	$ 87,731

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


			AB VPS	Aberdeen	Invesco Floating Rate Fund - Class R5		Invesco Oppenheimer Capital Appreciation Fund - Class A
			Growth and	International
	AB Relative Value Fund - Class A		Income	Equity Fund -
			Portfolio -	Institutional
			Class A	Class
Net investment income (loss)
Investment Income:
Dividends	$ 2		$ 8	$ 217	$ 19		$ —
Expenses:

Mortality and expense risk charges		1	8	—		3		1
Total expenses		1	8	—		3		1
Net investment income (loss)		1	—	217		16		(1)

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		—	3	252		(1)		2
Capital gains distributions		5	66	—		—		14
Total realized gain (loss) on investments
and capital gains distributions		5	69	252		(1)		16
Net unrealized appreciation
(depreciation) of investments		27	56	2,618		5		5
Net realized and unrealized gain (loss)
on investments		32	125	2,870		4		21
Net increase (decrease) in net assets
resulting from operations	$ 33		$ 125	$ 3,087	$ 20		$ 20

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


						Invesco
	Invesco		Invesco Mid		Invesco	Oppenheimer
	Oppenheimer		Cap Core	Invesco Small International International
	Main Street		Equity Fund -	Cap Growth	Growth Fund -	Growth Fund -
	Fund - Class A		Class A	Fund - Class A	Class R5	Class Y
Net investment income (loss)
Investment Income:
Dividends	$ 13		$ 10	$ —	$ 15	$ 8
Expenses:

Mortality and expense risk charges		13	36	1	5	7
Total expenses		13	36	1	5	7
Net investment income (loss)		—	(26)	(1)	10	1

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		(21)	(95)	—	1	5
Capital gains distributions		112	663	9	55	—
Total realized gain (loss) on investments
and capital gains distributions		91	568	9	56	5
Net unrealized appreciation
(depreciation) of investments		221	220	12	75	142
Net realized and unrealized gain (loss)
on investments		312	788	21	131	147
Net increase (decrease) in net assets
resulting from operations	$ 312		$ 762	$ 20	$ 141	$ 148

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Invesco
	Oppenheimer						Invesco	Invesco
	International		Invesco		Invesco		Oppenheimer Oppenheimer
	Small-Mid		Endeavor Health Care				Developing	Developing
	Company		Fund -		Fund -		Markets Fund -	Markets Fund -
	Fund - Class Y		Class A		Investor Class		Class A	Class Y
Net investment income (loss)
Investment Income:
Dividends	$ 3		$ —		$ —		$ 563	$ 252
Expenses:

Mortality and expense risk charges		7		—		1	2,441	209
Total expenses		7		—		1	2,441	209
Net investment income (loss)		(4)		—		(1)	(1,878)	43

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		11		—		6	11,125	1,598
Capital gains distributions		35		1		4	4,559	929
Total realized gain (loss) on investments
and capital gains distributions		46		1		10	15,684	2,527
Net unrealized appreciation
(depreciation) of investments		96		2		26	33,731	7,231
Net realized and unrealized gain (loss)
on investments		142		3		36	49,415	9,758
Net increase (decrease) in net assets
resulting from operations	$ 138		$ 3		$ 35		$ 47,537	$ 9,801

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Invesco							Invesco
	Oppenheimer				Invesco American Value Fund - Class R5		Invesco	Oppenheimer
	International Invesco High						Energy	Gold & Special
	Bond Fund -		Yield Fund -				Fund -	Minerals Fund -
	Class A		Class R5				Class R5	Class A
Net investment income (loss)
Investment Income:
Dividends	$ 5		$ 41		$ 3 $		1	$ —
Expenses:

Mortality and expense risk charges		1		8		11	—	—
Total expenses		1		8		11	—	—
Net investment income (loss)		4		33		(8)	1	—

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		(7)		(1)		—	(8)	1
Capital gains distributions		—		—		29	—	—
Total realized gain (loss) on investments
and capital gains distributions		(7)		(1)		29	(8)	1
Net unrealized appreciation
(depreciation) of investments		13		40		165	10	23
Net realized and unrealized gain (loss)
on investments		6		39		194	2	24
Net increase (decrease) in net assets
resulting from operations	$ 10		$ 72		$ 186 $		3	$ 24

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


		Invesco			Invesco
		Oppenheimer			Oppenheimer	Invesco
	Invesco	V.I. Discovery	Invesco		V.I. Global Oppenheimer
	Small Cap	Mid Cap	Oppenheimer		Strategic	V.I. Main
	Value Fund -	Growth Fund -	V.I. Global		Income Fund -	Street Fund -
	Class A	Series I	Fund - Series I		Series I	Series I
Net investment income (loss)
Investment Income:
Dividends	$ —	$ —	$ 2		$ 4	$ 1
Expenses:

Mortality and expense risk charges	1	—		2	1		1
Total expenses	1	—		2	1		1
Net investment income (loss)	(1)	—		—	3		—

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(13)	—		3	—		2
Capital gains distributions	1	2		38	—		9
Total realized gain (loss) on investments
and capital gains distributions	(12)	2		41	—		11
Net unrealized appreciation
(depreciation) of investments	30	3		29	6		4
Net realized and unrealized gain (loss)
on investments	18	5		70	6		15
Net increase (decrease) in net assets
resulting from operations	$ 17	$ 5	$ 70		$ 9	$ 15

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Invesco			Alger
	Oppenheimer	Invesco V.I.		Responsible
	V.I. Main Street	American	Invesco V.I.	Investing	Alger Capital
	Small Cap Fund -	Franchise	Core Equity	Fund -	Appreciation
	Series I	Fund - Series I	Fund - Series I	Class A	Fund - Class A
Net investment income (loss)
Investment Income:
Dividends	$ 55	$ —	$ 280	$ —	$ —
Expenses:

Mortality and expense risk charges	236	315	314	70	1
Total expenses	236	315	314	70	1
Net investment income (loss)	(181)	(315)	(34)	(70)	(1)

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(722)	1,946	1,687	282	4
Capital gains distributions	2,543	4,175	3,399	495	9
Total realized gain (loss) on investments
and capital gains distributions	1,821	6,121	5,086	777	13
Net unrealized appreciation
(depreciation) of investments	4,466	2,995	1,977	1,132	20
Net realized and unrealized gain (loss)
on investments	6,287	9,116	7,063	1,909	33
Net increase (decrease) in net assets
resulting from operations	$ 6,106	$ 8,801	$ 7,029	$ 1,839	$ 32

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


			AllianzGI
			NFJ Large-
	AllianzGI		Cap Value		AllianzGI NFJ
	NFJ Dividend		Fund -		Small-Cap	Amana	Amana Income
	Value Fund -		Institutional		Value Fund -	Growth Fund -	Fund - Investor
	Class A		Class		Class A	Investor Class	Class
Net investment income (loss)
Investment Income:
Dividends	$ 5		$ —		$ —	$ 217	$ 881
Expenses:

Mortality and expense risk charges		2		—	1	545	691
Total expenses		2		—	1	545	691
Net investment income (loss)		3		—	(1)	(328)	190

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		11		—	(101)	2,120	3,495
Capital gains distributions		26		—	2	1,675	4,552
Total realized gain (loss) on investments
and capital gains distributions		37		—	(99)	3,795	8,047
Net unrealized appreciation
(depreciation) of investments		20		1	134	11,415	6,920
Net realized and unrealized gain (loss)
on investments		57		1	35	15,210	14,967
Net increase (decrease) in net assets
resulting from operations	$ 60		$ 1		$ 34	$ 14,882	$ 15,157

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


		American
	American	Beacon Small		Inflation-
	Balanced	Cap Value Adjusted Bond			Income &	Fundamental
	Fund® -	Fund -		Fund -	Growth Fund -	Investors^SM-
	Class R-3	Investor Class		Investor Class	A Class	Class R-3
Net investment income (loss)
Investment Income:
Dividends	$ 36	$ 4		$ 653	$ 197	$ 13
Expenses:

Mortality and expense risk charges	15		3	265	129	5
Total expenses	15		3	265	129	5
Net investment income (loss)	21		1	388	68	8

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	142		(12)	(197)	165	19
Capital gains distributions	43		3	—	218	61
Total realized gain (loss) on investments
and capital gains distributions	185		(9)	(197)	383	80
Net unrealized appreciation
(depreciation) of investments	197		81	1,628	1,693	148
Net realized and unrealized gain (loss)
on investments	382		72	1,431	2,076	228
Net increase (decrease) in net assets
resulting from operations	$ 403	$ 73		$ 1,819	$ 2,144	$ 236

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


			AMG
		American	Managers	Ariel
	Fundamental	Mutual	Fairpointe Mid Appreciation
	Investors^SM-	Fund® -	Cap Fund -	Fund -		Ariel Fund -
	Class R-4	Class R-4	Class N	Investor Class		Investor Class
Net investment income (loss)
Investment Income:
Dividends	$ 1,708	$ 54	$ 198	$ 2		$ 85
Expenses:

Mortality and expense risk charges	1,017	27	214		2	104
Total expenses	1,017	27	214		2	104
Net investment income (loss)	691	27	(16)		—	(19)

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	2,991	345	(1,016)		(40)	(333)
Capital gains distributions	6,724	74	1,328		11	502
Total realized gain (loss) on investments
and capital gains distributions	9,715	419	312		(29)	169
Net unrealized appreciation
(depreciation) of investments	15,184	432	2,913		107	1,908
Net realized and unrealized gain (loss)
on investments	24,899	851	3,225		78	2,077
Net increase (decrease) in net assets
resulting from operations	$ 25,590	$ 878	$ 3,209	$ 78		$ 2,058

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


				BlackRock Health Sciences Opportunities Portfolio - Institutional Shares	BlackRock Health Sciences Opportunities Portfolio - Investor A Shares
		BlackRock Equity Dividend Fund - Investor A Shares
	Artisan					BlackRock Mid
	International					Cap Dividend
	Fund -					Fund -
	Investor					Institutional
	Shares					Shares
Net investment income (loss)
Investment Income:
Dividends	$ 97	$ 16		$ 34 $	81	$ 4
Expenses:

Mortality and expense risk charges	106		7	73	265		2
Total expenses	106		7	73	265		2
Net investment income (loss)	(9)		9	(39)	(184)		2

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	18		(2)	338	1,231		—
Capital gains distributions	466		101	246	960		6
Total realized gain (loss) on investments
and capital gains distributions	484		99	584	2,191		6
Net unrealized appreciation
(depreciation) of investments	2,078		97	927	3,627		48
Net realized and unrealized gain (loss)
on investments	2,562		196	1,511	5,818		54
Net increase (decrease) in net assets
resulting from operations	$ 2,553	$ 205		$ 1,472 $	5,634	$ 56

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


				Calvert US
				Large-Cap
	BlackRock Mid			Core			Capital
	Cap Dividend	Bond Fund of		Responsible		Calvert VP	Income
	Fund - Investor	America	-	Index Fund -		SRI Balanced	Builder® -
	A Shares	Class R-4		Class A		Portfolio	Class R-4
Net investment income (loss)
Investment Income:
Dividends	$ 189	$ 279		$ —		$ 777	$ 173
Expenses:

Mortality and expense risk charges	148		114		—	529	53
Total expenses	148		114		—	529	53
Net investment income (loss)	41		165		—	248	120

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(359)		8		—	2,098	12
Capital gains distributions	372		199		—	1,788	55
Total realized gain (loss) on investments
and capital gains distributions	13		207		—	3,886	67
Net unrealized appreciation
(depreciation) of investments	3,200		397		1	6,012	571
Net realized and unrealized gain (loss)
on investments	3,213		604		1	9,898	638
Net increase (decrease) in net assets
resulting from operations	$ 3,254	$ 769		$ 1		$ 10,146	$ 758

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Capital World Income Growth Fund &^_SM- Class R-3	Cohen & Steers Real Estate Fund, Securities Inc. - Class A		Steers Cohen Realty & Shares, Inc.	Acorn® Columbia Fund - Class A Shares	Columbia Acorn® Institutional Fund - Class




Net investment income (loss)
Investment Income:
Dividends	$ 9	$ 13		$ 244	$ —	$ —
Expenses:

Mortality and expense risk charges	3		5	95	1	—
Total expenses	3		5	95	1	—
Net investment income (loss)	6		8	149	(1)	—

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	—		12	(296)	(10)	—
Capital gains distributions	5		32	1,258	9	1
Total realized gain (loss) on investments
and capital gains distributions	5		44	962	(1)	1
Net unrealized appreciation
(depreciation) of investments	120		2	1,226	15	1
Net realized and unrealized gain (loss)
on investments	125		46	2,188	14	2
Net increase (decrease) in net assets
resulting from operations	$ 131	$ 54		$ 2,337	$ 13	$ 2

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


Columbia
	Columbia	Select Mid
	Select Mid	Cap Value				Delaware
	Cap Value	Fund -		CRM Mid Cap		Small Cap
	Fund - Class	Institutional		Value Fund -	Davis Financial	Value Fund -
	A Shares	Class		Investor Shares	Fund - Class Y	Class A
Net investment income (loss)
Investment Income:
Dividends	$ 59	$ —		$ —	$ 1	$ 26
Expenses:

Mortality and expense risk charges	59		—	2	1	21
Total expenses	59		—	2	1	21
Net investment income (loss)	—		—	(2)	—	5

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(1,947)		—	(19)	(1)	(34)
Capital gains distributions	150		—	3	4	90
Total realized gain (loss) on investments
and capital gains distributions	(1,797)		—	(16)	3	56
Net unrealized appreciation
(depreciation) of investments	3,684		1	77	10	624
Net realized and unrealized gain (loss)
on investments	1,887		1	61	13	680
Net increase (decrease) in net assets
resulting from operations	$ 1,887	$ 1		$ 59	$ 13	$ 685

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


				DFA
				Emerging	DFA Inflation-
	Delaware Smid			Markets Core	Protected
	Cap Growth			Equity	Securities
	Fund -	DWS Small	DWS Equity	Portfolio -	Portfolio -
	Institutional	Cap Growth	500 Index	Institutional Institutional
	Class	Fund - Class S	Fund - Class S	Class Shares	Class Shares
Net investment income (loss)
Investment Income:
Dividends	$ —	$ —	$ 13	$ 61	$ 23
Expenses:

Mortality and expense risk charges	—	—	8	—		—
Total expenses	—	—	8	—		—
Net investment income (loss)	—	—	5	61		23

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	88	(1)	(9)	47		(2)
Capital gains distributions	499	—	92	—		1
Total realized gain (loss) on investments
and capital gains distributions	587	(1)	83	47		(1)
Net unrealized appreciation
(depreciation) of investments	3,568	4	104	234		67
Net realized and unrealized gain (loss)
on investments	4,155	3	187	281		66
Net increase (decrease) in net assets
resulting from operations	$ 4,155	$ 3	$ 192	$ 342	$ 89

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	DFA U.S.			Eaton Vance
	Targeted Value			Large-Cap
	Portfolio -	Dodge & Cox		Value Fund -		EuroPacific
	Institutional	International	Dodge & Cox	Class R		Growth Fund® -
	Class Shares	Stock Fund	Stock Fund	Shares		Class R-3
Net investment income (loss)
Investment Income:
Dividends	$ 226	$ 6	$ 2	$ —		$ 21
Expenses:

Mortality and expense risk charges	—	2	2		—	18
Total expenses	—	2	2		—	18
Net investment income (loss)	226	4	—		—	3

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	237	1	11		—	88
Capital gains distributions	424	—	11		—	48
Total realized gain (loss) on investments
and capital gains distributions	661	1	22		—	136
Net unrealized appreciation
(depreciation) of investments	2,074	22	6		—	606
Net realized and unrealized gain (loss)
on investments	2,735	23	28		—	742
Net increase (decrease) in net assets
resulting from operations	$ 2,961	$ 27	$ 28	$ —		$ 745

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


		Federated			Fidelity®
		International		Fidelity	VIP	Fidelity® VIP
	EuroPacific	Leaders Fund - Advisor® Contrafund®					Index 500
	Growth Fund® -	Institutional		New Insights	Portfolio -		Portfolio -
	Class R-4	Shares		Fund - Class I	Initial Class	Initial Class
Net investment income (loss)
Investment Income:
Dividends	$ 3,273	$ —		$ 12	$ 5,560	$ 5,677
Expenses:

Mortality and expense risk charges	2,578		—	38	11,688		3,222
Total expenses	2,578		—	38	11,688		3,222
Net investment income (loss)	695		—	(26)	(6,128)		2,455

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	13,621		—	26	23,723		7,382
Capital gains distributions	5,452		—	206	137,195		4,157
Total realized gain (loss) on investments
and capital gains distributions	19,073		—	232	160,918		11,539
Net unrealized appreciation
(depreciation) of investments	48,100		1	514	162,468		59,139
Net realized and unrealized gain (loss)
on investments	67,173		1	746	323,386		70,678
Net increase (decrease) in net assets
resulting from operations	$ 67,868	$ 1		$ 720	$ 317,258	$ 73,133

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Fidelity® VIP
	Asset	Fidelity® VIP	Fidelity® VIP	Fidelity® VIP	Fidelity® VIP
	Manager	Equity-Income	Growth	High Income	Overseas
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Initial Class	Initial Class	Initial Class	Initial Class
Net investment income (loss)
Investment Income:
Dividends	$ 278	$ 4,724	$ 933	$ 434	$ 461
Expenses:

Mortality and expense risk charges	185	2,419	3,530	98	266
Total expenses	185	2,419	3,530	98	266
Net investment income (loss)	93	2,305	(2,597)	336	195

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	27	7,275	22,247	(118)	1,018
Capital gains distributions	645	15,126	21,886	—	954
Total realized gain (loss) on investments
and capital gains distributions	672	22,401	44,133	(118)	1,972
Net unrealized appreciation
(depreciation) of investments	1,628	29,584	58,967	839	4,055
Net realized and unrealized gain (loss)
on investments	2,300	51,985	103,100	721	6,027
Net increase (decrease) in net assets
resulting from operations	$ 2,393	$ 54,290	$ 100,503	$ 1,057	$ 6,222

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


				Franklin
			Franklin	Natural
		Biotechnology Resources			Franklin
	Franklin Mutual		Discovery	Fund -	Small-Mid Franklin Small
	Global Discovery		Fund -	Advisor	Cap Growth		Cap Value VIP
	Fund - Class R	Advisor Class		Class	Fund - Class A		Fund - Class 2
Net investment income (loss)
Investment Income:
Dividends	$ 18	$ — $		—	$ —		$ 1,093
Expenses:

Mortality and expense risk charges	7		3	—		3	984
Total expenses	7		3	—		3	984
Net investment income (loss)	11		(3)	—		(3)	109

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(50)		11	—		1	(603)
Capital gains distributions	56		27	—		57	17,416
Total realized gain (loss) on investments
and capital gains distributions	6		38	—		58	16,813
Net unrealized appreciation
(depreciation) of investments	248		54	1		30	6,205
Net realized and unrealized gain (loss)
on investments	254		92	1		88	23,018
Net increase (decrease) in net assets
resulting from operations	$ 265	$ 89 $		1	$ 85		$ 23,127

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Goldman					The
	Sachs					Hartford
	Growth					Dividend
	Opportunities			The Hartford		And
	Fund -	Growth Fund Growth Fund		Capital		Growth
	Investor	of America® -	of America® -	Appreciation		Fund -
	Shares	Class R-3	Class R-4	Fund - Class R4		Class R4
Net investment income (loss)
Investment Income:
Dividends	$ —	$ 29	$ 3,011	$ —		$ —
Expenses:

Mortality and expense risk charges	—	62	4,337		—		—
Total expenses	—	62	4,337		—		—
Net investment income (loss)	—	(33)	(1,326)		—		—

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(1)	554	26,684		—		—
Capital gains distributions	10	503	28,174		—		—
Total realized gain (loss) on investments
and capital gains distributions	9	1,057	54,858		—		—
Net unrealized appreciation
(depreciation) of investments	(1)	1,272	50,669		—		2
Net realized and unrealized gain (loss)
on investments	8	2,329	105,527		—		2
Net increase (decrease) in net assets
resulting from operations	$ 8	$ 2,296	$ 104,201	$ —		$ 2

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


				Janus		Janus
				Henderson Henderson
	The Hartford			Balanced		Enterprise
	International	Income Fund	Ivy Science and	Portfolio -		Portfolio -
	Opportunities of America® -		Technology	Institutional Institutional
	Fund - Class R4	Class R-3	Fund - Class Y	Shares		Shares
Net investment income (loss)
Investment Income:
Dividends	$ 19	$ 26	$ —	$ 3		$ 1
Expenses:

Mortality and expense risk charges	17	6	172		2		4
Total expenses	17	6	172		2		4
Net investment income (loss)	2	20	(172)		1		(3)

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(45)	31	346		5		10
Capital gains distributions	—	17	2,062		4		18
Total realized gain (loss) on investments
and capital gains distributions	(45)	48	2,408		9		28
Net unrealized appreciation
(depreciation) of investments	387	78	3,917		19		63
Net realized and unrealized gain (loss)
on investments	342	126	6,325		28		91
Net increase (decrease) in net assets
resulting from operations	$ 344	$ 146	$ 6,153	$ 29		$ 88

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


			Janus
	Janus		Henderson		Janus
	Henderson		Global		Henderson
	Flexible Bond		Research		Research		JPMorgan		JPMorgan
	Portfolio -		Portfolio -		Portfolio -		Equity Income		Government
	Institutional		Institutional		Institutional		Fund - Class I		Bond Fund -
	Shares		Shares		Shares		Shares		Class I Shares
Net investment income (loss)
Investment Income:
Dividends	$ —		$ 1		$ —		$ 44		$ 53
Expenses:

Mortality and expense risk charges		—		1		1		22	17
Total expenses		—		1		1		22	17
Net investment income (loss)		—		—		(1)		22	36

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		—		1		8		38	61
Capital gains distributions		—		5		6		34	—
Total realized gain (loss) on investments
and capital gains distributions		—		6		14		72	61
Net unrealized appreciation
(depreciation) of investments		1		13		5		397	(10)
Net realized and unrealized gain (loss)
on investments		1		19		19		469	51
Net increase (decrease) in net assets
resulting from operations	$ 1		$ 19		$ 18		$ 491		$ 87

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Lazard							Loomis Sayles
	International			ClearBridge	LKCM		Loomis Sayles Limited Term
	Equity			Aggressive	Aquinas		Small Cap	Government
	Portfolio -		Growth Fund -		Catholic		Value Fund -	and Agency
	Open Shares			Class I	Equity Fund		Retail Class	Fund - Class Y
Net investment income (loss)
Investment Income:
Dividends	$ 17		$ 2		$ —		$ 15	$ 11
Expenses:

Mortality and expense risk charges		9		4		—	105	5
Total expenses		9		4		—	105	5
Net investment income (loss)		8		(2)		—	(90)	6

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		(9)		(14)		—	(553)	(3)
Capital gains distributions		—		39		4	863	—
Total realized gain (loss) on investments
and capital gains distributions		(9)		25		4	310	(3)
Net unrealized appreciation
(depreciation) of investments		149		62		5	2,075	8
Net realized and unrealized gain (loss)
on investments		140		87		9	2,385	5
Net increase (decrease) in net assets
resulting from operations	$ 148		$ 85		$ 9		$ 2,295	$ 11

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Lord Abbett	Lord Abbett		Lord Abbett	Lord Abbett	Lord Abbett
	Developing	Core Fixed		Short Duration	Mid Cap	Small Cap
	Growth Fund -	Income Fund -		Income Fund -	Stock Fund -	Value Fund -
	Class A	Class A		Class R4	Class A	Class A
Net investment income (loss)
Investment Income:
Dividends	$ —	$ 1		$ 236	$ 8	$ 1
Expenses:

Mortality and expense risk charges	1		—	66	7	4
Total expenses	1		—	66	7	4
Net investment income (loss)	(1)		1	170	1	(3)

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	4		—	(32)	39	(222)
Capital gains distributions	22		—	—	21	56
Total realized gain (loss) on investments
and capital gains distributions	26		—	(32)	60	(166)
Net unrealized appreciation
(depreciation) of investments	7		1	137	113	293
Net realized and unrealized gain (loss)
on investments	33		1	105	173	127
Net increase (decrease) in net assets
resulting from operations	$ 32	$ 2		$ 275	$ 174	$ 124

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


		Lord Abbett
		Series Fund				Metropolitan
	Lord Abbett	Mid Cap		Massachusetts		West Total
	Fundamental	Stock	Mainstay Large	Investors		Return Bond
	Equity Fund -	Portfolio -	Cap Growth	Growth Stock		Fund - Class I
	Class A	Class VC	Fund - Class R3	Fund - Class A		Shares
Net investment income (loss)
Investment Income:
Dividends	$ 2	$ 603	$ —	$ —		$ 643
Expenses:

Mortality and expense risk charges	1	654	—		1	—
Total expenses	1	654	—		1	—
Net investment income (loss)	1	(51)	—		(1)	643

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(4)	4,262	—		2	2
Capital gains distributions	11	1,130	—		7	213
Total realized gain (loss) on investments
and capital gains distributions	7	5,392	—		9	215
Net unrealized appreciation
(depreciation) of investments	26	7,416	—		21	1,096
Net realized and unrealized gain (loss)
on investments	33	12,808	—		30	1,311
Net increase (decrease) in net assets
resulting from operations	$ 34	$ 12,757	$ —	$ 29		$ 1,954

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


						Neuberger
	Metropolitan					Berman
	West Total	MFS®		MFS® New	Neuberger	Sustainable
	Return Bond	International		Discovery	Berman Genesis	Equity Fund -
	Fund - Class	Intrinsic Value		Fund -	Fund - Trust	Institutional
	M Shares	Fund - Class R3		Class R3	Class Shares	Class Shares
Net investment income (loss)
Investment Income:
Dividends	$ 593	$ 9		$ —	$ —	$ 27
Expenses:

Mortality and expense risk charges	194		10	2	4	—
Total expenses	194		10	2	4	—
Net investment income (loss)	399		(1)	(2)	(4)	27

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(49)		7	(6)	2	37
Capital gains distributions	209		33	21	28	290
Total realized gain (loss) on investments
and capital gains distributions	160		40	15	30	327
Net unrealized appreciation
(depreciation) of investments	1,186		143	48	82	361
Net realized and unrealized gain (loss)
on investments	1,346		183	63	112	688
Net increase (decrease) in net assets
resulting from operations	$ 1,745	$ 182		$ 61	$ 108	$ 715

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Neuberger
	Berman
	Sustainable	New		New
	Equity Fund -	Perspective		Perspective	New World	Nuveen Global
	Trust Class	Fund® -		Fund® -	Fund® -	Infrastructure
	Shares	Class R-3		Class R-4	Class R-4	Fund - Class I
Net investment income (loss)
Investment Income:
Dividends	$ 65	$ 8		$ 2,282	$ 8	$ 52
Expenses:

Mortality and expense risk charges	132		7	1,751	6	24
Total expenses	132		7	1,751	6	24
Net investment income (loss)	(67)		1	531	2	28

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(142)		162	4,590	32	8
Capital gains distributions	1,095		32	6,226	19	108
Total realized gain (loss) on investments
and capital gains distributions	953		194	10,816	51	116
Net unrealized appreciation
(depreciation) of investments	2,005		209	41,261	138	355
Net realized and unrealized gain (loss)
on investments	2,958		403	52,077	189	471
Net increase (decrease) in net assets
resulting from operations	$ 2,891	$ 404		$ 52,608	$ 191	$ 499

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Parnassus	Pax				Pioneer
	Core	Sustainable			PIMCO VIT	Equity
	Equity	Allocation	PIMCO		Real Return	Income
	Fund^SM-	Fund -	CommodityRealReturn		Portfolio -	Fund -
	Investor	Investor	Strategy Fund® -		Administrative Class Y
	Shares	Class	Administrative Class		Class	Shares
Net investment income (loss)
Investment Income:
Dividends	$ 273	$ 605	$ 58		$ 1,176 $	238
Expenses:

Mortality and expense risk charges	277	404		15	584	90
Total expenses	277	404		15	584	90
Net investment income (loss)	(4)	201		43	592	148

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	729	178		(73)	(1,582)	27
Capital gains distributions	2,711	2,877		—	—	251
Total realized gain (loss) on investments
and capital gains distributions	3,440	3,055		(73)	(1,582)	278
Net unrealized appreciation
(depreciation) of investments	5,688	3,564		183	6,144	2,189
Net realized and unrealized gain (loss)
on investments	9,128	6,619		110	4,562	2,467
Net increase (decrease) in net assets
resulting from operations	$ 9,124	$ 6,820	$ 153		$ 5,154 $	2,615

The accompanying notes are an integral part of these financial statements.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


		Pioneer		Pioneer Equity	Pioneer High	PGIM
	Pioneer High	Strategic		Income VCT	Yield VCT	Jennison
	Yield Fund -	Income Fund -		Portfolio -	Portfolio -	Utility Fund -
	Class A Shares	Class A Shares		Class I	Class I	Class Z
Net investment income (loss)
Investment Income:
Dividends	$ 38	$ 18		$ —	$ 744	$ 3
Expenses:

Mortality and expense risk charges	5		5	—	153		2
Total expenses	5		5	—	153		2
Net investment income (loss)	33		13	—	591		1

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(4)		—	—	(351)		3
Capital gains distributions	—		—	—	—		7
Total realized gain (loss) on investments
and capital gains distributions	(4)		—	—	(351)		10
Net unrealized appreciation
(depreciation) of investments	65		41	—	1,649		23
Net realized and unrealized gain (loss)
on investments	61		41	—	1,298		33
Net increase (decrease) in net assets
resulting from operations	$ 94	$ 54		$ —	$ 1,889	$ 34

The accompanying notes are an integral part of these financial statements.

100

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Columbia				T. Rowe Price
	Large Cap	Royce Total	Ave Maria	SMALLCAP Institutional
	Value Fund -	Return Fund -	Rising	World Fund® -	Large-Cap
	Advisor Class	Service Class	Dividend Fund	Class R-4	Growth Fund
Net investment income (loss)
Investment Income:
Dividends	$ 173	$ —	$ 68	$ —	$ 166
Expenses:

Mortality and expense risk charges	89	—	56	239	—
Total expenses	89	—	56	239	—
Net investment income (loss)	84	—	12	(239)	166

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(103)	—	50	192	965
Capital gains distributions	448	—	375	1,121	1,496
Total realized gain (loss) on investments
and capital gains distributions	345	—	425	1,313	2,461
Net unrealized appreciation
(depreciation) of investments	1,998	—	812	5,010	6,321
Net realized and unrealized gain (loss)
on investments	2,343	—	1,237	6,323	8,782
Net increase (decrease) in net assets
resulting from operations	$ 2,427	$ —	$ 1,249	$ 6,084	$ 8,948

The accompanying notes are an integral part of these financial statements.

101

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	T. Rowe Price					Templeton
	Mid-Cap	T. Rowe Price	TCW Total	Templeton		Global Bond
	Value Fund -	Value Fund -	Return Bond	Foreign Fund -		Fund -
	R Class	Advisor Class	Fund - Class N	Class A		Advisor Class
Net investment income (loss)
Investment Income:
Dividends	$ 2	$ 7	$ 279	$ 11		$ 1,458
Expenses:

Mortality and expense risk charges	2	5	75		3	106
Total expenses	2	5	75		3	106
Net investment income (loss)	—	2	204		8	1,352

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(39)	1	(52)		(8)	(823)
Capital gains distributions	6	—	—		—	—
Total realized gain (loss) on investments
and capital gains distributions	(33)	1	(52)		(8)	(823)
Net unrealized appreciation
(depreciation) of investments	124	96	253		33	(407)
Net realized and unrealized gain (loss)
on investments	91	97	201		25	(1,230)
Net increase (decrease) in net assets
resulting from operations	$ 91	$ 99	$ 405	$ 33		$ 122

The accompanying notes are an integral part of these financial statements.

102

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


							USAA
							Precious
		Third Avenue					Metals and
		Real Estate		Thornburg		Touchstone	Minerals
	Templeton	Value Fund -		International		Value Fund -	Fund -
	Global Bond	Institutional	Value Fund - Institutional				Adviser
	Fund - Class A	Class		Class R4		Class	Shares
Net investment income (loss)
Investment Income:
Dividends	$ 6,458	$ 1		$ —		$ 276	$ —
Expenses:

Mortality and expense risk charges	1,036	—			—	—	159
Total expenses	1,036	—			—	—	159
Net investment income (loss)	5,422		1		—	276	(159)

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(3,455)	(3)			—	126	218
Capital gains distributions	—		8		—	818	—
Total realized gain (loss) on investments
and capital gains distributions	(3,455)		5		—	944	218
Net unrealized appreciation
(depreciation) of investments	(2,037)		3		1	2,128	5,349
Net realized and unrealized gain (loss)
on investments	(5,492)		8		1	3,072	5,567
Net increase (decrease) in net assets
resulting from operations	$ (70) $		9	$ 1		$ 3,348	$ 5,408

The accompanying notes are an integral part of these financial statements.

103

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


					Vanguard®
	Vanguard®		Vanguard®		Total	Vanguard®
	Total Bond		Total Bond		International	Total
	Market Index		Market Index		Stock Index	International
	Fund -		Fund -		Fund -	Stock Index		Diversified
	Admiral™		Investor		Admiral™ Fund - Investor			Value
	Shares		Shares		Shares	Shares		Portfolio
Net investment income (loss)
Investment Income:
Dividends	$ 1		$ —		$ —	$ —		$ 4
Expenses:

Mortality and expense risk charges		—		—	—		—	1
Total expenses		—		—	—		—	1
Net investment income (loss)		1		—	—		—	3

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		—		—	—		—	10
Capital gains distributions		—		—	—		—	7
Total realized gain (loss) on investments
and capital gains distributions		—		—	—		—	17
Net unrealized appreciation
(depreciation) of investments		—		—	1		—	5
Net realized and unrealized gain (loss)
on investments		—		—	1		—	22
Net increase (decrease) in net assets
resulting from operations	$ 1		$ —		$ 1	$ —		$ 25

The accompanying notes are an integral part of these financial statements.

104

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


							Victory
					Victory	Victory	Sycamore
			Small		Integrity	Sycamore	Small
			Company		Small-Cap	Established	Company
	Equity Income		Growth		Value Fund -	Value Fund -	Opportunity
	Portfolio		Portfolio		Class Y	Class A	Fund - Class R
Net investment income (loss)
Investment Income:
Dividends	$ 5		$ —		$ 1	$ 62	$ —
Expenses:

Mortality and expense risk charges		2		1	3	61		—
Total expenses		2		1	3	61		—
Net investment income (loss)		3		(1)	(2)	1		—

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		1		1	(67)	69		—
Capital gains distributions		11		6	1	294		—
Total realized gain (loss) on investments
and capital gains distributions		12		7	(66)	363		—
Net unrealized appreciation
(depreciation) of investments		23		6	149	860		2
Net realized and unrealized gain (loss)
on investments		35		13	83	1,223		2
Net increase (decrease) in net assets
resulting from operations	$ 38		$ 12		$ 81	$ 1,224	$ 2

The accompanying notes are an integral part of these financial statements.

105

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Voya Balanced	Voya Large	Voya Real	Voya Floating	Voya GNMA
	Portfolio -	Cap Value	Estate Fund -	Rate Fund -	Income Fund -
	Class I	Fund - Class A	Class A	Class A	Class A
Net investment income (loss)
Investment Income:
Dividends	$ 5,243	$ 1	$ 22	$ 157	$ 70
Expenses:

Mortality and expense risk charges	2,372	—	5	25		25
Total expenses	2,372	—	5	25		25
Net investment income (loss)	2,871	1	17	132		45

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	5,430	(2)	(170)	(23)		(19)
Capital gains distributions	8,771	4	92	—		—
Total realized gain (loss) on investments
and capital gains distributions	14,201	2	(78)	(23)		(19)
Net unrealized appreciation
(depreciation) of investments	18,495	12	235	37		85
Net realized and unrealized gain (loss)
on investments	32,696	14	157	14		66
Net increase (decrease) in net assets
resulting from operations	$ 35,567	$ 15	$ 174	$ 146	$ 111

The accompanying notes are an integral part of these financial statements.

106

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


					Voya
	Voya			Voya	Intermediate Voya Global				Voya High
	Intermediate			Intermediate	Bond		Perspectives®		Yield
	Bond Fund -		Bond Portfolio -		Portfolio -		Portfolio -		Portfolio -
	Class A			Class I	Class S		Class I		Adviser Class
Net investment income (loss)
Investment Income:
Dividends	$ 27		$ 13,950		$ 67		$ 77		$ 1
Expenses:

Mortality and expense risk charges		5		3,681		8		21		—
Total expenses		5		3,681		8		21		—
Net investment income (loss)		22		10,269		59		56		1

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		4		969		(4)		34		(1)
Capital gains distributions		1		502		3		89		—
Total realized gain (loss) on investments
and capital gains distributions		5		1,471		(1)		123		(1)
Net unrealized appreciation
(depreciation) of investments		46		22,731		127		166		5
Net realized and unrealized gain (loss)
on investments		51		24,202		126		289		4
Net increase (decrease) in net assets
resulting from operations	$ 73		$ 34,471		$ 185		$ 345		$ 5

The accompanying notes are an integral part of these financial statements.

107

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


					Voya Large
	Voya High		Voya Large		Cap Growth	Voya Large
	Yield Portfolio -	Voya High	Cap Growth		Portfolio -	Cap Growth
	Institutional	Yield Portfolio -	Portfolio -		Institutional	Portfolio -
	Class	Service Class Adviser Class			Class	Service Class
Net investment income (loss)
Investment Income:
Dividends	$ 3,315	$ 729	$ —		$ 3,651	$ 24
Expenses:

Mortality and expense risk charges	442	137		—	4,824	42
Total expenses	442	137		—	4,824	42
Net investment income (loss)	2,873	592		—	(1,173)	(18)

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(578)	(596)		—	10,532	222
Capital gains distributions	—	—		14	87,548	945
Total realized gain (loss) on investments
and capital gains distributions	(578)	(596)		14	98,080	1,167
Net unrealized appreciation
(depreciation) of investments	4,705	2,094		9	51,450	1,194
Net realized and unrealized gain (loss)
on investments	4,127	1,498		23	149,530	2,361
Net increase (decrease) in net assets
resulting from operations	$ 7,000	$ 2,090	$ 23		$ 148,357	$ 2,343

The accompanying notes are an integral part of these financial statements.

108

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


		Voya Large		Voya Limited
	Voya Large	Cap Value	Voya Large	Maturity		Voya U.S. Stock
	Cap Value	Portfolio -	Cap Value	Bond		Index Portfolio -
	Portfolio -	Institutional	Portfolio -	Portfolio -		Institutional
	Adviser Class	Class	Service Class Adviser Class			Class
Net investment income (loss)
Investment Income:
Dividends	$ —	$ 6,068	$ 23	$ —		$ 578
Expenses:

Mortality and expense risk charges	—	2,816	9		—	190
Total expenses	—	2,816	9		—	190
Net investment income (loss)	—	3,252	14		—	388

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	—	8,295	(8)		—	150
Capital gains distributions	1	20,176	99		—	1,900
Total realized gain (loss) on investments
and capital gains distributions	1	28,471	91		—	2,050
Net unrealized appreciation
(depreciation) of investments	2	29,787	179		—	6,427
Net realized and unrealized gain (loss)
on investments	3	58,258	270		—	8,477
Net increase (decrease) in net assets
resulting from operations	$ 3	$ 61,510	$ 284	$ —		$ 8,865

The accompanying notes are an integral part of these financial statements.

109

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	VY®
	BlackRock		VY® Clarion
	Inflation		Global Real		VY® Clarion
	Protected		Estate	VY® Clarion	Real Estate		VY® Clarion
	Bond		Portfolio -	Real Estate	Portfolio -		Real Estate
	Portfolio -		Institutional	Portfolio -	Institutional		Portfolio -
	Adviser Class		Class	Adviser Class	Class		Service Class
Net investment income (loss)
Investment Income:
Dividends	$ —		$ 2,066	$ 1	$ 36		$ 880
Expenses:

Mortality and expense risk charges		—	604	—		15	392
Total expenses		—	604	—		15	392
Net investment income (loss)		—	1,462	1		21	488

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		—	1,300	—		74	1,593
Capital gains distributions		—	—	—		8	204
Total realized gain (loss) on investments
and capital gains distributions		—	1,300	—		82	1,797
Net unrealized appreciation
(depreciation) of investments		1	12,144	9		268	7,595
Net realized and unrealized gain (loss)
on investments		1	13,444	9		350	9,392
Net increase (decrease) in net assets
resulting from operations	$ 1		$ 14,906	$ 10	$ 371		$ 9,880

The accompanying notes are an integral part of these financial statements.

110


VARIABLE ANNUITY ACCOUNT C OF
VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
Statements of Operations
For the Year Ended December 31, 2019
(Dollars in thousands)


					VY®
					JPMorgan	VY®
	VY® Invesco		VY®		Emerging	JPMorgan
	Growth and VY® Invesco		JPMorgan		Markets	Emerging
	Income	Growth and	Emerging		Equity	Markets
	Portfolio -	Income	Markets Equity		Portfolio -	Equity
	Institutional	Portfolio -	Portfolio -		Institutional	Portfolio -
	Class	Service Class Adviser Class			Class	Service Class
Net investment income (loss)
Investment Income:
Dividends	$ 780	$ 659	$ —		$ 18	$ 3
Expenses:

Mortality and expense risk charges	129	255		1	151	236
Total expenses	129	255		1	151	236
Net investment income (loss)	651	404		(1)	(133)	(233)

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(1,842)	(1,598)		1	225	267
Capital gains distributions	3,376	3,207		11	736	1,301
Total realized gain (loss) on investments
and capital gains distributions	1,534	1,609		12	961	1,568
Net unrealized appreciation
(depreciation) of investments	4,130	3,817		35	2,560	4,768
Net realized and unrealized gain (loss)
on investments	5,664	5,426		47	3,521	6,336
Net increase (decrease) in net assets
resulting from operations	$ 6,315	$ 5,830	$ 46		$ 3,388	$ 6,103

The accompanying notes are an integral part of these financial statements.

111

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


			VY®
	VY®		JPMorgan	VY®
	JPMorgan		Small Cap	JPMorgan	VY® Morgan	VY® T. Rowe
	Small Cap		Core Equity	Small Cap	Stanley Global	Price Capital
	Core Equity		Portfolio -	Core Equity	Franchise	Appreciation
	Portfolio -		Institutional	Portfolio -	Portfolio -	Portfolio -
	Adviser Class		Class	Service Class	Adviser Class	Adviser Class
Net investment income (loss)
Investment Income:
Dividends	$ —		$ 552	$ 236	$ —	$ 4
Expenses:

Mortality and expense risk charges		—	214	349	—		1
Total expenses		—	214	349	—		1
Net investment income (loss)		—	338	(113)	—		3

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		(3)	(479)	(296)	—		—
Capital gains distributions		3	12,296	9,414	—		18
Total realized gain (loss) on investments
and capital gains distributions		—	11,817	9,118	—		18
Net unrealized appreciation
(depreciation) of investments		6	(1,383)	(1,264)	—		48
Net realized and unrealized gain (loss)
on investments		6	10,434	7,854	—		66
Net increase (decrease) in net assets
resulting from operations	$ 6		$ 10,772	$ 7,741	$ —	$ 69

The accompanying notes are an integral part of these financial statements.

112

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	VY® T. Rowe
	Price Capital	VY® T. Rowe	VY® T. Rowe		VY® T. Rowe	VY® T. Rowe
	Appreciation Price Capital Price Price Equity					Price
	Portfolio -	Appreciation	Income		Income	International
	Institutional	Portfolio -	Portfolio -		Portfolio -	Stock Portfolio -
	Class	Service Class	Adviser Class		Service Class	Adviser Class
Net investment income (loss)
Investment Income:
Dividends	$ 6,932	$ 14,145	$ 20		$ 2,467	$ —
Expenses:

Mortality and expense risk charges	1,739	8,852		3	739	—
Total expenses	1,739	8,852		3	739	—
Net investment income (loss)	5,193	5,293		17	1,728	—

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	2,846	8,775		(31)	14	5
Capital gains distributions	19,719	48,006		241	25,763	5
Total realized gain (loss) on investments
and capital gains distributions	22,565	56,781		210	25,777	10
Net unrealized appreciation
(depreciation) of investments	53,272	127,178		(26)	(5,327)	12
Net realized and unrealized gain (loss)
on investments	75,837	183,959		184	20,450	22
Net increase (decrease) in net assets
resulting from operations	$ 81,030	$ 189,252	$ 201		$ 22,178	$ 22

The accompanying notes are an integral part of these financial statements.

113

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


		VY®		VY®	Voya
	VY® T. Rowe	Templeton		Templeton Government
	Price	Global Growth		Global	Money
	International	Portfolio -		Growth	Market	Voya Global
	Stock Portfolio -	Institutional		Portfolio -	Portfolio -	Real Estate
	Service Class	Class	Service Class		Class I	Fund - Class A
Net investment income (loss)
Investment Income:
Dividends	$ 56	$ 23 $		139 $	4,503	$ 3
Expenses:

Mortality and expense risk charges	76		3	27	1,556	—
Total expenses	76		3	27	1,556	—
Net investment income (loss)	(20)		20	112	2,947	3

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	169		(177)	(1,456)	—	(2)
Capital gains distributions	467		76	513	179	8
Total realized gain (loss) on investments
and capital gains distributions	636		(101)	(943)	179	6
Net unrealized appreciation
(depreciation) of investments	1,184		74	811	—	3
Net realized and unrealized gain (loss)
on investments	1,820		(27)	(132)	179	9
Net increase (decrease) in net assets
resulting from operations	$ 1,800	$ (7) $		(20) $	3,126	$ 12

The accompanying notes are an integral part of these financial statements.

114

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Voya Multi-		Voya Multi-
	Manager		Manager	Voya Global Voya Global
	International International			Bond		Bond	Voya Global
	Small Cap		Small Cap	Portfolio -		Portfolio -	Bond Portfolio -
	Fund - Class A		Fund - Class I	Adviser Class		Initial Class	Service Class
Net investment income (loss)
Investment Income:
Dividends	$ 5		$ 32	$ 7		$ 2,018	$ 11
Expenses:

Mortality and expense risk charges		1	14		1	652	3
Total expenses		1	14		1	652	3
Net investment income (loss)		4	18		6	1,366	8

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		8	(185)		—	(619)	2
Capital gains distributions		—	—		5	1,183	8
Total realized gain (loss) on investments
and capital gains distributions		8	(185)		5	564	10
Net unrealized appreciation
(depreciation) of investments		43	456		9	2,718	8
Net realized and unrealized gain (loss)
on investments		51	271		14	3,282	18
Net increase (decrease) in net assets
resulting from operations	$ 55		$ 289	$ 20		$ 4,648	$ 26

The accompanying notes are an integral part of these financial statements.

115

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


		Voya Index
	Voya Index	Solution 2025		Voya Index	Voya Index	Voya Index
	Solution 2025	Portfolio -		Solution 2025	Solution 2035	Solution 2035
	Portfolio -	Service 2		Portfolio -	Portfolio -	Portfolio -
	Initial Class	Class		Service Class	Initial Class	Service 2 Class
Net investment income (loss)
Investment Income:
Dividends	$ 206	$ 44		$ 94	$ 295	$ 27
Expenses:

Mortality and expense risk charges	122		19	45	183	13
Total expenses	122		19	45	183	13
Net investment income (loss)	84		25	49	112	14

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	68		73	22	(239)	27
Capital gains distributions	369		97	195	614	74
Total realized gain (loss) on investments
and capital gains distributions	437		170	217	375	101
Net unrealized appreciation
(depreciation) of investments	1,278		166	560	2,611	222
Net realized and unrealized gain (loss)
on investments	1,715		336	777	2,986	323
Net increase (decrease) in net assets
resulting from operations	$ 1,799	$ 361		$ 826	$ 3,098	$ 337

The accompanying notes are an integral part of these financial statements.

116

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


			Voya Index
	Voya Index	Voya Index	Solution 2045		Voya Index	Voya Index
	Solution 2035	Solution 2045	Portfolio -		Solution 2045	Solution 2055
	Portfolio -	Portfolio -	Service 2		Portfolio -	Portfolio -
	Service Class	Initial Class	Class		Service Class	Initial Class
Net investment income (loss)
Investment Income:
Dividends	$ 124	$ 249	$ 35		$ 67	$ 85
Expenses:

Mortality and expense risk charges	64	170		14	36	63
Total expenses	64	170		14	36	63
Net investment income (loss)	60	79		21	31	22

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(25)	38		35	(15)	206
Capital gains distributions	300	628		113	199	215
Total realized gain (loss) on investments
and capital gains distributions	275	666		148	184	421
Net unrealized appreciation
(depreciation) of investments	1,092	2,395		310	708	782
Net realized and unrealized gain (loss)
on investments	1,367	3,061		458	892	1,203
Net increase (decrease) in net assets
resulting from operations	$ 1,427	$ 3,140	$ 479		$ 923	$ 1,225

The accompanying notes are an integral part of these financial statements.

117

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


			Voya Index		Voya Index		Voya Index
	Voya Index	Voya Index	Solution		Solution		Solution
	Solution 2055 Solution 2055		Income		Income		Income
	Portfolio -	Portfolio -	Portfolio -		Portfolio -		Portfolio -
	Service 2 Class	Service Class	Initial Class		Service 2 Class		Service Class
Net investment income (loss)
Investment Income:
Dividends	$ 18	$ 35	$ 73		$ 17		$ 21
Expenses:

Mortality and expense risk charges	8	25		38		8		8
Total expenses	8	25		38		8		8
Net investment income (loss)	10	10		35		9		13

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	25	37		76		18		11
Capital gains distributions	58	104		46		13		15
Total realized gain (loss) on investments
and capital gains distributions	83	141		122		31		26
Net unrealized appreciation
(depreciation) of investments	205	436		224		59		76
Net realized and unrealized gain (loss)
on investments	288	577		346		90		102
Net increase (decrease) in net assets
resulting from operations	$ 298	$ 587	$ 381		$ 99		$ 115

The accompanying notes are an integral part of these financial statements.

118

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Voya		Voya	Voya
	International International International
	High Dividend		High Dividend	High Dividend		Voya
	Low Volatility		Low Volatility	Low Volatility	Voya Solution	Solution 2025
	Portfolio -		Portfolio -	Portfolio -	2025 Portfolio -	Portfolio -
	Adviser Class		Initial Class	Service Class	Adviser Class	Initial Class
Net investment income (loss)
Investment Income:
Dividends	$ 3		$ 1,534	$ 1	$ 9	$ 255
Expenses:

Mortality and expense risk charges		1	700	—	2	83
Total expenses		1	700	—	2	83
Net investment income (loss)		2	834	1	7	172

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		4	981	(4)	5	12
Capital gains distributions		16	5,844	4	26	554
Total realized gain (loss) on investments
and capital gains distributions		20	6,825	—	31	566
Net unrealized appreciation
(depreciation) of investments		6	2,704	9	35	834
Net realized and unrealized gain (loss)
on investments		26	9,529	9	66	1,400
Net increase (decrease) in net assets
resulting from operations	$ 28		$ 10,363	$ 10	$ 73	$ 1,572

The accompanying notes are an integral part of these financial statements.

119

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


					Voya
				Voya	Solution 2035
	Voya Solution	Voya Solution	Voya Solution	Solution 2035	Portfolio -
	2025 Portfolio -	2025 Portfolio -	2035 Portfolio -	Portfolio -	Service 2
	Service 2 Class	Service Class	Adviser Class	Initial Class	Class
Net investment income (loss)
Investment Income:
Dividends	$ 131	$ 2,991	$ 9	$ 244	$ 219
Expenses:

Mortality and expense risk charges	43	1,181	2	78	78
Total expenses	43	1,181	2	78	78
Net investment income (loss)	88	1,810	7	166	141

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	100	(553)	1	(21)	(424)
Capital gains distributions	362	7,284	34	742	830
Total realized gain (loss) on investments
and capital gains distributions	462	6,731	35	721	406
Net unrealized appreciation
(depreciation) of investments	660	11,821	41	868	1,613
Net realized and unrealized gain (loss)
on investments	1,122	18,552	76	1,589	2,019
Net increase (decrease) in net assets
resulting from operations	$ 1,210	$ 20,362	$ 83	$ 1,755	$ 2,160

The accompanying notes are an integral part of these financial statements.

120

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


				Voya
				Solution 2045	Voya
	Voya Solution	Voya Solution	Voya Solution	Portfolio -	Solution 2045
	2035 Portfolio -	2045 Portfolio -	2045 Portfolio -	Service 2	Portfolio -
	Service Class	Adviser Class	Initial Class	Class	Service Class
Net investment income (loss)
Investment Income:
Dividends	$ 3,213	—	$ 170	$ 76	$ 2,071
Expenses:

Mortality and expense risk charges	1,325	—	56	36	973
Total expenses	1,325	—	56	36	973
Net investment income (loss)	1,888	—	114	40	1,098

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(315)	—	14	84	(2,020)
Capital gains distributions	10,975	2	696	417	9,686
Total realized gain (loss) on investments
and capital gains distributions	10,660	2	710	501	7,666
Net unrealized appreciation
(depreciation) of investments	14,608	2	697	538	12,571
Net realized and unrealized gain (loss)
on investments	25,268	4	1,407	1,039	20,237
Net increase (decrease) in net assets
resulting from operations	$ 27,156	$ 4	$ 1,521	$ 1,079	$ 21,335

The accompanying notes are an integral part of these financial statements.

121

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Voya			Voya Solution	Voya Solution
	Solution 2055 Voya Solution Voya Solution			Balanced	Income
	Portfolio -	2055 Portfolio -	2055 Portfolio -	Portfolio -	Portfolio -
	Initial Class	Service 2 Class	Service Class	Service Class	Adviser Class
Net investment income (loss)
Investment Income:
Dividends	$ 57	$ 19	$ 452	$ 121	$ 22
Expenses:

Mortality and expense risk charges	25	11	243	60	3
Total expenses	25	11	243	60	3
Net investment income (loss)	32	8	209	61	19

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	27	96	(35)	(97)	1
Capital gains distributions	245	112	2,245	325	17
Total realized gain (loss) on investments
and capital gains distributions	272	208	2,210	228	18
Net unrealized appreciation
(depreciation) of investments	314	145	3,058	600	60
Net realized and unrealized gain (loss)
on investments	586	353	5,268	828	78
Net increase (decrease) in net assets
resulting from operations	$ 618	$ 361	$ 5,477	$ 889	$ 97

The accompanying notes are an integral part of these financial statements.

122

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


							VY®
							American
						Voya Solution	Century
	Voya Solution Voya Solution Voya Solution Moderately						Small-Mid
	Income		Income		Income	Conservative	Cap Value
	Portfolio -		Portfolio -		Portfolio -	Portfolio -	Portfolio -
	Initial Class		Service 2 Class		Service Class	Service Class	Adviser Class
Net investment income (loss)
Investment Income:
Dividends	$ 252		$ 87		$ 1,135	$ 136	$ —
Expenses:

Mortality and expense risk charges		43		22	357	71		—
Total expenses		43		22	357	71		—
Net investment income (loss)		209		65	778	65		—

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		48		53	595	(58)		—
Capital gains distributions		163		68	822	133		4
Total realized gain (loss) on investments
and capital gains distributions		211		121	1,417	75		4
Net unrealized appreciation
(depreciation) of investments		551		232	2,683	726		7
Net realized and unrealized gain (loss)
on investments		762		353	4,100	801		11
Net increase (decrease) in net assets
resulting from operations	$ 971		$ 418		$ 4,878	$ 866	$ 11

The accompanying notes are an integral part of these financial statements.

123

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	VY®	VY®
	American	American
	Century	Century
	Small-Mid	Small-Mid	VY® Baron		VY® Baron	VY® Columbia
	Cap Value	Cap Value	Growth		Growth	Contrarian
	Portfolio -	Portfolio -	Portfolio -		Portfolio -	Core Portfolio -
	Initial Class	Service Class	Adviser Class		Service Class	Service Class
Net investment income (loss)
Investment Income:
Dividends	$ 487	$ 765	$ — $		—	$ 222
Expenses:

Mortality and expense risk charges	157	496		1	1,315	123
Total expenses	157	496		1	1,315	123
Net investment income (loss)	330	269		(1)	(1,315)	99

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(1,293)	(2,370)		2	5,154	(233)
Capital gains distributions	3,196	6,187		158	65,504	4,465
Total realized gain (loss) on investments
and capital gains distributions	1,903	3,817		160	70,658	4,232
Net unrealized appreciation
(depreciation) of investments	6,903	11,958		(58)	(25,590)	(985)
Net realized and unrealized gain (loss)
on investments	8,806	15,775		102	45,068	3,247
Net increase (decrease) in net assets
resulting from operations	$ 9,136	$ 16,044	$ 101 $		43,753	$ 3,346

The accompanying notes are an integral part of these financial statements.

124

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	VY®
	Columbia		VY® Columbia			VY® Invesco
	Small Cap		Small Cap	VY® Invesco	VY® Invesco	Equity and
	Value II		Value II	Comstock	Comstock	Income
	Portfolio -		Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Adviser Class		Service Class	Adviser Class	Service Class	Adviser Class
Net investment income (loss)
Investment Income:
Dividends	$ —		$ 19	$ 5	$ 1,364	$ 23
Expenses:

Mortality and expense risk charges		—	50	1	582		5
Total expenses		—	50	1	582		5
Net investment income (loss)		—	(31)	4	782		18

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		1	(68)	9	4,210		(13)
Capital gains distributions		18	698	51	12,006		77
Total realized gain (loss) on investments
and capital gains distributions		19	630	60	16,216		64
Net unrealized appreciation
(depreciation) of investments		6	407	(11)	(4,556)		167
Net realized and unrealized gain (loss)
on investments		25	1,037	49	11,660		231
Net increase (decrease) in net assets
resulting from operations	$ 25		$ 1,006	$ 53	$ 12,442	$ 249

The accompanying notes are an integral part of these financial statements.

125

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	VY® Invesco	VY® Invesco	VY® Invesco				VY® Invesco
	Equity and	Equity and Oppenheimer				VY® Invesco Oppenheimer
	Income	Income	Global			Oppenheimer	Global
	Portfolio -	Portfolio -	Portfolio -		Global Portfolio -		Portfolio -
	Initial Class	Service Class	Adviser Class			Initial Class	Service Class
Net investment income (loss)
Investment Income:
Dividends	$ 5,616	$ 19	$ —		$ 2,797		$ 3
Expenses:

Mortality and expense risk charges	2,744	7		1		5,811		16
Total expenses	2,744	7		1		5,811		16
Net investment income (loss)	2,872	12		(1)		(3,014)		(13)

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	10,460	(38)		2		13,064		39
Capital gains distributions	14,478	59		44		95,911		288
Total realized gain (loss) on investments
and capital gains distributions	24,938	21		46		108,975		327
Net unrealized appreciation
(depreciation) of investments	19,382	158		21		41,996		96
Net realized and unrealized gain (loss)
on investments	44,320	179		67		150,971		423
Net increase (decrease) in net assets
resulting from operations	$ 47,192	$ 191	$ 66		$ 147,957		$ 410

The accompanying notes are an integral part of these financial statements.

126

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	VY®		VY®	VY®
	JPMorgan		JPMorgan	JPMorgan
	Mid Cap		Mid Cap	Mid Cap	VY® Pioneer	VY® Pioneer
	Value		Value	Value	High Yield	High Yield
	Portfolio -		Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Adviser Class		Initial Class	Service Class	Initial Class	Service Class
Net investment income (loss)
Investment Income:
Dividends	$ 2		$ 243	$ 545	$ 1,288	$ 7
Expenses:

Mortality and expense risk charges		1	160	578	196		1
Total expenses		1	160	578	196		1
Net investment income (loss)		1	83	(33)	1,092		6

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		(6)	(459)	(786)	(2,059)		(5)
Capital gains distributions		33	2,615	7,373	1,155		5
Total realized gain (loss) on investments
and capital gains distributions		27	2,156	6,587	(904)		—
Net unrealized appreciation
(depreciation) of investments		31	2,463	6,370	3,255		13
Net realized and unrealized gain (loss)
on investments		58	4,619	12,957	2,351		13
Net increase (decrease) in net assets
resulting from operations	$ 59		$ 4,702	$ 12,924	$ 3,443	$ 19

The accompanying notes are an integral part of these financial statements.

127

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	VY® T. Rowe		VY® T. Rowe	VY® T. Rowe
	Price		Price	Price
	Diversified		Diversified	Diversified		VY® T. Rowe		VY® T. Rowe
	Mid Cap		Mid Cap	Mid Cap		Price Growth		Price Growth
	Growth		Growth	Growth		Equity		Equity
	Portfolio -		Portfolio -	Portfolio -		Portfolio -		Portfolio -
	Adviser Class		Initial Class	Service Class		Adviser Class		Initial Class
Net investment income (loss)
Investment Income:
Dividends	$ 1		$ 1,396	$ 3		$ —		$ 985
Expenses:

Mortality and expense risk charges		1	4,955		11		4	4,627
Total expenses		1	4,955		11		4	4,627
Net investment income (loss)		—	(3,559)		(8)		(4)	(3,642)

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		4	13,867		11		11	16,874
Capital gains distributions		41	48,375		161		246	113,457
Total realized gain (loss) on investments
and capital gains distributions		45	62,242		172		257	130,331
Net unrealized appreciation
(depreciation) of investments		61	81,160		253		13	4,143
Net realized and unrealized gain (loss)
on investments		106	143,402		425		270	134,474
Net increase (decrease) in net assets
resulting from operations	$ 106		$ 139,843	$ 417		$ 266		$ 130,832

The accompanying notes are an integral part of these financial statements.

128

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	VY® T. Rowe			Voya Strategic	Voya Strategic	Voya Strategic
	Price Growth		Voya	Allocation	Allocation	Allocation
	Equity		Corporate	Conservative	Growth	Moderate
	Portfolio -		Leaders 100	Portfolio -	Portfolio -	Portfolio -
	Service Class		Fund - Class I	Class I	Class I	Class I
Net investment income (loss)
Investment Income:
Dividends	$ —		$ 149	$ 772	$ 1,751	$ 1,631
Expenses:

Mortality and expense risk charges		23	69	280	663	563
Total expenses		23	69	280	663	563
Net investment income (loss)		(23)	80	492	1,088	1,068

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments		(54)	194	162	2,802	2,246
Capital gains distributions		756	537	1,492	5,851	4,088
Total realized gain (loss) on investments
and capital gains distributions		702	731	1,654	8,653	6,334
Net unrealized appreciation
(depreciation) of investments		248	880	1,457	3,178	2,274
Net realized and unrealized gain (loss)
on investments		950	1,611	3,111	11,831	8,608
Net increase (decrease) in net assets
resulting from operations	$ 927		$ 1,691	$ 3,603	$ 12,919	$ 9,676

The accompanying notes are an integral part of these financial statements.

129

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Voya Growth	Voya Growth	Voya Growth		Voya Global	Voya Global
	and Income	and Income	and Income		Equity	Equity
	Portfolio -	Portfolio -	Portfolio -		Portfolio -	Portfolio -
	Class A	Class I	Class S		Class I	Class S
Net investment income (loss)
Investment Income:
Dividends	$ 18	$ 18,859	$ 3		$ 2,277	$ 289
Expenses:

Mortality and expense risk charges	5	12,869		2	665	131
Total expenses	5	12,869		2	665	131
Net investment income (loss)	13	5,990		1	1,612	158

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	6	37,387		—	742	133
Capital gains distributions	148	115,982		22	3,912	559
Total realized gain (loss) on investments
and capital gains distributions	154	153,369		22	4,654	692
Net unrealized appreciation
(depreciation) of investments	180	118,985		27	9,064	1,195
Net realized and unrealized gain (loss)
on investments	334	272,354		49	13,718	1,887
Net increase (decrease) in net assets
resulting from operations	$ 347	$ 278,344	$ 50		$ 15,330	$ 2,045

The accompanying notes are an integral part of these financial statements.

130

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Voya Index	Voya Index	Voya Index	Voya Index		Voya Index
	Plus LargeCap	Plus LargeCap	Plus MidCap	Plus MidCap		Plus SmallCap
	Portfolio -	Portfolio -	Portfolio -	Portfolio -		Portfolio -
	Class I	Class S	Class I	Class S		Class I
Net investment income (loss)
Investment Income:
Dividends	$ 5,608	$ 3	$ 3,937	$ 1		$ 1,330
Expenses:

Mortality and expense risk charges	3,777	1	2,824		—	1,313
Total expenses	3,777	1	2,824		—	1,313
Net investment income (loss)	1,831	2	1,113		1	17

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	18,262	13	8,502		—	9,533
Capital gains distributions	30,875	18	28,082		7	18,695
Total realized gain (loss) on investments
and capital gains distributions	49,137	31	36,584		7	28,228
Net unrealized appreciation
(depreciation) of investments	39,659	19	29,078		8	(4,444)
Net realized and unrealized gain (loss)
on investments	88,796	50	65,662		15	23,784
Net increase (decrease) in net assets
resulting from operations	$ 90,627	$ 52	$ 66,775	$ 16		$ 23,801

The accompanying notes are an integral part of these financial statements.

131

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


						Voya	Voya
				Voya		Russell™	Russell™
	Voya Index		Voya	International Large Cap			Large Cap
	Plus SmallCap		International	Index		Growth Index Growth Index
	Portfolio -	Index Portfolio -		Portfolio -		Portfolio -	Portfolio -
	Class S		Class I	Class S		Class I	Class S
Net investment income (loss)
Investment Income:
Dividends	$ 1	$ 1,222		$ —		$ 744 $	15
Expenses:

Mortality and expense risk charges	1		384		—	816	12
Total expenses	1		384		—	816	12
Net investment income (loss)	—		838		—	(72)	3

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	8		243		—	3,122	95
Capital gains distributions	25		—		—	3,459	91
Total realized gain (loss) on investments
and capital gains distributions	33		243		—	6,581	186
Net unrealized appreciation
(depreciation) of investments	(2)		6,270		1	16,432	415
Net realized and unrealized gain (loss)
on investments	31		6,513		1	23,013	601
Net increase (decrease) in net assets
resulting from operations	$ 31	$ 7,351		$ 1		$ 22,941 $	604

The accompanying notes are an integral part of these financial statements.

132

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


	Voya	Voya		Voya		Voya	Voya
	Russell™	Russell™		Russell™		Russell™	Russell™ Mid
	Large Cap	Large Cap		Large Cap		Large Cap	Cap Growth
	Index	Index		Value Index		Value Index	Index
	Portfolio -	Portfolio -		Portfolio -		Portfolio -	Portfolio -
	Class I	Class S		Class I		Class S	Class S
Net investment income (loss)
Investment Income:
Dividends	$ 2,486	$ 7		$ 13		$ 375	$ 103
Expenses:

Mortality and expense risk charges	1,155		4		6	178	186
Total expenses	1,155		4		6	178	186
Net investment income (loss)	1,331		3		7	197	(83)

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	5,717		27		37	262	566
Capital gains distributions	4,570		15		19	637	1,759
Total realized gain (loss) on investments
and capital gains distributions	10,287		42		56	899	2,325
Net unrealized appreciation
(depreciation) of investments	28,469		77		61	2,641	2,887
Net realized and unrealized gain (loss)
on investments	38,756		119		117	3,540	5,212
Net increase (decrease) in net assets
resulting from operations	$ 40,087	$ 122		$ 124		$ 3,737	$ 5,129

The accompanying notes are an integral part of these financial statements.

133

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


		Voya
	Voya	Russell™
	Russell™ Mid	Small Cap	Voya Small	Voya Small	Voya U.S.
	Cap Index	Index	Company	Company	Bond Index
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Class I	Class I	Class I	Class S	Class I
Net investment income (loss)
Investment Income:
Dividends	$ 2,517 $	885 $	568 $	— $	446
Expenses:

Mortality and expense risk charges	1,173	664	1,367	1	160
Total expenses	1,173	664	1,367	1	160
Net investment income (loss)	1,344	221	(799)	(1)	286

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(699)	(943)	(1,504)	—	30
Capital gains distributions	28,154	8,437	19,128	21	—
Total realized gain (loss) on investments
and capital gains distributions	27,455	7,494	17,624	21	30
Net unrealized appreciation
(depreciation) of investments	12,140	9,006	13,237	12	945
Net realized and unrealized gain (loss)
on investments	39,595	16,500	30,861	33	975
Net increase (decrease) in net assets
resulting from operations	$ 40,939 $	16,721 $	30,062 $	32 $	1,261

The accompanying notes are an integral part of these financial statements.

134

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


			Voya	Voya
	Voya MidCap	Voya MidCap	SmallCap	SmallCap
	Opportunities	Opportunities Opportunities Opportunities
	Portfolio -	Portfolio -	Portfolio -	Portfolio -	Wanger
	Class I	Class S	Class I	Class S	International
Net investment income (loss)
Investment Income:
Dividends	$ 682	$ 1	$ — $	— $	312
Expenses:

Mortality and expense risk charges	2,134	6	602	—	286
Total expenses	2,134	6	602	—	286
Net investment income (loss)	(1,452)	(5)	(602)	—	26

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(2,168)	(9)	(1,584)	(10)	(1,782)
Capital gains distributions	29,769	127	8,117	17	3,513
Total realized gain (loss) on investments
and capital gains distributions	27,601	118	6,533	7	1,731
Net unrealized appreciation
(depreciation) of investments	35,727	155	7,455	20	7,944
Net realized and unrealized gain (loss)
on investments	63,328	273	13,988	27	9,675
Net increase (decrease) in net assets
resulting from operations	$ 61,876	$ 268	$ 13,386 $	27 $	9,701

The accompanying notes are an integral part of these financial statements.

135

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


			Washington Washington
			Mutual		Mutual	Wells Fargo
			Investors		Investors	Small Cap
			Fund	-	Fund -	Value Fund -
	Wanger Select	Wanger USA	Class R-3		Class R-4	Class A
Net investment income (loss)
Investment Income:
Dividends	$ 43	$ 236	$ 25		$ 4,010	$ —
Expenses:

Mortality and expense risk charges	548	669		9	2,171		1
Total expenses	548	669		9	2,171		1
Net investment income (loss)	(505)	(433)		16	1,839		(1)

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(6,535)	(6,622)		225	7,342		(53)
Capital gains distributions	7,803	15,959		69	11,131		12
Total realized gain (loss) on investments
and capital gains distributions	1,268	9,337		294	18,473		(41)
Net unrealized appreciation
(depreciation) of investments	13,670	14,022		108	25,513		57
Net realized and unrealized gain (loss)
on investments	14,938	23,359		402	43,986		16
Net increase (decrease) in net assets
resulting from operations	$ 14,433	$ 22,926	$ 418		$ 45,825	$ 15

The accompanying notes are an integral part of these financial statements.

136

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Operations For the Year Ended December 31, 2019

(Dollars in thousands)


Wells Fargo
	Small Company	Wells Fargo	Wells Fargo
	Growth Fund -	Small Company	Special Small
	Administrator	Value Fund -	Cap Value
	Class	Class A	Fund - Class A
Net investment income (loss)
Investment Income:
Dividends	$ —	$ 1	$ 943
Expenses:

Mortality and expense risk charges	76	—	1,243
Total expenses	76	—	1,243
Net investment income (loss)	(76)	1	(300)

Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments	(229)	—	5,920
Capital gains distributions	555	—	1,017
Total realized gain (loss) on investments
and capital gains distributions	326	—	6,937
Net unrealized appreciation
(depreciation) of investments	1,208	10	19,158
Net realized and unrealized gain (loss)
on investments	1,534	10	26,095
Net increase (decrease) in net assets
resulting from operations	$ 1,458	$ 11	$ 25,795

The accompanying notes are an integral part of these financial statements.

137

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			AB VPS	Aberdeen
			Growth and	International
	AB Relative		Income	Equity Fund -	Invesco
	Value Fund -		Portfolio -	Institutional	Floating Rate
	Class A		Class A	Class	Fund - Class R5
Net assets at January 1, 2018	$ 191		$ 622	$ 12,399	$ 156

Increase (decrease) in net assets
Operations:
Net investment income (loss)		—	(1)	334		9
Total realized gain (loss) on investments
and capital gains distributions		49	76	138		—
Net unrealized appreciation (depreciation)
of investments		(58)	(116)	(2,607)		(14)
Net increase (decrease) in net assets resulting from
operations		(9)	(41)	(2,135)		(5)
Changes from principal transactions:
Total unit transactions		(8)	(9)	2,188		128
Increase (decrease) in net assets derived from
principal transactions		(8)	(9)	2,188		128
Total increase (decrease) in net assets		(17)	(50)	53		123
Net assets at December 31, 2018		174	572	12,452		279

Increase (decrease) in net assets
Operations:
Net investment income (loss)		1	—	217		16
Total realized gain (loss) on investments
and capital gains distributions		5	69	252		(1)
Net unrealized appreciation (depreciation)
of investments		27	56	2,618		5
Net increase (decrease) in net assets resulting from
operations		33	125	3,087		20
Changes from principal transactions:
Total unit transactions		(40)	3	1,616		60
Increase (decrease) in net assets derived from
principal transactions		(40)	3	1,616		60
Total increase (decrease) in net assets		(7)	128	4,703		80
Net assets at December 31, 2019	$ 167		$ 700	$ 17,155	$ 359

The accompanying notes are an integral part of these financial statements.

138

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


Invesco
	Oppenheimer		Invesco	Invesco Mid
	Capital		Oppenheimer	Cap Core	Invesco Small
	Appreciation		Main Street	Equity Fund -	Cap Growth
	Fund - Class A		Fund - Class A	Class A	Fund - Class A
Net assets at January 1, 2018	$ 74		$ 796	$ 3,949	$ 102

Increase (decrease) in net assets
Operations:
Net investment income (loss)		(1)	—	(34)	(1)
Total realized gain (loss) on investments
and capital gains distributions		7	154	146	7
Net unrealized appreciation (depreciation)
of investments		(11)	(241)	(590)	(17)
Net increase (decrease) in net assets resulting from
operations		(5)	(87)	(478)	(11)
Changes from principal transactions:
Total unit transactions		(3)	201	(367)	—
Increase (decrease) in net assets derived from
principal transactions		(3)	201	(367)	—
Total increase (decrease) in net assets		(8)	114	(845)	(11)
Net assets at December 31, 2018		66	910	3,104	91

Increase (decrease) in net assets
Operations:
Net investment income (loss)		(1)	—	(26)	(1)
Total realized gain (loss) on investments
and capital gains distributions		16	91	568	9
Net unrealized appreciation (depreciation)
of investments		5	221	220	12
Net increase (decrease) in net assets resulting from
operations		20	312	762	20
Changes from principal transactions:
Total unit transactions		(11)	428	(41)	3
Increase (decrease) in net assets derived from
principal transactions		(11)	428	(41)	3
Total increase (decrease) in net assets		9	740	721	23
Net assets at December 31, 2019	$ 75		$ 1,650	$ 3,825	$ 114

The accompanying notes are an integral part of these financial statements.

139

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			Invesco
		Invesco	Oppenheimer
	Invesco	Oppenheimer	International
	International International		Small-Mid		Invesco
	Growth Fund -	Growth Fund -	Company Fund -		Endeavor
	Class R5	Class Y	Class Y		Fund - Class A
Net assets at January 1, 2018	$ 686	$ 474	$ 616		$ 15

Increase (decrease) in net assets
Operations:
Net investment income (loss)	2	1		(2)		—
Total realized gain (loss) on investments
and capital gains distributions	45	8		119		2
Net unrealized appreciation (depreciation)
of investments	(154)	(125)		(187)		(5)
Net increase (decrease) in net assets resulting from
operations	(107)	(116)		(70)		(3)
Changes from principal transactions:
Total unit transactions	(56)	134		(3)		2
Increase (decrease) in net assets derived from
principal transactions	(56)	134		(3)		2
Total increase (decrease) in net assets	(163)	18		(73)		(1)
Net assets at December 31, 2018	523	492		543		14

Increase (decrease) in net assets
Operations:
Net investment income (loss)	10	1		(4)		—
Total realized gain (loss) on investments
and capital gains distributions	56	5		46		1
Net unrealized appreciation (depreciation)
of investments	75	142		96		2
Net increase (decrease) in net assets resulting from
operations	141	148		138		3
Changes from principal transactions:
Total unit transactions	51	130		114		9
Increase (decrease) in net assets derived from
principal transactions	51	130		114		9
Total increase (decrease) in net assets	192	278		252		12
Net assets at December 31, 2019	$ 715	$ 770	$ 795		$ 26

The accompanying notes are an integral part of these financial statements.

140

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


		Invesco	Invesco	Invesco
		Oppenheimer Oppenheimer Oppenheimer
	Invesco Health Developing		Developing	International
	Care Fund -	Markets Fund -	Markets Fund -	Bond Fund -
	Investor Class	Class A	Class Y	Class A
Net assets at January 1, 2018	$ 109	$ 268,701	$ 51,340	$ 160

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(1)	(2,000)	43	6
Total realized gain (loss) on investments
and capital gains distributions	12	15,699	1,526	(4)
Net unrealized appreciation (depreciation)
of investments	(12)	(47,021)	(7,933)	(13)
Net increase (decrease) in net assets resulting from
operations	(1)	(33,322)	(6,364)	(11)
Changes from principal transactions:
Total unit transactions	24	(18,413)	(2,412)	(14)
Increase (decrease) in net assets derived from
principal transactions	24	(18,413)	(2,412)	(14)
Total increase (decrease) in net assets	23	(51,735)	(8,776)	(25)
Net assets at December 31, 2018	132	216,966	42,564	135

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(1)	(1,878)	43	4
Total realized gain (loss) on investments
and capital gains distributions	10	15,684	2,527	(7)
Net unrealized appreciation (depreciation)
of investments	26	33,731	7,231	13
Net increase (decrease) in net assets resulting from
operations	35	47,537	9,801	10
Changes from principal transactions:
Total unit transactions	(52)	(17,815)	(2,976)	(101)
Increase (decrease) in net assets derived from
principal transactions	(52)	(17,815)	(2,976)	(101)
Total increase (decrease) in net assets	(17)	29,722	6,825	(91)
Net assets at December 31, 2019	$ 115	$ 246,688	$ 49,389	$ 44

The accompanying notes are an integral part of these financial statements.

141

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


					Invesco
		Invesco			Oppenheimer
	Invesco High	American	Invesco		Gold & Special
	Yield Fund -	Value Fund -	Energy Fund -		Minerals Fund -
	Class R5	Class R5	Class R5		Class A
Net assets at January 1, 2018	$ 405	$ 761	$ 122		$ 52

Increase (decrease) in net assets
Operations:
Net investment income (loss)	20	(3)		1		—
Total realized gain (loss) on investments
and capital gains distributions	(2)	88		7		—
Net unrealized appreciation (depreciation)
of investments	(42)	(204)		(23)		(6)
Net increase (decrease) in net assets resulting from
operations	(24)	(119)		(15)		(6)
Changes from principal transactions:
Total unit transactions	152	112		(63)		(1)
Increase (decrease) in net assets derived from
principal transactions	152	112		(63)		(1)
Total increase (decrease) in net assets	128	(7)		(78)		(7)
Net assets at December 31, 2018	533	754		44		45

Increase (decrease) in net assets
Operations:
Net investment income (loss)	33	(8)		1		—
Total realized gain (loss) on investments
and capital gains distributions	(1)	29		(8)		1
Net unrealized appreciation (depreciation)
of investments	40	165		10		23
Net increase (decrease) in net assets resulting from
operations	72	186		3		24
Changes from principal transactions:
Total unit transactions	195	62		—		10
Increase (decrease) in net assets derived from
principal transactions	195	62		—		10
Total increase (decrease) in net assets	267	248		3		34
Net assets at December 31, 2019	$ 800	$ 1,002	$ 47		$ 79

The accompanying notes are an integral part of these financial statements.

142

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


		Invesco			Invesco
		Oppenheimer			Oppenheimer
		V.I. Discovery	Invesco		V.I. Global
	Invesco Small	Mid Cap	Oppenheimer		Strategic
	Cap Value	Growth Fund -	V.I. Global		Income Fund -
	Fund - Class A	Series I	Fund - Series I		Series I
Net assets at January 1, 2018	$ 152	$ 16	$ 283		$ 95

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(1)	—		—		4
Total realized gain (loss) on investments
and capital gains distributions	27	2		25		—
Net unrealized appreciation (depreciation)
of investments	(46)	(3)		(63)		(9)
Net increase (decrease) in net assets resulting from
operations	(20)	(1)		(38)		(5)
Changes from principal transactions:
Total unit transactions	(72)	(1)		(14)		—
Increase (decrease) in net assets derived from
principal transactions	(72)	(1)		(14)		—
Total increase (decrease) in net assets	(92)	(2)		(52)		(5)
Net assets at December 31, 2018	60	14		231		90

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(1)	—		—		3
Total realized gain (loss) on investments
and capital gains distributions	(12)	2		41		—
Net unrealized appreciation (depreciation)
of investments	30	3		29		6
Net increase (decrease) in net assets resulting from
operations	17	5		70		9
Changes from principal transactions:
Total unit transactions	(32)	(1)		(9)		(1)
Increase (decrease) in net assets derived from
principal transactions	(32)	(1)		(9)		(1)
Total increase (decrease) in net assets	(15)	4		61		8
Net assets at December 31, 2019	$ 45	$ 18	$ 292		$ 98

The accompanying notes are an integral part of these financial statements.

143

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			Invesco
	Invesco		Oppenheimer
	Oppenheimer		V.I. Main
	V.I. Main		Street Small	Fundamental	Fundamental
	Street Fund -		Cap Fund -	Investors^SM-	Investors^SM-
	Series I		Series I	Class R-3	Class R-4
Net assets at January 1, 2018	$ 66		$ 29,512	$ 28,558	$ 33,267

Increase (decrease) in net assets
Operations:
Net investment income (loss)		—	(171)	(322)	(49)
Total realized gain (loss) on investments
and capital gains distributions		7	3,465	3,731	3,056
Net unrealized appreciation (depreciation)
of investments		(13)	(6,431)	(4,645)	(6,103)
Net increase (decrease) in net assets resulting from
operations		(6)	(3,137)	(1,236)	(3,096)
Changes from principal transactions:
Total unit transactions		(7)	(1,597)	(783)	(3,132)
Increase (decrease) in net assets derived from
principal transactions		(7)	(1,597)	(783)	(3,132)
Total increase (decrease) in net assets		(13)	(4,734)	(2,019)	(6,228)
Net assets at December 31, 2018		53	24,778	26,539	27,039

Increase (decrease) in net assets
Operations:
Net investment income (loss)		—	(181)	(315)	(34)
Total realized gain (loss) on investments
and capital gains distributions		11	1,821	6,121	5,086
Net unrealized appreciation (depreciation)
of investments		4	4,466	2,995	1,977
Net increase (decrease) in net assets resulting from
operations		15	6,106	8,801	7,029
Changes from principal transactions:
Total unit transactions		(7)	(1,790)	(3,276)	(3,240)
Increase (decrease) in net assets derived from
principal transactions		(7)	(1,790)	(3,276)	(3,240)
Total increase (decrease) in net assets		8	4,316	5,525	3,789
Net assets at December 31, 2019	$ 61		$ 29,094	$ 32,064	$ 30,828

The accompanying notes are an integral part of these financial statements.

144

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


					AllianzGI NFJ
	Alger				Large-Cap
	Responsible		Alger Capital	AllianzGI NFJ	Value Fund -
	Investing Fund -		Appreciation	Dividend Value	Institutional
	Class A		Fund - Class A	Fund - Class A	Class
Net assets at January 1, 2018	$ 5,544		$ 103	$ 331	$ 7

Increase (decrease) in net assets
Operations:
Net investment income (loss)		(66)	(1)	3		—
Total realized gain (loss) on investments
and capital gains distributions		599	15	61		—
Net unrealized appreciation (depreciation)
of investments		(841)	(18)	(101)		(1)
Net increase (decrease) in net assets resulting from
operations		(308)	(4)	(37)		(1)
Changes from principal transactions:
Total unit transactions		888	16	3		—
Increase (decrease) in net assets derived from
principal transactions		888	16	3		—
Total increase (decrease) in net assets		580	12	(34)		(1)
Net assets at December 31, 2018		6,124	115	297		6

Increase (decrease) in net assets
Operations:
Net investment income (loss)		(70)	(1)	3		—
Total realized gain (loss) on investments
and capital gains distributions		777	13	37		—
Net unrealized appreciation (depreciation)
of investments		1,132	20	20		1
Net increase (decrease) in net assets resulting from
operations		1,839	32	60		1
Changes from principal transactions:
Total unit transactions		(883)	(24)	(113)		1
Increase (decrease) in net assets derived from
principal transactions		(883)	(24)	(113)		1
Total increase (decrease) in net assets		956	8	(53)		2
Net assets at December 31, 2019	$ 7,080		$ 123	$ 244	$ 8

The accompanying notes are an integral part of these financial statements.

145

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


	AllianzGI NFJ			American
	Small-Cap	Amana Growth Amana Income		Balanced
	Value Fund -	Fund - Investor	Fund - Investor	Fund® -
	Class A	Class	Class	Class R-3
Net assets at January 1, 2018	$ 385	$ 46,559	$ 75,988	$ 2,956

Increase (decrease) in net assets
Operations:
Net investment income (loss)	6	(267)	144	27
Total realized gain (loss) on investments
and capital gains distributions	52	2,980	6,354	141
Net unrealized appreciation (depreciation)
of investments	(124)	(2,149)	(10,856)	(275)
Net increase (decrease) in net assets resulting from
operations	(66)	564	(4,358)	(107)
Changes from principal transactions:
Total unit transactions	(79)	(694)	(5,068)	(58)
Increase (decrease) in net assets derived from
principal transactions	(79)	(694)	(5,068)	(58)
Total increase (decrease) in net assets	(145)	(130)	(9,426)	(165)
Net assets at December 31, 2018	240	46,429	66,562	2,791

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(1)	(328)	190	21
Total realized gain (loss) on investments
and capital gains distributions	(99)	3,795	8,047	185
Net unrealized appreciation (depreciation)
of investments	134	11,415	6,920	197
Net increase (decrease) in net assets resulting from
operations	34	14,882	15,157	403
Changes from principal transactions:
Total unit transactions	(245)	833	(7,413)	(1,225)
Increase (decrease) in net assets derived from
principal transactions	(245)	833	(7,413)	(1,225)
Total increase (decrease) in net assets	(211)	15,715	7,744	(822)
Net assets at December 31, 2019	$ 29	$ 62,144	$ 74,306	$ 1,969

The accompanying notes are an integral part of these financial statements.

146

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


American
	Beacon Small	Inflation-
	Cap Value	Adjusted Bond	Income &	Fundamental
	Fund - Investor	Fund -	Growth Fund -	Investors^SM-
	Class	Investor Class	A Class	Class R-3
Net assets at January 1, 2018	$ 303	$ 31,930	$ 11,002	$ 1,037

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(2)	584	45	5
Total realized gain (loss) on investments
and capital gains distributions	63	(442)	1,275	133
Net unrealized appreciation (depreciation)
of investments	(114)	(1,201)	(2,187)	(214)
Net increase (decrease) in net assets resulting from
operations	(53)	(1,059)	(867)	(76)
Changes from principal transactions:
Total unit transactions	65	(1,745)	(323)	(72)
Increase (decrease) in net assets derived from
principal transactions	65	(1,745)	(323)	(72)
Total increase (decrease) in net assets	12	(2,804)	(1,190)	(148)
Net assets at December 31, 2018	315	29,126	9,812	889

Increase (decrease) in net assets
Operations:
Net investment income (loss)	1	388	68	8
Total realized gain (loss) on investments
and capital gains distributions	(9)	(197)	383	80
Net unrealized appreciation (depreciation)
of investments	81	1,628	1,693	148
Net increase (decrease) in net assets resulting from
operations	73	1,819	2,144	236
Changes from principal transactions:
Total unit transactions	75	(4,109)	(347)	(35)
Increase (decrease) in net assets derived from
principal transactions	75	(4,109)	(347)	(35)
Total increase (decrease) in net assets	148	(2,290)	1,797	201
Net assets at December 31, 2019	$ 463	$ 26,836	$ 11,609	$ 1,090

The accompanying notes are an integral part of these financial statements.

147

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			AMG
			Managers	Ariel
	Fundamental	American	Fairpointe Mid Appreciation
	Investors^SM-	Mutual Fund® -	Cap Fund -	Fund -
	Class R-4	Class R-4	Class N	Investor Class
Net assets at January 1, 2018	$ 111,597	$ 7,946	$ 34,886	$ 529

Increase (decrease) in net assets
Operations:
Net investment income (loss)	629	154	(179)		—
Total realized gain (loss) on investments
and capital gains distributions	14,114	477	679		14
Net unrealized appreciation (depreciation)
of investments	(22,603)	(868)	(6,248)		(87)
Net increase (decrease) in net assets resulting from
operations	(7,860)	(237)	(5,748)		(73)
Changes from principal transactions:
Total unit transactions	(6,183)	1,464	(6,231)		(44)
Increase (decrease) in net assets derived from
principal transactions	(6,183)	1,464	(6,231)		(44)
Total increase (decrease) in net assets	(14,043)	1,227	(11,979)		(117)
Net assets at December 31, 2018	97,554	9,173	22,907		412

Increase (decrease) in net assets
Operations:
Net investment income (loss)	691	27	(16)		—
Total realized gain (loss) on investments
and capital gains distributions	9,715	419	312		(29)
Net unrealized appreciation (depreciation)
of investments	15,184	432	2,913		107
Net increase (decrease) in net assets resulting from
operations	25,590	878	3,209		78
Changes from principal transactions:
Total unit transactions	(1,750)	(7,269)	(3,696)		(313)
Increase (decrease) in net assets derived from
principal transactions	(1,750)	(7,269)	(3,696)		(313)
Total increase (decrease) in net assets	23,840	(6,391)	(487)		(235)
Net assets at December 31, 2019	$ 121,394	$ 2,782	$ 22,420	$ 177

The accompanying notes are an integral part of these financial statements.

148

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


				BlackRock
		Artisan		Health Sciences
		International	BlackRock	Opportunities
		Fund -	Equity Dividend	Portfolio -
	Ariel Fund -	Investor	Fund - Investor	Institutional
	Investor Class	Shares	A Shares	Shares
Net assets at January 1, 2018	$ 11,013	$ 13,001	$ 920	$ 3,677

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(19)	10	8	(25)
Total realized gain (loss) on investments
and capital gains distributions	582	1,001	84	529
Net unrealized appreciation (depreciation)
of investments	(2,210)	(2,385)	(165)	(324)
Net increase (decrease) in net assets resulting from
operations	(1,647)	(1,374)	(73)	180
Changes from principal transactions:
Total unit transactions	(315)	(1,735)	(78)	2,678
Increase (decrease) in net assets derived from
principal transactions	(315)	(1,735)	(78)	2,678
Total increase (decrease) in net assets	(1,962)	(3,109)	(151)	2,858
Net assets at December 31, 2018	9,051	9,892	769	6,535

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(19)	(9)	9	(39)
Total realized gain (loss) on investments
and capital gains distributions	169	484	99	584
Net unrealized appreciation (depreciation)
of investments	1,908	2,078	97	927
Net increase (decrease) in net assets resulting from
operations	2,058	2,553	205	1,472
Changes from principal transactions:
Total unit transactions	(875)	(1,301)	(10)	(356)
Increase (decrease) in net assets derived from
principal transactions	(875)	(1,301)	(10)	(356)
Total increase (decrease) in net assets	1,183	1,252	195	1,116
Net assets at December 31, 2019	$ 10,234	$ 11,144	$ 964	$ 7,651

The accompanying notes are an integral part of these financial statements.

149

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


BlackRock
	Health Sciences	BlackRock Mid
	Opportunities	Cap Dividend	BlackRock Mid
	Portfolio -	Fund -	Cap Dividend	Bond Fund of
	Investor A	Institutional Fund - Investor America -
	Shares	Shares	A Shares	Class R-4
Net assets at January 1, 2018	$ 20,564	$ 213	$ 14,540	$ 10,477

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(212)	2	67	144
Total realized gain (loss) on investments
and capital gains distributions	2,217	11	190	(14)
Net unrealized appreciation (depreciation)
of investments	(717)	(34)	(1,647)	(247)
Net increase (decrease) in net assets resulting from
operations	1,288	(21)	(1,390)	(117)
Changes from principal transactions:
Total unit transactions	3,087	(4)	(1,227)	276
Increase (decrease) in net assets derived from
principal transactions	3,087	(4)	(1,227)	276
Total increase (decrease) in net assets	4,375	(25)	(2,617)	159
Net assets at December 31, 2018	24,939	188	11,923	10,636

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(184)	2	41	165
Total realized gain (loss) on investments
and capital gains distributions	2,191	6	13	207
Net unrealized appreciation (depreciation)
of investments	3,627	48	3,200	397
Net increase (decrease) in net assets resulting from
operations	5,634	56	3,254	769
Changes from principal transactions:
Total unit transactions	(2,501)	25	(497)	3,552
Increase (decrease) in net assets derived from
principal transactions	(2,501)	25	(497)	3,552
Total increase (decrease) in net assets	3,133	81	2,757	4,321
Net assets at December 31, 2019	$ 28,072	$ 269	$ 14,680	$ 14,957

The accompanying notes are an integral part of these financial statements.

150

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


	Calvert US
	Large-Cap
	Core			Capital
	Responsible Calvert VP			Income	Capital World
	Index Fund -		SRI Balanced	Builder® -	Growth & Income
	Class A		Portfolio	Class R-4	Fund^SM- Class R-3
Net assets at January 1, 2018	$ —		$ 49,710	$ 4,337	$ 670

Increase (decrease) in net assets
Operations:
Net investment income (loss)		—	343	110	8
Total realized gain (loss) on investments
and capital gains distributions		—	5,921	35	37
Net unrealized appreciation (depreciation)
of investments		—	(7,948)	(529)	(114)
Net increase (decrease) in net assets resulting from
operations		—	(1,684)	(384)	(69)
Changes from principal transactions:
Total unit transactions		—	(2,703)	622	(44)
Increase (decrease) in net assets derived from
principal transactions		—	(2,703)	622	(44)
Total increase (decrease) in net assets		—	(4,387)	238	(113)
Net assets at December 31, 2018		—	45,323	4,575	557

Increase (decrease) in net assets
Operations:
Net investment income (loss)		—	248	120	6
Total realized gain (loss) on investments
and capital gains distributions		—	3,886	67	5
Net unrealized appreciation (depreciation)
of investments		1	6,012	571	120
Net increase (decrease) in net assets resulting from
operations		1	10,146	758	131
Changes from principal transactions:
Total unit transactions		7	(2,001)	658	(51)
Increase (decrease) in net assets derived from
principal transactions		7	(2,001)	658	(51)
Total increase (decrease) in net assets		8	8,145	1,416	80
Net assets at December 31, 2019	$ 8		$ 53,468	$ 5,991	$ 637

The accompanying notes are an integral part of these financial statements.

151

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


	Cohen & Steers				Columbia
	Real Estate	Cohen &	Columbia		Acorn® Fund -
	Securities Fund,	Steers Realty	Acorn® Fund -		Institutional
	Inc. - Class A	Shares, Inc.	Class A Shares		Class
Net assets at January 1, 2018	$ —	$ 9,057	$ 63		$ 3

Increase (decrease) in net assets
Operations:
Net investment income (loss)	1	218		(1)	—
Total realized gain (loss) on investments
and capital gains distributions	—	(81)		3	1
Net unrealized appreciation (depreciation)
of investments	(3)	(556)		(6)	(1)
Net increase (decrease) in net assets resulting from
operations	(2)	(419)		(4)	—
Changes from principal transactions:
Total unit transactions	55	(1,238)		(1)	2
Increase (decrease) in net assets derived from
principal transactions	55	(1,238)		(1)	2
Total increase (decrease) in net assets	53	(1,657)		(5)	2
Net assets at December 31, 2018	53	7,400		58	5

Increase (decrease) in net assets
Operations:
Net investment income (loss)	8	149		(1)	—
Total realized gain (loss) on investments
and capital gains distributions	44	962		(1)	1
Net unrealized appreciation (depreciation)
of investments	2	1,226		15	1
Net increase (decrease) in net assets resulting from
operations	54	2,337		13	2
Changes from principal transactions:
Total unit transactions	1,256	1,255		(4)	2
Increase (decrease) in net assets derived from
principal transactions	1,256	1,255		(4)	2
Total increase (decrease) in net assets	1,310	3,592		9	4
Net assets at December 31, 2019	$ 1,363	$ 10,992	$ 67		$ 9

The accompanying notes are an integral part of these financial statements.

152

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


		Columbia
	Columbia	Select Mid
	Select Mid	Cap Value
	Cap Value	Fund -		CRM Mid Cap
	Fund - Class	Institutional		Value Fund -	Davis Financial
	A Shares	Class		Investor Shares	Fund - Class Y
Net assets at January 1, 2018	$ 9,051	$ 2		$ 351	$ 50

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(20)		—	(2)	1
Total realized gain (loss) on investments
and capital gains distributions	1,636		1	6	12
Net unrealized appreciation (depreciation)
of investments	(2,836)		(1)	(27)	(17)
Net increase (decrease) in net assets resulting from
operations	(1,220)		—	(23)	(4)
Changes from principal transactions:
Total unit transactions	(420)		—	(32)	5
Increase (decrease) in net assets derived from
principal transactions	(420)		—	(32)	5
Total increase (decrease) in net assets	(1,640)		—	(55)	1
Net assets at December 31, 2018	7,411		2	296	51

Increase (decrease) in net assets
Operations:
Net investment income (loss)	—		—	(2)	—
Total realized gain (loss) on investments
and capital gains distributions	(1,797)		—	(16)	3
Net unrealized appreciation (depreciation)
of investments	3,684		1	77	10
Net increase (decrease) in net assets resulting from
operations	1,887		1	59	13
Changes from principal transactions:
Total unit transactions	(2,587)		(1)	(245)	12
Increase (decrease) in net assets derived from
principal transactions	(2,587)		(1)	(245)	12
Total increase (decrease) in net assets	(700)		—	(186)	25
Net assets at December 31, 2019	$ 6,711	$ 2		$ 110	$ 76

The accompanying notes are an integral part of these financial statements.

153

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


		Delaware Smid
	Delaware	Cap Growth
	Small Cap	Fund -	DWS Small	DWS Equity 500
	Value Fund -	Institutional	Cap Growth	Index Fund -
	Class A	Class	Fund - Class S	Class S
Net assets at January 1, 2018	$ 4,020	$ 9,364	$ 31	$ 737

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(7)	—	—	4
Total realized gain (loss) on investments
and capital gains distributions	308	1,187	5	119
Net unrealized appreciation (depreciation)
of investments	(902)	(1,453)	(8)	(154)
Net increase (decrease) in net assets resulting from
operations	(601)	(266)	(3)	(31)
Changes from principal transactions:
Total unit transactions	(763)	2,374	(12)	(60)
Increase (decrease) in net assets derived from
principal transactions	(763)	2,374	(12)	(60)
Total increase (decrease) in net assets	(1,364)	2,108	(15)	(91)
Net assets at December 31, 2018	2,656	11,472	16	646

Increase (decrease) in net assets
Operations:
Net investment income (loss)	5	—	—	5
Total realized gain (loss) on investments
and capital gains distributions	56	587	(1)	83
Net unrealized appreciation (depreciation)
of investments	624	3,568	4	104
Net increase (decrease) in net assets resulting from
operations	685	4,155	3	192
Changes from principal transactions:
Total unit transactions	(529)	1,195	2	(18)
Increase (decrease) in net assets derived from
principal transactions	(529)	1,195	2	(18)
Total increase (decrease) in net assets	156	5,350	5	174
Net assets at December 31, 2019	$ 2,812	$ 16,822	$ 21	$ 820

The accompanying notes are an integral part of these financial statements.

154

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


	DFA Emerging	DFA Inflation-
	Markets Core	Protected	DFA U.S.
	Equity	Securities	Targeted Value
	Portfolio -	Portfolio -	Portfolio -	Dodge & Cox
	Institutional	Institutional	Institutional	International
	Class Shares	Class Shares	Class Shares	Stock Fund
Net assets at January 1, 2018	$ 1,752	$ 670	$ 13,492	$ 154

Increase (decrease) in net assets
Operations:
Net investment income (loss)	44	20	148	2
Total realized gain (loss) on investments
and capital gains distributions	77	(4)	791	7
Net unrealized appreciation (depreciation)
of investments	(458)	(24)	(3,425)	(37)
Net increase (decrease) in net assets resulting from
operations	(337)	(8)	(2,486)	(28)
Changes from principal transactions:
Total unit transactions	601	388	2,067	—
Increase (decrease) in net assets derived from
principal transactions	601	388	2,067	—
Total increase (decrease) in net assets	264	380	(419)	(28)
Net assets at December 31, 2018	2,016	1,050	13,073	126

Increase (decrease) in net assets
Operations:
Net investment income (loss)	61	23	226	4
Total realized gain (loss) on investments
and capital gains distributions	47	(1)	661	1
Net unrealized appreciation (depreciation)
of investments	234	67	2,074	22
Net increase (decrease) in net assets resulting from
operations	342	89	2,961	27
Changes from principal transactions:
Total unit transactions	287	179	1,746	15
Increase (decrease) in net assets derived from
principal transactions	287	179	1,746	15
Total increase (decrease) in net assets	629	268	4,707	42
Net assets at December 31, 2019	$ 2,645	$ 1,318	$ 17,780	$ 168

The accompanying notes are an integral part of these financial statements.

155

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


		Eaton Vance
		Large-Cap
		Value Fund -		EuroPacific	EuroPacific
	Dodge & Cox	Class R		Growth Fund® -	Growth Fund® -
	Stock Fund	Shares		Class R-3	Class R-4
Net assets at January 1, 2018	$ 159	$ 2		$ 4,540	$ 348,913

Increase (decrease) in net assets
Operations:
Net investment income (loss)	—		—	10	867
Total realized gain (loss) on investments
and capital gains distributions	15		—	376	17,216
Net unrealized appreciation (depreciation)
of investments	(30)		—	(1,038)	(71,186)
Net increase (decrease) in net assets resulting from
operations	(15)		—	(652)	(53,103)
Changes from principal transactions:
Total unit transactions	12		—	(668)	(19,949)
Increase (decrease) in net assets derived from
principal transactions	12		—	(668)	(19,949)
Total increase (decrease) in net assets	(3)		—	(1,320)	(73,052)
Net assets at December 31, 2018	156		2	3,220	275,861

Increase (decrease) in net assets
Operations:
Net investment income (loss)	—		—	3	695
Total realized gain (loss) on investments
and capital gains distributions	22		—	136	19,073
Net unrealized appreciation (depreciation)
of investments	6		—	606	48,100
Net increase (decrease) in net assets resulting from
operations	28		—	745	67,868
Changes from principal transactions:
Total unit transactions	(49)		(1)	(1,208)	(30,658)
Increase (decrease) in net assets derived from
principal transactions	(49)		(1)	(1,208)	(30,658)
Total increase (decrease) in net assets	(21)		(1)	(463)	37,210
Net assets at December 31, 2019	$ 135	$ 1		$ 2,757	$ 313,071

The accompanying notes are an integral part of these financial statements.

156

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


Federated
	International	Fidelity	Fidelity® VIP Fidelity® VIP
	Leaders Fund -	Advisor® New	Contrafund®	Index 500
	Institutional	Insights Fund -	Portfolio -	Portfolio -
	Shares	Class I	Initial Class	Initial Class
Net assets at January 1, 2018	$ —	$ 2,322	$ 1,337,984	$ 253,980

Increase (decrease) in net assets
Operations:
Net investment income (loss)	—	(25)	(3,216)	2,002
Total realized gain (loss) on investments
and capital gains distributions	—	361	154,390	7,628
Net unrealized appreciation (depreciation)
of investments	—	(476)	(230,972)	(24,108)
Net increase (decrease) in net assets resulting from
operations	—	(140)	(79,798)	(14,478)
Changes from principal transactions:
Total unit transactions	2	293	(159,052)	3,582
Increase (decrease) in net assets derived from
principal transactions	2	293	(159,052)	3,582
Total increase (decrease) in net assets	2	153	(238,850)	(10,896)
Net assets at December 31, 2018	2	2,475	1,099,134	243,084

Increase (decrease) in net assets
Operations:
Net investment income (loss)	—	(26)	(6,128)	2,455
Total realized gain (loss) on investments
and capital gains distributions	—	232	160,918	11,539
Net unrealized appreciation (depreciation)
of investments	1	514	162,468	59,139
Net increase (decrease) in net assets resulting from
operations	1	720	317,258	73,133
Changes from principal transactions:
Total unit transactions	7	385	(124,809)	2,750
Increase (decrease) in net assets derived from
principal transactions	7	385	(124,809)	2,750
Total increase (decrease) in net assets	8	1,105	192,449	75,883
Net assets at December 31, 2019	$ 10	$ 3,580	$ 1,291,583	$ 318,967

The accompanying notes are an integral part of these financial statements.

157

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


	Fidelity® VIP	Fidelity® VIP	Fidelity® VIP	Fidelity® VIP
	Asset Manager Equity-Income		Growth	High Income
	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Initial Class	Initial Class	Initial Class
Net assets at January 1, 2018	$ 16,375	$ 276,235	$ 345,776	$ 8,724

Increase (decrease) in net assets
Operations:
Net investment income (loss)	76	3,059	(2,630)	364
Total realized gain (loss) on investments
and capital gains distributions	544	21,327	70,788	(120)
Net unrealized appreciation (depreciation)
of investments	(1,623)	(47,035)	(69,895)	(605)
Net increase (decrease) in net assets resulting from
operations	(1,003)	(22,649)	(1,737)	(361)
Changes from principal transactions:
Total unit transactions	(902)	(32,983)	(24,350)	(625)
Increase (decrease) in net assets derived from
principal transactions	(902)	(32,983)	(24,350)	(625)
Total increase (decrease) in net assets	(1,905)	(55,632)	(26,087)	(986)
Net assets at December 31, 2018	14,470	220,603	319,689	7,738

Increase (decrease) in net assets
Operations:
Net investment income (loss)	93	2,305	(2,597)	336
Total realized gain (loss) on investments
and capital gains distributions	672	22,401	44,133	(118)
Net unrealized appreciation (depreciation)
of investments	1,628	29,584	58,967	839
Net increase (decrease) in net assets resulting from
operations	2,393	54,290	100,503	1,057
Changes from principal transactions:
Total unit transactions	(577)	(24,158)	(32,761)	(184)
Increase (decrease) in net assets derived from
principal transactions	(577)	(24,158)	(32,761)	(184)
Total increase (decrease) in net assets	1,816	30,132	67,742	873
Net assets at December 31, 2019	$ 16,286	$ 250,735	$ 387,431	$ 8,611

The accompanying notes are an integral part of these financial statements.

158

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


				Franklin
	Fidelity® VIP	Franklin	Franklin	Natural
	Overseas	Mutual Global Biotechnology		Resources
	Portfolio -	Discovery	Discovery Fund -	Fund - Advisor
	Initial Class	Fund - Class R	Advisor Class	Class
Net assets at January 1, 2018	$ 33,166	$ 1,799	$ 320	$ 30

Increase (decrease) in net assets
Operations:
Net investment income (loss)	160	12	(4)	—
Total realized gain (loss) on investments
and capital gains distributions	1,807	29	2	—
Net unrealized appreciation (depreciation)
of investments	(6,786)	(221)	(47)	(5)
Net increase (decrease) in net assets resulting from
operations	(4,819)	(180)	(49)	(5)
Changes from principal transactions:
Total unit transactions	(3,216)	(294)	3	(13)
Increase (decrease) in net assets derived from
principal transactions	(3,216)	(294)	3	(13)
Total increase (decrease) in net assets	(8,035)	(474)	(46)	(18)
Net assets at December 31, 2018	25,131	1,325	274	12

Increase (decrease) in net assets
Operations:
Net investment income (loss)	195	11	(3)	—
Total realized gain (loss) on investments
and capital gains distributions	1,972	6	38	—
Net unrealized appreciation (depreciation)
of investments	4,055	248	54	1
Net increase (decrease) in net assets resulting from
operations	6,222	265	89	1
Changes from principal transactions:
Total unit transactions	(2,726)	(491)	(40)	3
Increase (decrease) in net assets derived from
principal transactions	(2,726)	(491)	(40)	3
Total increase (decrease) in net assets	3,496	(226)	49	4
Net assets at December 31, 2019	$ 28,627	$ 1,099	$ 323	$ 16

The accompanying notes are an integral part of these financial statements.

159

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			Goldman Sachs
	Franklin		Growth
	Small-Mid Cap	Franklin Small	Opportunities	Growth Fund
	Growth Fund -	Cap Value VIP	Fund - Investor	of America® -
	Class A	Fund - Class 2	Shares	Class R-3
Net assets at January 1, 2018	$ 335	$ 126,589	$ 54	$ 11,915

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(3)	(68)	—	(57)
Total realized gain (loss) on investments
and capital gains distributions	22	21,066	3	1,534
Net unrealized appreciation (depreciation)
of investments	(40)	(36,039)	(2)	(1,765)
Net increase (decrease) in net assets resulting from
operations	(21)	(15,041)	1	(288)
Changes from principal transactions:
Total unit transactions	(36)	(15,822)	(39)	(1,685)
Increase (decrease) in net assets derived from
principal transactions	(36)	(15,822)	(39)	(1,685)
Total increase (decrease) in net assets	(57)	(30,863)	(38)	(1,973)
Net assets at December 31, 2018	278	95,726	16	9,942

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(3)	109	—	(33)
Total realized gain (loss) on investments
and capital gains distributions	58	16,813	9	1,057
Net unrealized appreciation (depreciation)
of investments	30	6,205	(1)	1,272
Net increase (decrease) in net assets resulting from
operations	85	23,127	8	2,296
Changes from principal transactions:
Total unit transactions	(1)	(8,318)	16	(4,033)
Increase (decrease) in net assets derived from
principal transactions	(1)	(8,318)	16	(4,033)
Total increase (decrease) in net assets	84	14,809	24	(1,737)
Net assets at December 31, 2019	$ 362	$ 110,535	$ 40	$ 8,205

The accompanying notes are an integral part of these financial statements.

160

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


		The Hartford		The Hartford	The Hartford
	Growth Fund	Capital		Dividend And International
	of America® -	Appreciation		Growth Fund -	Opportunities
	Class R-4	Fund - Class R4		Class R4	Fund - Class R4
Net assets at January 1, 2018	$ 445,366	$ —		$ 7	$ 1,350

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(2,207)		—	—	2
Total realized gain (loss) on investments
and capital gains distributions	56,333		—	1	59
Net unrealized appreciation (depreciation)
of investments	(68,831)		—	(1)	(431)
Net increase (decrease) in net assets resulting from
operations	(14,705)		—	—	(370)
Changes from principal transactions:
Total unit transactions	(28,394)		—	—	499
Increase (decrease) in net assets derived from
principal transactions	(28,394)		—	—	499
Total increase (decrease) in net assets	(43,099)		—	—	129
Net assets at December 31, 2018	402,267		—	7	1,479

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(1,326)		—	—	2
Total realized gain (loss) on investments
and capital gains distributions	54,858		—	—	(45)
Net unrealized appreciation (depreciation)
of investments	50,669		—	2	387
Net increase (decrease) in net assets resulting from
operations	104,201		—	2	344
Changes from principal transactions:
Total unit transactions	(40,019)		—	—	(167)
Increase (decrease) in net assets derived from
principal transactions	(40,019)		—	—	(167)
Total increase (decrease) in net assets	64,182		—	2	177
Net assets at December 31, 2019	$ 466,449	$ —		$ 9	$ 1,656

The accompanying notes are an integral part of these financial statements.

161

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			Janus		Janus
			Henderson		Henderson
			Balanced		Enterprise
	Income Fund	Ivy Science and	Portfolio -		Portfolio -
	of America® -	Technology	Institutional		Institutional
	Class R-3	Fund - Class Y	Shares		Shares
Net assets at January 1, 2018	$ 1,305	$ 9,902	$ 151		$ 301

Increase (decrease) in net assets
Operations:
Net investment income (loss)	24	(130)		1		(3)
Total realized gain (loss) on investments
and capital gains distributions	64	2,221		5		38
Net unrealized appreciation (depreciation)
of investments	(154)	(3,185)		(8)		(39)
Net increase (decrease) in net assets resulting from
operations	(66)	(1,094)		(2)		(4)
Changes from principal transactions:
Total unit transactions	(332)	3,383		(2)		(34)
Increase (decrease) in net assets derived from
principal transactions	(332)	3,383		(2)		(34)
Total increase (decrease) in net assets	(398)	2,289		(4)		(38)
Net assets at December 31, 2018	907	12,191		147		263

Increase (decrease) in net assets
Operations:
Net investment income (loss)	20	(172)		1		(3)
Total realized gain (loss) on investments
and capital gains distributions	48	2,408		9		28
Net unrealized appreciation (depreciation)
of investments	78	3,917		19		63
Net increase (decrease) in net assets resulting from
operations	146	6,153		29		88
Changes from principal transactions:
Total unit transactions	(223)	3,420		(19)		(7)
Increase (decrease) in net assets derived from
principal transactions	(223)	3,420		(19)		(7)
Total increase (decrease) in net assets	(77)	9,573		10		81
Net assets at December 31, 2019	$ 830	$ 21,764	$ 157		$ 344

The accompanying notes are an integral part of these financial statements.

162

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			Janus
	Janus		Henderson		Janus
	Henderson		Global		Henderson
	Flexible Bond		Research		Research		JPMorgan
	Portfolio -		Portfolio -		Portfolio -		Equity Income
	Institutional		Institutional		Institutional		Fund - Class I
	Shares		Shares		Shares		Shares
Net assets at January 1, 2018	$ 16		$ 73		$ 68		$ 1,259

Increase (decrease) in net assets
Operations:
Net investment income (loss)		—		—		(1)	15
Total realized gain (loss) on investments
and capital gains distributions		—		1		4	117
Net unrealized appreciation (depreciation)
of investments		—		(7)		(7)	(220)
Net increase (decrease) in net assets resulting from
operations		—		(6)		(4)	(88)
Changes from principal transactions:
Total unit transactions		(3)		(1)		2	319
Increase (decrease) in net assets derived from
principal transactions		(3)		(1)		2	319
Total increase (decrease) in net assets		(3)		(7)		(2)	231
Net assets at December 31, 2018		13		66		66	1,490

Increase (decrease) in net assets
Operations:
Net investment income (loss)		—		—		(1)	22
Total realized gain (loss) on investments
and capital gains distributions		—		6		14	72
Net unrealized appreciation (depreciation)
of investments		1		13		5	397
Net increase (decrease) in net assets resulting from
operations		1		19		18	491
Changes from principal transactions:
Total unit transactions		(1)		(1)		(20)	1,473
Increase (decrease) in net assets derived from
principal transactions		(1)		(1)		(20)	1,473
Total increase (decrease) in net assets		—		18		(2)	1,964
Net assets at December 31, 2019	$ 13		$ 84		$ 64		$ 3,454

The accompanying notes are an integral part of these financial statements.

163

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


		Lazard
	JPMorgan	International		ClearBridge	LKCM
	Government	Equity		Aggressive	Aquinas
	Bond Fund -	Portfolio -		Growth Fund -	Catholic Equity
	Class I Shares	Open Shares		Class I	Fund
Net assets at January 1, 2018	$ 653	$ 902		$ 601	$ 569

Increase (decrease) in net assets
Operations:
Net investment income (loss)	12		8	(3)	(5)
Total realized gain (loss) on investments
and capital gains distributions	(19)		85	90	22
Net unrealized appreciation (depreciation)
of investments	13		(226)	(113)	(43)
Net increase (decrease) in net assets resulting from
operations	6		(133)	(26)	(26)
Changes from principal transactions:
Total unit transactions	646		(33)	(146)	(517)
Increase (decrease) in net assets derived from
principal transactions	646		(33)	(146)	(517)
Total increase (decrease) in net assets	652		(166)	(172)	(543)
Net assets at December 31, 2018	1,305		736	429	26

Increase (decrease) in net assets
Operations:
Net investment income (loss)	36		8	(2)	—
Total realized gain (loss) on investments
and capital gains distributions	61		(9)	25	4
Net unrealized appreciation (depreciation)
of investments	(10)		149	62	5
Net increase (decrease) in net assets resulting from
operations	87		148	85	9
Changes from principal transactions:
Total unit transactions	1,882		102	(114)	4
Increase (decrease) in net assets derived from
principal transactions	1,882		102	(114)	4
Total increase (decrease) in net assets	1,969		250	(29)	13
Net assets at December 31, 2019	$ 3,274	$ 986		$ 400	$ 39

The accompanying notes are an integral part of these financial statements.

164

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


		Loomis Sayles
	Loomis Sayles	Limited Term	Lord Abbett		Lord Abbett
	Small Cap	Government	Developing		Core Fixed
	Value Fund -	and Agency	Growth Fund -		Income Fund -
	Retail Class	Fund - Class Y	Class A		Class A
Net assets at January 1, 2018	$ 14,804	$ 429	$ 115		$ 24

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(127)	5		(1)		1
Total realized gain (loss) on investments
and capital gains distributions	1,515	(4)		31		—
Net unrealized appreciation (depreciation)
of investments	(3,575)	—		(24)		—
Net increase (decrease) in net assets resulting from
operations	(2,187)	1		6		1
Changes from principal transactions:
Total unit transactions	(2,542)	(15)		(13)		(7)
Increase (decrease) in net assets derived from
principal transactions	(2,542)	(15)		(13)		(7)
Total increase (decrease) in net assets	(4,729)	(14)		(7)		(6)
Net assets at December 31, 2018	10,075	415		108		18

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(90)	6		(1)		1
Total realized gain (loss) on investments
and capital gains distributions	310	(3)		26		—
Net unrealized appreciation (depreciation)
of investments	2,075	8		7		1
Net increase (decrease) in net assets resulting from
operations	2,295	11		32		2
Changes from principal transactions:
Total unit transactions	(1,243)	39		(22)		—
Increase (decrease) in net assets derived from
principal transactions	(1,243)	39		(22)		—
Total increase (decrease) in net assets	1,052	50		10		2
Net assets at December 31, 2019	$ 11,127	$ 465	$ 118		$ 20

The accompanying notes are an integral part of these financial statements.

165

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


	Lord Abbett		Lord Abbett	Lord Abbett
	Short Duration	Lord Abbett	Small Cap	Fundamental
	Income Fund -	Mid Cap Stock	Value Fund -	Equity Fund -
	Class R4	Fund - Class A	Class A	Class A
Net assets at January 1, 2018	$ 3,967	$ 936	$ 981	$ 200

Increase (decrease) in net assets
Operations:
Net investment income (loss)	144	1	(8)	1
Total realized gain (loss) on investments
and capital gains distributions	(65)	74	98	16
Net unrealized appreciation (depreciation)
of investments	(61)	(215)	(208)	(37)
Net increase (decrease) in net assets resulting from
operations	18	(140)	(118)	(20)
Changes from principal transactions:
Total unit transactions	1,959	(6)	(43)	24
Increase (decrease) in net assets derived from
principal transactions	1,959	(6)	(43)	24
Total increase (decrease) in net assets	1,977	(146)	(161)	4
Net assets at December 31, 2018	5,944	790	820	204

Increase (decrease) in net assets
Operations:
Net investment income (loss)	170	1	(3)	1
Total realized gain (loss) on investments
and capital gains distributions	(32)	60	(166)	7
Net unrealized appreciation (depreciation)
of investments	137	113	293	26
Net increase (decrease) in net assets resulting from
operations	275	174	124	34
Changes from principal transactions:
Total unit transactions	944	(14)	(596)	(110)
Increase (decrease) in net assets derived from
principal transactions	944	(14)	(596)	(110)
Total increase (decrease) in net assets	1,219	160	(472)	(76)
Net assets at December 31, 2019	$ 7,163	$ 950	$ 348	$ 128

The accompanying notes are an integral part of these financial statements.

166

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


	Lord Abbett
	Series Fund			Metropolitan
	Mid Cap		Massachusetts	West Total
	Stock	Mainstay Large	Investors	Return Bond
	Portfolio -	Cap Growth	Growth Stock	Fund - Class I
	Class VC	Fund - Class R3	Fund - Class A	Shares
Net assets at January 1, 2018	$ 83,700	$ 2	$ 73	$ 16,550

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(257)	—	—	501
Total realized gain (loss) on investments
and capital gains distributions	8,420	—	7	(78)
Net unrealized appreciation (depreciation)
of investments	(19,895)	—	(7)	(335)
Net increase (decrease) in net assets resulting from
operations	(11,732)	—	—	88
Changes from principal transactions:
Total unit transactions	(10,271)	—	4	3,660
Increase (decrease) in net assets derived from
principal transactions	(10,271)	—	4	3,660
Total increase (decrease) in net assets	(22,003)	—	4	3,748
Net assets at December 31, 2018	61,697	2	77	20,298

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(51)	—	(1)	643
Total realized gain (loss) on investments
and capital gains distributions	5,392	—	9	215
Net unrealized appreciation (depreciation)
of investments	7,416	—	21	1,096
Net increase (decrease) in net assets resulting from
operations	12,757	—	29	1,954
Changes from principal transactions:
Total unit transactions	(6,056)	1	(2)	3,371
Increase (decrease) in net assets derived from
principal transactions	(6,056)	1	(2)	3,371
Total increase (decrease) in net assets	6,701	1	27	5,325
Net assets at December 31, 2019	$ 68,398	$ 3	$ 104	$ 25,623

The accompanying notes are an integral part of these financial statements.

167

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


	Metropolitan			Neuberger
	West Total	MFS®		Berman
	Return Bond	International	MFS® New	Genesis Fund -
	Fund - Class	Intrinsic Value	Discovery Fund -	Trust Class
	M Shares	Fund - Class R3	Class R3	Shares
Net assets at January 1, 2018	$ 21,142	$ 621	$ 107	$ 315

Increase (decrease) in net assets
Operations:
Net investment income (loss)	347	—	(1)	(3)
Total realized gain (loss) on investments
and capital gains distributions	(180)	54	28	44
Net unrealized appreciation (depreciation)
of investments	(360)	(125)	(42)	(77)
Net increase (decrease) in net assets resulting from
operations	(193)	(71)	(15)	(36)
Changes from principal transactions:
Total unit transactions	109	97	24	94
Increase (decrease) in net assets derived from
principal transactions	109	97	24	94
Total increase (decrease) in net assets	(84)	26	9	58
Net assets at December 31, 2018	21,058	647	116	373

Increase (decrease) in net assets
Operations:
Net investment income (loss)	399	(1)	(2)	(4)
Total realized gain (loss) on investments
and capital gains distributions	160	40	15	30
Net unrealized appreciation (depreciation)
of investments	1,186	143	48	82
Net increase (decrease) in net assets resulting from
operations	1,745	182	61	108
Changes from principal transactions:
Total unit transactions	2,074	305	120	30
Increase (decrease) in net assets derived from
principal transactions	2,074	305	120	30
Total increase (decrease) in net assets	3,819	487	181	138
Net assets at December 31, 2019	$ 24,877	$ 1,134	$ 297	$ 511

The accompanying notes are an integral part of these financial statements.

168

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


	Neuberger	Neuberger
	Berman	Berman
	Sustainable	Sustainable		New
	Equity Fund -	Equity Fund -		Perspective
	Institutional	Trust Class	New Perspective	Fund® -
	Class Shares	Shares	Fund® - Class R-3	Class R-4
Net assets at January 1, 2018	$ 2,449	$ 13,921	$ 2,010	$ 189,193

Increase (decrease) in net assets
Operations:
Net investment income (loss)	20	(99)	1	242
Total realized gain (loss) on investments
and capital gains distributions	264	1,146	185	20,344
Net unrealized appreciation (depreciation)
of investments	(469)	(1,948)	(309)	(33,459)
Net increase (decrease) in net assets resulting from
operations	(185)	(901)	(123)	(12,873)
Changes from principal transactions:
Total unit transactions	398	(789)	(175)	1,228
Increase (decrease) in net assets derived from
principal transactions	398	(789)	(175)	1,228
Total increase (decrease) in net assets	213	(1,690)	(298)	(11,645)
Net assets at December 31, 2018	2,662	12,231	1,712	177,548

Increase (decrease) in net assets
Operations:
Net investment income (loss)	27	(67)	1	531
Total realized gain (loss) on investments
and capital gains distributions	327	953	194	10,816
Net unrealized appreciation (depreciation)
of investments	361	2,005	209	41,261
Net increase (decrease) in net assets resulting from
operations	715	2,891	404	52,608
Changes from principal transactions:
Total unit transactions	367	(914)	(890)	8,859
Increase (decrease) in net assets derived from
principal transactions	367	(914)	(890)	8,859
Total increase (decrease) in net assets	1,082	1,977	(486)	61,467
Net assets at December 31, 2019	$ 3,744	$ 14,208	$ 1,226	$ 239,015

The accompanying notes are an integral part of these financial statements.

169

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			Parnassus
			Core Equity
	New World	Nuveen Global	Fund^SM-	Pax Sustainable
	Fund® -	Infrastructure	Investor	Allocation Fund -
	Class R-4	Fund - Class I	Shares	Investor Class
Net assets at January 1, 2018	$ 1,038	$ 2,125	$ 31,131	$ 40,220

Increase (decrease) in net assets
Operations:
Net investment income (loss)	7	25	101	383
Total realized gain (loss) on investments
and capital gains distributions	56	65	2,885	702
Net unrealized appreciation (depreciation)
of investments	(216)	(266)	(3,335)	(2,983)
Net increase (decrease) in net assets resulting from
operations	(153)	(176)	(349)	(1,898)
Changes from principal transactions:
Total unit transactions	210	(183)	1,239	(2,411)
Increase (decrease) in net assets derived from
principal transactions	210	(183)	1,239	(2,411)
Total increase (decrease) in net assets	57	(359)	890	(4,309)
Net assets at December 31, 2018	1,095	1,766	32,021	35,911

Increase (decrease) in net assets
Operations:
Net investment income (loss)	2	28	(4)	201
Total realized gain (loss) on investments
and capital gains distributions	51	116	3,440	3,055
Net unrealized appreciation (depreciation)
of investments	138	355	5,688	3,564
Net increase (decrease) in net assets resulting from
operations	191	499	9,124	6,820
Changes from principal transactions:
Total unit transactions	(516)	44	(1,484)	(2,379)
Increase (decrease) in net assets derived from
principal transactions	(516)	44	(1,484)	(2,379)
Total increase (decrease) in net assets	(325)	543	7,640	4,441
Net assets at December 31, 2019	$ 770	$ 2,309	$ 39,661	$ 40,352

The accompanying notes are an integral part of these financial statements.

170

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			Pioneer
		PIMCO VIT	Equity	Pioneer
	PIMCO	Real Return	Income High Yield
	CommodityRealReturn	Portfolio -	Fund -	Fund -
	Strategy Fund® -	Administrative	Class Y	Class A
	Administrative Class	Class	Shares	Shares
Net assets at January 1, 2018	$ 1,406	$ 81,690	$ 15,188	$ 799

Increase (decrease) in net assets
Operations:
Net investment income (loss)	62	1,255	234	34
Total realized gain (loss) on investments
and capital gains distributions	(30)	(2,706)	608	(2)
Net unrealized appreciation (depreciation)
of investments	(281)	(880)	(2,044)	(61)
Net increase (decrease) in net assets resulting from
operations	(249)	(2,331)	(1,202)	(29)
Changes from principal transactions:
Total unit transactions	205	(9,279)	(2,090)	(48)
Increase (decrease) in net assets derived from
principal transactions	205	(9,279)	(2,090)	(48)
Total increase (decrease) in net assets	(44)	(11,610)	(3,292)	(77)
Net assets at December 31, 2018	1,362	70,080	11,896	722

Increase (decrease) in net assets
Operations:
Net investment income (loss)	43	592	148	33
Total realized gain (loss) on investments
and capital gains distributions	(73)	(1,582)	278	(4)
Net unrealized appreciation (depreciation)
of investments	183	6,144	2,189	65
Net increase (decrease) in net assets resulting from
operations	153	5,154	2,615	94
Changes from principal transactions:
Total unit transactions	46	(4,077)	(3,313)	(36)
Increase (decrease) in net assets derived from
principal transactions	46	(4,077)	(3,313)	(36)
Total increase (decrease) in net assets	199	1,077	(698)	58
Net assets at December 31, 2019	$ 1,561	$ 71,157	$ 11,198	$ 780

The accompanying notes are an integral part of these financial statements.

171

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


	Pioneer		Pioneer Equity		Pioneer High
	Strategic		Income VCT		Yield VCT	PGIM Jennison
	Income Fund -		Portfolio -		Portfolio -	Utility Fund -
	Class A Shares		Class I		Class I	Class Z
Net assets at January 1, 2018	$ 483		$ —		$ 20,189	$ 105

Increase (decrease) in net assets
Operations:
Net investment income (loss)		13		—	654	2
Total realized gain (loss) on investments
and capital gains distributions		(1)		—	(669)	7
Net unrealized appreciation (depreciation)
of investments		(26)		—	(672)	(8)
Net increase (decrease) in net assets resulting from
operations		(14)		—	(687)	1
Changes from principal transactions:
Total unit transactions		93		—	(4,675)	22
Increase (decrease) in net assets derived from
principal transactions		93		—	(4,675)	22
Total increase (decrease) in net assets		79		—	(5,362)	23
Net assets at December 31, 2018		562		—	14,827	128

Increase (decrease) in net assets
Operations:
Net investment income (loss)		13		—	591	1
Total realized gain (loss) on investments
and capital gains distributions		—		—	(351)	10
Net unrealized appreciation (depreciation)
of investments		41		—	1,649	23
Net increase (decrease) in net assets resulting from
operations		54		—	1,889	34
Changes from principal transactions:
Total unit transactions		67		5	(1,385)	14
Increase (decrease) in net assets derived from
principal transactions		67		5	(1,385)	14
Total increase (decrease) in net assets		121		5	504	48
Net assets at December 31, 2019	$ 683		$ 5		$ 15,331	$ 176

The accompanying notes are an integral part of these financial statements.

172

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


Columbia
	Large Cap	Royce Total	Ave Maria	SMALLCAP
	Value Fund -	Return Fund -	Rising	World Fund® -
	Advisor Class	Service Class	Dividend Fund	Class R-4
Net assets at January 1, 2018	$ 5	$ 3	$ 4,677	$ 23,121

Increase (decrease) in net assets
Operations:
Net investment income (loss)	85	—	15	(229)
Total realized gain (loss) on investments
and capital gains distributions	661	—	544	1,885
Net unrealized appreciation (depreciation)
of investments	(2,057)	(1)	(896)	(4,049)
Net increase (decrease) in net assets resulting from
operations	(1,311)	(1)	(337)	(2,393)
Changes from principal transactions:
Total unit transactions	9,637	1	554	(346)
Increase (decrease) in net assets derived from
principal transactions	9,637	1	554	(346)
Total increase (decrease) in net assets	8,326	—	217	(2,739)
Net assets at December 31, 2018	8,331	3	4,894	20,382

Increase (decrease) in net assets
Operations:
Net investment income (loss)	84	—	12	(239)
Total realized gain (loss) on investments
and capital gains distributions	345	—	425	1,313
Net unrealized appreciation (depreciation)
of investments	1,998	—	812	5,010
Net increase (decrease) in net assets resulting from
operations	2,427	—	1,249	6,084
Changes from principal transactions:
Total unit transactions	401	3	(21)	886
Increase (decrease) in net assets derived from
principal transactions	401	3	(21)	886
Total increase (decrease) in net assets	2,828	3	1,228	6,970
Net assets at December 31, 2019	$ 11,159	$ 6	$ 6,122	$ 27,352

The accompanying notes are an integral part of these financial statements.

173

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


T. Rowe Price
	Institutional	T. Rowe Price	T. Rowe Price	TCW Total
	Large-Cap	Mid-Cap Value	Value Fund -	Return Bond
	Growth Fund	Fund - R Class	Advisor Class	Fund - Class N
Net assets at January 1, 2018	$ 25,083	$ 1,113	$ 418	$ 6,006

Increase (decrease) in net assets
Operations:
Net investment income (loss)	79	(1)	1	139
Total realized gain (loss) on investments
and capital gains distributions	2,841	110	37	(83)
Net unrealized appreciation (depreciation)
of investments	(2,137)	(205)	(84)	(87)
Net increase (decrease) in net assets resulting from
operations	783	(96)	(46)	(31)
Changes from principal transactions:
Total unit transactions	4,309	(229)	27	208
Increase (decrease) in net assets derived from
principal transactions	4,309	(229)	27	208
Total increase (decrease) in net assets	5,092	(325)	(19)	177
Net assets at December 31, 2018	30,175	788	399	6,183

Increase (decrease) in net assets
Operations:
Net investment income (loss)	166	—	2	204
Total realized gain (loss) on investments
and capital gains distributions	2,461	(33)	1	(52)
Net unrealized appreciation (depreciation)
of investments	6,321	124	96	253
Net increase (decrease) in net assets resulting from
operations	8,948	91	99	405
Changes from principal transactions:
Total unit transactions	3,356	(652)	14	1,086
Increase (decrease) in net assets derived from
principal transactions	3,356	(652)	14	1,086
Total increase (decrease) in net assets	12,304	(561)	113	1,491
Net assets at December 31, 2019	$ 42,479	$ 227	$ 512	$ 7,674

The accompanying notes are an integral part of these financial statements.

174

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


				Third Avenue
		Templeton		Real Estate
	Templeton	Global Bond	Templeton	Value Fund -
	Foreign Fund -	Fund - Advisor	Global Bond	Institutional
	Class A	Class	Fund - Class A	Class
Net assets at January 1, 2018	$ 495	$ 27,852	$ 127,026	$ 78

Increase (decrease) in net assets
Operations:
Net investment income (loss)	8	1,586	6,487		—
Total realized gain (loss) on investments
and capital gains distributions	3	(786)	(2,529)		2
Net unrealized appreciation (depreciation)
of investments	(89)	(546)	(3,571)		(15)
Net increase (decrease) in net assets resulting from
operations	(78)	254	387		(13)
Changes from principal transactions:
Total unit transactions	6	(3,605)	(9,081)		(23)
Increase (decrease) in net assets derived from
principal transactions	6	(3,605)	(9,081)		(23)
Total increase (decrease) in net assets	(72)	(3,351)	(8,694)		(36)
Net assets at December 31, 2018	423	24,501	118,332		42

Increase (decrease) in net assets
Operations:
Net investment income (loss)	8	1,352	5,422		1
Total realized gain (loss) on investments
and capital gains distributions	(8)	(823)	(3,455)		5
Net unrealized appreciation (depreciation)
of investments	33	(407)	(2,037)		3
Net increase (decrease) in net assets resulting from
operations	33	122	(70)		9
Changes from principal transactions:
Total unit transactions	(104)	(2,093)	(15,107)		4
Increase (decrease) in net assets derived from
principal transactions	(104)	(2,093)	(15,107)		4
Total increase (decrease) in net assets	(71)	(1,971)	(15,177)		13
Net assets at December 31, 2019	$ 352	$ 22,530	$ 103,155	$ 55

The accompanying notes are an integral part of these financial statements.

175

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


					Vanguard®
					Total Bond
	Thornburg		Touchstone	USAA Precious Market Index
	International		Value Fund -	Metals and	Fund -
	Value Fund -		Institutional	Minerals Fund -	Admiral™
	Class R4		Class	Adviser Shares	Shares
Net assets at January 1, 2018	$ 3		$ 10,377	13,321	$ —

Increase (decrease) in net assets
Operations:
Net investment income (loss)		—	232	(129)	—
Total realized gain (loss) on investments
and capital gains distributions		—	1,483	(1,637)	—
Net unrealized appreciation (depreciation)
of investments		(1)	(2,460)	213	—
Net increase (decrease) in net assets resulting from
operations		(1)	(745)	(1,553)	—
Changes from principal transactions:
Total unit transactions		—	2,390	1,507	—
Increase (decrease) in net assets derived from
principal transactions		—	2,390	1,507	—
Total increase (decrease) in net assets		(1)	1,645	(46)	—
Net assets at December 31, 2018		2	12,022	13,275	—

Increase (decrease) in net assets
Operations:
Net investment income (loss)		—	276	(159)	1
Total realized gain (loss) on investments
and capital gains distributions		—	944	218	—
Net unrealized appreciation (depreciation)
of investments		1	2,128	5,349	—
Net increase (decrease) in net assets resulting from
operations		1	3,348	5,408	1
Changes from principal transactions:
Total unit transactions		(3)	1,879	218	156
Increase (decrease) in net assets derived from
principal transactions		(3)	1,879	218	156
Total increase (decrease) in net assets		(2)	5,227	5,626	157
Net assets at December 31, 2019	$ —		$ 17,249	18,901	$ 157

The accompanying notes are an integral part of these financial statements.

176

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


		Vanguard®
		Total		Vanguard®
	Vanguard®	International		Total
	Total Bond	Stock Index		International
	Market Index	Fund -		Stock Index	Diversified
	Fund - Investor	Admiral™		Fund - Investor	Value
	Shares	Shares		Shares	Portfolio
Net assets at January 1, 2018	$ —	$ —		$ —	$ 120

Increase (decrease) in net assets
Operations:
Net investment income (loss)	—		—	—	2
Total realized gain (loss) on investments
and capital gains distributions	—		—	—	6
Net unrealized appreciation (depreciation)
of investments	—		—	—	(20)
Net increase (decrease) in net assets resulting from
operations	—		—	—	(12)
Changes from principal transactions:
Total unit transactions	—		—	—	4
Increase (decrease) in net assets derived from
principal transactions	—		—	—	4
Total increase (decrease) in net assets	—		—	—	(8)
Net assets at December 31, 2018	—		—	—	112

Increase (decrease) in net assets
Operations:
Net investment income (loss)	—		—	—	3
Total realized gain (loss) on investments
and capital gains distributions	—		—	—	17
Net unrealized appreciation (depreciation)
of investments	—		1	—	5
Net increase (decrease) in net assets resulting from
operations	—		1	—	25
Changes from principal transactions:
Total unit transactions	—		14	—	(25)
Increase (decrease) in net assets derived from
principal transactions	—		14	—	(25)
Total increase (decrease) in net assets	—		15	—	—
Net assets at December 31, 2019	$ —	$ 15		$ —	$ 112

The accompanying notes are an integral part of these financial statements.

177

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			Victory	Victory
		Small	Integrity	Sycamore
		Company	Small-Cap	Established
	Equity Income	Growth	Value Fund -	Value Fund -
	Portfolio	Portfolio	Class Y	Class A
Net assets at January 1, 2018	$ 188	$ 46	$ 332	$ 3,525

Increase (decrease) in net assets
Operations:
Net investment income (loss)	2	(1)	(1)	(9)
Total realized gain (loss) on investments
and capital gains distributions	13	5	57	401
Net unrealized appreciation (depreciation)
of investments	(28)	(10)	(151)	(948)
Net increase (decrease) in net assets resulting from
operations	(13)	(6)	(95)	(556)
Changes from principal transactions:
Total unit transactions	(6)	7	198	1,330
Increase (decrease) in net assets derived from
principal transactions	(6)	7	198	1,330
Total increase (decrease) in net assets	(19)	1	103	774
Net assets at December 31, 2018	169	47	435	4,299

Increase (decrease) in net assets
Operations:
Net investment income (loss)	3	(1)	(2)	1
Total realized gain (loss) on investments
and capital gains distributions	12	7	(66)	363
Net unrealized appreciation (depreciation)
of investments	23	6	149	860
Net increase (decrease) in net assets resulting from
operations	38	12	81	1,224
Changes from principal transactions:
Total unit transactions	(26)	(3)	(227)	1,082
Increase (decrease) in net assets derived from
principal transactions	(26)	(3)	(227)	1,082
Total increase (decrease) in net assets	12	9	(146)	2,306
Net assets at December 31, 2019	$ 181	$ 56	$ 289	$ 6,605

The accompanying notes are an integral part of these financial statements.

178

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


Victory
Sycamore
Small
	Company		Voya Balanced	Voya Large	Voya Real
	Opportunity		Portfolio -	Cap Value	Estate Fund -
	Fund - Class R		Class I	Fund - Class A	Class A
Net assets at January 1, 2018	$ 53		$ 252,764	$ 131	$ 755

Increase (decrease) in net assets
Operations:
Net investment income (loss)		—	2,739	—	16
Total realized gain (loss) on investments
and capital gains distributions		8	23,352	9	121
Net unrealized appreciation (depreciation)
of investments		(9)	(44,041)	(16)	(204)
Net increase (decrease) in net assets resulting from
operations		(1)	(17,950)	(7)	(67)
Changes from principal transactions:
Total unit transactions		(44)	(26,130)	(64)	(10)
Increase (decrease) in net assets derived from
principal transactions		(44)	(26,130)	(64)	(10)
Total increase (decrease) in net assets		(45)	(44,080)	(71)	(77)
Net assets at December 31, 2018		8	208,684	60	678

Increase (decrease) in net assets
Operations:
Net investment income (loss)		—	2,871	1	17
Total realized gain (loss) on investments
and capital gains distributions		—	14,201	2	(78)
Net unrealized appreciation (depreciation)
of investments		2	18,495	12	235
Net increase (decrease) in net assets resulting from
operations		2	35,567	15	174
Changes from principal transactions:
Total unit transactions		(2)	(22,823)	(17)	(125)
Increase (decrease) in net assets derived from
principal transactions		(2)	(22,823)	(17)	(125)
Total increase (decrease) in net assets		—	12,744	(2)	49
Net assets at December 31, 2019	$ 8		$ 221,428	$ 58	$ 727

The accompanying notes are an integral part of these financial statements.

179

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			Voya		Voya
	Voya Floating Voya GNMA Intermediate				Intermediate
	Rate Fund -	Income Fund -	Bond Fund -		Bond Portfolio -
	Class A	Class A	Class A		Class I
Net assets at January 1, 2018	$ 775	$ 2,981	$ 815		$ 455,985

Increase (decrease) in net assets
Operations:
Net investment income (loss)	52	41		20	11,843
Total realized gain (loss) on investments
and capital gains distributions	(5)	(58)		(3)	1,784
Net unrealized appreciation (depreciation)
of investments	(102)	11		(25)	(20,378)
Net increase (decrease) in net assets resulting from
operations	(55)	(6)		(8)	(6,751)
Changes from principal transactions:
Total unit transactions	1,598	(436)		29	(44,780)
Increase (decrease) in net assets derived from
principal transactions	1,598	(436)		29	(44,780)
Total increase (decrease) in net assets	1,543	(442)		21	(51,531)
Net assets at December 31, 2018	2,318	2,539		836	404,454

Increase (decrease) in net assets
Operations:
Net investment income (loss)	132	45		22	10,269
Total realized gain (loss) on investments
and capital gains distributions	(23)	(19)		5	1,471
Net unrealized appreciation (depreciation)
of investments	37	85		46	22,731
Net increase (decrease) in net assets resulting from
operations	146	111		73	34,471
Changes from principal transactions:
Total unit transactions	1,107	(178)		(53)	(13,378)
Increase (decrease) in net assets derived from
principal transactions	1,107	(178)		(53)	(13,378)
Total increase (decrease) in net assets	1,253	(67)		20	21,093
Net assets at December 31, 2019	$ 3,571	$ 2,472	$ 856		$ 425,547

The accompanying notes are an integral part of these financial statements.

180

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


	Voya	Voya Global		Voya High
	Intermediate	Perspectives®	Voya High	Yield Portfolio -
	Bond Portfolio -	Portfolio -	Yield Portfolio -	Institutional
	Class S	Class I	Adviser Class	Class
Net assets at January 1, 2018	$ 2,627	$ 2,388	$ 39	$ 39,407

Increase (decrease) in net assets
Operations:
Net investment income (loss)	73	43	2	2,005
Total realized gain (loss) on investments
and capital gains distributions	(25)	72	(1)	(617)
Net unrealized appreciation (depreciation)
of investments	(82)	(303)	(3)	(2,709)
Net increase (decrease) in net assets resulting from
operations	(34)	(188)	(2)	(1,321)
Changes from principal transactions:
Total unit transactions	(490)	(256)	4	(2,768)
Increase (decrease) in net assets derived from
principal transactions	(490)	(256)	4	(2,768)
Total increase (decrease) in net assets	(524)	(444)	2	(4,089)
Net assets at December 31, 2018	2,103	1,944	41	35,318

Increase (decrease) in net assets
Operations:
Net investment income (loss)	59	56	1	2,873
Total realized gain (loss) on investments
and capital gains distributions	(1)	123	(1)	(578)
Net unrealized appreciation (depreciation)
of investments	127	166	5	4,705
Net increase (decrease) in net assets resulting from
operations	185	345	5	7,000
Changes from principal transactions:
Total unit transactions	(97)	126	(18)	62,878
Increase (decrease) in net assets derived from
principal transactions	(97)	126	(18)	62,878
Total increase (decrease) in net assets	88	471	(13)	69,878
Net assets at December 31, 2019	$ 2,191	$ 2,415	$ 28	$ 105,196

The accompanying notes are an integral part of these financial statements.

181

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			Voya Large
		Voya Large	Cap Growth	Voya Large
	Voya High Yield	Cap Growth	Portfolio -	Cap Growth
	Portfolio -	Portfolio -	Institutional	Portfolio -
	Service Class	Adviser Class	Class	Service Class
Net assets at January 1, 2018	$ 21,758	$ 143	$ 535,736	$ 11,802

Increase (decrease) in net assets
Operations:
Net investment income (loss)	990	—	(1,336)	6
Total realized gain (loss) on investments
and capital gains distributions	(325)	20	89,433	1,948
Net unrealized appreciation (depreciation)
of investments	(1,539)	(18)	(97,421)	(2,247)
Net increase (decrease) in net assets resulting from
operations	(874)	2	(9,324)	(293)
Changes from principal transactions:
Total unit transactions	(1,003)	(67)	(42,826)	1,185
Increase (decrease) in net assets derived from
principal transactions	(1,003)	(67)	(42,826)	1,185
Total increase (decrease) in net assets	(1,877)	(65)	(52,150)	892
Net assets at December 31, 2018	19,881	78	483,586	12,694

Increase (decrease) in net assets
Operations:
Net investment income (loss)	592	—	(1,173)	(18)
Total realized gain (loss) on investments
and capital gains distributions	(596)	14	98,080	1,167
Net unrealized appreciation (depreciation)
of investments	2,094	9	51,450	1,194
Net increase (decrease) in net assets resulting from
operations	2,090	23	148,357	2,343
Changes from principal transactions:
Total unit transactions	(21,562)	(18)	(33,429)	(9,107)
Increase (decrease) in net assets derived from
principal transactions	(21,562)	(18)	(33,429)	(9,107)
Total increase (decrease) in net assets	(19,472)	5	114,928	(6,764)
Net assets at December 31, 2019	$ 409	$ 83	$ 598,514	$ 5,930

The accompanying notes are an integral part of these financial statements.

182

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			Voya Large
	Voya Large		Cap Value	Voya Large	Voya Limited
	Cap Value		Portfolio -	Cap Value	Maturity Bond
	Portfolio -		Institutional	Portfolio -	Portfolio -
	Adviser Class		Class	Service Class	Adviser Class
Net assets at January 1, 2018	$ 21		$ 335,852	$ 1,692	$ 11

Increase (decrease) in net assets
Operations:
Net investment income (loss)		—	3,046	16	—
Total realized gain (loss) on investments
and capital gains distributions		3	49,749	163	—
Net unrealized appreciation (depreciation)
of investments		(4)	(78,500)	(299)	—
Net increase (decrease) in net assets resulting from
operations		(1)	(25,705)	(120)	—
Changes from principal transactions:
Total unit transactions		(5)	(42,287)	(331)	4
Increase (decrease) in net assets derived from
principal transactions		(5)	(42,287)	(331)	4
Total increase (decrease) in net assets		(6)	(67,992)	(451)	4
Net assets at December 31, 2018		15	267,860	1,241	15

Increase (decrease) in net assets
Operations:
Net investment income (loss)		—	3,252	14	—
Total realized gain (loss) on investments
and capital gains distributions		1	28,471	91	—
Net unrealized appreciation (depreciation)
of investments		2	29,787	179	—
Net increase (decrease) in net assets resulting from
operations		3	61,510	284	—
Changes from principal transactions:
Total unit transactions		(2)	(25,681)	(294)	(10)
Increase (decrease) in net assets derived from
principal transactions		(2)	(25,681)	(294)	(10)
Total increase (decrease) in net assets		1	35,829	(10)	(10)
Net assets at December 31, 2019	$ 16		$ 303,689	$ 1,231	$ 5

The accompanying notes are an integral part of these financial statements.

183

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


		VY®		VY® Clarion
	Voya U.S.	BlackRock		Global Real
	Stock Index	Inflation		Estate	VY® Clarion
	Portfolio -	Protected Bond		Portfolio -	Real Estate
	Institutional	Portfolio -		Institutional	Portfolio -
	Class	Adviser Class		Class	Adviser Class
Net assets at January 1, 2018	$ 29,429	$ 32		$ 81,417	$ 42

Increase (decrease) in net assets
Operations:
Net investment income (loss)	369		—	3,309		1
Total realized gain (loss) on investments
and capital gains distributions	2,006		—	2,312		4
Net unrealized appreciation (depreciation)
of investments	(3,913)		(1)	(12,593)		(8)
Net increase (decrease) in net assets resulting from
operations	(1,538)		(1)	(6,972)		(3)
Changes from principal transactions:
Total unit transactions	388		(11)	(10,102)		(4)
Increase (decrease) in net assets derived from
principal transactions	388		(11)	(10,102)		(4)
Total increase (decrease) in net assets	(1,150)		(12)	(17,074)		(7)
Net assets at December 31, 2018	28,279		20	64,343		35

Increase (decrease) in net assets
Operations:
Net investment income (loss)	388		—	1,462		1
Total realized gain (loss) on investments
and capital gains distributions	2,050		—	1,300		—
Net unrealized appreciation (depreciation)
of investments	6,427		1	12,144		9
Net increase (decrease) in net assets resulting from
operations	8,865		1	14,906		10
Changes from principal transactions:
Total unit transactions	2,165		(9)	(4,657)		(1)
Increase (decrease) in net assets derived from
principal transactions	2,165		(9)	(4,657)		(1)
Total increase (decrease) in net assets	11,030		(8)	10,249		9
Net assets at December 31, 2019	$ 39,309	$ 12		$ 74,592	$ 44

The accompanying notes are an integral part of these financial statements.

184

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			VY® Invesco
	VY® Clarion		Growth and	VY® Invesco
	Real Estate	VY® Clarion	Income	Growth and
	Portfolio -	Real Estate	Portfolio -	Income
	Institutional	Portfolio -	Institutional	Portfolio -
	Class	Service Class	Class	Service Class
Net assets at January 1, 2018	$ 1,820	$ 53,192	$ 32,904	$ 33,274

Increase (decrease) in net assets
Operations:
Net investment income (loss)	32	778	383	146
Total realized gain (loss) on investments
and capital gains distributions	250	8,168	2,695	3,731
Net unrealized appreciation (depreciation)
of investments	(422)	(12,959)	(7,467)	(8,262)
Net increase (decrease) in net assets resulting from
operations	(140)	(4,013)	(4,389)	(4,385)
Changes from principal transactions:
Total unit transactions	(261)	(11,436)	(1,187)	(2,816)
Increase (decrease) in net assets derived from
principal transactions	(261)	(11,436)	(1,187)	(2,816)
Total increase (decrease) in net assets	(401)	(15,449)	(5,576)	(7,201)
Net assets at December 31, 2018	1,419	37,743	27,328	26,073

Increase (decrease) in net assets
Operations:
Net investment income (loss)	21	488	651	404
Total realized gain (loss) on investments
and capital gains distributions	82	1,797	1,534	1,609
Net unrealized appreciation (depreciation)
of investments	268	7,595	4,130	3,817
Net increase (decrease) in net assets resulting from
operations	371	9,880	6,315	5,830
Changes from principal transactions:
Total unit transactions	(234)	(2,999)	(4,635)	(3,717)
Increase (decrease) in net assets derived from
principal transactions	(234)	(2,999)	(4,635)	(3,717)
Total increase (decrease) in net assets	137	6,881	1,680	2,113
Net assets at December 31, 2019	$ 1,556	$ 44,624	$ 29,008	$ 28,186

The accompanying notes are an integral part of these financial statements.

185

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


		VY®
	VY®	JPMorgan	VY®	VY®
	JPMorgan	Emerging	JPMorgan	JPMorgan
	Emerging	Markets Equity	Emerging	Small Cap
	Markets Equity	Portfolio -	Markets Equity	Core Equity
	Portfolio -	Institutional	Portfolio -	Portfolio -
	Adviser Class	Class	Service Class	Adviser Class
Net assets at January 1, 2018	$ 202	$ 16,078	$ 28,556	$ 46

Increase (decrease) in net assets
Operations:
Net investment income (loss)	—	(45)	(115)		—
Total realized gain (loss) on investments
and capital gains distributions	2	161	115		8
Net unrealized appreciation (depreciation)
of investments	(35)	(2,799)	(5,020)		(11)
Net increase (decrease) in net assets resulting from
operations	(33)	(2,683)	(5,020)		(3)
Changes from principal transactions:
Total unit transactions	(18)	(2,040)	(3,147)		(19)
Increase (decrease) in net assets derived from
principal transactions	(18)	(2,040)	(3,147)		(19)
Total increase (decrease) in net assets	(51)	(4,723)	(8,167)		(22)
Net assets at December 31, 2018	151	11,355	20,389		24

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(1)	(133)	(233)		—
Total realized gain (loss) on investments
and capital gains distributions	12	961	1,568		—
Net unrealized appreciation (depreciation)
of investments	35	2,560	4,768		6
Net increase (decrease) in net assets resulting from
operations	46	3,388	6,103		6
Changes from principal transactions:
Total unit transactions	(7)	(446)	(397)		(27)
Increase (decrease) in net assets derived from
principal transactions	(7)	(446)	(397)		(27)
Total increase (decrease) in net assets	39	2,942	5,706		(21)
Net assets at December 31, 2019	$ 190	$ 14,297	$ 26,095	$ 3

The accompanying notes are an integral part of these financial statements.

186

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


VY®
	JPMorgan	VY®
	Small Cap	JPMorgan	VY® Morgan	VY® T. Rowe
	Core Equity	Small Cap	Stanley Global	Price Capital
	Portfolio -	Core Equity	Franchise	Appreciation
	Institutional	Portfolio -	Portfolio -	Portfolio -
	Class	Service Class	Adviser Class	Adviser Class
Net assets at January 1, 2018	$ 45,257	$ 33,973	$ 39	$ 479

Increase (decrease) in net assets
Operations:
Net investment income (loss)	76	(228)	—	4
Total realized gain (loss) on investments
and capital gains distributions	6,129	4,803	3	28
Net unrealized appreciation (depreciation)
of investments	(11,443)	(8,700)	(2)	(27)
Net increase (decrease) in net assets resulting from
operations	(5,238)	(4,125)	1	5
Changes from principal transactions:
Total unit transactions	1,696	649	(40)	(186)
Increase (decrease) in net assets derived from
principal transactions	1,696	649	(40)	(186)
Total increase (decrease) in net assets	(3,542)	(3,476)	(39)	(181)
Net assets at December 31, 2018	41,715	30,497	—	298

Increase (decrease) in net assets
Operations:
Net investment income (loss)	338	(113)	—	3
Total realized gain (loss) on investments
and capital gains distributions	11,817	9,118	—	18
Net unrealized appreciation (depreciation)
of investments	(1,383)	(1,264)	—	48
Net increase (decrease) in net assets resulting from
operations	10,772	7,741	—	69
Changes from principal transactions:
Total unit transactions	(1,783)	810	1	(4)
Increase (decrease) in net assets derived from
principal transactions	(1,783)	810	1	(4)
Total increase (decrease) in net assets	8,989	8,551	1	65
Net assets at December 31, 2019	$ 50,704	$ 39,048	$ 1	$ 363

The accompanying notes are an integral part of these financial statements.

187

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


VY® T. Rowe
	Price Capital	VY® T. Rowe	VY® T. Rowe	VY® T. Rowe
	Appreciation	Price Capital	Price Equity	Price Equity
	Portfolio -	Appreciation	Income	Income
	Institutional	Portfolio -	Portfolio -	Portfolio -
	Class	Service Class	Adviser Class	Service Class
Net assets at January 1, 2018	$ 316,392	$ 827,633	$ 1,125	$ 106,982

Increase (decrease) in net assets
Operations:
Net investment income (loss)	6,645	10,055	13	1,337
Total realized gain (loss) on investments
and capital gains distributions	25,957	77,286	136	17,667
Net unrealized appreciation (depreciation)
of investments	(32,110)	(90,426)	(237)	(29,042)
Net increase (decrease) in net assets resulting from
operations	492	(3,085)	(88)	(10,038)
Changes from principal transactions:
Total unit transactions	9,685	(18,329)	(234)	(6,775)
Increase (decrease) in net assets derived from
principal transactions	9,685	(18,329)	(234)	(6,775)
Total increase (decrease) in net assets	10,177	(21,414)	(322)	(16,813)
Net assets at December 31, 2018	326,569	806,219	803	90,169

Increase (decrease) in net assets
Operations:
Net investment income (loss)	5,193	5,293	17	1,728
Total realized gain (loss) on investments
and capital gains distributions	22,565	56,781	210	25,777
Net unrealized appreciation (depreciation)
of investments	53,272	127,178	(26)	(5,327)
Net increase (decrease) in net assets resulting from
operations	81,030	189,252	201	22,178
Changes from principal transactions:
Total unit transactions	23,938	35,319	(62)	(6,807)
Increase (decrease) in net assets derived from
principal transactions	23,938	35,319	(62)	(6,807)
Total increase (decrease) in net assets	104,968	224,571	139	15,371
Net assets at December 31, 2019	$ 431,537	$ 1,030,790	$ 942	$ 105,540

The accompanying notes are an integral part of these financial statements.

188

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


			VY®
			Templeton		VY®
	VY® T. Rowe	VY® T. Rowe	Global		Templeton
	Price	Price	Growth		Global
	International	International	Portfolio -		Growth
	Stock Portfolio -	Stock Portfolio -	Institutional		Portfolio -
	Adviser Class	Service Class	Class		Service Class
Net assets at January 1, 2018	$ 98	$ 8,970	$ 704		$ 5,690

Increase (decrease) in net assets
Operations:
Net investment income (loss)	1	61		14	86
Total realized gain (loss) on investments
and capital gains distributions	1	476		(6)	(376)
Net unrealized appreciation (depreciation)
of investments	(17)	(1,815)		(100)	(502)
Net increase (decrease) in net assets resulting from
operations	(15)	(1,278)		(92)	(792)
Changes from principal transactions:
Total unit transactions	8	(735)		(92)	(848)
Increase (decrease) in net assets derived from
principal transactions	8	(735)		(92)	(848)
Total increase (decrease) in net assets	(7)	(2,013)		(184)	(1,640)
Net assets at December 31, 2018	91	6,957		520	4,050

Increase (decrease) in net assets
Operations:
Net investment income (loss)	—	(20)		20	112
Total realized gain (loss) on investments
and capital gains distributions	10	636		(101)	(943)
Net unrealized appreciation (depreciation)
of investments	12	1,184		74	811
Net increase (decrease) in net assets resulting from
operations	22	1,800		(7)	(20)
Changes from principal transactions:
Total unit transactions	(17)	(299)		(513)	(4,030)
Increase (decrease) in net assets derived from
principal transactions	(17)	(299)		(513)	(4,030)
Total increase (decrease) in net assets	5	1,501		(520)	(4,050)
Net assets at December 31, 2019	$ 96	$ 8,458	$ —		$ —

The accompanying notes are an integral part of these financial statements.

189

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY Statements of Changes in Net Assets For the Years Ended December 31, 2019 and 2018

(Dollars in thousands)


	Voya		Voya Multi-		Voya Multi-
	Government		Manager		Manager
	Money Market Voya Global		International		International
	Portfolio -	Real Estate	Small Cap Fund -		Small Cap
	Class I	Fund - Class A	Class A		Fund - Class I
Net assets at January 1, 2018	$ 219,152	$ 54	$ 388		$ 1,543

Increase (decrease) in net assets
Operations:
Net investment income (loss)	1,913	2		2	5
Total realized gain (loss) on investments
and capital gains distributions	37	6		57	164
Net unrealized appreciation (depreciation)
of investments	—	(13)		(134)	(610)
Net increase (decrease) in net assets resulting from
operations	1,950	(5)		(75)	(441)
Changes from principal transactions:
Total unit transactions	16,473	2		(53)	300
Increase (decrease) in net assets derived from
principal transactions	16,473	2		(53)	300
Total increase (decrease) in net assets	18,423	(3)		(128)	(141)
Net assets at December 31, 2018	237,575	51		260	1,402

Increase (decrease) in net assets
Operations:
Net investment income (loss)	2,947	3		4	18
Total realized gain (loss) on investments
and capital gains distributions	179	6		8	(185)
Net unrealized appreciation (depreciation)
of investments	—	3		43	456
Net increase (decrease) in net assets resulting from
operations	3,126	12		55	289
Changes from principal transactions:
Total unit transactions	7,916	(5)		(68)	(330)
Increase (decrease) in net assets derived from
principal transactions	7,916	(5)		(68)	(330)
Total increase (decrease) in net assets	11,042	7		(13)	(41)
Net assets at December 31, 2019	$ 248,617	$ 58	$ 247		$ 1,361

The accompanying notes are an integral part of these financial statements.

190


	VY® Invesco VY® Invesco		VY®	VY®
	Oppenheimer Oppenheimer		JPMorgan Mid JPMorgan Mid
	Global	Global	Cap Value	Cap Value
	Portfolio -	Portfolio -	Portfolio -	Portfolio -
	Initial Class	Service Class	Adviser Class	Initial Class
Net assets at January 1, 2018	$ 649,773	$ 1,667	$ 351	$ 24,121

Increase (decrease) in net assets
Operations:
Net investment income (loss)	3,266	5	2	130
Total realized gain (loss) on investments
and capital gains distributions	65,751	193	34	1,508
Net unrealized appreciation (depreciation)
of investments	(153,054)	(420)	(74)	(4,469)
Net increase (decrease) in net assets resulting from
operations	(84,037)	(222)	(38)	(2,831)
Changes from principal transactions:
Total unit transactions	(53,042)	(83)	(69)	(1,928)
Increase (decrease) in net assets derived from
principal transactions	(53,042)	(83)	(69)	(1,928)
Total increase (decrease) in net assets	(137,079)	(305)	(107)	(4,759)
Net assets at December 31, 2018	512,694	1,362	244	19,362

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(3,014)	(13)	1	83
Total realized gain (loss) on investments
and capital gains distributions	108,975	327	27	2,156
Net unrealized appreciation (depreciation)
of investments	41,996	96	31	2,463
Net increase (decrease) in net assets resulting from
operations	147,957	410	59	4,702
Changes from principal transactions:
Total unit transactions	(57,257)	(14)	(33)	(2,801)
Increase (decrease) in net assets derived from
principal transactions	(57,257)	(14)	(33)	(2,801)
Total increase (decrease) in net assets	90,700	396	26	1,901
Net assets at December 31, 2019	$ 603,394	$ 1,758	$ 270	$ 21,263


		Washington
		Mutual			Wells Fargo
		Investors	Washington		Small Cap
		Fund -	Mutual Investors		Value Fund -
	Wanger USA	Class R-3	Fund	- Class R-4	Class A
Net assets at January 1, 2018	$ 79,557	$ 2,965	$ 191,542		$ 131

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(554)	25		1,625	(1)
Total realized gain (loss) on investments
and capital gains distributions	16,768	199		15,148	21
Net unrealized appreciation (depreciation)
of investments	(18,674)	(318)		(24,668)	(45)
Net increase (decrease) in net assets resulting from
operations	(2,460)	(94)		(7,895)	(25)
Changes from principal transactions:
Total unit transactions	374	(387)		5,914	(1)
Increase (decrease) in net assets derived from
principal transactions	374	(387)		5,914	(1)
Total increase (decrease) in net assets	(2,086)	(481)		(1,981)	(26)
Net assets at December 31, 2018	77,471	2,484		189,561	105

Increase (decrease) in net assets
Operations:
Net investment income (loss)	(433)	16		1,839	(1)
Total realized gain (loss) on investments
and capital gains distributions	9,337	294		18,473	(41)
Net unrealized appreciation (depreciation)
of investments	14,022	108		25,513	57
Net increase (decrease) in net assets resulting from
operations	22,926	418		45,825	15
Changes from principal transactions:
Total unit transactions	(4,653)	(1,753)		(2,333)	(120)
Increase (decrease) in net assets derived from
principal transactions	(4,653)	(1,753)		(2,333)	(120)
Total increase (decrease) in net assets	18,273	(1,335)		43,492	(105)
Net assets at December 31, 2019	$ 95,744	$ 1,149	$ 233,053		$ —

	Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market.
	The Account defines an active market as a market in which transactions take place with
	sufficient frequency and volume to provide pricing information on an ongoing basis.
	Level 2 - Quoted prices in markets that are not active or inputs that are observable
	either directly or indirectly for substantially the full term of the asset or liability. Level
	2 inputs include the following:
	a. Quoted prices for similar assets or liabilities in active markets;
	b. Quoted prices for identical or similar assets or liabilities in non-active markets;
	c. Inputs other than quoted market prices that are observable; and
	d. Inputs that are derived principally from or corroborated by observable market data through correlation or other means.
	Level 3 - Prices or valuation techniques that require inputs that are both unobservable
	and significant to the overall fair value measurement. These valuations, whether
	derived internally or obtained from a third party, use critical assumptions that are not
	widely available to estimate market participant expectations in valuing the asset or
	liability.


	Purchases	Sales
	(Dollars in thousands)
AB Relative Value Fund, Inc.:
AB Relative Value Fund - Class A	$ 38	$ 72
AB Variable Products Series Fund, Inc.:
AB VPS Growth and Income Portfolio - Class A	102	33
Aberdeen Funds:
Aberdeen International Equity Fund - Institutional Class	3,074	1,241
AIM Counselor Series Trust:
Invesco Floating Rate Fund - Class R5	124	48
Invesco Oppenheimer Capital Appreciation Fund - Class A	15	13
AIM Equity Funds:
Invesco Oppenheimer Main Street Fund - Class A	823	283
AIM Growth Series:
Invesco Mid Cap Core Equity Fund - Class A	1,022	426
Invesco Small Cap Growth Fund - Class A	25	15
AIM International Mutual Funds:
Invesco International Growth Fund - Class R5	211	94
Invesco Oppenheimer International Growth Fund - Class Y	176	45
Invesco Oppenheimer International Small-Mid Company Fund - Class Y	200	55
AIM Investment Funds:
Invesco Endeavor Fund - Class A	11	1
Invesco Health Care Fund - Investor Class	21	70
Invesco Oppenheimer Developing Markets Fund - Class A	8,896	24,030
Invesco Oppenheimer Developing Markets Fund - Class Y	4,637	6,641
Invesco Oppenheimer International Bond Fund - Class A	11	108
AIM Investment Securities Funds:
Invesco High Yield Fund - Class R5	252	24
AIM Sector Funds:
Invesco American Value Fund - Class R5	313	230
Invesco Energy Fund - Class R5	25	24
Invesco Oppenheimer Gold & Special Minerals Fund - Class A	13	3
Invesco Small Cap Value Fund - Class A	6	38
AIM Variable Insurance Funds:
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund - Series I	2	1
Invesco Oppenheimer V.I. Global Fund - Series I	41	11
Invesco Oppenheimer V.I. Global Strategic Income Fund - Series I	4	2
Invesco Oppenheimer V.I. Main Street Fund - Series I	11	10
Invesco Oppenheimer V.I. Main Street Small Cap Fund - Series I	3,795	3,223
Invesco V.I. American Franchise Fund - Series I	5,112	4,528
Invesco V.I. Core Equity Fund - Series I	4,002	3,878
Alger Funds II:
Alger Responsible Investing Fund - Class A	1,508	1,967
Alger Funds:
Alger Capital Appreciation Fund - Class A	28	44


VARIABLE ANNUITY ACCOUNT C OF
VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
Notes to Financial Statements

		Purchases	Sales
Allianz Funds:		(Dollars in thousands)
AllianzGI NFJ Dividend Value Fund - Class A		$ 35	$ 119
AllianzGI NFJ Large-Cap Value Fund - Institutional Class		—	—
AllianzGI NFJ Small-Cap Value Fund - Class A		16	260
Amana Mutual Funds Trust:
Amana Growth Fund - Investor Class		8,573	6,392
Amana Income Fund - Investor Class		7,436	10,107
American Balanced Fund®, Inc.:
American Balanced Fund® - Class R-3		319	1,480
American Beacon Funds:
American Beacon Small Cap Value Fund - Investor Class		127	49
American Century Government Income Trust:
Inflation-Adjusted Bond Fund - Investor Class		2,490	6,211
American Century Quantitative Equity Funds, Inc.:
Income & Growth Fund - A Class		1,256	1,317
American Funds® Fundamental Investors:
Fundamental Investors^SM- Class R-3		161	127
Fundamental Investors^SM- Class R-4		13,578	7,913
American Mutual Fund®:
American Mutual Fund® - Class R-4		743	7,911
AMG Funds IV:
AMG Managers Fairpointe Mid Cap Fund - Class N		2,325	4,709
Ariel Investment Trust:
Ariel Appreciation Fund - Investor Class		31	334
Ariel Fund - Investor Class		1,766	2,158
Artisan Funds, Inc.:
Artisan International Fund - Investor Shares		1,580	2,424
BlackRock Equity Dividend Fund:
BlackRock Equity Dividend Fund - Investor A Shares		225	124
BlackRock Funds :
BlackRock Health Sciences Opportunities Portfolio - Institutional Shares		2,220	2,370
BlackRock Health Sciences Opportunities Portfolio - Investor A Shares		3,791	5,516
BlackRock Mid Cap Dividend Series, Inc.:
BlackRock Mid Cap Dividend Fund - Institutional Shares		37	4
BlackRock Mid Cap Dividend Fund - Investor A Shares		1,421	1,506
Bond Fund of America	, Inc.:
Bond Fund of America	- Class R-4	4,900	984
Calvert Responsible Index Series, Inc.:
Calvert US Large-Cap Core Responsible Index Fund - Class A		7	—
Calvert Variable Series, Inc.:
Calvert VP SRI Balanced Portfolio		5,668	5,634
Capital Income Builder®, Inc.:
Capital Income Builder® - Class R-4		1,769	936
Capital World Growth & Income Fund , Inc.:
Capital World Growth & Income Fund^SM- Class R-3		73	113
Cohen & Steers Real Estate Securities Fund, Inc.:
Cohen & Steers Real Estate Securities Fund, Inc. - Class A		1,496	199
Cohen & Steers Realty Shares, Inc.:
Cohen & Steers Realty Shares, Inc.		4,867	2,205


			Year ended December 31
		2019			2018
			Net			Net
	Units	Units	Increase	Units	Units	Increase
	Issued	Redeemed (Decrease)		Issued	Redeemed (Decrease)
AB Relative Value Fund, Inc.:
AB Relative Value Fund - Class A	3,335	4,821	(1,486)	2,540	2,840	(300)
AB Variable Products Series Fund, Inc.:
AB VPS Growth and Income Portfolio - Class A	2,225	2,268	(43)	2,023	2,392	(369)
Aberdeen Funds:
Aberdeen International Equity Fund - Institutional Class	292,265	137,915	154,350	323,536	118,855	204,681
AIM Counselor Series Trust:
Invesco Floating Rate Fund - Class R5	9,672	4,336	5,336	26,145	14,496	11,649
Invesco Oppenheimer Capital Appreciation Fund - Class A	14	537	(523)	71	235	(164)
AIM Equity Funds:
Invesco Oppenheimer Main Street Fund - Class A	53,070	21,659	31,411	29,167	12,829	16,338
AIM Growth Series:
Invesco Mid Cap Core Equity Fund - Class A	33,263	34,147	(884)	25,794	41,930	(16,136)
Invesco Small Cap Growth Fund - Class A	477	443	34	385	398	(13)
AIM International Mutual Funds:
Invesco International Growth Fund - Class R5	12,166	8,394	3,772	11,950	16,161	(4,211)
Invesco Oppenheimer International Growth Fund - Class Y	17,380	4,948	12,432	18,344	5,689	12,655
Invesco Oppenheimer International Small-Mid Company Fund - Class Y	11,983	4,697	7,286	16,479	17,187	(708)
AIM Investment Funds:
Invesco Endeavor Fund - Class A	426	72	354	366	273	93
Invesco Health Care Fund - Investor Class	664	1,292	(628)	400	64	336
Invesco Oppenheimer Developing Markets Fund - Class A	426,872	688,892	(262,020)	562,912	880,372	(317,460)
Invesco Oppenheimer Developing Markets Fund - Class Y	398,801	618,572	(219,771)	499,443	700,702	(201,259)
Invesco Oppenheimer International Bond Fund - Class A	4,243	12,270	(8,027)	3,687	4,988	(1,301)
AIM Investment Securities Funds:
Invesco High Yield Fund - Class R5	20,350	3,047	17,303	18,274	4,268	14,006
AIM Sector Funds:
Invesco American Value Fund - Class R5	26,112	20,680	5,432	16,141	6,992	9,149
Invesco Energy Fund - Class R5	6,685	6,453	232	18,250	28,451	(10,201)


	Fund						Investment
	Inception	Units	Unit Fair Value			Net Assets	Income	Expense Ratio^C			Total Return^D
	Date^A	(000's)	(lowest to highest)			(000's)	Ratio^B	(lowest to highest)			(lowest to highest)
AB Relative Value Fund - Class A
2019		6	$11.46	to	$28.25	$167	1.17%	0.70%	to	0.90%	22.02%	to	22.09%
2018		8	$22.43	to	$23.46	$174	1.10%	0.60%	to	0.90%	-6.66%	to	-6.57%
2017		8	$24.03	to	$24.37	$191	0.81%	0.80%	to	0.90%	17.68%	to	17.79%
2016		9	$20.42	to	$20.69	$178	1.75%	0.80%	to	0.90%	10.14%	to	10.29%
2015		9	$18.54	to	$18.76	$169	1.08%	0.80%	to	0.90%	0.32%	to	0.37%
AB VPS Growth and Income Portfolio - Class A
2019		24	$28.42	to	$28.86	$700	1.26%	1.15%	to	1.25%	22.39%	to	22.50%
2018		24	$23.22	to	$23.56	$572	1.01%	1.15%	to	1.25%	-6.82%	to	-6.69%
2017		25	$24.91	to	$25.25	$622	1.26%	1.15%	to	1.25%	17.49%	to	17.55%
2016		31	$21.21	to	$21.48	$655	0.95%	1.15%	to	1.25%	9.90%	to	10.04%
2015		25	$19.30	to	$19.52	$484	1.51%	1.15%	to	1.25%	0.47%	to	0.57%
Aberdeen International Equity Fund - Institutional Class
2019		1,475		$11.63		$17,155	1.47%		—			23.46%
2018		1,322		$9.42		$12,452	2.69%		—			-15.14%
2017		1,117		$11.10		$12,399	1.56%		—			26.28%
2016		784		$8.79		$6,893	2.63%		—			6.55%
2015	7/14/2015	249		$8.25		$2,052	(a)		—			(a)
Invesco Floating Rate Fund - Class R5
2019		31	$11.22	to	$11.94	$359	5.96%	0.30%	to	1.40%	6.13%	to	7.28%
2018		26	$10.57	to	$11.13	$279	5.52%	0.30%	to	1.40%	-1.49%	to	-0.27%
2017		14	$10.73	to	$11.16	$156	4.09%	0.30%	to	1.40%	2.88%	to	4.01%
2016		8	$10.42	to	$10.73	$82	4.68%	0.30%	to	1.40%	9.84%	to	10.85%
2015		5	$9.53	to	$9.58	$47	5.06%	0.95%	to	1.25%	-3.74%	to	-3.43%

T.	Rowe Price Mid-Cap Value Fund - R Class 2019 2018 2017 2016 2015
T.	Rowe Price Value Fund - Advisor Class 2019 2018 2017 2016 2015


TCW Total Return Bond Fund - Class N
2019
2018
2017
2016
2015	9/11/2015
Templeton Foreign Fund - Class A
2019
2018
2017
2016
2015


2,008		$21.15		$42,479	0.46%		—			28.49%
1,833		$16.46		$30,175	0.29%		—			4.31%
1,590		$15.78		$25,083	0.29%		—			37.82%
1,130		$11.45		$12,935	0.35%		—			2.88%
358		$11.13		$3,984	(a)		—			(a)

7	$30.53	to	$37.55	$227	0.39%	0.00%	to	1.30%	17.42%	to	18.98%
27	$26.00	to	$31.56	$788	0.42%	0.00%	to	1.30%	-12.22%	to	-11.07%
34	$29.62	to	$35.49	$1,113	0.49%	0.00%	to	1.30%	10.31%	to	10.67%
41	$28.45	to	$31.54	$1,228	0.49%	0.10%	to	0.90%	22.63%	to	23.29%
37	$23.20	to	$25.82	$910	0.62%	0.00%	to	0.90%	-4.76%	to	-3.91%

20		$25.53		$512	1.54%		1.00%			24.60%
19		$20.49		$399	1.22%		1.00%			-10.56%
18		$22.91		$418	1.06%		1.00%			17.49%
15		$19.50		$301	1.52%		1.00%			9.61%
14		$17.79		$254	1.37%		1.00%			-2.95%

720	$10.46	to	$11.22	$7,674	4.03%	0.00%	to	1.50%	5.44%	to	7.06%
614	$9.91	to	$10.48	$6,183	3.33%	0.00%	to	1.50%	-1.00%	to	0.48%
593	$9.97	to	$10.43	$6,006	2.58%	0.00%	to	1.50%	1.52%	to	3.06%
597	$9.79	to	$10.12	$5,929	2.78%	0.00%	to	1.50%	-0.30%	to	1.20%
249	$9.90	to	$10.00	$2,471	(a)	0.00%	to	1.50%		(a)

18	$12.24	to	$20.74	$352	2.84%	0.20%	to	1.65%	10.61%	to	12.23%
25	$10.97	to	$18.48	$423	2.43%	0.20%	to	1.65%	-16.40%	to	-15.15%
24	$12.79	to	$21.78	$495	1.35%	0.20%	to	1.65%	15.20%	to	16.85%
29	$11.04	to	$18.64	$510	1.86%	0.20%	to	1.65%	9.80%	to	11.42%
32	$10.00	to	$16.73	$499	0.76%	0.20%	to	1.65%	-8.63%	to	-7.31%


VY® Clarion Real Estate Portfolio - Institutional Class
2019	70	$19.32	to $22.20	$1,556	2.42%	0.95%	to 1.95%	25.95%	to	27.22%
2018	81	$15.34	to $17.45	$1,419	2.96%	0.95%	to 1.95%	-9.23%	to	-8.30%
2017	96	$16.90	to $19.03	$1,820	2.32%	0.95%	to 1.95%	3.43%	to	4.50%
2016	117	$16.34	to $18.21	$2,120	1.85%	0.95%	to 1.95%	2.45%	to	3.47%
2015	129	$15.95	to $17.60	$2,262	1.54%	0.95%	to 1.95%	1.14%	to	2.21%
VY® Clarion Real Estate Portfolio - Service Class
2019	2,072	$18.86	to $24.44	$44,624	2.14%	0.00%	to 1.50%	26.19%	to	28.18%
2018	2,224	$14.85	to $19.07	$37,743	2.60%	0.00%	to 1.50%	-9.00%	to	-7.65%
2017	2,860	$16.22	to $20.65	$53,192	2.07%	0.00%	to 1.50%	3.59%	to	5.20%
2016	3,437	$15.57	to $19.63	$61,308	1.58%	0.00%	to 1.50%	2.70%	to	4.25%
2015	3,616	$15.07	to $18.83	$62,453	1.32%	0.00%	to 1.50%	1.43%	to	2.95%
VY® Invesco Growth and Income Portfolio - Institutional Class
2019	1,348	$21.52	to $22.24	$29,008	2.77%	0.00%	to 0.45%	24.47%	to	24.94%
2018	1,580	$17.29	to $17.80	$27,328	1.75%	0.00%	to 0.45%	-13.72%	to	-13.30%
2017	1,642	$20.04	to $20.53	$32,904	2.26%	0.00%	to 0.45%	13.61%	to	14.12%
2016	1,500	$17.64	to $17.99	$26,466	2.34%	0.00%	to 0.45%	19.67%	to	20.25%
2015	1,486	$14.74	to $14.96	$21,900	3.52%	0.00%	to 0.45%	-3.09%	to	-2.67%
VY® Invesco Growth and Income Portfolio - Service Class
2019	1,092	$19.65	to $29.57	$28,186	2.43%	0.00%	to 1.50%	22.89%	to	24.72%
2018	1,248	$15.90	to $23.71	$26,073	1.47%	0.00%	to 1.50%	-14.86%	to	-13.59%
2017	1,363	$18.57	to $27.44	$33,274	2.05%	0.00%	to 1.50%	12.17%	to	13.91%
2016	1,315	$16.45	to $24.09	$28,398	2.12%	0.00%	to 1.50%	18.18%	to	19.91%
2015	1,411	$13.84	to $20.09	$25,661	3.25%	0.00%	to 1.50%	-4.41%	to	-2.90%


VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class
2019	541	$26.40	to	$26.54	$14,297	0.14%	0.95%	to	1.20%	30.56%	to	30.87%
2018	561	$20.22	to	$20.28	$11,355	0.90%	0.95%	to	1.20%	-17.57%	to	-17.39%
2017	655	$24.53	to	$24.55	$16,078	0.51%	0.95%	to	1.20%	41.63%	to	41.74%
2016	1,109	$17.32	to	$17.58	$19,344	1.49%	0.85%	to	1.20%	11.89%	to	12.33%
2015	1,101	$15.48	to	$15.65	$17,138	1.54%	0.85%	to	1.20%	-16.55%	to	-16.31%
VY® JPMorgan Emerging Markets Equity Portfolio - Service Class
2019	875	$12.66	to	$35.31	$26,095	—	0.00%	to	1.50%	29.78%	to	31.73%
2018	890	$9.70	to	$26.81	$20,389	0.62%	0.00%	to	1.50%	-18.02%	to	-16.74%
2017	1,026	$11.76	to	$32.20	$28,556	0.46%	0.00%	to	1.55%	40.83%	to	43.05%
2016	898	$8.30	to	$22.52	$17,732	1.22%	0.00%	to	1.55%	11.21%	to	12.94%
2015	883	$7.41	to	$19.94	$15,507	1.24%	0.00%	to	1.55%	-17.04%	to	-15.78%
VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class
2019	—		$23.50		$3	—		0.35%			25.53%
2018	1		$18.72		$24	—		0.35%			-11.15%
2017	2		$21.06		$46	0.19%		0.35%			14.82%
2016	2		$18.35		$28	0.16%		0.35%			20.72%
2015	3		$15.20		$41	—		0.35%			-4.34%
VY® JPMorgan Small Cap Core Equity Portfolio - Institutional Class
2019	2,106	$24.07	to	$24.88	$50,704	1.19%	0.00%	to	0.45%	26.22%	to	26.74%
2018	2,187	$19.07	to	$19.63	$41,715	0.66%	0.00%	to	0.45%	-10.76%	to	-10.32%
2017	2,118	$21.37	to	$21.89	$45,257	0.69%	0.00%	to	0.45%	15.33%	to	15.88%
2016	2,073	$18.53	to	$18.89	$38,416	0.76%	0.00%	to	0.45%	21.43%	to	21.87%
2015	1,960	$15.26	to	$15.50	$29,923	0.48%	0.00%	to	0.45%	-3.90%	to	-3.43%


Wanger USA
2019		2,483	$14.43	to	$44.26
2018		2,601	$11.11	to	$33.76
2017		2,586	$11.39	to	$34.26
2016		2,642	$15.22	to	$28.79
2015		2,789	$13.50	to	$25.50
Washington Mutual Investors Fund	- Class R-3
2019		37	$26.89	to	$34.41
2018		98	$21.82	to	$27.50
2017		113	$22.92	to	$27.46
2016		123	$19.44	to	$22.99
2015		148	$17.47	to	$21.02
Washington Mutual Investors Fund	- Class R-4
2019		8,170	$11.28	to	$35.80
2018		8,042	$11.02	to	$28.56
2017		7,659	$11.44	to	$29.47
2016		7,095	$16.13	to	$24.56
2015		6,613	$14.36	to	$21.69
Wells Fargo Small Company Growth Fund - Administrator Class
2019		437	$16.02	to	$16.81
2018		461	$12.85	to	$13.37
2017		46	$13.53	to	$13.94
2016	5/17/2016	19	$11.38	to	$11.61
2015		(b)		(b)
Wells Fargo Small Company Value Fund - Class A
2019	9/20/2019	12		$10.87
2018		(e)		(e)
2017		(e)		(e)
2016		(e)		(e)
2015		(e)		(e)


$95,744	0.27%	0.00%	to	1.55%	29.07%	to	31.10%
$77,471	0.11%	0.00%	to	1.55%	-2.96%	to	-1.42%
$79,557	—	0.00%	to	1.75%	17.50%	to	19.58%
$68,640	—	0.00%	to	1.75%	11.73%	to	13.69%
$64,131	—	0.00%	to	1.75%	-2.34%	to	-0.60%

$1,149	1.38%	0.00%	to	1.55%	23.24%	to	25.13%
$2,484	1.50%	0.00%	to	1.55%	-4.80%	to	-3.53%
$2,965	1.54%	0.25%	to	1.55%	17.90%	to	19.44%
$2,724	1.49%	0.25%	to	1.55%	11.28%	to	12.60%
$2,936	1.77%	0.00%	to	1.55%	-2.07%	to	-0.47%

$233,053	1.90%	0.00%	to	1.50%	23.61%	to	25.48%
$189,561	1.90%	0.00%	to	1.50%	-4.48%	to	-2.98%
$191,542	1.88%	0.00%	to	1.50%	18.33%	to	20.13%
$152,821	1.91%	0.00%	to	1.50%	11.67%	to	13.33%
$127,190	1.96%	0.00%	to	1.50%	-1.71%	to	-0.26%

$7,076	—	0.30%	to	1.50%	24.27%	to	25.69%
$6,008	—	0.25%	to	1.50%	-5.34%	to	-4.39%
$636	—	0.30%	to	1.50%	18.87%	to	19.72%
$216	(b)	0.50%	to	1.25%		(b)


$128	(e)	1.00%	(e)
(e)	(e)	(e)	(e)
(e)	(e)	(e)	(e)
(e)	(e)	(e)	(e)
(e)	(e)	(e)	(e)

(a)	As investment Division had no investments until 2015, this data is not meaningful and is therefore not presented.
(b)	As investment Division had no investments until 2016, this data is not meaningful and is therefore not presented.
(c)	As investment Division had no investments until 2017, this data is not meaningful and is therefore not presented.
(d)	As investment Division had no investments until 2018, this data is not meaningful and is therefore not presented.
(e)	As investment Division had no investments until 2019, this data is not meaningful and is therefore not presented.
(f)	As investment Division is wholly comprised of new contracts at the end of the year, this data is not meaningful and is therefore not presented.
A	The Fund Inception Date represents the first date the fund received money.
B	The Investment Income Ratio represents dividends received by the Division, excluding capital gains distributions, divided by the average net assets. The recognition of investment income is determined by the timing of the declaration of dividends by the underlying fund in which the Division invests.
C	The Expense Ratio considers only the annualized contract expenses borne directly by the Account, excluding expenses charged through the redemption of units, and is equal to the mortality and expense, administrative, and other charges, as defined in the Charges and Fees note. Certain items in this table are presented as a range of minimum and maximum values; however, such information is calculated independently for each column in the table.
D	Total Return is calculated as the change in unit value for each Contract presented in the Statements of Assets and Liabilities. Certain items in this table are presented as a range of minimum and maximum values; however, such information is calculated independently for each column in the table.


Item 8.	Financial Statements and Supplementary Data

		Page

Report of Independent Registered Public Accounting Firm		C-2

Consolidated Financial Statements as of December 31, 2018 and 2017 and for the Years Ended December 31,
2018, 2017 and 2016:

Consolidated Balance Sheets as of December 31, 2018 and 2017		C-3

Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016		C-5

Consolidated Statements of Comprehensive Income for the years ended December 31, 2018, 2017 and 2016		C-6

Consolidated Statements of Changes in Shareholder's Equity for the years ended December 31, 2018, 2017
and 2016		C-7

Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2017 and 2016		C-8

Notes to Consolidated Financial Statements:		C-10
1. Business, Basis of Presentation and Significant Accounting Policies		C-10
2. Investments		C-30
3. Derivative Financial Instruments		C-45
4. Fair Value Measurements		C-50
5. Deferred Policy Acquisition Costs and Value of Business Acquired		C-60
6. Guaranteed Benefit Features		C-61
7. Reinsurance		C-61
8. Capital Contributions, Dividends and Statutory Information		C-62
9. Accumulated Other Comprehensive Income (Loss)		C-63
10. Income Taxes		C-67
11. Benefit Plans		C-69
12. Financing Agreements		C-72
13. Commitments and Contingencies		C-72
14. Related Party Transactions		C-74


Table of Contents

Voya Retirement Insurance and Annuity Company and Subsidiaries
(A wholly owned subsidiary of Voya Holdings Inc.)
Consolidated Balance Sheets
December 31, 2019 and 2018
(In millions, except share and per share data)

	As of December 31,
	2019		2018
			(As Adjusted)
Assets
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $23,107 as of 2019
and $22,860 as of 2018)	$ 25,153		$ 22,981
Fixed maturities, at fair value using the fair value option		1,479	1,171
Equity securities, at fair value (cost of $73 as of 2019 and $45 as of 2018)		80	57
Short-term investments		—	50
Mortgage loans on real estate, net of valuation allowance of $0 as of 2019 and $1 as of
2018		4,664	4,918
Policy loans		205	210
Limited partnerships/corporations		738	583
Derivatives		224	128
Securities pledged (amortized cost of $749 as of 2019 and $867 as of 2018)		828	882
Other investments		43	40
Total investments		33,414	31,020
Cash and cash equivalents		512	371
Short-term investments under securities loan agreements, including collateral delivered		917	793
Accrued investment income		293	301
Premiums receivable and reinsurance recoverable		1,304	1,409
Deferred policy acquisition costs, Value of business acquired and Sales inducements to
contract owners		608	1,104
Short-term loan to affiliate		69	—
Current income tax recoverable		9	32
Due from affiliates		67	54
Property and equipment		60	62
Other assets		255	331
Assets held in separate accounts		78,713	67,323
Total assets	$ 116,221		$ 102,800


		Effective date and	Effect on the financial statements or other
Standard	Description of Requirements	method of adoption	significant matters
ASU 2018-02,	This standard, issued in February	January 1, 2019,	The impact to the January 1, 2019 Consolidated
Reclassification	2018, permits a reclassification	with the change	Balance Sheet was an increase to AOCI of $137,
of Certain Tax	from accumulated other	reported in the	with a corresponding decrease to Retained
Effects from	comprehensive income ("AOCI")	period of adoption.	earnings. The ASU did not have a material
Accumulated	to retained earnings for stranded		impact on the Company's results of operations,
Other	tax effects resulting from the Tax		cash flows, or disclosures.
Comprehensive	Cuts and Jobs Act of 2017 ("Tax
Income	Reform"). Stranded tax effects
	arise because U.S. GAAP
	requires that the impact of a
	change in tax laws or rates on
	deferred tax liabilities and assets
	be reported in net income, even if
	related to items recognized
	within accumulated other
	comprehensive income. The
	amount of the reclassification
	would be based on the difference
	between the historical corporate
	income tax rate and the newly
	enacted 21% corporate income
	tax rate, applied to deferred tax
	liabilities and assets reported
	within accumulated other
	comprehensive income.


			Effect on the financial
		Effective date and	statements or other
Standard	Description of Requirements	transition provisions	significant matters
ASU 2018-15,	This standard, issued in August 2018, requires a	January 1, 2020 with early	The Company intends to
Implementation	customer in a hosting arrangement that is a	adoption permitted. Initial	adopt ASU 2018-15 as of
costs in a cloud	service contract to follow the guidance for	adoption of ASU 2018-15	January 1, 2020 on a
computing	internal-use software projects to determine	may be reported either on	prospective basis. The
arrangement	which implementation costs to capitalize as an	a prospective or	Company does not expect
that is a service	asset. Capitalized implementation costs are	retrospective basis.	ASU 2018-15 to have a
contract	required to be expensed over the term of the		material impact on the
	hosting arrangement. In addition, a customer is		Company's financial
	required to apply the impairment and		condition, results of
	abandonment guidance for long-lived assets to		operations, or cash flows.
	the capitalized implementation costs. Balances
	related to capitalized implementation costs must
	be presented in the same financial statement line
	items as other hosting arrangement balances, and
	additional disclosures are required.

ASU 2018-14,	This standard, issued in August 2018, eliminates	January 1, 2021 with early	The Company is currently
Changes to the	certain disclosure requirements that are no	adoption permitted. Initial	in the process of
Disclosure	longer considered cost beneficial and requires	adoption of ASU 2018-14	determining the impact of
Requirements	new disclosures that are considered relevant.	is required to be reported	adoption of the provisions
for Defined		on a retrospective basis for	of ASU 2018-14.
Benefit Plans		all periods presented.

ASU 2018-13,	This standard, issued in August 2018, simplifies	January 1, 2020 with early	The Company is currently
Changes to the	certain disclosure requirements for fair value	adoption permitted. The	in the process of
Disclosure	measurement.	transition method varies	determining the impact of
Requirements		by provision.	adoption of the provisions
for Fair Value			of ASU 2018-13.
Measurement

ASU 2016-13,	This standard, issued in June 2016:	January 1, 2020, including	The Company believes the
Measurement of	• Introduces a new current expected credit loss	interim period, with early	adoption of this guidance
Credit Losses	("CECL") model to measure impairment on	adoption permitted. Initial	will not have a material
on Financial	certain types of financial instruments,	adoption of ASU 2016-13	impact on the Company’s
Instruments	• Requires an entity to estimate lifetime expected	is required to be reported	financial condition, results
	credit losses, under the new CECL model, based	on a modified	of operations or cash flows.
	on relevant information about historical events,	retrospective basis, with a	The CECL requirements
	current conditions, and reasonable and	cumulative-effect	apply to financial assets
	supportable forecasts,	adjustment to retained	held at amortized cost, the
	• Modifies the impairment model for available-	earnings as of the	most significant of which,
	for-sale debt securities, and	beginning of the year of	for the Company, are
	• Provides a simplified accounting model for	adoption, except for	mortgage loans and
	purchased financial assets with credit	certain provisions that are	reinsurance recoverable
	deterioration since their origination.	required to be applied	balances. Implementation
		prospectively.	efforts currently in progress
	In addition, the FASB issued various		include the finalization of
	amendments during 2018 and 2019 to clarify the		CECL models and
	provisions of ASU 2016-13.		continuing analysis of
			model output, as well as
			development of related
			processes, controls, and
			disclosures.

SALES MATERIAL AND ADVERTISING

Item 25. Directors and Officers of the Depositor*


		Gross	Gross
		Unrealized	Unrealized
	Amortized Cost	Capital Gains	Capital Losses	Derivatives Embedded₍₂₎	Value Fair	OTTI⁽³⁾⁽⁴⁾
Fixed maturities:
U.S. Treasuries	$ 565	$ 129	$ 3	$ —	$ 691	$ —
U.S. Government agencies and
authorities	19	—	—	—	19	—
State, municipalities and political
subdivisions	747	68	—	—	815	—
U.S. corporate public securities	7,103	941	13	—	8,031	—
U.S. corporate private securities	3,776	306	16	—	4,066	—
Foreign corporate public securities and
foreign governments⁽¹⁾	2,417	265	3	—	2,679	—
Foreign corporate private securities⁽¹⁾	3,171	205	1	—	3,375	—
Residential mortgage-backed securities	3,685	125	11	11	3,810	2
Commercial mortgage-backed
securities	2,381	122	3	—	2,500	—
Other asset-backed securities	1,472	15	13	—	1,474	1
Total fixed maturities, including
securities pledged	25,336	2,176	63	11	27,460	3
Less: Securities pledged	749	85	6	—	828	—
Total fixed maturities	$ 24,587	$ 2,091	$ 57	$ 11	$ 26,632	$ 3


	Amortized		Fair
	Cost		Value
Due to mature:
One year or less	$ 607		$ 615
After one year through five years		3,564	3,728
After five years through ten years		5,672	6,108
After ten years		7,955	9,225
Mortgage-backed securities		6,066	6,310
Other asset-backed securities		1,472	1,474
Fixed maturities, including securities pledged	$ 25,336		$ 27,460


	December 31, 2019⁽¹⁾⁽²⁾	December 31, 2018⁽¹⁾⁽²⁾
U.S. Treasuries	$ 109	$ 92
U.S. corporate public securities	447	523
Foreign corporate public securities and foreign governments	185	170
Equity Securities	—	1
Payables under securities loan agreements	$ 741	$ 786


				More Than Twelve
	Twelve Months or Less			Months Below
	Below Amortized Cost			Amortized Cost				Total
	Fair	Unrealized		Fair	Unrealized		Fair	Unrealized
	Value	Capital Losses		Value	Capital Losses		Value	Capital Losses
U.S. Treasuries	$ 68	$ 3 $		12	$ — * $		80	$ 3
U.S. Government, agencies
and authorities	18		— *	—		—	18	— *
State, municipalities and
political subdivisions	21		— *	—		—	21	— *
U.S. corporate public
securities	97		3	131		10	228	13
U.S. corporate private
securities	75		— *	134		16	209	16
Foreign corporate public
securities and foreign
governments	6		— *	53		3	59	3
Foreign corporate private
securities	21		— *	56		1	77	1
Residential mortgage-
backed	535		6	139		5	674	11
Commercial mortgage-
backed	331		3	18		— *	349	3
Other asset-backed	217		2	500		11	717	13
Total	$ 1,389	$ 17 $		1,043	$ 46 $		2,432	$ 63
Total number of securities in
an unrealized loss position			289			278		567
*Less than $1.


				Year Ended December 31,
	2019			2018		2017
			No. of		No. of		No. of
	Impairment		Securities	Impairment	Securities	Impairment	Securities
State municipalities, and
political subdivisions	$ —	*	6	$ —	—	$ —	—
U.S. corporate public securities	11		25	6	2	— *	3
U.S. corporate private
securities	1		16	—	—	—	—
Foreign corporate public
securities and foreign
governments⁽¹⁾	3		15	2	3	2	3
Foreign corporate private
securities⁽¹⁾	18		11	9	1	9	2
Residential mortgage-backed	4		71	3	58	1	17
Commercial mortgage-backed	— ^*		18	— ^*	1	— *	1
Other asset-backed	3		73	— ^*	1	—	—
Total	$ 40		235	$ 20	66	$ 12	26
Credit Impairments	$ 20			$ 14		$ 12
Intent Impairments	$ 20			$ 6		$ —
⁽¹⁾Primarily U.S. dollar denominated.
*Less than $1.


		December 31, 2019				December 31, 2018
			Non				Non
	Impaired		Impaired		Total	Impaired	Impaired		Total
Commercial mortgage loans	$ 4		$ 4,660	$ 4,664		$ 4	$ 4,915	$ 4,919
Collective valuation allowance for losses		—	—		—	N/A	(1)		(1)
Total net commercial mortgage loans	$ 4		$ 4,660	$ 4,664		$ 4	$ 4,914	$ 4,918
N/A - Not Applicable


	December 31, 2019	December 31, 2018
Impaired loans without allowances for losses	$ 4	$ 4
Less: Allowances for losses on impaired loans	—	—
Impaired loans, net	$ 4	$ 4
Unpaid principal balance of impaired loans	$ 5	$ 5


Net realized capital gains (losses) were as follows for the periods indicated:
			Year Ended December 31,
		2019		2018		2017
Fixed maturities, available-for-sale, including securities pledged	$ 11			$ (69)	$ (29)
Fixed maturities, at fair value option			(47)	(227)			(226)
Equity securities			(16)	(4)			—
Derivatives			(82)	(36)			9
Embedded derivatives - fixed maturities			2	(4)			(5)
Guaranteed benefit derivatives			(11)	94			55
Other investments			(1)	4			(4)
Net realized capital gains (losses)	$ (144)			$ (242)	$ (200)


	December 31, 2019			December 31, 2018
	Notional	Asset	Liability	Notional	Asset	Liability
	Amount	Fair Value	Fair Value	Amount	Fair Value	Fair Value

accounting Derivatives:₍₁₎Qualifying for hedge
Cash flow hedges:
Interest rate contracts	$ 23	$ —	$ —	$ 35	$ —	$ —
Foreign exchange contracts	652	10	18	620	10		20
Derivatives: Non-qualifying for
hedge accounting⁽¹⁾
Interest rate contracts	18,640	210	261	19,280	117		76
Foreign exchange contracts	54	—	1	12	—		—
Equity contracts	63	4	3	98	1		1
Credit contracts	182	—	2	201	—		2
Embedded derivatives and Managed
custody guarantees:
Within fixed maturity investments	N/A	11	—	N/A	9		—
Within products	N/A	—	33	N/A	—		15
Within reinsurance agreements	N/A	—	23	N/A	—		(80)
Total		$ 235	$ 341		$ 137	$ 34


		December 31, 2019
	Notional Amount	Asset Fair Value	Liability Fair Value
Credit contracts	$ 182	$ —	$ 2
Equity contracts	63	4	3
Foreign exchange contracts	706	10	19
Interest rate contracts	17,621	210	261
		224	285
Counterparty netting⁽¹⁾		(217)	(217)
Cash collateral netting⁽¹⁾		(6)	(58)
Securities collateral netting⁽¹⁾		—	(5)
Net receivables/payables		$ 1	$ 5