As filed with the Securities and Exchange Commission on April 13, 2015

Registration No. 033-81216 Registration No. 811-02513

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-4 Post-Effective Amendment No. 52 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) 580-2824 J. Neil McMurdie, 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, 2015 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: Group Deferred Variable and Fixed Annuity Contracts

PART A

INFORMATION REQUIRED IN A PROSPECTUS

 

Voya Retirement Insurance and Annuity Company

and its

Variable Annuity Account C

STATE UNIVERSITY OF NEW YORK
DEFINED CONTRIBUTION RETIREMENT PLAN

Supplement dated May 1, 2015, to the Contract Prospectus and Contract Prospectus Summary,
each dated May 1, 2015.

This supplement updates and amends certain information contained in your variable annuity Contract Prospectus, and Contract Prospectus Summary. Please read it carefully and keep it with your Contract Prospectus and Contract Prospectus Summary for future reference.

__________________________________________________________________________

NOTICE OF AND IMPORTANT INFORMATION ABOUT UPCOMING FUND REORGANIZATIONS

The following information only affects you if you currently invest in or plan to invest in the Subaccounts that correspond to the Voya Aggregate Bond and the Voya Solution 2015 Portfolios.

The Board of Directors of Voya Partners, Inc. approved a proposal to reorganize certain funds. Subject to shareholder approval for the Voya Aggregate Bond Portfolio reorganization, effective after the close of business on or about August 14, 2015 (the “Reorganization Date”), the following Merging Funds will reorganize with and into the following Surviving Funds.

Merging Funds	Surviving Funds
Voya Aggregate Bond Portfolio (Class S)	Voya Intermediate Bond Portfolio (Class I)
Voya Solution 2015 Portfolio (Class S)	Voya Solution Income Portfolio (Class S)

Voluntary Transfers Before the Reorganization Date. Prior to the Reorganization Date, you may transfer amounts allocated to a subaccount that invests in a Merging Fund to any other available subaccount or to any available fixed interest option. There will be no charge for any such transfer, and any such transfer will not count as a transfer when imposing any applicable restriction or limit on transfers. See the “TRANSFERS” section of either the Contract Prospectus or Contract Prospectus Summary for information about making subaccount transfers.

On the Reorganization Date. On the Reorganization Date, your investment in a subaccount that invests in a Merging Fund will automatically become an investment in the subaccount that invests in the corresponding Surviving Fund with an equal total net asset value. You will not incur any tax liability because of this automatic reallocation, and your contract value immediately before the reallocation will equal your contract value immediately after the reallocation.

Automatic Investment in Class I Shares. On the Reorganization Effective Date, all existing account balances invested in Class S shares of the Voya Aggregate Bond Portfolio will automatically become an investment in Class I shares of the Voya Intermediate Bond Portfolio. Class I shares have lower total fund expenses than Class S shares, and the effect of this transaction is to give contract owners an investment in a similar fund managed by the same investment adviser at a lower cost.

Automatic Fund Reallocation After the Reorganization Date. After the Reorganization Date, the Merging Funds will no longer be available through your contract. Unless you provide us with alternative allocation instructions, after the Reorganization Date all allocations directed to the subaccount that invested in a Merging Fund will be automatically allocated to the subaccount that invests in the corresponding Surviving Fund. See the “TRANSFERS” section of either the Contract Prospectus or Contract Prospectus Summary for information about making subaccount transfers.

Allocation Instructions. You may give us alternative allocation instructions at any time by contacting the Company at 1-800-677-4636.

Page 1 of 2 May 2015

 

MORE INFORMATION IS AVAILABLE

More information about the funds available through your contract, including information about the risks associated with investing in them, can be found in the current prospectus and Statement of Additional Information for each fund. You may obtain these documents by contacting your local representative or by writing or calling the Company at:

For all regular mail, please use: P.O. Box 9862 Providence, RI 02940-8062	For overnight mail, please use: 4400 Computer Drive Westborough, MA 01581
1-800-677-4636

If you 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.

Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095. Securities are distributed by Voya Financial Partners, LLC (member SIPC). Securities may also be distributed through other broker-dealers with which Voya Financial Partners, LLC has selling agreements.

Page 2 of 2 May 2015

Voya Retirement Insurance and Annuity Company

Variable Annuity Account C

STATE UNIVERSITY OF NEW YORK
DEFINED CONTRIBUTION RETIREMENT PLAN

CONTRACT PROSPECTUS – MAY 1, 2015

The Contracts.The contracts described in this prospectus are group deferred fixed and variable annuity contracts issued by Voya Retirement Insurance and Annuity Company (the “Company,” “we,” “us,” “our”). They are intended to be used as funding vehicles for certain types of retirement plans, including those that qualify for beneficial tax treatment and/or to provide current income reduction under certain Sections of the Internal Revenue Code of 1986, as amended (“Tax Code”).

Why Reading this Prospectus is Important. Before you participate in the contract through a retirement plan, you should read this prospectus. It provides facts about the contract and its investment options. Plan sponsors (generally your employer) should read this prospectus to help determine if the contract is appropriate for their plan. You may participate in this contract if you are an eligible employee participating in a State University of New York (“SUNY”) or New York State Voluntary (“NYSV”) defined contribution retirement plan qualified under Sections 401(a) and 414(h) of the Tax Code, or the predecessor SUNY plan, which is qualified under Section 403(b) of the Tax Code. Keep this document for future reference.

Investment Options.The contracts offer variable investment options and fixed interest options. When we establish your account(s), the contract holder, (generally the trustee of a multiple employer trust approved by the Company and as authorized by SUNY), oryou instruct us to direct account dollars to any of the available options. Some investment options may be unavailable through certain contracts and plans.

Variable Investment Options.These options are called subaccounts. The subaccounts are within Variable Annuity Account C (the “separate account”). Each subaccount invests in one of the mutual funds (funds) listed on the next page. Earnings on amounts invested in a subaccount will vary depending upon the performance of its underlying fund. You do not invest directly in or hold shares of the funds.

Risks Associated with Investing in the Funds.Information about the risks of investing in the funds through the contract is located in the “INVESTMENT OPTIONS” on page 11. The particular risks associated with each fund are detailed in the fund’s prospectus. Read this prospectus in conjunction with the fund prospectuses and retain them for future reference.

Fixed Interest Options. The Guaranteed Accumulation Account and the Fixed Plus Account.

Except as specifically mentioned, this prospectus describes only the variable investment options. However, we describe the fixed interest options in the appendices to this prospectus. There is also a separate prospectus for the Guaranteed Accumulation Account (“GAA”).

Compensation. We pay compensation to broker/dealers whose registered representatives sell the contracts. See “CONTRACT DISTRIBUTION” for further information about the amount and types of compensation we may pay.

Getting Additional Information.If you received a summary prospectus for any of the funds available through your contract, you may obtain a full prospectus and other 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, 2015, Statement of Additional Information (“SAI”) associated with this prospectus free of charge by indicating your request on your enrollment materials, by calling the Company at 1-800-677-4636 or by writing to us at the address listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company.” You may also obtain a prospectus or an SAI for any of the funds or a GAA prospectus by calling that number. The contract prospectus, the GAA prospectus, the SAI and other information about the separate account may be obtained by accessing the Securities and Exchange Commission’s (“SEC”) website, www.sec.gov. Copies of this information may also be obtained, after paying a duplicating fee, by contacting the SEC Public Reference Branch. Information on the operation of the SEC Public Reference Branch may be obtained by calling 1-202-551-8090 or 1-800-SEC-0330, emailing publicinfo@sec.gov or by writing to the SEC’s Public Reference Branch, 100 F Street, NE, Room 1580, Washington, D.C. 20549. 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 under the Securities Act of 1933. This number is 033-81216. The number assigned to the registration statement for GAA is 333-200435. The SAI table of contents is listed on page 41 of this prospectus. The SAI is incorporated into this prospectus by reference.

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, 2015 (CONTINUED)

The Funds*

American Beacon Small Cap Value Fund (Investor Class) [1] American Century Investments® Inflation-Adjusted Bond Fund (Investor Class)1 ASTON/Fairpointe Mid Cap Fund (Class N)1 Calvert VP SRI Balanced Portfolio (Class I) Delaware Diversified Income Fund (Class A)1 Fidelity® VIP Asset ManagerSM Portfolio (Initial Class) Fidelity® VIP Contrafund® Portfolio (Initial Class) Fidelity® VIP Equity-Income Portfolio (Initial Class) Fidelity® VIP High Income Portfolio (Initial Class) Fidelity® VIP Index 500 Portfolio (Initial Class) Franklin Small Cap Value VIP Fund (Class 2) Invesco International Growth Fund (Class R5)1 JPMorgan Government Bond Fund (Select Class Shares)1 Loomis Sayles Limited Term Government and Agency Fund (Class Y)1 Lord Abbett Series Fund Mid Cap Stock Portfolio (Class VC) Parnassus Core Equity FundSM (Investor Shares)1 PIMCO Real Return Portfolio (Administrative Class) Pioneer Equity Income Fund (Class Y)1 Voya Aggregate Bond Portfolio (Class S) Voya Balanced Portfolio (Class I) Voya Global Bond Portfolio (Class I) Voya Global Value Advantage 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 Index Portfolio (Class I) Voya Large Cap Growth Portfolio (Class I) Voya Large Cap Value Portfolio (Class I) Voya MidCap Opportunities Portfolio (Class I) Voya Money Market Portfolio (Class I) Voya Small Company Portfolio (Class I) Voya SmallCap Opportunities Portfolio (Class I) Voya Solution 2015 Portfolio (Class S) [2] Voya Solution 2025 Portfolio (Class S)2 Voya Solution 2035 Portfolio (Class S)2 Voya Solution 2045 Portfolio (Class S)2 Voya Solution 2055 Portfolio (Class S)2 Voya Solution Income Portfolio (Class S)2 Voya Strategic Allocation Conservative Portfolio (Class I)2 Voya Strategic Allocation Growth Portfolio (Class I)2 Voya Strategic Allocation Moderate Portfolio (Class I)2 VY® American Century Small-Mid Cap Value Portfolio (Class I) VY® Baron Growth Portfolio (Class S) VY® Clarion Global Real Estate Portfolio (Class I) VY® Invesco Equity and Income Portfolio (Class I) VY® JPMorgan Emerging Markets Equity Portfolio (Class I) VY® JPMorgan Mid Cap Value Portfolio (Class I)3 VY® Oppenheimer Global Portfolio (Class I) VY® T. Rowe Price Diversified Mid Cap Growth Portfolio (Class I) VY® T. Rowe Price Growth Equity Portfolio (Class I) VY® Templeton Foreign Equity Portfolio (Class I) Wanger International Wanger USA

* See "APPENDIX III -- Fund Descriptions: for further information about the funds.

[1]   This fund is available to the general public, in addition to being available through variable annuity contracts.

[2]   This fund is structured as a fund of funds that invests durectly in shares of underlying funds. See 'FEES -- Fund Fees and Expenses" for additional information.

[3] This fund is only available to plans offering the fund prior to February 7, 2014.

PRO.81216-152

TABLE OF CONTENTS

CONTRACT OVERVIEW	4
Who’s Who
The Contract and Your Retirement Plan
Contract Rights
Contract Facts
Questions: Contacting the Company (sidebar)
Sending Forms and Written Requests in Good Order (sidebar)
Contract Phases: Accumulation Phase, Income Phase

FEE TABLE				6
CONDENSED FINANCIAL INFORMATION				7
THE COMPANY				8
CONTRACT PURCHASE AND PARTICIPATION				8
CONTRACT OWNERSHIP AND RIGHTS				10
RIGHT TO CANCEL				11
INVESTMENT OPTIONS				11
FEES				14
YOUR ACCOUNT VALUE				18
TRANSFERS				19
WITHDRAWALS				23
SYSTEMATIC DISTRIBUTION OPTIONS				24
LOANS				25
DEATH BENEFIT				25
INCOME PHASE				27
FEDERAL TAX CONSIDERATIONS				30
CONTRACT DISTRIBUTION				36
OTHER TOPICS				39
Anti-Money Laundering – Performance Reporting – Transfer of Ownership; Assignment – Contract Modification – Legal Proceedings Payment Delay or Suspension – Intent to Confirm Quarterly
THE STATEMENT OF ADDITIONAL INFORMATION				41
APPENDIX I	–	GUARANTEED ACCUMULATION ACCOUNT		42
APPENDIX II	–	FIXED PLUS ACCOUNT		44
APPENDIX III	–	FUND DESCRIPTIONS		46
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 local representative or write or call the Company at: For all regular mail, please use: Customer Service Voya Retirement Insurance and Annuity Company P.O. Box 9862 Providence, RI 02940-8062 For overnight mail, please use: Customer Service Voya Retirement Insurance and Annuity Company 4400 Computer Drive Westborough, MA 01581 (1-800-677-4636) 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 local representative or the Company through Customer Service to learn what information is required in order for the request to be in “good order.” By contacting us, we can provide you with the appropriate administrative form 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 written requests that are received in good order.
Who’s Who
You (the “participant”): The individual participating in a retirement plan, where the plan uses the contract as a funding option. Plan Sponsor: The sponsor of your retirement plan. Generally, your employer. Contract Holder: The person or entity to whom we issue the contract. The contract holder is the trustee of a multiple employer trust approved by the Company to apply for and own the contract as authorized by SUNY. We may also refer to the contract holder as the contract owner. We, Us, Our (the “Company”): Voya Retirement Insurance and Annuity Company. We issue the contract.
The Contract and Your Retirement Plan
Retirement Plan (“plan”). A plan sponsor has established a retirement plan for you. The contract is offered as a funding option for that plan. We are not a party to the plan, so the terms and the conditions of the contract and the plan may differ. Plan Type. We refer to plans in this prospectus as 401(a), 403(b) and 414(h) plans. For a description, see “FEDERAL TAX CONSIDERATIONS.” 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) or 414(h) 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 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 your financial representative taking into account the additional fees and expenses you may incur in an annuity. See “CONTRACT PURCHASE AND PARTICIPATION.”
Contract Rights
Under each contract, we establish an employee account and an employer account for you, where applicable. You have a nonforfeitable right to the value of your employee account and employer account, as determined by the plan administrator in accordance with the terms of the plan. You may exercise certain rights under the contract as permitted by the plan. See “CONTRACT OWNERSHIP AND RIGHTS.”

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Contract Facts

Free Look/Right to Cancel. Participants may cancel their purchase no later than ten days after they receive the document evidencing their participation in the contract. See “RIGHT TO CANCEL.”

Death Benefit. A beneficiary may receive a benefit in the event of your death during both the accumulation and income phases. The availability of a death benefit during the income phase depends upon the income phase payment option selected. See “DEATH BENEFIT”and“INCOME PHASE.”

Withdrawals. During the accumulation phase, you may, subject to the limits in the contract and certification from the plan administrator that you are eligible, withdraw all or a part of your account value. Certain fees and taxes may apply. See “WITHDRAWALS”and“FEDERAL TAX CONSIDERATIONS.” Amounts withdrawn from the GAA may be subject to a market value adjustment. See APPENDIX I.

Systematic Distribution Options. Subject to the terms of the plan, you may elect to receive regular payments from your account, while retaining the account in the accumulation phase. See “SYSTEMATIC DISTRIBUTION OPTIONS.”

Fees. Certain fees are deducted from your account value. See “FEE TABLE”and“FEES.”

Taxation. Taxes will generally be due when you receive a distribution. Tax penalties may apply in some circumstances. See “FEDERAL TAX CONSIDERATIONS.”

Contract Phases

Accumulation Phase (accumulating retirement benefits under your contract)

STEP 1: You provide the Company with your completed enrollment materials. We may set up one or more accounts for you. We may set up account(s) for employer contributions and/or contributions from your salary. STEP 2: You direct us to invest your account dollars in one or more of the following investment options: ·Fixed Interest Options; or ·Variable Investment Options. (The variable investment options are the subaccounts of the Variable Annuity Account C. Each one invests in a specific mutual fund.)		Payments to Your Account
		Step 1 ¯
	Voya Retirement Insurance and Annuity Company
	¯	Step 2				¯
	Fixed Interest Options		Variable Annuity Account C Variable Investment Options
			The Subaccounts
			A	B			Etc.
			¯Step 2¯
			Mutual Fund A		Mutual Fund B

Income Phase (receiving income phase payments from your contract)

The contract offers several income phase payment options. See “Income Phase.” In general, you may:

·Receive income phase payments over a lifetime or for a specified period;

·Receive income phase payments monthly, quarterly, semi-annually or annually;

·Select an income phase payment option that provides a death benefit to your beneficiary(ies); and

·Select fixed income phase payments or payments that vary based upon the performance of the variable investment options you select.

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FEE TABLE

The following tables describe the fees and expenses that you may pay during the accumulation phase when buying, owning, withdrawing account value from your contract, taking a loan from the contract or transferring cash value between investment options. See “Income Phase” for fees that may apply after you begin receiving payments under the contract. Maximum Transaction Expenses The first table describes the fees and expenses that you may pay at the time that you buy the contract, withdraw account value from the contract, take a loan from the contract or transfer cash value between investment options. State premium taxes ranging from 0% to 4% of purchase payments may also be deducted.* Loan Interest Rate Spread (per annum) [3] 2.50% In This Section: ·Maximum Transaction Expenses; ·Maximum Periodic Fees and Charges; ·Fund Fees and Expenses; and ·Examples. See the “FEES” section for: ·How, When and Why Fees are Deducted; ·Redemption Fees; and ·Premium and Other Taxes.

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.

Separate Account Annual Expenses

(as a percentage of average account value)

	Maximum Charges All Subaccounts
Mortality and Expense Risk Charge	1.25%
Administrative Expense Charge	0.25%
Total Separate Account Annual Expenses	1.50%

	Current Charges[4]
	Voya Money Market Portfolio Subaccount	All Other Subaccounts
Mortality and Expense Risk Charge	0.10%	0.60%
Administrative Expense Charge	0.25%	0.25%
Total Separate Account Annual Expenses	0.35%	0.85%

*  State premium taxes are not reflected in the fee tables or examples. See “FEES – Premium and Other Taxes.”

[3]   This is the difference between the rate charged and the rate credited on loans under your contract. For example, if the current credited interest rate is 6%, the amount of interest applied to the contract would be 3.5%; the 2.5% loan interest rate spread is retained by the Company. Currently, the loan interest rate spread is 2.5% per annum. See “LOANS.”

[4]   We currently charge the amounts shown in these columns; however, we reserve the right to charge up to the maximum amounts shown in the “Maximum Charges” column above.

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Fund Fees and Expenses

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

	Minimum	Maximum
Total Annual Fund Operating Expenses (expenses that are deducted from fund assets, including management fees, distribution (12b-1) and/or service fees and other expenses)	0.10%	1.26%

See “FEES – Fund Fees and Expenses” 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.

Examples

The following examples are intended to help you compare the cost of investing in the contract with the cost of investing in other variable annuity contracts. These costs include the separate account annual expenses applicable to the particular fund and fund fees and expenses.

Maximum Fund Fees and Expenses Examples. The following example assumes that you invest $10,000 in the contract for the time periods indicated. The example also assumes that your investment has a 5% return each year and assumes the maximum contract fees and expenses and the maximum fees and expenses of any of the funds. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year	3 Years	5 Years	10 Years
$279	$856	$1,459	$3,090

Minimum Fund Fees and Expenses Examples. The following example assumes that you invest $10,000 in the contract for the time periods indicated. The example also assumes that your investment has a 5% return each year and assumes the maximum contract fees and expenses and the minimum fees and expenses of any of the funds. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year	3 Years	5 Years	10 Years
$163	$505	$871	$1,900

CONDENSED FINANCIAL INFORMATION

Understanding Condensed Financial Information. In Appendix IV, we provide condensed financial information about the separate account subaccounts available under the contracts. The tables show the value of the subaccounts over the past 10 years. For subaccounts that were not available 10 years ago, we give a history from the date of first availability.

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 Statements of Additional Information.

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THE COMPANY

Voya Retirement Insurance and Annuity Company (the “Company,” “we,” “us,” “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. Through a merger, our operations include the business of Aetna Variable Annuity Life Insurance Company (formerly known as Participating Annuity Life Insurance Company, an Arkansas life insurance company organized in 1954). 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 under the symbol “VOYA” and Voya completed its initial public offering of common stock.

Prior to March 9, 2015, Voya was an affiliate of ING Groep N.V. (“ING”), a global financial institution active in the fields of insurance, banking and asset management. On March 9, 2015, ING completed a public secondary offering of Voya common stock (the “March 2015 Offering”) and also completed the sale of Voya common stock to Voya pursuant to the terms of a share repurchase agreement (the “March 2015 Direct Share Buyback”) (the March 2015 Offering and the March 2015 Direct Share Buyback collectively, the “March 2015 Transactions”). Upon completion of the March 2015 Transactions, ING has exited its stake in Voya common stock. As a result of the completion of the March 2015 Transactions, ING has satisfied the provisions of its agreement with the European Union regarding the divestment of its U.S. insurance and investment operations, which required ING to divest 100% of its ownership interest in Voya together with its subsidiaries, including the Company by the end of 2016.

We are engaged in the business of issuing life insurance and annuities.

Our principal executive offices are located at:

One Orange Way

Windsor, Connecticut 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.

CONTRACT PURCHASE AND PARTICIPATION

Contracts Available for Purchase. The contracts available for purchase are group flexible premium deferred variable and fixed annuity contracts that the Company offers in connection with retirement plans under Tax Code Sections 401(a), 403(b) and 414(h). They are designed to fund the State University of New York (“SUNY”) or the New York State Voluntary (“NYSV”) defined contribution retirement plan, and to accept transfers of amounts made to the predecessor SUNY program, which is qualified under Section 403(b) of the Tax Code.

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There are two group deferred variable and fixed annuity contracts:

·The rollover contract for transferred assets from the predecessor SUNY Section 403(b) optional retirement program; and

·The modal contract for ongoing contributions and transferred assets made to the SUNY or the NYSV defined contribution retirement plans qualified under Sections 401(a) and 414(h) of the Tax Code.

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.

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 Section 401(a), 403(b) or 414(h) 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. However, 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 your financial representative, taking into account the additional fees and expenses you may incur in an annuity.

Purchasing the Contract. The contract holder submits the required forms and application to the Company. We approve the forms and issue a contract to the contract holder.

Participating in the Contract. To participate in the contract, complete an enrollment form and submit it to Customer Service. See “CONTRACT OVERVIEW – Questions:  Contacting the Company.” Subject to administrative availability, enrollment in the 401(a) contract may be available online. If your enrollment is accepted, we establish an employee account and an employer account for each participant.

·Under the rollover contract, we will allocate purchase payments attributable to transfers of after-tax employee contributions made to a predecessor 403(b) plan to the employee account and purchase payments attributable to a transfer of employer contributions made under the same plan to the employer account.

·Under the modal contract, we will allocate funds attributable to Tax Code Section 414(h) contributions to an employee account and ongoing payments under Tax Code Section 401(a) and transferred funds attributable to Tax Code Section 401(a) contributions from another investment provider to an employer account.

Acceptance or Rejection of Application or Enrollment Forms. We must accept or reject an application or your enrollment forms within two business days of receipt. If the application or enrollment forms are incomplete, we may hold any forms and accompanying purchase payments for five days, unless you consent to our holding them longer. If we reject the application or enrollment forms, we will return the forms and any payments.

Allocating Purchase Payments to the Investment Options. You direct us to allocate initial purchase payments among the investment options available under the plan. Generally you will specify this information on your enrollment materials. If you enroll in the Section 401(a) contract online (subject to administrative availability of this feature), the plan sponsor may direct that your contributions be allocated to a specific Voya Solution target date portfolio identified by the plan sponsor, until you elect otherwise. The Voya Solution target date portfolio applicable to you will be based on your date of birth. This is described in your online enrollment materials. After your enrollment, except as may be required under our Excessive Trading Policy, you may request alternative allocation instructions or initiate transfers among the investment options by telephone or, where available, electronically.Contact Customer Service at the telephone number listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company” for information on how to initiate transfers or reallocations and for the electronic trading mediums currently available.

The plan sponsor may also direct that your contributions be allocated to a specific Voya Solution target date portfolio based on your date of birth in other circumstances, generally, when you fail to make an investment option selection for contributions that you have directed to the contract.

Allocations must be in whole percentages and there may be limitations on the number of investment options that can be selected at any one time. See “INVESTMENT OPTIONS” and “TRANSFERS.”

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Factors to Consider in the Purchase Decision. The decision to purchase or participate in the contract should be discussed with your financial representative. Make sure that you understand the investment options it provides, its other features, the risks 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 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;

·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 any increased charges that might apply under this contract. Also, be sure to talk to your financial professional or tax 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.

CONTRACT OWNERSHIP AND RIGHTS

Who Owns the Contract? We issue the contract to a trustee of a multiple employer trust that has applied for and owns the contract as authorized by SUNY and the Company.

Who Owns Money Accumulated under the Contract? You have the right to the nonforfeitable value of your employee account and employer account, as determined by the plan administrator in accordance with the terms of the plan.

What Rights Do I Have under the Contract? You may select the investment options to be used for allocations to your employee account and employer account. If you enroll in the Section 401(a) contract online (subject to administrative availability of this feature) the plan sponsor may direct that your contributions be allocated to a specific Voya Solution target date portfolio identified by the plan sponsor, until you elect otherwise. The Voya Solution target date portfolio applicable to you will be based on your date of birth. This is described in your online enrollment materials. You may change these allocations after you have enrolled by logging into voyaretirementplans.com. The plan sponsor may also direct that your contributions be allocated to a specific Voya Solution target date portfolio based on your date of birth in other circumstances, generally when you fail to make an investment option selection for contributions that you have directed to the contract. You may elect an income phase payment if the plan administrator certifies that you are eligible for a distribution and that the form of annuity is permitted under the terms of the plan.

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RIGHT TO CANCEL

When and How to Cancel. You may cancel your purchase within ten days after receiving the document evidencing your interest by returning it to Customer Service at the address listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company,” along with a written notice of cancellation.

Refunds. We will produce a refund to you no later than seven calendar days after we receive the document evidencing your interest and the written notice of cancellation at Customer Service. The refund will equal the dollars contributed to your accounts plus any earnings and less any losses attributable to the purchase payments allocated to the variable investment options. Any mortality and expense risk charges and administrative expense charges deducted during the period you held the contract will not be returned. No market value adjustment will be applied to any amounts you contributed to the GAA.

INVESTMENT OPTIONS

The contract offers variable investment options and fixed interest options. When we establish your account(s), the contract holder, (generally the trustee of a multiple employer trust approved by the Company and as authorized by SUNY), or you instruct us to direct account dollars to any of the available options. We may add, withdraw or substitute investment options subject to the conditions in the contract and in compliance with regulatory requirements.

Variable Investment Options

These options are called subaccounts of Variable Annuity Account C. Each subaccount invests directly in shares of an underlying mutual fund. Earnings on amounts invested in a 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.

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 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 contracts are obligations of the Company. 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.

Funds Available Through the Separate Account

The separate account is divided into subaccounts. Each subaccount invests directly in shares of an underlying fund. The funds available through the subaccounts of the separate account are listed in the front of this prospectus. We also provide a brief description of each fund in Appendix III. Please refer to the fund prospectuses for additional information. Fund prospectuses may be obtained, free of charge, from the address and telephone number listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company,” by accessing the SEC’s website or by contacting the SEC Public Reference Branch.

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Risks of Investing in the Funds

Insurance-Dedicated Funds(Mixed and Shared Funding). Some of 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.

Public Funds. The following funds, which the subaccounts buy for variable annuity contracts, are also available to the general public:

·American Beacon Small Cap Value Fund ·American Century Investments^® Inflation-Adjusted Bond Fund ·ASTON/Fairpointe Mid Cap Fund ·Delaware Diversified Income Fund ·Invesco International Growth Fund ·JPMorgan Government Bond Fund ·Loomis Sayles Limited Term Government and Agency Fund ·Parnassus Core Equity Fund^SM ·Pioneer Equity Income Fund

See “FEDERAL TAX CONSIDERATIONS – Taxation of Qualified Contracts – Special Considerations for Section 403(b) Plans” for information about investing in one of the public funds under a Section 403(b) annuity contract.

Possible Conflicts of Interest. With respect to the insurance-dedicated funds, it is possible that a conflict of interest may arise due to mixed and shared funding, a change in law affecting the operations of variable annuity separate accounts, differences in the voting instructions of the contract holder and others maintaining a voting interest in the funds or some other reason. Such a conflict 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 insurance-dedicated fund’s board of directors or trustees will monitor events in order to identify any material irreconcilable conflicts that may arise and to determine what action, if any, should be taken to address such conflicts. In the event of a conflict, the Company will take any steps necessary to protect contract holders and annuitants maintaining a voting interest in the funds, including the withdrawal of the separate account from participation in the funds that are involved in the conflict.

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

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. Generally, under contracts issued in connection with Section 403(b) and 401 plans, you have a fully vested interest in the value of your employee account and in your employer account to the extent of your vested percentage in the plan. Therefore, under such plans you generally have the right to instruct the contract holder how to direct us to vote shares attributable to your account. We will vote shares for which instructions have not been received in the same proportion as those for which we received instructions. 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.

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The number of votes, whole and fractional, any person is entitled to direct will be determined as of the record date set by any fund in which that person invests through the subaccounts. Additionally:

·During the accumulation phase, the number of votes is equal to the portion of your account value invested in the fund, divided by the net asset value of one share of that fund; and

·During the income phase, 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

Subject to 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 funds 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, we must be provided with alternative allocation instructions. Alternative allocation instructions can be given by contacting us at the telephone number listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company.” See also “TRANSFERS” for information about making subaccount allocation changes;

·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.

Fixed Interest Options

For descriptions of the fixed interest options, see APPENDIX I,APPENDIXII and the GAA prospectus. The GAA prospectus may be obtained free of charge from Customer Service at the address and telephone number listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company,” by accessing the SEC’s website or by contacting the SEC’s Public Reference Branch.

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Selecting Investment Options

When selecting investment options:

·Choose options appropriate for you. Your local representative can help you evaluate which investment options may be appropriate for 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 a value that rises and falls more rapidly and to a greater degree than other funds. For example, funds investing in foreign or international securities are subject to additional risks not associated with domestic investments, and their performance may vary accordingly. Also, funds using derivatives in their investment strategy may be subject to additional risks; and

·Be informed. Read this prospectus, the fund prospectuses, the fixed interest option appendices and the GAA prospectus.

Furthermore, be aware that there may be:

·Limits on Option Availability. Some subaccounts and fixed interest options may not be available through certain contracts and plans 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; and

·Limits on Number of Options Selected. Generally, the contract holder, or you if permitted by the plan, may select no more than 25 investment options at initial enrollment. Thereafter, more than 25 investment options can be selected at any one time.

FEES

The following repeats and adds to information provided in the “FEE TABLE” section. Please review both this section and the Fee Table section for information on fees.

Transaction Fees Loan Interest Rate Spread For a discussion of the loan interest rate spread and the costs associated with loans, see “LOANS – Loan Interest.” Redemption Fees Certain funds may deduct redemption fees as a result of withdrawals, transfers or other fund transactions you initiate. If applicable, we may 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. Types of Fees Your account may incur the following types of fees: ·Transaction Fees >Loan Interest Rate Spread >Redemption Fees ·Fees Deducted from Investments in the Subaccounts >Mortality and Expense Risk Charge >Administrative Expense Charge ·Fund Fees and Expenses

Periodic Fees and Charges

Mortality and Expense Risk Charge

Maximum Amount. 1.25% annually invested in the subaccounts during both the accumulation phase and the income phase.

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The annual mortality and expense risk charge currently assessed is shown below; however, we reserve the right to charge up to the maximum shown above.

Voya Money Market Portfolio Subaccount	0.10%
All Other Subaccounts	0.60%

When/How. We deduct this fee daily from the subaccounts corresponding to the funds you select. We do not deduct this fee from any fixed interest option. We deduct this fee during the accumulation phase and the income phase. See also “Income Phase – Charges Deducted.”

Purpose. The fee compensates us for the mortality and expense risks we assume under the contracts, namely:

·Mortality risks are those risks associated with our promise to make lifetime payments based on annuity rates specified in the contracts and our funding of the death benefit and other payments we make to owners or beneficiaries of the accounts; and

·Expense risk is the risk that the actual expenses we incur under the contracts will exceed the maximum costs that we can charge.

If the amount we deduct for this fee is not enough to cover our mortality costs and expenses under the contracts, 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 fee.

Administrative Expense Charge

Amount. 0.25% on an annual basis from your account value invested in the subaccounts.

When/How. We deduct this fee daily during the accumulation phase from your account value held in the subaccounts corresponding to the funds you select. We do not currently deduct this fee during the income phase, although we reserve the right to do so. If we are imposing this fee under the contract when you enter the income phase, the fee will apply to you during the entire income phase.

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

Fund Fees and Expenses

As shown in the fund prospectuses and described in the “Fee Table – Fund Fees and Expenses” section, 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 holder 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.

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Revenue from the Funds

The Company may receive compensation from each of the funds or the funds’ affiliates. For certain funds, some of this compensation may be paid out of 12b-1 fees or service fees that are deducted from fund assets. Any such fees deducted from fund assets are disclosed in the fund prospectuses. The Company may also receive additional compensation from certain funds for administrative, recordkeeping or other services provided by the Company to the funds or the funds’ affiliates. These additional payments may also be used by the Company to finance distribution. These additional payments are made by the funds or the funds’ affiliates to the Company and do not increase, directly or indirectly, the fund fees and expenses.

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 Directed Services LLC, 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 deducted from fund assets and may include:

·A share of the management fee;

·Service fees;

·For certain share classes, compensation paid from 12b-1 fees; and

·Other revenues that may be based either on an annual percentage of average net assets held in the fund by the Company or a percentage of the fund’s management fees.

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.

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The revenue received by the Company or its affiliates from unaffiliated funds may be deducted from fund assets and may include:

·Service fees;

·For certain share classes, compensation paid from 12b-1 fees;

·Additional payments for administrative, recordkeeping or other services that we provide to the funds or their affiliates, such as processing purchase and redemption requests and mailing fund prospectuses, periodic reports and proxy materials. These additional payments do not increase directly or indirectly the fees and expenses shown in each fund’s prospectus. These additional payments may be used by us to finance distribution of the contract.

If the unaffiliated fund families currently offered through the contract that made payments to us were individually ranked according to the total amount they paid to the Company or its affiliates in 2014, in connection with the registered variable annuity contracts issued by the Company, that ranking would be as follows:

·Fidelity Investments®;	·American Century Investments®;
·Franklin® Templeton® Investments;	·Calvert Funds;
·Columbia Funds;	·Loomis Sayles Funds;
·PIMCO Funds ;	·Parnassus Funds;
·Lord Abbett Funds;	·Delaware Investments;
·Invesco Investments;	·J.P. Morgan Funds; and
·Aston Funds;	·American Beacon® Funds.
·      Pioneer Investments;

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 2014, 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 opportunities 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 are 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.

Charges for Advisory Services

We reserve the right to deduct from a participant’s account, upon authorization from the participant, any advisory and other fees due under an independent advisory services agreement between the participant and an investment adviser. Advisory fees will be deducted on a pro-rata basis from the subaccounts that invest in the funds used in the allocation model selected by the participant under the advisory services agreement. Any set-up fees may be deducted on a pro-rata basis from all of the funds in which the participant is invested.

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Premium and Other Taxes

Currently, there is no premium tax on annuities under New York regulations. If the state does impose a premium tax, it would be deducted from the amount applied to an income phase payment option. We reserve the right to deduct a charge for state premium tax from the purchase payment(s) or from the account value at any time, but no earlier than when we have a tax liability under state law.

In addition, the Company reserves the right to assess a charge for any federal taxes due against the separate account. See “FEDERAL TAX CONSIDERATIONS.”

YOUR ACCOUNT VALUE

During the accumulation phase, your account value at any given time equals:

·Account dollars directed to the fixed interest options, including interest earnings to date; less

·Deductions, if any, from the fixed interest options (e.g., withdrawals, fees); plus

·The current dollar value of amounts held in the subaccounts, which takes into account investment performance and fees deducted from the subaccounts.

Subaccount Accumulation Units. When a fund is selected as an investment option, your account dollars invest in “accumulation units” of the separate account subaccount corresponding to that fund. The subaccount invests directly in the fund shares. The value of your interests in a subaccount is expressed as the number of accumulation units you hold multiplied by an “Accumulation Unit Value,” as described below, for each unit.

Accumulation Unit Value (“AUV”). The value of each accumulation unit in a subaccount is called the accumulation unit value or AUV. The value of accumulation units varies daily in relation to the underlying fund’s investment performance. The value also reflects deductions for fund fees and expenses, the mortality and expense risk charge, and the administrative expense charge. We discuss these deductions in more detail in “FEE TABLE” and “FEES.”

Valuation. We determine the AUV every business day after the close of the New York Stock Exchange (“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 investment factor” of the subaccount. The net investment factor measures the investment performance of the subaccount from one valuation to the next.

Current AUV = Prior AUV x Net Investment Factor

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

Net Investment Rate. The net investment 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 units at the preceding valuation; minus

·A daily deduction for the mortality and expense risk charge and the administrative expense charge and any other fees deducted daily from investments in the separate account. See “FEES.”

The net investment rate may be either positive or negative.

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Hypothetical Illustration. As a hypothetical illustration, assume that an investor contributes $5,000 to his account and directs us to invest $3,000 in Fund A and $2,000 in Fund B. After receiving the contribution and following the next close of business of the NYSE, the applicable AUV’s are $10 for Subaccount A and $25 for Subaccount B. Your account is credited with 300 accumulation units of Subaccount A and 80 accumulation units of Subaccount B.

Step 1: You make an initial contribution of $5,000. Step 2: ·You direct us to invest $3,000 in Fund A. The purchase payment purchases 300 accumulation units of Subaccount A ($3,000 divided by the current $10 AUV). ·You direct us to invest $2,000 in Fund B. The purchase payment purchases 80 accumulation units of Subaccount B ($2,000 divided by the current $25 AUV).			$5,000 contribution
	Step 1¯
	Voya Retirement Insurance and Annuity Company
	Step 2 ¯
		Variable Annuity Account C
		Subaccount A 300 accumulation units		Subaccount B 80 accumulation units		Etc.
Step 3: The separate account then purchases shares of the applicable funds at the current market value (net asset value or “NAV”).		¯ Step 3 ¯
		Fund A			Fund B

The fund’s subsequent investment performance, expenses and charges and the daily charges deducted from the subaccount will cause the AUV to move up or down on a daily basis.

Purchase Payments to Your Account. If all or a portion of initial payments are directed to the subaccounts, they will purchase subaccount accumulation units at the AUV next computed after our acceptance of the applicable application or enrollment forms. Any subsequent purchase payments or transfers directed to the subaccounts that we receive by the close of business of the NYSEwill purchase subaccount accumulation units at the AUV computed after the close of the NYSE on that day. The value of subaccounts may vary day to day.

TRANSFERS

Transfers Among Investment Options. During the accumulation phase and the income phase, you may transfer amounts among the variable investment options. Except as may be required under our Excessive Trading Policy, you may make a transfer request by telephone or, where available, electronically. Transfers must be made in accordance with the terms of the contract and your plan. Contact Customer Service at the telephone number listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company” for information on how to initiate transfers among the variable investment options and for the electronic medium(s) currently available. Transfers from fixed interest options are restricted as outlined in AppendiX I and AppendiX II.

Value of Transferred Dollars. The value of amounts transferred into or out of subaccounts will be based on the subaccount unit values next determined after we receive your transfer request.

Telephone and Electronic Transfers:  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 personal identification number (“PIN”) to execute transactions. You are responsible for keeping your PIN 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 following 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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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 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 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.

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”).

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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 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.

Dollar Cost Averaging Program. Dollar cost averaging is a system for investing that buys fixed dollar amounts of an investment at regular intervals, regardless of price. Our program transfers, at regular intervals, a fixed dollar amount from the Voya Money Market Portfolio to the Fixed Plus Account, GAA or one or more subaccounts that you select. There is no additional charge for this program. Amounts transferred to or from the Fixed Plus Account and subsequently withdrawn from the contract during the accumulation phase may be subject to the Fixed Plus Account transfer and partial surrender restrictions. See APPENDIX II.

Amounts transferred from the GAA before the end of a guaranteed term may be subject to a market value adjustment. See APPENDIX I and the GAA prospectus. Dollar cost averaging neither ensures a profit nor guarantees against loss in a declining market. You should consider your financial ability to continue purchases through periods of low price levels. For additional information about this program, contact your local representative or call the Company at the number or address listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company.” This program is not available to participants in the Asset Rebalancing Program.

Asset Rebalancing Program. This program allows you to have your account value automatically reallocated to specified percentages on a scheduled basis. There is no additional charge for this service. If elected, account values invested in the subaccounts will be rebalanced. Account values invested in the GAA and the Fixed Plus Account will not be rebalanced.

To elect to participate in the Asset Rebalancing Program, contact Customer Service at the number or address listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company.” This program is not available to participants in the Dollar Cost Averaging Program.

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WITHDRAWALS

Making a Withdrawal. Subject to limitations on withdrawals from the Fixed Plus Account, you may withdraw all or a portion of your account value at any time during the accumulation phase, except for a distribution due to a financial hardship as defined by the plan. Your plan administrator must certify that you are eligible, both as to the timing and form of distribution. Steps for Making a Withdrawal. You must: ·Select the withdrawal amount. > Full Withdrawal: You will receive, reduced by any required tax and redemption fees, if applicable, your account value allocated to the subaccounts, the GAA (plus or minus any applicable market value adjustment) and the amount available for withdrawal from the Fixed Plus Account; or >Partial Withdrawal (Percentage or Specified Dollar Amount): You will receive, reduced by any required tax and redemption fees, if applicable, the amount you specify, subject to the value available in your account. The amounts available from the Fixed Plus Account may be limited; ·Select Investment Options. If not specified, we will withdraw dollars in the same proportion as the values you hold in the various investment options from each investment option in which you have an account value; and ·Properly complete a disbursement form and submit it to Customer Service at the address listed in “CONTRACT OVERVIEW – Questions: Contacting the Company.” For a description of limitations on withdrawals from the Fixed Plus Account, see APPENDIX II. Taxes, Fees and Deductions Amounts withdrawn may be subject to one or more of the following: ·Market Value Adjustment (See APPENDIX I) ·Redemption Fees (See “FEES – Redemption Fees”) · Tax Withholding (see “FEDERAL TAX CONSIDERATIONS”) ·Tax Penalty (see “FEDERAL TAX CONSIDERATIONS”) To determine which may apply, refer to the appropriate sections of this prospectus, contact your local representative or call Customer Service at the number listed in “CONTRACT OVERVIEW – Questions: Contacting the Company.”

Calculation of Your Withdrawal. We determine your account value every normal business day after the close of the NYSE. We pay withdrawal amounts based on your account value either: 

·As of the next valuation after we receive a request for withdrawal in good order at Customer Service, or

·On such later date as specified on the disbursement form (as allowed under our administrative procedures).

Withdrawal Restrictions. Some plans may have other limits on withdrawals, other than or in addition to those listed below:

·Section 403(b)(11) of the Tax Code prohibits withdrawals under 403(b) contracts prior to your death, disability, attainment of age 59½, severance from employment, or financial hardship, of the following: 

>Salary reduction contributions made after December 31, 1988;

>Earnings on those contributions; and

>Earnings on amounts held before 1989 and credited after December 31, 1988 (these amounts are not available for hardship withdrawals). Other withdrawals may be allowed as provided for under the Tax Code or regulations.

·The contract may require that the contract holder certify that you are eligible for the distribution.

Effective January 1, 2009, 403(b) regulations impose restrictions on the distribution of 403(b) employer contributions under certain contracts. See “FEDERAL TAX CONSIDERATIONS – Taxation of Qualified Contracts – Distributions – Eligibility – 403(b) Plans.”

Delivery of Payment. Payments for withdrawal requests will be made in accordance with SEC requirements. Normally, the payment will be sent no later than seven calendar days following our receipt of the disbursement form in good order at Customer Service.

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Reinvestment Privilege. The contracts allow the one-time use of a reinvestment privilege. Within 30 days after a full withdrawal, if allowed by law, you may elect to reinvest all or a portion of the proceeds. We must receive reinvested amounts within 60 days of the withdrawal. We will credit the account for the amount reinvested based upon the subaccount values next computed following our receipt of your request and the amount to be reinvested. Provided all options are available, we will reinvest in the same investment options and proportions in place at the time of withdrawal. If an investment option is no longer available, amounts to be allocated to any such option will be invested in a replacement option as directed by you or your plan sponsor, as applicable. Seek competent advice regarding the tax consequences associated with reinvestment.

SYSTEMATIC DISTRIBUTION OPTIONS
Availability of Systematic Distribution Options. These options may be exercised at any time during the accumulation phase of the contract. To exercise one of these options the account value must meet any minimum dollar amount and age criteria applicable to that option. In addition, for the employer account and certain employee accounts, except for a distribution due to a financial hardship as defined by the plan, the contract holder must provide written certification that the distribution is in accordance with the terms of the plan. To determine what systematic distribution options are available, check with the Company at the Service Center. The systematic distribution options currently available under the contract include the following: ·SWO-Systematic Withdrawal Option. SWO is a series of automatic partial withdrawals from your account based on the payment method selected. It is designed for those who want a periodic income while retaining investment flexibility for amounts accumulated under the contract. This option may not be available if you have an outstanding loan;	Features of a Systematic Distribution Option A systematic distribution option allows you to receive regular payments from your account, without moving into the income phase. By maintaining your account in the accumulation phase, certain rights and flexibility are retained and any accumulation phase fees may apply. Because the account remains in the accumulation phase, all accumulation phase charges continue to apply.
·LEO-Life Expectancy Option. This option provides for annual payments for a number of years equal to your life expectancy or the expectancy of you and a designated beneficiary. It is designed to meet the substantially equal periodic payment exception to the 10% premature distribution penalty under Tax Code section 72. See “TAX CONSIDERATIONS;” and ·ECO-Estate Conservation Option. ECO offers the same investment flexibility as SWO, but is designed for those who want to receive only the minimum distribution that the Tax Code requires each year. Under ECO, we calculate the minimum distribution amount required by law at the later of age 70½ or retirement and pay you that amount once a year. Other Systematic Distribution Options. We may add additional systematic distribution options from time to time. You may obtain additional information relating to any of the systematic distribution options from your local representative or from the Company at Customer Service.

Availability of Systematic Distribution Options. The Company may discontinue the availability of one or all of the systematic distribution options at any time and/or change the terms of future elections.

Terminating a Systematic Distribution Option. Once a systematic distribution option is elected, you may revoke it at any time by submitting a written request to Customer Service at the address listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company.” Any revocation will apply only to the amount not yet paid. Once an option is revoked for an account, it may not be elected again until the next calendar year, nor may any other systematic distribution option be elected unless the Tax Code permits it.

Tax Consequences. Withdrawals received through these options and revocations of elections may have tax consequences. See “FEDERAL TAX CONSIDERATIONS.”

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LOANS

Availability. You may take out a loan from your account value during the accumulation phase. Loans are only allowed from amounts allocated to certain subaccounts and fixed interest options. Additional restrictions may apply under the Tax Code, your plan or due to our administrative practices or those of a third party administrator selected by your plan sponsor, and loans may be subject to approval by the plan sponsor or its delegate. We reserve the right not to grant a loan request if the participant has an outstanding loan in default.

Requests. If you are eligible to obtain a loan, you may request one by properly completing the loan request form and submitting it to Customer Service at the address listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company.”  Read the terms of the loan agreement before submitting any request.

Loan Interest. Interest will be charged on loan amounts. The difference between the rate charged and the rate credited on the loans under your contract is currently 2.50% (i.e., a 2.50% loan interest rate spread). The loan interest rate spread is retained by the Company.

DEATH BENEFIT	This section provides information about the accumulation phase. For death benefit information applicable to the income phase see “INCOME PHASE.”
The contract provides a death benefit in the event of your death, which is payable to the beneficiary you name for your account.

During the Accumulation Phase

Payment Process:

·Following your death, your beneficiary must provide the Company with proof of death acceptable to us and a payment request in good order;

·The payment request should include selection of a benefit payment option; and

· Within seven calendar days after we receive proof of death acceptable to us and a payment request in good order at Customer Service at the address listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company,” we will mail payment, unless otherwise requested.

Until one of the benefit payment options listed below is selected, account dollars will remain invested as at the time of your death and no distribution will be made.

If you die during the accumulation phase of your account, the following payment options are available to your beneficiary, if allowed by the Tax Code:

·Lump-sum payment;

· Payment in accordance with any of the available income phase payment options. See “INCOME PHASE – Income Phase Payment Options”; or

·Payment in accordance with an available systematic distribution option (subject to certain limitations). See “SYSTEMATIC DISTRIBUTION OPTIONS.”

The beneficiary may also leave the account value invested in the contract, subject to Tax Code limits on the length of time amounts may remain invested and subject to market fluctuation.

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The Value of the Death Benefit. The death benefit will be based on your account value as calculated on the next valuation following the date on which we receive proof of death and a death claim in good order. Interest on amounts invested in the fixed interest options, if any, will be paid from the date of death at a rate no less than required by law. For amounts held in the GAA, any positive aggregate market value adjustment (the sum of all market value adjustments calculated due to a withdrawal) will be included in your account value. If a negative aggregate market value adjustment applies, it would be deducted only if the death benefit is withdrawn more than six months after your death. We describe the market value adjustment in APPENDIX I and in the GAA prospectus.

The contracts provide a guaranteed death benefit that can be elected within the first six months after your death. A beneficiary who (i) elects an income phase payment option; (ii) takes a total distribution of the account; or (iii) if the beneficiary is your spouse, registers the account in his or her name, may elect to receive the guaranteed death benefit provided he or she has notified the Company of such election within six months after the participant’s death. The guaranteed death benefit is the greater of A or B, where:

A Is the sum of payments (minus any applicable premium tax and any outstanding loan amount) made to your account, minus a dollar for dollar adjustment for amounts withdrawn or applied to an income phase payment option from your account; or

B Is your account value on the day that notice of death and request for payment or notice of election of the death benefit are received in good order atour Customer Service, plus any positive aggregate market value adjustment that applies to amounts allocated to the GAA.

For accounts established on our after February 1, 2004, the adjustment for amounts withdrawn or applied to an income phase payment option from your account in (A) above will be proportionate (i.e., the sum of payments will be reduced in the same proportion that the account value was reduced on the date of the withdrawal or application to an income phase payment option), if it would result in a higher death benefit.

A beneficiary may not make this election after he or she has initiated income phase payments or has taken a total account distribution.

If the amount of (A) is greater than the amount in (B), the Company will deposit to the account the amount by which the death benefit exceeds the account value. The amount paid to the beneficiary will equal the account value on the date the payment request is processed. The amount paid to the beneficiary may be more or less than the amount of the death benefit determined in (A) when the notice of death was received. If such an election is not made within six months after your death, however, depending on your plan, the death benefit may be equal to the account value.

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 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 shown in “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 or tax 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 Federal Deposit Insurance Corporation (“FDIC”). 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.

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Tax Code Requirements. The Tax Code requires distribution of death benefit proceeds within a certain period of time. Failure to begin receiving death benefit payments within those time periods can result in tax penalties. Regardless of the method of payment, death benefit proceeds will generally be taxed to the beneficiary in the same manner as if you had received those payments. See “FEDERAL TAX CONSIDERATIONS” for additional information.

INCOME PHASE

During the income phase you stop contributing dollars to your account and start receiving payments from your accumulated account value.   Initiating Payments. At least 30 days prior to the date you want to start receiving income phase payments, you must notify us in writing of the following: ·Payment start date; ·Income phase payment option (see the income phase payment options table in this section); ·Payment frequency (i.e., monthly, quarterly, semi-annually or annually); ·Choice of fixed, variable or a combination of both fixed and variable payments; and ·Selection of an assumed net investment rate (only if variable payments are elected). We may have used the following terms in prior prospectuses:   Annuity Phase – Income Phase   Annuity Option – Payment Option   Annuity Payment – Income Phase Payment   Annuitization – Initiating Income Phase Payments

The account will continue in the accumulation phase until you properly initiate income phase payments. Once an income phase payment option is selected, it may not be changed; however, certain options allow you to withdraw a lump-sum.

What Affects Payment Amounts? Some of the factors that may affect the amount of your income phase payment include:  your age, your account value, the income phase payment option selected, number of guaranteed payments (if any) selected, whether fixed, variable or a combination of both fixed and variable payments are selected, and, for variable payments, the assumed net investment rate selected.

Fixed Payments. Amounts funding fixed income phase payments will be held in the Company’s general account. Fixed payment amounts do not vary over time.

Variable Payments. Amounts funding your variable income phase payments will be held in the subaccount(s) selected. The contracts may restrict the subaccounts available during the income phase. You may make up to 12 transfers per calendar year among available variable investment options. The subaccounts available for investment during the income phase may be different than those available for investment during the accumulation phase. For information about the subaccounts available during the income phase, please contact the Voya Service Center. For variable income phase payments, an assumed net investment rate must be selected.

Payments from Fixed Plus Account Values. If a nonlifetime income phase payment option is selected, only fixed income phase payments may be made from amounts held in the Fixed Plus Account during the accumulation phase.

Assumed Net Investment Rate. If you select variable income phase payments, you must also select an assumed net investment rate of either 5% or 3.50%. If you select a 5% rate, your first payment will be higher, but subsequent payments will increase only if the investment performance of the subaccounts 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.

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If you select a 3.50% rate, your first income phase payment will be lower and subsequent payments will increase more rapidly or decline more slowly depending upon the investment performance of the subaccounts selected. For more information about selecting an assumed net investment rate, request a copy of the SAI by calling the Company. See “CONTRACT OVERVIEW – Questions:  Contacting the Company.”

Minimum Payment Amounts. The income phase payment option selected must result in one or both of the following:

·A first income phase payment of at least $20; or

·Total yearly income phase payments of at least $100.

If your account value is too low to meet these minimum payment amounts, you must elect a lump-sum payment.

Charges Deducted. When you select an income phase payment option (one of the options listed in the tables on the following page), a mortality and expense risk charge, consisting of a daily deduction of 1.25% on an annual basis, will be deducted from amounts held in the subaccounts. This charge compensates us for mortality and expense risks we assume under variable income phase payout options and is applicable to all variable income phase payout options, including variable nonlifetime options under which we do not assume mortality risk. In this situation, this charge will be used to cover expenses. Although we expect to earn a profit from this fee, we do not always do so. We may also deduct a daily administrative charge of 0.25% annually from amounts held in the subaccounts. For variable options under which we do not assume a mortality risk, we may make a larger profit than under other options.

Death Benefit During the Income Phase. The death benefits that may be available to a beneficiary are outlined in the following payment option table. If a lump-sum payment is due as a death benefit, we will make payment within seven calendar days after we receive proof of death acceptable to us and the payment request in good order at the following address:

Customer Service
Voya Retirement Insurance and Annuity

P.O. Box 9862

Providence, RI 02940-8062

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 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 shown in “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 or tax adviser before choosing a settlement or payment option. See “DEATH BENEFIT – The Retained Asset Account” for more information about the retained asset account.

Taxation. To avoid certain tax penalties, you and any beneficiary must meet the distribution rules imposed by the Tax Code. See “FEDERAL TAX CONSIDERATIONS.”

Income Phase Payment Options

The following tables list the income phase payment options and accompanying death benefits that may be available under the contracts. Some contracts restrict the options and the terms available. Check with your plan sponsor for details. We may offer additional income phase payment options under the contract from time to time.

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Terms used in the Tables:

·Annuitant – The person(s) on whose life expectancy the income phase payments are calculated; and

·Beneficiary – The person designated to receive the death benefit payable under the contract.

Lifetime Income Phase Payment Options
Life Income	Length of Payments: For as long as the annuitant lives. It is possible that only one payment will be made should the annuitant die prior to the second payment’s due date. Death Benefit-None: All payments end upon the annuitant’s death.
Life Income- Guaranteed Payments *	Length of Payments: For as long as the annuitant lives, with payments guaranteed for a choice of 5 to 20 years or as otherwise specified in the contract. Death Benefit-Payment to the Beneficiary: If the annuitant dies before we have made all the guaranteed payments, we will pay the beneficiary a lump-sum (unless otherwise requested) equal to the present value of the remaining guaranteed payments.
Life Income- Two Lives	Length of Payments: For as long as either annuitant lives. It is possible that only one payment will be made should both annuitants die before the second payment’s due date. Continuing Payments: ·This option allows a choice of 100%, 662/3% or 50% of the payment to continue to the surviving annuitant after the first death; or ·100% of the payment to continue to the annuitant on the second annuitant’s death, and 50% of the payment to continue to the second annuitant on the annuitant’s death. Death Benefit-None: Payments end after the deaths of both annuitants.
Life Income-Two Lives- Guaranteed Payments*	Length of Payments: For as long as either annuitant lives, with payments guaranteed for a minimum of 60 months, or as otherwise specified in the contract. Continuing Payments: 100% of the payment will continue to the surviving annuitant after the first death. Death Benefit-Payment to the Beneficiary: If both annuitants die before the guaranteed payments have all been paid, we will pay the beneficiary a lump-sum (unless otherwise requested) equal to the present value of the remaining guaranteed payments.
Life Income- Cash Refund Option-fixed payment only	Length of Payments: For as long as the annuitant lives. Death Benefit-Payment to the Beneficiary: Following the annuitant’s death, we will pay a lump-sum payment equal to the amount originally applied to the payment option (less any premium tax) and less the total amount of fixed income payments paid.
Life Income-Two Lives-Cash Refund Option-fixed payment only	Length of Payments: For as long as either annuitant lives. Continuing Payment: 100% of the payment to continue after the first death. Death Benefit-Payment to the Beneficiary: When both annuitants die, we will pay a lump-sum payment equal to the amount applied to the income phase payment option (less any premium tax) and less the total amount of fixed income payments paid.
Nonlifetime Income Phase Payment Options
Nonlifetime- Guaranteed Payments*	Length of Payments: Payments generally may be fixed or variable and may be made for 3 to 30 years. However, for amounts held in the Fixed Plus Account during the accumulation phase, the payment must be on a fixed basis and must be for 6 to 30 years. In certain cases a lump-sum payment may be requested at any time (see below). Death Benefit-Payment to the Beneficiary: If the annuitant dies before we make all the guaranteed payments, we will continue to pay the beneficiary the remaining payments. Unless prohibited by a prior election of the contract owner, the beneficiary may elect to receive a lump-sum payment equal to the present value of the remaining guaranteed payments.

Lump-Sum Payment:  If the “Nonlifetime-Guaranteed Payments” option is elected with variable payments, you may request at any time that all or a portion of the present value of the remaining payments be paid in one lump-sum. Lump-sum payments will be sent within seven calendar days after we receive the request for payment in good order at Customer Service.

*   Guaranteed period payments may not extend beyond the shorter of your life expectancy or until you attain age 95.

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Calculation of Lump-Sum Payments. If a lump-sum payment is available to a beneficiary or to you in the options above, the rate we use to calculate the present value of the remaining guaranteed payments is the same rate we use to calculate the income phase payments (i.e., the actual fixed rate used for fixed payments, or the 3.50% or 5.0% assumed net investment rate for variable payments).

FEDERAL TAX CONSIDERATIONS

Introduction   The contracts described in this prospectus are designed to be treated as annuities for U.S. federal income tax purposes. This section discusses our understanding of current federal income tax laws affecting the contracts. The U.S. federal income tax treatment of the contracts 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 designated 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 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 contracts; and ·No assurance can be given that the Internal Revenue Service (“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 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 (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 contracts with 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.

Qualified Contracts. The contracts described in this prospectus may be purchased on a tax-qualified basis (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), 403(b) and 414(h) of the Tax Code. Employers or individuals intending to use the contracts with such plans should seek legal and/or advice.

Taxation of Qualified Contracts

Eligible Retirement Plans and Programs

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

·401(a) Plans. Section 401(a) of the Tax Code permits certain employers to establish various types of retirement plans for employees, and permits self-employed individuals to establish these plans for themselves and their employees;

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·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; and

·414(h) Plans. Under Section 414(h) of the Tax Code, a governmental employer “picks up” plan contributions, otherwise designated as employee contributions, and the contributions are treated as employer contributions. The 414(h) contributions are excluded from the employee’s taxable income and are not subject to Federal income tax withholding. Generally, the Tax Code provisions applicable to 401(a) plans are also applicable to 414(h) plans. There is no further information specific to 414(h) plans in this prospectus.

Special Considerations for Section 403(b) Plans. In addition to being offered as an investment option under the contracts, shares of certain funds are also offered for sale directly to the general public. These funds are identified above. In order to qualify for favorable tax treatment under Tax Code Section 403(b), a contract must be considered an “annuity.” In Revenue Procedure 99-44, the IRS concluded that it will treat a contract as an annuity for federal income tax purposes under Tax Code Section 403(b), notwithstanding that contract purchase payments are invested at the contract owner’s direction in publicly available securities. This treatment will be available provided no additional tax liability would have been incurred if the contribution was paid into a trust or a custodial account in an arrangement that satisfied the requirements of Tax Code Section 401(a) or 403(b)(7)(A). We believe that the contract satisfies the requirements set forth in Revenue Procedure 99-44 and will therefore be treated as an annuity for tax purposes, notwithstanding the fact that investments may be made in publicly available securities. However, the exact nature of the requirements of Revenue Procedure 99-44 are unclear, and you should consider consulting with a tax and/or legal adviser before electing to invest in a fund that is offered for sale to the general public through a contract issued in relation to a 403(b) plan.

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.

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, participants, annuitants, and beneficiaries are cautioned that the rights of any person to any benefit under these qualified plans 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 programs to the extent such terms contradict the language of the contract, unless we consent in writing.

Contract holders, participants, 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 legal and/or 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.

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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) and 403(b) Plans. The total annual contributions (including pre-tax and after-tax contributions) by you and your employer cannot exceed, generally, the lesser of 100% of your compensation or $53,000 (as indexed for 2015). Compensation means your compensation for the year from the employer sponsoring the plan and, for years beginning after December 31, 1997, 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 403(b) plan to generally no more than $18,000 (2015). Contribution limits are subject to annual adjustments for cost-of-living increases. Your own limit may be higher or lower, depending upon certain conditions.

Catch-up Contributions. Notwithstanding the contribution limits noted above, if permitted by the plan, a participant in a 403(b) plan who is at least age 50 by the end of the plan year may contribute an additional amount not to exceed the lesser of:

·$6,000; or

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

For advice with respect to these catch-up provisions, please consult your own  tax and/or legal adviser.

Distributions -- General

Certain tax rules apply to distributions from the contracts. A distribution is any amount taken from a contract including withdrawals, income phase (i.e., annuity) payments, rollovers, exchanges and death benefit proceeds. We report the taxable portion of all distributions to the IRS.

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

·The distribution is an eligible rollover distribution and is directly transferred to another plan eligible to receive rollovers or to a traditional or Roth 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 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.

Please note that a rollover distribution of a pre-tax account is reported as a taxable distribution.

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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 expectancy of the participant or the joint life expectancy of the participant and his designated beneficiary or for a specified period of 10 years or more;

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

·A hardship withdrawal;

·Otherwise excludable from income; or

·Not recognized under applicable regulations as eligible for rollover.

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) or 403(b) plan (collectively, “qualified plans”) unless certain exceptions, including one or more of the following, have occurred:

·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;

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

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

·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 the life expectancy or the joint lives or joint life expectancies of you and your designated beneficiary;

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

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

·The distribution is a qualified reservist distribution as defined under the Tax Code.

In addition, the 10% additional tax does not apply to the amount of a distribution equal to unreimbursed medical expenses incurred by you during the taxable year that qualify for deduction as specified in the Tax Code. The Tax Code may provide other exceptions or impose other penalty taxes in other circumstances.

Distributions – Eligibility

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

·Retirement;

·Death;

·Disability;

·Severance from employment; or

·Termination of the plan.

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

403(b) Plans. Distribution of certain salary reduction contributions and earnings on such contributions restricted under Tax Code Section 403(b)(11) may only occur upon:

·Death;

·Attainment of age 59½;

·Severance from employment;

·Disability;

·Financial hardship;

·Termination of the plan (assets must be distributed within one year); 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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Effective January 1, 2009 and for any contracts or participant accounts established on or after that date, 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).

Lifetime Required Minimum Distributions (401(a) and 403(b) Plans)

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:

·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 70½ or retire, whichever occurs later, unless:

·Under 401(a) 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 70½; 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 or retire, if later. 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. We must pay out 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). The entire interest in the account includes the amount of any outstanding rollover, transfer, recharacterization, if applicable, and the actuarial present value of other benefits provided under the account, such as guaranteed death benefits.

50% Excise Tax. If you fail to receive the required minimum distribution for any tax year, a 50% excise tax may be imposed on the required amount that was not distributed.

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

Required Distributions upon Death (401(a) and 403(b) Plans)

Different distribution requirements apply after your death, depending upon if you have begun receiving required minimum distributions. Further information regarding required distributions upon death may be found in your contract or certificate.

If your death occurs on or after the date you begin receiving minimum distributions under the contract, distributions generally must be made at least as rapidly as under the method in effect at the time of your death. Tax Code Section 401(a)(9) provides specific rules for calculating the minimum required distributions after your death.

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If your death occurs before the date you begin receiving minimum distributions under the contract, your entire balance must be distributed by December 31 of the calendar year containing the fifth anniversary of the date of your death. For example, if you die on September 1, 2015, your entire balance must be distributed to the designated beneficiary by December 31, 2020. However, if distributions begin by December 31 of the calendar year following the calendar year of your death, then payments may be made within 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.

Start Dates for Spousal Beneficiaries. If the designated beneficiary is your spouse, distributions must begin on or before the later of the following:

·December 31 of the calendar year following the calendar year of your death; or

·December 31 of the calendar year in which you would have attained age 70½.

No Designated Beneficiary. If there is no designated beneficiary, the entire interest generally must be distributed by the end of the calendar year containing the fifth anniversary of the contract owner’s death.

Withholding

Any 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, and we may require additional documentation prior to processing any requested distribution.

401(a) and 403(b) Plans. 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.

Non-resident Aliens. If you or your designated beneficiary is a non-resident alien, any withholding will generally be 30% based on the individual’s citizenship, the country of domicile and treaty status. We may require additional documentation prior to processing any requested distribution.

Assignment and Other Transfers

401(a) and 403(b) Plans. Adverse tax consequences to the plan and/or to you may result if your beneficial interest in the contract is 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.

Same-Sex Marriages

Before June 26, 2013, pursuant to Section 3 of the federal Defense of Marriage Act (“DOMA”), same-sex marriages were not recognized for purposes of federal law. On that date the U.S. Supreme Court held in United States v. Windsor that Section 3 of DOMA is unconstitutional. While valid same-sex marriages are now recognized under federal law and the favorable income-deferral options afforded by federal tax law to an opposite-sex spouse under Tax Code Sections 72(s) and 401(a)(9) are now available to same-sex spouses, there are still unanswered questions regarding the scope and impact of the Windsor decision at a state tax level. Consequently, if you are married to a same-sex spouse you should contact a tax and/or legal adviser regarding spousal rights and benefits under the contracts described in the Contract Prospectus and your particular tax situation.

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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 to the extent that such income and gains are applied to increase reserves under the contracts. In addition, any foreign tax credits attributable to the separate account will be first used to reduce any income taxes imposed on the separate account before being used by the Company.

In summary, we do not expect that we will incur any federal income tax liability attributable to the separate account, and we do not intend to make any provision for such taxes. However, changes in federal tax laws and/or their interpretation thereof may result in our being taxed on income or gains attributable to the separate account. In this case we may impose a charge against the 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.

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 the FINRA and the Securities Investor Protection Corporation (“SIPC”). Voya Financial Partners, LLC’s principal office is located at One Orange Way, Windsor, CT 06095-4774.

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.” The following distributors are affiliated with the company and have entered into selling agreements with Voya Financial Partners, LLC for the sale of our variable annuity contracts: 

·    Voya Financial Advisors, Inc.; and

·    Systematized Benefits Administrators, Inc.

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 holders 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.

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Compensation Arrangements. Registered representatives who offer and sell the contracts may be paid a commission. The commissions paid on transferred assets range from 0% to 7%. The commission paid on recurring payments made during the first year of the participant account range from 0% to 7%. After the first year of the participant account, renewal commissions up to 3% may be paid on recurring payments up to the amount of the previous year’s payments, and commissions of up to 7% may be paid on recurring payments in excess of this amount. In addition, the Company may pay an asset-based commission ranging up to 0.50%.

We may also pay ongoing annual compensation of up to 40% of the commissions paid during the year in connection with certain premiums received during that year, if the registered representative attains a certain threshold of sales of Company contracts. Individual registered representatives may receive all or a portion of compensation paid to their distributor, depending upon the firm’s practices. Commissions and annual payments, when combined, could exceed 7% of total premium payments. In certain situations, we may reduce the compensation we pay if we have agreed with a plan sponsor to reimburse expenses related to the services of the plan’s third party administrator. 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. Under one such program, we may pay additional amounts to distributors in connection with a participant’s increased or re-started contributions and/or the number of participant enrollments completed by a registered representative during a specified time period. These other promotional incentives or payments may be limited to contracts offered to certain plans, 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 premium payments received for a limited time period, within the maximum commission rates 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 2014, 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:

·Voya Financial Advisers, Inc.; ·Signator Financial Services, Inc.; ·LPL Financial Corporation; ·Morgan Stanley Smith Barney LLC; ·American Portfolios Financial Services, Inc.; ·Cetera Financial Group; ·Financial Telesis Inc./Jhw Financial Services Inc.; ·Lincoln Financial Advisors Corporation; ·NFP Advisor Services, LLC; ·PlanMember Securities Corporation; ·Securities America, Inc.; ·Royal Alliance Associates, Inc.; ·MetLife Securities, Inc.; ·Primerica Financial Services, Inc.; ·NIA Securities, Inc.; ·GWN Securities, Inc.; ·Cadaret, Grant & Co., Inc.; ·TFS Securities, Inc.; ·NYLIFE Securities LLC; ·Woodbury Financial Services, Inc.; ·National Planning Corporation; ·Ameriprise Financial Services, Inc.; ·Northwestern Mutual Investment Services, LLC; ·First Allied Securities, Inc.; and ·Edward D. Jones & Col, L.P.

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 over those of another Company, and may also provide a financial incentive to promote one of our contracts and/or services over another.

The names of the distributor and the registered representative responsible for your account are stated in your enrollment materials.

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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. We are not currently making any such payments in connection with the sale of these contracts; and

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

OTHER TOPICS

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 othercurrent 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 contributionsand loan repaymentsare 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 certainforms of payments or loan repayments (traveler’s cheques, cashier's checks, bank drafts, bank checks and treasurer's checks,for example) or restrict the amount of certain forms of payments or loan repayments (money orders totaling more than $5,000, for example). 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 policy 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.

Performance Reporting

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

·Standardized average annual total returns; and

·Non-standardized average annual total returns.

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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 total returns reflect the deduction of all recurring charges during each period (e.g., mortality and expense risk charges and administrative expense charges, if any).

Non-Standardized Average Annual Total Returns. We calculate non-standardized average annual total returns in a similar manner as that stated above, except that we may also include performance from the Fund’s inception date, if that date is earlier than the one we use for standardized returns.

Transfer of Ownership; Assignment

No assignment of a contract will be binding on us unless made in writing and sent to us at Customer Service. We will use reasonable procedures to confirm that the assignment is authentic, including verification of signature. If we fail to follow our own procedures, we will be liable for any losses to you directly resulting from the failure. Otherwise, we are not responsible for the validity of any assignment. The rights of the contract owner and the interest of the annuitant and any beneficiary will be subject to the rights of any assignee of record.

Contract Modification

We may change the contract as required by federal or state law. In addition, we may, upon 30 days’ written notice to the contract holder, make other changes to group contracts that would apply only to individuals who become participants under that contract after the effective date of such changes. If the group contract holder does not agree to a change, we reserve the right to refuse to establish new accounts under the contract. Certain changes will require the approval of appropriate state or federal regulatory authorities.

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. Regulatory investigations, exams, inquiries and audits could result in regulatory action against the Company or subject the Company to settlement payments, fines, penalties and other financial consequences, as well as changes to the Company’s policies and procedures.

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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.

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 weekend and holidays) 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 fairly to determine the value of the subaccount’s assets; or

·During any other periods the SEC may by order permit 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.

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 other regulatory proceeding.

Intent to Confirm Quarterly

We will provide confirmation of scheduled transactions quarterly rather than immediately to the participant.

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:

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

You may request an SAI by calling Customer Service at the number listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company.”

PRO.81216-1541

 

APPENDIX I

GUARANTEED ACCUMULATION ACCOUNT

The Guaranteed Accumulation Account (“GAA”) is a fixed interest option that may be available during the accumulation phase under the contracts. Amounts allocated to GAA will be deposited in a nonunitized separate account established by the Company. This appendix is only a summary of certain facts about GAA. Please read the GAA prospectus before investing in this option. You may obtain a copy of the GAA prospectus by contacting us at the address or telephone number listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company.”

General Disclosure. Amounts that you invest in GAA will earn a guaranteed interest rate if amounts are left in GAA for the specified period of time. If you withdraw or transfer those amounts before the specified period of time has elapsed, we may apply a “market value adjustment,” which may be positive or negative.

When you decide to invest money in GAA, you will want to contact your representative or the Company to learn:

·The interest rate we will apply to the amounts that you invest in GAA. We change this rate periodically, so be certain you know what rate we guarantee on the day your account dollars are invested into GAA.

·The period of time your account dollars need to remain in GAA in order to earn that rate. You are required to leave your account dollars in GAA for a specified period of time (guaranteed term), in order to earn the guaranteed interest rate.

Deposit Periods. A deposit period is the time during which we offer a specific interest rate if you deposit dollars for a certain guaranteed term. For a particular interest rate and guaranteed term to apply to your account dollars, you must invest them during the deposit period during which that rate and term are offered.

Interest Rates. We guarantee different interest rates, depending upon when account dollars are invested in GAA. The interest rate we guarantee is an annual effective yield; that means that the rate reflects a full year’s interest. We credit interest daily at a rate that will provide the guaranteed annual effective yield over one year. The guaranteed interest rate will never be less than the rate stated in the contract.

Our guaranteed interest rates are influenced by, but do not necessarily correspond with, interest rates available on fixed income investments we may buy using deposits directed to GAA. We consider other factors when determining guaranteed interest rates including regulatory and tax requirements, sales commissions and administrative expenses borne by the Company, general economic trends and competitive factors. We make the final determination regarding guaranteed interest rates. We cannot predict the level of future guaranteed interest rates.

Fees and Other Deductions. If all or a portion of your account value in GAA is withdrawn, you may incur the following:

·Market Value Adjustment (“MVA”) – as described in this appendix and in the GAA prospectus; or

·Tax Penalties and/or Tax withholding – see “FEDERAL TAX CONSIDERATIONS.”

We do not make deductions from amounts in GAA to cover mortality and expense risks. Rather, we consider these risks when determining the credited rate.

Market Value Adjustment. If you withdraw or transfer your account value from GAA before the guaranteed term is completed, an MVA may apply. The MVA reflects the change in the value of the investment due to changes in interest rates since the date of deposit. The MVA may be positive or negative as follows:

·If interest rates at the time of withdrawal have increased since the date of deposit, the value of the investment decreases and the MVA will be negative. This could result in your receiving less than the amount you paid into GAA.

·If interest rates at the time of withdrawal have decreased since the date of deposit, the value of the investment increases and the MVA will be positive.

PRO.81216-1542

 

Guaranteed Terms. The guaranteed term is the period of time account dollars must be left in GAA in order to earn the guaranteed interest rate specified for that guaranteed term. We offer different guaranteed terms at different times. Check with your representative or the Company to learn the details about the guaranteed term(s) currently being offered.

In general, we offer the following guaranteed terms:

·Short-term – three years or fewer; and

·Long-term – ten years or less, but greater than three years.

At the end of a guaranteed term, you may:

·Transfer dollars to a new guaranteed term;

·Transfer dollars to other available investment options; or

·Withdraw dollars.

Deductions may apply to withdrawals. See “Fees and Other Deductions” in this section.

Transfer of Account Dollars. Generally, account dollars invested in GAA may be transferred among guaranteed terms offered through GAA and/or to other investment options offered through the contract. However, transfers may not be made during the deposit period in which your account dollars are invested in GAA or for 90 days after the close of that deposit period. We will apply an MVA to transfers made before the end of a guaranteed term.

Income Phase. GAA cannot be used as an investment option during the income phase. However, you may notify us at least 30 days in advance to elect a variable payment option and to transfer your GAA account dollars to any of the subaccounts available during the income phase.

Loans. You cannot take a loan from your account value in the GAA. However, we include your account value in the GAA when determining the amount of your account value we may distribute as a loan.

Reinvesting Amounts Withdrawn from GAA. If amounts are withdrawn from GAA and then reinvested in GAA, we will apply the reinvested amount to the current deposit period. This means that the guaranteed annual interest rate and guaranteed terms available on the date of reinvestment will apply. Amounts will be reinvested proportionately in the same way as they were allocated before withdrawal. Your account value will not be credited for any negative MVA that was deducted at the time of withdrawal.

The Company has filed a registration statement (including a prospectus) with the SEC for the offering to which this appendix relates. Before you invest, you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may get these documents for free by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, the Company will arrange to send you the prospectus if you request it by contacting us at the address and telephone number listed in “CONTRACT OVERVIEW – Questions:  Contacting the Company.” The number assigned to the registration statement for this offering is 333-200435.

PRO.81216-1543

 

APPENDIX II

FIXED PLUS ACCOUNT

The Fixed Plus Account is an investment option available under the contracts. Amounts allocated to the Fixed Plus Account are held in the Company’s general account which supports insurance and annuity obligations.

Additional information about this option may be found in the contract.

General Disclosure. Interests in the Fixed Plus Account have not been registered with the SEC in reliance on exemptions under the Securities Act of 1933, as amended. Disclosure in this prospectus about the Fixed Plus Account may be subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of the statements. Disclosure in this Appendix regarding the Fixed Plus Account has not been reviewed by the SEC.

Interest Rates. The Fixed Plus Account guarantees that amounts allocated to this option will earn the minimum interest rate specified in the contract. We may credit a higher interest rate from time to time, but the rate we credit will never fall below the guaranteed minimum specified in the contract. Among other factors, the safety of the interest rate guarantees depends upon the claims-paying ability of the Company. We credit amounts held in the Fixed Plus Account with a rate 0.25% higher than the then-declared rate beginning in the tenth year after your account was established. Amounts applied to the Fixed Plus Account will earn the interest rate in effect at the time money is applied. Amounts in the Fixed Plus Account will reflect a compound interest rate as credited by us. The rate we quote is an annual effective yield. We do not make deductions from amounts in the Fixed Plus Account to cover mortality and expense risks. We consider these risks in determining the credited rate.

Our determination of credited interest rates reflects a number of factors, including mortality and expense risks, interest rate guarantees, the investment income earned on invested assets and the amortization of any capital gains and/or losses realized on the sale of invested assets. Under this option, we assume the risk of investment gain or loss by guaranteeing the amounts you allocate to this option and promising a minimum interest rate and income phase payment.

Partial Withdrawal. Partial withdrawals are limited to 20% of the amount held in the Fixed Plus Account on the day we receive a request in good order at Customer Service. The 20% limit is reduced by any Fixed Plus withdrawals, loans, transfers or income phase payments made in the last 12 months. In calculating the 20% limit, we reserve the right to include payments made through a Systematic Distribution Option.

Full Withdrawal. If the contract owner or you, if allowed by the plan, request a full withdrawal of your account value, we will pay any amounts held in the Fixed Plus Account, with interest, in five annual payments equal to:

·One-fifth of the Fixed Plus Account value on the day we receive the request, reduced by any Fixed Plus Account withdrawals, transfers, loans or income phase payments made during the past 12 months;

·One-fourth of the remaining Fixed Plus Account value 12 months later;

·One-third of the remaining Fixed Plus Account value 12 months later;

·One-half of the remaining Fixed Plus Account value 12 months later; and

·The balance of the Fixed Plus Account value 12 months later.

A full withdrawal may be canceled at any time before the end of the five-payment period.

Once we receive a request for full withdrawal, no further withdrawals, loans or transfers will be permitted from Fixed Plus Account.

PRO.81216-1544

 

We will waive the above full withdrawal five-payment period if full withdrawal is made due to any of the following:

·Your death before income phase payments have begun;

·Election of any income phase payment option with fixed payments or a lifetime payment option with variable payments;

·Your account value in the Fixed Plus Account value is $3,500 or less and the amount withdrawn is to be transferred to another investment program under the SUNY or NYSV defined contribution retirement plans provided no withdrawals, loans, transfers or income phase payments have been made from your account within the past 12 months; or

·When the account value is $4,000 or less and paid to you in a lump-sum.

Alternative Payment of Fixed Plus Account Values. As an alternative to the payment of Fixed Plus Account values in five annual payments, the contract owner may instead elect an alternative method of payment.

Under the alternative method of payment, within 60 days of the proposed withdrawal date, the contract owner must notify the Company that it intends to surrender the entire contract. Within 30 days after receiving that notice, the Company will tell the contract owner the specific period and interest rate that would apply to a complete surrender of the contract in level, annual payments for a period of up to 10 years. Under that payment method, the Company may reduce the interest rate credited to the Fixed Plus Account up to 1.50% from the interest rate being credited upon the date of withdrawal and the interest rate would remain constant throughout the payment period.

When the contract owner receives the specific information from the Company about the alternative method of payment, the contract owner must irrevocably elect in writing to use either the alternative method of paymen, or the payment of Fixed Plus Account values in five annual payments.

Transfers. Transfers are limited to 20% of the amount held in the Fixed Plus Account on the day a request in good order is received at Customer Service. The 20% limit is reduced by any Fixed Plus Account withdrawals, transfers, loans or income phase payments made in the past 12 months. We reserve the right to include payments made through a Systematic Distribution Option in calculating the 20% limit. The 20% limit will be waived if your account value in Fixed Plus Account is $1,000 or less.

If you transfer 20% of your account value held in the Fixed Plus Account in each of four consecutive 12 month periods, you may transfer the remaining balance in the succeeding 12 month period provided you do not allocate any amount to or transfer any other amount from the Fixed Plus Account during the five-year period. The 20% amount available to transfer under this provision will be reduced by any amount transferred or applied to income phase payment options within the 12-month period preceding the first 20% transfer. Also, we may reduce it for payments we made from your Fixed Plus Account value under any Systematic Distribution Option.

Income Phase. Amounts accumulating under the Fixed Plus Account can be transferred to the subaccounts to fund variable lifetime income phase payment options during the income phase. However, Fixed Plus Account values may not be used to fund nonlifetime income options with variable payments.

Contract Loans. Loans may be made from account values held in the Fixed Plus Account. See the loan agreement for a description of the amount available and possible consequences upon loan default if Fixed Plus Account values are used for a loan.

PRO.81216-1545

 

APPENDIX III

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. If you received a summary prospectus for any of the funds available through your contract, you may obtain a full prospectus and other 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)
American Beacon Small Cap Value Fund Investment Adviser: American Beacon Advisors, Inc. Subadviser: Barrow, Hanley, Mewhinney & Strauss, LLC; Brandywine Global Investment Management, LLC; Dreman Value Management, LLC; Hotchkis and Wiley Capital Management, LLC; The Boston Company Asset Management, LLC; and Hillcrest Asset Management, LLC	Seeks long-term capital appreciation and current income.
American Century InvestmentsÒ Inflation-Adjusted Bond Fund Investment Adviser: American Century Investment Management, Inc.	Seeks to provide total return and inflation protection consistent with investment in inflation-indexed securities.
Aston/Fairpointe Mid Cap FundInvestment Adviser: Aston Asset Management, LP Subadviser: Fairpointe Capital LLC	Seeks long-term total return through capital appreciation by investing primarily in common and preferred stocks and convertible securities.
Calvert VP SRI Balanced Portfolio Investment Adviser: Calvert Investment Management, Inc.	A non-diversified Portfolio that seeks to achieve a competitive total return through an actively managed portfolio of stocks, bonds and money market instruments which offer income and capital growth opportunity and which satisfy the investment criteria, including financial, sustainability and social responsibility factors.

PRO.81216-1546

 

Fund Name Investment Adviser/Subadviser	Investment Objective(s)
Delaware Diversified Income FundInvestment Adviser: Delaware Management Company	Seeks maximum long-term total return, consistent with reasonable risk.
FidelityÒ VIP Asset Manager Portfolio Investment Adviser: Fidelity Management & Research Company Subadvisers: Fidelity Investments Money Management, Inc., FMR Co., Inc. and other investment advisers.	Seeks to obtain high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments.
FidelityÒ VIP ContrafundÒ Portfolio Investment Adviser: Fidelity Management & Research Company Subadvisers: FMR Co., Inc. and other investment advisers	Seeks long-term capital appreciation.
FidelityÒ VIP Equity-Income Portfolio Investment Adviser: Fidelity Management & Research Company Subadvisers: FMR Co., Inc. and other investment advisers	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.
FidelityÒ VIP High Income Portfolio Investment Adviser: Fidelity Management & Research Company Subadvisers: FMR Co., Inc. and other investment advisers	Seeks a high level of current income, while also considering growth of capital.
FidelityÒ VIP Index 500 Portfolio Investment Adviser: Fidelity Management & Research Company Subadvisers: Geode Capital Management, LLC and FMR Co., Inc.	Seeks investment results that correspond to the total return of common stocks publicly traded in the United States, as represented by the S&P 500® Index.
Franklin Small Cap Value VIP Fund Investment Adviser: Franklin Advisory Services, 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.
Invesco International Growth Fund Investment Adviser: Invesco Advisers, Inc.	Seeks long-term growth of capital.

PRO.81216-1547

 

Fund Name Investment Adviser/Subadviser	Investment Objective(s)
JPMorgan Government Bond FundInvestment Adviser: J.P. Morgan Investment Management Inc.	Seeks a high level of current income with liquidity and safety of principal.
Loomis Sayles Limited Term Government and Agency Fund Investment Adviser: Loomis, Sayles & Company, L.P.	Seeks high current return consistent with preservation of capital.
Lord Abbett Series Fund Mid Cap Stock Portfolio Investment Adviser: Lord, Abbett & Co. LLC	Seeks capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the marketplace.
Parnassus Core Equity FundSMInvestment Adviser: Parnassus Investments	Seeks to achieve both capital appreciation and current income.
PIMCO Real Return Portfolio Investment Adviser: Pacific Investment Management Company LLC	Seeks maximum real return, consistent with preservation of real capital and prudent investment management.
Pioneer Equity Income FundInvestment Adviser: Pioneer Investment Management, Inc.	Seeks current income and long-term growth of capital from a portfolio consisting primarily of income producing equity of U.S. corporations.
Voya Aggregate Bond Portfolio Investment Adviser: Directed Services LLC Subadviser: Voya Investment Management Co. LLC	Seeks maximum total return, consistent with capital preservation and prudent investment management.
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 PortfolioInvestment Adviser: Directed Services LLC Subadviser: Voya Investment Management Co. LLC	Seeks to maximize total return through a combination of current income and capital appreciation.
Voya Global Value Advantage Portfolio Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC	Seeks long-term capital growth and current income.

PRO.81216-1548

 

Fund Name Investment Adviser/Subadviser	Investment Objective(s)
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: Directed Services LLC Subadviser: Voya Investment Management Co. LLC	Seeks to provide investors with a high level of current income and total return.
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 Standard and Poor’s 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 Standard and Poor’s 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 Index PortfolioInvestment 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: Directed Services LLC Subadviser: Voya Investment Management Co. LLC	Seeks long-term capital growth.

PRO.81216-1549

 

Fund Name Investment Adviser/Subadviser	Investment Objective(s)
Voya Large Cap Value Portfolio Investment Adviser: Directed Services LLC Subadviser: Voya Investment Management Co. LLC	Seeks long-term growth of capital and current income.
Voya MidCap Opportunities PortfolioInvestment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC	Seeks long-term capital appreciation.
Voya Money Market Portfolio* Investment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC * There is no guarantee that the Voya 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 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 stocks of companies with smaller market capitalizations.
Voya SmallCap Opportunities PortfolioInvestment Adviser: Voya Investments, LLC Subadviser: Voya Investment Management Co. LLC	Seeks long-term capital appreciation.
Voya Solution 2015 Portfolio Investment Adviser: Directed Services LLC Subadviser: Voya Investment Management Co. LLC	Until the day prior to the Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2015. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

PRO.81216-1550

 

Fund Name Investment Adviser/Subadviser	Investment Objective(s)
Voya Solution 2025 Portfolio Investment Adviser: Directed Services LLC Subadviser: Voya Investment Management Co. LLC	Until the day prior to the Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2025. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.
Voya Solution 2035 Portfolio Investment Adviser: Directed Services LLC Subadviser: Voya Investment Management Co. LLC	Until the day prior to the Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2035. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.
Voya Solution 2045 Portfolio Investment Adviser: Directed Services LLC Subadviser: Voya Investment Management Co. LLC	Until the day prior to the Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2045. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.
Voya Solution 2055 Portfolio Investment Adviser: Directed Services LLC Subadviser: Voya Investment Management Co. LLC	Until the day prior to its Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2055. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.
Voya Solution Income Portfolio Investment Adviser: Directed Services LLC Subadviser: Voya Investment Management Co. LLC	Seeks to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.
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.

PRO.81216-1551

 

Fund Name Investment Adviser/Subadviser	Investment Objective(s)
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 PortfolioInvestment Adviser: Directed Services LLC Subadviser: American Century Investment Management, Inc.	Seeks long-term capital growth. Income is a secondary objective.
VY® Baron Growth Portfolio Investment Adviser: Directed Services LLC Subadviser: BAMCO, Inc.	Seeks capital appreciation.
VY® Clarion Global Real Estate Portfolio Investment Adviser: Voya Investments, LLC Subadviser: CBRE Clarion Securities LLC	Seeks high total return, consisting of capital appreciation and current income.
VY® Invesco Equity and Income Portfolio Investment Adviser: Directed Services LLC Subadviser: Invesco Advisers, Inc.	Seeks total return, consisting of long-term capital appreciation and current income.
VY® JPMorgan Emerging Markets Equity Portfolio Investment Adviser: Directed Services LLC Subadviser: J.P. Morgan Investment Management Inc.	Seeks capital appreciation.
VY® JPMorgan Mid Cap Value PortfolioInvestment Adviser: Directed Services LLC Subadviser: J.P. Morgan Investment Management Inc.	Seeks growth from capital appreciation.

PRO.81216-1552

 

Fund Name Investment Adviser/Subadviser	Investment Objective(s)
VY® Oppenheimer Global Portfolio Investment Adviser: Directed Services LLC Subadviser: OppenheimerFunds, Inc.	Seeks capital appreciation.
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio Investment Adviser: Directed Services LLC Subadviser: T. Rowe Price Associates, Inc.	Seeks long-term capital appreciation.
VY® T. Rowe Price Growth Equity Portfolio Investment Adviser: Directed Services LLC Subadviser: T. Rowe Price Associates, Inc.	Seeks long-term growth through investments in stocks.
VY® Templeton Foreign Equity Portfolio Investment Adviser: Directed Services LLC Subadviser: Templeton Investment Counsel, LLC	Seeks long-term capital growth.
Wanger International Investment Adviser: Columbia Wanger Asset Management, LLC	Seeks long-term capital appreciation.
Wanger USA Investment Adviser: Columbia Wanger Asset Management, LLC	Seeks long-term capital appreciation.

PRO.81216-1553

 

APPENDIX IV

CONDENSED FINANCIAL INFORMATION

Except for subaccounts which did not commence operations as of December 31, 2014, the following tables give (1) the accumulation unit value ("AUV") at the beginning of the period, (2) the AUV at the end of the period and (3) the total number of accumulation units outstanding at the end of the period for each subaccount of Variable Annuity Account C available under the contracts for the indicated periods. For those subaccounts that commenced operations during the period ended December 31, 2014, the "Value at beginning of period" shown is the value at first date of investment. Fund name changes after December 31, 2014 are not reflected in the following information.

FOR CONTRACTS WITH TOTAL SEPARATE ACCOUNT ANNUAL EXPENSES OF 0.95%

(Selected data for accumulation units outstanding throughout each period)

	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005
AMERICAN BEACON SMALL CAP VALUE FUND (INVESTOR CLASS)
(Funds were first received in this option during May 2014)
Value at beginning of period	$9.97
Value at end of period	$10.61
Number of accumulation units outstanding at end of period	5,906
AMERICAN CENTURY® INFLATION-ADJUSTED BOND FUND (INVESTOR CLASS)
(Funds were first received in this option during July 2014)
Value at beginning of period	$10.14
Value at end of period	$9.85
Number of accumulation units outstanding at end of period	14,221
ASTON/FAIRPOINTE MID CAP FUND (CLASS N)
(Funds were first received in this option during October 2012)
Value at beginning of period	$14.21	$9.93	$9.70
Value at end of period	$15.45	$14.21	$9.93
Number of accumulation units outstanding at end of period	552,539	318,339	8,115
CALVERT VP SRI BALANCED PORTFOLIO (CLASS I)
Value at beginning of period	$41.27	$35.31	$32.25	$31.14	$28.04	$22.60	$33.23	$32.70	$30.39	$29.09
Value at end of period	$44.80	$41.27	$35.31	$32.25	$31.14	$28.04	$22.60	$33.23	$32.70	$30.39
Number of accumulation units outstanding at end of period	95,729	96,315	72,867	77,495	93,876	94,498	102,579	111,419	117,530	111,023
DELAWARE DIVERSIFIED INCOME FUND (CLASS A)
(Funds were first received in this option during September 2012)
Value at beginning of period	$9.86	$10.10	$9.99
Value at end of period	$10.27	$9.86	$10.10
Number of accumulation units outstanding at end of period	434,487	191,356	79,300
FIDELITY® VIP ASSET MANAGER PORTFOLIO (INITIAL CLASS)
Value at beginning of period	$28.46	$24.83	$22.29	$23.09	$20.40	$15.95	$22.60	$19.79	$18.64	$18.11
Value at end of period	$29.83	$28.46	$24.83	$22.29	$23.09	$20.40	$15.95	$22.60	$19.79	$18.64
Number of accumulation units outstanding at end of period	168,162	176,971	189,941	217,224	209,993	218,429	194,478	123,063	105,463	90,611
FIDELITY® VIP CONTRAFUND® PORTFOLIO (INITIAL CLASS)
Value at beginning of period	$54.10	$41.60	$36.08	$37.36	$32.18	$23.94	$42.06	$36.17	$32.73	$28.30
Value at end of period	$59.99	$54.10	$41.60	$36.08	$37.36	$32.18	$23.94	$42.06	$36.17	$32.73
Number of accumulation units outstanding at end of period	1,060,427	1,132,308	1,275,456	1,350,088	1,432,572	1,406,596	1,380,040	1,479,266	1,434,091	1,375,810

CFI - 1

Condensed Financial Information (continued) 

	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005
FIDELITY® VIP EQUITY-INCOME PORTFOLIO (INITIAL CLASS)
Value at beginning of period	$34.72	$27.35	$23.54	$23.53	$20.63	$16.00	$28.18	$28.06	$23.60	$22.54
Value at end of period	$37.39	$34.72	$27.35	$23.54	$23.53	$20.63	$16.00	$28.18	$28.06	$23.60
Number of accumulation units outstanding at end of period	843,262	928,517	951,606	1,067,086	1,187,421	1,175,451	1,243,575	1,370,765	1,333,954	1,222,145
FIDELITY® VIP HIGH INCOME PORTFOLIO (INITIAL CLASS)
Value at beginning of period	$14.91	$14.20	$12.55	$12.18	$10.80	$7.58	$10.20	$10.04	$9.12	$8.98
Value at end of period	$14.94	$14.91	$14.20	$12.55	$12.18	$10.80	$7.58	$10.20	$10.04	$9.12
Number of accumulation units outstanding at end of period	227,031	174,757	206,291	191,824	209,902	219,144	158,303	178,831	187,122	163,067
FIDELITY® VIP INDEX 500 PORTFOLIO (INITIAL CLASS)
Value at beginning of period	$39.21	$29.93	$26.07	$25.79	$22.64	$18.05	$28.94	$27.75	$24.25	$23.38
Value at end of period	$44.11	$39.21	$29.93	$26.07	$25.79	$22.64	$18.05	$28.94	$27.75	$24.25
Number of accumulation units outstanding at end of period	345,151	267,856	224,780	250,024	283,024	298,279	310,463	351,106	425,450	496,171
FRANKLIN SMALL CAP VALUE VIP FUND (CLASS 2)
Value at beginning of period	$27.36	$20.27	$17.29	$18.13	$14.28	$11.16	$16.83	$17.43	$15.06	$14.00
Value at end of period	$27.25	$27.36	$20.27	$17.29	$18.13	$14.28	$11.16	$16.83	$17.43	$15.06
Number of accumulation units outstanding at end of period	497,528	545,610	537,993	589,709	692,669	535,827	502,922	540,592	606,512	588,509
INVESCO INTERNATIONAL GROWTH FUND (CLASS R5)
(Funds were first received in this option during November 2012)
Value at beginning of period	$12.08	$10.24	$10.00
Value at end of period	$11.99	$12.08	$10.24
Number of accumulation units outstanding at end of period	34,001	17,926	2,966
JPMORGAN GOVERNMENT BOND FUND (SELECT CLASS)
(Funds were first received in this option during November 2012)
Value at beginning of period	$9.58	$10.04	$10.04
Value at end of period	$10.02	$9.58	$10.04
Number of accumulation units outstanding at end of period	42,471	25,264	965
LOOMIS SAYLES LIMITED TERM GOVERNMENT AND AGENCY FUND (CLASS Y)
(Funds were first received in this option during May 2014)
Value at beginning of period	$10.01
Value at end of period	$10.01
Number of accumulation units outstanding at end of period	12,205
LORD ABBETT SERIES FUND - MID CAP STOCK PORTFOLIO (CLASS VC)
Value at beginning of period	$20.94	$16.22	$14.30	$15.04	$12.10	$9.65	$16.07	$16.16	$14.55	$13.60
Value at end of period	$23.13	$20.94	$16.22	$14.30	$15.04	$12.10	$9.65	$16.07	$16.16	$14.55
Number of accumulation units outstanding at end of period	401,804	436,984	490,309	576,679	685,458	795,992	897,060	1,040,552	1,053,748	1,005,218
PARNASSUS CORE EQUITY FUNDSM (INVESTOR SHARES)
(Funds were first received in this option during September 2012)
Value at beginning of period	$13.33	$10.04	$10.01
Value at end of period	$15.11	$13.33	$10.04
Number of accumulation units outstanding at end of period	1,070,644	531,749	54,008
PIMCO VIT REAL RETURN PORTFOLIO (ADMINISTRATIVE CLASS)
(Funds were first received in this option during June 2007)
Value at beginning of period	$13.27	$14.76	$13.70	$12.39	$11.57	$9.87	$10.72	$9.74
Value at end of period	$13.55	$13.27	$14.76	$13.70	$12.39	$11.57	$9.87	$10.72
Number of accumulation units outstanding at end of period	1,083,609	1,150,029	3,281,837	2,724,862	2,017,930	1,304,222	710,011	40,253
PIONEER EQUITY INCOME FUND (CLASS Y)
(Funds were first received in this option during September 2012)
Value at beginning of period	$12.71	$9.93	$9.97
Value at end of period	$14.25	$12.71	$9.93
Number of accumulation units outstanding at end of period	592,121	358,041	110,699

CFI - 2

Condensed Financial Information (continued) 

	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005
VOYA AGGREGATE BOND PORTFOLIO (CLASS S)
Value at beginning of period	$16.07	$16.53	$15.47	$15.13	$14.20	$12.73	$12.88	$11.89	$11.54	$11.42
Value at end of period	$16.74	$16.07	$16.53	$15.47	$15.13	$14.20	$12.73	$12.88	$11.89	$11.54
Number of accumulation units outstanding at end of period	885,852	1,141,901	1,854,373	1,665,533	1,832,303	1,205,594	543,018	301,897	224,514	115,429
VOYA BALANCED PORTFOLIO (CLASS I)
Value at beginning of period	$47.81	$41.35	$36.74	$37.59	$33.25	$28.15	$39.54	$37.83	$34.74	$33.66
Value at end of period	$50.30	$47.81	$41.35	$36.74	$37.59	$33.25	$28.15	$39.54	$37.83	$34.74
Number of accumulation units outstanding at end of period	77,145	83,630	76,051	74,025	95,456	102,342	102,517	102,225	104,150	109,398
VOYA GLOBAL BOND PORTFOLIO (CLASS I)
(Funds were first received in this option during April 2005)
Value at beginning of period	$14.16	$14.89	$13.93	$13.56	$11.82	$9.81	$11.73	$10.89	$10.15	$10.01
Value at end of period	$14.09	$14.16	$14.89	$13.93	$13.56	$11.82	$9.81	$11.73	$10.89	$10.15
Number of accumulation units outstanding at end of period	458,406	483,234	834,453	845,250	576,911	410,735	367,236	276,640	159,602	172,014
VOYA GLOBAL RESOURCES PORTFOLIO (CLASS S)
(Funds were first received in this option during January 2007)
Value at beginning of period	$12.68	$11.27	$11.71	$13.01	$10.80	$7.93	$13.57	$9.73
Value at end of period	$11.08	$12.68	$11.27	$11.71	$13.01	$10.80	$7.93	$13.57
Number of accumulation units outstanding at end of period	590,776	705,716	946,594	1,004,799	905,744	925,039	708,274	537,486
VOYA GROWTH AND INCOME PORTFOLIO (CLASS I)
Value at beginning of period	$341.53	$263.88	$230.10	$232.93	$206.02	$159.69	$258.53	$243.15	$215.05	$200.86
Value at end of period	$374.55	$341.53	$263.88	$230.10	$232.93	$206.02	$159.69	$258.53	$243.15	$215.05
Number of accumulation units outstanding at end of period	40,257	45,385	19,650	20,273	21,241	7,611	7,563	8,981	9,645	9,418
VOYA HIGH YIELD PORTFOLIO (CLASS I)
(Funds were first received in this option during May 2006)
Value at beginning of period	$17.24	$16.43	$14.50	$13.98	$12.32	$8.31	$10.80	$10.58	$10.02
Value at end of period	$17.32	$17.24	$16.43	$14.50	$13.98	$12.32	$8.31	$10.80	$10.58
Number of accumulation units outstanding at end of period	346,722	324,250	423,936	297,847	189,109	99,256	13,797	36,553	4,584
VOYA INDEX PLUS LARGECAP PORTFOLIO (CLASS I)
Value at beginning of period	$29.10	$22.10	$19.49	$19.70	$17.45	$14.30	$22.99	$22.11	$19.49	$18.68
Value at end of period	$32.82	$29.10	$22.10	$19.49	$19.70	$17.45	$14.30	$22.99	$22.11	$19.49
Number of accumulation units outstanding at end of period	244,169	253,628	250,111	290,726	373,506	418,375	459,790	532,190	606,507	668,157
VOYA INDEX PLUS MIDCAP PORTFOLIO (CLASS I)
Value at beginning of period	$36.39	$27.30	$23.42	$23.92	$19.80	$15.18	$24.55	$23.50	$21.69	$19.71
Value at end of period	$39.49	$36.39	$27.30	$23.42	$23.92	$19.80	$15.18	$24.55	$23.50	$21.69
Number of accumulation units outstanding at end of period	533,671	595,763	681,485	771,244	937,010	855,686	884,020	1,017,401	1,110,555	1,156,036
VOYA INDEX PLUS SMALLCAP PORTFOLIO (CLASS I)
Value at beginning of period	$26.27	$18.58	$16.69	$16.98	$13.95	$11.28	$17.15	$18.47	$16.39	$15.38
Value at end of period	$27.43	$26.27	$18.58	$16.69	$16.98	$13.95	$11.28	$17.15	$18.47	$16.39
Number of accumulation units outstanding at end of period	452,531	475,630	350,655	378,699	487,356	513,112	565,946	737,179	847,298	876,620
VOYA INTERMEDIATE BOND PORTFOLIO (CLASS I)
Value at beginning of period	$100.67	$101.76	$93.91	$88.16	$81.03	$73.31	$80.89	$77.06	$74.79	$73.24
Value at end of period	$106.38	$100.67	$101.76	$93.91	$88.16	$81.03	$73.31	$80.89	$77.06	$74.79
Number of accumulation units outstanding at end of period	144,239	112,122	123,337	104,323	113,741	128,776	156,595	142,407	146,564	148,837
VOYA INTERNATIONAL INDEX PORTFOLIO (CLASS I)
(Funds were first received in this option during September 2012)
Value at beginning of period	$12.56	$10.44	$9.91
Value at end of period	$11.70	$12.56	$10.44
Number of accumulation units outstanding at end of period	82,837	52,989	1,352

CFI - 3

 

Condensed Financial Information (continued)

	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005
VOYA INTERNATIONAL VALUE PORTFOLIO (CLASS I)
Value at beginning of period	$18.01	$15.00	$12.70	$15.07	$14.85	$11.79	$20.79	$18.51	$14.45	$13.33
Value at end of period	$16.96	$18.01	$15.00	$12.70	$15.07	$14.85	$11.79	$20.79	$18.51	$14.45
Number of accumulation units outstanding at end of period	317,489	361,276	418,375	528,219	689,468	823,379	819,968	789,032	551,162	309,799
VOYA LARGE CAP GROWTH PORTFOLIO (CLASS I)
(Funds were first received in this option during January 2011)
Value at beginning of period	$15.68	$12.08	$10.33	$10.32
Value at end of period	$17.64	$15.68	$12.08	$10.33
Number of accumulation units outstanding at end of period	839,701	538,044	491,652	314,095
VOYA LARGE CAP VALUE PORTFOLIO (CLASS I)
(Funds were first received in this option during October 2012)
Value at beginning of period	$12.75	$9.83	$9.88
Value at end of period	$13.90	$12.75	$9.83
Number of accumulation units outstanding at end of period	139,909	123,768	26,191
VOYA MIDCAP OPPORTUNITIES PORTFOLIO (CLASS I)
(Funds were first received in this option during November 2012)
Value at beginning of period	$12.85	$9.83	$9.39
Value at end of period	$13.85	$12.85	$9.83
Number of accumulation units outstanding at end of period	42,035	71,416	7,896
VOYA MONEY MARKET PORTFOLIO (CLASS I)
Value at beginning of period	$55.85	$56.03	$56.21	$56.40	$56.46	$56.47	$55.20	$52.68	$50.40	$49.11
Value at end of period	$55.66	$55.85	$56.03	$56.21	$56.40	$56.46	$56.47	$55.20	$52.68	$50.40
Number of accumulation units outstanding at end of period	158,862	265,727	223,529	357,761	274,503	403,997	757,775	529,801	397,733	161,493
VOYA SMALLCAP OPPORTUNITIES PORTFOLIO (CLASS I)
(Funds were first received in this option during September 2012)
Value at beginning of period	$13.46	$9.77	$10.13
Value at end of period	$14.08	$13.46	$9.77
Number of accumulation units outstanding at end of period	70,364	70,586	37,591
VOYA SMALL COMPANY PORTFOLIO (CLASS I)
Value at beginning of period	$24.69	$18.09	$15.95	$16.51	$13.40	$10.61	$15.53	$14.82	$12.81	$11.74
Value at end of period	$26.06	$24.69	$18.09	$15.95	$16.51	$13.40	$10.61	$15.53	$14.82	$12.81
Number of accumulation units outstanding at end of period	172,656	167,728	172,510	179,361	168,968	161,079	130,705	93,110	72,193	97,274
VOYA SOLUTION 2015 PORTFOLIO (CLASS S)
(Funds were first received in this option during January 2008)
Value at beginning of period	$11.30	$10.45	$9.47	$9.63	$8.74	$7.21	$9.90
Value at end of period	$11.83	$11.30	$10.45	$9.47	$9.63	$8.74	$7.21
Number of accumulation units outstanding at end of period	138,482	206,400	167,859	135,438	103,226	52,090	26,842
VOYA SOLUTION 2025 PORTFOLIO (CLASS S)
(Funds were first received in this option during June 2007)
Value at beginning of period	$11.29	$9.79	$8.72	$9.08	$8.06	$6.47	$9.87	$10.13
Value at end of period	$11.80	$11.29	$9.79	$8.72	$9.08	$8.06	$6.47	$9.87
Number of accumulation units outstanding at end of period	94,041	86,721	74,798	87,673	62,685	53,294	33,377	29,279
VOYA SOLUTION 2035 PORTFOLIO (CLASS S)
(Funds were first received in this option during May 2009)
Value at beginning of period	$11.44	$9.60	$8.42	$8.91	$7.85	$6.17
Value at end of period	$11.97	$11.44	$9.60	$8.42	$8.91	$7.85
Number of accumulation units outstanding at end of period	20,330	3,017	1,422	6,157	6,139	9,343
VOYA SOLUTION 2045 PORTFOLIO (CLASS S)
(Funds were first received in this option during July 2007)
Value at beginning of period	$11.36	$9.29	$8.12	$8.64	$7.58	$5.89	$9.89	$10.07
Value at end of period	$11.94	$11.36	$9.29	$8.12	$8.64	$7.58	$5.89	$9.89
Number of accumulation units outstanding at end of period	21,290	35,665	24,383	23,521	21,956	14,709	9,153	1,028

CFI - 4

 

Condensed Financial Information (continued)

	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005
VOYA SOLUTION 2055 PORTFOLIO (CLASS S)
(Funds were first received in this option during June 2011)
Value at beginning of period	$14.28	$11.67	$10.20	$11.10
Value at end of period	$15.03	$14.28	$11.67	$10.20
Number of accumulation units outstanding at end of period	5,182	5,478	4,745	3,477
VOYA SOLUTION INCOME PORTFOLIO (CLASS S)
(Funds were first received in this option during April 2008)
Value at beginning of period	$12.05	$11.37	$10.46	$10.52	$9.69	$8.35	$10.13
Value at end of period	$12.62	$12.05	$11.37	$10.46	$10.52	$9.69	$8.35
Number of accumulation units outstanding at end of period	6,200	6,231	4,479	1,409	141	66	66
VOYA STRATEGIC ALLOCATION CONSERVATIVE PORTFOLIO (CLASS I)
Value at beginning of period	$23.97	$21.59	$19.41	$19.25	$17.49	$14.98	$19.79	$18.90	$17.61	$17.13
Value at end of period	$25.32	$23.97	$21.59	$19.41	$19.25	$17.49	$14.98	$19.79	$18.90	$17.61
Number of accumulation units outstanding at end of period	164,730	76,495	42,042	64,676	21,017	28,713	38,489	45,023	91,490	81,623
VOYA STRATEGIC ALLOCATION GROWTH PORTFOLIO (CLASS I)
Value at beginning of period	$25.66	$21.16	$18.58	$19.32	$17.25	$13.91	$21.96	$21.12	$18.84	$17.92
Value at end of period	$27.09	$25.66	$21.16	$18.58	$19.32	$17.25	$13.91	$21.96	$21.12	$18.84
Number of accumulation units outstanding at end of period	57,433	74,563	84,131	101,101	112,219	128,773	160,904	205,332	149,556	127,465
VOYA STRATEGIC ALLOCATION MODERATE PORTFOLIO (CLASS I)
Value at beginning of period	$24.37	$21.10	$18.75	$19.04	$17.16	$14.22	$20.65	$19.78	$17.97	$17.33
Value at end of period	$25.76	$24.37	$21.10	$18.75	$19.04	$17.16	$14.22	$20.65	$19.78	$17.97
Number of accumulation units outstanding at end of period	32,361	46,256	44,370	48,892	55,425	61,364	86,002	75,234	112,330	96,768
VY® AMERICAN CENTURY SMALL-MID CAP VALUE PORTFOLIO (CLASS I)
(Funds were first received in this option during January 2013)
Value at beginning of period	$13.22	$10.36
Value at end of period	$14.77	$13.22
Number of accumulation units outstanding at end of period	37,087	28,407
VY® BARON GROWTH PORTFOLIO (CLASS S)
(Funds were first received in this option during May 2007)
Value at beginning of period	$15.98	$11.62	$9.80	$9.68	$7.73	$5.77	$9.92	$9.93
Value at end of period	$16.52	$15.98	$11.62	$9.80	$9.68	$7.73	$5.77	$9.92
Number of accumulation units outstanding at end of period	774,367	847,729	677,624	683,063	544,899	461,547	247,715	120,270
VY® CLARION GLOBAL REAL ESTATE PORTFOLIO (CLASS I)
(Funds were first received in this option during September 2008)
Value at beginning of period	$12.37	$12.01	$9.62	$10.24	$8.88	$6.71	$9.74
Value at end of period	$13.98	$12.37	$12.01	$9.62	$10.24	$8.88	$6.71
Number of accumulation units outstanding at end of period	479,375	437,295	345,044	195,580	160,411	117,563	160,936
VY® INVESCO EQUITY AND INCOME PORTFOLIO (CLASS I)
(Funds were first received in this option during July 2014)
Value at beginning of period	$10.06
Value at end of period	$10.23
Number of accumulation units outstanding at end of period	2,732,050
VY® JPMORGAN EMERGING MARKETS EQUITY PORTFOLIO (CLASS I)
(Funds were first received in this option during November 2005)
Value at beginning of period	$18.67	$19.94	$16.87	$20.78	$17.39	$10.21	$21.10	$15.35	$11.39	$10.81
Value at end of period	$18.70	$18.67	$19.94	$16.87	$20.78	$17.39	$10.21	$21.10	$15.35	$11.39
Number of accumulation units outstanding at end of period	608,904	657,792	823,142	856,134	982,516	1,088,012	826,362	989,816	920,631	574,932

CFI - 5

 

Condensed Financial Information (continued)

	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005
VY® JPMORGAN MID CAP VALUE PORTFOLIO (CLASS I)
(Funds were first received in this option during September 2012)
Value at beginning of period	$13.19	$10.09	$10.05
Value at end of period	$15.06	$13.19	$10.09
Number of accumulation units outstanding at end of period	460,787	374,880	89,605
VY® OPPENHEIMER GLOBAL PORTFOLIO (CLASS I)
(Funds were first received in this option during April 2005)
Value at beginning of period	$18.65	$14.81	$12.28	$13.50	$11.74	$8.49	$14.37	$13.62	$11.66	$9.71
Value at end of period	$18.90	$18.65	$14.81	$12.28	$13.50	$11.74	$8.49	$14.37	$13.62	$11.66
Number of accumulation units outstanding at end of period	2,200,985	2,299,277	2,456,145	2,684,637	2,781,964	2,735,615	2,840,312	3,139,377	3,302,549	3,312,275
VY® T. ROWE PRICE DIVERSIFIED MID CAP GROWTH PORTFOLIO (CLASS I)
(Funds were first received in this option during April 2005)
Value at beginning of period	$20.73	$15.48	$13.46	$14.11	$11.08	$7.64	$13.57	$12.09	$11.19	$9.55
Value at end of period	$22.96	$20.73	$15.48	$13.46	$14.11	$11.08	$7.64	$13.57	$12.09	$11.19
Number of accumulation units outstanding at end of period	821,000	893,063	992,897	968,465	781,537	608,046	458,592	443,636	435,740	506,601
VY® T. ROWE PRICE GROWTH EQUITY PORTFOLIO (CLASS I)
Value at beginning of period	$45.48	$32.97	$27.99	$28.56	$24.68	$17.43	$30.45	$27.98	$24.95	$23.73
Value at end of period	$48.96	$45.48	$32.97	$27.99	$28.56	$24.68	$17.43	$30.45	$27.98	$24.95
Number of accumulation units outstanding at end of period	592,285	628,902	686,105	666,877	691,824	672,203	630,309	706,964	843,114	893,632
VY® TEMPLETON FOREIGN EQUITY PORTFOLIO (CLASS I)
(Funds were first received in this option during April 2008)
Value at beginning of period	$10.79	$9.05	$7.69	$8.82	$8.18	$6.25	$10.12
Value at end of period	$9.98	$10.79	$9.05	$7.69	$8.82	$8.18	$6.25
Number of accumulation units outstanding at end of period	601,241	509,672	455,222	483,304	537,020	577,261	561,921
WANGER INTERNATIONAL
(Funds were first received in this option during September 2012)
Value at beginning of period	$12.53	$10.34	$9.95
Value at end of period	$11.86	$12.53	$10.34
Number of accumulation units outstanding at end of period	294,947	275,529	74,905
WANGER USA
(Funds were first received in this option during September 2012)
Value at beginning of period	$13.20	$9.97	$9.69
Value at end of period	$13.70	$13.20	$9.97
Number of accumulation units outstanding at end of period	37,379	49,793	33,800

CFI - 6

 

FOR MASTER APPLICATIONS ONLY

I hereby acknowledge receipt of Variable Annuity Account C State University of New York SUNY group deferred variable annuity prospectus dated May 1, 2015.

____ Please send a Variable Annuity Account C Statement of Additional Information (Form No. SAI.81216-15) dated May 1, 2015.

____ Please send the most recent annual and/or quarterly report of Voya Retirement Insurance and Annuity Company.

CONTRACT HOLDER’S SIGNATURE

DATE

PRO.81216-15

 

PART B

INFORMATION REQUIRED IN A STATEMENT OF ADDITIONAL INFORMATION

 

VARIABLE ANNUITY ACCOUNT C

OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statement of Additional Information dated May 1, 2015

Group Variable Annuity Contracts issued to

The State University of New York (“SUNY”) Defined Contribution Retirement Plan

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, 2015 describing contracts issued in connection with the Defined Contribution Plan for the State University of New York.

A free prospectus is available upon request from the local Company office or by writing to or calling:

For all regular mail, please use:

Customer Service

Voya Retirement Insurance and Annuity Company

P.O. Box 9862

Providence, RI 02940-8062

For overnight mail, please use:

Customer Service

Voya Retirement Insurance and Annuity Company

4400 Computer Drive

Westborough, MA 01581

1-800-677-4636

Read the prospectus before you invest. Unless otherwise indicated, 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 Contracts	3
Income Phase Payments	3
Sales Material and Advertising	4
Experts	5
Financial Statements of the Separate Account	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,” “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. Through a merger, our operations include the business of Aetna Variable Annuity Life Insurance Company (formerly known as Participating Annuity Life Insurance Company, an Arkansas life insurance company organized in 1954). 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 under the symbol “VOYA” and Voya completed its initial public offering of common stock.

Prior to March 9, 2015, Voya was an affiliate of ING Groep N.V. (“ING”), a global financial institution active in the fields of insurance, banking and asset management. On March 9, 2015, ING completed a public secondary offering of Voya common stock (the “March 2015 Offering”) and also completed the sale of Voya common stock to Voya pursuant to the terms of a share repurchase agreement (the “March 2015 Direct Share Buyback”) (the March 2015 Offering and the March 2015 Direct Share Buyback collectively, the “March 2015 Transactions”). Upon completion of the March 2015 Transactions, ING has exited its stake in Voya common stock. As a result of the completion of the March 2015 Transactions, ING has satisfied the provisions of its agreement with the European Union regarding the divestment of its U.S. insurance and investment operations, which required ING to divest 100% of its ownership interest in Voya together with its subsidiaries, including the Company by the end of 2016.

The Company serves as the depositor for the separate account.

The Company has established the Service Center to provide administrative support to the contract holder and participants of the State University of New York Defined Contribution Retirement Plan (“SUNY”).  This office will handle enrollments, billing, transfers, redemptions, and inquiries for all SUNY contract holders and participants. All forms and correspondence should be sent to the address listed on the cover of this Statement of Additional Information.

Other than the mortality and expense risk charge and administrative expense charge 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 the prospectuses and statements of additional information for each of the funds.

2

 

OFFERING AND PURCHASE OF CONTRACTS

The Company is the depositor and 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 Financial Industry Regulatory Authority 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 sections entitled “Contract Ownership and Rights” and “Your Account Value.”

Compensation paid to the principal underwriter, Voya Financial Partners, LLC, for the years ending December 31, 2014, 2013 and 2012 amounted to $50,785,659.69, $54,391,135.63 and $54,904,926.87, 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 PHASE PAYMENTS

When you begin receiving payments under the contract during the income phase (see “Income Phase” in the prospectus), the value of your account is determined using accumulation unit values as of the 10th valuation before the first payment is due. Such value (less any applicable premium tax charge) is applied to provide payments to you in accordance with the payment option and investment options elected.

The annuity option tables found in the Contract show, for each option, the amount of the first payment for each $1,000 of value applied. When you select variable income payments, your account value purchases annuity units (“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. Thereafter, variable payments fluctuate as the Annuity Unit value(s) fluctuates with the investment experience of the selected investment option(s). The first payment and subsequent payments also vary depending on the assumed net investment rate selected (3.5% or 5.0% per annum). Selection of a 5.0% rate causes a higher first payment, but payments will increase thereafter only to the extent that the net investment rate increases by more than 5.0% on an annual basis. Payments would decline if the rate failed to increase by 5.0%. Use of the 3.5% assumed rate causes a lower first payment, but subsequent payments would increase more rapidly or decline more slowly as changes occur in the net investment rate.

When the income phase begins, the annuitant is credited with a fixed number of Annuity Units (which does not change thereafter) in each of the designated investment options. This number is calculated by dividing (a) by (b), where (a) is the amount of the first payment based on a particular investment option, and (b) is the then current Annuity Unit value for that investment option. As noted, Annuity Unit values fluctuate from one valuation to the next (see “Your Account Value” in the prospectus); such fluctuations reflect changes in the net investment factor for the appropriate subaccount(s) (with a 10 day valuation lag which gives the Company time to process payments) and a mathematical adjustment which offsets the assumed net investment rate of 3.5% or 5.0% per annum.

The operation of all these factors can be illustrated by the following hypothetical example. These procedures will be performed separately for the investment options selected during the income phase.

3

 

EXAMPLE:

Assume that, at the date payments are to begin, there are 3,000 accumulation units credited under a particular contract or account and that the value of an accumulation unit for the 10th valuation prior to retirement was $13.650000.  This produces a total value of $40,950.

Assume also that no premium tax charge is payable and that the annuity option table in the contract provides, for the payment option elected, a first monthly variable annuity payment of $6.68 per $1000 of value applied; the annuitant’s first monthly payment would thus be 40.950 multiplied by $6.68, or $273.55.

Assume then that the value of an Annuity Unit upon the valuation on which the first payment was due was $13.400000. When this value is divided into the first monthly payment, the number of Annuity Units is determined to be 20.414. The value of this number of Annuity Units will be paid in each subsequent month.

Suppose there were 30 days between the initial and second payment valuation dates. If the net investment factor with respect to the appropriate subaccount is 1.0032737 as of the 10th valuation preceding the due date of the second monthly income phase payment, multiplying this factor by .9971779* = .9999058^30 (to take into account 30 days of the assumed net investment rate of 3.5% per annum built into the number of Annuity Units determined above) produces a result of 1.000442. This is then multiplied by the Annuity Unit value for the prior valuation ($13.400000 from above) to produce an Annuity Unit value of $13.405928 for the valuation occurring when the second income phase payment is due.

The second monthly income phase payment is then determined by multiplying the number of Annuity Units by the current Annuity Unit value, or 20.414 times $13.405928, which produces a payment of $273.67.

*If an assumed net investment rate of 5.0% is elected, the appropriate factor to take into account such assumed rate would be .9959968 = .9998663^30.

SALES MATERIAL AND ADVERTISING

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

We may distribute sales literature that compares the percentage change in accumulation unit values for any of the subaccounts to established market indices such as the Standard & Poor’s 500 Stock Index and the Dow Jones Industrial Average or to the percentage change in values of other management investment companies that have investment objectives similar to the subaccount being compared.

We may publish in advertisements and reports, the ratings and other information assigned to us by one or more independent rating organizations such as A.M. Best Company, 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 categorize the underlying funds in terms of the asset classes they represent and use such categories in marketing materials for the contracts. 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 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.

4

 

We may provide in advertising, sales literature, periodic publications or other materials information on various topics of interest to current and prospective contract holders or participants. 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, dollar cost averaging, 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, 2014, 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, 2014 and 2013, and for each of the three years in the period ended December 31, 2014, 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 1000, 55 Ivan Allen Jr. Boulevard, Atlanta, GA 30308.

5

 

FINANCIAL STATEMENTS

Variable Annuity Account C of

Voya Retirement Insurance and Annuity Company

Year Ended December 31, 2014

with Report of Independent Registered Public Accounting Firm

This page intentionally left blank.

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Financial Statements

Year Ended December 31, 2014

Contents
Report of Independent Registered Public Accounting Firm	1
Audited Financial Statements
Statements of Assets and Liabilities	2
Statements of Operations	67
Statements of Changes in Net Assets	134
Notes to Financial Statements	218

This page intentionally left blank.

Report of Independent Registered Public Accounting Firm

The Board of Directors and Participants

Voya Retirement Insurance and Annuity Company

We have audited the accompanying financial statements of Variable Annuity Account C of Voya Retirement Insurance and Annuity Company (the “Account”), which comprise the statements of assets and liabilities of each of the investment divisions disclosed in Note 1 as of December 31, 2014, and the related statements of operations for the year or period then ended, and the statements of changes in net assets for the years or periods ended December 31, 2014 and 2013. These financial statements are the responsibility of the Account’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Account’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Account’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the transfer agents or fund companies. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of each of the investment divisions disclosed in Note 1 constituting Variable Annuity Account C of Voya Retirement Insurance and Annuity Company at December 31, 2014, the results of their operations for the year or period then ended, and the changes in their net assets for the years or periods ended December 31, 2014 and 2013, in conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young LLP

Atlanta, Georgia

April 9, 2015

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	32	$	4,057	$	90	$	408	$	51
Total assets		32		4,057		90		408		51
Net assets		$	32	$	4,057	$	90	$	408	$	51
Net assets
Accumulation units		$	32	$	4,057	$	90	$	408	$	51
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	32	$	4,057	$	90	$	408	$	51
Total number of mutual fund shares		4,096		172,507		2,507		12,471		2,476
Cost of mutual fund shares		$	32	$	4,057	$	92	$	416	$	50

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

2

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Invesco Global 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
Assets
Investments in mutual funds
	at fair value	$	442	$	35	$	231	$	—	$	423
Total assets		442		35		231		—		423
Net assets		$	442	$	35	$	231	$	—	$	423
Net assets
Accumulation units		$	442	$	35	$	231	$	—	$	423
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	442	$	35	$	231	$	—	$	423
Total number of mutual fund shares		10,300		8,142		5,860		13		21,558
Cost of mutual fund shares		$	394	$	36	$	245	$	—	$	428

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

3

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Invesco V.I. American Franchise Fund - Series I Shares		Invesco V.I. Core Equity Fund - Series I Shares		Alger Capital Appreciation Fund - Class A		Alger Green Fund - Class A		AllianceBernstein Growth and Income Fund - Class A
Assets
Investments in mutual funds
	at fair value	$	27,172	$	39,632	$	1,335	$	3,775	$	201
Total assets		27,172		39,632		1,335		3,775		201
Net assets		$	27,172	$	39,632	$	1,335	$	3,775	$	201
Net assets
Accumulation units		$	27,077	$	39,107	$	1,335	$	3,775	$	201
Contracts in payout (annuitization)		95		525		—		—		—
Total net assets		$	27,172	$	39,632	$	1,335	$	3,775	$	201
Total number of mutual fund shares		495,117		966,404		65,014		415,755		36,571
Cost of mutual fund shares		$	19,487	$	25,800	$	1,264	$	3,495	$	140

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

4

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		AllianceBernstein Growth and Income Portfolio - 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
Assets
Investments in mutual funds
	at fair value	$	443	$	261	$	27	$	548	$	42,462
Total assets		443		261		27		548		42,462
Net assets		$	443	$	261	$	27	$	548	$	42,462
Net assets
Accumulation units		$	443	$	261	$	27	$	548	$	42,462
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	443	$	261	$	27	$	548	$	42,462
Total number of mutual fund shares		14,763		15,263		1,255		21,302		1,239,417
Cost of mutual fund shares		$	350	$	173	$	19	$	621	$	34,110

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

5

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Amana Income Fund - Investor Class		American Balanced Fund® - Class R-3		American Beacon Small Cap Value Fund - Investor Class		American Century Investments® Inflation-Adjusted Bond Fund - Investor Class		American Century Investments® Income & Growth Fund - A Class
Assets
Investments in mutual funds
	at fair value	$	74,812	$	7,317	$	64	$	29,023	$	10,906
Total assets		74,812		7,317		64		29,023		10,906
Net assets		$	74,812	$	7,317	$	64	$	29,023	$	10,906
Net assets
Accumulation units		$	74,812	$	7,317	$	64	$	29,023	$	10,906
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	74,812	$	7,317	$	64	$	29,023	$	10,906
Total number of mutual fund shares		1,604,041		296,832		2,614		2,497,708		288,453
Cost of mutual fund shares		$	55,806	$	5,626	$	65	$	32,179	$	8,069

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

6

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Fundamental InvestorsSM - Class R-3		Fundamental InvestorsSM - Class R-4		American Funds American Mutual Fund® - Class R-4		Ariel Appreciation Fund - Investor Class		Ariel Fund - Investor Class
Assets
Investments in mutual funds
	at fair value	$	2,170	$	67,392	$	2,154	$	697	$	11,912
Total assets		2,170		67,392		2,154		697		11,912
Net assets		$	2,170	$	67,392	$	2,154	$	697	$	11,912
Net assets
Accumulation units		$	2,170	$	67,392	$	2,154	$	697	$	11,912
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	2,170	$	67,392	$	2,154	$	697	$	11,912
Total number of mutual fund shares		41,787		1,297,001		58,179		12,992		165,863
Cost of mutual fund shares		$	1,865	$	53,228	$	2,030	$	629	$	11,361

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

7

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Artisan International Fund - Investor Shares		Aston/Fairpointe Mid Cap Fund - Class N		BlackRock Equity Dividend Fund - Investor A Shares		BlackRock Mid Cap Value Opportunities Fund - Institutional Shares		BlackRock Mid Cap Value Opportunities Fund - Investor A Shares
Assets
Investments in mutual funds
	at fair value	$	13,092	$	47,419	$	1,697	$	21	$	16,783
Total assets		13,092		47,419		1,697		21		16,783
Net assets		$	13,092	$	47,419	$	1,697	$	21	$	16,783
Net assets
Accumulation units		$	13,092	$	47,419	$	1,697	$	21	$	16,783
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	13,092	$	47,419	$	1,697	$	21	$	16,783
Total number of mutual fund shares		436,993		1,165,376		68,170		954		785,737
Cost of mutual fund shares		$	11,963	$	49,158	$	1,431	$	23	$	16,722

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

8

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Bond Fund of AmericaSM - Class R-4		Calvert VP SRI Balanced Portfolio		Capital World Growth & Income FundSM - Class R-3		Cohen & Steers Realty Shares, Inc.		ColumbiaSM Acorn® Fund - Class A Shares
Assets
Investments in mutual funds
	at fair value	$	9,317	$	53,491	$	775	$	6,678	$	100
Total assets		9,317		53,491		775		6,678		100
Net assets		$	9,317	$	53,491	$	775	$	6,678	$	100
Net assets
Accumulation units		$	9,317	$	53,259	$	775	$	6,678	$	100
Contracts in payout (annuitization)		—		232		—		—		—
Total net assets		$	9,317	$	53,491	$	775	$	6,678	$	100
Total number of mutual fund shares		727,347		26,080,451		16,908		86,879		3,301
Cost of mutual fund shares		$	9,181	$	48,653	$	627	$	6,247	$	99

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

9

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		ColumbiaSM Acorn® Fund - Class Z Shares		Columbia Mid Cap Value Fund - Class A Shares		Columbia Mid Cap Value Fund - Class Z Shares		CRM Mid Cap Value Fund - Investor Shares		Davis Financial Fund - Class Y
Assets
Investments in mutual funds
	at fair value	$	58	$	10,416	$	2	$	288	$	—
Total assets		58		10,416		2		288		—
Net assets		$	58	$	10,416	$	2	$	288	$	—
Net assets
Accumulation units		$	58	$	10,416	$	2	$	288	$	—
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	58	$	10,416	$	2	$	288	$	—
Total number of mutual fund shares		1,829		611,990		108		10,416		4
Cost of mutual fund shares		$	58	$	10,354	$	2	$	295	$	—

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

10

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Delaware Diversified Income Fund - Class A		Delaware Small Cap Value Fund - Class A		Deutsche Small Cap Growth Fund - Class S		Dodge & Cox International Stock Fund		Dodge & Cox Stock Fund
Assets
Investments in mutual funds
	at fair value	$	4,462	$	692	$	24	$	393	$	302
Total assets		4,462		692		24		393		302
Net assets		$	4,462	$	692	$	24	$	393	$	302
Net assets
Accumulation units		$	4,462	$	692	$	24	$	393	$	302
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	4,462	$	692	$	24	$	393	$	302
Total number of mutual fund shares		496,961		13,174		805		9,333		1,669
Cost of mutual fund shares		$	4,486	$	710	$	25	$	338	$	283

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

11

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Deutsche Equity 500 Index Fund - Class S		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 - Institutional Class
Assets
Investments in mutual funds
	at fair value	$	746	$	93	$	7,100	$	295,528	$	934
Total assets		746		93		7,100		295,528		934
Net assets		$	746	$	93	$	7,100	$	295,528	$	934
Net assets
Accumulation units		$	746	$	93	$	7,100	$	295,528	$	934
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	746	$	93	$	7,100	$	295,528	$	934
Total number of mutual fund shares		3,353		4,958		153,539		6,388,423		34,408
Cost of mutual fund shares		$	529	$	104	$	6,075	$	259,634	$	916

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

12

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	301,864	$	292,498	$	12,151	$	29,883	$	1,379,550
Total assets		301,864		292,498		12,151		29,883		1,379,550
Net assets		$	301,864	$	292,498	$	12,151	$	29,883	$	1,379,550
Net assets
Accumulation units		$	297,811	$	291,652	$	12,104	$	29,883	$	1,370,137
Contracts in payout (annuitization)		4,053		846		47		—		9,413
Total net assets		$	301,864	$	292,498	$	12,151	$	29,883	$	1,379,550
Total number of mutual fund shares		12,437,722		4,607,714		2,201,346		1,598,032		36,925,866
Cost of mutual fund shares		$	271,382	$	147,172	$	12,819	$	26,271	$	1,010,211

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

13

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Fidelity® VIP Index 500 Portfolio - Initial Class		Fidelity® VIP Mid Cap Portfolio - Initial Class		Fidelity® VIP Asset Manager Portfolio - Initial Class		Franklin Mutual Global Discovery Fund - Class R		Franklin Biotechnology Discovery Fund - Advisor Class
Assets
Investments in mutual funds
	at fair value	$	176,091	$	29,464	$	22,661	$	2,593	$	97
Total assets		176,091		29,464		22,661		2,593		97
Net assets		$	176,091	$	29,464	$	22,661	$	2,593	$	97
Net assets
Accumulation units		$	176,091	$	29,464	$	22,661	$	2,593	$	97
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	176,091	$	29,464	$	22,661	$	2,593	$	97
Total number of mutual fund shares		846,103		781,959		1,321,362		79,971		565
Cost of mutual fund shares		$	116,686	$	23,948	$	19,215	$	2,395	$	93

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

14

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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 - Class IR Shares		Growth Fund of America® - Class R-3
Assets
Investments in mutual funds
	at fair value	$	3	$	306	$	132,108	$	3	$	16,720
Total assets		3		306		132,108		3		16,720
Net assets		$	3	$	306	$	132,108	$	3	$	16,720
Net assets
Accumulation units		$	3	$	306	$	130,622	$	3	$	16,720
Contracts in payout (annuitization)		—		—		1,486		—		—
Total net assets		$	3	$	306	$	132,108	$	3	$	16,720
Total number of mutual fund shares		94		8,461		5,918,839		113		397,894
Cost of mutual fund shares		$	4	$	327	$	91,051	$	3	$	12,837

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

15

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Growth Fund of America® - Class R-4		The Hartford Capital Appreciation Fund - Class R4		The Hartford Dividend And Growth Fund - Class R4		Income Fund of America® - Class R-3		Ivy Science and Technology Fund - Class Y
Assets
Investments in mutual funds
	at fair value	$	380,060	$	—	$	5	$	2,622	$	31
Total assets		380,060		—		5		2,622		31
Net assets		$	380,060	$	—	$	5	$	2,622	$	31
Net assets
Accumulation units		$	380,060	$	—	$	5	$	2,622	$	31
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	380,060	$	—	$	5	$	2,622	$	31
Total number of mutual fund shares		8,970,020		2		187		121,917		546
Cost of mutual fund shares		$	280,678	$	—	$	5	$	2,243	$	31

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

16

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Janus Aspen Series Balanced Portfolio - Institutional Shares		Janus Aspen Series Enterprise Portfolio - Institutional Shares		Janus Aspen Series Flexible Bond Portfolio - Institutional Shares		Janus Aspen Series Global Research Portfolio - Institutional Shares		Janus Aspen Series Janus Portfolio - Institutional Shares
Assets
Investments in mutual funds
	at fair value	$	147	$	282	$	40	$	102	$	82
Total assets		147		282		40		102		82
Net assets		$	147	$	282	$	40	$	102	$	82
Net assets
Accumulation units		$	147	$	282	$	40	$	102	$	82
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	147	$	282	$	40	$	102	$	82
Total number of mutual fund shares		4,690		4,567		3,329		2,472		2,280
Cost of mutual fund shares		$	126	$	173	$	41	$	71	$	56

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

17

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		JPMorgan Equity Income Fund - Select Class Shares		JPMorgan Government Bond Fund - Select Class Shares		Lazard Emerging Markets Equity Portfolio - Open Shares		Lazard U.S. Mid Cap Equity Portfolio - Open Shares		ClearBridge Aggressive Growth Fund - Class I
Assets
Investments in mutual funds
	at fair value	$	68	$	426	$	—	$	4,184	$	96
Total assets		68		426		—		4,184		96
Net assets		$	68	$	426	$	—	$	4,184	$	96
Net assets
Accumulation units		$	68	$	426	$	—	$	4,184	$	96
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	68	$	426	$	—	$	4,184	$	96
Total number of mutual fund shares		4,746		38,935		2		225,560		435
Cost of mutual fund shares		$	66	$	432	$	—	$	3,145	$	95

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

18

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		LKCM Aquinas Growth Fund		Loomis Sayles Small Cap Value Fund - Retail Class		Loomis Sayles Limited Term Government and Agency Fund - Class Y		Loomis Sayles Value Fund - Class Y		Lord Abbett Developing Growth Fund - Class A
Assets
Investments in mutual funds
	at fair value	$	348	$	14,315	$	373	$	—	$	274
Total assets		348		14,315		373		—		274
Net assets		$	348	$	14,315	$	373	$	—	$	274
Net assets
Accumulation units		$	348	$	14,315	$	373	$	—	$	274
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	348	$	14,315	$	373	—		$	274
Total number of mutual fund shares		20,200		419,929		32,031		6		12,338
Cost of mutual fund shares		$	330	$	12,968	$	374	$	—	$	287

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

19

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Lord Abbett Core Fixed Income Fund - Class A		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
Assets
Investments in mutual funds
	at fair value	$	1,258	$	1,155	$	1,254	$	265	$	104,586
Total assets		1,258		1,155		1,254		265		104,586
Net assets		$	1,258	$	1,155	$	1,254	$	265	$	104,586
Net assets
Accumulation units		$	1,258	$	1,155	$	1,254	$	265	$	103,710
Contracts in payout (annuitization)		—		—		—		—		876
Total net assets		$	1,258	$	1,155	$	1,254	$	265	$	104,586
Total number of mutual fund shares		113,360		44,653		47,720		19,674		4,019,437
Cost of mutual fund shares		$	1,257	$	751	$	1,401	$	282	$	67,455

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

20

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		MainStay Large Cap Growth Fund - Class R3		Massachusetts Investors Growth Stock Fund - Class A		Metropolitan West Total Return Bond Fund - Class M Shares		MFS® New Discovery Fund - Class R3		MFS® International Value Fund - Class R3
Assets
Investments in mutual funds
	at fair value	$	2	$	722	$	10,611	$	1	$	13
Total assets		2		722		10,611		1		13
Net assets		$	2	$	722	$	10,611	$	1	$	13
Net assets
Accumulation units		$	2	$	722	$	10,611	$	1	$	13
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	2	$	722	$	10,611	$	1	$	13
Total number of mutual fund shares		158		29,451		972,568		35		404
Cost of mutual fund shares		$	2	$	573	$	10,455	$	1	$	14

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

21

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Neuberger Berman Genesis Fund - Trust Class		Neuberger Berman Socially Responsive Fund - Trust Class		New Perspective Fund® - Class R-3		New Perspective Fund® - Class R-4		American Funds New World Fund® - Class R-4
Assets
Investments in mutual funds
	at fair value	$	473	$	13,345	$	2,112	$	121,851	$	27
Total assets		473		13,345		2,112		121,851		27
Net assets		$	473	$	13,345	$	2,112	$	121,851	$	27
Net assets
Accumulation units		$	473	$	13,345	$	2,112	$	121,851	$	27
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	473	$	13,345	$	2,112	$	121,851	$	27
Total number of mutual fund shares		7,987		625,929		59,351		3,397,963		503
Cost of mutual fund shares		$	484	$	12,709	$	1,844	$	97,099	$	30

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

22

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Nuveen Global Infrastructure Fund - Class I		Nuveen U.S. Infrastructure Income Fund - Class I		Oppenheimer Capital Appreciation Fund - Class A		Oppenheimer Developing Markets Fund - Class A		Oppenheimer Developing Markets Fund - Class Y
Assets
Investments in mutual funds
	at fair value	$	1,197	$	204	$	104	$	249,694	$	38,711
Total assets		1,197		204		104		249,694		38,711
Net assets		$	1,197	$	204	$	104	$	249,694	$	38,711
Net assets
Accumulation units		$	1,197	$	204	$	104	$	249,694	$	38,711
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	1,197	$	204	$	104	$	249,694	$	38,711
Total number of mutual fund shares		111,134		10,021		1,760		7,029,682		1,104,129
Cost of mutual fund shares		$	1,281	$	203	$	90	$	181,324	$	36,740

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

23

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Oppenheimer Gold & Special Minerals Fund - Class A		Oppenheimer International Bond Fund - Class A		Oppenheimer International Growth Fund - Class Y		Oppenheimer International Small Company Fund - Class Y		Oppenheimer Discovery Mid Cap Growth Fund/VA
Assets
Investments in mutual funds
	at fair value	$	21	$	57	$	10	$	12	$	15
Total assets		21		57		10		12		15
Net assets		$	21	$	57	$	10	$	12	$	15
Net assets
Accumulation units		$	21	$	57	$	10	$	12	$	—
Contracts in payout (annuitization)		—		—		—		—		15
Total net assets		$	21	$	57	$	10	$	12	$	15
Total number of mutual fund shares		1,556		9,555		281		384		187
Cost of mutual fund shares		$	32	$	58	$	10	$	12	$	15

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

24

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Oppenheimer Global Fund/VA		Oppenheimer Global Strategic Income Fund/VA		Oppenheimer Main Street Fund®/VA		Oppenheimer Main Street Small Cap Fund®/VA		Parnassus Small Cap FundSM
Assets
Investments in mutual funds
	at fair value	$	222	$	98	$	74	$	28,354	$	—
Total assets		222		98		74		28,354		—
Net assets		$	222	$	98	$	74	$	28,354	$	—
Net assets
Accumulation units		$	222	$	98	$	—	$	28,354	$	—
Contracts in payout (annuitization)		—		—		74		—		—
Total net assets		$	222	$	98	$	74	$	28,354	$	—
Total number of mutual fund shares		5,609		18,504		2,205		1,067,539		—
Cost of mutual fund shares		$	149	$	98	$	48	$	23,921	$	—

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

25

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Parnassus Core Equity FundSM - Investor Shares		Pax World Balanced Fund - Individual Investor Class		PIMCO CommodityRealReturn Strategy Fund® - Administrative Class		PIMCO Real Return Portfolio - Administrative Class		Pioneer Equity Income Fund - Class Y Shares
Assets
Investments in mutual funds
	at fair value	$	17,371	$	44,918	$	14	$	127,404	$	8,438
Total assets		17,371		44,918		14		127,404		8,438
Net assets		$	17,371	$	44,918	$	14	$	127,404	$	8,438
Net assets
Accumulation units		$	17,371	$	44,918	$	14	$	127,404	$	8,438
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	17,371	$	44,918	$	14	$	127,404	$	8,438
Total number of mutual fund shares		426,899		1,895,271		3,237		9,945,646		243,372
Cost of mutual fund shares		$	15,734	$	42,102	$	16	$	140,850	$	8,157

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

26

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Pioneer High Yield Fund - Class A Shares		Pioneer Strategic Income Fund - Class A Shares		Pioneer Emerging Markets VCT Portfolio - Class I		Pioneer Equity Income VCT Portfolio - Class I		Pioneer High Yield VCT Portfolio - Class I Shares
Assets
Investments in mutual funds
	at fair value	$	2,023	$	1,354	$	10,371	$	9	$	23,270
Total assets		2,023		1,354		10,371		9		23,270
Net assets		$	2,023	$	1,354	$	10,371	$	9	$	23,270
Net assets
Accumulation units		$	2,023	$	1,354	$	10,371	$	9	$	23,270
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	2,023	$	1,354	$	10,371	$	9	$	23,270
Total number of mutual fund shares		207,743		126,170		478,125		311		2,411,380
Cost of mutual fund shares		$	2,144	$	1,407	$	12,818	$	9	$	25,157

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

27

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Prudential Jennison Utility Fund - Class Z		Columbia Diversified Equity Income Fund - Class K Shares		Columbia Diversified Equity Income Fund - Class R4 Shares		Royce Total Return Fund - K Class		SMALLCAP World Fund® - Class R-4
Assets
Investments in mutual funds
	at fair value	$	23	$	10,975	$	114	$	2	$	11,841
Total assets		23		10,975		114		2		11,841
Net assets		$	23	$	10,975	$	114	$	2	$	11,841
Net assets
Accumulation units		$	23	$	10,975	$	114	$	2	$	11,841
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	23	$	10,975	$	114	$	2	$	11,841
Total number of mutual fund shares		1,480		784,517		8,170		151		263,307
Cost of mutual fund shares		$	25	$	9,012	$	88	$	2	$	11,292

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

28

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		T. Rowe Price Mid-Cap Value Fund - R Class		T. Rowe Price Value Fund - Advisor Class		Templeton Foreign Fund - Class A		Templeton Global Bond Fund - Advisor Class		Templeton Global Bond Fund - Class A
Assets
Investments in mutual funds
	at fair value	$	1,035	$	330	$	1,602	$	38,088	$	180,054
Total assets		1,035		330		1,602		38,088		180,054
Net assets		$	1,035	$	330	$	1,602	$	38,088	$	180,054
Net assets
Accumulation units		$	1,035	$	330	$	1,602	$	38,088	$	180,054
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	1,035	$	330	$	1,602	$	38,088	$	180,054
Total number of mutual fund shares		36,494		9,653		229,800		3,069,152		14,450,595
Cost of mutual fund shares		$	876	$	278	$	1,665	$	40,341	$	188,668

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

29

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Third Avenue Real Estate Value Fund - Institutional Class		Thornburg International Value Fund - Class R4		USAA Precious Metals and Minerals Fund - Adviser Shares		Diversified Value Portfolio		Equity Income Portfolio
Assets
Investments in mutual funds
	at fair value	$	4	$	45	$	9,095	$	116	$	249
Total assets		4		45		9,095		116		249
Net assets		$	4	$	45	$	9,095	$	116	$	249
Net assets
Accumulation units		$	4	$	45	$	9,095	$	116	$	249
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	4	$	45	$	9,095	$	116	$	249
Total number of mutual fund shares		117		1,682		776,044		6,194		10,798
Cost of mutual fund shares		$	4	$	46	$	11,443	$	82	$	189

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

30

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Small Company Growth Portfolio		Victory Integrity Small-Cap Value Fund - Class Y Shares		Victory Small Company Opportunity Fund - Class R		Voya Balanced Portfolio - Class I		Voya Growth Opportunities Fund - Class A
Assets
Investments in mutual funds
	at fair value	$	24	$	6	$	25	$	299,629	$	100
Total assets		24		6		25		299,629		100
Net assets		$	24	$	6	$	25	$	299,629	$	100
Net assets
Accumulation units		$	24	$	6	$	25	$	281,841	$	100
Contracts in payout (annuitization)		—		—		—		17,788		—
Total net assets		$	24	$	6	$	25	$	299,629	$	100
Total number of mutual fund shares		985		167		660		20,466,452		3,188
Cost of mutual fund shares		$	21	$	6	$	23	$	245,763	$	91

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

31

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Voya Large Cap Value Fund - Class A		Voya Real Estate Fund - Class A		Voya GNMA Income Fund - Class A		Voya Intermediate Bond Fund - Class A		Voya Intermediate Bond Portfolio - Class I
Assets
Investments in mutual funds
	at fair value	$	7	$	2,025	$	3,484	$	1,774	$	351,128
Total assets		7		2,025		3,484		1,774		351,128
Net assets		$	7	$	2,025	$	3,484	$	1,774	$	351,128
Net assets
Accumulation units		$	7	$	2,025	$	3,484	$	1,774	$	337,109
Contracts in payout (annuitization)		—		—		—		—		14,019
Total net assets		$	7	$	2,025	$	3,484	$	1,774	$	351,128
Total number of mutual fund shares		524		102,157		401,397		175,596		27,219,230
Cost of mutual fund shares		$	7	$	1,557	$	3,590	$	1,767	$	339,985

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

32

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Voya Intermediate Bond Portfolio - Class S		Voya Global Perspectives Portfolio - Class I		Voya Global Resources Portfolio - Institutional Class		Voya Global Resources Portfolio - Service Class		Voya High Yield Portfolio - Adviser Class
Assets
Investments in mutual funds
	at fair value	$	981	$	922	$	25	$	82,002	$	44
Total assets		981		922		25		82,002		44
Net assets		$	981	$	922	$	25	$	82,002	$	44
Net assets
Accumulation units		$	981	$	922	$	25	$	82,002	$	44
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	981	$	922	$	25	$	82,002	$	44
Total number of mutual fund shares		76,465		83,865		1,341		4,454,226		4,309
Cost of mutual fund shares		$	975	$	927	$	31	$	82,838	$	45

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

33

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Voya High Yield Portfolio - Institutional Class		Voya High Yield Portfolio - Service Class		Voya Large Cap Growth Portfolio - Adviser Class		Voya Large Cap Growth Portfolio - Institutional Class		Voya Large Cap Growth Portfolio - Service Class
Assets
Investments in mutual funds
	at fair value	$	31,277	$	24,624	$	210	$	434,528	$	5,413
Total assets		31,277		24,624		210		434,528		5,413
Net assets		$	31,277	$	24,624	$	210	$	434,528	$	5,413
Net assets
Accumulation units		$	31,277	$	24,624	$	210	$	433,537	$	5,413
Contracts in payout (annuitization)		—		—		—		991		—
Total net assets		$	31,277	$	24,624	$	210	$	434,528	$	5,413
Total number of mutual fund shares		3,093,667		2,438,062		11,014		21,672,218		274,496
Cost of mutual fund shares		$	32,656	$	25,553	$	156	$	351,368	$	5,087

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

34

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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 Multi-Manager Large Cap Core Portfolio - Institutional Class
Assets
Investments in mutual funds
	at fair value	$	24	$	384,229	$	1,681	$	19	$	17,240
Total assets		24		384,229		1,681		19		17,240
Net assets		$	24	$	384,229	$	1,681	$	19	$	17,240
Net assets
Accumulation units		$	24	$	380,027	$	1,681	$	19	$	16,970
Contracts in payout (annuitization)		—		4,202		—		—		270
Total net assets		$	24	$	384,229	$	1,681	$	19	$	17,240
Total number of mutual fund shares		1,965		30,738,309		135,920		1,884		1,103,004
Cost of mutual fund shares		$	21	$	290,786	$	1,665	$	19	$	13,356

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

35

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Voya Multi-Manager Large Cap Core Portfolio - Service Class		Voya U.S. Bond Index Portfolio - Class I		Voya U.S. Stock Index Portfolio - Institutional Class		VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class		VY® Clarion Global Real Estate Portfolio - Adviser Class
Assets
Investments in mutual funds
	at fair value	$	382	$	12,284	$	19,708	$	43	$	7
Total assets		382		12,284		19,708		43		7
Net assets		$	382	$	12,284	$	19,708	$	43	$	7
Net assets
Accumulation units		$	382	$	12,284	$	19,708	$	43	$	7
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	382	$	12,284	$	19,708	$	43	$	7
Total number of mutual fund shares		24,443		1,141,605		1,342,474		4,695		622
Cost of mutual fund shares		$	298	$	12,387	$	16,840	$	48	$	7

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

36

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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® FMR Diversified Mid Cap Portfolio - Institutional Class
Assets
Investments in mutual funds
	at fair value	$	92,705	$	53	$	2,409	$	65,786	$	37,011
Total assets		92,705		53		2,409		65,786		37,011
Net assets		$	92,705	$	53	$	2,409	$	65,786	$	37,011
Net assets
Accumulation units		$	92,705	$	53	$	—	$	65,786	$	37,011
Contracts in payout (annuitization)		—		—		2,409		—		—
Total net assets		$	92,705	$	53	$	2,409	$	65,786	$	37,011
Total number of mutual fund shares		7,512,571		1,583		68,490		1,876,386		1,988,745
Cost of mutual fund shares		$	74,269	$	42	$	1,763	$	44,359	$	32,605

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

37

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		VY® FMR Diversified Mid Cap Portfolio - Service Class		VY® FMR Diversified Mid Cap Portfolio - Service 2 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
Assets
Investments in mutual funds
	at fair value	$	54,794	$	40	$	22,583	$	27,024	$	321
Total assets		54,794		40		22,583		27,024		321
Net assets		$	54,794	$	40	$	22,583	$	27,024	$	321
Net assets
Accumulation units		$	54,794	$	40	$	22,583	$	27,024	$	321
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	54,794	$	40	$	22,583	$	27,024	$	321
Total number of mutual fund shares		2,968,269		2,208		712,176		849,020		19,305
Cost of mutual fund shares		$	45,073	$	36	$	19,976	$	20,737	$	351

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

38

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	22,492	$	20,091	$	24	$	26,704	$	22,043
Total assets		22,492		20,091		24		26,704		22,043
Net assets		$	22,492	$	20,091	$	24	$	26,704	$	22,043
Net assets
Accumulation units		$	22,492	$	20,091	$	24	$	26,704	$	22,043
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	22,492	$	20,091	$	24	$	26,704	$	22,043
Total number of mutual fund shares		1,294,879		1,162,701		1,197		1,290,064		1,075,815
Cost of mutual fund shares		$	25,925	$	23,112	$	17	$	23,009	$	18,642

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

39

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		VY® Morgan Stanley Global Franchise Portfolio - Adviser 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
Assets
Investments in mutual funds
	at fair value	$	30	$	403	$	191,423	$	564,335	$	1,535
Total assets		30		403		191,423		564,335		1,535
Net assets		$	30	$	403	$	191,423	$	564,335	$	1,535
Net assets
Accumulation units		$	30	$	403	$	191,423	$	564,335	$	1,535
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	30	$	403	$	191,423	$	564,335	$	1,535
Total number of mutual fund shares		1,837		14,384		6,648,943		19,588,147		94,217
Cost of mutual fund shares		$	30	$	362	$	172,171	$	451,032	$	1,139

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

40

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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		VY® Templeton Global Growth Portfolio - Institutional Class		VY® Templeton Global Growth Portfolio - Service Class
Assets
Investments in mutual funds
	at fair value	$	121,652	$	117	$	7,682	$	806	$	6,583
Total assets		121,652		117		7,682		806		6,583
Net assets		$	121,652	$	117	$	7,682	$	806	$	6,583
Net assets
Accumulation units		$	121,431	$	117	$	7,682	$	806	$	6,583
Contracts in payout (annuitization)		221		—		—		—		—
Total net assets		$	121,652	$	117	$	7,682	$	806	$	6,583
Total number of mutual fund shares		7,377,290		9,015		593,641		52,336		425,804
Cost of mutual fund shares		$	83,676	$	100	$	6,485	$	646	$	5,874

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

41

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Voya Money Market Portfolio - Class I		Voya Global Real Estate Fund - Class A		Voya Multi-Manager International Small Cap Fund - Class A		Voya Aggregate Bond Portfolio - Adviser Class		Voya Aggregate Bond Portfolio - Initial Class
Assets
Investments in mutual funds
	at fair value	$	236,364	$	151	$	328	$	1,890	$	2,478
Total assets		236,364		151		328		1,890		2,478
Net assets		$	236,364	$	151	$	328	$	1,890	$	2,478
Net assets
Accumulation units		$	234,419	$	151	$	328	$	1,890	$	2,478
Contracts in payout (annuitization)		1,945		—		—		—		—
Total net assets		$	236,364	$	151	$	328	$	1,890	$	2,478
Total number of mutual fund shares		236,363,825		7,448		7,222		162,373		207,182
Cost of mutual fund shares		$	236,364	$	132	$	299	$	1,909	$	2,443

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

42

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Voya Aggregate Bond Portfolio - Service Class		Voya Global Bond Portfolio - Adviser Class		Voya Global Bond Portfolio - Initial Class		Voya Global Bond Portfolio - Service Class		Voya Index Solution 2015 Portfolio - Initial Class
Assets
Investments in mutual funds
	at fair value	$	169,930	$	272	$	96,508	$	932	$	692
Total assets		169,930		272		96,508		932		692
Net assets		$	169,930	$	272	$	96,508	$	932	$	692
Net assets
Accumulation units		$	165,063	$	272	$	94,173	$	922	$	692
Contracts in payout (annuitization)		4,867		—		2,335		10		—
Total net assets		$	169,930	$	272	$	96,508	$	932	$	692
Total number of mutual fund shares		14,340,125		26,378		9,261,779		89,260		63,873
Cost of mutual fund shares		$	171,195	$	299	$	104,125	$	1,001	$	696

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

43

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Voya Index Solution 2015 Portfolio - Service Class		Voya Index Solution 2015 Portfolio - Service 2 Class		Voya Index Solution 2025 Portfolio - Initial Class		Voya Index Solution 2025 Portfolio - Service Class		Voya Index Solution 2025 Portfolio - Service 2 Class
Assets
Investments in mutual funds
	at fair value	$	1,310	$	1,223	$	2,587	$	2,410	$	4,350
Total assets		1,310		1,223		2,587		2,410		4,350
Net assets		$	1,310	$	1,223	$	2,587	$	2,410	$	4,350
Net assets
Accumulation units		$	1,310	$	1,223	$	2,587	$	2,410	$	4,350
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	1,310	$	1,223	$	2,587	$	2,410	$	4,350
Total number of mutual fund shares		121,819		115,727		220,709		207,576		380,273
Cost of mutual fund shares		$	1,296	$	1,208	$	2,531	$	2,375	$	3,976

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

44

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	2,313	$	1,641	$	3,006	$	1,768	$	785
Total assets		2,313		1,641		3,006		1,768		785
Net assets		$	2,313	$	1,641	$	3,006	$	1,768	$	785
Net assets
Accumulation units		$	2,313	$	1,641	$	3,006	$	1,768	$	785
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	2,313	$	1,641	$	3,006	$	1,768	$	785
Total number of mutual fund shares		191,008		136,859		254,070		141,917		63,710
Cost of mutual fund shares		$	2,210	$	1,588	$	2,668	$	1,755	$	777

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

45

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Voya Index Solution 2045 Portfolio - Service 2 Class		Voya Index Solution 2055 Portfolio - Initial Class		Voya Index Solution 2055 Portfolio - Service Class		Voya Index Solution 2055 Portfolio - Service 2 Class		Voya Index Solution Income Portfolio - Initial Class
Assets
Investments in mutual funds
	at fair value	$	2,238	$	424	$	446	$	368	$	468
Total assets		2,238		424		446		368		468
Net assets		$	2,238	$	424	$	446	$	368	$	468
Net assets
Accumulation units		$	2,238	$	424	$	446	$	368	$	468
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	2,238	$	424	$	446	$	368	$	468
Total number of mutual fund shares		184,028		28,406		30,062		25,026		43,512
Cost of mutual fund shares		$	1,974	$	412	$	455	$	337	$	474

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

46

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Voya Index Solution Income Portfolio - Service Class		Voya Index Solution Income Portfolio - Service 2 Class		Voya Solution 2015 Portfolio - Adviser Class		Voya Solution 2015 Portfolio - Initial Class		Voya Solution 2015 Portfolio - Service Class
Assets
Investments in mutual funds
	at fair value	$	1,094	$	288	$	905	$	3,054	$	68,097
Total assets		1,094		288		905		3,054		68,097
Net assets		$	1,094	$	288	$	905	$	3,054	$	68,097
Net assets
Accumulation units		$	1,094	$	288	$	905	$	3,054	$	68,097
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	1,094	$	288	$	905	$	3,054	$	68,097
Total number of mutual fund shares		102,619		27,517		74,655		246,921		5,549,847
Cost of mutual fund shares		$	1,099	$	288	$	789	$	2,919	$	60,699

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

47

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Voya Solution 2015 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
Assets
Investments in mutual funds
	at fair value	$	8,129	$	492	$	1,478	$	142,609	$	15,200
Total assets		8,129		492		1,478		142,609		15,200
Net assets		$	8,129	$	492	$	1,478	$	142,609	$	15,200
Net assets
Accumulation units		$	8,129	$	492	$	1,478	$	142,609	$	15,200
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	8,129	$	492	$	1,478	$	142,609	$	15,200
Total number of mutual fund shares		679,079		38,322		112,669		10,969,942		1,196,865
Cost of mutual fund shares		$	7,457	$	417	$	1,531	$	118,437	$	13,490

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

48

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	183	$	2,695	$	136,761	$	13,637	$	114
Total assets		183		2,695		136,761		13,637		114
Net assets		$	183	$	2,695	$	136,761	$	13,637	$	114
Net assets
Accumulation units		$	183	$	2,695	$	136,761	$	13,637	$	114
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	183	$	2,695	$	136,761	$	13,637	$	114
Total number of mutual fund shares		13,865		199,478		10,213,685		1,048,162		8,415
Cost of mutual fund shares		$	152	$	2,551	$	113,465	$	12,131	$	99

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

49

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	1,526	$	98,309	$	7,963	$	777	$	10,817
Total assets		1,526		98,309		7,963		777		10,817
Net assets		$	1,526	$	98,309	$	7,963	$	777	$	10,817
Net assets
Accumulation units		$	1,526	$	98,309	$	7,963	$	777	$	10,817
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	1,526	$	98,309	$	7,963	$	777	$	10,817
Total number of mutual fund shares		109,787		7,144,585		590,280		53,600		752,757
Cost of mutual fund shares		$	1,408	$	79,962	$	7,198	$	752	$	10,205

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

50

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	887	$	4,280	$	206	$	3,290	$	17,739
Total assets		887		4,280		206		3,290		17,739
Net assets		$	887	$	4,280	$	206	$	3,290	$	17,739
Net assets
Accumulation units		$	887	$	4,280	$	206	$	3,290	$	17,739
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	887	$	4,280	$	206	$	3,290	$	17,739
Total number of mutual fund shares		61,996		400,026		17,746		277,434		1,508,458
Cost of mutual fund shares		$	866	$	4,083	$	195	$	3,234	$	16,786

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

51

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	1,210	$	6,119	$	153	$	19,231	$	60,125
Total assets		1,210		6,119		153		19,231		60,125
Net assets		$	1,210	$	6,119	$	153	$	19,231	$	60,125
Net assets
Accumulation units		$	1,210	$	6,119	$	153	$	19,231	$	59,365
Contracts in payout (annuitization)		—		—		—		—		760
Total net assets		$	1,210	$	6,119	$	153	$	19,231	$	60,125
Total number of mutual fund shares		105,212		573,485		11,079		1,335,492		4,219,286
Cost of mutual fund shares		$	1,130	$	6,071	$	138	$	17,921	$	50,776

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

52

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	420	$	175,509	$	15,271	$	254	$	4,730
Total assets		420		175,509		15,271		254		4,730
Net assets		$	420	$	175,509	$	15,271	$	254	$	4,730
Net assets
Accumulation units		$	420	$	174,299	$	15,169	$	254	$	4,730
Contracts in payout (annuitization)		—		1,210		102		—		—
Total net assets		$	420	$	175,509	$	15,271	$	254	$	4,730
Total number of mutual fund shares		13,833		5,591,250		624,575		15,667		285,276
Cost of mutual fund shares		$	302	$	107,448	$	11,315	$	177	$	3,651

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

53

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		VY® Fidelity® VIP Mid Cap 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
Assets
Investments in mutual funds
	at fair value	$	4,092	$	482	$	76,270	$	1,674	$	350,430
Total assets		4,092		482		76,270		1,674		350,430
Net assets		$	4,092	$	482	$	76,270	$	1,674	$	350,430
Net assets
Accumulation units		$	4,092	$	482	$	74,913	$	1,674	$	346,566
Contracts in payout (annuitization)		—		—		1,357		—		3,864
Total net assets		$	4,092	$	482	$	76,270	$	1,674	$	350,430
Total number of mutual fund shares		242,403		29,362		4,614,045		36,204		7,467,084
Cost of mutual fund shares		$	3,238	$	306	$	53,678	$	1,525	$	287,209

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

54

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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		VY® Oppenheimer Global Portfolio - Adviser Class
Assets
Investments in mutual funds
	at fair value	$	3,362	$	406	$	6,939	$	68,476	$	559
Total assets		3,362		406		6,939		68,476		559
Net assets		$	3,362	$	406	$	6,939	$	68,476	$	559
Net assets
Accumulation units		$	3,362	$	406	$	6,939	$	67,009	$	559
Contracts in payout (annuitization)		—		—		—		1,467		—
Total net assets		$	3,362	$	406	$	6,939	$	68,476	$	559
Total number of mutual fund shares		72,165		18,087		303,696		3,016,568		30,709
Cost of mutual fund shares		$	3,393	$	257	$	6,067	$	48,263	$	405

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

55

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		VY® Oppenheimer Global Portfolio - Initial Class		VY® Oppenheimer Global Portfolio - Service Class		VY® Pioneer High Yield Portfolio - Initial Class		VY® Pioneer High Yield Portfolio - Service Class		VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class
Assets
Investments in mutual funds
	at fair value	$	576,327	$	1,101	$	43,987	$	788	$	386
Total assets		576,327		1,101		43,987		788		386
Net assets		$	576,327	$	1,101	$	43,987	$	788	$	386
Net assets
Accumulation units		$	572,394	$	1,101	$	42,916	$	788	$	386
Contracts in payout (annuitization)		3,933		—		1,071		—		—
Total net assets		$	576,327	$	1,101	$	43,987	$	788	$	386
Total number of mutual fund shares		30,590,590		60,214		3,702,642		66,406		33,776
Cost of mutual fund shares		$	410,050	$	825	$	44,543	$	776	$	272

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

56

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	404,023	$	1,070	$	1,484	$	337,335	$	4,148
Total assets		404,023		1,070		1,484		337,335		4,148
Net assets		$	404,023	$	1,070	$	1,484	$	337,335	$	4,148
Net assets
Accumulation units		$	402,008	$	1,070	$	1,484	$	335,150	$	4,148
Contracts in payout (annuitization)		2,015		—		—		2,185		—
Total net assets		$	404,023	$	1,070	$	1,484	$	337,335	$	4,148
Total number of mutual fund shares		33,307,772		90,149		17,147		3,741,935		46,959
Cost of mutual fund shares		$	275,796	$	866	$	849	$	210,777	$	2,909

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

57

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		VY® Templeton Foreign Equity Portfolio - Adviser Class		VY® Templeton Foreign Equity Portfolio - Initial Class		VY® Templeton Foreign Equity Portfolio - Service Class		Voya Core Equity Research Fund - Class A		Voya Strategic Allocation Conservative Portfolio - Class I
Assets
Investments in mutual funds
	at fair value	$	409	$	99,808	$	328	$	167	$	38,249
Total assets		409		99,808		328		167		38,249
Net assets		$	409	$	99,808	$	328	$	167	$	38,249
Net assets
Accumulation units		$	409	$	97,830	$	328	$	167	$	37,307
Contracts in payout (annuitization)		—		1,978		—		—		942
Total net assets		$	409	$	99,808	$	328	$	167	$	38,249
Total number of mutual fund shares		34,376		8,289,701		27,419		10,162		3,026,024
Cost of mutual fund shares		$	385	$	91,934	$	289	$	142	$	32,826

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

58

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	75,559	$	68,770	$	1,598	$	1,371,748	$	281
Total assets		75,559		68,770		1,598		1,371,748		281
Net assets		$	75,559	$	68,770	$	1,598	$	1,371,748	$	281
Net assets
Accumulation units		$	74,824	$	67,407	$	1,598	$	1,285,846	$	281
Contracts in payout (annuitization)		735		1,363		—		85,902		—
Total net assets		$	75,559	$	68,770	$	1,598	$	1,371,748	$	281
Total number of mutual fund shares		5,475,314		5,233,643		52,790		44,784,444		9,255
Cost of mutual fund shares		$	58,720	$	53,996	$	1,350	$	1,019,413	$	271

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

59

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	348,666	$	318	$	366,118	$	364	$	149,688
Total assets		348,666		318		366,118		364		149,688
Net assets		$	348,666	$	318	$	366,118	$	364	$	149,688
Net assets
Accumulation units		$	343,868	$	318	$	364,432	$	364	$	148,615
Contracts in payout (annuitization)		4,798		—		1,686		—		1,073
Total net assets		$	348,666	$	318	$	366,118	$	364	$	149,688
Total number of mutual fund shares		15,510,070		14,280		14,894,948		14,993		6,536,596
Cost of mutual fund shares		$	224,386	$	188	$	246,011	$	236	$	96,575

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

60

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	278	$	26,942	$	7	$	18,455	$	1,040
Total assets		278		26,942		7		18,455		1,040
Net assets		$	278	$	26,942	$	7	$	18,455	$	1,040
Net assets
Accumulation units		$	278	$	26,377	$	7	$	18,182	$	1,040
Contracts in payout (annuitization)		—		565		—		273		—
Total net assets		$	278	$	26,942	$	7	$	18,455	$	1,040
Total number of mutual fund shares		12,276		2,875,313		711		757,904		42,925
Cost of mutual fund shares		$	169	$	24,578	$	6	$	14,957	$	707

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

61

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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
Assets
Investments in mutual funds
	at fair value	$	52,083	$	412	$	399	$	8,242	$	10,138
Total assets		52,083		412		399		8,242		10,138
Net assets		$	52,083	$	412	$	399	$	8,242	$	10,138
Net assets
Accumulation units		$	52,083	$	—	$	399	$	8,242	$	10,138
Contracts in payout (annuitization)		—		412		—		—		—
Total net assets		$	52,083	$	412	$	399	$	8,242	$	10,138
Total number of mutual fund shares		3,269,493		26,030		19,916		413,562		372,868
Cost of mutual fund shares		$	38,690	$	344	$	330	$	6,942	$	7,468

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

62

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		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 International Value Portfolio - Class I
Assets
Investments in mutual funds
	at fair value	$	62,848	$	29,802	$	151,114	$	301	$	52,469
Total assets		62,848		29,802		151,114		301		52,469
Net assets		$	62,848	$	29,802	$	151,114	$	301	$	52,469
Net assets
Accumulation units		$	62,848	$	29,802	$	149,043	$	301	$	50,705
Contracts in payout (annuitization)		—		—		2,071		—		1,764
Total net assets		$	62,848	$	29,802	$	151,114	$	301	$	52,469
Total number of mutual fund shares		3,637,059		1,806,165		6,499,545		13,183		5,901,974
Cost of mutual fund shares		$	50,543	$	25,489	$	116,761	$	236	$	49,735

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

63

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Voya International Value Portfolio - Class S		Voya MidCap Opportunities Portfolio - Class I		Voya MidCap Opportunities Portfolio - Class S		Voya SmallCap Opportunities Portfolio - Class I		Voya SmallCap Opportunities Portfolio - Class S
Assets
Investments in mutual funds
	at fair value	$	148	$	131,603	$	1,396	$	42,392	$	139
Total assets		148		131,603		1,396		42,392		139
Net assets		$	148	$	131,603	$	1,396	$	42,392	$	139
Net assets
Accumulation units		$	148	$	131,603	$	1,396	$	42,392	$	139
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	148	$	131,603	$	1,396	$	42,392	$	139
Total number of mutual fund shares		16,284		8,675,209		95,242		1,516,694		5,199
Cost of mutual fund shares		$	132	$	122,369	$	1,236	$	36,027	$	115

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

64

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Wanger International		Wanger Select		Wanger USA		Washington Mutual Investors FundSM - Class R-3		Washington Mutual Investors FundSM - Class R-4
Assets
Investments in mutual funds
	at fair value	$	46,020	$	73,151	$	68,668	$	4,859	$	132,246
Total assets		46,020		73,151		68,668		4,859		132,246
Net assets		$	46,020	$	73,151	$	68,668	$	4,859	$	132,246
Net assets
Accumulation units		$	46,020	$	73,151	$	68,668	$	4,859	$	132,246
Contracts in payout (annuitization)		—		—		—		—		—
Total net assets		$	46,020	$	73,151	$	68,668	$	4,859	$	132,246
Total number of mutual fund shares		1,583,089		2,218,027		1,820,961		119,478		3,242,902
Cost of mutual fund shares		$	50,701	$	55,531	$	60,733	$	3,728	$	100,079

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

65

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2014

(Dollars in thousands)

		Wells Fargo Advantage Small Cap Value Fund - Class A		Wells Fargo Advantage Special Small Cap Value Fund - Class A
Assets
Investments in mutual funds
	at fair value	$	108	$	118,489
Total assets		108		118,489
Net assets		$	108	$	118,489
Net assets
Accumulation units		$	108	$	118,489
Contracts in payout (annuitization)		—		—
Total net assets		$	108	$	118,489
Total number of mutual fund shares		3,824		4,212,204
Cost of mutual fund shares		$	124	$	94,887

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

66

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	—	$	—		$	—		$	6		$	—
Expenses:
	Mortality, expense risk and other charges	—		45			1			2			—
Total expenses		—		45			1			2			—
Net investment income (loss)		—		(45		)	(1		)	4			—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		—		199			2			5			4
Capital gains distributions		—		419			14			12			5
Total realized gain (loss) on investments
	and capital gains distributions	—		618			16			17			9
Net unrealized appreciation
	(depreciation) of investments	—		(419		)	(9		)	(27		)	(4		)
Net realized and unrealized gain (loss)
	on investments	—		199			7			(10		)	5
Net increase (decrease) in net assets
	resulting from operations	$	—	$	154		$	6		$	(6	)	$	5

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

67

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Invesco Global 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
Net investment income (loss)
Investment income:
	Dividends	$	—		$	1		$	—		$	—	$	—
Expenses:
	Mortality, expense risk and other charges	3			—			1			—		3
Total expenses		3			—			1			—		3
Net investment income (loss)		(3		)	1			(1		)	—		(3		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		38			—			(2		)	—		20
Capital gains distributions		45			—			20			—		61
Total realized gain (loss) on investments
	and capital gains distributions	83			—			18			—		81
Net unrealized appreciation
	(depreciation) of investments	(15		)	(1		)	(14		)	—		(55		)
Net realized and unrealized gain (loss)
	on investments	68			(1		)	4			—		26
Net increase (decrease) in net assets
	resulting from operations	$	65		$	—		$	3		$	—	$	23

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

68

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Invesco V.I. American Franchise Fund - Series I Shares			Invesco V.I. Core Equity Fund - Series I Shares			Alger Capital Appreciation Fund - Class A			Alger Green Fund - Class A			AllianceBernstein Growth and Income Fund - Class A
Net investment income (loss)
Investment income:
	Dividends	$	11		$	345		$	—		$	—		$	2
Expenses:
	Mortality, expense risk and other charges	279			422			4			41			2
Total expenses		279			422			4			41			2
Net investment income (loss)		(268		)	(77		)	(4		)	(41		)	—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		1,117			2,093			19			512			5
Capital gains distributions		—			193			181			102			9
Total realized gain (loss) on investments
	and capital gains distributions	1,117			2,286			200			614			14
Net unrealized appreciation
	(depreciation) of investments	1,045			521			(67		)	(439		)	1
Net realized and unrealized gain (loss)
	on investments	2,162			2,807			133			175			15
Net increase (decrease) in net assets
	resulting from operations	$	1,894		$	2,730		$	129		$	134		$	15

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

69

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		AllianceBernstein Growth and Income Portfolio - 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
Net investment income (loss)
Investment income:
	Dividends	$	8		$	5	$	1	$	14		$	146
Expenses:
	Mortality, expense risk and other charges	7			2		—		5			387
Total expenses		7			2		—		5			387
Net investment income (loss)		1			3		1		9			(241		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		158			7		—		29			2,393
Capital gains distributions		—			—		—		115			2,432
Total realized gain (loss) on investments
	and capital gains distributions	158			7		—		144			4,825
Net unrealized appreciation
	(depreciation) of investments	(115		)	12		2		(148		)	215
Net realized and unrealized gain (loss)
	on investments	43			19		2		(4		)	5,040
Net increase (decrease) in net assets
	resulting from operations	$	44		$	22	$	3	$	5		$	4,799

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

70

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Amana Income Fund - Investor Class		American Balanced Fund® - Class R-3			American Beacon Small Cap Value Fund - Investor Class			American Century Investments® Inflation-Adjusted Bond Fund - Investor Class			American Century Investments® Income & Growth Fund - A Class
Net investment income (loss)
Investment income:
	Dividends	$	1,148	$	87		$	—		$	458		$	192
Expenses:
	Mortality, expense risk and other charges	723		39			—			330			124
Total expenses		723		39			—			330			124
Net investment income (loss)		425		48			—			128			68
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		4,236		633			1			(802		)	297
Capital gains distributions		648		403			3			104			562
Total realized gain (loss) on investments
	and capital gains distributions	4,884		1,036			4			(698		)	859
Net unrealized appreciation
	(depreciation) of investments	510		(523		)	(1		)	1,104			146
Net realized and unrealized gain (loss)
	on investments	5,394		513			3			406			1,005
Net increase (decrease) in net assets
	resulting from operations	$	5,819	$	561		$	3		$	534		$	1,073

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

71

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Fundamental InvestorsSM - Class R-3			Fundamental InvestorsSM - Class R-4			American Funds American Mutual Fund® - Class R-4		Ariel Appreciation Fund - Investor Class			Ariel Fund - Investor Class
Net investment income (loss)
Investment income:
	Dividends	$	14		$	637		$	30	$	5		$	67
Expenses:
	Mortality, expense risk and other charges	9			527			5		6			111
Total expenses		9			527			5		6			111
Net investment income (loss)		5			110			25		(1		)	(44		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		165			2,128			15		97			1,032
Capital gains distributions		154			4,794			72		71			1,395
Total realized gain (loss) on investments
	and capital gains distributions	319			6,922			87		168			2,427
Net unrealized appreciation
	(depreciation) of investments	(166		)	(2,028		)	73		(103		)	(1,387		)
Net realized and unrealized gain (loss)
	on investments	153			4,894			160		65			1,040
Net increase (decrease) in net assets
	resulting from operations	$	158		$	5,004		$	185	$	64		$	996

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

72

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Artisan International Fund - Investor Shares			Aston/Fairpointe Mid Cap Fund - Class N			BlackRock Equity Dividend Fund - Investor A Shares			BlackRock Mid Cap Value Opportunities Fund - Institutional Shares			BlackRock Mid Cap Value Opportunities Fund - Investor A Shares
Net investment income (loss)
Investment income:
	Dividends	$	98		$	44		$	26		$	—		$	80
Expenses:
	Mortality, expense risk and other charges	126			378			9			—			187
Total expenses		126			378			9			—			187
Net investment income (loss)		(28		)	(334		)	17			—			(107		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		399			1,432			60			—			1,228
Capital gains distributions		—			7,457			71			2			2,234
Total realized gain (loss) on investments
	and capital gains distributions	399			8,889			131			2			3,462
Net unrealized appreciation
	(depreciation) of investments	(611		)	(5,131		)	(21		)	(2		)	(2,555		)
Net realized and unrealized gain (loss)
	on investments	(212		)	3,758			110			—			907
Net increase (decrease) in net assets
	resulting from operations	$	(240	)	$	3,424		$	127		$	—		$	800

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

73

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Bond Fund of AmericaSM - Class R-4		Calvert VP SRI Balanced Portfolio			Capital World Growth & Income FundSM - Class R-3		Cohen & Steers Realty Shares, Inc.		ColumbiaSM Acorn® Fund - Class A Shares
Net investment income (loss)
Investment income:
	Dividends	$	194	$	820		$	15	$	111	$	—
Expenses:
	Mortality, expense risk and other charges	89		567			4		42		1
Total expenses		89		567			4		42		1
Net investment income (loss)		105		253			11		69		(1		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		54		718			12		66		2
Capital gains distributions		—		3,585			—		215		16
Total realized gain (loss) on investments
	and capital gains distributions	54		4,303			12		281		18
Net unrealized appreciation
	(depreciation) of investments	241		(281		)	—		626		(17		)
Net realized and unrealized gain (loss)
	on investments	295		4,022			12		907		1
Net increase (decrease) in net assets
	resulting from operations	$	400	$	4,275		$	23	$	976	$	—

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

74

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		ColumbiaSM Acorn® Fund - Class Z Shares			Columbia Mid Cap Value Fund - Class A Shares			Columbia Mid Cap Value Fund - Class Z Shares		CRM Mid Cap Value Fund - Investor Shares			Davis Financial Fund - Class Y
Net investment income (loss)
Investment income:
	Dividends	$	—		$	41		$	—	$	2		$	—
Expenses:
	Mortality, expense risk and other charges	1			73			—		2			—
Total expenses		1			73			—		2			—
Net investment income (loss)		(1		)	(32		)	—		—			—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		—			414			—		19			—
Capital gains distributions		9			1,418			—		63			—
Total realized gain (loss) on investments
	and capital gains distributions	9			1,832			—		82			—
Net unrealized appreciation
	(depreciation) of investments	(8		)	(1,014		)	—		(67		)	—
Net realized and unrealized gain (loss)
	on investments	1			818			—		15			—
Net increase (decrease) in net assets
	resulting from operations	$	—		$	786		$	—	$	15		$	—

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

75

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Delaware Diversified Income Fund - Class A			Delaware Small Cap Value Fund - Class A			Deutsche Small Cap Growth Fund - Class S			Dodge & Cox International Stock Fund			Dodge & Cox Stock Fund
Net investment income (loss)
Investment income:
	Dividends	$	116		$	2		$	—		$	9		$	4
Expenses:
	Mortality, expense risk and other charges	30			3			—			4			2
Total expenses		30			3			—			4			2
Net investment income (loss)		86			(1		)	—			5			2
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		(14		)	6			—			20			16
Capital gains distributions		16			32			2			—			4
Total realized gain (loss) on investments
	and capital gains distributions	2			38			2			20			20
Net unrealized appreciation
	(depreciation) of investments	13			(24		)	(1		)	(28		)	4
Net realized and unrealized gain (loss)
	on investments	15			14			1			(8		)	24
Net increase (decrease) in net assets
	resulting from operations	$	101		$	13		$	1		$	(3	)	$	26

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

76

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Deutsche Equity 500 Index Fund - Class S		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 - Institutional Class
Net investment income (loss)
Investment income:
	Dividends	$	13	$	1		$	75		$	4,069		$	2
Expenses:
	Mortality, expense risk and other charges	7		1			42			2,683			11
Total expenses		7		1			42			2,683			11
Net investment income (loss)		6		—			33			1,386			(9		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		51		20			650			970			123
Capital gains distributions		23		25			—			—			64
Total realized gain (loss) on investments
	and capital gains distributions	74		45			650			970			187
Net unrealized appreciation
	(depreciation) of investments	3		(33		)	(926		)	(13,038		)	(72		)
Net realized and unrealized gain (loss)
	on investments	77		12			(276		)	(12,068		)	115
Net increase (decrease) in net assets
	resulting from operations	$	83	$	12		$	(243	)	$	(10,682	)	$	106

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

77

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	8,508		$	538		$	717		$	430		$	12,815
Expenses:
	Mortality, expense risk and other charges	3,073			2,777			142			323			12,150
Total expenses		3,073			2,777			142			323			12,150
Net investment income (loss)		5,435			(2,239		)	575			107			665
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		(47		)	9,482			101			(709		)	29,995
Capital gains distributions		4,192			—			—			9			26,886
Total realized gain (loss) on investments
	and capital gains distributions	4,145			9,482			101			(700		)	56,881
Net unrealized appreciation
	(depreciation) of investments	12,997			20,363			(692		)	(2,504		)	82,142
Net realized and unrealized gain (loss)
	on investments	17,142			29,845			(591		)	(3,204		)	139,023
Net increase (decrease) in net assets
	resulting from operations	$	22,577		$	27,606		$	(16	)	$	(3,097	)	$	139,688

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

78

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Fidelity® VIP Index 500 Portfolio - Initial Class		Fidelity® VIP Mid Cap Portfolio - Initial Class			Fidelity® VIP Asset Manager Portfolio - Initial Class			Franklin Mutual Global Discovery Fund - Class R			Franklin Biotechnology Discovery Fund - Advisor Class
Net investment income (loss)
Investment income:
	Dividends	$	2,749	$	74		$	344		$	49		$	—
Expenses:
	Mortality, expense risk and other charges	1,912		—			269			15			—
Total expenses		1,912		—			269			15			—
Net investment income (loss)		837		74			75			34			—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		4,271		1,158			273			116			—
Capital gains distributions		153		650			1,086			105			4
Total realized gain (loss) on investments
	and capital gains distributions	4,424		1,808			1,359			221			4
Net unrealized appreciation
	(depreciation) of investments	13,593		(162		)	(368		)	(144		)	4
Net realized and unrealized gain (loss)
	on investments	18,017		1,646			991			77			8
Net increase (decrease) in net assets
	resulting from operations	$	18,854	$	1,720		$	1,066		$	111		$	8

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

79

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		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 - Class IR Shares		Growth Fund of America® - Class R-3
Net investment income (loss)
Investment income:
	Dividends	$	—		$	—		$	856		$	—	$	5
Expenses:
	Mortality, expense risk and other charges	—			3			1,261			—		93
Total expenses		—			3			1,261			—		93
Net investment income (loss)		—			(3		)	(405		)	—		(88		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		—			107			4,800			—		1,313
Capital gains distributions		—			53			10,326			1		1,468
Total realized gain (loss) on investments
	and capital gains distributions	—			160			15,126			1		2,781
Net unrealized appreciation
	(depreciation) of investments	(1		)	(136		)	(15,311		)	—		(1,397		)
Net realized and unrealized gain (loss)
	on investments	(1		)	24			(185		)	1		1,384
Net increase (decrease) in net assets
	resulting from operations	$	(1	)	$	21		$	(590	)	$	1	$	1,296

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

80

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Growth Fund of America® - Class R-4			The Hartford Capital Appreciation Fund - Class R4		The Hartford Dividend And Growth Fund - Class R4		Income Fund of America® - Class R-3			Ivy Science and Technology Fund - Class Y
Net investment income (loss)
Investment income:
	Dividends	$	1,244		$	—	$	—	$	70		$	—
Expenses:
	Mortality, expense risk and other charges	3,486			—		—		14			—
Total expenses		3,486			—		—		14			—
Net investment income (loss)		(2,242		)	—		—		56			—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		7,083			—		—		167			—
Capital gains distributions		33,063			—		—		15			—
Total realized gain (loss) on investments
	and capital gains distributions	40,146			—		—		182			—
Net unrealized appreciation
	(depreciation) of investments	(8,466		)	—		—		(54		)	—
Net realized and unrealized gain (loss)
	on investments	31,680			—		—		128			—
Net increase (decrease) in net assets
	resulting from operations	$	29,438		$	—	$	—	$	184		$	—

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

81

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Janus Aspen Series Balanced Portfolio - Institutional Shares		Janus Aspen Series Enterprise Portfolio - Institutional Shares			Janus Aspen Series Flexible Bond Portfolio - Institutional Shares		Janus Aspen Series Global Research Portfolio - Institutional Shares			Janus Aspen Series Janus Portfolio - Institutional Shares
Net investment income (loss)
Investment income:
	Dividends	$	3	$	1		$	1	$	2		$	—
Expenses:
	Mortality, expense risk and other charges	2		4			—		2			1
Total expenses		2		4			—		2			1
Net investment income (loss)		1		(3		)	1		—			(1		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		5		34			—		27			3
Capital gains distributions		4		22			—		—			6
Total realized gain (loss) on investments
	and capital gains distributions	9		56			—		27			9
Net unrealized appreciation
	(depreciation) of investments	1		(19		)	—		(16		)	1
Net realized and unrealized gain (loss)
	on investments	10		37			—		11			10
Net increase (decrease) in net assets
	resulting from operations	$	11	$	34		$	1	$	11		$	9

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

82

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		JPMorgan Equity Income Fund - Select Class Shares		JPMorgan Government Bond Fund - Select Class Shares			Lazard Emerging Markets Equity Portfolio - Open Shares		Lazard U.S. Mid Cap Equity Portfolio - Open Shares			ClearBridge Aggressive Growth Fund - Class I
Net investment income (loss)
Investment income:
	Dividends	$	1	$	5		$	—	$	9		$	—
Expenses:
	Mortality, expense risk and other charges	—		2			—		28			—
Total expenses		—		2			—		28			—
Net investment income (loss)		1		3			—		(19		)	—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		—		(10		)	—		325			—
Capital gains distributions		1		6			—		—			2
Total realized gain (loss) on investments
	and capital gains distributions	1		(4		)	—		325			2
Net unrealized appreciation
	(depreciation) of investments	2		9			—		131			1
Net realized and unrealized gain (loss)
	on investments	3		5			—		456			3
Net increase (decrease) in net assets
	resulting from operations	$	4	$	8		$	—	$	437		$	3

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

83

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		LKCM Aquinas Growth Fund			Loomis Sayles Small Cap Value Fund - Retail Class			Loomis Sayles Limited Term Government and Agency Fund - Class Y			Loomis Sayles Value Fund - Class Y		Lord Abbett Developing Growth Fund - Class A
Net investment income (loss)
Investment income:
	Dividends	$	—		$	41		$	4		$	—	$	—
Expenses:
	Mortality, expense risk and other charges	3			140			2			—		2
Total expenses		3			140			2			—		2
Net investment income (loss)		(3		)	(99		)	2			—		(2		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		34			1,251			(1		)	—		6
Capital gains distributions		73			1,748			—			—		44
Total realized gain (loss) on investments
	and capital gains distributions	107			2,999			(1		)	—		50
Net unrealized appreciation
	(depreciation) of investments	(104		)	(2,344		)	(1		)	—		(43		)
Net realized and unrealized gain (loss)
	on investments	3			655			(2		)	—		7
Net increase (decrease) in net assets
	resulting from operations	$	—		$	556		$	—		$	—	$	5

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

84

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Lord Abbett Core Fixed Income Fund - Class A		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
Net investment income (loss)
Investment income:
	Dividends	$	1	$	5		$	—		$	2		$	448
Expenses:
	Mortality, expense risk and other charges	1		8			11			2			983
Total expenses		1		8			11			2			983
Net investment income (loss)		—		(3		)	(11		)	—			(535		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		—		28			98			10			1,491
Capital gains distributions		—		—			286			44			—
Total realized gain (loss) on investments
	and capital gains distributions	—		28			384			54			1,491
Net unrealized appreciation
	(depreciation) of investments	3		87			(367		)	(38		)	9,387
Net realized and unrealized gain (loss)
	on investments	3		115			17			16			10,878
Net increase (decrease) in net assets
	resulting from operations	$	3	$	112		$	6		$	16		$	10,343

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

85

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		MainStay Large Cap Growth Fund - Class R3			Massachusetts Investors Growth Stock Fund - Class A			Metropolitan West Total Return Bond Fund - Class M Shares		MFS® New Discovery Fund - Class R3		MFS® International Value Fund - Class R3
Net investment income (loss)
Investment income:
	Dividends	$	—		$	4		$	134	$	—	$	—
Expenses:
	Mortality, expense risk and other charges	—			5			57		—		—
Total expenses		—			5			57		—		—
Net investment income (loss)		—			(1		)	77		—		—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		134			22			11		—		—
Capital gains distributions		—			22			26		—		—
Total realized gain (loss) on investments
	and capital gains distributions	134			44			37		—		—
Net unrealized appreciation
	(depreciation) of investments	(134		)	27			174		—		(1		)
Net realized and unrealized gain (loss)
	on investments	—			71			211		—		(1		)
Net increase (decrease) in net assets
	resulting from operations	$	—		$	70		$	288	$	—	$	(1	)

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

86

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Neuberger Berman Genesis Fund - Trust Class			Neuberger Berman Socially Responsive Fund - Trust Class			New Perspective Fund® - Class R-3			New Perspective Fund® - Class R-4			American Funds New World Fund® - Class R-4
Net investment income (loss)
Investment income:
	Dividends	$	—		$	128		$	5		$	695		$	—
Expenses:
	Mortality, expense risk and other charges	2			133			10			967			—
Total expenses		2			133			10			967			—
Net investment income (loss)		(2		)	(5		)	(5		)	(272		)	—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		23			810			211			823			—
Capital gains distributions		36			1,910			128			7,279			1
Total realized gain (loss) on investments
	and capital gains distributions	59			2,720			339			8,102			1
Net unrealized appreciation
	(depreciation) of investments	(44		)	(1,516		)	(286		)	(4,995		)	(3		)
Net realized and unrealized gain (loss)
	on investments	15			1,204			53			3,107			(2		)
Net increase (decrease) in net assets
	resulting from operations	$	13		$	1,199		$	48		$	2,835		$	(2	)

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

87

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Nuveen Global Infrastructure Fund - Class I			Nuveen U.S. Infrastructure Income Fund - Class I		Oppenheimer Capital Appreciation Fund - Class A			Oppenheimer Developing Markets Fund - Class A			Oppenheimer Developing Markets Fund - Class Y
Net investment income (loss)
Investment income:
	Dividends	$	21		$	2	$	—		$	706		$	241
Expenses:
	Mortality, expense risk and other charges	5			1		1			2,825			179
Total expenses		5			1		1			2,825			179
Net investment income (loss)		16			1		(1		)	(2,119		)	62
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		(8		)	—		5			16,694			517
Capital gains distributions		80			—		15			4,141			645
Total realized gain (loss) on investments
	and capital gains distributions	72			—		20			20,835			1,162
Net unrealized appreciation
	(depreciation) of investments	(84		)	1		(5		)	(34,012		)	(3,251		)
Net realized and unrealized gain (loss)
	on investments	(12		)	1		15			(13,177		)	(2,089		)
Net increase (decrease) in net assets
	resulting from operations	$	4		$	2	$	14		$	(15,296	)	$	(2,027	)

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

88

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Oppenheimer Gold & Special Minerals Fund - Class A			Oppenheimer International Bond Fund - Class A			Oppenheimer International Growth Fund - Class Y		Oppenheimer International Small Company Fund - Class Y		Oppenheimer Discovery Mid Cap Growth Fund/VA
Net investment income (loss)
Investment income:
	Dividends	$	—		$	4		$	—	$	—	$	—
Expenses:
	Mortality, expense risk and other charges	—			1			—		—		1
Total expenses		—			1			—		—		1
Net investment income (loss)		—			3			—		—		(1		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		(1		)	(8		)	—		—		3
Capital gains distributions		—			—			—		—		—
Total realized gain (loss) on investments
	and capital gains distributions	(1		)	(8		)	—		—		3
Net unrealized appreciation
	(depreciation) of investments	(4		)	6			—		—		(14		)
Net realized and unrealized gain (loss)
	on investments	(5		)	(2		)	—		—		(11		)
Net increase (decrease) in net assets
	resulting from operations	$	(5	)	$	1		$	—	$	—	$	(12	)

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

89

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Oppenheimer Global Fund/VA			Oppenheimer Global Strategic Income Fund/VA			Oppenheimer Main Street Fund®/VA		Oppenheimer Main Street Small Cap Fund®/VA			Parnassus Small Cap FundSM
Net investment income (loss)
Investment income:
	Dividends	$	3		$	4		$	1	$	222		$	—
Expenses:
	Mortality, expense risk and other charges	2			1			1		213			—
Total expenses		2			1			1		213			—
Net investment income (loss)		1			3			—		9			—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		12			—			3		1,917			—
Capital gains distributions		10			—			2		3,573			—
Total realized gain (loss) on investments
	and capital gains distributions	22			—			5		5,490			—
Net unrealized appreciation
	(depreciation) of investments	(19		)	(2		)	2		(2,793		)	—
Net realized and unrealized gain (loss)
	on investments	3			(2		)	7		2,697			—
Net increase (decrease) in net assets
	resulting from operations	$	4		$	1		$	7	$	2,706		$	—

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

90

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Parnassus Core Equity FundSM - Investor Shares		Pax World Balanced Fund - Individual Investor Class			PIMCO CommodityRealReturn Strategy Fund® - Administrative Class			PIMCO Real Return Portfolio - Administrative Class			Pioneer Equity Income Fund - Class Y Shares
Net investment income (loss)
Investment income:
	Dividends	$	217	$	411		$	—		$	1,969		$	191
Expenses:
	Mortality, expense risk and other charges	117		483			—			1,140			57
Total expenses		117		483			—			1,140			57
Net investment income (loss)		100		(72		)	—			829			134
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		119		(219		)	—			(541		)	155
Capital gains distributions		262		4,383			—			—			644
Total realized gain (loss) on investments
	and capital gains distributions	381		4,164			—			(541		)	799
Net unrealized appreciation
	(depreciation) of investments	1,222		(949		)	(2		)	3,343			(164		)
Net realized and unrealized gain (loss)
	on investments	1,603		3,215			(2		)	2,802			635
Net increase (decrease) in net assets
	resulting from operations	$	1,703	$	3,143		$	(2	)	$	3,631		$	769

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

91

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Pioneer High Yield Fund - Class A Shares			Pioneer Strategic Income Fund - Class A Shares			Pioneer Emerging Markets VCT Portfolio - Class I			Pioneer Equity Income VCT Portfolio - Class I		Pioneer High Yield VCT Portfolio - Class I Shares
Net investment income (loss)
Investment income:
	Dividends	$	86		$	52		$	86		$	—	$	1,334
Expenses:
	Mortality, expense risk and other charges	13			7			110			—		270
Total expenses		13			7			110			—		270
Net investment income (loss)		73			45			(24		)	—		1,064
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		24			(7		)	(153		)	—		2,174
Capital gains distributions		93			18			69			—		1,045
Total realized gain (loss) on investments
	and capital gains distributions	117			11			(84		)	—		3,219
Net unrealized appreciation
	(depreciation) of investments	(206		)	(3		)	(1,498		)	—		(4,183		)
Net realized and unrealized gain (loss)
	on investments	(89		)	8			(1,582		)	—		(964		)
Net increase (decrease) in net assets
	resulting from operations	$	(16	)	$	53		$	(1,606	)	$	—	$	100

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

92

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Prudential Jennison Utility Fund - Class Z			Columbia Diversified Equity Income Fund - Class K Shares			Columbia Diversified Equity Income Fund - Class R4 Shares			Royce Total Return Fund - K Class		SMALLCAP World Fund® - Class R-4
Net investment income (loss)
Investment income:
	Dividends	$	—		$	129		$	1		$	—	$	—
Expenses:
	Mortality, expense risk and other charges	—			85			—			—		122
Total expenses		—			85			—			—		122
Net investment income (loss)		—			44			1			—		(122		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		—			499			9			—		498
Capital gains distributions		2			819			8			—		1,131
Total realized gain (loss) on investments
	and capital gains distributions	2			1,318			17			—		1,629
Net unrealized appreciation
	(depreciation) of investments	(2		)	(305		)	(8		)	—		(1,432		)
Net realized and unrealized gain (loss)
	on investments	—			1,013			9			—		197
Net increase (decrease) in net assets
	resulting from operations	$	—		$	1,057		$	10		$	—	$	75

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

93

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		T. Rowe Price Mid-Cap Value Fund - R Class			T. Rowe Price Value Fund - Advisor Class			Templeton Foreign Fund - Class A			Templeton Global Bond Fund - Advisor Class			Templeton Global Bond Fund - Class A
Net investment income (loss)
Investment income:
	Dividends	$	4		$	3		$	46		$	2,633		$	12,094
Expenses:
	Mortality, expense risk and other charges	5			3			12			176			1,812
Total expenses		5			3			12			176			1,812
Net investment income (loss)		(1		)	—			34			2,457			10,282
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		48			25			67			4			4,310
Capital gains distributions		124			27			50			83			390
Total realized gain (loss) on investments
	and capital gains distributions	172			52			117			87			4,700
Net unrealized appreciation
	(depreciation) of investments	(84		)	(15		)	(357		)	(2,001		)	(13,460		)
Net realized and unrealized gain (loss)
	on investments	88			37			(240		)	(1,914		)	(8,760		)
Net increase (decrease) in net assets
	resulting from operations	$	87		$	37		$	(206	)	$	543		$	1,522

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

94

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Third Avenue Real Estate Value Fund - Institutional Class		Thornburg International Value Fund - Class R4			USAA Precious Metals and Minerals Fund - Adviser Shares			Diversified Value Portfolio		Equity Income Portfolio
Net investment income (loss)
Investment income:
	Dividends	$	—	$	—		$	112		$	2	$	6
Expenses:
	Mortality, expense risk and other charges	—		—			101			1		2
Total expenses		—		—			101			1		2
Net investment income (loss)		—		—			11			1		4
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		—		—			(2,413		)	1		13
Capital gains distributions		—		4			—			4		12
Total realized gain (loss) on investments
	and capital gains distributions	—		4			(2,413		)	5		25
Net unrealized appreciation
	(depreciation) of investments	—		(7		)	735			3		(6		)
Net realized and unrealized gain (loss)
	on investments	—		(3		)	(1,678		)	8		19
Net increase (decrease) in net assets
	resulting from operations	$	—	$	(3	)	$	(1,667	)	$	9	$	23

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

95

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Small Company Growth Portfolio			Victory Integrity Small-Cap Value Fund - Class Y Shares		Victory Small Company Opportunity Fund - Class R			Voya Balanced Portfolio - Class I		Voya Growth Opportunities Fund - Class A
Net investment income (loss)
Investment income:
	Dividends	$	—		$	—	$	—		$	5,060	$	—
Expenses:
	Mortality, expense risk and other charges	—			—		—			3,335		1
Total expenses		—			—		—			3,335		1
Net investment income (loss)		—			—		—			1,725		(1		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		1			—		—			4,635		6
Capital gains distributions		3			—		2			—		11
Total realized gain (loss) on investments
	and capital gains distributions	4			—		2			4,635		17
Net unrealized appreciation
	(depreciation) of investments	(3		)	—		(1		)	9,094		(6		)
Net realized and unrealized gain (loss)
	on investments	1			—		1			13,729		11
Net increase (decrease) in net assets
	resulting from operations	$	1		$	—	$	1		$	15,454	$	10

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

96

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Voya Large Cap Value Fund - Class A		Voya Real Estate Fund - Class A		Voya GNMA Income Fund - Class A			Voya Intermediate Bond Fund - Class A		Voya Intermediate Bond Portfolio - Class I
Net investment income (loss)
Investment income:
	Dividends	$	—	$	46	$	125		$	51	$	11,425
Expenses:
	Mortality, expense risk and other charges	—		8		28			10		3,138
Total expenses		—		8		28			10		3,138
Net investment income (loss)		—		38		97			41		8,287
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		—		191		(32		)	24		(239		)
Capital gains distributions		—		66		—			—		—
Total realized gain (loss) on investments
	and capital gains distributions	—		257		(32		)	24		(239		)
Net unrealized appreciation
	(depreciation) of investments	—		189		84			40		11,424
Net realized and unrealized gain (loss)
	on investments	—		446		52			64		11,185
Net increase (decrease) in net assets
	resulting from operations	$	—	$	484	$	149		$	105	$	19,472

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

97

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Voya Intermediate Bond Portfolio - Class S		Voya Global Perspectives Portfolio - Class I			Voya Global Resources Portfolio - Adviser Class		Voya Global Resources Portfolio - Institutional Class			Voya Global Resources Portfolio - Service Class
Net investment income (loss)
Investment income:
	Dividends	$	30	$	—		$	—	$	—		$	1,011
Expenses:
	Mortality, expense risk and other charges	4		3			—		—			1,013
Total expenses		4		3			—		—			1,013
Net investment income (loss)		26		(3		)	—		—			(2		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		6		1			—		—			(820		)
Capital gains distributions		—		—			—		—			—
Total realized gain (loss) on investments
	and capital gains distributions	6		1			—		—			(820		)
Net unrealized appreciation
	(depreciation) of investments	28		(5		)	—		(4		)	(11,579		)
Net realized and unrealized gain (loss)
	on investments	34		(4		)	—		(4		)	(12,399		)
Net increase (decrease) in net assets
	resulting from operations	$	60	$	(7	)	$	—	$	(4	)	$	(12,401	)

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

98

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		Voya High Yield Portfolio - Adviser Class			Voya High Yield Portfolio - Institutional Class			Voya High Yield Portfolio - Service Class			Voya Large Cap Growth Portfolio - Adviser Class			Voya Large Cap Growth Portfolio - Institutional Class
Net investment income (loss)
Investment income:
	Dividends	$	3		$	2,000		$	1,613		$	—		$	1,297
Expenses:
	Mortality, expense risk and other charges	—			232			254			1			2,950
Total expenses		—			232			254			1			2,950
Net investment income (loss)		3			1,768			1,359			(1		)	(1,653		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		—			158			265			6			9,035
Capital gains distributions		—			—			—			15			18,758
Total realized gain (loss) on investments
	and capital gains distributions	—			158			265			21			27,793
Net unrealized appreciation
	(depreciation) of investments	(2		)	(1,715		)	(1,510		)	2			13,856
Net realized and unrealized gain (loss)
	on investments	(2		)	(1,557		)	(1,245		)	23			41,649
Net increase (decrease) in net assets
	resulting from operations	$	1		$	211		$	114		$	22		$	39,996

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

99

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Operations

For the Year Ended December 31, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	9		$	—	$	7,716	$	29		$	—
Expenses:
	Mortality, expense risk and other charges	47			—		3,371		55			—
Total expenses		47			—		3,371		55			—
Net investment income (loss)		(38		)	—		4,345		(26		)	—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		800			1		15,477		210			—
Capital gains distributions		192			1		6,082		22			—
Total realized gain (loss) on investments
	and capital gains distributions	992			2		21,559		232			—
Net unrealized appreciation
	(depreciation) of investments	111			—		4,481		(222		)	—
Net realized and unrealized gain (loss)
	on investments	1,103			2		26,040		10			—
Net increase (decrease) in net assets
	resulting from operations	$	1,065		$	2	$	30,385	$	(16	)	$	—

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, 2014

(Dollars in thousands)

		Voya Multi-Manager Large Cap Core Portfolio - Institutional Class			Voya Multi-Manager Large Cap Core Portfolio - Service Class		Voya U.S. Bond Index Portfolio - Class I			Voya U.S. Stock Index Portfolio - Institutional Class			VY® BlackRock Health Sciences Opportunities Portfolio - Service Class
Net investment income (loss)
Investment income:
	Dividends	$	207		$	4	$	210		$	348		$	133
Expenses:
	Mortality, expense risk and other charges	126			4		90			44			194
Total expenses		126			4		90			44			194
Net investment income (loss)		81			—		120			304			(61		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		4,262			18		(52		)	632			(2,566		)
Capital gains distributions		1,178			27		—			1,619			13,833
Total realized gain (loss) on investments
	and capital gains distributions	5,440			45		(52		)	2,251			11,267
Net unrealized appreciation
	(depreciation) of investments	(3,406		)	2		408			(459		)	(7,736		)
Net realized and unrealized gain (loss)
	on investments	2,034			47		356			1,792			3,531
Net increase (decrease) in net assets
	resulting from operations	$	2,115		$	47	$	476		$	2,096		$	3,470

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, 2014

(Dollars in thousands)

		VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class			VY® BlackRock Large Cap Growth Portfolio - Institutional Class			VY® BlackRock Large Cap Growth Portfolio - Service Class			VY® BlackRock Large Cap Growth Portfolio - Service 2 Class			VY® Clarion Global Real Estate Portfolio - Adviser Class
Net investment income (loss)
Investment income:
	Dividends	$	1		$	1,057		$	2		$	1		$	—
Expenses:
	Mortality, expense risk and other charges	—			592			1			1			—
Total expenses		—			592			1			1			—
Net investment income (loss)		1			465			1			—			—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		(5		)	10,932			44			82			—
Capital gains distributions		—			19,503			48			49			—
Total realized gain (loss) on investments
	and capital gains distributions	(5		)	30,435			92			131			—
Net unrealized appreciation
	(depreciation) of investments	6			(24,969		)	(77		)	(114		)	1
Net realized and unrealized gain (loss)
	on investments	1			5,466			15			17			1
Net increase (decrease) in net assets
	resulting from operations	$	2		$	5,931		$	16		$	17		$	1

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, 2014

(Dollars in thousands)

		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® FMR Diversified Mid Cap Portfolio - Institutional Class
Net investment income (loss)
Investment income:
	Dividends	$	1,202	$	1	$	35	$	757	$	159
Expenses:
	Mortality, expense risk and other charges	771		—		21		507		165
Total expenses		771		—		21		507		165
Net investment income (loss)		431		1		14		250		(6		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		1,375		4		114		3,428		1,200
Capital gains distributions		—		—		—		—		5,970
Total realized gain (loss) on investments
	and capital gains distributions	1,375		4		114		3,428		7,170
Net unrealized appreciation
	(depreciation) of investments	8,950		8		414		10,579		(5,083		)
Net realized and unrealized gain (loss)
	on investments	10,325		12		528		14,007		2,087
Net increase (decrease) in net assets
	resulting from operations	$	10,756	$	13	$	542	$	14,257	$	2,081

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, 2014

(Dollars in thousands)

		VY® FMR Diversified Mid Cap Portfolio - Service Class			VY® FMR Diversified Mid Cap Portfolio - Service 2 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
Net investment income (loss)
Investment income:
	Dividends	$	129		$	—		$	204	$	304		$	2
Expenses:
	Mortality, expense risk and other charges	520			—			77		235			1
Total expenses		520			—			77		235			1
Net investment income (loss)		(391		)	—			127		69			1
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		4,361			—			375		1,398			(15		)
Capital gains distributions		9,087			6			920		1,656			33
Total realized gain (loss) on investments
	and capital gains distributions	13,448			6			1,295		3,054			18
Net unrealized appreciation
	(depreciation) of investments	(10,280		)	(4		)	76		(814		)	(14		)
Net realized and unrealized gain (loss)
	on investments	3,168			2			1,371		2,240			4
Net increase (decrease) in net assets
	resulting from operations	$	2,777		$	2		$	1,498	$	2,309		$	5

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, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	285		$	191		$	—		$	129		$	73
Expenses:
	Mortality, expense risk and other charges	259			215			—			103			188
Total expenses		259			215			—			103			188
Net investment income (loss)		26			(24		)	—			26			(115		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		355			300			1			497			560
Capital gains distributions		2,317			2,012			2			1,849			1,660
Total realized gain (loss) on investments
	and capital gains distributions	2,672			2,312			3			2,346			2,220
Net unrealized appreciation
	(depreciation) of investments	(2,670		)	(2,330		)	(1		)	(400		)	(621		)
Net realized and unrealized gain (loss)
	on investments	2			(18		)	2			1,946			1,599
Net increase (decrease) in net assets
	resulting from operations	$	28		$	(42	)	$	2		$	1,972		$	1,484

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, 2014

(Dollars in thousands)

		VY® Marsico Growth Portfolio - Institutional Class			VY® Marsico Growth Portfolio - Service Class			VY® MFS Total Return Portfolio - Adviser Class			VY® MFS Total Return Portfolio - Institutional Class			VY® MFS Total Return Portfolio - Service Class
Net investment income (loss)
Investment income:
	Dividends	$	14		$	—		$	29		$	2,252		$	878
Expenses:
	Mortality, expense risk and other charges	72			—			2			382			155
Total expenses		72			—			2			382			155
Net investment income (loss)		(58		)	—			27			1,870			723
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		650			4			170			2,607			2,613
Capital gains distributions		3,779			30			138			8,482			3,728
Total realized gain (loss) on investments
	and capital gains distributions	4,429			34			308			11,089			6,341
Net unrealized appreciation
	(depreciation) of investments	(3,860		)	(30		)	(280		)	(9,656		)	(5,613		)
Net realized and unrealized gain (loss)
	on investments	569			4			28			1,433			728
Net increase (decrease) in net assets
	resulting from operations	$	511		$	4		$	55		$	3,303		$	1,451

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, 2014

(Dollars in thousands)

		VY® MFS Utilities Portfolio - Service Class			VY® Morgan Stanley Global Franchise Portfolio - Adviser 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
Net investment income (loss)
Investment income:
	Dividends	$	1,161		$	1		$	4	$	2,867	$	7,102
Expenses:
	Mortality, expense risk and other charges	294			—			1		786		4,930
Total expenses		294			—			1		786		4,930
Net investment income (loss)		867			1			3		2,081		2,172
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		2,818			2			4		1,327		4,923
Capital gains distributions		16,514			3			34		14,728		44,086
Total realized gain (loss) on investments
	and capital gains distributions	19,332			5			38		16,055		49,009
Net unrealized appreciation
	(depreciation) of investments	(12,263		)	(4		)	2		1,680		4,247
Net realized and unrealized gain (loss)
	on investments	7,069			1			40		17,735		53,256
Net increase (decrease) in net assets
	resulting from operations	$	7,936		$	2		$	43	$	19,816	$	55,428

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, 2014

(Dollars in thousands)

		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			VY® Templeton Global Growth Portfolio - Institutional Class
Net investment income (loss)
Investment income:
	Dividends	$	27		$	2,284		$	1		$	92		$	11
Expenses:
	Mortality, expense risk and other charges	6			871			—			77			7
Total expenses		6			871			—			77			7
Net investment income (loss)		21			1,413			1			15			4
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		209			4,820			1			455			36
Capital gains distributions		124			8,723			—			—			—
Total realized gain (loss) on investments
	and capital gains distributions	333			13,543			1			455			36
Net unrealized appreciation
	(depreciation) of investments	(237		)	(7,032		)	(4		)	(637		)	(69		)
Net realized and unrealized gain (loss)
	on investments	96			6,511			(3		)	(182		)	(33		)
Net increase (decrease) in net assets
	resulting from operations	$	117		$	7,924		$	(2	)	$	(167	)	$	(29	)

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, 2014

(Dollars in thousands)

		VY® Templeton Global Growth Portfolio - Service Class			Voya Money Market Portfolio - Class I			Voya Global Real Estate Fund - Class A		Voya Multi-Manager International Small Cap Fund - Class A			Voya Aggregate Bond Portfolio - Adviser Class
Net investment income (loss)
Investment income:
	Dividends	$	89		$	—		$	3	$	2		$	30
Expenses:
	Mortality, expense risk and other charges	73			1,950			1		2			7
Total expenses		73			1,950			1		2			7
Net investment income (loss)		16			(1,950		)	2		—			23
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		607			—			6		52			(8		)
Capital gains distributions		—			41			—		—			1
Total realized gain (loss) on investments
	and capital gains distributions	607			41			6		52			(7		)
Net unrealized appreciation
	(depreciation) of investments	(906		)	—			9		(77		)	68
Net realized and unrealized gain (loss)
	on investments	(299		)	41			15		(25		)	61
Net increase (decrease) in net assets
	resulting from operations	$	(283	)	$	(1,909	)	$	17	$	(25	)	$	84

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, 2014

(Dollars in thousands)

		Voya Aggregate Bond Portfolio - Initial Class			Voya Aggregate Bond Portfolio - Service Class		Voya Global Bond Portfolio - Adviser Class			Voya Global Bond Portfolio - Initial Class			Voya Global Bond Portfolio - Service Class
Net investment income (loss)
Investment income:
	Dividends	$	37		$	3,269	$	1		$	874		$	5
Expenses:
	Mortality, expense risk and other charges	9			1,752		1			1,028			5
Total expenses		9			1,752		1			1,028			5
Net investment income (loss)		28			1,517		—			(154		)	—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		(9		)	1,006		(4		)	1,462			(10		)
Capital gains distributions		1			137		—			—			—
Total realized gain (loss) on investments
	and capital gains distributions	(8		)	1,143		(4		)	1,462			(10		)
Net unrealized appreciation
	(depreciation) of investments	59			5,096		5			(1,327		)	6
Net realized and unrealized gain (loss)
	on investments	51			6,239		1			135			(4		)
Net increase (decrease) in net assets
	resulting from operations	$	79		$	7,756	$	1		$	(19	)	$	(4	)

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, 2014

(Dollars in thousands)

		Voya Index Solution 2015 Portfolio - Initial Class			Voya Index Solution 2015 Portfolio - Service Class			Voya Index Solution 2015 Portfolio - Service 2 Class			Voya Index Solution 2025 Portfolio - Initial Class			Voya Index Solution 2025 Portfolio - Service Class
Net investment income (loss)
Investment income:
	Dividends	$	19		$	14		$	29		$	34		$	25
Expenses:
	Mortality, expense risk and other charges	8			5			10			18			12
Total expenses		8			5			10			18			12
Net investment income (loss)		11			9			19			16			13
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		9			26			19			23			12
Capital gains distributions		38			31			70			78			65
Total realized gain (loss) on investments
	and capital gains distributions	47			57			89			101			77
Net unrealized appreciation
	(depreciation) of investments	(25		)	(21		)	(51		)	(51		)	(19		)
Net realized and unrealized gain (loss)
	on investments	22			36			38			50			58
Net increase (decrease) in net assets
	resulting from operations	$	33		$	45		$	57		$	66		$	71

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, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	70		$	28		$	12	$	43		$	10
Expenses:
	Mortality, expense risk and other charges	24			17			7		16			10
Total expenses		24			17			7		16			10
Net investment income (loss)		46			11			5		27			—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		37			11			7		49			13
Capital gains distributions		195			80			40		149			35
Total realized gain (loss) on investments
	and capital gains distributions	232			91			47		198			48
Net unrealized appreciation
	(depreciation) of investments	(88		)	(26		)	4		(81		)	(22		)
Net realized and unrealized gain (loss)
	on investments	144			65			51		117			26
Net increase (decrease) in net assets
	resulting from operations	$	190		$	76		$	56	$	144		$	26

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, 2014

(Dollars in thousands)

		Voya Index Solution 2045 Portfolio - Service Class			Voya Index Solution 2045 Portfolio - Service 2 Class			Voya Index Solution 2055 Portfolio - Initial Class			Voya Index Solution 2055 Portfolio - Service Class			Voya Index Solution 2055 Portfolio - Service 2 Class
Net investment income (loss)
Investment income:
	Dividends	$	9		$	24		$	3		$	6		$	3
Expenses:
	Mortality, expense risk and other charges	5			13			3			3			1
Total expenses		5			13			3			3			1
Net investment income (loss)		4			11			—			3			2
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		7			46			4			22			1
Capital gains distributions		33			103			11			22			13
Total realized gain (loss) on investments
	and capital gains distributions	40			149			15			44			14
Net unrealized appreciation
	(depreciation) of investments	(20		)	(59		)	(3		)	(32		)	—
Net realized and unrealized gain (loss)
	on investments	20			90			12			12			14
Net increase (decrease) in net assets
	resulting from operations	$	24		$	101		$	12		$	15		$	16

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, 2014

(Dollars in thousands)

		Voya Index Solution Income Portfolio - Initial Class			Voya Index Solution Income Portfolio - Service Class			Voya Index Solution Income Portfolio - Service 2 Class			Voya Solution 2015 Portfolio - Adviser Class		Voya Solution 2015 Portfolio - Initial Class
Net investment income (loss)
Investment income:
	Dividends	$	10		$	22		$	6		$	21	$	65
Expenses:
	Mortality, expense risk and other charges	4			8			2			3		11
Total expenses		4			8			2			3		11
Net investment income (loss)		6			14			4			18		54
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		1			—			—			7		24
Capital gains distributions		20			51			14			6		14
Total realized gain (loss) on investments
	and capital gains distributions	21			51			14			13		38
Net unrealized appreciation
	(depreciation) of investments	(6		)	(19		)	(5		)	15		39
Net realized and unrealized gain (loss)
	on investments	15			32			9			28		77
Net increase (decrease) in net assets
	resulting from operations	$	21		$	46		$	13		$	46	$	131

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, 2014

(Dollars in thousands)

		Voya Solution 2015 Portfolio - Service Class			Voya Solution 2015 Portfolio - Service 2 Class			Voya Solution 2025 Portfolio - Adviser Class			Voya Solution 2025 Portfolio - Initial Class			Voya Solution 2025 Portfolio - Service Class
Net investment income (loss)
Investment income:
	Dividends	$	1,770		$	222		$	9		$	56		$	2,787
Expenses:
	Mortality, expense risk and other charges	566			60			2			7			1,106
Total expenses		566			60			2			7			1,106
Net investment income (loss)		1,204			162			7			49			1,681
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		3,237			403			10			63			669
Capital gains distributions		435			60			26			119			6,766
Total realized gain (loss) on investments
	and capital gains distributions	3,672			463			36			182			7,435
Net unrealized appreciation
	(depreciation) of investments	(1,582		)	(169		)	(19		)	(151		)	(2,801		)
Net realized and unrealized gain (loss)
	on investments	2,090			294			17			31			4,634
Net increase (decrease) in net assets
	resulting from operations	$	3,294		$	456		$	24		$	80		$	6,315

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, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	275		$	3		$	50		$	2,610		$	268
Expenses:
	Mortality, expense risk and other charges	96			1			11			1,001			94
Total expenses		96			1			11			1,001			94
Net investment income (loss)		179			2			39			1,609			174
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		540			11			58			749			545
Capital gains distributions		745			15			183			10,831			1,212
Total realized gain (loss) on investments
	and capital gains distributions	1,285			26			241			11,580			1,757
Net unrealized appreciation
	(depreciation) of investments	(764		)	(18		)	(160		)	(7,046		)	(1,308		)
Net realized and unrealized gain (loss)
	on investments	521			8			81			4,534			449
Net increase (decrease) in net assets
	resulting from operations	$	700		$	10		$	120		$	6,143		$	623

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, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	2		$	26		$	1,584		$	126		$	5
Expenses:
	Mortality, expense risk and other charges	—			6			730			55			1
Total expenses		—			6			730			55			1
Net investment income (loss)		2			20			854			71			4
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		—			37			1,367			403			3
Capital gains distributions		11			136			9,560			846			21
Total realized gain (loss) on investments
	and capital gains distributions	11			173			10,927			1,249			24
Net unrealized appreciation
	(depreciation) of investments	(7		)	(115		)	(6,966		)	(919		)	(1		)
Net realized and unrealized gain (loss)
	on investments	4			58			3,961			330			23
Net increase (decrease) in net assets
	resulting from operations	$	6		$	78		$	4,815		$	401		$	27

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, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	126		$	12		$	75		$	5	$	90
Expenses:
	Mortality, expense risk and other charges	73			5			36			1		14
Total expenses		73			5			36			1		14
Net investment income (loss)		53			7			39			4		76
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		247			23			103			1		145
Capital gains distributions		538			54			246			—		—
Total realized gain (loss) on investments
	and capital gains distributions	785			77			349			1		145
Net unrealized appreciation
	(depreciation) of investments	(351		)	(48		)	(188		)	5		(44		)
Net realized and unrealized gain (loss)
	on investments	434			29			161			6		101
Net increase (decrease) in net assets
	resulting from operations	$	487		$	36		$	200		$	10	$	177

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, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	433	$	29	$	122		$	2		$	315
Expenses:
	Mortality, expense risk and other charges	113		7		51			—			94
Total expenses		113		7		51			—			94
Net investment income (loss)		320		22		71			2			221
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		216		13		126			9			1,267
Capital gains distributions		—		—		307			24			3,030
Total realized gain (loss) on investments
	and capital gains distributions	216		13		433			33			4,297
Net unrealized appreciation
	(depreciation) of investments	260		27		(280		)	(18		)	(2,240		)
Net realized and unrealized gain (loss)
	on investments	476		40		153			15			2,057
Net increase (decrease) in net assets
	resulting from operations	$	796	$	62	$	224		$	17		$	2,278

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, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	744		$	—		$	133		$	116		$	1
Expenses:
	Mortality, expense risk and other charges	420			2			1,534			145			1
Total expenses		420			2			1,534			145			1
Net investment income (loss)		324			(2		)	(1,401		)	(29		)	—
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		4,138			93			9,430			1,070			8
Capital gains distributions		8,704			8			2,755			1,793			—
Total realized gain (loss) on investments
	and capital gains distributions	12,842			101			12,185			2,863			8
Net unrealized appreciation
	(depreciation) of investments	(6,648		)	(81		)	(5,151		)	(1,204		)	2
Net realized and unrealized gain (loss)
	on investments	6,194			20			7,034			1,659			10
Net increase (decrease) in net assets
	resulting from operations	$	6,518		$	18		$	5,633		$	1,630		$	10

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, 2014

(Dollars in thousands)

		VY® Columbia Small Cap Value II Portfolio - Service Class			VY® Fidelity® VIP Mid Cap Portfolio - Service Class			VY® Invesco Comstock Portfolio - Adviser Class		VY® Invesco Comstock Portfolio - Service Class		VY® Invesco Equity and Income Portfolio - Adviser Class
Net investment income (loss)
Investment income:
	Dividends	$	9		$	203		$	9	$	1,420	$	20
Expenses:
	Mortality, expense risk and other charges	45			19			2		718		4
Total expenses		45			19			2		718		4
Net investment income (loss)		(36		)	184			7		702		16
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		493			311			22		1,973		77
Capital gains distributions		—			289			—		—		48
Total realized gain (loss) on investments
	and capital gains distributions	493			600			22		1,973		125
Net unrealized appreciation
	(depreciation) of investments	(306		)	(573		)	14		3,058		(60		)
Net realized and unrealized gain (loss)
	on investments	187			27			36		5,031		65
Net increase (decrease) in net assets
	resulting from operations	$	151		$	211		$	43	$	5,733	$	81

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, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	5,340	$	72		$	2	$	71	$	540
Expenses:
	Mortality, expense risk and other charges	2,927		33			1		55		578
Total expenses		2,927		33			1		55		578
Net investment income (loss)		2,413		39			1		16		(38		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		9,149		(670		)	11		121		1,632
Capital gains distributions		8,619		733			23		344		3,724
Total realized gain (loss) on investments
	and capital gains distributions	17,768		63			34		465		5,356
Net unrealized appreciation
	(depreciation) of investments	1,128		(99		)	17		323		3,043
Net realized and unrealized gain (loss)
	on investments	18,896		(36		)	51		788		8,399
Net increase (decrease) in net assets
	resulting from operations	$	21,309	$	3		$	52	$	804	$	8,361

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, 2014

(Dollars in thousands)

		VY® Oppenheimer Global Portfolio - Adviser Class			VY® Oppenheimer Global Portfolio - Initial Class			VY® Oppenheimer Global Portfolio - Service Class			VY® Pioneer High Yield Portfolio - Initial Class			VY® Pioneer High Yield Portfolio - Service Class
Net investment income (loss)
Investment income:
	Dividends	$	5		$	7,049		$	11		$	2,053		$	35
Expenses:
	Mortality, expense risk and other charges	2			6,125			11			369			5
Total expenses		2			6,125			11			369			5
Net investment income (loss)		3			924			—			1,684			30
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		36			23,151			58			719			17
Capital gains distributions		8			8,158			15			—			—
Total realized gain (loss) on investments
	and capital gains distributions	44			31,309			73			719			17
Net unrealized appreciation
	(depreciation) of investments	(36		)	(24,222		)	(61		)	(2,909		)	(53		)
Net realized and unrealized gain (loss)
	on investments	8			7,087			12			(2,190		)	(36		)
Net increase (decrease) in net assets
	resulting from operations	$	11		$	8,011		$	12		$	(506	)	$	(6	)

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, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	—		$	1,057		$	—		$	—		$	—
Expenses:
	Mortality, expense risk and other charges	1			4,053			7			5			3,021
Total expenses		1			4,053			7			5			3,021
Net investment income (loss)		(1		)	(2,996		)	(7		)	(5		)	(3,021		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		27			13,737			48			111			17,131
Capital gains distributions		26			26,527			69			103			22,697
Total realized gain (loss) on investments
	and capital gains distributions	53			40,264			117			214			39,828
Net unrealized appreciation
	(depreciation) of investments	(13		)	2,509			(5		)	(101		)	(12,420		)
Net realized and unrealized gain (loss)
	on investments	40			42,773			112			113			27,408
Net increase (decrease) in net assets
	resulting from operations	$	39		$	39,777		$	105		$	108		$	24,387

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, 2014

(Dollars in thousands)

		VY® T. Rowe Price Growth Equity Portfolio - Service Class			VY® Templeton Foreign Equity Portfolio - Adviser Class			VY® Templeton Foreign Equity Portfolio - Initial Class			VY® Templeton Foreign Equity Portfolio - Service Class			Voya Core Equity Research Fund - Class A
Net investment income (loss)
Investment income:
	Dividends	$	—		$	10		$	2,742		$	7		$	3
Expenses:
	Mortality, expense risk and other charges	23			2			1,121			1			1
Total expenses		23			2			1,121			1			1
Net investment income (loss)		(23		)	8			1,621			6			2
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		353			12			(135		)	11			15
Capital gains distributions		266			—			—			—			20
Total realized gain (loss) on investments
	and capital gains distributions	619			12			(135		)	11			35
Net unrealized appreciation
	(depreciation) of investments	(303		)	(58		)	(9,755		)	(42		)	(21		)
Net realized and unrealized gain (loss)
	on investments	316			(46		)	(9,890		)	(31		)	14
Net increase (decrease) in net assets
	resulting from operations	$	293		$	(38	)	$	(8,269	)	$	(25	)	$	16

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, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	1,028		$	1,549		$	1,583		$	25		$	26,781
Expenses:
	Mortality, expense risk and other charges	377			741			634			6			15,217
Total expenses		377			741			634			6			15,217
Net investment income (loss)		651			808			949			19			11,564
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		2,475			(1,825		)	(1,050		)	78			49,080
Capital gains distributions		—			—			—			183			149,450
Total realized gain (loss) on investments
	and capital gains distributions	2,475			(1,825		)	(1,050		)	261			198,530
Net unrealized appreciation
	(depreciation) of investments	(989		)	5,078			3,894			(129		)	(84,853		)
Net realized and unrealized gain (loss)
	on investments	1,486			3,253			2,844			132			113,677
Net increase (decrease) in net assets
	resulting from operations	$	2,137		$	4,061		$	3,793		$	151		$	125,241

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, 2014

(Dollars in thousands)

		Voya Growth and Income 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
Net investment income (loss)
Investment income:
	Dividends	$	4		$	4,962	$	4	$	2,819		$	3
Expenses:
	Mortality, expense risk and other charges	2			3,373		1		3,304			2
Total expenses		2			3,373		1		3,304			2
Net investment income (loss)		2			1,589		3		(485		)	1
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		14			11,501		36		9,501			90
Capital gains distributions		28			—		—		15,217			21
Total realized gain (loss) on investments
	and capital gains distributions	42			11,501		36		24,718			111
Net unrealized appreciation
	(depreciation) of investments	(26		)	26,916		2		5,574			(67		)
Net realized and unrealized gain (loss)
	on investments	16			38,417		38		30,292			44
Net increase (decrease) in net assets
	resulting from operations	$	18		$	40,006	$	41	$	29,807		$	45

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, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	965		$	1	$	223		$	—	$	169
Expenses:
	Mortality, expense risk and other charges	1,438			1		267			—		145
Total expenses		1,438			1		267			—		145
Net investment income (loss)		(473		)	—		(44		)	—		24
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		3,112			3		722			—		916
Capital gains distributions		—			—		—			—		—
Total realized gain (loss) on investments
	and capital gains distributions	3,112			3		722			—		916
Net unrealized appreciation
	(depreciation) of investments	3,612			12		(2,625		)	—		738
Net realized and unrealized gain (loss)
	on investments	6,724			15		(1,903		)	—		1,654
Net increase (decrease) in net assets
	resulting from operations	$	6,251		$	15	$	(1,947	)	$	—	$	1,678

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, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	11	$	647	$	3	$	6	$	88
Expenses:
	Mortality, expense risk and other charges	4		372		3		5		67
Total expenses		4		372		3		5		67
Net investment income (loss)		7		275		—		1		21
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		36		1,158		13		13		628
Capital gains distributions		—		—		—		5		97
Total realized gain (loss) on investments
	and capital gains distributions	36		1,158		13		18		725
Net unrealized appreciation
	(depreciation) of investments	70		3,586		30		20		(9		)
Net realized and unrealized gain (loss)
	on investments	106		4,744		43		38		716
Net increase (decrease) in net assets
	resulting from operations	$	113	$	5,019	$	43	$	39	$	737

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, 2014

(Dollars in thousands)

		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
Net investment income (loss)
Investment income:
	Dividends	$	20		$	513	$	263		$	531		$	—
Expenses:
	Mortality, expense risk and other charges	81			356		220			1,422			1
Total expenses		81			356		220			1,422			1
Net investment income (loss)		(61		)	157		43			(891		)	(1		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		559			1,149		535			1,408			10
Capital gains distributions		—			1,502		1,532			16,468			34
Total realized gain (loss) on investments
	and capital gains distributions	559			2,651		2,067			17,876			44
Net unrealized appreciation
	(depreciation) of investments	393			3,158		(925		)	(9,131		)	(25		)
Net realized and unrealized gain (loss)
	on investments	952			5,809		1,142			8,745			19
Net increase (decrease) in net assets
	resulting from operations	$	891		$	5,966	$	1,185		$	7,854		$	18

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, 2014

(Dollars in thousands)

		Voya International Value Portfolio - Class I			Voya International Value Portfolio - Class S			Voya MidCap Opportunities Portfolio - Class A		Voya MidCap Opportunities Portfolio - Class I			Voya MidCap Opportunities Portfolio - Class S
Net investment income (loss)
Investment income:
	Dividends	$	1,919		$	6		$	—	$	499		$	4
Expenses:
	Mortality, expense risk and other charges	433			1			—		1,130			8
Total expenses		433			1			—		1,130			8
Net investment income (loss)		1,486			5			—		(631		)	(4		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		(990		)	24			—		5,299			74
Capital gains distributions		—			—			—		18,825			212
Total realized gain (loss) on investments
	and capital gains distributions	(990		)	24			—		24,124			286
Net unrealized appreciation
	(depreciation) of investments	(3,635		)	(37		)	—		(13,936		)	(176		)
Net realized and unrealized gain (loss)
	on investments	(4,625		)	(13		)	—		10,188			110
Net increase (decrease) in net assets
	resulting from operations	$	(3,139	)	$	(8	)	$	—	$	9,557		$	106

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, 2014

(Dollars in thousands)

		Voya SmallCap Opportunities Portfolio - Class I			Voya SmallCap Opportunities Portfolio - Class S			Wanger International			Wanger Select			Wanger USA
Net investment income (loss)
Investment income:
	Dividends	$	—		$	—		$	705		$	—		$	—
Expenses:
	Mortality, expense risk and other charges	376			—			384			658			514
Total expenses		376			—			384			658			514
Net investment income (loss)		(376		)	—			321			(658		)	(514		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		2,841			4			302			8,495			4,423
Capital gains distributions		3,552			12			5,270			9,250			8,688
Total realized gain (loss) on investments
	and capital gains distributions	6,393			16			5,572			17,745			13,111
Net unrealized appreciation
	(depreciation) of investments	(4,157		)	(8		)	(8,459		)	(15,673		)	(9,980		)
Net realized and unrealized gain (loss)
	on investments	2,236			8			(2,887		)	2,072			3,131
Net increase (decrease) in net assets
	resulting from operations	$	1,860		$	8		$	(2,566	)	$	1,414		$	2,617

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, 2014

(Dollars in thousands)

		Washington Mutual Investors FundSM - Class R-3			Washington Mutual Investors FundSM - Class R-4		Wells Fargo Advantage Small Cap Value Fund - Class A			Wells Fargo Advantage Special Small Cap Value Fund - Class A
Net investment income (loss)
Investment income:
	Dividends	$	70		$	2,127	$	1		$	892
Expenses:
	Mortality, expense risk and other charges	23			1,276		1			1,300
Total expenses		23			1,276		1			1,300
Net investment income (loss)		47			851		—			(408		)
Realized and unrealized gain (loss)
	on investments
Net realized gain (loss) on investments		591			1,767		5			1,818
Capital gains distributions		245			6,619		18			18,287
Total realized gain (loss) on investments
	and capital gains distributions	836			8,386		23			20,105
Net unrealized appreciation
	(depreciation) of investments	(384		)	2,702		(20		)	(12,714		)
Net realized and unrealized gain (loss)
	on investments	452			11,088		3			7,391
Net increase (decrease) in net assets
	resulting from operations	$	499		$	11,939	$	3		$	6,983

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 Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	—	$	4,552		$	26		$	30
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		(45		)	—			2
	Total realized gain (loss) on investments
		and capital gains distributions	—		698			3			1
	Net unrealized appreciation (depreciation)
		of investments	—		553			7			18
Net increase (decrease) in net assets resulting from			—		1,206			10			21
		operations
Changes from principal transactions:
	Total unit transactions		—		(1,184		)	2			166
Increase (decrease) in net assets derived from
	principal transactions		—		(1,184		)	2			166
Total increase (decrease) in net assets			—		22			12			187
Net assets at December 31, 2013			—		4,574			38			217
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		(45		)	(1		)	4
	Total realized gain (loss) on investments
		and capital gains distributions	—		618			16			17
	Net unrealized appreciation (depreciation)
		of investments	—		(419		)	(9		)	(27		)
Net increase (decrease) in net assets resulting from			—		154			6			(6		)
		operations
Changes from principal transactions:
	Total unit transactions		32		(671		)	46			197
Increase (decrease) in net assets derived from
	principal transactions		32		(671		)	46			197
Total increase (decrease) in net assets			32		(517		)	52			191
Net assets at December 31, 2014			$	32	$	4,057		$	90		$	408

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 Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			Invesco Endeavor Fund - Class A			Invesco Global Health Care Fund - Investor Class			Invesco High Yield Fund - Class R5			Invesco American Value Fund - Class R5
Net assets at January 1, 2013			$	36		$	234		$	—		$	—
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			(1		)	—			—
	Total realized gain (loss) on investments
		and capital gains distributions	6			41			—			—
	Net unrealized appreciation (depreciation)
		of investments	6			59			—			—
Net increase (decrease) in net assets resulting from			12			99			—			—
		operations
Changes from principal transactions:
	Total unit transactions		15			23			—			—
Increase (decrease) in net assets derived from
	principal transactions		15			23			—			—
Total increase (decrease) in net assets			27			122			—			—
Net assets at December 31, 2013			63			356			—			—
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			(3		)	1			(1		)
	Total realized gain (loss) on investments
		and capital gains distributions	9			83			—			18
	Net unrealized appreciation (depreciation)
		of investments	(4		)	(15		)	(1		)	(14		)
Net increase (decrease) in net assets resulting from			5			65			—			3
		operations
Changes from principal transactions:
	Total unit transactions		(17		)	21			35			228
Increase (decrease) in net assets derived from
	principal transactions		(17		)	21			35			228
Total increase (decrease) in net assets			(12		)	86			35			231
Net assets at December 31, 2014			$	51		$	442		$	35		$	231

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 Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			Invesco Energy Fund - Class R5		Invesco Small Cap Value Fund - Class A			Invesco V.I. American Franchise Fund - Series I Shares			Invesco V.I. Core Equity Fund - Series I Shares
Net assets at January 1, 2013			$	—	$	141		$	19,755		$	34,682
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		(2		)	(129		)	131
	Total realized gain (loss) on investments
		and capital gains distributions	—		26			349			1,550
	Net unrealized appreciation (depreciation)
		of investments	—		56			7,115			7,604
Net increase (decrease) in net assets resulting from			—		80			7,335			9,285
		operations
Changes from principal transactions:
	Total unit transactions		—		97			(1,025		)	(3,816		)
Increase (decrease) in net assets derived from
	principal transactions		—		97			(1,025		)	(3,816		)
Total increase (decrease) in net assets			—		177			6,310			5,469
Net assets at December 31, 2013			—		318			26,065			40,151
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		(3		)	(268		)	(77		)
	Total realized gain (loss) on investments
		and capital gains distributions	—		81			1,117			2,286
	Net unrealized appreciation (depreciation)
		of investments	—		(55		)	1,045			521
Net increase (decrease) in net assets resulting from			—		23			1,894			2,730
		operations
Changes from principal transactions:
	Total unit transactions		—		82			(787		)	(3,249		)
Increase (decrease) in net assets derived from
	principal transactions		—		82			(787		)	(3,249		)
Total increase (decrease) in net assets			—		105			1,107			(519		)
Net assets at December 31, 2014			$	—	$	423		$	27,172		$	39,632

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 Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			Alger Capital Appreciation Fund - Class A			Alger Green Fund - Class A			AllianceBernstein Growth and Income Fund - Class A			AllianceBernstein Growth and Income Portfolio - Class A
Net assets at January 1, 2013			$	492		$	2,030		$	201		$	476
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(2		)	(33		)	(1		)	—
	Total realized gain (loss) on investments
		and capital gains distributions	49			417			38			66
	Net unrealized appreciation (depreciation)
		of investments	127			492			14			87
Net increase (decrease) in net assets resulting from			174			876			51			153
		operations
Changes from principal transactions:
	Total unit transactions		57			1,306			(69		)	45
Increase (decrease) in net assets derived from
	principal transactions		57			1,306			(69		)	45
Total increase (decrease) in net assets			231			2,182			(18		)	198
Net assets at December 31, 2013			723			4,212			183			674
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(4		)	(41		)	—			1
	Total realized gain (loss) on investments
		and capital gains distributions	200			614			14			158
	Net unrealized appreciation (depreciation)
		of investments	(67		)	(439		)	1			(115		)
Net increase (decrease) in net assets resulting from			129			134			15			44
		operations
Changes from principal transactions:
	Total unit transactions		483			(571		)	3			(275		)
Increase (decrease) in net assets derived from
	principal transactions		483			(571		)	3			(275		)
Total increase (decrease) in net assets			612			(437		)	18			(231		)
Net assets at December 31, 2014			$	1,335		$	3,775		$	201		$	443

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, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	206		$	35		$	400		$	35,389
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		3			1			1			(135		)
	Total realized gain (loss) on investments
		and capital gains distributions	9			4			66			2,988
	Net unrealized appreciation (depreciation)
		of investments	44			5			63			4,468
Net increase (decrease) in net assets resulting from			56			10			130			7,321
		operations
Changes from principal transactions:
	Total unit transactions		(16		)	(20		)	54			(2,949		)
Increase (decrease) in net assets derived from
	principal transactions		(16		)	(20		)	54			(2,949		)
Total increase (decrease) in net assets			40			(10		)	184			4,372
Net assets at December 31, 2013			246			25			584			39,761
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		3			1			9			(241		)
	Total realized gain (loss) on investments
		and capital gains distributions	7			—			144			4,825
	Net unrealized appreciation (depreciation)
		of investments	12			2			(148		)	215
Net increase (decrease) in net assets resulting from			22			3			5			4,799
		operations
Changes from principal transactions:
	Total unit transactions		(7		)	(1		)	(41		)	(2,098		)
Increase (decrease) in net assets derived from
	principal transactions		(7		)	(1		)	(41		)	(2,098		)
Total increase (decrease) in net assets			15			2			(36		)	2,701
Net assets at December 31, 2014			$	261		$	27		$	548		$	42,462

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, 2014 and 2013

(Dollars in thousands)

			Amana Income Fund - Investor Class			American Balanced Fund® - Class R-3			American Beacon Small Cap Value Fund - Investor Class			American Century Investments® Inflation-Adjusted Bond Fund - Investor Class
Net assets at January 1, 2013			$	51,965		$	5,771		$	—		$	54,588
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		371			54			—			62
	Total realized gain (loss) on investments
		and capital gains distributions	1,879			119			—			1,097
	Net unrealized appreciation (depreciation)
		of investments	13,098			1,055			—			(5,842		)
Net increase (decrease) in net assets resulting from			15,348			1,228			—			(4,683		)
		operations
Changes from principal transactions:
	Total unit transactions		5,113			354			—			(17,045		)
Increase (decrease) in net assets derived from
	principal transactions		5,113			354			—			(17,045		)
Total increase (decrease) in net assets			20,461			1,582			—			(21,728		)
Net assets at December 31, 2013			72,426			7,353			—			32,860
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		425			48			—			128
	Total realized gain (loss) on investments
		and capital gains distributions	4,884			1,036			4			(698		)
	Net unrealized appreciation (depreciation)
		of investments	510			(523		)	(1		)	1,104
Net increase (decrease) in net assets resulting from			5,819			561			3			534
		operations
Changes from principal transactions:
	Total unit transactions		(3,433		)	(597		)	61			(4,371		)
Increase (decrease) in net assets derived from
	principal transactions		(3,433		)	(597		)	61			(4,371		)
Total increase (decrease) in net assets			2,386			(36		)	64			(3,837		)
Net assets at December 31, 2014			$	74,812		$	7,317		$	64		$	29,023

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, 2014 and 2013

(Dollars in thousands)

			American Century Investments® Income & Growth Fund - A Class			Fundamental InvestorsSM - Class R-3			Fundamental InvestorsSM - Class R-4			American Funds American Mutual Fund® - Class R-4
Net assets at January 1, 2013			$	6,374		$	1,203		$	37,284		$	61
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		71			10			218			7
	Total realized gain (loss) on investments
		and capital gains distributions	(51		)	108			3,287			22
	Net unrealized appreciation (depreciation)
		of investments	2,269			312			8,071			51
Net increase (decrease) in net assets resulting from			2,289			430			11,576			80
		operations
Changes from principal transactions:
	Total unit transactions		986			303			2,336			747
Increase (decrease) in net assets derived from
	principal transactions		986			303			2,336			747
Total increase (decrease) in net assets			3,275			733			13,912			827
Net assets at December 31, 2013			9,649			1,936			51,196			888
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		68			5			110			25
	Total realized gain (loss) on investments
		and capital gains distributions	859			319			6,922			87
	Net unrealized appreciation (depreciation)
		of investments	146			(166		)	(2,028		)	73
Net increase (decrease) in net assets resulting from			1,073			158			5,004			185
		operations
Changes from principal transactions:
	Total unit transactions		184			76			11,192			1,081
Increase (decrease) in net assets derived from
	principal transactions		184			76			11,192			1,081
Total increase (decrease) in net assets			1,257			234			16,196			1,266
Net assets at December 31, 2014			$	10,906		$	2,170		$	67,392		$	2,154

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, 2014 and 2013

(Dollars in thousands)

			Ariel Appreciation Fund - Investor Class			Ariel Fund - Investor Class			Artisan International Fund - Investor Shares			Aston/Fairpointe Mid Cap Fund - Class N
Net assets at January 1, 2013			$	866		$	3,328		$	5,043		$	8,892
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(1		)	(26		)	12			(184		)
	Total realized gain (loss) on investments
		and capital gains distributions	205			726			439			3,506
	Net unrealized appreciation (depreciation)
		of investments	105			1,692			1,143			3,023
Net increase (decrease) in net assets resulting from			309			2,392			1,594			6,345
		operations
Changes from principal transactions:
	Total unit transactions		(435		)	4,847			3,647			18,198
Increase (decrease) in net assets derived from
	principal transactions		(435		)	4,847			3,647			18,198
Total increase (decrease) in net assets			(126		)	7,239			5,241			24,543
Net assets at December 31, 2013			740			10,567			10,284			33,435
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(1		)	(44		)	(28		)	(334		)
	Total realized gain (loss) on investments
		and capital gains distributions	168			2,427			399			8,889
	Net unrealized appreciation (depreciation)
		of investments	(103		)	(1,387		)	(611		)	(5,131		)
Net increase (decrease) in net assets resulting from			64			996			(240		)	3,424
		operations
Changes from principal transactions:
	Total unit transactions		(107		)	349			3,048			10,560
Increase (decrease) in net assets derived from
	principal transactions		(107		)	349			3,048			10,560
Total increase (decrease) in net assets			(43		)	1,345			2,808			13,984
Net assets at December 31, 2014			$	697		$	11,912		$	13,092		$	47,419

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, 2014 and 2013

(Dollars in thousands)

			BlackRock Equity Dividend Fund - Investor A Shares			BlackRock Mid Cap Value Opportunities Fund - Institutional Shares			BlackRock Mid Cap Value Opportunities Fund - Investor A Shares			Bond Fund of AmericaSM - Class R-4
Net assets at January 1, 2013			$	1,014		$	—		$	9,764		$	10,954
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		13			—			(77		)	135
	Total realized gain (loss) on investments
		and capital gains distributions	33			—			1,976			141
	Net unrealized appreciation (depreciation)
		of investments	210			—			1,750			(591		)
Net increase (decrease) in net assets resulting from			256			—			3,649			(315		)
		operations
Changes from principal transactions:
	Total unit transactions		164			—			2,703			(1,395		)
Increase (decrease) in net assets derived from
	principal transactions		164			—			2,703			(1,395		)
Total increase (decrease) in net assets			420			—			6,352			(1,710		)
Net assets at December 31, 2013			1,434			—			16,116			9,244
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		17			—			(107		)	105
	Total realized gain (loss) on investments
		and capital gains distributions	131			2			3,462			54
	Net unrealized appreciation (depreciation)
		of investments	(21		)	(2		)	(2,555		)	241
Net increase (decrease) in net assets resulting from			127			—			800			400
		operations
Changes from principal transactions:
	Total unit transactions		136			21			(133		)	(327		)
Increase (decrease) in net assets derived from
	principal transactions		136			21			(133		)	(327		)
Total increase (decrease) in net assets			263			21			667			73
Net assets at December 31, 2014			$	1,697		$	21		$	16,783		$	9,317

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, 2014 and 2013

(Dollars in thousands)

			Calvert VP SRI Balanced Portfolio			Capital World Growth & Income FundSM - Class R-3		Cohen & Steers Realty Shares, Inc.			ColumbiaSM Acorn® Fund - Class A Shares
Net assets at January 1, 2013			$	46,174		$	513	$	2,138		$	85
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(2		)	10		36			(1		)
	Total realized gain (loss) on investments
		and capital gains distributions	5,099			12		118			8
	Net unrealized appreciation (depreciation)
		of investments	2,569			104		(144		)	17
Net increase (decrease) in net assets resulting from			7,666			126		10			24
		operations
Changes from principal transactions:
	Total unit transactions		(1,140		)	46		286			(6		)
Increase (decrease) in net assets derived from
	principal transactions		(1,140		)	46		286			(6		)
Total increase (decrease) in net assets			6,526			172		296			18
Net assets at December 31, 2013			52,700			685		2,434			103
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		253			11		69			(1		)
	Total realized gain (loss) on investments
		and capital gains distributions	4,303			12		281			18
	Net unrealized appreciation (depreciation)
		of investments	(281		)	—		626			(17		)
Net increase (decrease) in net assets resulting from			4,275			23		976			—
		operations
Changes from principal transactions:
	Total unit transactions		(3,484		)	67		3,268			(3		)
Increase (decrease) in net assets derived from
	principal transactions		(3,484		)	67		3,268			(3		)
Total increase (decrease) in net assets			791			90		4,244			(3		)
Net assets at December 31, 2014			$	53,491		$	775	$	6,678		$	100

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, 2014 and 2013

(Dollars in thousands)

			ColumbiaSM Acorn® Fund - Class Z Shares			Columbia Mid Cap Value Fund - Class A Shares			Columbia Mid Cap Value Fund - Class Z Shares		CRM Mid Cap Value Fund - Investor Shares
Net assets at January 1, 2013			$	39		$	4,121		$	1	$	232
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(1		)	(27		)	—		(1		)
	Total realized gain (loss) on investments
		and capital gains distributions	3			1,265			—		51
	Net unrealized appreciation (depreciation)
		of investments	9			222			—		25
Net increase (decrease) in net assets resulting from			11			1,460			—		75
		operations
Changes from principal transactions:
	Total unit transactions		4			399			1		6
Increase (decrease) in net assets derived from
	principal transactions		4			399			1		6
Total increase (decrease) in net assets			15			1,859			1		81
Net assets at December 31, 2013			54			5,980			2		313
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(1		)	(32		)	—		—
	Total realized gain (loss) on investments
		and capital gains distributions	9			1,832			—		82
	Net unrealized appreciation (depreciation)
		of investments	(8		)	(1,014		)	—		(67		)
Net increase (decrease) in net assets resulting from			—			786			—		15
		operations
Changes from principal transactions:
	Total unit transactions		4			3,650			—		(40		)
Increase (decrease) in net assets derived from
	principal transactions		4			3,650			—		(40		)
Total increase (decrease) in net assets			4			4,436			—		(25		)
Net assets at December 31, 2014			$	58		$	10,416		$	2	$	288

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, 2014 and 2013

(Dollars in thousands)

			Davis Financial Fund - Class Y		Delaware Diversified Income Fund - Class A			Delaware Small Cap Value Fund - Class A			Deutsche Small Cap Growth Fund - Class S
Net assets at January 1, 2013			$	—	$	801		$	—		$	—
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		41			—			—
	Total realized gain (loss) on investments
		and capital gains distributions	—		(48		)	2			—
	Net unrealized appreciation (depreciation)
		of investments	—		(34		)	6			—
Net increase (decrease) in net assets resulting from			—		(41		)	8			—
		operations
Changes from principal transactions:
	Total unit transactions		—		1,127			101			—
Increase (decrease) in net assets derived from
	principal transactions		—		1,127			101			—
Total increase (decrease) in net assets			—		1,086			109			—
Net assets at December 31, 2013			—		1,887			109			—
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		86			(1		)	—
	Total realized gain (loss) on investments
		and capital gains distributions	—		2			38			2
	Net unrealized appreciation (depreciation)
		of investments	—		13			(24		)	(1		)
Net increase (decrease) in net assets resulting from			—		101			13			1
		operations
Changes from principal transactions:
	Total unit transactions		—		2,474			570			23
Increase (decrease) in net assets derived from
	principal transactions		—		2,474			570			23
Total increase (decrease) in net assets			—		2,575			583			24
Net assets at December 31, 2014			$	—	$	4,462		$	692		$	24

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, 2014 and 2013

(Dollars in thousands)

			Dodge & Cox International Stock Fund			Dodge & Cox Stock Fund		Deutsche Equity 500 Index Fund - Class S			Eaton Vance Large-Cap Value Fund - Class R Shares
Net assets at January 1, 2013			$	224		$	28	$	491		$	98
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		3			—		5			—
	Total realized gain (loss) on investments
		and capital gains distributions	8			6		5			17
	Net unrealized appreciation (depreciation)
		of investments	56			15		145			13
Net increase (decrease) in net assets resulting from			67			21		155			30
		operations
Changes from principal transactions:
	Total unit transactions		89			79		30			3
Increase (decrease) in net assets derived from
	principal transactions		89			79		30			3
Total increase (decrease) in net assets			156			100		185			33
Net assets at December 31, 2013			380			128		676			131
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		5			2		6			—
	Total realized gain (loss) on investments
		and capital gains distributions	20			20		74			45
	Net unrealized appreciation (depreciation)
		of investments	(28		)	4		3			(33		)
Net increase (decrease) in net assets resulting from			(3		)	26		83			12
		operations
Changes from principal transactions:
	Total unit transactions		16			148		(13		)	(50		)
Increase (decrease) in net assets derived from
	principal transactions		16			148		(13		)	(50		)
Total increase (decrease) in net assets			13			174		70			(38		)
Net assets at December 31, 2014			$	393		$	302	$	746		$	93

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, 2014 and 2013

(Dollars in thousands)

			EuroPacific Growth Fund® - Class R-3			EuroPacific Growth Fund® - Class R-4			Fidelity Advisor® New Insights Fund - Institutional Class			Fidelity® VIP Equity-Income Portfolio - Initial Class
Net assets at January 1, 2013			$	8,750		$	268,614		$	465		$	264,552
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		13			459			(7		)	4,268
	Total realized gain (loss) on investments
		and capital gains distributions	892			(691		)	113			17,227
	Net unrealized appreciation (depreciation)
		of investments	555			51,226			55			47,229
Net increase (decrease) in net assets resulting from			1,460			50,994			161			68,724
		operations
Changes from principal transactions:
	Total unit transactions		(1,548		)	(4,948		)	103			(26,669		)
Increase (decrease) in net assets derived from
	principal transactions		(1,548		)	(4,948		)	103			(26,669		)
Total increase (decrease) in net assets			(88		)	46,046			264			42,055
Net assets at December 31, 2013			8,662			314,660			729			306,607
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		33			1,386			(9		)	5,435
	Total realized gain (loss) on investments
		and capital gains distributions	650			970			187			4,145
	Net unrealized appreciation (depreciation)
		of investments	(926		)	(13,038		)	(72		)	12,997
Net increase (decrease) in net assets resulting from			(243		)	(10,682		)	106			22,577
		operations
Changes from principal transactions:
	Total unit transactions		(1,319		)	(8,450		)	99			(27,320		)
Increase (decrease) in net assets derived from
	principal transactions		(1,319		)	(8,450		)	99			(27,320		)
Total increase (decrease) in net assets			(1,562		)	(19,132		)	205			(4,743		)
Net assets at December 31, 2014			$	7,100		$	295,528		$	934		$	301,864

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, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	225,077		$	12,167		$	29,379		$	1,085,469
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(1,690		)	520			143			1,964
	Total realized gain (loss) on investments
		and capital gains distributions	10,773			315			(1,965		)	23,779
	Net unrealized appreciation (depreciation)
		of investments	65,870			(312		)	10,114			291,519
Net increase (decrease) in net assets resulting from			74,953			523			8,292			317,262
		operations
Changes from principal transactions:
	Total unit transactions		(25,029		)	(1,336		)	(1,359		)	(82,018		)
Increase (decrease) in net assets derived from
	principal transactions		(25,029		)	(1,336		)	(1,359		)	(82,018		)
Total increase (decrease) in net assets			49,924			(813		)	6,933			235,244
Net assets at December 31, 2013			275,001			11,354			36,312			1,320,713
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(2,239		)	575			107			665
	Total realized gain (loss) on investments
		and capital gains distributions	9,482			101			(700		)	56,881
	Net unrealized appreciation (depreciation)
		of investments	20,363			(692		)	(2,504		)	82,142
Net increase (decrease) in net assets resulting from			27,606			(16		)	(3,097		)	139,688
		operations
Changes from principal transactions:
	Total unit transactions		(10,109		)	813			(3,332		)	(80,851		)
Increase (decrease) in net assets derived from
	principal transactions		(10,109		)	813			(3,332		)	(80,851		)
Total increase (decrease) in net assets			17,497			797			(6,429		)	58,837
Net assets at December 31, 2014			$	292,498		$	12,151		$	29,883		$	1,379,550

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, 2014 and 2013

(Dollars in thousands)

			Fidelity® VIP Index 500 Portfolio - Initial Class		Fidelity® VIP Mid Cap Portfolio - Initial Class			Fidelity® VIP Asset Manager Portfolio - Initial Class			Franklin Mutual Global Discovery Fund - Class R
Net assets at January 1, 2013			$	115,759	$	20,599		$	22,592		$	2,419
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,072		127			97			17
	Total realized gain (loss) on investments
		and capital gains distributions	4,779		3,793			428			319
	Net unrealized appreciation (depreciation)
		of investments	30,085		3,481			2,542			210
Net increase (decrease) in net assets resulting from			35,936		7,401			3,067			546
		operations
Changes from principal transactions:
	Total unit transactions		1,981		(145		)	(2,409		)	(355		)
Increase (decrease) in net assets derived from
	principal transactions		1,981		(145		)	(2,409		)	(355		)
Total increase (decrease) in net assets			37,917		7,256			658			191
Net assets at December 31, 2013			153,676		27,855			23,250			2,610
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		837		74			75			34
	Total realized gain (loss) on investments
		and capital gains distributions	4,424		1,808			1,359			221
	Net unrealized appreciation (depreciation)
		of investments	13,593		(162		)	(368		)	(144		)
Net increase (decrease) in net assets resulting from			18,854		1,720			1,066			111
		operations
Changes from principal transactions:
	Total unit transactions		3,561		(111		)	(1,655		)	(128		)
Increase (decrease) in net assets derived from
	principal transactions		3,561		(111		)	(1,655		)	(128		)
Total increase (decrease) in net assets			22,415		1,609			(589		)	(17		)
Net assets at December 31, 2014			$	176,091	$	29,464		$	22,661		$	2,593

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, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	—	$	—		$	553		$	110,112
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		—			(4		)	497
	Total realized gain (loss) on investments
		and capital gains distributions	—		—			156			4,350
	Net unrealized appreciation (depreciation)
		of investments	—		—			59			33,299
Net increase (decrease) in net assets resulting from			—		—			211			38,146
		operations
Changes from principal transactions:
	Total unit transactions		—		—			(5		)	(4,257		)
Increase (decrease) in net assets derived from
	principal transactions		—		—			(5		)	(4,257		)
Total increase (decrease) in net assets			—		—			206			33,889
Net assets at December 31, 2013			—		—			759			144,001
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		—			(3		)	(405		)
	Total realized gain (loss) on investments
		and capital gains distributions	4		—			160			15,126
	Net unrealized appreciation (depreciation)
		of investments	4		(1		)	(136		)	(15,311		)
Net increase (decrease) in net assets resulting from			8		(1		)	21			(590		)
		operations
Changes from principal transactions:
	Total unit transactions		89		4			(474		)	(11,303		)
Increase (decrease) in net assets derived from
	principal transactions		89		4			(474		)	(11,303		)
Total increase (decrease) in net assets			97		3			(453		)	(11,893		)
Net assets at December 31, 2014			$	97	$	3		$	306		$	132,108

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, 2014 and 2013

(Dollars in thousands)

			Goldman Sachs Growth Opportunities Fund - Class IR Shares		Growth Fund of America® - Class R-3			Growth Fund of America® - Class R-4			The Hartford Capital Appreciation Fund - Class R4
Net assets at January 1, 2013			$	—	$	12,373		$	287,158		$	159
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		(81		)	(1,953		)	(1		)
	Total realized gain (loss) on investments
		and capital gains distributions	—		1,965			27,868			72
	Net unrealized appreciation (depreciation)
		of investments	—		2,073			65,718			(9		)
Net increase (decrease) in net assets resulting from			—		3,957			91,633			62
		operations
Changes from principal transactions:
	Total unit transactions		—		(416		)	(14,877		)	(221		)
Increase (decrease) in net assets derived from
	principal transactions		—		(416		)	(14,877		)	(221		)
Total increase (decrease) in net assets			—		3,541			76,756			(159		)
Net assets at December 31, 2013			—		15,914			363,914			—
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		(88		)	(2,242		)	—
	Total realized gain (loss) on investments
		and capital gains distributions	1		2,781			40,146			—
	Net unrealized appreciation (depreciation)
		of investments	—		(1,397		)	(8,466		)	—
Net increase (decrease) in net assets resulting from			1		1,296			29,438			—
		operations
Changes from principal transactions:
	Total unit transactions		2		(490		)	(13,292		)	—
Increase (decrease) in net assets derived from
	principal transactions		2		(490		)	(13,292		)	—
Total increase (decrease) in net assets			3		806			16,146			—
Net assets at December 31, 2014			$	3	$	16,720		$	380,060		$	—

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, 2014 and 2013

(Dollars in thousands)

			The Hartford Dividend And Growth Fund - Class R4			Income Fund of America® - Class R-3			Ivy Science and Technology Fund - Class Y		Janus Aspen Series Balanced Portfolio - Institutional Shares
Net assets at January 1, 2013			$	261		$	1,985		$	—	$	174
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		2			53			—		1
	Total realized gain (loss) on investments
		and capital gains distributions	73			82			—		10
	Net unrealized appreciation (depreciation)
		of investments	(2		)	207			—		13
Net increase (decrease) in net assets resulting from			73			342			—		24
		operations
Changes from principal transactions:
	Total unit transactions		(330		)	65			—		(45		)
Increase (decrease) in net assets derived from
	principal transactions		(330		)	65			—		(45		)
Total increase (decrease) in net assets			(257		)	407			—		(21		)
Net assets at December 31, 2013			4			2,392			—		153
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			56			—		1
	Total realized gain (loss) on investments
		and capital gains distributions	—			182			—		9
	Net unrealized appreciation (depreciation)
		of investments	—			(54		)	—		1
Net increase (decrease) in net assets resulting from			—			184			—		11
		operations
Changes from principal transactions:
	Total unit transactions		1			46			31		(17		)
Increase (decrease) in net assets derived from
	principal transactions		1			46			31		(17		)
Total increase (decrease) in net assets			1			230			31		(6		)
Net assets at December 31, 2014			$	5		$	2,622		$	31	$	147

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, 2014 and 2013

(Dollars in thousands)

			Janus Aspen Series Enterprise Portfolio - Institutional Shares			Janus Aspen Series Flexible Bond Portfolio - Institutional Shares			Janus Aspen Series Global Research Portfolio - Institutional Shares			Janus Aspen Series Janus Portfolio - Institutional Shares
Net assets at January 1, 2013			$	365		$	40		$	135		$	70
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(3		)	2			—			—
	Total realized gain (loss) on investments
		and capital gains distributions	33			1			1			2
	Net unrealized appreciation (depreciation)
		of investments	53			(2		)	34			17
Net increase (decrease) in net assets resulting from			83			1			35			19
		operations
Changes from principal transactions:
	Total unit transactions		(122		)	(3		)	(9		)	(11		)
Increase (decrease) in net assets derived from
	principal transactions		(122		)	(3		)	(9		)	(11		)
Total increase (decrease) in net assets			(39		)	(2		)	26			8
Net assets at December 31, 2013			326			38			161			78
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(3		)	1			—			(1		)
	Total realized gain (loss) on investments
		and capital gains distributions	56			—			27			9
	Net unrealized appreciation (depreciation)
		of investments	(19		)	—			(16		)	1
Net increase (decrease) in net assets resulting from			34			1			11			9
		operations
Changes from principal transactions:
	Total unit transactions		(78		)	1			(70		)	(5		)
Increase (decrease) in net assets derived from
	principal transactions		(78		)	1			(70		)	(5		)
Total increase (decrease) in net assets			(44		)	2			(59		)	4
Net assets at December 31, 2014			$	282		$	40		$	102		$	82

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, 2014 and 2013

(Dollars in thousands)

			JPMorgan Equity Income Fund - Select Class Shares		JPMorgan Government Bond Fund - Select Class Shares			Lazard Emerging Markets Equity Portfolio - Open Shares		Lazard U.S. Mid Cap Equity Portfolio - Open Shares
Net assets at January 1, 2013			$	—	$	10		$	—	$	5,049
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		5			—		(16		)
	Total realized gain (loss) on investments
		and capital gains distributions	—		(6		)	—		296
	Net unrealized appreciation (depreciation)
		of investments	—		(15		)	—		936
Net increase (decrease) in net assets resulting from			—		(16		)	—		1,216
		operations
Changes from principal transactions:
	Total unit transactions		—		248			—		(2,343		)
Increase (decrease) in net assets derived from
	principal transactions		—		248			—		(2,343		)
Total increase (decrease) in net assets			—		232			—		(1,127		)
Net assets at December 31, 2013			—		242			—		3,922
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1		3			—		(19		)
	Total realized gain (loss) on investments
		and capital gains distributions	1		(4		)	—		325
	Net unrealized appreciation (depreciation)
		of investments	2		9			—		131
Net increase (decrease) in net assets resulting from			4		8			—		437
		operations
Changes from principal transactions:
	Total unit transactions		64		176			—		(175		)
Increase (decrease) in net assets derived from
	principal transactions		64		176			—		(175		)
Total increase (decrease) in net assets			68		184			—		262
Net assets at December 31, 2014			$	68	$	426		$	—	$	4,184

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, 2014 and 2013

(Dollars in thousands)

			ClearBridge Aggressive Growth Fund - Class I		LKCM Aquinas Growth Fund			Loomis Sayles Small Cap Value Fund - Retail Class			Loomis Sayles Limited Term Government and Agency Fund - Class Y
Net assets at January 1, 2013			$	—	$	337		$	10,558		$	—
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		(3		)	(123		)	—
	Total realized gain (loss) on investments
		and capital gains distributions	—		49			1,824			—
	Net unrealized appreciation (depreciation)
		of investments	—		40			2,154			—
Net increase (decrease) in net assets resulting from			—		86			3,855			—
		operations
Changes from principal transactions:
	Total unit transactions		—		(12		)	1,178			—
Increase (decrease) in net assets derived from
	principal transactions		—		(12		)	1,178			—
Total increase (decrease) in net assets			—		74			5,033			—
Net assets at December 31, 2013			—		411			15,591			—
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		(3		)	(99		)	2
	Total realized gain (loss) on investments
		and capital gains distributions	2		107			2,999			(1		)
	Net unrealized appreciation (depreciation)
		of investments	1		(104		)	(2,344		)	(1		)
Net increase (decrease) in net assets resulting from			3		—			556			—
		operations
Changes from principal transactions:
	Total unit transactions		93		(63		)	(1,832		)	373
Increase (decrease) in net assets derived from
	principal transactions		93		(63		)	(1,832		)	373
Total increase (decrease) in net assets			96		(63		)	(1,276		)	373
Net assets at December 31, 2014			$	96	$	348		$	14,315		$	373

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, 2014 and 2013

(Dollars in thousands)

			Loomis Sayles Value Fund - Class Y		Lord Abbett Developing Growth Fund - Class A			Lord Abbett Core Fixed Income Fund - Class A			Lord Abbett Mid Cap Stock Fund - Class A
Net assets at January 1, 2013			$	—	$	93		$	59		$	960
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		(2		)	—			(4		)
	Total realized gain (loss) on investments
		and capital gains distributions	—		46			—			151
	Net unrealized appreciation (depreciation)
		of investments	—		36			(2		)	101
Net increase (decrease) in net assets resulting from			—		80			(2		)	248
		operations
Changes from principal transactions:
	Total unit transactions		—		86			(11		)	(211		)
Increase (decrease) in net assets derived from
	principal transactions		—		86			(11		)	(211		)
Total increase (decrease) in net assets			—		166			(13		)	37
Net assets at December 31, 2013			—		259			46			997
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		(2		)	—			(3		)
	Total realized gain (loss) on investments
		and capital gains distributions	—		50			—			28
	Net unrealized appreciation (depreciation)
		of investments	—		(43		)	3			87
Net increase (decrease) in net assets resulting from			—		5			3			112
		operations
Changes from principal transactions:
	Total unit transactions		—		10			1,209			46
Increase (decrease) in net assets derived from
	principal transactions		—		10			1,209			46
Total increase (decrease) in net assets			—		15			1,212			158
Net assets at December 31, 2014			$	—	$	274		$	1,258		$	1,155

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, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	1,186		$	158		$	95,534		$	424
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(12		)	(1		)	(537		)	—
	Total realized gain (loss) on investments
		and capital gains distributions	400			43			(309		)	32
	Net unrealized appreciation (depreciation)
		of investments	(8		)	20			26,886			127
Net increase (decrease) in net assets resulting from			380			62			26,040			159
		operations
Changes from principal transactions:
	Total unit transactions		(116		)	44			(16,890		)	54
Increase (decrease) in net assets derived from
	principal transactions		(116		)	44			(16,890		)	54
Total increase (decrease) in net assets			264			106			9,150			213
Net assets at December 31, 2013			1,450			264			104,684			637
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(11		)	—			(535		)	—
	Total realized gain (loss) on investments
		and capital gains distributions	384			54			1,491			134
	Net unrealized appreciation (depreciation)
		of investments	(367		)	(38		)	9,387			(134		)
Net increase (decrease) in net assets resulting from			6			16			10,343			—
		operations
Changes from principal transactions:
	Total unit transactions		(202		)	(15		)	(10,441		)	(635		)
Increase (decrease) in net assets derived from
	principal transactions		(202		)	(15		)	(10,441		)	(635		)
Total increase (decrease) in net assets			(196		)	1			(98		)	(635		)
Net assets at December 31, 2014			$	1,254		$	265		$	104,586		$	2

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, 2014 and 2013

(Dollars in thousands)

			Massachusetts Investors Growth Stock Fund - Class A			Metropolitan West Total Return Bond Fund - Class M Shares			MFS® New Discovery Fund - Class R3		MFS® International Value Fund - Class R3
Net assets at January 1, 2013			$	718		$	—		$	—	$	—
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(1		)	15			—		—
	Total realized gain (loss) on investments
		and capital gains distributions	52			19			—		—
	Net unrealized appreciation (depreciation)
		of investments	88			(18		)	—		—
Net increase (decrease) in net assets resulting from			139			16			—		—
		operations
Changes from principal transactions:
	Total unit transactions		(197		)	3,474			—		—
Increase (decrease) in net assets derived from
	principal transactions		(197		)	3,474			—		—
Total increase (decrease) in net assets			(58		)	3,490			—		—
Net assets at December 31, 2013			660			3,490			—		—
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(1		)	77			—		—
	Total realized gain (loss) on investments
		and capital gains distributions	44			37			—		—
	Net unrealized appreciation (depreciation)
		of investments	27			174			—		(1		)
Net increase (decrease) in net assets resulting from			70			288			—		(1		)
		operations
Changes from principal transactions:
	Total unit transactions		(8		)	6,833			1		14
Increase (decrease) in net assets derived from
	principal transactions		(8		)	6,833			1		14
Total increase (decrease) in net assets			62			7,121			1		13
Net assets at December 31, 2014			$	722		$	10,611		$	1	$	13

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, 2014 and 2013

(Dollars in thousands)

			Neuberger Berman Genesis Fund - Trust Class			Neuberger Berman Socially Responsive Fund - Trust Class			New Perspective Fund® - Class R-3			New Perspective Fund® - Class R-4
Net assets at January 1, 2013			$	95		$	8,855		$	2,123		$	88,013
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			21			3			40
	Total realized gain (loss) on investments
		and capital gains distributions	13			1,895			349			5,061
	Net unrealized appreciation (depreciation)
		of investments	32			1,684			177			18,214
Net increase (decrease) in net assets resulting from			45			3,600			529			23,315
		operations
Changes from principal transactions:
	Total unit transactions		58			1,990			(235		)	3,626
Increase (decrease) in net assets derived from
	principal transactions		58			1,990			(235		)	3,626
Total increase (decrease) in net assets			103			5,590			294			26,941
Net assets at December 31, 2013			198			14,445			2,417			114,954
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(2		)	(5		)	(5		)	(272		)
	Total realized gain (loss) on investments
		and capital gains distributions	59			2,720			339			8,102
	Net unrealized appreciation (depreciation)
		of investments	(44		)	(1,516		)	(286		)	(4,995		)
Net increase (decrease) in net assets resulting from			13			1,199			48			2,835
		operations
Changes from principal transactions:
	Total unit transactions		262			(2,299		)	(353		)	4,062
Increase (decrease) in net assets derived from
	principal transactions		262			(2,299		)	(353		)	4,062
Total increase (decrease) in net assets			275			(1,100		)	(305		)	6,897
Net assets at December 31, 2014			$	473		$	13,345		$	2,112		$	121,851

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, 2014 and 2013

(Dollars in thousands)

			American Funds New World Fund® - Class R-4			Nuveen Global Infrastructure Fund - Class I			Nuveen U.S. Infrastructure Income Fund - Class I		Oppenheimer Capital Appreciation Fund - Class A
Net assets at January 1, 2013			$	—		$	—		$	—	$	520
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			—			—		(2		)
	Total realized gain (loss) on investments
		and capital gains distributions	—			—			—		111
	Net unrealized appreciation (depreciation)
		of investments	—			—			—		(49		)
Net increase (decrease) in net assets resulting from			—			—			—		60
		operations
Changes from principal transactions:
	Total unit transactions		—			—			—		(474		)
Increase (decrease) in net assets derived from
	principal transactions		—			—			—		(474		)
Total increase (decrease) in net assets			—			—			—		(414		)
Net assets at December 31, 2013			—			—			—		106
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			16			1		(1		)
	Total realized gain (loss) on investments
		and capital gains distributions	1			72			—		20
	Net unrealized appreciation (depreciation)
		of investments	(3		)	(84		)	1		(5		)
Net increase (decrease) in net assets resulting from			(2		)	4			2		14
		operations
Changes from principal transactions:
	Total unit transactions		29			1,193			202		(16		)
Increase (decrease) in net assets derived from
	principal transactions		29			1,193			202		(16		)
Total increase (decrease) in net assets			27			1,197			204		(2		)
Net assets at December 31, 2014			$	27		$	1,197		$	204	$	104

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, 2014 and 2013

(Dollars in thousands)

			Oppenheimer Developing Markets Fund - Class A			Oppenheimer Developing Markets Fund - Class Y			Oppenheimer Gold & Special Minerals Fund - Class A			Oppenheimer International Bond Fund - Class A
Net assets at January 1, 2013			$	275,812		$	35,375		$	16		$	128
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(2,576		)	6			—			4
	Total realized gain (loss) on investments
		and capital gains distributions	(2,983		)	684			(3		)	(2		)
	Net unrealized appreciation (depreciation)
		of investments	24,650			2,350			(7		)	(9		)
Net increase (decrease) in net assets resulting from			19,091			3,040			(10		)	(7		)
		operations
Changes from principal transactions:
	Total unit transactions		(14,722		)	709			9			20
Increase (decrease) in net assets derived from
	principal transactions		(14,722		)	709			9			20
Total increase (decrease) in net assets			4,369			3,749			(1		)	13
Net assets at December 31, 2013			280,181			39,124			15			141
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(2,119		)	62			—			3
	Total realized gain (loss) on investments
		and capital gains distributions	20,835			1,162			(1		)	(8		)
	Net unrealized appreciation (depreciation)
		of investments	(34,012		)	(3,251		)	(4		)	6
Net increase (decrease) in net assets resulting from			(15,296		)	(2,027		)	(5		)	1
		operations
Changes from principal transactions:
	Total unit transactions		(15,191		)	1,614			11			(85		)
Increase (decrease) in net assets derived from
	principal transactions		(15,191		)	1,614			11			(85		)
Total increase (decrease) in net assets			(30,487		)	(413		)	6			(84		)
Net assets at December 31, 2014			$	249,694		$	38,711		$	21		$	57

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, 2014 and 2013

(Dollars in thousands)

			Oppenheimer International Growth Fund - Class Y		Oppenheimer International Small Company Fund - Class Y		Oppenheimer Discovery Mid Cap Growth Fund/VA			Oppenheimer Global Fund/VA
Net assets at January 1, 2013			$	—	$	—	$	41		$	226
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		—		(1		)	1
	Total realized gain (loss) on investments
		and capital gains distributions	—		—		2			1
	Net unrealized appreciation (depreciation)
		of investments	—		—		12			55
Net increase (decrease) in net assets resulting from			—		—		13			57
		operations
Changes from principal transactions:
	Total unit transactions		—		—		(8		)	(22		)
Increase (decrease) in net assets derived from
	principal transactions		—		—		(8		)	(22		)
Total increase (decrease) in net assets			—		—		5			35
Net assets at December 31, 2013			—		—		46			261
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		—		(1		)	1
	Total realized gain (loss) on investments
		and capital gains distributions	—		—		3			22
	Net unrealized appreciation (depreciation)
		of investments	—		—		(14		)	(19		)
Net increase (decrease) in net assets resulting from			—		—		(12		)	4
		operations
Changes from principal transactions:
	Total unit transactions		10		12		(19		)	(43		)
Increase (decrease) in net assets derived from
	principal transactions		10		12		(19		)	(43		)
Total increase (decrease) in net assets			10		12		(31		)	(39		)
Net assets at December 31, 2014			$	10	$	12	$	15		$	222

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, 2014 and 2013

(Dollars in thousands)

			Oppenheimer Global Strategic Income Fund/VA			Oppenheimer Main Street Fund®/VA			Oppenheimer Main Street Small Cap Fund®/VA			Parnassus Small Cap FundSM
Net assets at January 1, 2013			$	109		$	67		$	10,845		$	—
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		4			—			(12		)	—
	Total realized gain (loss) on investments
		and capital gains distributions	1			2			1,172			—
	Net unrealized appreciation (depreciation)
		of investments	(6		)	17			4,192			—
Net increase (decrease) in net assets resulting from			(1		)	19			5,352			—
		operations
Changes from principal transactions:
	Total unit transactions		(9		)	(9		)	7,302			—
Increase (decrease) in net assets derived from
	principal transactions		(9		)	(9		)	7,302			—
Total increase (decrease) in net assets			(10		)	10			12,654			—
Net assets at December 31, 2013			99			77			23,499			—
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		3			—			9			—
	Total realized gain (loss) on investments
		and capital gains distributions	—			5			5,490			—
	Net unrealized appreciation (depreciation)
		of investments	(2		)	2			(2,793		)	—
Net increase (decrease) in net assets resulting from			1			7			2,706			—
		operations
Changes from principal transactions:
	Total unit transactions		(2		)	(10		)	2,149			—
Increase (decrease) in net assets derived from
	principal transactions		(2		)	(10		)	2,149			—
Total increase (decrease) in net assets			(1		)	(3		)	4,855			—
Net assets at December 31, 2014			$	98		$	74		$	28,354		$	—

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, 2014 and 2013

(Dollars in thousands)

			Parnassus Core Equity FundSM - Investor Shares		Pax World Balanced Fund - Individual Investor Class			PIMCO CommodityRealReturn Strategy Fund® - Administrative Class			PIMCO Real Return Portfolio - Administrative Class
Net assets at January 1, 2013			$	622	$	46,306		$	—		$	260,067
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		29		(103		)	—			1,082
	Total realized gain (loss) on investments
		and capital gains distributions	413		5,289			—			8,483
	Net unrealized appreciation (depreciation)
		of investments	414		1,581			—			(31,921		)
Net increase (decrease) in net assets resulting from			856		6,767			—			(22,356		)
		operations
Changes from principal transactions:
	Total unit transactions		5,911		(3,659		)	—			(88,953		)
Increase (decrease) in net assets derived from
	principal transactions		5,911		(3,659		)	—			(88,953		)
Total increase (decrease) in net assets			6,767		3,108			—			(111,309		)
Net assets at December 31, 2013			7,389		49,414			—			148,758
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		100		(72		)	—			829
	Total realized gain (loss) on investments
		and capital gains distributions	381		4,164			—			(541		)
	Net unrealized appreciation (depreciation)
		of investments	1,222		(949		)	(2		)	3,343
Net increase (decrease) in net assets resulting from			1,703		3,143			(2		)	3,631
		operations
Changes from principal transactions:
	Total unit transactions		8,279		(7,639		)	16			(24,985		)
Increase (decrease) in net assets derived from
	principal transactions		8,279		(7,639		)	16			(24,985		)
Total increase (decrease) in net assets			9,982		(4,496		)	14			(21,354		)
Net assets at December 31, 2014			$	17,371	$	44,918		$	14		$	127,404

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, 2014 and 2013

(Dollars in thousands)

			Pioneer Equity Income Fund - Class Y Shares			Pioneer High Yield Fund - Class A Shares			Pioneer Strategic Income Fund - Class A Shares			Pioneer Emerging Markets VCT Portfolio - Class I
Net assets at January 1, 2013			$	1,099		$	2,178		$	1,519		$	15,901
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		53			87			52			38
	Total realized gain (loss) on investments
		and capital gains distributions	180			171			32			340
	Net unrealized appreciation (depreciation)
		of investments	441			(28		)	(71		)	(913		)
Net increase (decrease) in net assets resulting from			674			230			13			(535		)
		operations
Changes from principal transactions:
	Total unit transactions		2,778			(442		)	(175		)	(2,429		)
Increase (decrease) in net assets derived from
	principal transactions		2,778			(442		)	(175		)	(2,429		)
Total increase (decrease) in net assets			3,452			(212		)	(162		)	(2,964		)
Net assets at December 31, 2013			4,551			1,966			1,357			12,937
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		134			73			45			(24		)
	Total realized gain (loss) on investments
		and capital gains distributions	799			117			11			(84		)
	Net unrealized appreciation (depreciation)
		of investments	(164		)	(206		)	(3		)	(1,498		)
Net increase (decrease) in net assets resulting from			769			(16		)	53			(1,606		)
		operations
Changes from principal transactions:
	Total unit transactions		3,118			73			(56		)	(960		)
Increase (decrease) in net assets derived from
	principal transactions		3,118			73			(56		)	(960		)
Total increase (decrease) in net assets			3,887			57			(3		)	(2,566		)
Net assets at December 31, 2014			$	8,438		$	2,023		$	1,354		$	10,371

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, 2014 and 2013

(Dollars in thousands)

			Pioneer Equity Income VCT Portfolio - Class I		Pioneer High Yield VCT Portfolio - Class I Shares			Prudential Jennison Utility Fund - Class Z			Columbia Diversified Equity Income Fund - Class K Shares
Net assets at January 1, 2013			$	—	$	27,738		$	—		$	7,180
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		1,292			—			58
	Total realized gain (loss) on investments
		and capital gains distributions	—		1,754			—			500
	Net unrealized appreciation (depreciation)
		of investments	—		39			—			1,631
Net increase (decrease) in net assets resulting from			—		3,085			—			2,189
		operations
Changes from principal transactions:
	Total unit transactions		—		87			—			155
Increase (decrease) in net assets derived from
	principal transactions		—		87			—			155
Total increase (decrease) in net assets			—		3,172			—			2,344
Net assets at December 31, 2013			—		30,910			—			9,524
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		1,064			—			44
	Total realized gain (loss) on investments
		and capital gains distributions	—		3,219			2			1,318
	Net unrealized appreciation (depreciation)
		of investments	—		(4,183		)	(2		)	(305		)
Net increase (decrease) in net assets resulting from			—		100			—			1,057
		operations
Changes from principal transactions:
	Total unit transactions		9		(7,740		)	23			394
Increase (decrease) in net assets derived from
	principal transactions		9		(7,740		)	23			394
Total increase (decrease) in net assets			9		(7,640		)	23			1,451
Net assets at December 31, 2014			$	9	$	23,270		$	23		$	10,975

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, 2014 and 2013

(Dollars in thousands)

			Columbia Diversified Equity Income Fund - Class R4 Shares			Royce Total Return Fund - K Class		SMALLCAP World Fund® - Class R-4			T. Rowe Price Mid-Cap Value Fund - R Class
Net assets at January 1, 2013			$	88		$	1	$	7,942		$	777
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1			—		(101		)	(3		)
	Total realized gain (loss) on investments
		and capital gains distributions	3			—		940			120
	Net unrealized appreciation (depreciation)
		of investments	24			—		1,605			115
Net increase (decrease) in net assets resulting from			28			—		2,444			232
		operations
Changes from principal transactions:
	Total unit transactions		6			1		1,758			(81		)
Increase (decrease) in net assets derived from
	principal transactions		6			1		1,758			(81		)
Total increase (decrease) in net assets			34			1		4,202			151
Net assets at December 31, 2013			122			2		12,144			928
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1			—		(122		)	(1		)
	Total realized gain (loss) on investments
		and capital gains distributions	17			—		1,629			172
	Net unrealized appreciation (depreciation)
		of investments	(8		)	—		(1,432		)	(84		)
Net increase (decrease) in net assets resulting from			10			—		75			87
		operations
Changes from principal transactions:
	Total unit transactions		(18		)	—		(378		)	20
Increase (decrease) in net assets derived from
	principal transactions		(18		)	—		(378		)	20
Total increase (decrease) in net assets			(8		)	—		(303		)	107
Net assets at December 31, 2014			$	114		$	2	$	11,841		$	1,035

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, 2014 and 2013

(Dollars in thousands)

			T. Rowe Price Value Fund - Advisor Class			Templeton Foreign Fund - Class A			Templeton Global Bond Fund - Advisor Class			Templeton Global Bond Fund - Class A
Net assets at January 1, 2013			$	226		$	1,174		$	37,035		$	204,498
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			14			1,504			6,215
	Total realized gain (loss) on investments
		and capital gains distributions	49			165			5			1,853
	Net unrealized appreciation (depreciation)
		of investments	30			171			(907		)	(5,834		)
Net increase (decrease) in net assets resulting from			79			350			602			2,234
		operations
Changes from principal transactions:
	Total unit transactions		(20		)	296			2,243			(6,007		)
Increase (decrease) in net assets derived from
	principal transactions		(20		)	296			2,243			(6,007		)
Total increase (decrease) in net assets			59			646			2,845			(3,773		)
Net assets at December 31, 2013			285			1,820			39,880			200,725
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			34			2,457			10,282
	Total realized gain (loss) on investments
		and capital gains distributions	52			117			87			4,700
	Net unrealized appreciation (depreciation)
		of investments	(15		)	(357		)	(2,001		)	(13,460		)
Net increase (decrease) in net assets resulting from			37			(206		)	543			1,522
		operations
Changes from principal transactions:
	Total unit transactions		8			(12		)	(2,335		)	(22,193		)
Increase (decrease) in net assets derived from
	principal transactions		8			(12		)	(2,335		)	(22,193		)
Total increase (decrease) in net assets			45			(218		)	(1,792		)	(20,671		)
Net assets at December 31, 2014			$	330		$	1,602		$	38,088		$	180,054

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, 2014 and 2013

(Dollars in thousands)

			Third Avenue Real Estate Value Fund - Institutional Class		Thornburg International Value Fund - Class R4			USAA Precious Metals and Minerals Fund - Adviser Shares			Diversified Value Portfolio
Net assets at January 1, 2013			$	—	$	34		$	8,081		$	87
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		—			(64		)	1
	Total realized gain (loss) on investments
		and capital gains distributions	—		—			(2,926		)	—
	Net unrealized appreciation (depreciation)
		of investments	—		6			(1,813		)	23
Net increase (decrease) in net assets resulting from			—		6			(4,803		)	24
		operations
Changes from principal transactions:
	Total unit transactions		—		6			3,471			(4		)
Increase (decrease) in net assets derived from
	principal transactions		—		6			3,471			(4		)
Total increase (decrease) in net assets			—		12			(1,332		)	20
Net assets at December 31, 2013			—		46			6,749			107
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		—			11			1
	Total realized gain (loss) on investments
		and capital gains distributions	—		4			(2,413		)	5
	Net unrealized appreciation (depreciation)
		of investments	—		(7		)	735			3
Net increase (decrease) in net assets resulting from			—		(3		)	(1,667		)	9
		operations
Changes from principal transactions:
	Total unit transactions		4		2			4,013			—
Increase (decrease) in net assets derived from
	principal transactions		4		2			4,013			—
Total increase (decrease) in net assets			4		(1		)	2,346			9
Net assets at December 31, 2014			$	4	$	45		$	9,095		$	116

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, 2014 and 2013

(Dollars in thousands)

			Equity Income Portfolio			Small Company Growth Portfolio			Victory Integrity Small-Cap Value Fund - Class Y Shares		Victory Small Company Opportunity Fund - Class R
Net assets at January 1, 2013			$	446		$	25		$	—	$	13
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		8			—			—		—
	Total realized gain (loss) on investments
		and capital gains distributions	87			9			—		1
	Net unrealized appreciation (depreciation)
		of investments	(2		)	2			—		3
Net increase (decrease) in net assets resulting from			93			11			—		4
		operations
Changes from principal transactions:
	Total unit transactions		(294		)	(13		)	—		3
Increase (decrease) in net assets derived from
	principal transactions		(294		)	(13		)	—		3
Total increase (decrease) in net assets			(201		)	(2		)	—		7
Net assets at December 31, 2013			245			23			—		20
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		4			—			—		—
	Total realized gain (loss) on investments
		and capital gains distributions	25			4			—		2
	Net unrealized appreciation (depreciation)
		of investments	(6		)	(3		)	—		(1		)
Net increase (decrease) in net assets resulting from			23			1			—		1
		operations
Changes from principal transactions:
	Total unit transactions		(19		)	—			6		4
Increase (decrease) in net assets derived from
	principal transactions		(19		)	—			6		4
Total increase (decrease) in net assets			4			1			6		5
Net assets at December 31, 2014			$	249		$	24		$	6	$	25

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, 2014 and 2013

(Dollars in thousands)

			Voya Balanced Portfolio - Class I			Voya Growth Opportunities Fund - Class A			Voya Large Cap Value Fund - Class A		Voya Real Estate Fund - Class A
Net assets at January 1, 2013			$	305,260		$	63		$	—	$	1,954
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		3,429			(1		)	—		34
	Total realized gain (loss) on investments
		and capital gains distributions	3,552			6			—		164
	Net unrealized appreciation (depreciation)
		of investments	37,873			16			—		(180		)
Net increase (decrease) in net assets resulting from			44,854			21			—		18
		operations
Changes from principal transactions:
	Total unit transactions		(33,009		)	23			6		(64		)
Increase (decrease) in net assets derived from
	principal transactions		(33,009		)	23			6		(64		)
Total increase (decrease) in net assets			11,845			44			6		(46		)
Net assets at December 31, 2013			317,105			107			6		1,908
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,725			(1		)	—		38
	Total realized gain (loss) on investments
		and capital gains distributions	4,635			17			—		257
	Net unrealized appreciation (depreciation)
		of investments	9,094			(6		)	—		189
Net increase (decrease) in net assets resulting from			15,454			10			—		484
		operations
Changes from principal transactions:
	Total unit transactions		(32,930		)	(17		)	1		(367		)
Increase (decrease) in net assets derived from
	principal transactions		(32,930		)	(17		)	1		(367		)
Total increase (decrease) in net assets			(17,476		)	(7		)	1		117
Net assets at December 31, 2014			$	299,629		$	100		$	7	$	2,025

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, 2014 and 2013

(Dollars in thousands)

			Voya GNMA Income Fund - Class A			Voya Intermediate Bond Fund - Class A			Voya Intermediate Bond Portfolio - Class I			Voya Intermediate Bond Portfolio - Class S
Net assets at January 1, 2013			$	4,456		$	3,250		$	408,463		$	1,202
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		108			60			8,549			28
	Total realized gain (loss) on investments
		and capital gains distributions	(15		)	83			(1,699		)	33
	Net unrealized appreciation (depreciation)
		of investments	(202		)	(197		)	(11,051		)	(69		)
Net increase (decrease) in net assets resulting from			(109		)	(54		)	(4,201		)	(8		)
		operations
Changes from principal transactions:
	Total unit transactions		(526		)	(1,190		)	(56,068		)	(201		)
Increase (decrease) in net assets derived from
	principal transactions		(526		)	(1,190		)	(56,068		)	(201		)
Total increase (decrease) in net assets			(635		)	(1,244		)	(60,269		)	(209		)
Net assets at December 31, 2013			3,821			2,006			348,194			993
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		97			41			8,287			26
	Total realized gain (loss) on investments
		and capital gains distributions	(32		)	24			(239		)	6
	Net unrealized appreciation (depreciation)
		of investments	84			40			11,424			28
Net increase (decrease) in net assets resulting from			149			105			19,472			60
		operations
Changes from principal transactions:
	Total unit transactions		(486		)	(337		)	(16,538		)	(72		)
Increase (decrease) in net assets derived from
	principal transactions		(486		)	(337		)	(16,538		)	(72		)
Total increase (decrease) in net assets			(337		)	(232		)	2,934			(12		)
Net assets at December 31, 2014			$	3,484		$	1,774		$	351,128		$	981

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, 2014 and 2013

(Dollars in thousands)

			Voya Global Perspectives Portfolio - Class I			Voya Global Resources Portfolio - Adviser Class			Voya Global Resources Portfolio - Institutional Class			Voya Global Resources Portfolio - Service Class
Net assets at January 1, 2013			$	—		$	2		$	26		$	101,734
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			—			—			(61		)
	Total realized gain (loss) on investments
		and capital gains distributions	—			—			—			(7,064		)
	Net unrealized appreciation (depreciation)
		of investments	—			—			3			18,734
Net increase (decrease) in net assets resulting from			—			—			3			11,609
		operations
Changes from principal transactions:
	Total unit transactions		—			(1		)	(1		)	(15,676		)
Increase (decrease) in net assets derived from
	principal transactions		—			(1		)	(1		)	(15,676		)
Total increase (decrease) in net assets			—			(1		)	2			(4,067		)
Net assets at December 31, 2013			—			1			28			97,667
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(3		)	—			—			(2		)
	Total realized gain (loss) on investments
		and capital gains distributions	1			—			—			(820		)
	Net unrealized appreciation (depreciation)
		of investments	(5		)	—			(4		)	(11,579		)
Net increase (decrease) in net assets resulting from			(7		)	—			(4		)	(12,401		)
		operations
Changes from principal transactions:
	Total unit transactions		929			(1		)	1			(3,264		)
Increase (decrease) in net assets derived from
	principal transactions		929			(1		)	1			(3,264		)
Total increase (decrease) in net assets			922			(1		)	(3		)	(15,665		)
Net assets at December 31, 2014			$	922		$	—		$	25		$	82,002

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, 2014 and 2013

(Dollars in thousands)

			Voya High Yield Portfolio - Adviser Class			Voya High Yield Portfolio - Institutional Class			Voya High Yield Portfolio - Service Class			Voya Large Cap Growth Portfolio - Adviser Class
Net assets at January 1, 2013			$	51		$	28,658		$	30,849		$	155
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		3			1,607			1,441			—
	Total realized gain (loss) on investments
		and capital gains distributions	1			328			417			5
	Net unrealized appreciation (depreciation)
		of investments	(1		)	(478		)	(563		)	40
Net increase (decrease) in net assets resulting from			3			1,457			1,295			45
		operations
Changes from principal transactions:
	Total unit transactions		(8		)	1,000			(4,805		)	(13		)
Increase (decrease) in net assets derived from
	principal transactions		(8		)	1,000			(4,805		)	(13		)
Total increase (decrease) in net assets			(5		)	2,457			(3,510		)	32
Net assets at December 31, 2013			46			31,115			27,339			187
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		3			1,768			1,359			(1		)
	Total realized gain (loss) on investments
		and capital gains distributions	—			158			265			21
	Net unrealized appreciation (depreciation)
		of investments	(2		)	(1,715		)	(1,510		)	2
Net increase (decrease) in net assets resulting from			1			211			114			22
		operations
Changes from principal transactions:
	Total unit transactions		(3		)	(49		)	(2,829		)	1
Increase (decrease) in net assets derived from
	principal transactions		(3		)	(49		)	(2,829		)	1
Total increase (decrease) in net assets			(2		)	162			(2,715		)	23
Net assets at December 31, 2014			$	44		$	31,277		$	24,624		$	210

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, 2014 and 2013

(Dollars in thousands)

			Voya Large Cap Growth Portfolio - Institutional Class			Voya Large Cap Growth Portfolio - Service Class			Voya Large Cap Value Portfolio - Adviser Class			Voya Large Cap Value Portfolio - Institutional Class
Net assets at January 1, 2013			$	193,340		$	338		$	—		$	217,365
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(778		)	—			—			3,519
	Total realized gain (loss) on investments
		and capital gains distributions	6,024			87			—			4,284
	Net unrealized appreciation (depreciation)
		of investments	53,594			200			3			61,994
Net increase (decrease) in net assets resulting from			58,840			287			3			69,797
		operations
Changes from principal transactions:
	Total unit transactions		2,412			1,347			26			55,179
Increase (decrease) in net assets derived from
	principal transactions		2,412			1,347			26			55,179
Total increase (decrease) in net assets			61,252			1,634			29			124,976
Net assets at December 31, 2013			254,592			1,972			29			342,341
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(1,653		)	(38		)	—			4,345
	Total realized gain (loss) on investments
		and capital gains distributions	27,793			992			2			21,559
	Net unrealized appreciation (depreciation)
		of investments	13,856			111			—			4,481
Net increase (decrease) in net assets resulting from			39,996			1,065			2			30,385
		operations
Changes from principal transactions:
	Total unit transactions		139,940			2,376			(7		)	11,503
Increase (decrease) in net assets derived from
	principal transactions		139,940			2,376			(7		)	11,503
Total increase (decrease) in net assets			179,936			3,441			(5		)	41,888
Net assets at December 31, 2014			$	434,528		$	5,413		$	24		$	384,229

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, 2014 and 2013

(Dollars in thousands)

			Voya Large Cap Value Portfolio - Service Class			Voya Limited Maturity Bond Portfolio - Adviser Class		Voya Multi-Manager Large Cap Core Portfolio - Institutional Class			Voya Multi-Manager Large Cap Core Portfolio - Service Class
Net assets at January 1, 2013			$	708		$	17	$	19,631		$	273
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		12			—		53			(1		)
	Total realized gain (loss) on investments
		and capital gains distributions	61			—		76			10
	Net unrealized appreciation (depreciation)
		of investments	169			—		5,597			66
Net increase (decrease) in net assets resulting from			242			—		5,726			75
		operations
Changes from principal transactions:
	Total unit transactions		309			1		(919		)	(10		)
Increase (decrease) in net assets derived from
	principal transactions		309			1		(919		)	(10		)
Total increase (decrease) in net assets			551			1		4,807			65
Net assets at December 31, 2013			1,259			18		24,438			338
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(26		)	—		81			—
	Total realized gain (loss) on investments
		and capital gains distributions	232			—		5,440			45
	Net unrealized appreciation (depreciation)
		of investments	(222		)	—		(3,406		)	2
Net increase (decrease) in net assets resulting from			(16		)	—		2,115			47
		operations
Changes from principal transactions:
	Total unit transactions		438			1		(9,313		)	(3		)
Increase (decrease) in net assets derived from
	principal transactions		438			1		(9,313		)	(3		)
Total increase (decrease) in net assets			422			1		(7,198		)	44
Net assets at December 31, 2014			$	1,681		$	19	$	17,240		$	382

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, 2014 and 2013

(Dollars in thousands)

			Voya U.S. Bond Index Portfolio - Class I			Voya U.S. Stock Index Portfolio - Institutional Class			VY® BlackRock Health Sciences Opportunities Portfolio - Service Class			VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class
Net assets at January 1, 2013			$	11,539		$	7,900		$	14,469		$	97
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		107			228			(208		)	—
	Total realized gain (loss) on investments
		and capital gains distributions	(15		)	313			3,070			3
	Net unrealized appreciation (depreciation)
		of investments	(464		)	2,506			5,179			(10		)
Net increase (decrease) in net assets resulting from			(372		)	3,047			8,041			(7		)
		operations
Changes from principal transactions:
	Total unit transactions		(1,904		)	3,449			10,698			(25		)
Increase (decrease) in net assets derived from
	principal transactions		(1,904		)	3,449			10,698			(25		)
Total increase (decrease) in net assets			(2,276		)	6,496			18,739			(32		)
Net assets at December 31, 2013			9,263			14,396			33,208			65
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		120			304			(61		)	1
	Total realized gain (loss) on investments
		and capital gains distributions	(52		)	2,251			11,267			(5		)
	Net unrealized appreciation (depreciation)
		of investments	408			(459		)	(7,736		)	6
Net increase (decrease) in net assets resulting from			476			2,096			3,470			2
		operations
Changes from principal transactions:
	Total unit transactions		2,545			3,216			(36,678		)	(24		)
Increase (decrease) in net assets derived from
	principal transactions		2,545			3,216			(36,678		)	(24		)
Total increase (decrease) in net assets			3,021			5,312			(33,208		)	(22		)
Net assets at December 31, 2014			$	12,284		$	19,708		$	—		$	43

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, 2014 and 2013

(Dollars in thousands)

			VY® BlackRock Large Cap Growth Portfolio - Institutional Class			VY® BlackRock Large Cap Growth Portfolio - Service Class			VY® BlackRock Large Cap Growth Portfolio - Service 2 Class			VY® Clarion Global Real Estate Portfolio - Adviser Class
Net assets at January 1, 2013			$	85,929		$	502		$	294		$	7
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		301			2			2			—
	Total realized gain (loss) on investments
		and capital gains distributions	(184		)	26			23			—
	Net unrealized appreciation (depreciation)
		of investments	25,760			62			62			—
Net increase (decrease) in net assets resulting from			25,877			90			87			—
		operations
Changes from principal transactions:
	Total unit transactions		(9,822		)	(304		)	(52		)	(1		)
Increase (decrease) in net assets derived from
	principal transactions		(9,822		)	(304		)	(52		)	(1		)
Total increase (decrease) in net assets			16,055			(214		)	35			(1		)
Net assets at December 31, 2013			101,984			288			329			6
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		465			1			—			—
	Total realized gain (loss) on investments
		and capital gains distributions	30,435			92			131			—
	Net unrealized appreciation (depreciation)
		of investments	(24,969		)	(77		)	(114		)	1
Net increase (decrease) in net assets resulting from			5,931			16			17			1
		operations
Changes from principal transactions:
	Total unit transactions		(107,915		)	(304		)	(346		)	—
Increase (decrease) in net assets derived from
	principal transactions		(107,915		)	(304		)	(346		)	—
Total increase (decrease) in net assets			(101,984		)	(288		)	(329		)	1
Net assets at December 31, 2014			$	—		$	—		$	—		$	7

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, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	77,810		$	41		$	2,303		$	54,384
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		4,122			—			13			253
	Total realized gain (loss) on investments
		and capital gains distributions	877			1			151			4,992
	Net unrealized appreciation (depreciation)
		of investments	(2,778		)	(1		)	(120		)	(4,567		)
Net increase (decrease) in net assets resulting from			2,221			—			44			678
		operations
Changes from principal transactions:
	Total unit transactions		2,568			(3		)	(419		)	(4,849		)
Increase (decrease) in net assets derived from
	principal transactions		2,568			(3		)	(419		)	(4,849		)
Total increase (decrease) in net assets			4,789			(3		)	(375		)	(4,171		)
Net assets at December 31, 2013			82,599			38			1,928			50,213
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		431			1			14			250
	Total realized gain (loss) on investments
		and capital gains distributions	1,375			4			114			3,428
	Net unrealized appreciation (depreciation)
		of investments	8,950			8			414			10,579
Net increase (decrease) in net assets resulting from			10,756			13			542			14,257
		operations
Changes from principal transactions:
	Total unit transactions		(650		)	2			(61		)	1,316
Increase (decrease) in net assets derived from
	principal transactions		(650		)	2			(61		)	1,316
Total increase (decrease) in net assets			10,106			15			481			15,573
Net assets at December 31, 2014			$	92,705		$	53		$	2,409		$	65,786

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, 2014 and 2013

(Dollars in thousands)

			VY® FMR Diversified Mid Cap Portfolio - Institutional Class			VY® FMR Diversified Mid Cap Portfolio - Service Class			VY® FMR Diversified Mid Cap Portfolio - Service 2 Class			VY® Invesco Growth and Income Portfolio - Institutional Class
Net assets at January 1, 2013			$	27,744		$	48,491		$	8		$	6,568
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		92			(247		)	—			103
	Total realized gain (loss) on investments
		and capital gains distributions	1,104			3,729			—			163
	Net unrealized appreciation (depreciation)
		of investments	8,741			12,595			8			2,335
Net increase (decrease) in net assets resulting from			9,937			16,077			8			2,601
		operations
Changes from principal transactions:
	Total unit transactions		(1,212		)	(4,916		)	22			3,088
Increase (decrease) in net assets derived from
	principal transactions		(1,212		)	(4,916		)	22			3,088
Total increase (decrease) in net assets			8,725			11,161			30			5,689
Net assets at December 31, 2013			36,469			59,652			38			12,257
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(6		)	(391		)	—			127
	Total realized gain (loss) on investments
		and capital gains distributions	7,170			13,448			6			1,295
	Net unrealized appreciation (depreciation)
		of investments	(5,083		)	(10,280		)	(4		)	76
Net increase (decrease) in net assets resulting from			2,081			2,777			2			1,498
		operations
Changes from principal transactions:
	Total unit transactions		(1,539		)	(7,635		)	—			8,828
Increase (decrease) in net assets derived from
	principal transactions		(1,539		)	(7,635		)	—			8,828
Total increase (decrease) in net assets			542			(4,858		)	2			10,326
Net assets at December 31, 2014			$	37,011		$	54,794		$	40		$	22,583

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, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	17,841		$	307		$	32,471		$	26,309
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		94			1			22			(37		)
	Total realized gain (loss) on investments
		and capital gains distributions	1,502			1			2,441			2,606
	Net unrealized appreciation (depreciation)
		of investments	4,579			(18		)	(4,555		)	(4,249		)
Net increase (decrease) in net assets resulting from			6,175			(16		)	(2,092		)	(1,680		)
		operations
Changes from principal transactions:
	Total unit transactions		1,929			(26		)	(6,137		)	(4,185		)
Increase (decrease) in net assets derived from
	principal transactions		1,929			(26		)	(6,137		)	(4,185		)
Total increase (decrease) in net assets			8,104			(42		)	(8,229		)	(5,865		)
Net assets at December 31, 2013			25,945			265			24,242			20,444
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		69			1			26			(24		)
	Total realized gain (loss) on investments
		and capital gains distributions	3,054			18			2,672			2,312
	Net unrealized appreciation (depreciation)
		of investments	(814		)	(14		)	(2,670		)	(2,330		)
Net increase (decrease) in net assets resulting from			2,309			5			28			(42		)
		operations
Changes from principal transactions:
	Total unit transactions		(1,230		)	51			(1,778		)	(311		)
Increase (decrease) in net assets derived from
	principal transactions		(1,230		)	51			(1,778		)	(311		)
Total increase (decrease) in net assets			1,079			56			(1,750		)	(353		)
Net assets at December 31, 2014			$	27,024		$	321		$	22,492		$	20,091

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, 2014 and 2013

(Dollars in thousands)

			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® Marsico Growth Portfolio - Institutional Class
Net assets at January 1, 2013			$	16		$	9,013		$	8,402		$	9,713
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			72			(20		)	5
	Total realized gain (loss) on investments
		and capital gains distributions	—			683			983			1,264
	Net unrealized appreciation (depreciation)
		of investments	5			3,736			3,319			2,117
Net increase (decrease) in net assets resulting from			5			4,491			4,282			3,386
		operations
Changes from principal transactions:
	Total unit transactions		1			5,965			5,308			(93		)
Increase (decrease) in net assets derived from
	principal transactions		1			5,965			5,308			(93		)
Total increase (decrease) in net assets			6			10,456			9,590			3,293
Net assets at December 31, 2013			22			19,469			17,992			13,006
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			26			(115		)	(58		)
	Total realized gain (loss) on investments
		and capital gains distributions	3			2,346			2,220			4,429
	Net unrealized appreciation (depreciation)
		of investments	(1		)	(400		)	(621		)	(3,860		)
Net increase (decrease) in net assets resulting from			2			1,972			1,484			511
		operations
Changes from principal transactions:
	Total unit transactions		—			5,263			2,567			(13,517		)
Increase (decrease) in net assets derived from
	principal transactions		—			5,263			2,567			(13,517		)
Total increase (decrease) in net assets			2			7,235			4,051			(13,006		)
Net assets at December 31, 2014			$	24		$	26,704		$	22,043		$	—

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, 2014 and 2013

(Dollars in thousands)

			VY® Marsico Growth Portfolio - Service Class			VY® MFS Total Return Portfolio - Adviser Class			VY® MFS Total Return Portfolio - Institutional Class			VY® MFS Total Return Portfolio - Service Class
Net assets at January 1, 2013			$	97		$	1,139		$	56,102		$	25,679
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			20			765			319
	Total realized gain (loss) on investments
		and capital gains distributions	6			83			(238		)	(298		)
	Net unrealized appreciation (depreciation)
		of investments	21			88			9,177			4,398
Net increase (decrease) in net assets resulting from			27			191			9,704			4,419
		operations
Changes from principal transactions:
	Total unit transactions		(25		)	(296		)	(2,771		)	(1,309		)
Increase (decrease) in net assets derived from
	principal transactions		(25		)	(296		)	(2,771		)	(1,309		)
Total increase (decrease) in net assets			2			(105		)	6,933			3,110
Net assets at December 31, 2013			99			1,034			63,035			28,789
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			27			1,870			723
	Total realized gain (loss) on investments
		and capital gains distributions	34			308			11,089			6,341
	Net unrealized appreciation (depreciation)
		of investments	(30		)	(280		)	(9,656		)	(5,613		)
Net increase (decrease) in net assets resulting from			4			55			3,303			1,451
		operations
Changes from principal transactions:
	Total unit transactions		(103		)	(1,089		)	(66,338		)	(30,240		)
Increase (decrease) in net assets derived from
	principal transactions		(103		)	(1,089		)	(66,338		)	(30,240		)
Total increase (decrease) in net assets			(99		)	(1,034		)	(63,035		)	(28,789		)
Net assets at December 31, 2014			$	—		$	—		$	—		$	—

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, 2014 and 2013

(Dollars in thousands)

			VY® MFS Utilities Portfolio - Service Class			VY® Morgan Stanley Global Franchise Portfolio - Adviser Class			VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class		VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class
Net assets at January 1, 2013			$	45,560		$	31		$	195	$	112,414
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		544			1			2		1,379
	Total realized gain (loss) on investments
		and capital gains distributions	(117		)	2			17		9,700
	Net unrealized appreciation (depreciation)
		of investments	8,167			3			28		15,535
Net increase (decrease) in net assets resulting from			8,594			6			47		26,614
		operations
Changes from principal transactions:
	Total unit transactions		(1,751		)	—			104		20,691
Increase (decrease) in net assets derived from
	principal transactions		(1,751		)	—			104		20,691
Total increase (decrease) in net assets			6,843			6			151		47,305
Net assets at December 31, 2013			52,403			37			346		159,719
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		867			1			3		2,081
	Total realized gain (loss) on investments
		and capital gains distributions	19,332			5			38		16,055
	Net unrealized appreciation (depreciation)
		of investments	(12,263		)	(4		)	2		1,680
Net increase (decrease) in net assets resulting from			7,936			2			43		19,816
		operations
Changes from principal transactions:
	Total unit transactions		(60,339		)	(9		)	14		11,888
Increase (decrease) in net assets derived from
	principal transactions		(60,339		)	(9		)	14		11,888
Total increase (decrease) in net assets			(52,403		)	(7		)	57		31,704
Net assets at December 31, 2014			$	—		$	30		$	403	$	191,423

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, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	377,748	$	1,638		$	104,568		$	102
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		859		17			1,028			1
	Total realized gain (loss) on investments
		and capital gains distributions	30,663		118			(30		)	1
	Net unrealized appreciation (depreciation)
		of investments	51,011		309			27,497			12
Net increase (decrease) in net assets resulting from			82,533		444			28,495			14
		operations
Changes from principal transactions:
	Total unit transactions		29,213		(289		)	(10,602		)	4
Increase (decrease) in net assets derived from
	principal transactions		29,213		(289		)	(10,602		)	4
Total increase (decrease) in net assets			111,746		155			17,893			18
Net assets at December 31, 2013			489,494		1,793			122,461			120
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		2,172		21			1,413			1
	Total realized gain (loss) on investments
		and capital gains distributions	49,009		333			13,543			1
	Net unrealized appreciation (depreciation)
		of investments	4,247		(237		)	(7,032		)	(4		)
Net increase (decrease) in net assets resulting from			55,428		117			7,924			(2		)
		operations
Changes from principal transactions:
	Total unit transactions		19,413		(375		)	(8,733		)	(1		)
Increase (decrease) in net assets derived from
	principal transactions		19,413		(375		)	(8,733		)	(1		)
Total increase (decrease) in net assets			74,841		(258		)	(809		)	(3		)
Net assets at December 31, 2014			$	564,335	$	1,535		$	121,652		$	117

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, 2014 and 2013

(Dollars in thousands)

			VY® T. Rowe Price International Stock Portfolio - Service Class			VY® Templeton Global Growth Portfolio - Institutional Class			VY® Templeton Global Growth Portfolio - Service Class			Voya Money Market Portfolio - Class I
Net assets at January 1, 2013			$	7,554		$	841		$	4,823		$	295,287
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		8			7			37			(2,221		)
	Total realized gain (loss) on investments
		and capital gains distributions	320			122			551			53
	Net unrealized appreciation (depreciation)
		of investments	632			72			963			—
Net increase (decrease) in net assets resulting from			960			201			1,551			(2,168		)
		operations
Changes from principal transactions:
	Total unit transactions		(616		)	(229		)	585			(11,628		)
Increase (decrease) in net assets derived from
	principal transactions		(616		)	(229		)	585			(11,628		)
Total increase (decrease) in net assets			344			(28		)	2,136			(13,796		)
Net assets at December 31, 2013			7,898			813			6,959			281,491
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		15			4			16			(1,950		)
	Total realized gain (loss) on investments
		and capital gains distributions	455			36			607			41
	Net unrealized appreciation (depreciation)
		of investments	(637		)	(69		)	(906		)	—
Net increase (decrease) in net assets resulting from			(167		)	(29		)	(283		)	(1,909		)
		operations
Changes from principal transactions:
	Total unit transactions		(49		)	22			(93		)	(43,218		)
Increase (decrease) in net assets derived from
	principal transactions		(49		)	22			(93		)	(43,218		)
Total increase (decrease) in net assets			(216		)	(7		)	(376		)	(45,127		)
Net assets at December 31, 2014			$	7,682		$	806		$	6,583		$	236,364

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, 2014 and 2013

(Dollars in thousands)

			Voya Global Real Estate Fund - Class A			Voya Multi-Manager International Small Cap Fund - Class A			Voya Aggregate Bond Portfolio - Adviser Class			Voya Aggregate Bond Portfolio - Initial Class
Net assets at January 1, 2013			$	92		$	418		$	2,675		$	322
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		2			5			65			15
	Total realized gain (loss) on investments
		and capital gains distributions	2			24			(3		)	4
	Net unrealized appreciation (depreciation)
		of investments	(1		)	84			(118		)	(27		)
Net increase (decrease) in net assets resulting from			3			113			(56		)	(8		)
		operations
Changes from principal transactions:
	Total unit transactions		40			(31		)	(624		)	824
Increase (decrease) in net assets derived from
	principal transactions		40			(31		)	(624		)	824
Total increase (decrease) in net assets			43			82			(680		)	816
Net assets at December 31, 2013			135			500			1,995			1,138
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		2			—			23			28
	Total realized gain (loss) on investments
		and capital gains distributions	6			52			(7		)	(8		)
	Net unrealized appreciation (depreciation)
		of investments	9			(77		)	68			59
Net increase (decrease) in net assets resulting from			17			(25		)	84			79
		operations
Changes from principal transactions:
	Total unit transactions		(1		)	(147		)	(189		)	1,261
Increase (decrease) in net assets derived from
	principal transactions		(1		)	(147		)	(189		)	1,261
Total increase (decrease) in net assets			16			(172		)	(105		)	1,340
Net assets at December 31, 2014			$	151		$	328		$	1,890		$	2,478

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, 2014 and 2013

(Dollars in thousands)

			Voya Aggregate Bond Portfolio - Service Class			Voya Global Bond Portfolio - Adviser Class			Voya Global Bond Portfolio - Initial Class			Voya Global Bond Portfolio - Service Class
Net assets at January 1, 2013			$	255,966		$	388		$	151,398		$	1,301
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		5,470			5			1,498			13
	Total realized gain (loss) on investments
		and capital gains distributions	4,096			10			2,385			(1		)
	Net unrealized appreciation (depreciation)
		of investments	(16,754		)	(32		)	(11,188		)	(65		)
Net increase (decrease) in net assets resulting from			(7,188		)	(17		)	(7,305		)	(53		)
		operations
Changes from principal transactions:
	Total unit transactions		(47,551		)	(48		)	(30,595		)	(293		)
Increase (decrease) in net assets derived from
	principal transactions		(47,551		)	(48		)	(30,595		)	(293		)
Total increase (decrease) in net assets			(54,739		)	(65		)	(37,900		)	(346		)
Net assets at December 31, 2013			201,227			323			113,498			955
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,517			—			(154		)	—
	Total realized gain (loss) on investments
		and capital gains distributions	1,143			(4		)	1,462			(10		)
	Net unrealized appreciation (depreciation)
		of investments	5,096			5			(1,327		)	6
Net increase (decrease) in net assets resulting from			7,756			1			(19		)	(4		)
		operations
Changes from principal transactions:
	Total unit transactions		(39,053		)	(52		)	(16,971		)	(19		)
Increase (decrease) in net assets derived from
	principal transactions		(39,053		)	(52		)	(16,971		)	(19		)
Total increase (decrease) in net assets			(31,297		)	(51		)	(16,990		)	(23		)
Net assets at December 31, 2014			$	169,930		$	272		$	96,508		$	932

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, 2014 and 2013

(Dollars in thousands)

			Voya Index Solution 2015 Portfolio - Initial Class			Voya Index Solution 2015 Portfolio - Service Class			Voya Index Solution 2015 Portfolio - Service 2 Class			Voya Index Solution 2025 Portfolio - Initial Class
Net assets at January 1, 2013			$	270		$	787		$	981		$	476
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		7			7			14			4
	Total realized gain (loss) on investments
		and capital gains distributions	16			57			36			25
	Net unrealized appreciation (depreciation)
		of investments	17			(3		)	39			92
Net increase (decrease) in net assets resulting from			40			61			89			121
		operations
Changes from principal transactions:
	Total unit transactions		321			(262		)	115			641
Increase (decrease) in net assets derived from
	principal transactions		321			(262		)	115			641
Total increase (decrease) in net assets			361			(201		)	204			762
Net assets at December 31, 2013			631			586			1,185			1,238
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		11			9			19			16
	Total realized gain (loss) on investments
		and capital gains distributions	47			57			89			101
	Net unrealized appreciation (depreciation)
		of investments	(25		)	(21		)	(51		)	(51		)
Net increase (decrease) in net assets resulting from			33			45			57			66
		operations
Changes from principal transactions:
	Total unit transactions		28			679			(19		)	1,283
Increase (decrease) in net assets derived from
	principal transactions		28			679			(19		)	1,283
Total increase (decrease) in net assets			61			724			38			1,349
Net assets at December 31, 2014			$	692		$	1,310		$	1,223		$	2,587

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, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	87		$	2,563		$	372		$	169
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		6			27			2			3
	Total realized gain (loss) on investments
		and capital gains distributions	19			105			23			8
	Net unrealized appreciation (depreciation)
		of investments	54			345			115			46
Net increase (decrease) in net assets resulting from			79			477			140			57
		operations
Changes from principal transactions:
	Total unit transactions		935			727			793			278
Increase (decrease) in net assets derived from
	principal transactions		935			727			793			278
Total increase (decrease) in net assets			1,014			1,204			933			335
Net assets at December 31, 2013			1,101			3,767			1,305			504
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		13			46			11			5
	Total realized gain (loss) on investments
		and capital gains distributions	77			232			91			47
	Net unrealized appreciation (depreciation)
		of investments	(19		)	(88		)	(26		)	4
Net increase (decrease) in net assets resulting from			71			190			76			56
		operations
Changes from principal transactions:
	Total unit transactions		1,238			393			932			1,081
Increase (decrease) in net assets derived from
	principal transactions		1,238			393			932			1,081
Total increase (decrease) in net assets			1,309			583			1,008			1,137
Net assets at December 31, 2014			$	2,410		$	4,350		$	2,313		$	1,641

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

190

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			Voya Index Solution 2035 Portfolio - Service 2 Class			Voya Index Solution 2045 Portfolio - Initial Class			Voya Index Solution 2045 Portfolio - Service Class			Voya Index Solution 2045 Portfolio - Service 2 Class
Net assets at January 1, 2013			$	1,815		$	48		$	34		$	1,308
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		12			1			1			5
	Total realized gain (loss) on investments
		and capital gains distributions	85			8			5			86
	Net unrealized appreciation (depreciation)
		of investments	315			33			27			232
Net increase (decrease) in net assets resulting from			412			42			33			323
		operations
Changes from principal transactions:
	Total unit transactions		349			290			298			190
Increase (decrease) in net assets derived from
	principal transactions		349			290			298			190
Total increase (decrease) in net assets			761			332			331			513
Net assets at December 31, 2013			2,576			380			365			1,821
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		27			—			4			11
	Total realized gain (loss) on investments
		and capital gains distributions	198			48			40			149
	Net unrealized appreciation (depreciation)
		of investments	(81		)	(22		)	(20		)	(59		)
Net increase (decrease) in net assets resulting from			144			26			24			101
		operations
Changes from principal transactions:
	Total unit transactions		286			1,362			396			316
Increase (decrease) in net assets derived from
	principal transactions		286			1,362			396			316
Total increase (decrease) in net assets			430			1,388			420			417
Net assets at December 31, 2014			$	3,006		$	1,768		$	785		$	2,238

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

191

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			Voya Index Solution 2055 Portfolio - Initial Class			Voya Index Solution 2055 Portfolio - Service Class			Voya Index Solution 2055 Portfolio - Service 2 Class		Voya Index Solution Income Portfolio - Initial Class
Net assets at January 1, 2013			$	20		$	202		$	92	$	—
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			(1		)	—		—
	Total realized gain (loss) on investments
		and capital gains distributions	1			26			7		—
	Net unrealized appreciation (depreciation)
		of investments	14			13			26		—
Net increase (decrease) in net assets resulting from			15			38			33		—
		operations
Changes from principal transactions:
	Total unit transactions		118			6			92		10
Increase (decrease) in net assets derived from
	principal transactions		118			6			92		10
Total increase (decrease) in net assets			133			44			125		10
Net assets at December 31, 2013			153			246			217		10
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			3			2		6
	Total realized gain (loss) on investments
		and capital gains distributions	15			44			14		21
	Net unrealized appreciation (depreciation)
		of investments	(3		)	(32		)	—		(6		)
Net increase (decrease) in net assets resulting from			12			15			16		21
		operations
Changes from principal transactions:
	Total unit transactions		259			185			135		437
Increase (decrease) in net assets derived from
	principal transactions		259			185			135		437
Total increase (decrease) in net assets			271			200			151		458
Net assets at December 31, 2014			$	424		$	446		$	368	$	468

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

192

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			Voya Index Solution Income Portfolio - Service Class			Voya Index Solution Income Portfolio - Service 2 Class			Voya Solution 2015 Portfolio - Adviser Class			Voya Solution 2015 Portfolio - Initial Class
Net assets at January 1, 2013			$	1,133		$	226		$	874		$	1,276
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		26			5			24			50
	Total realized gain (loss) on investments
		and capital gains distributions	46			8			2			15
	Net unrealized appreciation (depreciation)
		of investments	(2		)	2			48			71
Net increase (decrease) in net assets resulting from			70			15			74			136
		operations
Changes from principal transactions:
	Total unit transactions		(370		)	18			(29		)	354
Increase (decrease) in net assets derived from
	principal transactions		(370		)	18			(29		)	354
Total increase (decrease) in net assets			(300		)	33			45			490
Net assets at December 31, 2013			833			259			919			1,766
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		14			4			18			54
	Total realized gain (loss) on investments
		and capital gains distributions	51			14			13			38
	Net unrealized appreciation (depreciation)
		of investments	(19		)	(5		)	15			39
Net increase (decrease) in net assets resulting from			46			13			46			131
		operations
Changes from principal transactions:
	Total unit transactions		215			16			(60		)	1,157
Increase (decrease) in net assets derived from
	principal transactions		215			16			(60		)	1,157
Total increase (decrease) in net assets			261			29			(14		)	1,288
Net assets at December 31, 2014			$	1,094		$	288		$	905		$	3,054

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

193

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			Voya Solution 2015 Portfolio - Service Class			Voya Solution 2015 Portfolio - Service 2 Class			Voya Solution 2025 Portfolio - Adviser Class			Voya Solution 2025 Portfolio - Initial Class
Net assets at January 1, 2013			$	67,178		$	10,582		$	427		$	521
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,611			250			7			14
	Total realized gain (loss) on investments
		and capital gains distributions	427			188			7			3
	Net unrealized appreciation (depreciation)
		of investments	3,313			377			54			81
Net increase (decrease) in net assets resulting from			5,351			815			68			98
		operations
Changes from principal transactions:
	Total unit transactions		(4,826		)	(1,253		)	13			169
Increase (decrease) in net assets derived from
	principal transactions		(4,826		)	(1,253		)	13			169
Total increase (decrease) in net assets			525			(438		)	81			267
Net assets at December 31, 2013			67,703			10,144			508			788
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,204			162			7			49
	Total realized gain (loss) on investments
		and capital gains distributions	3,672			463			36			182
	Net unrealized appreciation (depreciation)
		of investments	(1,582		)	(169		)	(19		)	(151		)
Net increase (decrease) in net assets resulting from			3,294			456			24			80
		operations
Changes from principal transactions:
	Total unit transactions		(2,900		)	(2,471		)	(40		)	610
Increase (decrease) in net assets derived from
	principal transactions		(2,900		)	(2,471		)	(40		)	610
Total increase (decrease) in net assets			394			(2,015		)	(16		)	690
Net assets at December 31, 2014			$	68,097		$	8,129		$	492		$	1,478

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

194

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	110,500		$	15,599		$	266		$	1,299
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,767			225			2			25
	Total realized gain (loss) on investments
		and capital gains distributions	(266		)	655			19			2
	Net unrealized appreciation (depreciation)
		of investments	16,037			1,280			23			255
Net increase (decrease) in net assets resulting from			17,538			2,160			44			282
		operations
Changes from principal transactions:
	Total unit transactions		3,388			(2,715		)	(95		)	202
Increase (decrease) in net assets derived from
	principal transactions		3,388			(2,715		)	(95		)	202
Total increase (decrease) in net assets			20,926			(555		)	(51		)	484
Net assets at December 31, 2013			131,426			15,044			215			1,783
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,681			179			2			39
	Total realized gain (loss) on investments
		and capital gains distributions	7,435			1,285			26			241
	Net unrealized appreciation (depreciation)
		of investments	(2,801		)	(764		)	(18		)	(160		)
Net increase (decrease) in net assets resulting from			6,315			700			10			120
		operations
Changes from principal transactions:
	Total unit transactions		4,868			(544		)	(42		)	792
Increase (decrease) in net assets derived from
	principal transactions		4,868			(544		)	(42		)	792
Total increase (decrease) in net assets			11,183			156			(32		)	912
Net assets at December 31, 2014			$	142,609		$	15,200		$	183		$	2,695

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

195

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	96,949		$	15,155		$	117		$	803
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,226			142			2			16
	Total realized gain (loss) on investments
		and capital gains distributions	(2		)	968			7			7
	Net unrealized appreciation (depreciation)
		of investments	18,458			1,442			15			205
Net increase (decrease) in net assets resulting from			19,682			2,552			24			228
		operations
Changes from principal transactions:
	Total unit transactions		6,441			(3,919		)	(33		)	282
Increase (decrease) in net assets derived from
	principal transactions		6,441			(3,919		)	(33		)	282
Total increase (decrease) in net assets			26,123			(1,367		)	(9		)	510
Net assets at December 31, 2013			123,072			13,788			108			1,313
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,609			174			2			20
	Total realized gain (loss) on investments
		and capital gains distributions	11,580			1,757			11			173
	Net unrealized appreciation (depreciation)
		of investments	(7,046		)	(1,308		)	(7		)	(115		)
Net increase (decrease) in net assets resulting from			6,143			623			6			78
		operations
Changes from principal transactions:
	Total unit transactions		7,546			(774		)	—			135
Increase (decrease) in net assets derived from
	principal transactions		7,546			(774		)	—			135
Total increase (decrease) in net assets			13,689			(151		)	6			213
Net assets at December 31, 2014			$	136,761		$	13,637		$	114		$	1,526

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

196

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	70,077		$	11,546		$	124		$	3,384
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		706			71			1			23
	Total realized gain (loss) on investments
		and capital gains distributions	234			1,431			2			366
	Net unrealized appreciation (depreciation)
		of investments	15,565			510			26			705
Net increase (decrease) in net assets resulting from			16,505			2,012			29			1,094
		operations
Changes from principal transactions:
	Total unit transactions		4,116			(5,341		)	2			2,994
Increase (decrease) in net assets derived from
	principal transactions		4,116			(5,341		)	2			2,994
Total increase (decrease) in net assets			20,621			(3,329		)	31			4,088
Net assets at December 31, 2013			90,698			8,217			155			7,472
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		854			71			4			53
	Total realized gain (loss) on investments
		and capital gains distributions	10,927			1,249			24			785
	Net unrealized appreciation (depreciation)
		of investments	(6,966		)	(919		)	(1		)	(351		)
Net increase (decrease) in net assets resulting from			4,815			401			27			487
		operations
Changes from principal transactions:
	Total unit transactions		2,796			(655		)	595			2,858
Increase (decrease) in net assets derived from
	principal transactions		2,796			(655		)	595			2,858
Total increase (decrease) in net assets			7,611			(254		)	622			3,345
Net assets at December 31, 2014			$	98,309		$	7,963		$	777		$	10,817

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

197

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	438		$	2,273		$	257		$	1,968
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		2			36			7			68
	Total realized gain (loss) on investments
		and capital gains distributions	68			139			3			10
	Net unrealized appreciation (depreciation)
		of investments	45			201			6			67
Net increase (decrease) in net assets resulting from			115			376			16			145
		operations
Changes from principal transactions:
	Total unit transactions		130			853			(52		)	442
Increase (decrease) in net assets derived from
	principal transactions		130			853			(52		)	442
Total increase (decrease) in net assets			245			1,229			(36		)	587
Net assets at December 31, 2013			683			3,502			221			2,555
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		7			39			4			76
	Total realized gain (loss) on investments
		and capital gains distributions	77			349			1			145
	Net unrealized appreciation (depreciation)
		of investments	(48		)	(188		)	5			(44		)
Net increase (decrease) in net assets resulting from			36			200			10			177
		operations
Changes from principal transactions:
	Total unit transactions		168			578			(25		)	558
Increase (decrease) in net assets derived from
	principal transactions		168			578			(25		)	558
Total increase (decrease) in net assets			204			778			(15		)	735
Net assets at December 31, 2014			$	887		$	4,280		$	206		$	3,290

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

198

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	13,244	$	2,070		$	3,570		$	119
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		417		54			78			1
	Total realized gain (loss) on investments
		and capital gains distributions	197		37			226			10
	Net unrealized appreciation (depreciation)
		of investments	274		12			42			25
Net increase (decrease) in net assets resulting from			888		103			346			36
		operations
Changes from principal transactions:
	Total unit transactions		987		(778		)	984			(15		)
Increase (decrease) in net assets derived from
	principal transactions		987		(778		)	984			(15		)
Total increase (decrease) in net assets			1,875		(675		)	1,330			21
Net assets at December 31, 2013			15,119		1,395			4,900			140
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		320		22			71			2
	Total realized gain (loss) on investments
		and capital gains distributions	216		13			433			33
	Net unrealized appreciation (depreciation)
		of investments	260		27			(280		)	(18		)
Net increase (decrease) in net assets resulting from			796		62			224			17
		operations
Changes from principal transactions:
	Total unit transactions		1,824		(247		)	995			(4		)
Increase (decrease) in net assets derived from
	principal transactions		1,824		(247		)	995			(4		)
Total increase (decrease) in net assets			2,620		(185		)	1,219			13
Net assets at December 31, 2014			$	17,739	$	1,210		$	6,119		$	153

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

199

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	10,028		$	43,640		$	1,419		$	129,571
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		137			192			2			709
	Total realized gain (loss) on investments
		and capital gains distributions	816			4,372			711			11,851
	Net unrealized appreciation (depreciation)
		of investments	3,056			8,849			(382		)	37,584
Net increase (decrease) in net assets resulting from			4,009			13,413			331			50,144
		operations
Changes from principal transactions:
	Total unit transactions		5,510			397			(1,179		)	6,320
Increase (decrease) in net assets derived from
	principal transactions		5,510			397			(1,179		)	6,320
Total increase (decrease) in net assets			9,519			13,810			(848		)	56,464
Net assets at December 31, 2013			19,547			57,450			571			186,035
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		221			324			(2		)	(1,401		)
	Total realized gain (loss) on investments
		and capital gains distributions	4,297			12,842			101			12,185
	Net unrealized appreciation (depreciation)
		of investments	(2,240		)	(6,648		)	(81		)	(5,151		)
Net increase (decrease) in net assets resulting from			2,278			6,518			18			5,633
		operations
Changes from principal transactions:
	Total unit transactions		(2,594		)	(3,843		)	(169		)	(16,159		)
Increase (decrease) in net assets derived from
	principal transactions		(2,594		)	(3,843		)	(169		)	(16,159		)
Total increase (decrease) in net assets			(316		)	2,675			(151		)	(10,526		)
Net assets at December 31, 2014			$	19,231		$	60,125		$	420		$	175,509

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

200

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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® Fidelity® VIP Mid Cap Portfolio - Service Class
Net assets at January 1, 2013			$	12,097		$	279		$	3,292		$	4,543
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		56			1			(4		)	(18		)
	Total realized gain (loss) on investments
		and capital gains distributions	857			12			262			344
	Net unrealized appreciation (depreciation)
		of investments	2,980			67			1,113			1,021
Net increase (decrease) in net assets resulting from			3,893			80			1,371			1,347
		operations
Changes from principal transactions:
	Total unit transactions		(1,314		)	(89		)	595			(1,229		)
Increase (decrease) in net assets derived from
	principal transactions		(1,314		)	(89		)	595			(1,229		)
Total increase (decrease) in net assets			2,579			(9		)	1,966			118
Net assets at December 31, 2013			14,676			270			5,258			4,661
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(29		)	—			(36		)	184
	Total realized gain (loss) on investments
		and capital gains distributions	2,863			8			493			600
	Net unrealized appreciation (depreciation)
		of investments	(1,204		)	2			(306		)	(573		)
Net increase (decrease) in net assets resulting from			1,630			10			151			211
		operations
Changes from principal transactions:
	Total unit transactions		(1,035		)	(26		)	(679		)	(780		)
Increase (decrease) in net assets derived from
	principal transactions		(1,035		)	(26		)	(679		)	(780		)
Total increase (decrease) in net assets			595			(16		)	(528		)	(569		)
Net assets at December 31, 2014			$	15,271		$	254		$	4,730		$	4,092

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

201

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	334		$	48,799		$	712		$	232,827
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1			(109		)	5			1,037
	Total realized gain (loss) on investments
		and capital gains distributions	5			604			11			7,732
	Net unrealized appreciation (depreciation)
		of investments	108			16,385			146			44,611
Net increase (decrease) in net assets resulting from			114			16,880			162			53,380
		operations
Changes from principal transactions:
	Total unit transactions		(4		)	4,149			(63		)	(25,897		)
Increase (decrease) in net assets derived from
	principal transactions		(4		)	4,149			(63		)	(25,897		)
Total increase (decrease) in net assets			110			21,029			99			27,483
Net assets at December 31, 2013			444			69,828			811			260,310
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		7			702			16			2,413
	Total realized gain (loss) on investments
		and capital gains distributions	22			1,973			125			17,768
	Net unrealized appreciation (depreciation)
		of investments	14			3,058			(60		)	1,128
Net increase (decrease) in net assets resulting from			43			5,733			81			21,309
		operations
Changes from principal transactions:
	Total unit transactions		(5		)	709			782			68,811
Increase (decrease) in net assets derived from
	principal transactions		(5		)	709			782			68,811
Total increase (decrease) in net assets			38			6,442			863			90,120
Net assets at December 31, 2014			$	482		$	76,270		$	1,674		$	350,430

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

202

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	277		$	348		$	904	$	40,437
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			—			8		(157		)
	Total realized gain (loss) on investments
		and capital gains distributions	30			67			173		2,988
	Net unrealized appreciation (depreciation)
		of investments	31			25			544		10,591
Net increase (decrease) in net assets resulting from			61			92			725		13,422
		operations
Changes from principal transactions:
	Total unit transactions		(38		)	(76		)	3,316		6,315
Increase (decrease) in net assets derived from
	principal transactions		(38		)	(76		)	3,316		6,315
Total increase (decrease) in net assets			23			16			4,041		19,737
Net assets at December 31, 2013			300			364			4,945		60,174
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		39			1			16		(38		)
	Total realized gain (loss) on investments
		and capital gains distributions	63			34			465		5,356
	Net unrealized appreciation (depreciation)
		of investments	(99		)	17			323		3,043
Net increase (decrease) in net assets resulting from			3			52			804		8,361
		operations
Changes from principal transactions:
	Total unit transactions		3,059			(10		)	1,190		(59		)
Increase (decrease) in net assets derived from
	principal transactions		3,059			(10		)	1,190		(59		)
Total increase (decrease) in net assets			3,062			42			1,994		8,302
Net assets at December 31, 2014			$	3,362		$	406		$	6,939	$	68,476

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

203

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			VY® Oppenheimer Global Portfolio - Adviser Class			VY® Oppenheimer Global Portfolio - Initial Class			VY® Oppenheimer Global Portfolio - Service Class			VY® Pioneer High Yield Portfolio - Initial Class
Net assets at January 1, 2013			$	601		$	540,715		$	815		$	23,376
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		4			2,054			2			1,156
	Total realized gain (loss) on investments
		and capital gains distributions	84			19,950			15			661
	Net unrealized appreciation (depreciation)
		of investments	57			112,073			195			1,202
Net increase (decrease) in net assets resulting from			145			134,077			212			3,019
		operations
Changes from principal transactions:
	Total unit transactions		(137		)	(53,733		)	34			9,523
Increase (decrease) in net assets derived from
	principal transactions		(137		)	(53,733		)	34			9,523
Total increase (decrease) in net assets			8			80,344			246			12,542
Net assets at December 31, 2013			609			621,059			1,061			35,918
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		3			924			—			1,684
	Total realized gain (loss) on investments
		and capital gains distributions	44			31,309			73			719
	Net unrealized appreciation (depreciation)
		of investments	(36		)	(24,222		)	(61		)	(2,909		)
Net increase (decrease) in net assets resulting from			11			8,011			12			(506		)
		operations
Changes from principal transactions:
	Total unit transactions		(61		)	(52,743		)	28			8,575
Increase (decrease) in net assets derived from
	principal transactions		(61		)	(52,743		)	28			8,575
Total increase (decrease) in net assets			(50		)	(44,732		)	40			8,069
Net assets at December 31, 2014			$	559		$	576,327		$	1,101		$	43,987

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

204

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			VY® Pioneer High Yield 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
Net assets at January 1, 2013			$	466		$	465		$	324,303		$	586
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		21			(1		)	(2,669		)	(4		)
	Total realized gain (loss) on investments
		and capital gains distributions	5			86			16,710			38
	Net unrealized appreciation (depreciation)
		of investments	31			46			90,956			172
Net increase (decrease) in net assets resulting from			57			131			104,997			206
		operations
Changes from principal transactions:
	Total unit transactions		175			(207		)	(36,037		)	67
Increase (decrease) in net assets derived from
	principal transactions		175			(207		)	(36,037		)	67
Total increase (decrease) in net assets			232			(76		)	68,960			273
Net assets at December 31, 2013			698			389			393,263			859
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		30			(1		)	(2,996		)	(7		)
	Total realized gain (loss) on investments
		and capital gains distributions	17			53			40,264			117
	Net unrealized appreciation (depreciation)
		of investments	(53		)	(13		)	2,509			(5		)
Net increase (decrease) in net assets resulting from			(6		)	39			39,777			105
		operations
Changes from principal transactions:
	Total unit transactions		96			(42		)	(29,017		)	106
Increase (decrease) in net assets derived from
	principal transactions		96			(42		)	(29,017		)	106
Total increase (decrease) in net assets			90			(3		)	10,760			211
Net assets at December 31, 2014			$	788		$	386		$	404,023		$	1,070

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

205

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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			VY® Templeton Foreign Equity Portfolio - Adviser Class
Net assets at January 1, 2013			$	1,224		$	247,651		$	2,729		$	562
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(5		)	(2,539		)	(18		)	4
	Total realized gain (loss) on investments
		and capital gains distributions	51			15,644			159			33
	Net unrealized appreciation (depreciation)
		of investments	402			79,037			951			57
Net increase (decrease) in net assets resulting from			448			92,142			1,092			94
		operations
Changes from principal transactions:
	Total unit transactions		(111		)	(13,754		)	74			(117		)
Increase (decrease) in net assets derived from
	principal transactions		(111		)	(13,754		)	74			(117		)
Total increase (decrease) in net assets			337			78,388			1,166			(23		)
Net assets at December 31, 2013			1,561			326,039			3,895			539
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(5		)	(3,021		)	(23		)	8
	Total realized gain (loss) on investments
		and capital gains distributions	214			39,828			619			12
	Net unrealized appreciation (depreciation)
		of investments	(101		)	(12,420		)	(303		)	(58		)
Net increase (decrease) in net assets resulting from			108			24,387			293			(38		)
		operations
Changes from principal transactions:
	Total unit transactions		(185		)	(13,091		)	(40		)	(92		)
Increase (decrease) in net assets derived from
	principal transactions		(185		)	(13,091		)	(40		)	(92		)
Total increase (decrease) in net assets			(77		)	11,296			253			(130		)
Net assets at December 31, 2014			$	1,484		$	337,335		$	4,148		$	409

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

206

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			VY® Templeton Foreign Equity Portfolio - Initial Class			VY® Templeton Foreign Equity Portfolio - Service Class			Voya Core Equity Research Fund - Class A			Voya Strategic Allocation Conservative Portfolio - Class I
Net assets at January 1, 2013			$	104,253		$	284		$	190		$	33,238
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		537			3			—			572
	Total realized gain (loss) on investments
		and capital gains distributions	(1,177		)	7			26			55
	Net unrealized appreciation (depreciation)
		of investments	19,663			49			17			3,067
Net increase (decrease) in net assets resulting from			19,023			59			43			3,694
		operations
Changes from principal transactions:
	Total unit transactions		(8,404		)	19			(71		)	638
Increase (decrease) in net assets derived from
	principal transactions		(8,404		)	19			(71		)	638
Total increase (decrease) in net assets			10,619			78			(28		)	4,332
Net assets at December 31, 2013			114,872			362			162			37,570
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,621			6			2			651
	Total realized gain (loss) on investments
		and capital gains distributions	(135		)	11			35			2,475
	Net unrealized appreciation (depreciation)
		of investments	(9,755		)	(42		)	(21		)	(989		)
Net increase (decrease) in net assets resulting from			(8,269		)	(25		)	16			2,137
		operations
Changes from principal transactions:
	Total unit transactions		(6,795		)	(9		)	(11		)	(1,458		)
Increase (decrease) in net assets derived from
	principal transactions		(6,795		)	(9		)	(11		)	(1,458		)
Total increase (decrease) in net assets			(15,064		)	(34		)	5			679
Net assets at December 31, 2014			$	99,808		$	328		$	167		$	38,249

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

207

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	64,806		$	61,420		$	785		$	1,068,514
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		513			778			8			3,035
	Total realized gain (loss) on investments
		and capital gains distributions	(1,906		)	(1,847		)	104			2,547
	Net unrealized appreciation (depreciation)
		of investments	15,036			10,508			240			318,111
Net increase (decrease) in net assets resulting from			13,643			9,439			352			323,693
		operations
Changes from principal transactions:
	Total unit transactions		(2,388		)	(3,578		)	461			(1,081		)
Increase (decrease) in net assets derived from
	principal transactions		(2,388		)	(3,578		)	461			(1,081		)
Total increase (decrease) in net assets			11,255			5,861			813			322,612
Net assets at December 31, 2013			76,061			67,281			1,598			1,391,126
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		808			949			19			11,564
	Total realized gain (loss) on investments
		and capital gains distributions	(1,825		)	(1,050		)	261			198,530
	Net unrealized appreciation (depreciation)
		of investments	5,078			3,894			(129		)	(84,853		)
Net increase (decrease) in net assets resulting from			4,061			3,793			151			125,241
		operations
Changes from principal transactions:
	Total unit transactions		(4,563		)	(2,304		)	(151		)	(144,619		)
Increase (decrease) in net assets derived from
	principal transactions		(4,563		)	(2,304		)	(151		)	(144,619		)
Total increase (decrease) in net assets			(502		)	1,489			—			(19,378		)
Net assets at December 31, 2014			$	75,559		$	68,770		$	1,598		$	1,371,748

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

208

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			Voya Growth and Income Portfolio - Class S			Voya Index Plus LargeCap Portfolio - Class I			Voya Index Plus LargeCap Portfolio - Class S			Voya Index Plus MidCap Portfolio - Class I
Net assets at January 1, 2013			$	6,121		$	269,213		$	368		$	298,981
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(7		)	2,369			4			763
	Total realized gain (loss) on investments
		and capital gains distributions	1,198			11,741			18			6,231
	Net unrealized appreciation (depreciation)
		of investments	(664		)	67,358			71			89,396
Net increase (decrease) in net assets resulting from			527			81,468			93			96,390
		operations
Changes from principal transactions:
	Total unit transactions		(6,436		)	(25,669		)	(126		)	(29,488		)
Increase (decrease) in net assets derived from
	principal transactions		(6,436		)	(25,669		)	(126		)	(29,488		)
Total increase (decrease) in net assets			(5,909		)	55,799			(33		)	66,902
Net assets at December 31, 2013			212			325,012			335			365,883
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		2			1,589			3			(485		)
	Total realized gain (loss) on investments
		and capital gains distributions	42			11,501			36			24,718
	Net unrealized appreciation (depreciation)
		of investments	(26		)	26,916			2			5,574
Net increase (decrease) in net assets resulting from			18			40,006			41			29,807
		operations
Changes from principal transactions:
	Total unit transactions		51			(16,352		)	(58		)	(29,572		)
Increase (decrease) in net assets derived from
	principal transactions		51			(16,352		)	(58		)	(29,572		)
Total increase (decrease) in net assets			69			23,654			(17		)	235
Net assets at December 31, 2014			$	281		$	348,666		$	318		$	366,118

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

209

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	387		$	109,978		$	176		$	20,592
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		2			(17		)	—			301
	Total realized gain (loss) on investments
		and capital gains distributions	9			1,325			8			673
	Net unrealized appreciation (depreciation)
		of investments	115			43,693			61			3,396
Net increase (decrease) in net assets resulting from			126			45,001			69			4,370
		operations
Changes from principal transactions:
	Total unit transactions		(10		)	(98		)	(9		)	1,752
Increase (decrease) in net assets derived from
	principal transactions		(10		)	(98		)	(9		)	1,752
Total increase (decrease) in net assets			116			44,903			60			6,122
Net assets at December 31, 2013			503			154,881			236			26,714
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1			(473		)	—			(44		)
	Total realized gain (loss) on investments
		and capital gains distributions	111			3,112			3			722
	Net unrealized appreciation (depreciation)
		of investments	(67		)	3,612			12			(2,625		)
Net increase (decrease) in net assets resulting from			45			6,251			15			(1,947		)
		operations
Changes from principal transactions:
	Total unit transactions		(184		)	(11,444		)	27			2,175
Increase (decrease) in net assets derived from
	principal transactions		(184		)	(11,444		)	27			2,175
Total increase (decrease) in net assets			(139		)	(5,193		)	42			228
Net assets at December 31, 2014			$	364		$	149,688		$	278		$	26,942

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

210

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	5	$	8,965	$	585		$	23,318
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		38		6			181
	Total realized gain (loss) on investments
		and capital gains distributions	—		735		9			1,338
	Net unrealized appreciation (depreciation)
		of investments	1		1,983		192			6,588
Net increase (decrease) in net assets resulting from			1		2,756		207			8,107
		operations
Changes from principal transactions:
	Total unit transactions		—		318		164			5,925
Increase (decrease) in net assets derived from
	principal transactions		—		318		164			5,925
Total increase (decrease) in net assets			1		3,074		371			14,032
Net assets at December 31, 2013			6		12,039		956			37,350
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		24		7			275
	Total realized gain (loss) on investments
		and capital gains distributions	—		916		36			1,158
	Net unrealized appreciation (depreciation)
		of investments	—		738		70			3,586
Net increase (decrease) in net assets resulting from			—		1,678		113			5,019
		operations
Changes from principal transactions:
	Total unit transactions		1		4,738		(29		)	9,714
Increase (decrease) in net assets derived from
	principal transactions		1		4,738		(29		)	9,714
Total increase (decrease) in net assets			1		6,416		84			14,733
Net assets at December 31, 2014			$	7	$	18,455	$	1,040		$	52,083

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

211

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	65	$	255		$	3,936		$	5,776
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		1			24			(15		)
	Total realized gain (loss) on investments
		and capital gains distributions	3		62			456			541
	Net unrealized appreciation (depreciation)
		of investments	35		21			881			1,487
Net increase (decrease) in net assets resulting from			38		84			1,361			2,013
		operations
Changes from principal transactions:
	Total unit transactions		118		26			761			724
Increase (decrease) in net assets derived from
	principal transactions		118		26			761			724
Total increase (decrease) in net assets			156		110			2,122			2,737
Net assets at December 31, 2013			221		365			6,058			8,513
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—		1			21			(61		)
	Total realized gain (loss) on investments
		and capital gains distributions	13		18			725			559
	Net unrealized appreciation (depreciation)
		of investments	30		20			(9		)	393
Net increase (decrease) in net assets resulting from			43		39			737			891
		operations
Changes from principal transactions:
	Total unit transactions		148		(5		)	1,447			734
Increase (decrease) in net assets derived from
	principal transactions		148		(5		)	1,447			734
Total increase (decrease) in net assets			191		34			2,184			1,625
Net assets at December 31, 2014			$	412	$	399		$	8,242		$	10,138

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

212

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			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
Net assets at January 1, 2013			$	23,380	$	12,589		$	122,521		$	207
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		131		71			(632		)	—
	Total realized gain (loss) on investments
		and capital gains distributions	2,346		1,163			11,847			22
	Net unrealized appreciation (depreciation)
		of investments	7,141		4,457			32,065			57
Net increase (decrease) in net assets resulting from			9,618		5,691			43,280			79
		operations
Changes from principal transactions:
	Total unit transactions		11,132		5,481			(10,174		)	13
Increase (decrease) in net assets derived from
	principal transactions		11,132		5,481			(10,174		)	13
Total increase (decrease) in net assets			20,750		11,172			33,106			92
Net assets at December 31, 2013			44,130		23,761			155,627			299
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		157		43			(891		)	(1		)
	Total realized gain (loss) on investments
		and capital gains distributions	2,651		2,067			17,876			44
	Net unrealized appreciation (depreciation)
		of investments	3,158		(925		)	(9,131		)	(25		)
Net increase (decrease) in net assets resulting from			5,966		1,185			7,854			18
		operations
Changes from principal transactions:
	Total unit transactions		12,752		4,856			(12,367		)	(16		)
Increase (decrease) in net assets derived from
	principal transactions		12,752		4,856			(12,367		)	(16		)
Total increase (decrease) in net assets			18,718		6,041			(4,513		)	2
Net assets at December 31, 2014			$	62,848	$	29,802		$	151,114		$	301

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

213

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			Voya International Value Portfolio - Class I			Voya International Value Portfolio - Class S			Voya MidCap Opportunities Portfolio - Class A			Voya MidCap Opportunities Portfolio - Class I
Net assets at January 1, 2013			$	59,954		$	218		$	—		$	49,515
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,145			4			—			(850		)
	Total realized gain (loss) on investments
		and capital gains distributions	(5,597		)	(2		)	—			7,928
	Net unrealized appreciation (depreciation)
		of investments	15,690			38			—			16,439
Net increase (decrease) in net assets resulting from			11,238			40			—			23,517
		operations
Changes from principal transactions:
	Total unit transactions		(8,324		)	(34		)	1			40,460
Increase (decrease) in net assets derived from
	principal transactions		(8,324		)	(34		)	1			40,460
Total increase (decrease) in net assets			2,914			6			1			63,977
Net assets at December 31, 2013			62,868			224			1			113,492
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		1,486			5			—			(631		)
	Total realized gain (loss) on investments
		and capital gains distributions	(990		)	24			—			24,124
	Net unrealized appreciation (depreciation)
		of investments	(3,635		)	(37		)	—			(13,936		)
Net increase (decrease) in net assets resulting from			(3,139		)	(8		)	—			9,557
		operations
Changes from principal transactions:
	Total unit transactions		(7,260		)	(68		)	(1		)	8,554
Increase (decrease) in net assets derived from
	principal transactions		(7,260		)	(68		)	(1		)	8,554
Total increase (decrease) in net assets			(10,399		)	(76		)	(1		)	18,111
Net assets at December 31, 2014			$	52,469		$	148		$	—		$	131,603

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

214

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			Voya MidCap Opportunities Portfolio - Class S			Voya SmallCap Opportunities Portfolio - Class I			Voya SmallCap Opportunities Portfolio - Class S			Wanger International
Net assets at January 1, 2013			$	1,742		$	28,744		$	80		$	33,558
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(9		)	(305		)	—			759
	Total realized gain (loss) on investments
		and capital gains distributions	360			5,166			10			3,854
	Net unrealized appreciation (depreciation)
		of investments	67			6,273			20			3,215
Net increase (decrease) in net assets resulting from			418			11,134			30			7,828
		operations
Changes from principal transactions:
	Total unit transactions		(759		)	1,697			(2		)	4,968
Increase (decrease) in net assets derived from
	principal transactions		(759		)	1,697			(2		)	4,968
Total increase (decrease) in net assets			(341		)	12,831			28			12,796
Net assets at December 31, 2013			1,401			41,575			108			46,354
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(4		)	(376		)	—			321
	Total realized gain (loss) on investments
		and capital gains distributions	286			6,393			16			5,572
	Net unrealized appreciation (depreciation)
		of investments	(176		)	(4,157		)	(8		)	(8,459		)
Net increase (decrease) in net assets resulting from			106			1,860			8			(2,566		)
		operations
Changes from principal transactions:
	Total unit transactions		(111		)	(1,043		)	23			2,232
Increase (decrease) in net assets derived from
	principal transactions		(111		)	(1,043		)	23			2,232
Total increase (decrease) in net assets			(5		)	817			31			(334		)
Net assets at December 31, 2014			$	1,396		$	42,392		$	139		$	46,020

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

215

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			Wanger Select			Wanger USA			Washington Mutual Investors FundSM - Class R-3			Washington Mutual Investors FundSM - Class R-4
Net assets at January 1, 2013			$	82,307		$	56,213		$	4,381		$	94,956
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(482		)	(417		)	68			1,410
	Total realized gain (loss) on investments
		and capital gains distributions	2,493			6,934			394			3,913
	Net unrealized appreciation (depreciation)
		of investments	23,722			12,172			730			23,143
Net increase (decrease) in net assets resulting from			25,733			18,689			1,192			28,466
		operations
Changes from principal transactions:
	Total unit transactions		(12,015		)	(1,648		)	(851		)	(4,853		)
Increase (decrease) in net assets derived from
	principal transactions		(12,015		)	(1,648		)	(851		)	(4,853		)
Total increase (decrease) in net assets			13,718			17,041			341			23,613
Net assets at December 31, 2013			96,025			73,254			4,722			118,569
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(658		)	(514		)	47			851
	Total realized gain (loss) on investments
		and capital gains distributions	17,745			13,111			836			8,386
	Net unrealized appreciation (depreciation)
		of investments	(15,673		)	(9,980		)	(384		)	2,702
Net increase (decrease) in net assets resulting from			1,414			2,617			499			11,939
		operations
Changes from principal transactions:
	Total unit transactions		(24,288		)	(7,203		)	(362		)	1,738
Increase (decrease) in net assets derived from
	principal transactions		(24,288		)	(7,203		)	(362		)	1,738
Total increase (decrease) in net assets			(22,874		)	(4,586		)	137			13,677
Net assets at December 31, 2014			$	73,151		$	68,668		$	4,859		$	132,246

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

216

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Changes in Net Assets

For the Years Ended December 31, 2014 and 2013

(Dollars in thousands)

			Wells Fargo Advantage Small Cap Value Fund - Class A			Wells Fargo Advantage Special Small Cap Value Fund - Class A
Net assets at January 1, 2013			$	135		$	94,083
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		(1		)	(1,021		)
	Total realized gain (loss) on investments
		and capital gains distributions	31			7,208
	Net unrealized appreciation (depreciation)
		of investments	(12		)	26,823
Net increase (decrease) in net assets resulting from			18			33,010
		operations
Changes from principal transactions:
	Total unit transactions		(38		)	(8,528		)
Increase (decrease) in net assets derived from
	principal transactions		(38		)	(8,528		)
Total increase (decrease) in net assets			(20		)	24,482
Net assets at December 31, 2013			115			118,565
Increase (decrease) in net assets
Operations:
	Net investment income (loss)		—			(408		)
	Total realized gain (loss) on investments
		and capital gains distributions	23			20,105
	Net unrealized appreciation (depreciation)
		of investments	(20		)	(12,714		)
Net increase (decrease) in net assets resulting from			3			6,983
		operations
Changes from principal transactions:
	Total unit transactions		(10		)	(7,059		)
Increase (decrease) in net assets derived from
	principal transactions		(10		)	(7,059		)
Total increase (decrease) in net assets			(7		)	(76		)
Net assets at December 31, 2014			$	108		$	118,489

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

217

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

1. Organization

Variable Annuity Account C of Voya Retirement Insurance and Annuity Company (the “Account”) was established by (“VRIAC” or the “Company”), which changed its name from ING Life Insurance and Annuity Company on September 1, 2014, to support the operations of variable annuity contracts (“Contracts”). The Company is an indirect, wholly owned subsidiary of Voya Financial, Inc. (name changed from ING U.S., Inc.) (“Voya Financial”), a holding company domiciled in the State of Delaware.

In 2009, ING Groep N.V. (“ING”) announced the anticipated separation of its global banking and insurance businesses, including the divestiture of Voya Financial, which together with its subsidiaries, including the Company, constitutes ING's U.S.-based retirement, investment management, and insurance operations. On May 2, 2013, the common stock of Voya Financial began trading on the New York Stock Exchange under the symbol “VOYA”. On May 7, 2013 and May 31, 2013, Voya Financial completed its initial public offering of common stock, including the issuance and sale by Voya Financial of 30,769,230 shares of common stock and the sale by ING Insurance International B.V. (“ING International”), an indirect, wholly owned subsidiary of ING and previously the sole stockholder of Voya Financial, of 44,201,773 shares of outstanding common stock of Voya Financial (collectively, “the IPO”). On September 30, 2013, ING International transferred all of its shares of Voya Financial common stock to ING.

On October 29, 2013, ING completed a sale of 37,950,000 shares of common stock of Voya Financial in a registered public offering (“Secondary Offering”), reducing ING's ownership of Voya Financial to 57%.

On March 25, 2014, ING completed a sale of 30,475,000 shares of common stock of Voya Financial in a registered public offering (the “March 2014 Offering”). Also on March 25, 2014, pursuant to the terms of a share repurchase agreement between ING and Voya Financial, Voya Financial acquired 7,255,853 shares of its common stock from ING (the “March 2014 Direct Share Repurchase”) (the March 2014 Offering and the March 2014 Direct Share Repurchase collectively, the “March 2014 Transactions”). Upon completion of the March 2014 Transactions, ING’s ownership of Voya Financial was reduced to approximately 43%.

On September 8, 2014, ING completed a sale of 22,277,993 shares of common stock of Voya Financial in a registered public offering (the “September 2014 Offering”). Also on September 8, 2014, pursuant to the terms of a share repurchase agreement between ING and Voya Financial, Voya Financial acquired 7,722,007 shares of its common stock from ING (the “September 2014 Direct Share Repurchase”) (the September 2014 Offering and the September 2014 Direct Share Repurchase collectively, the “September 2014 Transactions”). Upon completion of the September 2014 Transactions, ING's ownership of Voya Financial was reduced to 32.5%.

On November 18, 2014, ING completed a sale of 30,030,013 shares of common stock of Voya Financial in a registered public offering ( the “November 2014 Offering”). Also on November 18, 2014, pursuant to the terms of a share repurchase agreement between ING and Voya Financial, Voya Financial acquired 4,469,987 shares of its common stock from ING (the “November 2014 Direct Share Repurchase”) (the November 2014 Offering and the November 2014 Direct Share

218

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

Repurchase collectively, the “November 2014 Transactions”). Upon completion of the November 2014 Transactions, ING's ownership of Voya Financial was reduced to 19%.

On March 9, 2015, ING completed a sale of 32,018,100 shares of common stock of Voya Financial in a registered public offering (the “March 2015 Offering”). Also on March 9, 2015, pursuant to the terms of a share repurchase agreement between ING and Voya Financial, Voya Financial acquired 13,599,274 shares of its common stock from ING (the “March 2015 Direct Share Buyback”) (the March 2015 Offering and the March 2015 Direct Share Buyback collectively, the “March 2015 Transactions”). Upon completion of the March 2015 Transactions, ING has exited its stake in Voya Financial common stock. ING continues to hold warrants to purchase up to 26,050,846 shares of Voya Financial common stock at an exercise price of $48.75, in each case subject to adjustments. As a result of the completion of the March 2015 Transactions, ING has satisfied the provisions of its agreement with the European Union regarding the divestment of its U.S. insurance and investment operations, which required ING to divest 100% of its ownership interest in Voya Financial together with its subsidiaries, by the end of 2016.

The Account is registered as a unit investment trust with the Securities Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended. VRIAC provides for variable accumulation and benefits under the Contracts by crediting annuity considerations to one or more divisions within the Account or the fixed account (an investment option in the Company’s general account), as directed by the contract owners. The portion of the Account’s assets applicable to Contracts will not be charged with liabilities arising out of any other business VRIAC may conduct, but obligations of the Account, including the promise to make benefit payments, are obligations of VRIAC. Under applicable insurance law, the assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of VRIAC.

At December 31, 2014, the Account had 322 investment divisions (the “Divisions”), 155 of which invest in independently managed mutual funds and 167 of which invest in mutual funds managed by affiliates, either Voya Investments, LLC (“VIL”) or Directed Services LLC (“DSL”). The assets in each Division are invested in shares of a designated fund (“Fund”) of various investment trusts (the “Trusts”). All “ING” branded Trusts and Funds were rebranded with “Voya” or “VY” as of May 1, 2014.

Investment Divisions with asset balances at December 31, 2014 and related Trusts are as follows:

AIM Counselor Series Trust:
	Invesco Floating Rate Fund - Class R5
AIM Growth Series:
	Invesco Mid Cap Core Equity Fund - Class A
	Invesco Small Cap Growth Fund - Class A
AIM International Mutual Funds:
	Invesco International Growth Fund - Class R5
AIM Investment Funds:
	Invesco Endeavor Fund - Class A
	Invesco Global Health Care Fund - Investor Class

AIM Investment Securities Funds:
	Invesco High Yield Fund - Class R5
AIM Sector Funds:
	Invesco American Value Fund - Class R5
	Invesco Energy Fund - Class R5
	Invesco Small Cap Value Fund - Class A
AIM Variable Insurance Funds:
	Invesco V.I. American Franchise Fund - Series I Shares
	Invesco V.I. Core Equity Fund - Series I Shares

219

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

Alger Funds:
	Alger Capital Appreciation Fund - Class A
Alger Funds II:
	Alger Green Fund - Class A
AllianceBernstein Growth and Income Fund, Inc.:
	AllianceBernstein Growth and Income Fund - Class A
AllianceBernstein Variable Products Series Fund, Inc.:
	AllianceBernstein Growth and Income Portfolio - Class A
Allianz Funds:
	AllianzGI NFJ Dividend Value Fund - Class A
	AllianzGI NFJ Large-Cap Value Fund - Institutional Class
	AllianzGI NFJ Small-Cap Value Fund - Class A
Amana Mutual Funds Trust:
	Amana Growth Fund - Investor Class
	Amana Income Fund - Investor Class
American Balanced Fund®, Inc.:
	American Balanced Fund® - Class R-3
American Beacon Funds:
	American Beacon Small Cap Value Fund - Investor Class
American Century Government Income Trust:
	American Century Investments® Inflation-Adjusted Bond Fund - Investor Class
American Century Quantitative Equity Funds, Inc.:
	American Century Investments® Income & Growth Fund - A Class
American Funds Fundamental InvestorsSM:
	Fundamental InvestorsSM - Class R-3
	Fundamental InvestorsSM - Class R-4
American Mutual Fund®:
	American Funds American Mutual Fund® - Class R-4
Ariel Investment Trust:
	Ariel Appreciation Fund - Investor Class
	Ariel Fund - Investor Class
Artisan Funds, Inc.:
	Artisan International Fund - Investor Shares
Aston Funds:
	Aston/Fairpointe Mid Cap Fund - Class N
BlackRock Equity Dividend Fund:
	BlackRock Equity Dividend Fund - Investor A Shares
BlackRock Mid Cap Value Opportunities Series, Inc.:
	BlackRock Mid Cap Value Opportunities Fund - Institutional Shares
	BlackRock Mid Cap Value Opportunities Fund - Investor A Shares
Bond Fund of AmericaSM:
	Bond Fund of AmericaSM - Class R-4
Calvert Variable Series, Inc.:
	Calvert VP SRI Balanced Portfolio

Capital World Growth & Income FundSM:
	Capital World Growth & Income FundSM - Class R-3
Cohen & Steers Realty Shares, Inc.:
	Cohen & Steers Realty Shares, Inc.
ColumbiaSM Acorn® Trust:
	ColumbiaSM Acorn® Fund - Class A Shares
	ColumbiaSM Acorn® Fund - Class Z Shares
Columbia Funds Series Trust:
	Columbia Mid Cap Value Fund - Class A Shares
	Columbia Mid Cap Value Fund - Class Z Shares
CRM Mutual Fund Trust:
	CRM Mid Cap Value Fund - Investor Shares
Davis Series Inc.:
	Davis Financial Fund - Class Y
Delaware Group Adviser Funds:
	Delaware Diversified Income Fund - Class A
Delaware Group Equity Funds V:
	Delaware Small Cap Value Fund - Class A
Deutsche Investment Trust:
	Deutsche Small Cap Growth Fund - Class S
Dodge & Cox Funds:
	Dodge & Cox International Stock Fund
	Dodge & Cox Stock Fund
DWS Institutional Funds:
	Deutsche Equity 500 Index Fund - Class S
Eaton Vance Special Investment Trust:
	Eaton Vance Large-Cap Value Fund - Class R Shares
EuroPacific Growth Fund®:
	EuroPacific Growth Fund® - Class R-3
	EuroPacific Growth Fund® - Class R-4
Fidelity® Contrafund®:
	Fidelity Advisor® New Insights Fund - Institutional Class
Fidelity® Variable Insurance Products:
	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® Variable Insurance Products II:
	Fidelity® VIP Contrafund® Portfolio - Initial Class
	Fidelity® VIP Index 500 Portfolio - Initial Class
Fidelity® Variable Insurance Products III:
	Fidelity® VIP Mid Cap Portfolio - Initial Class
Fidelity® Variable Insurance Products V:
	Fidelity® VIP Asset Manager Portfolio - Initial Class
Franklin Mutual Series Fund Inc.:
	Franklin Mutual Global Discovery Fund - Class R

220

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

Franklin Strategic Series:
	Franklin Biotechnology Discovery Fund - Advisor Class
	Franklin Natural Resources Fund - Advisor Class
	Franklin Small-Mid Cap Growth Fund - Class A
Franklin Templeton Variable Insurance Products Trust:
	Franklin Small Cap Value VIP Fund - Class 2
Goldman Sachs Trust:
	Goldman Sachs Growth Opportunities Fund - Class IR Shares
Growth Fund of America®:
	Growth Fund of America® - Class R-3
	Growth Fund of America® - Class R-4
Hartford Mutual Funds, Inc.:
	The Hartford Capital Appreciation Fund - Class R4
	The Hartford Dividend And Growth Fund - Class R4
Income Fund of America®:
	Income Fund of America® - Class R-3
Ivy Funds:
	Ivy Science and Technology Fund - Class Y
Janus Aspen Series:
	Janus Aspen Series Balanced Portfolio - Institutional Shares
	Janus Aspen Series Enterprise Portfolio - Institutional Shares
	Janus Aspen Series Flexible Bond Portfolio - Institutional Shares
	Janus Aspen Series Global Research Portfolio - Institutional Shares
	Janus Aspen Series Janus Portfolio - Institutional Shares
JPMorgan Trust II:
	JPMorgan Equity Income Fund - Select Class Shares
	JPMorgan Government Bond Fund - Select Class Shares
Lazard Funds, Inc.:
	Lazard Emerging Markets Equity Portfolio - Open Shares
	Lazard U.S. Mid Cap Equity Portfolio - Open Shares
Legg Mason Partners Equity Trust:
	ClearBridge Aggressive Growth Fund - Class I
LKCM Funds:
	LKCM Aquinas Growth Fund
Loomis Sayles Funds I:
	Loomis Sayles Small Cap Value Fund - Retail Class
Loomis Sayles Funds II:
	Loomis Sayles Limited Term Government and Agency Fund - Class Y
	Loomis Sayles Value Fund - Class Y
Lord Abbett Developing Growth Fund, Inc.:
	Lord Abbett Developing Growth Fund - Class A
Lord Abbett Investment Trust:
	Lord Abbett Core Fixed Income Fund - Class A
Lord Abbett Mid Cap Stock Fund, Inc.:
	Lord Abbett Mid Cap Stock Fund - Class A

Lord Abbett Mid Cap Stock Fund, Inc.:
	Lord Abbett Mid Cap Stock Fund - Class A
Lord Abbett Research Fund, Inc.:
	Lord Abbett Small Cap Value Fund - Class A
Lord Abbett Securities Trust:
	Lord Abbett Fundamental Equity Fund - Class A
Lord Abbett Series Fund, Inc.:
	Lord Abbett Series Fund - Mid Cap Stock Portfolio - Class VC
MainStay Funds:
	MainStay Large Cap Growth Fund - Class R3
Massachusetts Investors Growth Stock Fund:
	Massachusetts Investors Growth Stock Fund - Class A
Metropolitan West Funds:
	Metropolitan West Total Return Bond Fund - Class M Shares
MFS® Series Trust l:
	MFS® New Discovery Fund - Class R3
MFS® Series Trust X:
	MFS® International Value Fund - Class R3
Neuberger Berman Equity Funds®:
	Neuberger Berman Genesis Fund - Trust Class
	Neuberger Berman Socially Responsive Fund - Trust Class
New Perspective Fund®:
	New Perspective Fund® - Class R-3
	New Perspective Fund® - Class R-4
New World Fund, Inc.:
	American Funds New World Fund® - Class R-4
Nuveen Investment Funds, Inc.:
	Nuveen Global Infrastructure Fund - Class I
	Nuveen U.S. Infrastructure Income Fund - Class I
Oppenheimer Capital Appreciation Fund:
	Oppenheimer Capital Appreciation Fund - Class A
Oppenheimer Developing Markets Fund:
	Oppenheimer Developing Markets Fund - Class A
	Oppenheimer Developing Markets Fund - Class Y
Oppenheimer Gold & Special Minerals Fund:
	Oppenheimer Gold & Special Minerals Fund - Class A
Oppenheimer International Bond Fund:
	Oppenheimer International Bond Fund - Class A
Oppenheimer International Growth Fund:
	Oppenheimer International Growth Fund - Class Y
Oppenheimer International Small Company Fund:
	Oppenheimer International Small Company Fund - Class Y
Oppenheimer Variable Account Funds:
	Oppenheimer Discovery Mid Cap Growth Fund/VA
	Oppenheimer Global Fund/VA
	Oppenheimer Global Strategic Income Fund/VA
	Oppenheimer Main Street Fund®/VA

221

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

Oppenheimer Variable Account Funds (continued):
	Oppenheimer Main Street Small Cap Fund®/VA
Parnassus Funds:
	Parnassus Small Cap FundSM
Parnassus Income Funds:
	Parnassus Core Equity FundSM - Investor Shares
Pax World Funds Series Trust I:
	Pax World Balanced Fund - Individual Investor Class
PIMCO Funds:
	PIMCO CommodityRealReturn Strategy Fund® - Administrative Class
PIMCO Variable Insurance Trust:
	PIMCO Real Return Portfolio - Administrative Class
Pioneer Equity Income Fund:
	Pioneer Equity Income Fund - Class Y Shares
Pioneer High Yield Fund:
	Pioneer High Yield Fund - Class A Shares
Pioneer Strategic Income Fund:
	Pioneer Strategic Income Fund - Class A Shares
Pioneer Variable Contracts Trust:
	Pioneer Emerging Markets VCT Portfolio - Class I
	Pioneer Equity Income VCT Portfolio - Class I
	Pioneer High Yield VCT Portfolio - Class I Shares
Prudential Sector Funds, Inc.:
	Prudential Jennison Utility Fund - Class Z
RiverSource® Investment Series, Inc.:
	Columbia Diversified Equity Income Fund - Class K Shares
	Columbia Diversified Equity Income Fund - Class R4 Shares
Royce Fund:
	Royce Total Return Fund - K Class
SmallCap World Fund®, Inc.:
	SMALLCAP World Fund® - Class R-4
T. Rowe Price Mid-Cap Value Fund, Inc.:
	T. Rowe Price Mid-Cap Value Fund - R Class
T. Rowe Price Value Fund, Inc.:
	T. Rowe Price Value Fund - Advisor Class
Templeton Funds, Inc.:
	Templeton Foreign Fund - Class A
Templeton Income Trust:
	Templeton Global Bond Fund - Advisor Class
	Templeton Global Bond Fund - Class A
Third Avenue Trust:
	Third Avenue Real Estate Value Fund - Institutional Class
Thornburg Investment Trust:
	Thornburg International Value Fund - Class R4
USAA Investment Trust:
	USAA Precious Metals and Minerals Fund - Adviser Shares
Vanguard® Variable Insurance Fund:
	Diversified Value Portfolio

Vanguard® Variable Insurance Fund (continued):
	Equity Income Portfolio
	Small Company Growth Portfolio
Victory Portfolios:
	Victory Integrity Small-Cap Value Fund - Class Y Shares
	Victory Small Company Opportunity Fund - Class R
Voya Balanced Portfolio, Inc.:
	Voya Balanced Portfolio - Class I
Voya Equity Trust:
	Voya Growth Opportunities Fund - Class A
	Voya Large Cap Value Fund - Class A
	Voya Real Estate Fund - Class A
Voya Funds Trust:
	Voya GNMA Income Fund - Class A
	Voya Intermediate Bond Fund - Class A
Voya Intermediate Bond Portfolio:
	Voya Intermediate Bond Portfolio - Class I
	Voya Intermediate Bond Portfolio - Class S
Voya Investors Trust:
	Voya Global Perspectives Portfolio - Class I
	Voya Global Resources Portfolio - Institutional Class
	Voya Global Resources Portfolio - Service Class
	Voya High Yield Portfolio - Adviser Class
	Voya High Yield Portfolio - Institutional Class
	Voya High Yield Portfolio - Service Class
	Voya Large Cap Growth Portfolio - Adviser Class
	Voya Large Cap Growth Portfolio - Institutional Class
	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 Multi-Manager Large Cap Core Portfolio - Institutional Class
	Voya Multi-Manager Large Cap Core Portfolio - Service Class
	Voya U.S. Stock Index Portfolio - Institutional Class
	VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class
	VY® Clarion Global Real Estate 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® FMR Diversified Mid Cap Portfolio - Institutional Class
	VY® FMR Diversified Mid Cap Portfolio - Service Class
	VY® FMR Diversified Mid Cap Portfolio - Service 2 Class
	VY® Invesco Growth and Income Portfolio - Institutional Class
	VY® Invesco Growth and Income Portfolio - Service Class

222

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

Voya Investors Trust (continued):
	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® Morgan Stanley Global Franchise Portfolio - Adviser 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
	VY® Templeton Global Growth Portfolio - Institutional Class
	VY® Templeton Global Growth Portfolio - Service Class
Voya Money Market Portfolio:
	Voya Money Market Portfolio - Class I
Voya Mutual Funds:
	Voya Global Real Estate Fund - Class A
	Voya Multi-Manager International Small Cap Fund - Class A
Voya Partners, Inc.:
	Voya Aggregate Bond Portfolio - Adviser Class
	Voya Aggregate Bond Portfolio - Initial Class
	Voya Aggregate Bond Portfolio - Service Class
	Voya Global Bond Portfolio - Adviser Class
	Voya Global Bond Portfolio - Initial Class
	Voya Global Bond Portfolio - Service Class
	Voya Index Solution 2015 Portfolio - Initial Class
	Voya Index Solution 2015 Portfolio - Service Class
	Voya Index Solution 2015 Portfolio - Service 2 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
	Voya Index Solution 2045 Portfolio - Service 2 Class
	Voya Index Solution 2055 Portfolio - Initial Class

Voya Partners, Inc. (continued):
	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 2015 Portfolio - Adviser Class
	Voya Solution 2015 Portfolio - Initial Class
	Voya Solution 2015 Portfolio - Service Class
	Voya Solution 2015 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® Fidelity® VIP Mid Cap 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

223

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

Voya Partners, Inc. (continued):
	VY® JPMorgan Mid Cap Value Portfolio - Adviser Class
	VY® JPMorgan Mid Cap Value Portfolio - Initial Class
	VY® JPMorgan Mid Cap Value Portfolio - Service Class
	VY® Oppenheimer Global Portfolio - Adviser Class
	VY® Oppenheimer Global Portfolio - Initial Class
	VY® Oppenheimer Global Portfolio - Service Class
	VY® Pioneer High Yield Portfolio - Initial Class
	VY® Pioneer High Yield 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
	VY® Templeton Foreign Equity Portfolio - Adviser Class
	VY® Templeton Foreign Equity Portfolio - Initial Class
	VY® Templeton Foreign Equity Portfolio - Service Class
Voya Series Fund, Inc.:
	Voya Core Equity Research Fund - Class A
Voya Strategic Allocation Portfolios, Inc.:
	Voya Strategic Allocation Conservative Portfolio - Class I
	Voya Strategic Allocation Growth Portfolio - Class I
	Voya Strategic Allocation Moderate Portfolio - Class I
Voya Variable Funds:
	Voya Growth and Income Portfolio - Class A
	Voya Growth and Income Portfolio - Class I
	Voya Growth and Income Portfolio - Class S
Voya Variable Portfolios, Inc.:
	Voya Index Plus LargeCap Portfolio - Class I
	Voya Index Plus LargeCap Portfolio - Class S
	Voya Index Plus MidCap Portfolio - Class I

Voya Variable Portfolios, Inc. (continued):
	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 Variable Products Trust:
	Voya International Value Portfolio - Class I
	Voya International Value Portfolio - Class S
	Voya MidCap Opportunities Portfolio - Class I
	Voya MidCap Opportunities Portfolio - Class S
	Voya SmallCap Opportunities Portfolio - Class I
	Voya SmallCap Opportunities Portfolio - Class S
Wanger Advisors Trust:
	Wanger International
	Wanger Select
	Wanger USA
Washington Mutual Investors FundSM:
	Washington Mutual Investors FundSM - Class R-3
	Washington Mutual Investors FundSM - Class R-4
Wells Fargo Funds Trust:
	Wells Fargo Advantage Small Cap Value Fund - Class A
	Wells Fargo Advantage Special Small Cap Value Fund - Class A

The names of certain Trusts and Divisions were changed during 2014. The following is a summary of current and former names for those Trusts and Divisions excluding any name changes associated with rebranding from the “ING” brand to the new Voya brand:

Current Name
Amana Mutual Funds Trust:
	Amana Growth Fund - Investor Class
	Amana Income Fund - Investor Class
DWS Institutional Funds:
	Deutsche Equity 500 Index Fund - Class S

Former Name
Amana Mutual Funds Trust:
	Amana Growth Fund
	Amana Income Fund
DWS Institutional Funds:
	DWS Equity 500 Index Fund - Class S

224

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

Current Name
Franklin Mutual Series Fund Inc.:
	Franklin Mutual Global Discovery Fund - Class R
Franklin Templeton Variable Insurance Products Trust:
	Franklin Small Cap Value VIP Fund - Class 2
Parnassus Income Funds:
	Parnassus Core Equity FundSM - Investor Shares
Voya Investors Trust:
	Voya High Yield Portfolio - Adviser Class
Voya Investors Trust:
	Voya High Yield Portfolio - Institutional Class
	Voya High Yield Portfolio - Service Class
Voya Partners, Inc.:
	Voya Aggregate Bond Portfolio - Adviser Class
	Voya Aggregate Bond Portfolio - Initial Class
	Voya Aggregate Bond Portfolio - Service Class

Former Name
Franklin Mutual Series Fund Inc.:
	Mutual Global Discovery Fund - Class R
Franklin Templeton Variable Insurance Products Trust:
	Franklin Small Cap Value Securities Fund - Class 2
Parnassus Income Funds:
	Parnassus Equity Income Fund - Investor Shares
ING Investors Trust:
	ING PIMCO High Yield Portfolio - Adviser Class
ING Investors Trust:
	ING PIMCO High Yield Portfolio - Institutional Class
	ING PIMCO High Yield Portfolio - Service Class
ING Partners, Inc.:
	ING PIMCO Total Return Portfolio - Adviser Class
	ING PIMCO Total Return Portfolio - Initial Class
	ING PIMCO Total Return Portfolio - Service Class

During 2014, the following Divisions were closed to contract owners:

Voya Investors Trust:
	Voya Global Resources Portfolio - Adviser Class
	VY® BlackRock Health Sciences Opportunities Portfolio - Service Class
	VY® BlackRock Large Cap Growth Portfolio - Institutional Class
	VY® BlackRock Large Cap Growth Portfolio - Service Class
	VY® BlackRock Large Cap Growth Portfolio - Service 2 Class
	VY® Marsico Growth Portfolio - Institutional Class
	VY® Marsico Growth Portfolio - Service Class
	VY® MFS Total Return Portfolio - Adviser Class
	VY® MFS Total Return Portfolio - Institutional Class
	VY® MFS Total Return Portfolio - Service Class
	VY® MFS Utilities Portfolio - Service Class
Voya Variable Products Trust:
	Voya MidCap Opportunities Portfolio - Class A

2. Significant Accounting Policies

The following is a summary of the significant accounting policies of the Account:

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from reported results using those estimates.

225

VARIABLE ANNUITY ACCOUNT C OF

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Notes to Financial Statements

Investments

Investments are made in shares of a Division and are recorded at fair value, determined by the net asset value per share of the respective Division. Investment transactions in each Division are recorded on the trade date. Distributions of net investment income and capital gains from each Division are recognized on the ex-distribution date. Realized gains and losses on redemptions of the shares of the Division are determined on a first-in, first-out basis. The difference between cost and current fair value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

Federal Income Taxes

Operations of the Account form a part of, and are taxed with, the total operations of VRIAC, which is taxed as a life insurance company under the Internal Revenue Code (“IRC”). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Account to the extent the earnings are credited to contract owners. Accordingly, earnings and realized capital gains of the Account attributable to the contract owners are excluded in the determination of the federal income tax liability of VRIAC, and no charge is being made to the Account for federal income taxes for these amounts. The Company will review this tax accounting in the event of changes in the tax law. Such changes in the law may result in a charge for federal income taxes.

Contract Owner Reserves

The annuity reserves of the Account are represented by net assets on the Statements of Assets and Liabilities and are equal to the aggregate account values of the contract owners invested in the Account Divisions. Net assets allocated to contracts in the payout period are computed according to the industry standard mortality tables. The assumed investment return is elected by the annuitant and may vary from 3.5% to 5.0%. The mortality risk is fully borne by the Company. To the extent that benefits to be paid to the contract owners exceed their account values, VRIAC will contribute additional funds to the benefit proceeds. Conversely, if amounts allocated exceed amounts required, transfers may be made to VRIAC. Prior to the annuitization date, the Contracts are redeemable for the net cash surrender value of the Contracts.

Changes from Principal Transactions

Included in Changes from principal transactions on the Statements of Changes in Net Assets are items which relate to contract owner activity, including deposits, surrenders and withdrawals, death benefits, and contract charges. Also included are transfers between the fixed account and the Divisions, transfers between Divisions, and transfers to (from) VRIAC related to gains and losses resulting from actual mortality experience (the full responsibility for which is assumed by VRIAC).

226

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

Subsequent Events

The Account has evaluated subsequent events for recognition and disclosure through the date the financial statements as of December 31, 2014 and for the years ended December 31, 2014 and 2013, were issued.

Reclassifications

Certain reclassifications have been made to prior year financial information to conform to the current year presentation.

3. Financial Instruments

The Account invests assets in shares of open-end mutual funds, which process orders to purchase and redeem shares on a daily basis at the fund's next computed net asset values (“NAV”). The fair value of the Account’s assets is based on the NAVs of mutual funds, which are obtained from the custodian and reflect the fair values of the mutual fund investments. The NAV is calculated daily upon close of the New York Stock Exchange and is based on the fair values of the underlying securities.

The Account’s financial assets are recorded at fair value on the Statements of Assets and Liabilities and are categorized as Level 1 as of December 31, 2014 based on the priority of the inputs to the valuation technique below. There were no transfers among the levels for the year ended December 31, 2014. The Account had no financial liabilities as of December 31, 2014.

The Account categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

▪ 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.

227

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

4. Charges and Fees

Under the terms of the Contracts, certain charges and fees are incurred by the Contracts to cover VRIAC’s expenses in connection with the issuance and administration of the Contracts. Following is a summary of these charges and fees:

Mortality and Expense Risk Charges

VRIAC assumes mortality and expense risks related to the operations of the Account and, in accordance with the terms of the Contracts, deducts a daily charge from the assets of the Account. Daily charges are deducted at annual rates of up to 1.75% of the average daily net asset value of each Division of the Account to cover these risks, as specified in the Contracts. These charges are assessed through a reduction in unit values.

Asset Based Administrative Charges

A charge to cover administrative expenses of the Account is deducted at an annual rate of 0.25% of the assets attributable to the Contracts. These charges are assessed through a reduction in unit values.

Contract Maintenance Charges

An annual Contract maintenance fee of up to $50 may be deducted from the accumulation value of Contracts to cover ongoing administrative expenses, as specified in the Contract. These charges are assessed through the redemption of units.

Contingent Deferred Sales Charges

For certain Contracts, a contingent deferred sales charge (“Surrender Charge”) is imposed as a percentage that ranges up to 8.5% of each premium payment if the Contract is surrendered or an excess partial withdrawal is taken, as specified in the Contract. These charges are assessed through the redemption of units.

Other Contract Charges

Certain Contracts contain optional riders that are available for an additional charge, such as minimum guaranteed income benefits and minimum guaranteed withdraw benefits. The amounts charged for these optional benefits vary based on a number of factors and are defined in the Contracts. These charges are assessed through the redemption of units.

Fees Waived by VRIAC

Certain charges and fees for various types of Contracts may be waived by VRIAC. VRIAC reserves the right to discontinue these waivers at its discretion or to conform with changes in the law.

228

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

5. Related Party Transactions

During the year ended December 31, 2014, management fees were paid to DSL, an affiliate of the Company, in its capacity as investment adviser to Voya Investors Trust and Voya Partners, Inc. The Trusts’ advisory agreements provided for fees at annual rates up to 1.25% of the average net assets of each respective Fund.

Management fees were also paid to VIL, an affiliate of the Company, in its capacity as investment adviser to the Voya Balanced Portfolio, Inc., Voya Equity Trust, Voya Funds Trust, Voya Intermediate Bond Portfolio, Voya Money Market Portfolio, Voya Mutual Funds, Voya Partners, Inc., Voya Series Fund, Inc., Voya Strategic Allocation Portfolios, Inc., Voya Variable Funds, Voya Variable Portfolios, Inc., and Voya Variable Products Trust. The Trusts’ advisory agreements provided for fees at annual rates ranging from 0.10% to 0.97% of the average net assets of each respective Fund.

229

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

6. Purchases and Sales of Investment Securities

The aggregate cost of purchases and proceeds from sales of investments for the year ended December 31, 2014 follow:

		Purchases		Sales
		(Dollars in thousands)
AIM Counselor Series Trust:
	Invesco Floating Rate Fund - Class R5	$	36	$	4
AIM Growth Series:
	Invesco Mid Cap Core Equity Fund - Class A	1,052		1,349
	Invesco Small Cap Growth Fund - Class A	67		8
AIM International Mutual Funds:
	Invesco International Growth Fund - Class R5	247		34
AIM Investment Funds:
	Invesco Endeavor Fund - Class A	7		19
	Invesco Global Health Care Fund - Investor Class	192		130
AIM Investment Securities Funds:
	Invesco High Yield Fund - Class R5	36		—
AIM Sector Funds:
	Invesco American Value Fund - Class R5	288		42
	Invesco Energy Fund - Class R5	1		—
	Invesco Small Cap Value Fund - Class A	212		72
AIM Variable Insurance Funds:
	Invesco V.I. American Franchise Fund - Series I Shares	2,953		4,009
	Invesco V.I. Core Equity Fund - Series I Shares	2,417		5,550
Alger Funds:
	Alger Capital Appreciation Fund - Class A	747		88
Alger Funds II:
	Alger Green Fund - Class A	1,201		1,711
AllianceBernstein Growth and Income Fund, Inc.:
	AllianceBernstein Growth and Income Fund - Class A	23		10
AllianceBernstein Variable Products Series Fund, Inc.:
	AllianceBernstein Growth and Income Portfolio - Class A	70		344
Allianz Funds:
	AllianzGI NFJ Dividend Value Fund - Class A	12		17
	AllianzGI NFJ Large-Cap Value Fund - Institutional Class	—		—
	AllianzGI NFJ Small-Cap Value Fund - Class A	190		107
Amana Mutual Funds Trust:
	Amana Growth Fund - Investor Class	7,379		7,286
	Amana Income Fund - Investor Class	9,336		11,696
American Balanced Fund®, Inc.:
	American Balanced Fund® - Class R-3	1,192		1,338
American Beacon Funds:
	American Beacon Small Cap Value Fund - Investor Class	90		26
American Century Government Income Trust:
	American Century Investments® Inflation-Adjusted Bond Fund - Investor Class	3,876		8,015
American Century Quantitative Equity Funds, Inc.:
	American Century Investments® Income & Growth Fund - A Class	2,232		1,417
American Funds Fundamental InvestorsSM:
	Fundamental InvestorsSM - Class R-3	684		449

230

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Purchases		Sales
		(Dollars in thousands)
American Funds Fundamental InvestorsSM (continued):
	Fundamental InvestorsSM - Class R-4	$	20,086	$	3,989
American Mutual Fund®:
	American Funds American Mutual Fund® - Class R-4	1,255		76
Ariel Investment Trust:
	Ariel Appreciation Fund - Investor Class	277		314
	Ariel Fund - Investor Class	5,598		3,898
Artisan Funds, Inc.:
	Artisan International Fund - Investor Shares	4,458		1,437
Aston Funds:
	Aston/Fairpointe Mid Cap Fund - Class N	22,170		4,486
BlackRock Equity Dividend Fund:
	BlackRock Equity Dividend Fund - Investor A Shares	445		221
BlackRock Mid Cap Value Opportunities Series, Inc.:
	BlackRock Mid Cap Value Opportunities Fund - Institutional Shares	24		—
	BlackRock Mid Cap Value Opportunities Fund - Investor A Shares	5,975		3,980
Bond Fund of AmericaSM:
	Bond Fund of AmericaSM - Class R-4	1,686		1,909
Calvert Variable Series, Inc.:
	Calvert VP SRI Balanced Portfolio	6,854		6,499
Capital World Growth & Income FundSM:
	Capital World Growth & Income FundSM - Class R-3	120		42
Cohen & Steers Realty Shares, Inc.:
	Cohen & Steers Realty Shares, Inc.	4,396		844
ColumbiaSM Acorn® Trust:
	ColumbiaSM Acorn® Fund - Class A Shares	26		14
	ColumbiaSM Acorn® Fund - Class Z Shares	13		—
Columbia Funds Series Trust:
	Columbia Mid Cap Value Fund - Class A Shares	6,176		1,140
	Columbia Mid Cap Value Fund - Class Z Shares	1		—
CRM Mutual Fund Trust:
	CRM Mid Cap Value Fund - Investor Shares	82		58
Davis Series Inc.:
	Davis Financial Fund - Class Y	—		—
Delaware Group Adviser Funds:
	Delaware Diversified Income Fund - Class A	3,129		556
Delaware Group Equity Funds V:
	Delaware Small Cap Value Fund - Class A	728		128
Deutsche Investment Trust:
	Deutsche Small Cap Growth Fund - Class S	25		—
Dodge & Cox Funds:
	Dodge & Cox International Stock Fund	74		54
	Dodge & Cox Stock Fund	661		506
DWS Institutional Funds:
	Deutsche Equity 500 Index Fund - Class S	164		148
Eaton Vance Special Investment Trust:
	Eaton Vance Large-Cap Value Fund - Class R Shares	44		69
EuroPacific Growth Fund®:
	EuroPacific Growth Fund® - Class R-3	767		2,054

		Purchases		Sales
		(Dollars in thousands)
EuroPacific Growth Fund® (continued):
	EuroPacific Growth Fund® - Class R-4	$	15,686	$	22,750
Fidelity® Contrafund®:
	Fidelity Advisor® New Insights Fund - Institutional Class	794		640
Fidelity® Variable Insurance Products:
	Fidelity® VIP Equity-Income Portfolio - Initial Class	18,506		36,200
	Fidelity® VIP Growth Portfolio - Initial Class	8,082		20,431
	Fidelity® VIP High Income Portfolio - Initial Class	3,457		2,069
	Fidelity® VIP Overseas Portfolio - Initial Class	3,149		6,365
Fidelity® Variable Insurance Products II:
	Fidelity® VIP Contrafund® Portfolio - Initial Class	61,602		114,902
	Fidelity® VIP Index 500 Portfolio - Initial Class	13,955		9,404
Fidelity® Variable Insurance Products III:
	Fidelity® VIP Mid Cap Portfolio - Initial Class	3,966		3,352
Fidelity® Variable Insurance Products V:
	Fidelity® VIP Asset Manager Portfolio - Initial Class	2,614		3,108
Franklin Mutual Series Fund Inc.:
	Franklin Mutual Global Discovery Fund - Class R	547		535
Franklin Strategic Series:
	Franklin Biotechnology Discovery Fund - Advisor Class	92		—
	Franklin Natural Resources Fund - Advisor Class	4		—
	Franklin Small-Mid Cap Growth Fund - Class A	90		514
Franklin Templeton Variable Insurance Products Trust:
	Franklin Small Cap Value VIP Fund - Class 2	16,215		17,595
Goldman Sachs Trust:
	Goldman Sachs Growth Opportunities Fund - Class IR Shares	3		—
Growth Fund of America®:
	Growth Fund of America® - Class R-3	3,190		2,301
	Growth Fund of America® - Class R-4	43,897		26,368
Hartford Mutual Funds, Inc.:
	The Hartford Capital Appreciation Fund - Class R4	—		—
	The Hartford Dividend And Growth Fund - Class R4	2		1
Income Fund of America®:
	Income Fund of America® - Class R-3	726		608
Ivy Funds:
	Ivy Science and Technology Fund - Class Y	30		—
Janus Aspen Series:
	Janus Aspen Series Balanced Portfolio - Institutional Shares	9		21
	Janus Aspen Series Enterprise Portfolio - Institutional Shares	42		100
	Janus Aspen Series Flexible Bond Portfolio - Institutional Shares	4		3
	Janus Aspen Series Global Research Portfolio - Institutional Shares	9		78
	Janus Aspen Series Janus Portfolio - Institutional Shares	9		9
JPMorgan Trust II:
	JPMorgan Equity Income Fund - Select Class Shares	66		—
	JPMorgan Government Bond Fund - Select Class Shares	362		177
Lazard Funds, Inc.:
	Lazard Emerging Markets Equity Portfolio - Open Shares	—		—
	Lazard U.S. Mid Cap Equity Portfolio - Open Shares	914		1,109
Legg Mason Partners Equity Trust:
	ClearBridge Aggressive Growth Fund - Class I	125		30

		Purchases		Sales
		(Dollars in thousands)
LKCM Funds:
	LKCM Aquinas Growth Fund	$	100	$	93
Loomis Sayles Funds I:
	Loomis Sayles Small Cap Value Fund - Retail Class	3,004		3,186
Loomis Sayles Funds II:
	Loomis Sayles Limited Term Government and Agency Fund - Class Y	711		336
	Loomis Sayles Value Fund - Class Y	—		—
Lord Abbett Developing Growth Fund, Inc.:
	Lord Abbett Developing Growth Fund - Class A	92		40
Lord Abbett Investment Trust:
	Lord Abbett Core Fixed Income Fund - Class A	1,226		16
Lord Abbett Mid Cap Stock Fund, Inc.:
	Lord Abbett Mid Cap Stock Fund - Class A	99		57
Lord Abbett Research Fund, Inc.:
	Lord Abbett Small Cap Value Fund - Class A	391		318
Lord Abbett Securities Trust:
	Lord Abbett Fundamental Equity Fund - Class A	90		61
Lord Abbett Series Fund, Inc.:
	Lord Abbett Series Fund - Mid Cap Stock Portfolio - Class VC	2,672		13,648
MainStay Funds:
	MainStay Large Cap Growth Fund - Class R3	8		643
Massachusetts Investors Growth Stock Fund:
	Massachusetts Investors Growth Stock Fund - Class A	97		84
Metropolitan West Funds:
	Metropolitan West Total Return Bond Fund - Class M Shares	7,499		564
MFS® Series Trust l:
	MFS® New Discovery Fund - Class R3	1		—
MFS® Series Trust X:
	MFS® International Value Fund - Class R3	14		—
Neuberger Berman Equity Funds®:
	Neuberger Berman Genesis Fund - Trust Class	414		117
	Neuberger Berman Socially Responsive Fund - Trust Class	3,022		3,416
New Perspective Fund®:
	New Perspective Fund® - Class R-3	423		653
	New Perspective Fund® - Class R-4	18,735		7,667
New World Fund, Inc.:
	American Funds New World Fund® - Class R-4	31		1
Nuveen Investment Funds, Inc.:
	Nuveen Global Infrastructure Fund - Class I	1,784		495
	Nuveen U.S. Infrastructure Income Fund - Class I	276		73
Oppenheimer Capital Appreciation Fund:
	Oppenheimer Capital Appreciation Fund - Class A	17		18
Oppenheimer Developing Markets Fund:
	Oppenheimer Developing Markets Fund - Class A	14,292		27,461
	Oppenheimer Developing Markets Fund - Class Y	5,497		3,176
Oppenheimer Gold & Special Minerals Fund:
	Oppenheimer Gold & Special Minerals Fund - Class A	11		—
Oppenheimer International Bond Fund:
	Oppenheimer International Bond Fund - Class A	33		116

		Purchases		Sales
		(Dollars in thousands)
Oppenheimer International Growth Fund:
	Oppenheimer International Growth Fund - Class Y	$	10	$	—
Oppenheimer International Small Company Fund:
	Oppenheimer International Small Company Fund - Class Y	12		—
Oppenheimer Variable Account Funds:
	Oppenheimer Discovery Mid Cap Growth Fund/VA	125		145
	Oppenheimer Global Fund/VA	14		47
	Oppenheimer Global Strategic Income Fund/VA	6		5
	Oppenheimer Main Street Fund®/VA	3		12
	Oppenheimer Main Street Small Cap Fund®/VA	9,017		3,287
Parnassus Funds:
	Parnassus Small Cap FundSM	—		—
Parnassus Income Funds:
	Parnassus Core Equity FundSM - Investor Shares	9,201		561
Pax World Funds Series Trust I:
	Pax World Balanced Fund - Individual Investor Class	6,814		10,142
PIMCO Funds:
	PIMCO CommodityRealReturn Strategy Fund® - Administrative Class	16		—
PIMCO Variable Insurance Trust:
	PIMCO Real Return Portfolio - Administrative Class	7,805		31,961
Pioneer Equity Income Fund:
	Pioneer Equity Income Fund - Class Y Shares	4,633		738
Pioneer High Yield Fund:
	Pioneer High Yield Fund - Class A Shares	897		657
Pioneer Strategic Income Fund:
	Pioneer Strategic Income Fund - Class A Shares	376		369
Pioneer Variable Contracts Trust:
	Pioneer Emerging Markets VCT Portfolio - Class I	1,268		2,183
	Pioneer Equity Income VCT Portfolio - Class I	9		—
	Pioneer High Yield VCT Portfolio - Class I Shares	5,367		10,998
Prudential Sector Funds, Inc.:
	Prudential Jennison Utility Fund - Class Z	25		—
RiverSource® Investment Series, Inc.:
	Columbia Diversified Equity Income Fund - Class K Shares	2,619		1,361
	Columbia Diversified Equity Income Fund - Class R4 Shares	20		29
Royce Fund:
	Royce Total Return Fund - K Class	—		—
SmallCap World Fund®, Inc.:
	SMALLCAP World Fund® - Class R-4	3,192		2,560
T. Rowe Price Mid-Cap Value Fund, Inc.:
	T. Rowe Price Mid-Cap Value Fund - R Class	230		87
T. Rowe Price Value Fund, Inc.:
	T. Rowe Price Value Fund - Advisor Class	95		60
Templeton Funds, Inc.:
	Templeton Foreign Fund - Class A	365		293
Templeton Income Trust:
	Templeton Global Bond Fund - Advisor Class	6,368		6,162
	Templeton Global Bond Fund - Class A	18,297		29,818
Third Avenue Trust:
	Third Avenue Real Estate Value Fund - Institutional Class	4		—

		Purchases		Sales
		(Dollars in thousands)
Thornburg Investment Trust:
	Thornburg International Value Fund - Class R4	$	10	$	4
USAA Investment Trust:
	USAA Precious Metals and Minerals Fund - Adviser Shares	9,117		5,094
Vanguard® Variable Insurance Fund:
	Diversified Value Portfolio	10		5
	Equity Income Portfolio	31		34
	Small Company Growth Portfolio	5		2
Victory Portfolios:
	Victory Integrity Small-Cap Value Fund - Class Y Shares	5		—
	Victory Small Company Opportunity Fund - Class R	6		—
Voya Balanced Portfolio, Inc.:
	Voya Balanced Portfolio - Class I	7,455		38,661
Voya Equity Trust:
	Voya Growth Opportunities Fund - Class A	27		33
	Voya Large Cap Value Fund - Class A	—		—
	Voya Real Estate Fund - Class A	261		524
Voya Funds Trust:
	Voya GNMA Income Fund - Class A	733		1,122
	Voya Intermediate Bond Fund - Class A	621		918
Voya Intermediate Bond Portfolio:
	Voya Intermediate Bond Portfolio - Class I	30,342		38,593
	Voya Intermediate Bond Portfolio - Class S	68		114
Voya Investors Trust:
	Voya Global Perspectives Portfolio - Class I	993		68
	Voya Global Resources Portfolio - Adviser Class	1		2
	Voya Global Resources Portfolio - Institutional Class	—		—
	Voya Global Resources Portfolio - Service Class	8,431		11,696
	Voya High Yield Portfolio - Adviser Class	7		7
	Voya High Yield Portfolio - Institutional Class	7,615		5,896
	Voya High Yield Portfolio - Service Class	4,761		6,231
	Voya Large Cap Growth Portfolio - Adviser Class	36		22
	Voya Large Cap Growth Portfolio - Institutional Class	187,477		30,431
	Voya Large Cap Growth Portfolio - Service Class	40,092		37,562
	Voya Large Cap Value Portfolio - Adviser Class	2		9
	Voya Large Cap Value Portfolio - Institutional Class	66,753		44,824
	Voya Large Cap Value Portfolio - Service Class	52,468		52,035
	Voya Limited Maturity Bond Portfolio - Adviser Class	1		—
	Voya Multi-Manager Large Cap Core Portfolio - Institutional Class	3,061		11,115
	Voya Multi-Manager Large Cap Core Portfolio - Service Class	77		53
	Voya U.S. Stock Index Portfolio - Institutional Class	6,593		1,454
	VY® BlackRock Health Sciences Opportunities Portfolio - Service Class	19,763		42,669
	VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class	8		31
	VY® BlackRock Large Cap Growth Portfolio - Institutional Class	22,341		110,288
	VY® BlackRock Large Cap Growth Portfolio - Service Class	254		508
	VY® BlackRock Large Cap Growth Portfolio - Service 2 Class	69		366
	VY® Clarion Global Real Estate Portfolio - Adviser Class	3		2
	VY® Clarion Global Real Estate Portfolio - Institutional Class	11,062		11,281
	VY® Clarion Real Estate Portfolio - Adviser Class	17		14
	VY® Clarion Real Estate Portfolio - Institutional Class	380		427

		Purchases		Sales
		(Dollars in thousands)
Voya Investors Trust (continued):
	VY® Clarion Real Estate Portfolio - Service Class	$	7,263	$	5,696
	VY® FMR Diversified Mid Cap Portfolio - Institutional Class	9,654		5,230
	VY® FMR Diversified Mid Cap Portfolio - Service Class	10,834		9,772
	VY® FMR Diversified Mid Cap Portfolio - Service 2 Class	6		—
	VY® Invesco Growth and Income Portfolio - Institutional Class	11,229		1,355
	VY® Invesco Growth and Income Portfolio - Service Class	4,228		3,734
	VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class	197		111
	VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class	4,600		4,035
	VY® JPMorgan Emerging Markets Equity Portfolio - Service Class	4,970		3,292
	VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class	5		2
	VY® JPMorgan Small Cap Core Equity Portfolio - Institutional Class	9,033		1,895
	VY® JPMorgan Small Cap Core Equity Portfolio - Service Class	6,158		2,046
	VY® Marsico Growth Portfolio - Institutional Class	5,439		15,235
	VY® Marsico Growth Portfolio - Service Class	31		104
	VY® MFS Total Return Portfolio - Adviser Class	196		1,120
	VY® MFS Total Return Portfolio - Institutional Class	12,670		68,656
	VY® MFS Total Return Portfolio - Service Class	5,293		31,082
	VY® MFS Utilities Portfolio - Service Class	21,018		63,975
	VY® Morgan Stanley Global Franchise Portfolio - Adviser Class	6		11
	VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class	73		23
	VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class	37,925		9,227
	VY® T. Rowe Price Capital Appreciation Portfolio - Service Class	85,983		20,312
	VY® T. Rowe Price Equity Income Portfolio - Adviser Class	184		415
	VY® T. Rowe Price Equity Income Portfolio - Service Class	17,070		15,667
	VY® T. Rowe Price International Stock Portfolio - Adviser Class	5		5
	VY® T. Rowe Price International Stock Portfolio - Service Class	945		979
	VY® Templeton Global Growth Portfolio - Institutional Class	127		101
	VY® Templeton Global Growth Portfolio - Service Class	1,810		1,887
Voya Money Market Portfolio:
	Voya Money Market Portfolio - Class I	37,289		82,416
Voya Mutual Funds:
	Voya Global Real Estate Fund - Class A	23		21
	Voya Multi-Manager International Small Cap Fund - Class A	75		222
Voya Partners, Inc.:
	Voya Aggregate Bond Portfolio - Adviser Class	81		246
	Voya Aggregate Bond Portfolio - Initial Class	1,476		187
	Voya Aggregate Bond Portfolio - Service Class	7,979		45,378
	Voya Global Bond Portfolio - Adviser Class	23		75
	Voya Global Bond Portfolio - Initial Class	4,715		21,840
	Voya Global Bond Portfolio - Service Class	162		181
	Voya Index Solution 2015 Portfolio - Initial Class	528		451
	Voya Index Solution 2015 Portfolio - Service Class	1,288		569
	Voya Index Solution 2015 Portfolio - Service 2 Class	379		309
	Voya Index Solution 2025 Portfolio - Initial Class	1,548		171
	Voya Index Solution 2025 Portfolio - Service Class	1,483		166
	Voya Index Solution 2025 Portfolio - Service 2 Class	898		264
	Voya Index Solution 2035 Portfolio - Initial Class	1,080		57
	Voya Index Solution 2035 Portfolio - Service Class	1,193		67
	Voya Index Solution 2035 Portfolio - Service 2 Class	656		194

		Purchases		Sales
		(Dollars in thousands)
Voya Partners, Inc. (continued):
	Voya Index Solution 2045 Portfolio - Initial Class	$	1,472	$	75
	Voya Index Solution 2045 Portfolio - Service Class	476		43
	Voya Index Solution 2045 Portfolio - Service 2 Class	584		155
	Voya Index Solution 2055 Portfolio - Initial Class	290		21
	Voya Index Solution 2055 Portfolio - Service Class	431		221
	Voya Index Solution 2055 Portfolio - Service 2 Class	154		4
	Voya Index Solution Income Portfolio - Initial Class	540		76
	Voya Index Solution Income Portfolio - Service Class	285		5
	Voya Index Solution Income Portfolio - Service 2 Class	51		17
	Voya Solution 2015 Portfolio - Adviser Class	27		64
	Voya Solution 2015 Portfolio - Initial Class	1,467		241
	Voya Solution 2015 Portfolio - Service Class	9,455		10,716
	Voya Solution 2015 Portfolio - Service 2 Class	898		3,147
	Voya Solution 2025 Portfolio - Adviser Class	42		50
	Voya Solution 2025 Portfolio - Initial Class	2,060		1,282
	Voya Solution 2025 Portfolio - Service Class	23,321		10,005
	Voya Solution 2025 Portfolio - Service 2 Class	3,040		2,659
	Voya Solution 2035 Portfolio - Adviser Class	20		45
	Voya Solution 2035 Portfolio - Initial Class	1,315		301
	Voya Solution 2035 Portfolio - Service Class	26,879		6,893
	Voya Solution 2035 Portfolio - Service 2 Class	2,958		2,347
	Voya Solution 2045 Portfolio - Adviser Class	14		—
	Voya Solution 2045 Portfolio - Initial Class	469		178
	Voya Solution 2045 Portfolio - Service Class	21,040		7,829
	Voya Solution 2045 Portfolio - Service 2 Class	2,252		1,990
	Voya Solution 2055 Portfolio - Initial Class	637		17
	Voya Solution 2055 Portfolio - Service Class	4,643		1,193
	Voya Solution 2055 Portfolio - Service 2 Class	555		326
	Voya Solution Balanced Portfolio - Service Class	1,356		494
	Voya Solution Income Portfolio - Adviser Class	5		26
	Voya Solution Income Portfolio - Initial Class	2,583		1,949
	Voya Solution Income Portfolio - Service Class	4,695		2,550
	Voya Solution Income Portfolio - Service 2 Class	178		403
	Voya Solution Moderately Conservative Portfolio - Service Class	2,267		894
	VY® American Century Small-Mid Cap Value Portfolio - Adviser Class	50		28
	VY® American Century Small-Mid Cap Value Portfolio - Initial Class	6,612		5,955
	VY® American Century Small-Mid Cap Value Portfolio - Service Class	13,966		8,782
	VY® Baron Growth Portfolio - Adviser Class	23		186
	VY® Baron Growth Portfolio - Service Class	8,517		23,322
	VY® Columbia Contrarian Core Portfolio - Service Class	2,717		1,988
	VY® Columbia Small Cap Value II Portfolio - Adviser Class	1		26
	VY® Columbia Small Cap Value II Portfolio - Service Class	572		1,288
	VY® Fidelity® VIP Mid Cap Portfolio - Service Class	492		800
	VY® Invesco Comstock Portfolio - Adviser Class	68		66
	VY® Invesco Comstock Portfolio - Service Class	9,266		7,854
	VY® Invesco Equity and Income Portfolio - Adviser Class	1,136		290
	VY® Invesco Equity and Income Portfolio - Initial Class	111,313		31,471
	VY® Invesco Equity and Income Portfolio - Service Class	28,889		25,057
	VY® JPMorgan Mid Cap Value Portfolio - Adviser Class	33		18

		Purchases		Sales
		(Dollars in thousands)
Voya Partners, Inc. (continued):
	VY® JPMorgan Mid Cap Value Portfolio - Initial Class	$	2,091	$	539
	VY® JPMorgan Mid Cap Value Portfolio - Service Class	10,292		6,665
	VY® Oppenheimer Global Portfolio - Adviser Class	32		81
	VY® Oppenheimer Global Portfolio - Initial Class	19,339		63,001
	VY® Oppenheimer Global Portfolio - Service Class	162		120
	VY® Pioneer High Yield Portfolio - Initial Class	16,078		5,819
	VY® Pioneer High Yield Portfolio - Service Class	214		88
	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class	30		47
	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class	32,264		37,750
	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class	292		124
	VY® T. Rowe Price Growth Equity Portfolio - Adviser Class	133		220
	VY® T. Rowe Price Growth Equity Portfolio - Initial Class	39,469		32,884
	VY® T. Rowe Price Growth Equity Portfolio - Service Class	779		575
	VY® Templeton Foreign Equity Portfolio - Adviser Class	26		110
	VY® Templeton Foreign Equity Portfolio - Initial Class	7,155		12,329
	VY® Templeton Foreign Equity Portfolio - Service Class	46		49
Voya Series Fund, Inc.:
	Voya Core Equity Research Fund - Class A	52		41
Voya Strategic Allocation Portfolios, Inc.:
	Voya Strategic Allocation Conservative Portfolio - Class I	7,020		7,827
	Voya Strategic Allocation Growth Portfolio - Class I	4,922		8,677
	Voya Strategic Allocation Moderate Portfolio - Class I	6,777		8,133
Voya Variable Funds:
	Voya Growth and Income Portfolio - Class A	244		193
	Voya Growth and Income Portfolio - Class I	178,646		162,251
	Voya Growth and Income Portfolio - Class S	139		58
Voya Variable Portfolios, Inc.:
	Voya Index Plus LargeCap Portfolio - Class I	13,721		28,484
	Voya Index Plus LargeCap Portfolio - Class S	8		62
	Voya Index Plus MidCap Portfolio - Class I	23,867		38,707
	Voya Index Plus MidCap Portfolio - Class S	32		195
	Voya Index Plus SmallCap Portfolio - Class I	5,717		17,634
	Voya Index Plus SmallCap Portfolio - Class S	33		6
	Voya International Index Portfolio - Class I	5,079		2,949
	Voya International Index Portfolio - Class S	1		—
	Voya Russell™ Large Cap Growth Index Portfolio - Class I	7,300		2,538
	Voya Russell™ Large Cap Growth Index Portfolio - Class S	89		111
	Voya Russell™ Large Cap Index Portfolio - Class I	12,361		2,371
	Voya Russell™ Large Cap Index Portfolio - Class S	190		42
	Voya Russell™ Large Cap Value Index Portfolio - Class I	62		62
	Voya Russell™ Large Cap Value Index Portfolio - Class S	3,363		1,797
	Voya Russell™ Mid Cap Growth Index Portfolio - Class S	1,998		1,324
	Voya Russell™ Mid Cap Index Portfolio - Class I	18,163		3,752
	Voya Russell™ Small Cap Index Portfolio - Class I	8,720		2,290
	Voya Small Company Portfolio - Class I	20,507		17,297
	Voya Small Company Portfolio - Class S	55		38
	Voya U.S. Bond Index Portfolio - Class I	4,092		1,427
Voya Variable Products Trust:
	Voya International Value Portfolio - Class I	3,868		9,642

		Purchases		Sales
		(Dollars in thousands)
Voya Variable Products Trust(continued):
	Voya International Value Portfolio - Class S	$	12	$	75
	Voya MidCap Opportunities Portfolio - Class A	1		2
	Voya MidCap Opportunities Portfolio - Class I	42,275		15,527
	Voya MidCap Opportunities Portfolio - Class S	352		255
	Voya SmallCap Opportunities Portfolio - Class I	8,769		6,636
	Voya SmallCap Opportunities Portfolio - Class S	45		10
Wanger Advisors Trust:
	Wanger International	12,602		4,779
	Wanger Select	10,582		26,278
	Wanger USA	12,396		11,425
Washington Mutual Investors FundSM:
	Washington Mutual Investors FundSM - Class R-3	1,055		1,124
	Washington Mutual Investors FundSM - Class R-4	18,030		8,822
Wells Fargo Funds Trust:
	Wells Fargo Advantage Small Cap Value Fund - Class A	58		50
	Wells Fargo Advantage Special Small Cap Value Fund - Class A	23,298		12,477

231

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

7. Changes in Units

The changes in units outstanding were as follows:

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
AIM Counselor Series Trust:
	Invesco Floating Rate Fund - Class R5	3,590	397	3,193		—	—	—
AIM Growth Series:
	Invesco Mid Cap Core Equity Fund - Class A	61,826	97,560	(35,734	)	83,840	151,512	(67,672	)
	Invesco Small Cap Growth Fund - Class A	2,298	289	2,009		318	226	92
AIM International Mutual Funds:
	Invesco International Growth Fund - Class R5	18,800	2,737	16,063		16,490	1,530	14,960
AIM Investment Funds:
	Invesco Endeavor Fund - Class A	150	985	(835	)	2,069	1,153	916
	Invesco Global Health Care Fund - Investor Class	4,387	4,194	193		2,564	2,154	410
AIM Investment Securities Funds:
	Invesco High Yield Fund - Class R5	3,582	—	3,582		—	—	—
AIM Sector Funds:
	Invesco American Value Fund - Class R5	24,670	3,396	21,274		—	—	—
	Invesco Energy Fund - Class R5	59	—	59		—	—	—
	Invesco Small Cap Value Fund - Class A	10,396	7,347	3,049		10,130	5,717	4,413
AIM Variable Insurance Funds:
	Invesco V.I. American Franchise Fund - Series I Shares	2,273,655	2,285,773	(12,118	)	1,729,947	1,734,198	(4,251	)
	Invesco V.I. Core Equity Fund - Series I Shares	1,021,584	1,235,507	(213,923	)	381,722	670,658	(288,936	)
Alger Funds:
	Alger Capital Appreciation Fund - Class A	56,679	31,640	25,039		4,512	1,163	3,349
Alger Funds II:
	Alger Green Fund - Class A	69,630	97,999	(28,369	)	137,089	62,806	74,283
AllianceBernstein Growth and Income Fund, Inc.:
	AllianceBernstein Growth and Income Fund - Class A	1,139	909	230		1,281	6,157	(4,876	)
AllianceBernstein Variable Products Series Fund, Inc.:
	AllianceBernstein Growth and Income Portfolio - Class A	8,091	22,880	(14,789	)	11,302	9,054	2,248
Allianz Funds:
	AllianzGI NFJ Dividend Value Fund - Class A	403	696	(293	)	566	1,378	(812	)

232

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
Allianz Funds (continued:
	AllianzGI NFJ Large-Cap Value Fund - Institutional Class	—	—	—		58	1,867	(1,809	)
	AllianzGI NFJ Small-Cap Value Fund - Class A	8,537	10,283	(1,746	)	11,781	9,408	2,373
Amana Mutual Funds Trust:
	Amana Growth Fund - Investor Class	517,473	683,467	(165,994	)	654,147	896,989	(242,842	)
	Amana Income Fund - Investor Class	804,236	1,003,614	(199,378	)	1,203,871	868,633	335,238
American Balanced Fund®, Inc.:
	American Balanced Fund® - Class R-3	77,927	110,300	(32,373	)	203,036	183,185	19,851
American Beacon Funds:
	American Beacon Small Cap Value Fund - Investor Class	8,564	2,575	5,989		—	—	—
American Century Government Income Trust:
	American Century Investments® Inflation-Adjusted Bond Fund - Investor Class	609,577	968,978	(359,401	)	902,333	2,269,235	(1,366,902	)
American Century Quantitative Equity Funds, Inc.:
	American Century Investments® Income & Growth Fund - A Class	182,599	170,673	11,926		225,681	153,680	72,001
American Funds Fundamental InvestorsSM:
	Fundamental InvestorsSM - Class R-3	105,939	100,760	5,179		108,599	81,542	27,057
	Fundamental InvestorsSM - Class R-4	1,467,112	640,796	826,316		1,095,577	903,222	192,355
American Mutual Fund®:
	American Funds American Mutual Fund® - Class R-4	116,889	48,519	68,370		57,093	3,346	53,747
Ariel Investment Trust:
	Ariel Appreciation Fund - Investor Class	15,551	19,831	(4,280	)	8,813	33,289	(24,476	)
	Ariel Fund - Investor Class	334,428	315,240	19,188		649,175	336,975	312,200
Artisan Funds, Inc.:
	Artisan International Fund - Investor Shares	500,588	238,867	261,721		594,877	247,761	347,116
Aston Funds:
	Aston/Fairpointe Mid Cap Fund - Class N	1,253,942	642,464	611,478		1,562,486	351,095	1,211,391
BlackRock Equity Dividend Fund:
	BlackRock Equity Dividend Fund - Investor A Shares	36,295	28,711	7,584		68,384	58,257	10,127
BlackRock Mid Cap Value Opportunities Series, Inc.:
	BlackRock Mid Cap Value Opportunities Fund - Institutional Shares	2,050	—	2,050		—	—	—
	BlackRock Mid Cap Value Opportunities Fund - Investor A Shares	229,160	236,337	(7,177	)	464,773	325,192	139,581

233

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
Bond Fund of AmericaSM:
	Bond Fund of AmericaSM - Class R-4	205,111	234,254	(29,143	)	237,156	360,575	(123,419	)
Calvert Variable Series, Inc.:
	Calvert VP SRI Balanced Portfolio	271,437	408,239	(136,802	)	279,444	335,888	(56,444	)
Capital World Growth & Income FundSM:
	Capital World Growth & Income FundSM - Class R-3	13,931	10,378	3,553		19,891	17,262	2,629
Cohen & Steers Realty Shares, Inc.:
	Cohen & Steers Realty Shares, Inc.	373,166	124,771	248,395		233,746	210,609	23,137
ColumbiaSM Acorn® Trust:
	ColumbiaSM Acorn® Fund - Class A Shares	2,877	3,037	(160	)	4,132	4,527	(395	)
	ColumbiaSM Acorn® Fund - Class Z Shares	301	1	300		230	—	230
Columbia Funds Series Trust:
	Columbia Mid Cap Value Fund - Class A Shares	403,700	166,157	237,543		185,657	154,176	31,481
	Columbia Mid Cap Value Fund - Class Z Shares	—	—	—		6	—	6
CRM Mutual Fund Trust:
	CRM Mid Cap Value Fund - Investor Shares	1,959	3,855	(1,896	)	3,412	3,141	271
Davis Series Inc.:
	Davis Financial Fund - Class Y	16	—	16		—	—	—
Delaware Group Adviser Funds:
	Delaware Diversified Income Fund - Class A	334,963	91,754	243,209		212,092	100,036	112,056
Delaware Group Equity Funds V:
	Delaware Small Cap Value Fund - Class A	60,683	14,824	45,859		10,165	1,104	9,061
Deutsche Investment Trust:
	Deutsche Small Cap Growth Fund - Class S	2,198	—	2,198		—	—	—
Dodge & Cox Funds:
	Dodge & Cox International Stock Fund	8,823	7,736	1,087		15,434	8,743	6,691
	Dodge & Cox Stock Fund	11,165	3,117	8,048		7,905	3,221	4,684
DWS Institutional Funds:
	Deutsche Equity 500 Index Fund - Class S	6,247	6,751	(504	)	4,110	2,434	1,676
Eaton Vance Special Investment Trust:
	Eaton Vance Large-Cap Value Fund - Class R Shares	959	3,435	(2,476	)	3,285	2,996	289

234

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
EuroPacific Growth Fund®:
	EuroPacific Growth Fund® - Class R-3	137,446	198,666	(61,220	)	176,986	261,553	(84,567	)
	EuroPacific Growth Fund® - Class R-4	2,271,569	2,567,432	(295,863	)	2,933,961	3,144,297	(210,336	)
Fidelity® Contrafund®:
	Fidelity Advisor® New Insights Fund - Institutional Class	57,873	47,555	10,318		29,292	22,922	6,370
Fidelity® Variable Insurance Products:
	Fidelity® VIP Equity-Income Portfolio - Initial Class	4,739,446	5,697,917	(958,471	)	2,021,516	3,124,046	(1,102,530	)
	Fidelity® VIP Growth Portfolio - Initial Class	1,936,777	2,343,497	(406,720	)	1,653,429	2,738,405	(1,084,976	)
	Fidelity® VIP High Income Portfolio - Initial Class	324,193	270,806	53,387		306,906	400,417	(93,511	)
	Fidelity® VIP Overseas Portfolio - Initial Class	291,741	488,619	(196,878	)	449,293	509,310	(60,017	)
Fidelity® Variable Insurance Products II:
	Fidelity® VIP Contrafund® Portfolio - Initial Class	8,504,413	10,428,334	(1,923,921	)	7,664,321	9,394,224	(1,729,903	)
	Fidelity® VIP Index 500 Portfolio - Initial Class	552,062	470,164	81,898		538,590	478,807	59,783
Fidelity® Variable Insurance Products III:
	Fidelity® VIP Mid Cap Portfolio - Initial Class	204,220	210,389	(6,169	)	211,954	221,163	(9,209	)
Fidelity® Variable Insurance Products V:
	Fidelity® VIP Asset Manager Portfolio - Initial Class	81,565	137,289	(55,724	)	86,980	177,762	(90,782	)
Franklin Mutual Series Fund Inc.:
	Franklin Mutual Global Discovery Fund - Class R	47,969	53,384	(5,415	)	59,779	77,653	(17,874	)
Franklin Strategic Series:
	Franklin Biotechnology Discovery Fund - Advisor Class	6,880	—	6,880		—	—	—
	Franklin Natural Resources Fund - Advisor Class	393	—	393		—	—	—
	Franklin Small-Mid Cap Growth Fund - Class A	12,882	34,663	(21,781	)	8,720	8,968	(248	)
Franklin Templeton Variable Insurance Products Trust:
	Franklin Small Cap Value VIP Fund - Class 2	1,578,288	1,969,637	(391,349	)	1,303,466	1,462,830	(159,364	)
Goldman Sachs Trust:
	Goldman Sachs Growth Opportunities Fund - Class IR Shares	255	—	255		—	—	—
Growth Fund of America®:
	Growth Fund of America® - Class R-3	275,304	300,335	(25,031	)	347,973	375,859	(27,886	)
	Growth Fund of America® - Class R-4	1,947,231	2,591,846	(644,615	)	2,862,204	3,697,817	(835,613	)
Hartford Mutual Funds, Inc.:
	The Hartford Capital Appreciation Fund - Class R4	2	—	2		13,538	27,338	(13,800	)

235

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
Hartford Mutual Funds, Inc. (continued):
	The Hartford Dividend And Growth Fund - Class R4	64	28	36		10,728	31,324	(20,596	)
Income Fund of America®:
	Income Fund of America® - Class R-3	78,078	75,682	2,396		62,175	59,637	2,538
Ivy Funds:
	Ivy Science and Technology Fund - Class Y	2,814	—	2,814		—	—	—
Janus Aspen Series:
	Janus Aspen Series Balanced Portfolio - Institutional Shares	73	407	(334	)	305	1,450	(1,145	)
	Janus Aspen Series Enterprise Portfolio - Institutional Shares	614	2,189	(1,575	)	548	3,919	(3,371	)
	Janus Aspen Series Flexible Bond Portfolio - Institutional Shares	119	122	(3	)	55	76	(21	)
	Janus Aspen Series Global Research Portfolio - Institutional Shares	429	2,613	(2,184	)	406	806	(400	)
	Janus Aspen Series Janus Portfolio - Institutional Shares	194	355	(161	)	69	559	(490	)
JPMorgan Trust II:
	JPMorgan Equity Income Fund - Select Class Shares	6,148	2	6,146		—	—	—
	JPMorgan Government Bond Fund - Select Class Shares	35,333	18,132	17,201		55,398	31,099	24,299
Lazard Funds, Inc.:
	Lazard Emerging Markets Equity Portfolio - Open Shares	5	2	3		1	—	1
	Lazard U.S. Mid Cap Equity Portfolio - Open Shares	89,475	106,101	(16,626	)	60,833	292,959	(232,126	)
Legg Mason Partners Equity Trust:
	ClearBridge Aggressive Growth Fund - Class I	11,423	2,710	8,713		—	—	—
LKCM Funds:
	LKCM Aquinas Growth Fund	2,389	7,026	(4,637	)	3,665	4,567	(902	)
Loomis Sayles Funds I:
	Loomis Sayles Small Cap Value Fund - Retail Class	135,003	243,495	(108,492	)	253,102	169,689	83,413
Loomis Sayles Funds II:
	Loomis Sayles Limited Term Government and Agency Fund - Class Y	77,688	40,421	37,267		—	—	—
	Loomis Sayles Value Fund - Class Y	15	—	15		—	—	—
Lord Abbett Developing Growth Fund, Inc.:
	Lord Abbett Developing Growth Fund - Class A	6,841	6,523	318		8,023	3,310	4,713
Lord Abbett Investment Trust:
	Lord Abbett Core Fixed Income Fund - Class A	107,585	1,858	105,727		6,265	7,382	(1,117	)

236

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
Lord Abbett Mid Cap Stock Fund, Inc.:
	Lord Abbett Mid Cap Stock Fund - Class A	5,779	3,391	2,388		12,129	25,285	(13,156	)
Lord Abbett Research Fund, Inc.:
	Lord Abbett Small Cap Value Fund - Class A	11,666	20,089	(8,423	)	42,451	47,371	(4,920	)
Lord Abbett Securities Trust:
	Lord Abbett Fundamental Equity Fund - Class A	3,375	4,144	(769	)	5,550	2,667	2,883
Lord Abbett Series Fund, Inc.:
	Lord Abbett Series Fund - Mid Cap Stock Portfolio - Class VC	947,908	1,444,081	(496,173	)	1,291,278	2,174,896	(883,618	)
MainStay Funds:
	MainStay Large Cap Growth Fund - Class R3	349	33,956	(33,607	)	4,351	1,205	3,146
Massachusetts Investors Growth Stock Fund:
	Massachusetts Investors Growth Stock Fund - Class A	5,465	5,925	(460	)	12,232	27,089	(14,857	)
Metropolitan West Funds:
	Metropolitan West Total Return Bond Fund - Class M Shares	800,259	119,151	681,108		374,933	16,444	358,489
MFS® Series Trust l:
	MFS® New Discovery Fund - Class R3	77	—	77		—	—	—
MFS® Series Trust X:
	MFS® International Value Fund - Class R3	1,360	—	1,360		—	—	—
Neuberger Berman Equity Funds®:
	Neuberger Berman Genesis Fund - Trust Class	22,553	6,799	15,754		10,586	6,789	3,797
	Neuberger Berman Socially Responsive Fund - Trust Class	149,371	292,937	(143,566	)	463,321	312,026	151,295
New Perspective Fund®:
	New Perspective Fund® - Class R-3	41,053	56,424	(15,371	)	47,372	59,452	(12,080	)
	New Perspective Fund® - Class R-4	953,736	767,474	186,262		1,143,245	952,810	190,435
New World Fund, Inc.:
	American Funds New World Fund® - Class R-4	2,923	107	2,816		—	—	—
Nuveen Investment Funds, Inc.:
	Nuveen Global Infrastructure Fund - Class I	166,321	51,773	114,548		—	—	—
	Nuveen U.S. Infrastructure Income Fund - Class I	13,171	3,309	9,862		—	—	—
Oppenheimer Capital Appreciation Fund:
	Oppenheimer Capital Appreciation Fund - Class A	156	1,088	(932	)	1,018	38,472	(37,454	)

237

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
Oppenheimer Developing Markets Fund:
	Oppenheimer Developing Markets Fund - Class A	586,373	795,730	(209,357	)	797,261	1,059,680	(262,419	)
	Oppenheimer Developing Markets Fund - Class Y	545,143	408,100	137,043		573,424	500,822	72,602
Oppenheimer Gold & Special Minerals Fund:
	Oppenheimer Gold & Special Minerals Fund - Class A	2,123	538	1,585		2,087	962	1,125
Oppenheimer International Bond Fund:
	Oppenheimer International Bond Fund - Class A	5,425	12,978	(7,553	)	11,470	9,752	1,718
Oppenheimer International Growth Fund:
	Oppenheimer International Growth Fund - Class Y	1,119	34	1,085		—	—	—
Oppenheimer International Small Company Fund:
	Oppenheimer International Small Company Fund - Class Y	1,264	—	1,264		—	—	—
Oppenheimer Variable Account Funds:
	Oppenheimer Discovery Mid Cap Growth Fund/VA	1,073,660	1,075,981	(2,321	)	24,591	25,346	(755	)
	Oppenheimer Global Fund/VA	100	1,410	(1,310	)	292	1,027	(735	)
	Oppenheimer Global Strategic Income Fund/VA	166	278	(112	)	10	460	(450	)
	Oppenheimer Main Street Fund®/VA	71,747	72,472	(725	)	24,090	24,847	(757	)
	Oppenheimer Main Street Small Cap Fund®/VA	420,162	298,913	121,249		685,901	237,022	448,879
Parnassus Funds:
	Parnassus Small Cap FundSM	1	—	1		—	—	—
Parnassus Income Funds:
	Parnassus Core Equity FundSM - Investor Shares	664,173	91,287	572,886		543,334	55,509	487,825
Pax World Funds Series Trust I:
	Pax World Balanced Fund - Individual Investor Class	337,046	833,243	(496,197	)	478,588	743,423	(264,835	)
PIMCO Funds:
	PIMCO CommodityRealReturn Strategy Fund® - Administrative Class	1,941	2	1,939		—	—	—
PIMCO Variable Insurance Trust:
	PIMCO Real Return Portfolio - Administrative Class	1,459,039	3,066,350	(1,607,311	)	2,311,845	8,263,260	(5,951,415	)
Pioneer Equity Income Fund:
	Pioneer Equity Income Fund - Class Y Shares	294,049	60,025	234,024		276,640	29,298	247,342
Pioneer High Yield Fund:
	Pioneer High Yield Fund - Class A Shares	59,423	54,683	4,740		43,130	68,700	(25,570	)

238

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
Pioneer Strategic Income Fund:
	Pioneer Strategic Income Fund - Class A Shares	28,838	33,274	(4,436	)	21,734	35,878	(14,144	)
Pioneer Variable Contracts Trust:
	Pioneer Emerging Markets VCT Portfolio - Class I	286,936	401,033	(114,097	)	383,906	677,040	(293,134	)
	Pioneer Equity Income VCT Portfolio - Class I	438	5	433		—	—	—
	Pioneer High Yield VCT Portfolio - Class I Shares	312,054	731,752	(419,698	)	467,074	460,587	6,487
Prudential Sector Funds, Inc.:
	Prudential Jennison Utility Fund - Class Z	2,146	—	2,146		—	—	—
RiverSource® Investment Series, Inc.:
	Columbia Diversified Equity Income Fund - Class K Shares	187,608	157,877	29,731		36,742	19,214	17,528
	Columbia Diversified Equity Income Fund - Class R4 Shares	8,405	9,974	(1,569	)	566	—	566
Royce Fund:
	Royce Total Return Fund - K Class	14	26	(12	)	11	1	10
SmallCap World Fund®, Inc.:
	SMALLCAP World Fund® - Class R-4	246,943	277,010	(30,067	)	449,256	302,914	146,342
T. Rowe Price Mid-Cap Value Fund, Inc.:
	T. Rowe Price Mid-Cap Value Fund - R Class	8,097	7,391	706		28,854	32,951	(4,097	)
T. Rowe Price Value Fund, Inc.:
	T. Rowe Price Value Fund - Advisor Class	3,943	3,384	559		4,462	5,706	(1,244	)
Templeton Funds, Inc.:
	Templeton Foreign Fund - Class A	34,101	33,560	541		45,381	28,249	17,132
Templeton Income Trust:
	Templeton Global Bond Fund - Advisor Class	505,041	719,703	(214,662	)	1,033,930	834,841	199,089
	Templeton Global Bond Fund - Class A	1,246,084	2,175,254	(929,170	)	1,873,499	2,221,855	(348,356	)
Third Avenue Trust:
	Third Avenue Real Estate Value Fund - Institutional Class	352	—	352		—	—	—
Thornburg Investment Trust:
	Thornburg International Value Fund - Class R4	846	709	137		3,353	2,872	481
USAA Investment Trust:
	USAA Precious Metals and Minerals Fund - Adviser Shares	2,785,318	1,886,913	898,405		1,710,752	930,410	780,342
Vanguard® Variable Insurance Fund:
	Diversified Value Portfolio	190	223	(33	)	216	445	(229	)

239

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
Vanguard® Variable Insurance Fund (continued):
	Equity Income Portfolio	674	1,609	(935	)	15,975	32,680	(16,705	)
	Small Company Growth Portfolio	110	114	(4	)	458	1,041	(583	)
Victory Portfolios:
	Victory Integrity Small-Cap Value Fund - Class Y Shares	521	—	521		—	—	—
	Victory Small Company Opportunity Fund - Class R	1,193	1,007	186		269	85	184
Voya Balanced Portfolio, Inc.:
	Voya Balanced Portfolio - Class I	6,900,260	7,946,799	(1,046,539	)	3,211,209	4,442,240	(1,231,031	)
Voya Equity Trust:
	Voya Growth Opportunities Fund - Class A	6,922	7,948	(1,026	)	1,608	114	1,494
	Voya Large Cap Value Fund - Class A	—	—	—		491	—	491
	Voya Real Estate Fund - Class A	29,488	45,369	(15,881	)	26,058	29,528	(3,470	)
Voya Funds Trust:
	Voya GNMA Income Fund - Class A	81,389	118,073	(36,684	)	82,884	127,147	(44,263	)
	Voya Intermediate Bond Fund - Class A	63,178	85,742	(22,564	)	80,323	164,900	(84,577	)
Voya Intermediate Bond Portfolio:
	Voya Intermediate Bond Portfolio - Class I	10,266,086	10,948,673	(682,587	)	6,968,979	9,141,399	(2,172,420	)
	Voya Intermediate Bond Portfolio - Class S	3,065	8,131	(5,066	)	4,394	19,297	(14,903	)
Voya Investors Trust:
	Voya Global Perspectives Portfolio - Class I	97,383	6,645	90,738		—	—	—
	Voya Global Resources Portfolio - Adviser Class	—	69	(69	)	—	113	(113	)
	Voya Global Resources Portfolio - Institutional Class	2,012	2,036	(24	)	—	120	(120	)
	Voya Global Resources Portfolio - Service Class	1,472,683	1,770,413	(297,730	)	1,722,003	3,059,843	(1,337,840	)
	Voya High Yield Portfolio - Adviser Class	326	553	(227	)	972	1,571	(599	)
	Voya High Yield Portfolio - Institutional Class	594,053	608,615	(14,562	)	1,160,232	943,616	216,616
	Voya High Yield Portfolio - Service Class	347,303	503,670	(156,367	)	640,889	915,879	(274,990	)
	Voya Large Cap Growth Portfolio - Adviser Class	1,269	1,343	(74	)	95	1,017	(922	)
	Voya Large Cap Growth Portfolio - Institutional Class	15,073,827	6,688,751	8,385,076		3,507,037	3,279,851	227,186
	Voya Large Cap Growth Portfolio - Service Class	2,183,541	2,007,745	175,796		120,498	36,065	84,433
	Voya Large Cap Value Portfolio - Adviser Class	135	792	(657	)	2,787	32	2,755
	Voya Large Cap Value Portfolio - Institutional Class	9,544,852	8,749,430	795,422		18,985,303	14,205,891	4,779,412
	Voya Large Cap Value Portfolio - Service Class	4,411,579	4,385,896	25,683		60,565	32,103	28,462

240

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
Voya Investors Trust (continued):
	Voya Limited Maturity Bond Portfolio - Adviser Class	117	53	64		117	—	117
	Voya Multi-Manager Large Cap Core Portfolio - Institutional Class	335,215	994,174	(658,959	)	333,685	406,680	(72,995	)
	Voya Multi-Manager Large Cap Core Portfolio - Service Class	6,812	6,956	(144	)	4,428	5,419	(991	)
	Voya U.S. Stock Index Portfolio - Institutional Class	293,421	90,931	202,490		335,517	67,370	268,147
	VY® BlackRock Health Sciences Opportunities Portfolio - Service Class	—	1,571,525	(1,571,525	)	967,670	370,014	597,656
	VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class	683	2,903	(2,220	)	491	2,736	(2,245	)
	VY® BlackRock Large Cap Growth Portfolio - Institutional Class	—	7,610,741	(7,610,741	)	1,759,860	2,606,749	(846,889	)
	VY® BlackRock Large Cap Growth Portfolio - Service Class	—	19,765	(19,765	)	1,567	29,081	(27,514	)
	VY® BlackRock Large Cap Growth Portfolio - Service 2 Class	—	24,054	(24,054	)	198	4,669	(4,471	)
	VY® Clarion Global Real Estate Portfolio - Adviser Class	154	112	42		29	156	(127	)
	VY® Clarion Global Real Estate Portfolio - Institutional Class	1,478,388	1,533,113	(54,725	)	2,025,676	1,835,075	190,601
	VY® Clarion Real Estate Portfolio - Adviser Class	1,299	1,002	297		60	363	(303	)
	VY® Clarion Real Estate Portfolio - Institutional Class	2,676,696	2,681,243	(4,547	)	2,115,219	2,145,540	(30,321	)
	VY® Clarion Real Estate Portfolio - Service Class	981,456	909,218	72,238		956,409	1,320,633	(364,224	)
	VY® FMR Diversified Mid Cap Portfolio - Institutional Class	336,908	441,515	(104,607	)	491,978	576,823	(84,845	)
	VY® FMR Diversified Mid Cap Portfolio - Service Class	359,464	714,674	(355,210	)	504,385	776,122	(271,737	)
	VY® FMR Diversified Mid Cap Portfolio - Service 2 Class	—	—	—		2,161	109	2,052
	VY® Invesco Growth and Income Portfolio - Institutional Class	725,655	126,589	599,066		371,617	120,036	251,581
	VY® Invesco Growth and Income Portfolio - Service Class	249,607	319,147	(69,540	)	572,437	442,851	129,586
	VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class	8,883	5,748	3,135		587	1,875	(1,288	)
	VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class	297,493	392,004	(94,511	)	330,204	659,587	(329,383	)
	VY® JPMorgan Emerging Markets Equity Portfolio - Service Class	253,723	273,074	(19,351	)	268,549	462,214	(193,665	)
	VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class	190	162	28		42	34	8
	VY® JPMorgan Small Cap Core Equity Portfolio - Institutional Class	531,339	175,309	356,030		660,224	185,979	474,245
	VY® JPMorgan Small Cap Core Equity Portfolio - Service Class	313,961	198,398	115,563		526,210	234,293	291,917
	VY® Marsico Growth Portfolio - Institutional Class	—	888,913	(888,913	)	275,995	279,214	(3,219	)
	VY® Marsico Growth Portfolio - Service Class	—	6,254	(6,254	)	1,200	3,013	(1,813	)
	VY® MFS Total Return Portfolio - Adviser Class	—	68,573	(68,573	)	852	21,324	(20,472	)
	VY® MFS Total Return Portfolio - Institutional Class	—	4,396,217	(4,396,217	)	631,862	841,460	(209,598	)
	VY® MFS Total Return Portfolio - Service Class	—	1,530,853	(1,530,853	)	305,044	378,249	(73,205	)
	VY® MFS Utilities Portfolio - Service Class	—	2,187,486	(2,187,486	)	428,862	504,933	(76,071	)

241

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
Voya Investors Trust (continued):
	VY® Morgan Stanley Global Franchise Portfolio - Adviser Class	172	774	(602	)	80	25	55
	VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class	2,269	1,072	1,197		10,585	2,344	8,241
	VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class	2,095,836	1,202,234	893,602		3,020,267	1,234,217	1,786,050
	VY® T. Rowe Price Capital Appreciation Portfolio - Service Class	4,815,888	3,876,591	939,297		6,750,946	5,100,275	1,650,671
	VY® T. Rowe Price Equity Income Portfolio - Adviser Class	2,073	23,600	(21,527	)	4,648	23,838	(19,190	)
	VY® T. Rowe Price Equity Income Portfolio - Service Class	2,013,121	2,219,181	(206,060	)	2,094,826	2,299,661	(204,835	)
	VY® T. Rowe Price International Stock Portfolio - Adviser Class	349	417	(68	)	850	470	380
	VY® T. Rowe Price International Stock Portfolio - Service Class	87,609	90,434	(2,825	)	100,416	140,744	(40,328	)
	VY® Templeton Global Growth Portfolio - Institutional Class	7,609	5,231	2,378		16,346	29,739	(13,393	)
	VY® Templeton Global Growth Portfolio - Service Class	173,993	182,526	(8,533	)	232,060	178,728	53,332
Voya Money Market Portfolio:
	Voya Money Market Portfolio - Class I	21,872,589	24,500,295	(2,627,706	)	16,787,563	17,246,886	(459,323	)
Voya Mutual Funds:
	Voya Global Real Estate Fund - Class A	6,560	6,669	(109	)	6,408	4,298	2,110
	Voya Multi-Manager International Small Cap Fund - Class A	6,040	12,641	(6,601	)	7,009	8,686	(1,677	)
Voya Partners, Inc.:
	Voya Aggregate Bond Portfolio - Adviser Class	3,492	16,257	(12,765	)	4,853	47,043	(42,190	)
	Voya Aggregate Bond Portfolio - Initial Class	200,523	89,309	111,214		95,578	20,304	75,274
	Voya Aggregate Bond Portfolio - Service Class	6,317,060	8,733,815	(2,416,755	)	5,805,529	8,834,993	(3,029,464	)
	Voya Global Bond Portfolio - Adviser Class	1,631	5,115	(3,484	)	1,949	5,226	(3,277	)
	Voya Global Bond Portfolio - Initial Class	4,716,036	5,893,271	(1,177,235	)	2,102,380	4,245,650	(2,143,270	)
	Voya Global Bond Portfolio - Service Class	30,180	32,209	(2,029	)	25,212	47,576	(22,364	)
	Voya Index Solution 2015 Portfolio - Initial Class	41,437	39,483	1,954		31,685	8,890	22,795
	Voya Index Solution 2015 Portfolio - Service Class	78,930	36,195	42,735		13,877	30,748	(16,871	)
	Voya Index Solution 2015 Portfolio - Service 2 Class	39,203	40,530	(1,327	)	21,269	12,407	8,862
	Voya Index Solution 2025 Portfolio - Initial Class	103,691	33,404	70,287		49,033	8,243	40,790
	Voya Index Solution 2025 Portfolio - Service Class	79,995	10,534	69,461		58,152	108	58,044
	Voya Index Solution 2025 Portfolio - Service 2 Class	115,966	91,208	24,758		199,431	145,909	53,522
	Voya Index Solution 2035 Portfolio - Initial Class	80,221	32,474	47,747		50,917	2,604	48,313
	Voya Index Solution 2035 Portfolio - Service Class	61,629	3,894	57,735		17,611	486	17,125
	Voya Index Solution 2035 Portfolio - Service 2 Class	62,364	44,415	17,949		125,092	101,407	23,685

242

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
Voya Partners, Inc. (continued):
	Voya Index Solution 2045 Portfolio - Initial Class	79,331	13,209	66,122		18,096	1,134	16,962
	Voya Index Solution 2045 Portfolio - Service Class	22,326	2,599	19,727		17,635	208	17,427
	Voya Index Solution 2045 Portfolio - Service 2 Class	54,200	35,570	18,630		95,152	82,089	13,063
	Voya Index Solution 2055 Portfolio - Initial Class	24,539	8,482	16,057		8,386	90	8,296
	Voya Index Solution 2055 Portfolio - Service Class	27,913	16,457	11,456		11,383	11,639	(256	)
	Voya Index Solution 2055 Portfolio - Service 2 Class	13,199	4,884	8,315		14,231	7,632	6,599
	Voya Index Solution Income Portfolio - Initial Class	34,836	4,971	29,865		769	—	769
	Voya Index Solution Income Portfolio - Service Class	14,325	3	14,322		5,896	31,963	(26,067	)
	Voya Index Solution Income Portfolio - Service 2 Class	2,621	1,435	1,186		6,930	5,597	1,333
	Voya Solution 2015 Portfolio - Adviser Class	—	4,278	(4,278	)	—	2,164	(2,164	)
	Voya Solution 2015 Portfolio - Initial Class	123,459	21,267	102,192		60,603	26,966	33,637
	Voya Solution 2015 Portfolio - Service Class	1,088,365	1,296,113	(207,748	)	1,382,690	1,732,741	(350,051	)
	Voya Solution 2015 Portfolio - Service 2 Class	192,801	370,146	(177,345	)	364,225	463,007	(98,782	)
	Voya Solution 2025 Portfolio - Adviser Class	573	3,412	(2,839	)	1,126	92	1,034
	Voya Solution 2025 Portfolio - Initial Class	156,600	102,645	53,955		18,783	3,494	15,289
	Voya Solution 2025 Portfolio - Service Class	1,782,932	1,457,184	325,748		2,202,535	1,944,229	258,306
	Voya Solution 2025 Portfolio - Service 2 Class	387,739	424,277	(36,538	)	465,269	664,957	(199,688	)
	Voya Solution 2035 Portfolio - Adviser Class	94	2,888	(2,794	)	56	7,192	(7,136	)
	Voya Solution 2035 Portfolio - Initial Class	98,339	24,053	74,286		19,287	1,589	17,698
	Voya Solution 2035 Portfolio - Service Class	1,539,254	1,063,086	476,168		1,898,232	1,431,133	467,099
	Voya Solution 2035 Portfolio - Service 2 Class	361,772	411,197	(49,425	)	484,750	760,667	(275,917	)
	Voya Solution 2045 Portfolio - Adviser Class	70	4	66		24	2,464	(2,440	)
	Voya Solution 2045 Portfolio - Initial Class	25,148	13,743	11,405		28,919	3,722	25,197
	Voya Solution 2045 Portfolio - Service Class	1,100,142	933,260	166,882		1,367,633	1,059,776	307,857
	Voya Solution 2045 Portfolio - Service 2 Class	209,789	248,904	(39,115	)	375,592	743,675	(368,083	)
	Voya Solution 2055 Portfolio - Initial Class	47,952	1,027	46,925		103	18	85
	Voya Solution 2055 Portfolio - Service Class	326,023	143,253	182,770		351,621	133,979	217,642
	Voya Solution 2055 Portfolio - Service 2 Class	58,096	47,801	10,295		67,105	57,511	9,594
	Voya Solution Balanced Portfolio - Service Class	100,040	52,251	47,789		117,950	42,045	75,905
	Voya Solution Income Portfolio - Adviser Class	—	1,801	(1,801	)	2	3,788	(3,786	)
	Voya Solution Income Portfolio - Initial Class	224,552	172,525	52,027		62,747	21,294	41,453

243

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
Voya Partners, Inc. (continued):
	Voya Solution Income Portfolio - Service Class	382,007	240,155	141,852		410,224	318,071	92,153
	Voya Solution Income Portfolio - Service 2 Class	39,405	58,560	(19,155	)	57,663	121,108	(63,445	)
	Voya Solution Moderately Conservative Portfolio - Service Class	166,705	85,586	81,119		149,927	63,338	86,589
	VY® American Century Small-Mid Cap Value Portfolio - Adviser Class	1,038	1,203	(165	)	146	948	(802	)
	VY® American Century Small-Mid Cap Value Portfolio - Initial Class	268,668	409,162	(140,494	)	522,414	139,063	383,351
	VY® American Century Small-Mid Cap Value Portfolio - Service Class	1,501,255	1,595,898	(94,643	)	1,274,015	1,119,439	154,576
	VY® Baron Growth Portfolio - Adviser Class	831	8,967	(8,136	)	5,522	73,476	(67,954	)
	VY® Baron Growth Portfolio - Service Class	3,991,501	4,506,102	(514,601	)	2,734,878	2,214,007	520,871
	VY® Columbia Contrarian Core Portfolio - Service Class	168,151	211,457	(43,306	)	164,859	219,945	(55,086	)
	VY® Columbia Small Cap Value II Portfolio - Adviser Class	—	1,703	(1,703	)	965	9,045	(8,080	)
	VY® Columbia Small Cap Value II Portfolio - Service Class	66,448	110,449	(44,001	)	192,863	148,862	44,001
	VY® Fidelity® VIP Mid Cap Portfolio - Service Class	173	55,311	(55,138	)	1,772	106,096	(104,324	)
	VY® Invesco Comstock Portfolio - Adviser Class	3,694	3,668	26		1,657	1,933	(276	)
	VY® Invesco Comstock Portfolio - Service Class	2,137,088	2,029,400	107,688		1,431,624	1,118,183	313,441
	VY® Invesco Equity and Income Portfolio - Adviser Class	61,538	16,371	45,167		2,199	6,498	(4,299	)
	VY® Invesco Equity and Income Portfolio - Initial Class	12,469,969	7,461,599	5,008,370		2,614,530	4,223,656	(1,609,126	)
	VY® Invesco Equity and Income Portfolio - Service Class	691,428	468,040	223,388		855	1,625	(770	)
	VY® JPMorgan Mid Cap Value Portfolio - Adviser Class	459	861	(402	)	2,864	7,538	(4,674	)
	VY® JPMorgan Mid Cap Value Portfolio - Initial Class	130,214	44,285	85,929		315,751	30,476	285,275
	VY® JPMorgan Mid Cap Value Portfolio - Service Class	1,959,205	1,971,077	(11,872	)	1,096,748	831,046	265,702
	VY® Oppenheimer Global Portfolio - Adviser Class	1,337	4,763	(3,426	)	2,741	11,495	(8,754	)
	VY® Oppenheimer Global Portfolio - Initial Class	6,224,212	9,005,922	(2,781,710	)	4,099,694	7,003,366	(2,903,672	)
	VY® Oppenheimer Global Portfolio - Service Class	7,124	5,853	1,271		8,770	7,016	1,754
	VY® Pioneer High Yield Portfolio - Initial Class	6,473,942	6,010,825	463,117		2,199,760	1,662,356	537,404
	VY® Pioneer High Yield Portfolio - Service Class	14,965	10,213	4,752		36,798	27,818	8,980
	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class	189	2,296	(2,107	)	1,280	13,228	(11,948	)
	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class	2,837,157	4,215,240	(1,378,083	)	1,705,718	3,687,087	(1,981,369	)
	VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class	13,246	7,880	5,366		17,059	12,272	4,787
	VY® T. Rowe Price Growth Equity Portfolio - Adviser Class	2,187	11,925	(9,738	)	4,101	10,921	(6,820	)
	VY® T. Rowe Price Growth Equity Portfolio - Initial Class	4,188,100	4,567,469	(379,369	)	3,038,143	3,251,128	(212,985	)
	VY® T. Rowe Price Growth Equity Portfolio - Service Class	64,294	66,822	(2,528	)	65,685	59,736	5,949

244

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
Voya Partners, Inc. (continued):
	VY® Templeton Foreign Equity Portfolio - Adviser Class	1,523	10,449	(8,926	)	2,155	14,167	(12,012	)
	VY® Templeton Foreign Equity Portfolio - Initial Class	4,962,045	5,609,164	(647,119	)	2,028,234	2,887,775	(859,541	)
	VY® Templeton Foreign Equity Portfolio - Service Class	5,213	5,840	(627	)	2,183	548	1,635
Voya Series Fund, Inc.:
	Voya Core Equity Research Fund - Class A	2,997	3,357	(360	)	2,755	6,458	(3,703	)
Voya Strategic Allocation Portfolios, Inc.:
	Voya Strategic Allocation Conservative Portfolio - Class I	1,635,167	1,730,309	(95,142	)	798,223	775,820	22,403
	Voya Strategic Allocation Growth Portfolio - Class I	733,966	947,155	(213,189	)	702,924	783,901	(80,977	)
	Voya Strategic Allocation Moderate Portfolio - Class I	1,793,016	1,912,695	(119,679	)	760,611	956,915	(196,304	)
Voya Variable Funds:
	Voya Growth and Income Portfolio - Class A	2,688	12,564	(9,876	)	59,211	18,831	40,380
	Voya Growth and Income Portfolio - Class I	11,031,502	15,285,768	(4,254,266	)	10,208,654	10,332,531	(123,877	)
	Voya Growth and Income Portfolio - Class S	9,136	5,506	3,630		14,023	535,211	(521,188	)
Voya Variable Portfolios, Inc.:
	Voya Index Plus LargeCap Portfolio - Class I	5,670,660	6,341,918	(671,258	)	2,479,821	3,444,120	(964,299	)
	Voya Index Plus LargeCap Portfolio - Class S	242	3,662	(3,420	)	273	9,952	(9,679	)
	Voya Index Plus MidCap Portfolio - Class I	3,087,313	3,870,160	(782,847	)	2,671,717	3,399,202	(727,485	)
	Voya Index Plus MidCap Portfolio - Class S	447	9,960	(9,513	)	1,032	1,811	(779	)
	Voya Index Plus SmallCap Portfolio - Class I	2,285,303	2,736,124	(450,821	)	2,542,981	2,574,977	(31,996	)
	Voya Index Plus SmallCap Portfolio - Class S	1,941	190	1,751		501	1,263	(762	)
	Voya International Index Portfolio - Class I	1,442,540	1,212,705	229,835		1,003,360	826,945	176,415
	Voya International Index Portfolio - Class S	96	4	92		—	5	(5	)
	Voya Russell™ Large Cap Growth Index Portfolio - Class I	1,247,505	1,040,628	206,877		483,380	467,527	15,853
	Voya Russell™ Large Cap Growth Index Portfolio - Class S	3,707	5,271	(1,564	)	10,839	2,252	8,587
	Voya Russell™ Large Cap Index Portfolio - Class I	1,191,493	530,711	660,782		1,096,770	602,168	494,602
	Voya Russell™ Large Cap Index Portfolio - Class S	860,062	853,121	6,941		29,852	23,492	6,360
	Voya Russell™ Large Cap Value Index Portfolio - Class I	4,113	4,437	(324	)	18,301	16,621	1,680
	Voya Russell™ Large Cap Value Index Portfolio - Class S	191,901	122,370	69,531		179,178	131,033	48,145
	Voya Russell™ Mid Cap Growth Index Portfolio - Class S	113,781	85,159	28,622		127,573	94,174	33,399
	Voya Russell™ Mid Cap Index Portfolio - Class I	1,311,188	537,543	773,645		1,380,864	546,960	833,904
	Voya Russell™ Small Cap Index Portfolio - Class I	616,523	323,247	293,276		702,634	314,926	387,708

245

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Year ended December 31
		2014				2013
		Units	Units	Net Increase		Units	Units	Net Increase
		Issued	Redeemed	(Decrease)		Issued	Redeemed	(Decrease)
Voya Variable Portfolios, Inc. (continued):
	Voya Small Company Portfolio - Class I	2,344,271	2,699,627	(355,356	)	1,286,764	1,544,442	(257,678	)
	Voya Small Company Portfolio - Class S	1,051	1,771	(720	)	1,103	349	754
	Voya U.S. Bond Index Portfolio - Class I	406,227	201,011	205,216		341,881	502,541	(160,660	)
Voya Variable Products Trust:
	Voya International Value Portfolio - Class I	2,519,394	2,881,169	(361,775	)	1,664,318	2,014,599	(350,281	)
	Voya International Value Portfolio - Class S	495	5,528	(5,033	)	334	3,231	(2,897	)
	Voya MidCap Opportunities Portfolio - Class A	—	68	(68	)	179	111	68
	Voya MidCap Opportunities Portfolio - Class I	1,507,301	1,180,261	327,040		3,543,945	1,146,825	2,397,120
	Voya MidCap Opportunities Portfolio - Class S	24,674	31,150	(6,476	)	37,234	85,607	(48,373	)
	Voya SmallCap Opportunities Portfolio - Class I	631,044	675,546	(44,502	)	944,352	801,039	143,313
	Voya SmallCap Opportunities Portfolio - Class S	1,542	438	1,104		723	840	(117	)
Wanger Advisors Trust:
	Wanger International	873,333	703,951	169,382		1,303,795	866,986	436,809
	Wanger Select	283,485	1,406,887	(1,123,402	)	580,916	1,221,499	(640,583	)
	Wanger USA	396,744	729,662	(332,918	)	736,330	800,037	(63,707	)
Washington Mutual Investors FundSM:
	Washington Mutual Investors FundSM - Class R-3	75,199	92,828	(17,629	)	90,485	147,537	(57,052	)
	Washington Mutual Investors FundSM - Class R-4	1,207,855	1,113,451	94,404		1,320,301	1,614,505	(294,204	)
Wells Fargo Funds Trust:
	Wells Fargo Advantage Small Cap Value Fund - Class A	2,661	3,325	(664	)	1,847	4,465	(2,618	)
	Wells Fargo Advantage Special Small Cap Value Fund - Class A	392,932	598,893	(205,961	)	444,058	733,586	(289,528	)

246

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

8. Financial Highlights

A summary of unit values, units outstanding, and net assets for variable annuity Contracts, expense ratios, excluding expenses of underlying funds, investment income ratios, and total return for the years ended December 31, 2014, 2013, 2012, 2011, and 2010, follows:

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Invesco Floating Rate Fund - Class R5
	2014	07/29/2014	3	$9.90	to	$9.92	$32	(e)	0.95%	to	1.25%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Invesco Mid Cap Core Equity Fund - Class A
	2014		211	$17.86	to	$22.40	$4,057	-	0.15%	to	1.70%	2.73%	to	4.35%
	2013		246	$17.35	to	$21.65	$4,574	-	0.15%	to	1.70%	27.06%	to	28.99%
	2012		314	$13.63	to	$16.93	$4,552	0.51%	0.00%	to	1.70%	8.48%	to	10.43%
	2011		371	$12.54	to	$15.49	$4,891	-	0.00%	to	1.70%	-7.81%	to	-6.25%
	2010		361	$13.57	to	$16.69	$5,115	0.08%	0.00%	to	1.70%	10.66%	to	12.54%
Invesco Small Cap Growth Fund - Class A
	2014		4		$24.48		$90	-		1.00%			6.57%
	2013		2		$22.97		$38	-		1.00%			38.54%
	2012		2		$16.58		$26	-		1.00%			17.17%
	2011		2		$14.15		$32	-		1.00%			-2.28%
	2010		3		$14.48		$42	-		1.00%			25.04%
Invesco International Growth Fund - Class R5
	2014		34		$11.99		$408	1.92%		0.95%			-0.75%
	2013		18		$12.08		$217	2.43%		0.95%			17.97%
	2012	11/30/2012	3		$10.24		$30	(c)		0.95%			(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)

247

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Invesco Endeavor Fund - Class A
	2014		3	$19.14	to	$19.85	$51	-	0.45%	to	1.20%	6.77%	to	7.12%
	2013		3	$17.86	to	$18.53	$63	-	0.45%	to	1.40%	26.22%	to	27.44%
	2012		2	$14.15	to	$14.54	$36	(f)	0.45%	to	1.40%		(f)
	2011	07/19/2011	-		$12.26		-	(b)		0.75%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Invesco Global Health Care Fund - Investor Class
	2014		6	$64.44	to	$70.86	$442	-	0.50%	to	1.50%	18.56%	to	19.76%
	2013		6	$54.35	to	$59.17	$356	0.34%	0.50%	to	1.50%	40.40%	to	41.83%
	2012		6	$38.71	to	$41.72	$234	0.49%	0.50%	to	1.50%	18.96%	to	20.16%
	2011		5	$32.54	to	$34.72	$176	0.56%	0.50%	to	1.50%	3.00%	to	3.49%
	2010		6	$31.62	to	$33.40	$183	-	0.55%	to	1.55%	3.00%	to	4.05%
Invesco High Yield Fund - Class R5
	2014	08/06/2014	4	$9.71	to	$9.77	$35	(e)	0.40%	to	1.40%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Invesco American Value Fund - Class R5
	2014	06/16/2014	21	$10.83	to	$10.86	$231	(e)	0.95%	to	1.40%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Invesco Energy Fund - Class R5
	2014	08/27/2014	-	$7.51	to	$7.53	-	(e)	1.05%	to	1.40%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)

248

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Invesco Small Cap Value Fund - Class A
	2014		15	$26.40	to	$28.81	$423	-	0.20%	to	1.75%	5.31%	to	6.90%
	2013		12	$25.07	to	$26.95	$318	-	0.20%	to	1.75%	41.72%	to	43.25%
	2012		8	$17.69	to	$18.65	$141	-	0.30%	to	1.75%	20.42%	to	22.13%
	2011		5	$14.69	to	$15.27	$82	-	0.30%	to	1.75%	-9.82%	to	-8.45%
	2010	01/28/2010	7	$16.29	to	$16.68	$120	(a)	0.30%	to	1.75%		(a)
Invesco V.I. American Franchise Fund - Series I Shares
	2014		686	$14.43	to	$55.13	$27,172	0.04%	0.00%	to	1.50%	6.83%	to	8.52%
	2013		698	$13.50	to	$50.84	$26,065	0.42%	0.00%	to	1.50%	38.04%	to	40.13%
	2012	04/27/2012	702	$9.77	to	$36.28	$19,755	(c)	0.00%	to	1.50%		(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
Invesco V.I. Core Equity Fund - Series I Shares
	2014		2,593	$12.43	to	$22.25	$39,632	0.86%	0.00%	to	1.95%	6.04%	to	8.16%
	2013		2,807	$11.63	to	$20.68	$40,151	1.40%	0.00%	to	1.95%	26.73%	to	29.22%
	2012		3,096	$9.11	to	$16.08	$34,682	0.97%	0.00%	to	1.95%	11.59%	to	13.87%
	2011		3,494	$8.08	to	$14.19	$34,790	0.97%	0.00%	to	1.95%	-2.01%
	2010		3,820	$8.17	to	$14.12	$38,408	0.94%	0.00%	to	1.95%	7.44%	to	9.68%
Alger Capital Appreciation Fund - Class A
	2014		64	$20.24	to	$21.20	$1,335	-	0.20%	to	1.15%	11.91%	to	12.55%
	2013		39	$18.13	to	$18.75	$723	-	0.25%	to	1.10%	34.20%	to	34.60%
	2012	05/01/2012	35	$13.55	to	$13.93	$492	(c)	0.25%	to	1.20%		(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
Alger Green Fund - Class A
	2014		181	$12.85	to	$22.00	$3,775	-	0.00%	to	1.50%	3.22%	to	4.81%
	2013		209	$12.42	to	$20.99	$4,212	-	0.00%	to	1.50%	32.75%	to	34.72%
	2012		135	$9.35	to	$15.58	$2,030	0.16%	0.00%	to	1.50%	13.20%	to	14.90%
	2011		123	$8.25	to	$13.56	$1,622	-	0.00%	to	1.50%	-6.66%	to	-5.24%
	2010		114	$8.90	to	$14.36	$1,614	-	0.00%	to	1.50%	7.97%	to	9.57%

249

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
AllianceBernstein Growth and Income Fund - Class A
	2014		11	$18.09	to	$18.90	$201	1.04%	0.70%	to	1.10%	7.61%	to	7.97%
	2013		11	$16.81	to	$17.66	$183	0.52%	0.60%	to	1.10%	32.89%	to	33.48%
	2012		16	$12.65	to	$13.23	$201	1.07%	0.60%	to	1.10%	16.16%	to	16.87%
	2011		16	$10.71	to	$11.32	$172	1.10%	0.60%	to	1.30%	4.18%	to	4.91%
	2010		18	$10.14	to	$10.79	$191	0.52%	0.60%	to	1.50%	11.39%	to	12.40%
AllianceBernstein Growth and Income Portfolio - Class A
	2014		23	$19.21	to	$19.41	$443	1.43%	1.15%	to	1.25%	8.16%	to	8.25%
	2013		38	$17.76	to	$17.93	$674	1.04%	1.15%	to	1.25%	33.23%	to	33.41%
	2012		36	$13.33	to	$13.44	$476	1.69%	1.15%	to	1.25%	16.11%	to	16.16%
	2011		41	$11.48	to	$11.57	$473	1.29%	1.15%	to	1.25%	5.03%	to	5.18%
	2010		42	$10.93	to	$11.11	$457	-	1.00%	to	1.25%	11.64%	to	12.00%
AllianzGI NFJ Dividend Value Fund - Class A
	2014		12	$21.76	to	$22.13	$261	1.97%	0.70%	to	1.00%	8.53%	to	8.85%
	2013		12	$20.05	to	$20.33	$246	2.21%	0.70%	to	1.00%	27.38%	to	27.78%
	2012		13	$15.74	to	$15.91	$206	2.60%	0.70%	to	1.00%		12.83%
	2011		13	$13.95	to	$14.03	$179	2.29%	0.80%	to	1.00%		2.05%
	2010		19	$13.67	to	$13.74	$258	3.06%	0.70%	to	1.00%		11.96%
AllianzGI NFJ Large-Cap Value Fund - Institutional Class
	2014		2		$13.12		$27	3.85%		0.80%			10.72%
	2013		2		$11.85		$25	3.33%		0.80%			31.67%
	2012		4		$9.00		$35	2.58%		0.80%			13.21%
	2011		374	$7.95	to	$8.19	$3,063	2.91%	0.00%	to	0.80%	1.02%	to	1.87%
	2010		234	$7.78	to	$8.04	$1,879	2.62%	0.00%	to	1.25%	11.30%	to	12.76%
AllianzGI NFJ Small-Cap Value Fund - Class A
	2014		21	$24.04	to	$27.25	$548	2.47%	0.50%	to	1.65%	-0.04%	to	1.04%
	2013		23	$24.05	to	$26.82	$584	1.22%	0.55%	to	1.65%	29.37%	to	30.83%
	2012		20	$18.59	to	$20.50	$400	1.26%	0.55%	to	1.65%	8.52%	to	9.74%
	2011		22	$17.13	to	$18.68	$395	1.51%	0.55%	to	1.65%	0.47%	to	1.52%
	2010		22	$17.05	to	$18.40	$398	1.04%	0.55%	to	1.65%	22.84%	to	24.05%

250

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Amana Growth Fund - Investor Class
	2014		2,369	$15.70	to	$21.91	$42,462	0.36%	0.00%	to	1.65%	12.13%	to	14.07%
	2013		2,537	$13.97	to	$19.22	$39,761	0.61%	0.00%	to	1.65%	20.84%	to	22.89%
	2012		2,780	$11.55	to	$15.64	$35,389	0.28%	0.00%	to	1.65%	9.54%	to	11.18%
	2011		2,411	$10.54	to	$14.07	$27,822	0.10%	0.00%	to	1.60%	-3.30%	to	-1.81%
	2010		1,503	$10.90	to	$14.33	$18,000	0.03%	0.00%	to	1.65%	14.12%	to	47.13%
Amana Income Fund - Investor Class
	2014		4,115	$16.20	to	$21.19	$74,812	1.56%	0.00%	to	1.60%	7.50%	to	9.12%
	2013		4,314	$15.07	to	$19.47	$72,426	1.58%	0.00%	to	1.65%	27.55%	to	29.71%
	2012		3,978	$11.79	to	$15.12	$51,965	1.71%	0.00%	to	1.65%	-9.31%	to	9.67%
	2011		3,336	$10.92	to	$13.94	$40,417	1.63%	0.00%	to	1.50%	0.45%	to	1.99%
	2010		2,466	$10.87	to	$13.81	$29,407	1.54%	0.00%	to	1.55%	10.51%	to	35.39%
American Balanced Fund® - Class R-3
	2014		383	$17.09	to	$20.24	$7,317	1.19%	0.00%	to	1.55%	6.81%	to	8.53%
	2013		415	$16.00	to	$18.65	$7,353	1.39%	0.00%	to	1.55%	19.49%	to	21.34%
	2012		396	$13.39	to	$15.37	$5,771	1.67%	0.00%	to	1.55%	12.05%	to	13.85%
	2011		446	$11.95	to	$13.50	$5,726	1.88%	0.00%	to	1.55%	1.96%	to	3.45%
	2010		497	$11.72	to	$13.05	$6,178	1.82%	0.00%	to	1.55%	11.01%	to	12.69%
American Beacon Small Cap Value Fund - Investor Class
	2014	05/16/2014	6	$10.60	to	$10.61	$64	(e)	0.95%	to	1.00%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
American Century Investments® Inflation-Adjusted Bond Fund - Investor Class
	2014		2,408	$9.85	to	$12.79	$29,023	1.48%	0.00%	to	1.90%	0.70%	to	2.65%
	2013		2,767	$11.41	to	$12.46	$32,860	1.18%	0.00%	to	1.90%	-10.79%	to	-9.12%
	2012		4,134	$12.79	to	$13.71	$54,588	2.39%	0.00%	to	1.90%	4.66%	to	6.69%
	2011		3,484	$12.22	to	$12.85	$43,588	3.98%	0.00%	to	1.90%	10.89%	to	13.02%
	2010		1,607	$11.02	to	$11.37	$17,967	2.49%	0.00%	to	1.90%	3.75%	to	5.47%

251

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
American Century Investments® Income & Growth Fund - A Class
	2014		636	$17.09	to	$55.06	$10,906	1.87%	0.75%	to	1.20%	10.90%	to	11.39%
	2013		624	$15.41	to	$49.43	$9,649	2.07%	0.75%	to	1.20%	33.77%	to	34.36%
	2012		552	$11.52	to	$36.79	$6,374	1.95%	0.75%	to	1.10%	13.05%	to	13.17%
	2011		523	$10.19	to	$31.52	$5,331	1.36%		1.00%		1.70%	to	1.71%
	2010		509	$10.02	to	$30.99	$5,100	1.15%		1.00%		12.69%	to	12.71%
Fundamental InvestorsSM - Class R-3
	2014		149	$13.59	to	$15.06	$2,170	0.68%	0.00%	to	1.55%	6.92%	to	8.50%
	2013		143	$12.71	to	$13.88	$1,936	1.15%	0.00%	to	1.55%	29.04%	to	31.07%
	2012		116	$9.85	to	$10.59	$1,203	1.05%	0.00%	to	1.55%	14.94%	to	16.89%
	2011		123	$8.57	to	$9.06	$1,093	1.48%	0.00%	to	1.55%	-3.71%	to	-2.27%
	2010		87	$8.90	to	$9.27	$793	1.08%	0.00%	to	1.55%	12.17%	to	13.42%
Fundamental InvestorsSM - Class R-4
	2014		4,638	$13.91	to	$15.37	$67,392	1.07%	0.00%	to	1.50%	7.25%	to	8.93%
	2013		3,811	$12.97	to	$14.11	$51,196	1.37%	0.00%	to	1.50%	29.57%	to	31.50%
	2012		3,619	$10.01	to	$10.73	$37,284	1.30%	0.00%	to	1.50%	15.32%	to	17.01%
	2011		3,649	$8.68	to	$9.17	$32,351	1.71%	0.00%	to	1.50%	-3.34%	to	-1.93%
	2010		3,501	$8.98	to	$9.35	$31,928	1.44%	0.00%	to	1.50%	12.25%	to	14.02%
American Funds American Mutual Fund® - Class R-4
	2014		127	$16.21	to	$17.16	$2,154	1.97%	0.00%	to	1.40%	11.00%	to	12.60%
	2013		59	$14.60	to	$15.24	$888	1.90%	0.00%	to	1.40%	26.08%	to	26.92%
	2012		5	$11.58	to	$11.74	$61	2.99%	0.75%	to	1.40%	10.60%	to	11.39%
	2011	07/21/2011	1	$10.47	to	$10.54	$6	(b)	0.75%	to	1.40%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Ariel Appreciation Fund - Investor Class
	2014		30	$20.37	to	$23.47	$697	0.70%	0.60%	to	1.90%	6.09%	to	7.46%
	2013		35	$19.20	to	$21.84	$740	0.75%	0.60%	to	1.90%	43.50%	to	45.41%
	2012		59	$13.38	to	$15.02	$866	0.91%	0.60%	to	1.90%	17.06%	to	18.64%
	2011		55	$11.43	to	$12.66	$679	0.40%	0.60%	to	1.90%	-9.07%	to	-8.08%
	2010		62	$12.40	to	$13.61	$833	-	0.75%	to	2.10%	17.20%	to	18.76%

252

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Ariel Fund - Investor Class
	2014		590	$18.58	to	$30.44	$11,912	0.60%	0.00%	to	1.90%	8.90%	to	10.91%
	2013		571	$17.00	to	$27.52	$10,567	0.82%	0.00%	to	1.90%	41.91%	to	44.72%
	2012		258	$11.93	to	$18.86	$3,328	0.97%	0.00%	to	1.90%	18.22%	to	20.37%
	2011		286	$10.06	to	$15.99	$3,064	0.25%	0.00%	to	1.70%	-12.80%	to	-11.35%
	2010		202	$11.52	to	$17.82	$2,518	-	0.00%	to	2.10%	23.35%	to	25.12%
Artisan International Fund - Investor Shares
	2014		1,146	$10.83	to	$19.47	$13,092	0.84%	0.00%	to	1.50%	-2.49%	to	-0.99%
	2013		885	$11.10	to	$19.92	$10,284	1.14%	0.00%	to	1.50%	23.33%	to	25.18%
	2012		537	$9.00	to	$15.91	$5,043	1.43%	0.00%	to	1.50%	23.46%	to	25.32%
	2011		354	$7.29	to	$12.80	$2,674	1.43%	0.00%	to	1.50%	-8.65%	to	-7.23%
	2010		306	$7.98	to	$13.98	$2,510	0.92%	0.00%	to	1.50%	4.44%	to	5.87%
Aston/Fairpointe Mid Cap Fund - Class N
	2014		2,535	$15.45	to	$20.37	$47,419	0.11%	0.00%	to	1.50%	8.08%	to	9.69%
	2013		1,924	$14.21	to	$18.57	$33,435	-	0.00%	to	1.50%	42.35%	to	44.51%
	2012		712	$9.93	to	$12.85	$8,892	1.09%	0.00%	to	1.50%	14.67%	to	16.39%
	2011		512	$10.77	to	$11.04	$5,556	0.24%	0.00%	to	1.50%	-7.87%	to	-6.79%
	2010	05/24/2010	249	$11.69	to	$11.79	$2,925	(a)	0.25%	to	1.50%		(a)
BlackRock Equity Dividend Fund - Investor A Shares
	2014		92	$17.57	to	$18.96	$1,697	1.66%	0.10%	to	1.65%	7.26%	to	8.97%
	2013		84	$16.38	to	$17.40	$1,434	1.80%	0.10%	to	1.65%	22.33%	to	24.20%
	2012		74	$13.39	to	$14.01	$1,014	2.40%	0.10%	to	1.65%	10.52%	to	11.69%
	2011		39	$12.26	to	$12.49	$487	2.09%	0.25%	to	1.25%		4.75%
	2010	07/19/2010	15		$11.80		$183	(a)		0.80%			(a)
BlackRock Mid Cap Value Opportunities Fund - Institutional Shares
	2014	08/05/2014	2	$10.24	to	$10.30	$21	(e)	0.40%	to	1.40%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)

253

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
BlackRock Mid Cap Value Opportunities Fund - Investor A Shares
	2014		689	$23.40	to	$25.47	$16,783	0.49%	0.00%	to	1.50%	4.79%	to	6.39%
	2013		696	$22.33	to	$23.94	$16,116	0.56%	0.00%	to	1.50%	31.35%	to	33.30%
	2012		556	$17.00	to	$17.96	$9,764	0.37%	0.00%	to	1.50%	11.48%	to	13.17%
	2011		478	$15.25	to	$15.91	$7,480	0.42%	0.00%	to	1.50%	-2.06%	to	-0.56%
	2010		285	$15.57	to	$16.16	$4,516	-	0.00%	to	1.50%	24.01%	to	25.18%
Bond Fund of AmericaSM - Class R-4
	2014		789	$11.40	to	$12.60	$9,317	2.09%	0.00%	to	1.50%	3.92%	to	5.53%
	2013		819	$10.97	to	$11.94	$9,244	2.35%	0.00%	to	1.50%	-3.43%	to	-1.97%
	2012		942	$11.36	to	$12.18	$10,954	2.62%	0.00%	to	1.50%	4.32%	to	5.91%
	2011		831	$10.89	to	$11.50	$9,219	3.28%	0.00%	to	1.50%	4.91%	to	6.48%
	2010		780	$10.38	to	$10.80	$8,210	4.03%	0.00%	to	1.50%	5.70%	to	7.25%
Calvert VP SRI Balanced Portfolio
	2014		1,780	$13.52	to	$44.87	$53,491	1.54%	0.00%	to	1.50%	7.95%	to	9.60%
	2013		1,917	$12.44	to	$41.44	$52,700	1.06%	0.00%	to	1.50%	16.21%	to	18.04%
	2012		1,973	$10.64	to	$35.53	$46,174	1.25%	0.00%	to	1.50%	8.85%	to	10.41%
	2011		2,054	$9.72	to	$32.50	$44,041	1.30%	0.00%	to	1.50%	2.98%	to	4.61%
	2010		2,182	$9.38	to	$31.39	$45,223	1.41%	0.00%	to	1.50%	10.42%	to	12.09%
Capital World Growth & Income FundSM - Class R-3
	2014		41	$18.22	to	$19.56	$775	2.05%	0.00%	to	1.25%	2.36%	to	3.66%
	2013		37	$17.80	to	$18.87	$685	2.17%	0.00%	to	1.25%	22.93%	to	24.55%
	2012		35	$14.48	to	$15.15	$513	2.16%	0.00%	to	1.25%	17.34%	to	18.52%
	2011		33	$12.34	to	$12.69	$415	2.06%	0.20%	to	1.25%	-9.00%	to	-8.04%
	2010		27	$13.56	to	$13.80	$363	2.65%	0.20%	to	1.25%	6.85%	to	6.85%
Cohen & Steers Realty Shares, Inc.
	2014		469	$14.01	to	$14.81	$6,678	2.44%	0.00%	to	1.50%	28.18%	to	30.26%
	2013		220	$10.93	to	$11.37	$2,434	2.76%	0.00%	to	1.50%	1.58%	to	3.08%
	2012		197	$10.76	to	$11.03	$2,138	2.49%	0.00%	to	1.50%	13.98%	to	15.46%
	2011	05/13/2011	71	$9.44	to	$9.52	$677	(b)	0.25%	to	1.50%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)

254

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
ColumbiaSM Acorn® Fund - Class A Shares
	2014		5	$18.64	to	$18.92	$100	-	0.70%	to	1.00%	-0.48%	to	-0.26%
	2013		5	$18.40	to	$18.88	$103	-	0.80%	to	1.45%	28.67%	to	29.39%
	2012		6	$14.30	to	$14.53	$85	-	0.90%	to	1.45%	15.88%	to	16.52%
	2011		6	$12.34	to	$12.47	$69	-	0.90%	to	1.45%		-5.98%
	2010	08/06/2010	1	$13.20	to	$13.23	$9	(a)	0.95%	to	1.15%		(a)
ColumbiaSM Acorn® Fund - Class Z Shares
	2014		4		$15.35		$58	-		1.25%			-0.45%
	2013		4		$15.42		$54	-		1.25%			29.25%
	2012		3		$11.93		$39	-		1.25%			16.50%
	2011		1,012	$10.24	to	$10.72	$10,848	0.32%	0.00%	to	1.25%	-5.80%	to	-4.63%
	2010		631	$10.87	to	$11.24	$7,095	0.17%	0.00%	to	1.25%	24.37%	to	26.01%
Columbia Mid Cap Value Fund - Class A Shares
	2014		656	$14.97	to	$16.82	$10,416	0.50%	0.00%	to	1.75%	10.20%	to	11.72%
	2013		419	$13.72	to	$14.89	$5,980	0.40%	0.15%	to	1.60%	32.95%	to	34.88%
	2012		388	$10.32	to	$10.98	$4,121	0.76%	0.25%	to	1.60%	14.67%	to	16.22%
	2011		413	$9.00	to	$9.45	$3,805	0.57%	0.25%	to	1.60%	-5.74%	to	-4.55%
	2010		399	$9.54	to	$9.90	$3,877	1.20%	0.25%	to	1.65%	21.09%	to	22.68%
Columbia Mid Cap Value Fund - Class Z Shares
	2014		-		$16.23		$2	-		0.80%			11.47%
	2013		-		$14.56		$2	-		0.80%			34.32%
	2012		-		$10.84		$1	0.75%		0.80%			15.94%
	2011		557	$9.35	to	$9.63	$5,363	1.04%	0.00%	to	0.80%	-4.79%	to	-3.99%
	2010		273	$9.82	to	$10.03	$2,739	1.48%	0.00%	to	0.80%	22.14%	to	23.22%
CRM Mid Cap Value Fund - Investor Shares
	2014		13	$20.38	to	$21.75	$288	0.67%	0.40%	to	1.55%	4.22%	to	5.01%
	2013		15	$19.53	to	$20.60	$313	0.37%	0.45%	to	1.60%	30.99%	to	32.48%
	2012		15	$14.83	to	$15.55	$232	0.89%	0.45%	to	1.75%	15.93%	to	17.09%
	2011		16	$12.93	to	$13.28	$216	0.46%	0.45%	to	1.45%	-8.33%	to	-7.59%
	2010		16	$14.11	to	$14.37	$223	0.68%	0.45%	to	1.55%	17.78%	to	18.08%

255

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Davis Financial Fund - Class Y
	2014	08/28/2014	-		$10.48		-	(e)		0.95%			(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Delaware Diversified Income Fund - Class A
	2014		434		$10.27		$4,462	3.65%		0.95%			4.16%
	2013		191		$9.86		$1,887	4.09%		0.95%			-2.38%
	2012	09/14/2012	79		$10.10		$801	(c)		0.95%			(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
Delaware Small Cap Value Fund - Class A
	2014		55	$12.49	to	$12.73	$692	0.50%	0.25%	to	1.40%	4.07%	to	5.12%
	2013	05/10/2013	9	$12.03	to	$12.11	$109	(d)	0.25%	to	1.25%		(d)
	2012		(d)		(d)		(d)	(d)		(d)			(d)
	2011		(d)		(d)		(d)	(d)		(d)			(d)
	2010		(d)		(d)		(d)	(d)		(d)			(d)
Deutsche Small Cap Growth Fund - Class S
	2014	08/15/2014	2	$10.98	to	$11.00	$24	(e)	1.05%	to	1.40%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Dodge & Cox International Stock Fund
	2014		27	$13.95	to	$14.98	$393	2.33%	0.50%	to	1.95%	-1.90%	to	-0.47%
	2013		26	$14.22	to	$15.05	$380	1.99%	0.50%	to	1.95%	23.87%	to	25.42%
	2012		19	$11.48	to	$11.88	$224	2.78%	0.75%	to	1.95%	18.85%	to	20.12%
	2011		14	$9.69	to	$9.89	$136	(f)	0.75%	to	1.85%		(f)
	2010	10/18/2010	-		$11.80		$4	(a)		1.35%			(a)

256

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Dodge & Cox Stock Fund
	2014		15	$19.45	to	$20.73	$302	1.86%	0.50%	to	1.80%	8.46%	to	9.86%
	2013		7	$17.93	to	$18.87	$128	1.28%	0.50%	to	1.80%		38.03%
	2012		2	$12.99	to	$13.16	$28	(f)	1.35%	to	1.80%		(f)
	2011	01/10/2011	2	$10.86	to	$10.98	$24	(b)	1.15%	to	1.70%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Deutsche Equity 500 Index Fund - Class S
	2014		33		$22.89		$746	1.83%		1.00%			12.15%
	2013		33		$20.41		$676	1.89%		1.00%			30.67%
	2012		31		$15.62		$491	2.02%		1.00%			14.43%
	2011		29		$13.65		$400	1.86%		1.00%			0.89%
	2010		26		$13.53		$351	1.67%		1.00%			13.79%
Eaton Vance Large-Cap Value Fund - Class R Shares
	2014		5	$19.91	to	$20.89	$93	0.89%	0.20%	to	1.05%	9.52%	to	10.47%
	2013		7	$18.18	to	$18.91	$131	0.87%	0.20%	to	1.05%	28.16%	to	28.73%
	2012		7	$14.13	to	$14.69	$98	1.39%	0.20%	to	1.25%	14.04%	to	15.31%
	2011		4	$12.29	to	$12.74	$46	2.38%	0.20%	to	1.55%	-5.26%	to	-4.93%
	2010		3	$13.20	to	$13.40	$38	-	0.20%	to	1.10%	9.09%	to	9.17%
EuroPacific Growth Fund® - Class R-3
	2014		349	$18.22	to	$21.58	$7,100	0.95%	0.00%	to	1.55%	-4.46%	to	-2.92%
	2013		410	$19.07	to	$22.23	$8,662	0.65%	0.00%	to	1.55%	18.01%	to	19.77%
	2012		494	$16.16	to	$18.56	$8,750	1.35%	0.00%	to	1.55%	17.02%	to	18.90%
	2011		649	$13.81	to	$15.61	$9,736	1.18%	0.00%	to	1.55%	-15.17%	to	-13.85%
	2010		742	$16.06	to	$18.12	$12,954	1.19%	0.00%	to	1.75%	7.21%	to	9.09%
EuroPacific Growth Fund® - Class R-4
	2014		15,222	$10.24	to	$22.06	$295,528	1.33%	0.00%	to	1.50%	-4.13%	to	-2.61%
	2013		15,518	$10.61	to	$22.67	$314,660	1.02%	0.00%	to	1.50%	18.42%	to	20.50%
	2012		15,728	$8.91	to	$18.86	$268,614	1.82%	0.00%	to	1.50%	17.44%	to	19.23%
	2011		16,297	$7.54	to	$15.82	$235,342	1.54%	0.00%	to	1.50%	-14.91%	to	-13.60%
	2010		16,595	$8.81	to	$18.31	$279,835	1.48%	0.00%	to	1.50%	7.74%	to	9.40%

257

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Fidelity Advisor® New Insights Fund - Institutional Class
	2014		51	$10.87	to	$20.27	$934	0.24%	0.40%	to	1.95%	7.38%	to	9.10%
	2013		40	$17.49	to	$18.58	$729	-	0.40%	to	1.95%	30.13%	to	32.15%
	2012		34	$13.44	to	$14.06	$465	-	0.40%	to	1.95%	14.15%	to	15.72%
	2011		22	$11.82	to	$12.15	$259	(f)	0.40%	to	1.85%		(f)
	2010	08/12/2010	3	$12.21	to	$12.24	$38	(a)	0.90%	to	1.15%		(a)
Fidelity® VIP Equity-Income Portfolio - Initial Class
	2014		9,616	$12.83	to	$44.27	$301,864	2.80%	0.00%	to	1.95%	6.58%	to	8.75%
	2013		10,575	$11.91	to	$41.19	$306,607	2.51%	0.00%	to	1.95%	25.63%	to	28.10%
	2012		11,678	$9.38	to	$32.52	$264,552	3.11%	0.00%	to	1.95%	15.02%	to	17.37%
	2011		13,226	$8.07	to	$28.04	$256,279	2.48%	0.00%	to	1.95%	-0.94%	to	1.01%
	2010		14,409	$8.06	to	$28.09	$280,318	1.76%	0.00%	to	2.15%	12.73%	to	15.25%
Fidelity® VIP Growth Portfolio - Initial Class
	2014		10,303	$13.57	to	$45.36	$292,498	0.19%	0.00%	to	1.75%	9.42%	to	11.34%
	2013		10,711	$12.30	to	$41.23	$275,001	0.28%	0.00%	to	1.75%	33.95%	to	36.33%
	2012		11,796	$9.10	to	$30.59	$225,077	0.62%	0.00%	to	1.75%	12.69%	to	14.70%
	2011		12,717	$8.01	to	$26.98	$214,512	0.38%	0.00%	to	1.80%	-1.49%	to	0.18%
	2010		13,207	$8.07	to	$27.24	$225,726	0.34%	0.00%	to	1.85%	21.91%	to	24.36%
Fidelity® VIP High Income Portfolio - Initial Class
	2014		812	$14.94	to	$15.85	$12,151	6.10%	0.95%	to	1.50%	-0.38%	to	0.20%
	2013		759	$14.91	to	$15.91	$11,354	5.55%	0.95%	to	1.50%	4.40%	to	5.00%
	2012		852	$14.20	to	$15.24	$12,167	6.21%	0.95%	to	1.50%	12.56%	to	13.15%
	2011		770	$12.55	to	$13.54	$9,729	6.80%	0.95%	to	1.50%	2.42%	to	3.04%
	2010		812	$12.18	to	$13.22	$9,957	7.77%	0.95%	to	1.50%	12.13%	to	12.78%
Fidelity® VIP Overseas Portfolio - Initial Class
	2014		1,667	$8.96	to	$24.80	$29,883	1.30%	0.00%	to	1.50%	-9.46%	to	-8.07%
	2013		1,864	$9.83	to	$27.07	$36,312	1.36%	0.00%	to	1.50%	28.47%	to	30.42%
	2012		1,924	$7.61	to	$20.76	$29,379	1.91%	0.00%	to	1.50%	18.92%	to	20.83%
	2011		2,181	$6.36	to	$17.19	$27,985	1.44%	0.00%	to	1.50%	-18.39%	to	-17.16%
	2010		2,316	$7.74	to	$20.75	$36,340	1.31%	0.00%	to	1.50%	11.42%	to	13.20%

258

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Fidelity® VIP Contrafund® Portfolio - Initial Class
	2014		32,591	$14.21	to	$60.97	1,379,550	0.95%	0.00%	to	1.95%	9.83%	to	12.30%
	2013		34,517	$12.81	to	$54.32	1,320,713	1.07%	0.00%	to	1.95%	28.75%	to	31.32%
	2012		36,247	$9.84	to	$41.86	1,085,469	1.39%	0.00%	to	1.95%	14.15%	to	16.42%
	2011		37,831	$8.53	to	$36.35	988,331	1.03%	0.00%	to	1.95%	-4.39%	to	-2.54%
	2010		38,963	$8.83	to	$37.67	1,058,819	1.19%	0.00%	to	2.15%	14.74%	to	17.37%
Fidelity® VIP Index 500 Portfolio - Initial Class
	2014		3,986	$44.11	to	$44.18	176,091	1.67%	0.95%	to	1.20%	12.22%	to	12.50%
	2013		3,904	$39.21	to	$39.37	153,676	1.96%	0.95%	to	1.20%	30.71%	to	31.01%
	2012		3,845	$29.93	to	$30.12	115,759	2.20%	0.95%	to	1.10%	14.66%	to	14.81%
	2011		3,936	$26.07	to	$26.27	103,342	1.98%	0.95%	to	1.00%	1.04%	to	1.09%
	2010		4,089	$25.79	to	$26.00	106,249	1.90%	0.95%	to	1.00%	13.84%	to	13.91%
Fidelity® VIP Mid Cap Portfolio - Initial Class
	2014		1,283		$22.96		29,464	0.26%		-			6.30%
	2013		1,290		$21.60		27,855	0.52%		-			36.19%
	2012		1,299		$15.86		20,599	0.66%		-			14.84%
	2011		1,311		$13.81		18,110	0.26%		-			-10.61%
	2010		1,329		$15.45		20,531	0.39%		-			28.86%
Fidelity® VIP Asset Manager Portfolio - Initial Class
	2014		759	$29.83	to	$29.88	22,661	1.50%	0.95%	to	1.20%	4.59%	to	4.81%
	2013		814	$28.46	to	$28.57	23,250	1.53%	0.95%	to	1.20%	14.33%	to	14.62%
	2012		905	$24.83	to	$24.99	22,592	1.59%	0.95%	to	1.10%	11.26%	to	11.40%
	2011		930	$22.29	to	$22.46	20,844	2.01%	0.95%	to	1.00%	-3.52%	to	-3.46%
	2010		947	$23.09	to	$23.28	22,008	1.67%	0.95%	to	1.00%	13.12%	to	13.19%
Franklin Mutual Global Discovery Fund - Class R
	2014		108	$13.50	to	$25.31	2,593	1.88%	0.10%	to	1.55%	3.20%	to	4.55%
	2013		113	$13.03	to	$24.06	2,610	1.27%	0.15%	to	1.55%	23.10%	to	24.86%
	2012		131	$10.55	to	$19.27	2,419	1.30%	0.15%	to	1.55%	11.32%	to	12.89%
	2011		171	$15.28	to	$17.07	2,800	1.26%	0.15%	to	1.55%	-4.68%	to	-3.42%
	2010		228	$15.81	to	$17.53	3,888	1.60%	0.25%	to	1.75%	8.96%	to	10.53%

259

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Franklin Biotechnology Discovery Fund - Advisor Class
	2014	09/10/2014	7	$10.88	to	$14.12	$97	(e)	0.95%	to	1.25%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Franklin Natural Resources Fund - Advisor Class
	2014	08/27/2014	-	$7.30	to	$7.31	$3	(e)	1.15%	to	1.40%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Franklin Small-Mid Cap Growth Fund - Class A
	2014		14	$20.69	to	$23.71	$306	-	0.20%	to	1.45%	5.99%	to	7.29%
	2013		36	$18.95	to	$22.10	$759	-	0.20%	to	1.75%	36.60%	to	38.30%
	2012		36	$14.29	to	$15.98	$553	-	0.20%	to	1.45%	9.17%	to	10.59%
	2011		49	$12.78	to	$14.45	$673	-	0.20%	to	1.75%	-6.58%	to	-5.57%
	2010		47	$13.68	to	$15.12	$681	-	0.30%	to	1.75%	26.20%	to	28.04%
Franklin Small Cap Value VIP Fund - Class 2
	2014		4,562	$15.55	to	$33.03	$132,108	0.62%	0.00%	to	1.75%	-1.18%	to	0.87%
	2013		4,953	$15.61	to	$32.84	$144,001	1.30%	0.00%	to	1.75%	33.84%	to	36.21%
	2012		5,113	$11.56	to	$24.11	$110,112	0.79%	0.00%	to	1.75%	16.34%	to	18.42%
	2011		5,934	$9.85	to	$20.36	$109,148	0.70%	0.00%	to	1.75%	-5.40%	to	-3.71%
	2010		6,233	$10.33	to	$21.19	$119,932	0.74%	0.00%	to	1.95%	25.72%	to	28.24%
Goldman Sachs Growth Opportunities Fund - Class IR Shares
	2014	08/27/2014	-	$11.28	to	$11.29	$3	(e)	1.10%	to	1.25%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)

260

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Growth Fund of America® - Class R-3
	2014		794	$16.46	to	$22.93	$16,720	0.03%	0.00%	to	1.55%	7.31%	to	8.93%
	2013		819	$15.26	to	$21.05	$15,914	0.03%	0.00%	to	1.55%	31.37%	to	33.40%
	2012		847	$11.56	to	$15.78	$12,373	0.44%	0.00%	to	1.55%	18.35%	to	20.18%
	2011		1,165	$9.71	to	$13.13	$14,365	0.34%	0.00%	to	1.55%	-6.60%	to	-5.13%
	2010		1,342	$10.34	to	$13.84	$17,580	0.60%	0.00%	to	1.75%	9.96%	to	11.97%
Growth Fund of America® - Class R-4
	2014		17,901	$14.21	to	$23.65	$380,060	0.33%	0.00%	to	1.50%	7.64%	to	9.61%
	2013		18,546	$13.12	to	$21.64	$363,914	0.33%	0.00%	to	1.50%	31.83%	to	33.83%
	2012		19,382	$9.90	to	$16.17	$287,158	0.76%	0.00%	to	1.50%	18.73%	to	20.61%
	2011		21,865	$8.28	to	$13.42	$271,700	0.64%	0.00%	to	1.50%	-6.27%	to	-4.82%
	2010		23,779	$8.79	to	$14.10	$313,633	0.88%	0.00%	to	1.50%	10.63%	to	12.30%
The Hartford Capital Appreciation Fund - Class R4
	2014		-		$17.34		-	-		0.65%			6.64%
	2013		-		$16.26		-	-		0.65%			40.78%
	2012		14		$11.55		$159	0.60%		0.65%			19.44%
	2011		18		$9.67		$173	1.65%		0.65%			-15.77%
	2010	07/19/2010	17		$11.48		$190	(a)		0.65%			(a)
The Hartford Dividend And Growth Fund - Class R4
	2014		-		$18.23		$5	-		0.65%			11.64%
	2013		-		$16.33		$4	3.02%		0.65%			30.12%
	2012		21		$12.55		$261	1.38%		0.65%			12.15%
	2011		2		$11.19		$28	-		0.65%			0.27%
	2010	06/29/2010	4		$11.16		$46	(a)		0.65%			(a)
Income Fund of America® - Class R-3
	2014		134	$17.54	to	$20.77	$2,622	2.79%	0.00%	to	1.55%	6.37%	to	8.01%
	2013		131	$16.49	to	$19.23	$2,392	3.02%	0.00%	to	1.55%	15.96%	to	17.76%
	2012		129	$14.22	to	$16.33	$1,985	3.31%	0.00%	to	1.55%	10.00%	to	11.62%
	2011		153	$13.10	to	$14.63	$2,121	3.64%	0.00%	to	1.40%	3.72%	to	5.18%
	2010		147	$12.33	to	$13.91	$1,942	3.82%	0.00%	to	1.75%	9.70%	to	11.55%

261

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Ivy Science and Technology Fund - Class Y
	2014	08/15/2014	3	$10.84	to	$10.85	$31	(e)	0.95%	to	1.15%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Janus Aspen Series Balanced Portfolio - Institutional Shares
	2014		3	$32.95	to	$50.91	$147	2.00%	0.50%	to	1.40%	7.02%	to	7.96%
	2013		3	$30.58	to	$47.51	$153	1.83%	0.50%	to	1.40%	18.46%	to	19.58%
	2012		4	$25.63	to	$40.04	$174	3.08%	0.50%	to	1.40%	12.05%	to	13.05%
	2011		4	$22.71	to	$35.79	$151	2.55%	0.40%	to	1.40%	0.23%	to	1.11%
	2010		7	$22.50	to	$35.55	$242	2.78%	0.50%	to	1.40%	6.87%	to	7.87%
Janus Aspen Series Enterprise Portfolio - Institutional Shares
	2014		6	$32.59	to	$51.62	$282	0.33%	0.45%	to	1.50%	10.84%	to	12.00%
	2013		7	$29.17	to	$46.45	$326	0.29%	0.45%	to	1.50%	30.42%	to	31.81%
	2012		11	$22.19	to	$35.53	$365	-	0.45%	to	1.50%	15.58%	to	16.74%
	2011		11	$19.05	to	$30.67	$322	-	0.40%	to	1.50%	-2.91%	to	-1.84%
	2010		12	$19.46	to	$31.51	$363	-	0.45%	to	1.50%	24.01%	to	25.27%
Janus Aspen Series Flexible Bond Portfolio - Institutional Shares
	2014		1	$22.03	to	$32.21	$40	2.56%	0.50%	to	1.50%	3.38%	to	4.39%
	2013		1	$21.24	to	$31.08	$38	5.13%	0.50%	to	1.50%	-1.62%	to	-0.62%
	2012		1	$21.52	to	$31.52	$40	1.90%	0.50%	to	1.50%	6.72%	to	7.80%
	2011		2	$20.09	to	$29.46	$65	7.63%	0.50%	to	1.50%	5.15%	to	6.19%
	2010		3	$18.80	to	$27.94	$66	3.13%	0.50%	to	1.50%	6.38%	to	7.47%
Janus Aspen Series Global Research Portfolio - Institutional Shares
	2014		4	$16.46	to	$31.40	$102	1.52%	0.45%	to	1.50%	5.87%	to	6.98%
	2013		6	$15.43	to	$29.59	$161	1.35%	0.45%	to	1.50%	26.46%	to	27.83%
	2012		6	$12.10	to	$23.33	$135	0.80%	0.45%	to	1.50%	18.33%	to	19.52%
	2011		6	$10.15	to	$19.68	$114	0.72%	0.40%	to	1.50%	-15.03%	to	-14.08%
	2010		8	$11.85	to	$23.10	$164	0.60%	0.45%	to	1.50%	14.08%	to	15.28%

262

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Janus Aspen Series Janus Portfolio - Institutional Shares
	2014		3	$14.52	to	$35.95	$82	-	0.50%	to	1.25%	11.61%	to	12.40%
	2013		3	$12.96	to	$32.19	$78	1.35%	0.50%	to	1.25%	28.71%	to	29.67%
	2012		4	$10.04	to	$24.98	$70	-	0.50%	to	1.40%	16.99%	to	18.06%
	2011		4	$8.54	to	$21.31	$57	-	0.50%	to	1.40%	-6.62%	to	-5.81%
	2010		5	$9.10	to	$22.41	$82	1.20%	0.50%	to	1.40%	12.89%	to	14.00%
JPMorgan Equity Income Fund - Select Class Shares
	2014	08/11/2014	6	$11.00	to	$11.03	$68	(e)	0.95%	to	1.25%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
JPMorgan Government Bond Fund - Select Class Shares
	2014		42		$10.02		$426	1.50%		0.95%			4.59%
	2013		25		$9.58		$242	5.56%		0.95%			-4.58%
	2012	11/05/2012	1		$10.04		$10	(c)		0.95%			(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
Lazard Emerging Markets Equity Portfolio - Open Shares
	2014		-		$11.72		-	(f)		0.70%			(f)
	2013	09/25/2013	-		$12.30		-	(d)		0.80%			(d)
	2012		(d)		(d)		(d)	(d)		(d)			(d)
	2011		(d)		(d)		(d)	(d)		(d)			(d)
	2010		(d)		(d)		(d)	(d)		(d)			(d)
Lazard U.S. Mid Cap Equity Portfolio - Open Shares
	2014		322	$12.32	to	$14.54	$4,184	0.22%	0.00%	to	1.50%	12.20%	to	13.95%
	2013		339	$10.98	to	$12.76	$3,922	0.29%	0.00%	to	1.50%	30.71%	to	32.57%
	2012		571	$8.40	to	$9.63	$5,049	0.07%	0.00%	to	1.50%	3.83%	to	5.48%
	2011		452	$8.09	to	$9.13	$3,793	0.03%	0.00%	to	1.50%	-7.22%	to	-5.86%
	2010		287	$8.72	to	$9.70	$2,566	0.86%	0.00%	to	1.50%	21.28%	to	23.10%

263

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
ClearBridge Aggressive Growth Fund - Class I
	2014	08/15/2014	9	$11.02	to	$11.10	$96	(e)	0.10%	to	1.25%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
LKCM Aquinas Growth Fund
	2014		25		$13.87		$348	-		0.90%			0.36%
	2013		30		$13.82		$411	-		0.90%			25.64%
	2012		31		$11.00		$337	-		0.90%			9.45%
	2011		29		$10.05		$291	-		0.90%			0.60%
	2010		28	$9.99	to	$11.93	$316	-	0.90%	to	1.05%	15.32%	to	15.49%
Loomis Sayles Small Cap Value Fund - Retail Class
	2014		813	$16.98	to	$18.76	$14,315	0.27%	0.00%	to	1.50%	3.47%	to	5.04%
	2013		921	$16.41	to	$17.86	$15,591	0.02%	0.00%	to	1.50%	33.52%	to	35.61%
	2012		838	$12.29	to	$13.17	$10,558	0.87%	0.00%	to	1.50%	14.33%	to	16.04%
	2011		668	$10.75	to	$11.35	$7,314	-	0.00%	to	1.50%	-3.24%	to	-1.82%
	2010		413	$11.11	to	$11.56	$4,646	0.50%	0.00%	to	1.50%	22.90%	to	24.70%
Loomis Sayles Limited Term Government and Agency Fund - Class Y
	2014	05/19/2014	37	$9.99	to	$10.01	$373	(e)	0.95%	to	1.20%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Loomis Sayles Value Fund - Class Y
	2014	09/29/2014	-		$10.81		-	(e)		0.95%			(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)

264

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Lord Abbett Developing Growth Fund - Class A
	2014		11	$23.92	to	$25.56	$274	-	0.20%	to	1.55%	1.97%	to	3.06%
	2013		11	$23.49	to	$24.80	$259	-	0.20%	to	1.60%	54.74%	to	56.86%
	2012		6	$15.18	to	$15.81	$93	-	0.20%	to	1.60%	8.85%	to	9.75%
	2011		5	$13.96	to	$14.26	$77	-	0.55%	to	1.65%		-2.55%
	2010	07/30/2010	1	$14.51	to	$14.57	$19	(a)	0.60%	to	1.05%		(a)
Lord Abbett Core Fixed Income Fund - Class A
	2014		110	$11.05	to	$11.44	$1,258	0.15%	0.70%	to	1.45%	4.64%	to	5.03%
	2013		4	$10.56	to	$10.78	$46	1.90%	0.90%	to	1.45%	-3.74%	to	-3.14%
	2012		5	$10.97	to	$11.13	$59	1.80%	0.90%	to	1.45%	4.28%	to	4.90%
	2011		5	$10.52	to	$10.61	$51	3.64%	0.90%	to	1.45%		3.93%
	2010	8/6/2010	-		$10.17		$4	(a)		1.15%			(a)
Lord Abbett Mid Cap Stock Fund - Class A
	2014		53	$19.01	to	$24.26	$1,155	0.46%	0.35%	to	1.65%	10.21%	to	11.22%
	2013		50	$17.14	to	$21.96	$997	0.41%	0.35%	to	1.75%	28.44%	to	29.60%
	2012		63	$13.75	to	$17.02	$960	0.52%	0.55%	to	1.45%	12.89%	to	13.91%
	2011		102	$11.90	to	$15.01	$1,343	0.14%	0.55%	to	1.75%	-5.63%	to	-4.54%
	2010		106	$12.61	to	$15.79	$1,451	0.40%	0.60%	to	1.75%	23.39%	to	24.77%
Lord Abbett Small Cap Value Fund - Class A
	2014		47	$24.45	to	$27.41	$1,254	-	0.55%	to	1.60%	0.29%	to	1.33%
	2013		55	$24.38	to	$27.05	$1,450	-	0.55%	to	1.60%	31.57%	to	32.92%
	2012		60	$18.53	to	$20.35	$1,186	0.69%	0.55%	to	1.60%	8.81%	to	10.00%
	2011		63	$17.03	to	$18.50	$1,138	-	0.55%	to	1.60%	-6.12%	to	-5.20%
	2010		92	$18.14	to	$19.44	$1,751	-	0.60%	to	1.60%	24.25%	to	25.50%
Lord Abbett Fundamental Equity Fund - Class A
	2014		14	$17.79	to	$19.05	$265	0.76%	0.20%	to	1.60%	5.27%	to	6.72%
	2013		15	$16.90	to	$17.85	$264	0.47%	0.20%	to	1.60%	34.45%	to	36.36%
	2012		12	$12.57	to	$13.09	$158	0.99%	0.20%	to	1.60%	9.52%	to	10.46%
	2011	03/16/2011	4	$11.52	to	$11.85	$45	(b)	0.20%	to	1.65%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)

265

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Lord Abbett Series Fund - Mid Cap Stock Portfolio - Class VC
	2014		4,665	$13.77	to	$26.55	$104,586	0.43%	0.00%	to	1.50%	9.87%	to	11.50%
	2013		5,161	$12.46	to	$24.10	$104,684	0.40%	0.00%	to	1.50%	28.34%	to	30.40%
	2012		6,044	$9.65	to	$18.71	$95,534	0.67%	0.00%	to	1.50%	12.88%	to	14.55%
	2011		6,523	$8.50	to	$16.51	$90,948	0.21%	0.00%	to	1.50%	-5.45%	to	-4.07%
	2010		6,716	$8.93	to	$17.37	$98,339	0.38%	0.00%	to	1.50%	23.52%	to	25.52%
MainStay Large Cap Growth Fund - Class R3
	2014		-		$20.77		$2	-		-			9.89%
	2013		34		$18.90		$637	-		-			35.97%
	2012	02/15/2012	31		$13.90		$424	(c)		-			(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
Massachusetts Investors Growth Stock Fund - Class A
	2014		34	$19.89	to	$22.42	$722	0.58%	0.25%	to	1.35%	10.25%	to	11.21%
	2013		34	$17.90	to	$20.16	$660	0.44%	0.25%	to	1.45%	28.52%	to	29.37%
	2012		49	$13.52	to	$15.05	$718	1.05%	0.60%	to	1.80%	15.41%	to	16.22%
	2011		33	$12.20	to	$12.95	$428	0.50%	0.60%	to	1.35%	0.16%	to	0.55%
	2010		29	$12.33	to	$12.81	$371	0.60%	0.65%	to	1.20%	12.81%	to	13.46%
Metropolitan West Total Return Bond Fund - Class M Shares
	2014		1,039	$10.11	to	$10.32	$10,611	1.90%	0.25%	to	1.50%	4.53%	to	5.53%
	2013	05/15/2013	358	$9.71	to	$9.77	$3,490	(d)	0.30%	to	1.25%		(d)
	2012		(d)		(d)		(d)	(d)		(d)			(d)
	2011		(d)		(d)		(d)	(d)		(d)			(d)
	2010		(d)		(d)		(d)	(d)		(d)			(d)
MFS® New Discovery Fund - Class R3
	2014	08/13/2014	-	$10.55	to	$10.57	$1	(e)	0.95%	to	1.20%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)

266

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
MFS® International Value Fund - Class R3
	2014	08/15/2014	1	$9.77	to	$9.78	$13	(e)	0.95%	to	1.20%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Neuberger Berman Genesis Fund - Trust Class
	2014		27	$17.09	to	$18.14	$473	-	0.35%	to	1.70%	-1.23%	to	-0.66%
	2013		11	$17.41	to	$18.26	$198	0.68%	0.35%	to	1.75%	34.54%	to	36.37%
	2012		7	$12.94	to	$13.39	$95	-	0.35%	to	1.75%		8.44%
	2011	03/08/2011	5	$11.99	to	$12.15	$66	(b)	0.85%	to	1.80%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Neuberger Berman Socially Responsive Fund - Trust Class
	2014		786	$15.12	to	$18.09	$13,345	0.92%	0.00%	to	1.90%	8.18%	to	10.29%
	2013		930	$13.84	to	$16.45	$14,445	1.19%	0.00%	to	1.90%	35.35%	to	37.90%
	2012		779	$10.12	to	$11.95	$8,855	0.80%	0.00%	to	1.90%	8.70%	to	10.88%
	2011		1,002	$9.22	to	$10.81	$10,377	0.73%	0.00%	to	1.90%	-4.81%	to	-3.07%
	2010		660	$9.77	to	$11.18	$7,130	0.20%	0.00%	to	1.90%	20.44%	to	22.19%
New Perspective Fund® - Class R-3
	2014		94	$20.24	to	$23.58	$2,112	0.22%	0.00%	to	1.40%	1.40%	to	2.83%
	2013		110	$19.96	to	$22.93	$2,417	0.53%	0.00%	to	1.40%	24.67%	to	26.41%
	2012		122	$15.94	to	$18.14	$2,123	0.61%	0.00%	to	1.45%	18.68%	to	20.37%
	2011		236	$13.33	to	$15.07	$3,477	0.67%	0.00%	to	1.55%	-9.32%	to	-7.89%
	2010		266	$14.70	to	$16.36	$4,250	0.76%	0.00%	to	1.55%	10.61%	to	12.36%
New Perspective Fund® - Class R-4
	2014		5,427	$13.13	to	$24.79	$121,851	0.59%	0.00%	to	1.50%	1.68%	to	3.20%
	2013		5,241	$12.84	to	$24.03	$114,954	0.86%	0.00%	to	1.50%	24.88%	to	26.81%
	2012		5,050	$10.22	to	$18.95	$88,013	1.22%	0.00%	to	1.50%	18.94%	to	20.87%
	2011		4,619	$8.77	to	$15.69	$67,062	1.04%	0.00%	to	1.50%	-8.98%	to	-7.65%
	2010		4,588	$9.50	to	$16.99	$72,675	1.13%	0.00%	to	1.50%	11.05%	to	12.74%

267

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
American Funds New World Fund® - Class R-4
	2014	08/13/2014	3	$9.46	to	$9.53	$27	(e)	0.10%	to	1.25%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Nuveen Global Infrastructure Fund - Class I
	2014	05/15/2014	115	$10.45	to	$10.46	$1,197	(e)	1.00%	to	1.20%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Nuveen U.S. Infrastructure Income Fund - Class I
	2014	06/23/2014	10	$20.68	to	$20.75	$204	(e)	0.70%	to	1.25%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Oppenheimer Capital Appreciation Fund - Class A
	2014		6	$16.51	to	$17.35	$104	-	0.75%	to	1.20%	13.63%	to	14.22%
	2013		7	$14.53	to	$15.42	$106	-	0.60%	to	1.20%	27.79%	to	28.50%
	2012		44	$11.27	to	$12.00	$520	0.65%	0.60%	to	1.30%	12.14%	to	12.99%
	2011		39	$10.05	to	$10.62	$400	0.23%	0.60%	to	1.30%	-2.80%	to	-2.12%
	2010		43	$10.23	to	$10.85	$456	-	0.60%	to	1.45%	7.57%	to	8.50%
Oppenheimer Developing Markets Fund - Class A
	2014		3,823	$11.43	to	$88.14	$249,694	0.27%	0.00%	to	1.75%	-6.45%	to	-4.51%
	2013		4,033	$12.12	to	$92.59	$280,181	0.10%	0.00%	to	1.75%	6.49%	to	8.38%
	2012		4,295	$11.29	to	$85.45	$275,812	0.41%	0.00%	to	1.75%	18.73%	to	20.87%
	2011		4,737	$9.42	to	$70.71	$259,497	1.67%	0.00%	to	1.75%	-19.52%	to	-18.09%
	2010		4,842	$11.61	to	$86.33	$325,715	0.15%	0.00%	to	1.95%	24.54%	to	26.97%

268

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Oppenheimer Developing Markets Fund - Class Y
	2014		3,459	$10.98	to	$11.31	$38,711	0.62%	0.00%	to	1.25%	-5.01%	to	-4.56%
	2013		3,321	$11.78	to	$11.85	$39,124	0.46%	0.00%	to	0.45%	8.17%	to	8.62%
	2012	09/04/2012	3,248	$10.89	to	$10.91	$35,375	(c)	0.00%	to	0.45%		(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
Oppenheimer Gold & Special Minerals Fund - Class A
	2014		4	$4.82	to	$5.20	$21	-	0.20%	to	1.75%	-16.75%	to	-15.58%
	2013		3	$5.79	to	$6.16	$15	-	0.20%	to	1.75%	-48.60%	to	-47.88%
	2012		1	$11.40	to	$11.82	$16	(f)	0.20%	to	1.45%		(f)
	2011		1	$12.79	to	$12.89	$7	(f)	0.80%	to	1.20%		(f)
	2010	07/26/2010	2		$17.52		$38	(a)		0.60%			(a)
Oppenheimer International Bond Fund - Class A
	2014		5	$10.68	to	$11.13	$57	4.04%	0.70%	to	1.55%	-1.01%	to	-0.36%
	2013		13	$10.79	to	$11.17	$141	3.72%	0.70%	to	1.60%	-5.57%	to	-4.86%
	2012		11	$11.49	to	$11.74	$128	3.82%	0.70%	to	1.45%	9.22%	to	9.87%
	2011		13	$10.50	to	$10.65	$134	6.49%	0.80%	to	1.55%	-1.77%	to	-1.12%
	2010	07/14/2010	5	$10.71	to	$10.76	$52	(a)	0.85%	to	1.45%		(a)
Oppenheimer International Growth Fund - Class Y
	2014	07/15/2014	1	$9.09	to	$9.11	$10	(e)	0.95%	to	1.20%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Oppenheimer International Small Company Fund - Class Y
	2014	08/01/2014	1	$9.75	to	$9.77	$12	(e)	0.95%	to	1.40%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)

269

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Oppenheimer Discovery Mid Cap Growth Fund/VA
	2014		2	$7.23	to	$14.61	$15	-	1.25%	to	1.50%	4.33%	to	4.43%
	2013		4	$6.93	to	$13.99	$46	-	1.25%	to	1.50%	33.78%	to	34.26%
	2012		5	$5.18	to	$10.42	$41	-	1.25%	to	1.50%	14.86%	to	15.01%
	2011		2	$4.51	to	$9.06	$11	-	1.25%	to	1.50%	-0.44%	to	-0.11%
	2010		3	$4.53	to	$9.07	$15	-	1.25%	to	1.50%	25.48%	to	25.80%
Oppenheimer Global Fund/VA
	2014		7	$19.05	to	$36.29	$222	1.24%	0.50%	to	1.80%	0.47%	to	1.77%
	2013		8	$18.96	to	$35.66	$261	1.23%	0.50%	to	1.80%	25.07%	to	26.68%
	2012		9	$15.16	to	$28.15	$226	2.31%	0.50%	to	1.80%	19.09%	to	20.66%
	2011		10	$12.73	to	$23.58	$207	1.23%	0.40%	to	1.80%	-9.97%	to	-8.76%
	2010		12	$14.14	to	$25.57	$281	1.44%	0.50%	to	1.80%	13.94%	to	15.39%
Oppenheimer Global Strategic Income Fund/VA
	2014		4	$20.62	to	$22.99	$98	4.06%	0.60%	to	1.25%	1.58%	to	2.22%
	2013		5	$20.30	to	$22.49	$99	4.81%	0.60%	to	1.25%	-1.36%	to	-0.75%
	2012		5	$20.58	to	$22.66	$109	5.58%	0.60%	to	1.25%	12.09%	to	12.85%
	2011		5	$18.36	to	$20.08	$106	3.67%	0.60%	to	1.25%	-0.38%	to	0.25%
	2010		6	$18.43	to	$20.15	$112	8.33%	0.55%	to	1.25%	13.56%	to	14.33%
Oppenheimer Main Street Fund®/VA
	2014		5	$13.89	to	$15.92	$74	1.32%	1.25%	to	1.50%	9.03%	to	9.34%
	2013		6	$12.74	to	$14.56	$77	1.39%	1.25%	to	1.50%	29.87%	to	30.12%
	2012		7	$9.81	to	$11.19	$67	1.52%	1.25%	to	1.50%	15.14%	to	15.48%
	2011		8	$8.52	to	$9.69	$65	1.44%	1.25%	to	1.50%	-1.50%	to	-1.32%
	2010		8	$8.65	to	$9.82	$74	1.37%	1.25%	to	1.50%	14.27%	to	14.72%
Oppenheimer Main Street Small Cap Fund®/VA
	2014		1,288	$17.15	to	$26.68	$28,354	0.86%	0.00%	to	1.50%	10.25%	to	12.00%
	2013		1,167	$15.46	to	$24.07	$23,499	0.83%	0.00%	to	1.50%	38.93%	to	40.98%
	2012		718	$11.06	to	$17.24	$10,845	0.60%	0.00%	to	1.50%	16.23%	to	18.00%
	2011		711	$9.46	to	$14.76	$9,234	0.64%	0.00%	to	1.50%	-3.62%	to	-2.21%
	2010		763	$9.76	to	$15.25	$10,224	0.59%	0.00%	to	1.50%	21.54%	to	23.33%

270

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Parnassus Small Cap FundSM
	2014	12/08/2014	-		$12.46		-	(e)		1.00%			(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Parnassus Core Equity FundSM - Investor Shares
	2014		1,120	$15.11	to	$25.22	$17,371	1.75%	0.10%	to	1.35%	12.94%	to	14.18%
	2013		547	$13.33	to	$22.01	$7,389	1.50%	0.15%	to	1.35%	32.23%	to	32.77%
	2012		59	$10.04	to	$16.12	$622	3.31%	0.95%	to	1.35%	13.97%	to	14.33%
	2011	09/28/2011	3		$14.03		$42	(b)		1.25%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Pax World Balanced Fund - Individual Investor Class
	2014		2,813	$12.20	to	$18.40	$44,918	0.87%	0.00%	to	1.50%	6.38%	to	7.98%
	2013		3,309	$11.40	to	$17.04	$49,414	0.81%	0.00%	to	1.50%	14.64%	to	16.39%
	2012		3,574	$9.88	to	$14.64	$46,306	1.59%	0.00%	to	1.50%	9.65%	to	11.29%
	2011		4,035	$8.96	to	$13.16	$47,486	1.30%	0.00%	to	1.60%	-3.31%	to	-1.79%
	2010		4,354	$9.21	to	$13.40	$52,720	1.48%	0.00%	to	1.65%	10.10%	to	11.85%
PIMCO CommodityRealReturn Strategy Fund® - Administrative Class
	2014	06/30/2014	2	$7.36	to	$7.38	$14	(e)	0.95%	to	1.25%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
PIMCO Real Return Portfolio - Administrative Class
	2014		8,463	$9.80	to	$16.72	$127,404	1.43%	0.00%	to	1.60%	1.43%	to	3.11%
	2013		10,069	$12.89	to	$16.22	$148,758	1.37%	0.00%	to	1.65%	-10.68%	to	-9.22%
	2012		16,021	$14.33	to	$17.87	$260,067	1.05%	0.00%	to	1.65%	7.10%	to	8.78%
	2011		13,442	$13.30	to	$16.43	$201,912	5.14%	0.00%	to	1.60%	9.90%	to	11.69%
	2010		11,633	$12.01	to	$14.71	$158,235	1.44%	0.00%	to	1.65%	6.40%	to	8.25%

271

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Pioneer Equity Income Fund - Class Y Shares
	2014		592		$14.25		$8,438	2.94%		0.95%			12.12%
	2013		358		$12.71		$4,551	2.90%		0.95%			28.00%
	2012	09/17/2012	111		$9.93		$1,099	(c)		0.95%			(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
Pioneer High Yield Fund - Class A Shares
	2014		112	$16.01	to	$18.96	$2,023	4.31%	0.20%	to	1.75%	-1.90%	to	-0.37%
	2013		108	$16.32	to	$19.03	$1,966	4.83%	0.20%	to	1.75%	10.34%	to	12.07%
	2012		133	$14.79	to	$16.98	$2,178	4.74%	0.20%	to	1.75%	12.99%	to	14.73%
	2011		303	$13.09	to	$14.80	$4,359	5.30%	0.20%	to	1.75%	-3.47%	to	-1.92%
	2010		338	$13.37	to	$15.09	$4,956	5.25%	0.20%	to	1.95%	15.26%	to	17.34%
Pioneer Strategic Income Fund - Class A Shares
	2014		105	$12.15	to	$13.10	$1,354	3.84%	0.20%	to	1.75%	3.17%	to	4.38%
	2013		110	$11.89	to	$12.55	$1,357	4.17%	0.20%	to	1.60%	-0.08%	to	1.29%
	2012		124	$11.90	to	$12.39	$1,519	3.51%	0.20%	to	1.60%	10.11%	to	11.02%
	2011	05/09/2011	22	$10.98	to	$11.16	$248	(b)	0.20%	to	1.05%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Pioneer Emerging Markets VCT Portfolio - Class I
	2014		1,392	$5.82	to	$7.98	$10,371	0.74%	0.00%	to	1.60%	-13.99%	to	-12.31%
	2013		1,506	$6.71	to	$9.13	$12,937	1.12%	0.00%	to	1.60%	-3.52%	to	-1.93%
	2012		1,799	$6.91	to	$9.31	$15,901	0.52%	0.00%	to	1.60%	10.18%	to	12.03%
	2011		2,217	$6.23	to	$8.32	$17,672	0.28%	0.00%	to	1.60%	-24.59%	to	-23.35%
	2010		2,736	$8.20	to	$10.86	$28,736	0.46%	0.00%	to	1.65%	14.02%	to	16.03%
Pioneer Equity Income VCT Portfolio - Class I
	2014	10/06/2014	-		$21.36		$9	(e)		1.05%			(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)

272

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Pioneer High Yield VCT Portfolio - Class I Shares
	2014		1,311	$14.58	to	$19.47	$23,270	4.92%	0.00%	to	1.50%	-1.41%	to	0.07%
	2013		1,731	$14.70	to	$19.47	$30,910	5.41%	0.00%	to	1.50%	10.38%	to	12.02%
	2012		1,725	$13.24	to	$17.39	$27,738	9.42%	0.00%	to	1.50%	14.34%	to	16.06%
	2011		1,673	$11.51	to	$14.89	$23,415	5.53%	0.00%	to	1.50%	-3.16%	to	-1.66%
	2010		1,601	$11.81	to	$15.12	$22,990	5.40%	0.00%	to	1.50%	16.30%	to	18.06%
Prudential Jennison Utility Fund - Class Z
	2014	08/14/2014	2	$9.91	to	$10.70	$23	(e)	0.95%	to	1.25%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Columbia Diversified Equity Income Fund - Class K Shares
	2014		789	$13.30	to	$14.70	$10,975	1.26%	0.00%	to	1.50%	10.10%	to	11.79%
	2013		759	$12.08	to	$13.15	$9,524	1.54%	0.00%	to	1.50%	28.78%	to	30.85%
	2012		742	$9.38	to	$10.05	$7,180	2.27%	0.00%	to	1.50%	13.29%	to	14.99%
	2011		691	$8.28	to	$8.74	$5,863	1.73%	0.00%	to	1.50%	-6.44%	to	-5.10%
	2010		592	$8.85	to	$9.21	$5,329	1.33%	0.00%	to	1.50%	14.49%	to	16.29%
Columbia Diversified Equity Income Fund - Class R4 Shares
	2014		8	$13.99	to	$14.46	$114	(f)	0.10%	to	0.60%		(f)
	2013		10	$12.65	to	$12.91	$122	1.90%	0.15%	to	0.50%		30.93%
	2012		9	$9.56	to	$9.86	$88	2.56%	0.15%	to	0.80%	13.81%	to	14.65%
	2011		8	$8.40	to	$8.60	$68	0.88%	0.15%	to	0.80%	-6.25%	to	-5.70%
	2010		18	$8.96	to	$9.12	$160	1.02%	0.15%	to	0.80%	15.13%	to	15.17%
Royce Total Return Fund - K Class
	2014		-		$17.99		$2	-		1.40%			-0.39%
	2013		-		$18.06		$2	-		1.40%			30.40%
	2012		-		$13.85		$1	(f)		1.40%			(f)
	2011	11/30/2011	-		$12.31		-	(b)		1.30%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)

273

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
SMALLCAP World Fund® - Class R-4
	2014		872	$13.14	to	$14.52	$11,841	-	0.00%	to	1.50%	0.31%	to	1.82%
	2013		902	$13.10	to	$14.26	$12,144	-	0.00%	to	1.50%	27.43%	to	29.40%
	2012		755	$10.28	to	$11.02	$7,942	1.55%	0.00%	to	1.50%	20.23%	to	22.04%
	2011		764	$8.55	to	$9.03	$6,672	0.38%	0.00%	to	1.50%	-15.60%	to	-14.33%
	2010		681	$10.13	to	$10.54	$6,996	1.98%	0.00%	to	1.50%	23.09%	to	24.88%
T. Rowe Price Mid-Cap Value Fund - R Class
	2014		41	$24.23	to	$26.87	$1,035	0.41%	0.00%	to	0.95%	9.05%	to	10.03%
	2013		40	$21.36	to	$24.42	$928	0.23%	0.00%	to	1.35%	29.49%	to	30.42%
	2012		44	$16.61	to	$18.49	$777	0.86%	0.10%	to	1.30%	17.39%	to	18.91%
	2011		42	$14.15	to	$15.55	$625	0.42%	0.10%	to	1.30%	-6.48%	to	-5.41%
	2010		51	$15.13	to	$16.44	$803	1.11%	0.10%	to	1.30%	14.36%	to	15.77%
T. Rowe Price Value Fund - Advisor Class
	2014		18		$18.33		$330	0.98%		1.00%			12.04%
	2013		17		$16.36		$285	1.17%		1.00%			35.54%
	2012		19		$12.07		$226	1.50%		1.00%			17.99%
	2011		17		$10.23		$173	1.19%		1.00%			-3.13%
	2010		15		$10.56		$163	2.21%		1.00%			14.66%
Templeton Foreign Fund - Class A
	2014		94	$10.72	to	$18.05	$1,602	2.69%	0.20%	to	1.65%	-12.24%	to	-11.23%
	2013		94	$12.19	to	$19.97	$1,820	1.60%	0.35%	to	1.75%	25.07%	to	26.71%
	2012		77	$9.79	to	$15.76	$1,174	2.21%	0.35%	to	1.65%	16.61%	to	18.14%
	2011		84	$11.94	to	$13.34	$1,088	2.74%	0.35%	to	1.75%	-14.22%	to	-13.04%
	2010		74	$13.92	to	$15.34	$1,103	1.69%	0.35%	to	1.75%	6.58%	to	7.92%
Templeton Global Bond Fund - Advisor Class
	2014		3,491	$10.91	to	$11.03	$38,088	6.75%	0.00%	to	0.45%	1.39%	to	1.85%
	2013		3,706	$10.76	to	$10.83	$39,880	4.38%	0.00%	to	0.45%	1.89%	to	2.46%
	2012	09/04/2012	3,507	$10.56	to	$10.57	$37,035	(c)	0.00%	to	0.45%		(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)

274

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Templeton Global Bond Fund - Class A
	2014		7,637	$10.79	to	$36.44	$180,054	6.35%	0.00%	to	1.50%	0.09%	to	1.52%
	2013		8,567	$10.78	to	$35.87	$200,725	4.05%	0.00%	to	1.50%	0.69%	to	2.24%
	2012		8,916	$10.72	to	$35.09	$204,498	5.98%	0.00%	to	1.50%	14.03%	to	15.85%
	2011		9,995	$9.37	to	$30.30	$209,387	6.17%	0.95%	to	1.50%	-3.81%	to	-2.38%
	2010		9,629	$13.96	to	$31.04	$207,794	5.51%	0.00%	to	1.50%	10.99%	to	12.71%
Third Avenue Real Estate Value Fund - Institutional Class
	2014	08/27/2014	-	$10.49	to	$10.50	$4	(e)	0.95%	to	1.15%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Thornburg International Value Fund - Class R4
	2014		4	$12.35	to	$12.69	$45	-	0.60%	to	1.15%		-6.42%
	2013		3	$13.17	to	$13.56	$46	-	0.60%	to	1.35%		13.73%
	2012		3	$11.58	to	$11.73	$34	(f)	0.90%	to	1.35%		(f)
	2011	01/10/2011	5	$10.28	to	$10.31	$55	(b)	0.60%	to	0.75%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
USAA Precious Metals and Minerals Fund - Adviser Shares
	2014		2,743	$3.26	to	$3.44	$9,095	1.41%	0.00%	to	1.50%	-9.70%	to	-8.51%
	2013		1,843	$3.61	to	$3.76	$6,749	-	0.00%	to	1.50%	-52.19%	to	-51.42%
	2012		1,062	$7.55	to	$7.74	$8,081	-	0.00%	to	1.50%	-13.42%	to	-12.05%
	2011	05/11/2011	552	$8.71	to	$8.80	$4,823	(b)	0.00%	to	1.50%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Diversified Value Portfolio
	2014		5	$19.03	to	$21.29	$116	1.79%	0.95%	to	2.00%	7.64%	to	8.79%
	2013		5	$17.68	to	$19.57	$107	2.06%	0.95%	to	2.00%	26.83%	to	28.16%
	2012		6	$13.94	to	$15.27	$87	2.37%	0.95%	to	2.00%	14.17%	to	15.42%
	2011		6	$12.21	to	$13.23	$82	2.38%	0.95%	to	2.00%	1.92%	to	2.96%
	2010		7	$11.98	to	$12.85	$86	2.35%	0.95%	to	2.00%	7.16%	to	8.26%

275

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Equity Income Portfolio
	2014		11	$20.13	to	$22.40	$249	2.43%	1.00%	to	2.00%	9.16%	to	10.29%
	2013		12	$18.44	to	$20.31	$245	3.47%	1.00%	to	2.00%	27.52%	to	28.37%
	2012		29	$14.46	to	$15.64	$446	2.51%	1.10%	to	2.00%	11.15%	to	12.20%
	2011		25	$13.01	to	$14.00	$351	2.45%	1.05%	to	2.00%	8.06%	to	9.08%
	2010		24	$12.04	to	$12.78	$303	2.65%	1.10%	to	2.00%	12.42%	to	13.40%
Small Company Growth Portfolio
	2014		1	$21.65	to	$24.22	$24	-	0.95%	to	2.00%	1.36%	to	2.41%
	2013		1	$21.36	to	$23.65	$23	-	0.95%	to	2.00%	43.64%	to	45.18%
	2012		2	$14.87	to	$16.29	$25	-	0.95%	to	2.00%	12.40%	to	13.60%
	2011		6	$13.23	to	$14.34	$92	-	0.95%	to	2.00%	-0.68%	to	0.35%
	2010		8	$13.32	to	$14.29	$110	-	0.95%	to	2.00%	29.19%	to	30.62%
Victory Integrity Small-Cap Value Fund - Class Y Shares
	2014	08/22/2014	1	$10.75	to	$10.81	$6	(e)	0.10%	to	0.95%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Victory Small Company Opportunity Fund - Class R
	2014		1	$19.05	to	$19.38	$25	-	0.80%	to	1.15%	4.96%	to	5.33%
	2013		1	$18.08	to	$18.40	$20	-	0.80%	to	1.25%	30.92%	to	31.05%
	2012		1	$13.81	to	$14.07	$13	-	0.60%	to	1.25%		11.23%
	2011	02/08/2011	-		$12.65		$1	(b)		0.60%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Voya Balanced Portfolio - Class I
	2014		9,743	$12.82	to	$51.49	$299,629	1.64%	0.00%	to	1.95%	4.09%	to	6.20%
	2013		10,790	$12.18	to	$48.94	$317,105	2.18%	0.00%	to	1.95%	14.46%	to	16.71%
	2012		12,021	$10.53	to	$42.33	$305,260	3.11%	0.00%	to	1.95%	11.45%	to	13.65%
	2011		13,209	$9.35	to	$37.60	$299,261	2.79%	0.00%	to	1.95%	-3.28%	to	-1.33%
	2010		14,952	$9.56	to	$38.46	$347,585	2.78%	0.00%	to	1.95%	11.89%	to	14.19%

276

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Growth Opportunities Fund - Class A
	2014		5	$19.56	to	$19.88	$100	-	1.00%	to	1.15%		11.58%
	2013		6		$17.53		$107	-		1.15%			26.94%
	2012	12/24/2012	5		$13.81		$63	(c)		1.15%			(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
Voya Large Cap Value Fund - Class A
	2014		-		$13.27		$7	-		0.50%			9.04%
	2013	07/12/2013	-		$12.17		$6	(d)		0.50%			(d)
	2012		(d)		(d)		(d)	(d)		(d)			(d)
	2011		(d)		(d)		(d)	(d)		(d)			(d)
	2010		(d)		(d)		(d)	(d)		(d)			(d)
Voya Real Estate Fund - Class A
	2014		73	$24.66	to	$29.20	$2,025	2.34%	0.00%	to	1.55%	28.17%	to	30.12%
	2013		89	$19.24	to	$22.44	$1,908	2.18%	0.00%	to	1.55%	0.21%	to	1.77%
	2012		92	$19.20	to	$22.05	$1,954	2.17%	0.00%	to	1.55%	13.80%	to	15.32%
	2011		114	$17.05	to	$19.12	$2,098	1.97%	0.00%	to	1.45%	7.85%	to	9.32%
	2010		117	$15.50	to	$17.49	$1,971	2.35%	0.00%	to	1.75%	25.63%	to	27.39%
Voya GNMA Income Fund - Class A
	2014		257	$10.94	to	$17.64	$3,484	3.42%	0.00%	to	1.55%	3.27%	to	4.95%
	2013		294	$10.58	to	$16.86	$3,821	3.38%	0.00%	to	1.55%	-3.32%	to	-1.84%
	2012		338	$10.94	to	$17.22	$4,456	3.62%	0.00%	to	1.55%	1.30%	to	2.90%
	2011		355	$10.80	to	$16.78	$4,837	3.86%	0.00%	to	1.55%	5.73%	to	7.40%
	2010		367	$10.20	to	$15.66	$4,750	3.74%	0.00%	to	1.55%	4.56%	to	6.24%
Voya Intermediate Bond Fund - Class A
	2014		118	$13.58	to	$16.08	$1,774	2.70%	0.00%	to	1.55%	4.86%	to	6.49%
	2013		141	$12.95	to	$15.10	$2,006	2.89%	0.00%	to	1.55%	-2.26%	to	-0.72%
	2012		225	$13.25	to	$15.21	$3,250	4.51%	0.00%	to	1.55%	7.20%	to	8.80%
	2011		251	$12.36	to	$13.98	$3,356	4.24%	0.00%	to	1.55%	6.00%	to	7.79%
	2010		326	$11.66	to	$12.97	$4,053	5.17%	0.00%	to	1.55%	8.06%	to	9.64%

277

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Intermediate Bond Portfolio - Class I
	2014		13,747	$13.45	to	$107.70	$351,128	3.27%	0.00%	to	1.95%	4.57%	to	6.63%
	2013		14,430	$12.72	to	$102.02	$348,194	3.16%	0.00%	to	1.95%	-2.05%	to	0.14%
	2012		16,602	$12.85	to	$103.21	$408,463	4.58%	0.00%	to	1.95%	7.24%	to	9.37%
	2011		17,019	$11.86	to	$95.33	$386,933	4.47%	0.00%	to	1.95%	5.49%	to	7.59%
	2010		17,564	$11.13	to	$89.57	$383,698	5.05%	0.00%	to	1.95%	7.67%	to	9.98%
Voya Intermediate Bond Portfolio - Class S
	2014		69		$14.28		$981	3.04%		0.35%			6.17%
	2013		74		$13.45		$993	2.92%		0.35%			-0.74%
	2012		89		$13.55		$1,202	4.71%		0.35%			8.66%
	2011		74		$12.47		$922	5.44%		0.35%			6.95%
	2010		44		$11.66		$511	5.81%		0.35%			9.07%
Voya Global Perspectives Portfolio - Class I
	2014	05/12/2014	91	$10.13	to	$10.21	$922	(e)	0.25%	to	1.50%		(e)
	2013		(e)		(e)		(e)	(e)		(e)			(e)
	2012		(e)		(e)		(e)	(e)		(e)			(e)
	2011		(e)		(e)		(e)	(e)		(e)			(e)
	2010		(e)		(e)		(e)	(e)		(e)			(e)
Voya Global Resources Portfolio - Institutional Class
	2014		2		$12.40		$25	(f)		0.05%			(f)
	2013		2		$13.82		$28	-		0.20%			13.65%
	2012		2		$12.16		$26	-		0.20%			-2.80%
	2011		2		$12.51		$30	-		0.20%			-9.08%
	2010		2		$13.76		$33	-		0.20%			21.66%
Voya Global Resources Portfolio - Service Class
	2014		7,446	$8.43	to	$13.13	$82,002	1.13%	0.00%	to	1.50%	-13.10%	to	-11.77%
	2013		7,743	$9.64	to	$14.93	$97,667	0.94%	0.00%	to	1.50%	11.89%	to	13.63%
	2012		9,081	$8.56	to	$13.18	$101,734	0.79%	0.00%	to	1.50%	-4.24%	to	-2.84%
	2011		10,492	$8.89	to	$13.59	$122,291	0.60%	0.00%	to	1.50%	-10.51%	to	-9.13%
	2010		10,301	$9.88	to	$15.01	$133,413	0.85%	0.00%	to	1.50%	19.77%	to	21.64%

278

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya High Yield Portfolio - Adviser Class
	2014		4		$11.83		$44	6.67%		0.35%			0.51%
	2013		4		$11.77		$46	6.19%		0.35%			4.81%
	2012		5		$11.23		$51	5.00%		0.35%			13.32%
	2011	07/18/2011	3		$9.91		$29	(b)		0.35%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Voya High Yield Portfolio - Institutional Class
	2014		2,381	$11.11	to	$17.32	$31,277	6.41%	0.00%	to	1.20%	0.23%	to	1.45%
	2013		2,397	$11.00	to	$17.24	$31,115	6.14%	0.00%	to	1.20%	4.64%	to	5.83%
	2012		2,180	$10.44	to	$16.43	$28,658	5.51%	0.00%	to	1.10%	13.20%	to	13.31%
	2011		697	$14.47	to	$14.50	$10,100	7.87%	0.95%	to	1.00%	3.65%	to	3.72%
	2010		491	$13.96	to	$13.98	$6,858	7.29%	0.95%	to	1.00%	13.40%	to	13.47%
Voya High Yield Portfolio - Service Class
	2014		1,361	$15.82	to	$19.86	$24,624	6.21%	0.00%	to	1.50%	-0.35%	to	1.21%
	2013		1,517	$15.78	to	$19.70	$27,339	5.94%	0.00%	to	1.50%	4.07%	to	5.63%
	2012		1,792	$15.08	to	$18.65	$30,849	6.94%	0.00%	to	1.50%	12.30%	to	14.08%
	2011		1,538	$13.34	to	$16.36	$23,607	7.03%	0.00%	to	1.50%	2.85%	to	4.47%
	2010		1,397	$12.89	to	$15.66	$20,723	7.21%	0.00%	to	1.50%	12.60%	to	14.27%
Voya Large Cap Growth Portfolio - Adviser Class
	2014		12		$17.69		$210	-		0.35%			12.60%
	2013		12		$15.71		$187	0.58%		0.35%			29.83%
	2012		13		$12.10		$155	0.75%		0.35%			17.13%
	2011	01/21/2011	11		$10.33		$113	(b)		0.35%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Voya Large Cap Growth Portfolio - Institutional Class
	2014		24,580	$17.24	to	$23.99	$434,528	0.38%	0.00%	to	1.50%	11.88%	to	13.62%
	2013		16,193	$15.41	to	$21.32	$254,592	0.54%	0.00%	to	1.50%	29.01%	to	31.09%
	2012		15,966	$11.94	to	$16.43	$193,340	0.58%	0.00%	to	1.50%	16.26%	to	18.10%
	2011	01/21/2011	12,873	$10.27	to	$14.05	$133,022	(b)	0.00%	to	1.50%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)

279

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Large Cap Growth Portfolio - Service Class
	2014		286	$11.31	to	$27.27	$5,413	0.24%	0.00%	to	1.35%	11.79%	to	13.35%
	2013		110	$15.63	to	$24.06	$1,972	0.52%	0.00%	to	1.40%	28.82%	to	30.64%
	2012		25	$12.06	to	$13.93	$338	0.33%	0.00%	to	1.40%	16.14%	to	17.87%
	2011		25	$10.32	to	$15.22	$266	0.11%	0.00%	to	1.40%		1.74%
	2010		217	$14.96	to	$15.29	$3,252	0.33%	0.00%	to	0.50%	13.68%	to	14.19%
Voya Large Cap Value Portfolio - Adviser Class
	2014		2		$11.53		$24	-		0.35%			8.98%
	2013	09/06/2013	3		$10.58		$29	(d)		0.35%			(d)
	2012		(d)		(d)		(d)	(d)		(d)			(d)
	2011		(d)		(d)		(d)	(d)		(d)			(d)
	2010		(d)		(d)		(d)	(d)		(d)			(d)
Voya Large Cap Value Portfolio - Institutional Class
	2014		27,820	$12.68	to	$15.50	$384,229	2.12%	0.00%	to	1.95%	7.95%	to	10.09%
	2013		27,029	$11.74	to	$14.08	$342,341	2.16%	0.00%	to	1.95%	28.31%	to	30.92%
	2012		22,249	$9.15	to	$10.76	$217,365	2.56%	0.00%	to	1.95%	12.41%	to	14.71%
	2011		24,706	$8.14	to	$9.38	$212,312	1.28%	0.00%	to	1.95%	1.50%	to	3.53%
	2010		16,432	$8.02	to	$9.06	$137,628	2.49%	0.00%	to	1.95%	17.08%	to	19.37%
Voya Large Cap Value Portfolio - Service Class
	2014		126	$12.15	to	$14.19	$1,681	1.97%	0.10%	to	1.55%	7.99%	to	9.40%
	2013		100	$11.22	to	$13.29	$1,259	1.73%	0.10%	to	1.55%	28.68%	to	30.07%
	2012		72	$9.24	to	$9.91	$708	2.35%	0.50%	to	1.55%	12.55%	to	13.78%
	2011		95	$8.21	to	$8.71	$821	1.94%	0.50%	to	1.55%		2.18%
	2010		-		$8.26		$3	-		1.05%			18.00%
Voya Limited Maturity Bond Portfolio - Adviser Class
	2014		2		$10.06		$19	-		0.35%			-
	2013		2		$10.06		$18	-		0.35%			-
	2012	01/23/2012	2		$10.06		$17	(c)		0.35%			(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)

280

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Multi-Manager Large Cap Core Portfolio - Institutional Class
	2014		1,061	$13.93	to	$17.64	$17,240	0.99%	0.00%	to	1.95%	13.13%	to	15.65%
	2013		1,721	$12.19	to	$15.44	$24,438	0.97%	0.00%	to	1.95%	28.10%	to	30.74%
	2012		1,794	$9.41	to	$11.93	$19,631	1.55%	0.00%	to	1.95%	8.29%	to	10.53%
	2011		1,981	$8.60	to	$10.90	$19,761	1.67%	0.00%	to	1.95%	-6.14%	to	-4.24%
	2010		1,963	$9.06	to	$11.50	$20,602	1.34%	0.00%	to	1.95%	13.87%	to	16.17%
Voya Multi-Manager Large Cap Core Portfolio - Service Class
	2014		25	$14.88	to	$15.88	$382	1.11%	0.75%	to	1.50%	13.24%	to	14.08%
	2013		25	$13.14	to	$13.92	$338	0.65%	0.75%	to	1.50%	28.32%	to	29.19%
	2012		26	$10.24	to	$10.73	$273	1.47%	0.80%	to	1.50%	8.70%	to	9.49%
	2011		28	$9.42	to	$9.80	$271	1.08%	0.80%	to	1.50%	-5.85%	to	-5.31%
	2010		46	$10.00	to	$10.52	$473	1.21%	0.45%	to	1.55%	14.27%	to	15.22%
Voya U.S. Bond Index Portfolio - Class I
	2014		982	$11.76	to	$13.24	$12,284	1.95%	0.00%	to	1.80%	3.89%	to	5.75%
	2013		777	$11.32	to	$12.52	$9,263	1.91%	0.00%	to	1.80%	-4.31%	to	-2.57%
	2012		937	$11.83	to	$12.85	$11,539	2.32%	0.00%	to	1.80%	2.30%	to	3.88%
	2011		794	$11.71	to	$12.37	$9,456	2.02%	0.00%	to	1.50%	5.58%	to	7.19%
	2010		477	$11.09	to	$11.54	$5,363	2.67%	0.00%	to	1.55%	4.52%	to	6.16%
Voya U.S. Stock Index Portfolio - Institutional Class
	2014		1,006	$15.49	to	$22.59	$19,708	2.04%	0.00%	to	1.40%	11.78%	to	13.35%
	2013		802	$13.72	to	$19.93	$14,396	2.25%	0.00%	to	1.40%	30.43%	to	32.34%
	2012		534	$10.44	to	$15.09	$7,900	1.98%	0.00%	to	1.25%	14.36%	to	15.81%
	2011		532	$11.84	to	$13.03	$6,870	2.11%	0.00%	to	1.25%	0.50%	to	1.80%
	2010		473	$11.98	to	$12.80	$6,021	1.76%	0.00%	to	1.25%	13.34%	to	14.72%
VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class
	2014		4		$10.38		$43	1.85%		0.35%			1.76%
	2013		6		$10.20		$65	-		0.35%			-9.41%
	2012		9		$11.26		$97	-		0.35%			5.73%
	2011	11/10/2011	7		$10.65		$74	(b)		0.35%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)

281

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
VY® Clarion Global Real Estate Portfolio - Adviser Class
	2014		1		$12.91		$7	-		0.35%			12.95%
	2013		1		$11.43		$6	-		0.35%			2.97%
	2012		1		$11.10		$7	-		0.35%			24.72%
	2011	07/18/2011	-		$8.90		$2	(b)		0.35%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
VY® Clarion Global Real Estate Portfolio - Institutional Class
	2014		6,586	$13.50	to	$14.85	$92,705	1.37%	0.00%	to	1.50%	12.41%	to	14.06%
	2013		6,640	$12.01	to	$13.02	$82,599	6.06%	0.00%	to	1.50%	2.39%	to	3.99%
	2012		6,449	$11.73	to	$12.52	$77,810	0.80%	0.00%	to	1.50%	24.21%	to	26.08%
	2011		5,765	$9.44	to	$9.93	$55,561	3.83%	0.00%	to	1.50%	-6.63%	to	-5.16%
	2010		5,816	$10.11	to	$10.47	$59,612	8.70%	0.00%	to	1.50%	14.63%	to	16.33%
VY® Clarion Real Estate Portfolio - Adviser Class
	2014		4		$14.69		$53	2.20%		0.35%			28.97%
	2013		3		$11.39		$38	-		0.35%			1.33%
	2012		4		$11.24		$41	-		0.35%			14.69%
	2011	08/15/2011	2		$9.80		$18	(b)		0.35%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
VY® Clarion Real Estate Portfolio - Institutional Class
	2014		140	$15.77	to	$17.22	$2,409	1.61%	0.95%	to	1.95%	27.80%	to	29.09%
	2013		145	$12.34	to	$13.34	$1,928	1.65%	0.95%	to	1.95%	0.24%	to	1.29%
	2012		175	$12.31	to	$13.17	$2,303	1.30%	0.95%	to	1.95%	13.56%	to	14.72%
	2011		188	$10.84	to	$11.48	$2,157	2.40%	0.95%	to	1.95%	7.65%	to	8.71%
	2010		182	$10.07	to	$10.56	$1,924	3.64%	0.95%	to	1.95%	25.88%	to	27.08%
VY® Clarion Real Estate Portfolio - Service Class
	2014		3,889	$14.77	to	$18.29	$65,786	1.31%	0.00%	to	1.50%	27.97%	to	29.81%
	2013		3,817	$11.47	to	$14.09	$50,213	1.43%	0.00%	to	1.50%	0.48%	to	2.13%
	2012		4,181	$11.34	to	$13.80	$54,384	1.03%	0.00%	to	1.55%	13.69%	to	15.52%
	2011		4,216	$9.91	to	$11.95	$48,009	1.33%	0.00%	to	1.55%	7.87%	to	9.53%
	2010		3,935	$9.13	to	$10.91	$41,259	3.37%	0.00%	to	1.50%	26.02%	to	28.05%

282

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
VY® FMR Diversified Mid Cap Portfolio - Institutional Class
	2014		2,466	$15.01	to	$15.17	$37,011	0.43%	0.00%	to	0.45%	5.78%	to	6.23%
	2013		2,570	$14.19	to	$14.28	$36,469	0.74%	0.00%	to	0.45%	35.79%	to	36.39%
	2012	09/04/2012	2,655	$10.45	to	$10.47	$27,744	(c)	0.00%	to	0.45%		(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
VY® FMR Diversified Mid Cap Portfolio - Service Class
	2014		2,450	$14.79	to	$24.45	$54,794	0.23%	0.00%	to	1.60%	4.34%	to	6.04%
	2013		2,805	$14.08	to	$23.06	$59,652	0.47%	0.00%	to	1.60%	33.87%	to	36.01%
	2012		3,077	$10.44	to	$16.96	$48,491	0.53%	0.00%	to	1.60%	12.81%	to	14.67%
	2011		4,580	$9.19	to	$14.79	$64,098	0.20%	0.00%	to	1.60%	-12.28%	to	-10.93%
	2010		4,086	$10.41	to	$16.61	$64,558	0.15%	0.00%	to	1.80%	26.45%	to	28.45%
VY® FMR Diversified Mid Cap Portfolio - Service 2 Class
	2014		3		$13.88		$40	-		0.35%			5.47%
	2013		3		$13.16		$38	-		0.35%			35.39%
	2012		1		$9.72		$8	-		0.35%			14.08%
	2011	05/17/2011	1		$8.52		$12	(b)		0.35%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
VY® Invesco Growth and Income Portfolio - Institutional Class
	2014		1,485	$15.21	to	$15.37	$22,583	1.17%	0.00%	to	0.45%	9.90%	to	10.34%
	2013		886	$13.84	to	$13.93	$12,257	1.54%	0.00%	to	0.45%	33.59%	to	34.20%
	2012	09/04/2012	634	$10.36	to	$10.38	$6,568	(c)	0.00%	to	0.45%		(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
VY® Invesco Growth and Income Portfolio - Service Class
	2014		1,427	$14.39	to	$20.69	$27,024	1.15%	0.00%	to	1.50%	8.48%	to	10.11%
	2013		1,496	$13.18	to	$18.79	$25,945	1.37%	0.00%	to	1.50%	31.89%	to	33.98%
	2012		1,367	$9.94	to	$14.04	$17,841	2.25%	0.00%	to	1.50%	12.91%	to	14.61%
	2011		1,721	$8.75	to	$12.25	$19,901	1.21%	0.00%	to	1.50%	-3.65%	to	-2.16%
	2010		1,829	$9.03	to	$12.52	$21,766	0.24%	0.00%	to	1.50%	10.79%	to	12.49%

283

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class
	2014		18		$17.88		$321	0.68%		0.35%			0.17%
	2013		15		$17.85		$265	0.70%		0.35%			-6.40%
	2012		16		$19.07		$307	-		0.35%			18.30%
	2011		18		$16.12		$286	0.87%		0.35%			-18.83%
	2010		20		$19.86		$405	0.48%		0.35%			19.49%
VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class
	2014		1,208	$18.55	to	$18.70	$22,492	1.22%	0.95%	to	1.20%	-0.11%	to	0.16%
	2013		1,302	$18.57	to	$18.67	$24,242	1.13%	0.95%	to	1.20%	-6.54%	to	-6.37%
	2012		1,631	$19.87	to	$19.94	$32,471	-	0.95%	to	1.10%	17.99%	to	18.20%
	2011		1,715	$16.84	to	$16.87	$28,902	1.10%	0.95%	to	1.00%	-18.84%	to	-18.82%
	2010		1,953	$20.75	to	$20.78	$40,548	0.67%	0.95%	to	1.00%	19.39%	to	19.49%
VY® JPMorgan Emerging Markets Equity Portfolio - Service Class
	2014		953	$8.88	to	$23.68	$20,091	0.94%	0.00%	to	1.55%	-0.58%	to	0.97%
	2013		973	$8.88	to	$23.46	$20,444	0.87%	0.00%	to	1.50%	-7.12%	to	-5.78%
	2012		1,166	$9.51	to	$24.70	$26,309	-	0.00%	to	1.50%	17.35%	to	19.08%
	2011		1,268	$8.05	to	$20.76	$23,894	0.83%	0.00%	to	1.50%	-19.51%	to	-18.26%
	2010		1,441	$9.94	to	$25.42	$33,720	0.48%	0.00%	to	1.55%	18.45%	to	20.31%
VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class
	2014		1		$15.89		$24	-		0.35%			7.51%
	2013		1		$14.78		$22	-		0.35%			38.13%
	2012		1		$10.70		$16	-		0.35%			17.84%
	2011	08/08/2011	1		$9.08		$9	(b)		0.35%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
VY® JPMorgan Small Cap Core Equity Portfolio - Institutional Class
	2014		1,682	$15.88	to	$16.05	$26,704	0.56%	0.00%	to	0.45%	8.10%	to	8.59%
	2013		1,325	$14.69	to	$14.78	$19,469	0.95%	0.00%	to	0.45%	38.72%	to	39.43%
	2012	09/04/2012	851	$10.59	to	$10.60	$9,013	(c)	0.00%	to	0.45%		(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)

284

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
VY® JPMorgan Small Cap Core Equity Portfolio - Service Class
	2014		931	$17.70	to	$26.03	$22,043	0.36%	0.00%	to	1.65%	6.60%	to	8.37%
	2013		816	$16.48	to	$24.02	$17,992	0.83%	0.00%	to	1.65%	36.86%	to	39.00%
	2012		524	$11.97	to	$17.29	$8,402	0.25%	0.00%	to	1.50%	16.92%	to	18.67%
	2011		631	$10.18	to	$14.57	$8,714	0.37%	0.00%	to	1.50%	-2.80%	to	-1.29%
	2010		466	$10.41	to	$14.76	$6,554	0.28%	0.00%	to	1.50%	24.86%	to	26.70%
VY® Morgan Stanley Global Franchise Portfolio - Adviser Class
	2014		2		$13.79		$30	2.99%		0.35%			3.53%
	2013		3		$13.32		$37	2.94%		0.35%			18.61%
	2012		3		$11.23		$31	4.35%		0.35%			14.94%
	2011	08/08/2011	1		$9.77		$15	(b)		0.35%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class
	2014		27		$14.83		$403	1.07%		0.35%			11.42%
	2013		26		$13.31		$346	1.11%		0.35%			21.33%
	2012		18		$10.97		$195	1.76%		0.35%			13.68%
	2011	05/17/2011	15		$9.65		$146	(b)		0.35%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class
	2014		13,509	$14.17	to	$14.32	$191,423	1.63%	0.00%	to	0.45%	11.93%	to	12.40%
	2013		12,616	$12.66	to	$12.74	$159,719	1.46%	0.00%	to	0.45%	21.97%	to	22.50%
	2012	09/04/2012	10,830	$10.38	to	$10.40	$112,414	(c)	0.00%	to	0.45%		(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
VY® T. Rowe Price Capital Appreciation Portfolio - Service Class
	2014		26,384	$16.59	to	$23.46	$564,335	1.35%	0.00%	to	1.55%	10.39%	to	12.16%
	2013		25,445	$14.93	to	$20.92	$489,494	1.16%	0.00%	to	1.55%	20.31%	to	22.22%
	2012		23,795	$12.33	to	$17.12	$377,748	1.56%	0.00%	to	1.55%	12.76%	to	14.52%
	2011		28,088	$10.86	to	$14.95	$396,097	1.97%	0.00%	to	1.55%	1.28%	to	2.89%
	2010		25,529	$10.65	to	$14.53	$352,842	1.74%	0.00%	to	1.55%	12.32%	to	13.97%

285

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
VY® T. Rowe Price Equity Income Portfolio - Adviser Class
	2014		87		$17.64		$1,535	1.62%		0.35%			6.78%
	2013		109		$16.52		$1,793	1.34%		0.35%			28.86%
	2012		128		$12.82		$1,638	1.75%		0.35%			16.23%
	2011		131		$11.03		$1,447	1.86%		0.35%			-1.52%
	2010		121		$11.20		$1,354	1.31%		0.35%			14.17%
VY® T. Rowe Price Equity Income Portfolio - Service Class
	2014		5,230	$13.77	to	$28.61	$121,652	1.87%	0.00%	to	1.65%	5.70%	to	7.46%
	2013		5,436	$12.93	to	$26.63	$122,461	1.61%	0.00%	to	1.65%	27.59%	to	30.09%
	2012		5,641	$10.06	to	$20.53	$104,568	1.97%	0.00%	to	1.65%	15.46%	to	17.25%
	2011		6,232	$8.66	to	$17.51	$100,170	1.97%	0.00%	to	1.50%	-2.41%	to	-0.89%
	2010		6,508	$8.82	to	$17.67	$106,214	1.54%	0.00%	to	1.65%	13.06%	to	15.00%
VY® T. Rowe Price International Stock Portfolio - Adviser Class
	2014		12		$10.04		$117	0.84%		0.35%			-1.76%
	2013		12		$10.22		$120	0.90%		0.35%			13.56%
	2012		11		$9.00		$102	-		0.35%			17.96%
	2011		11		$7.63		$83	3.66%		0.35%			-13.00%
	2010		9		$8.77		$81	0.78%		0.35%			13.02%
VY® T. Rowe Price International Stock Portfolio - Service Class
	2014		484	$8.63	to	$17.44	$7,682	1.18%	0.00%	to	1.50%	-2.58%	to	-1.08%
	2013		487	$8.81	to	$17.64	$7,898	1.06%	0.00%	to	1.50%	12.58%	to	14.39%
	2012		527	$7.78	to	$15.43	$7,554	0.28%	0.00%	to	1.50%	17.02%	to	18.78%
	2011		564	$6.61	to	$12.99	$6,872	3.63%	0.00%	to	1.50%	-13.67%	to	-12.35%
	2010		579	$7.60	to	$14.82	$8,102	1.37%	0.00%	to	1.50%	12.11%	to	13.82%
VY® Templeton Global Growth Portfolio - Institutional Class
	2014		41	$9.36	to	$20.79	$806	1.36%	0.55%	to	1.45%	-3.95%	to	-3.12%
	2013		39	$20.02	to	$21.46	$813	1.57%	0.55%	to	1.45%	29.08%	to	30.21%
	2012		52	$15.51	to	$16.42	$841	1.94%	0.60%	to	1.45%	20.23%	to	21.27%
	2011		53	$12.90	to	$13.54	$709	1.80%	0.60%	to	1.45%	-6.86%	to	-6.04%
	2010		52	$13.78	to	$14.41	$735	1.63%	0.60%	to	1.55%	6.33%	to	7.38%

286

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
VY® Templeton Global Growth Portfolio - Service Class
	2014		503	$11.66	to	$14.03	$6,583	1.31%	0.00%	to	1.50%	-4.27%	to	-2.76%
	2013		511	$12.10	to	$14.47	$6,959	1.65%	0.00%	to	1.50%	28.73%	to	30.65%
	2012		458	$9.34	to	$11.11	$4,823	1.78%	0.00%	to	1.50%	19.93%	to	21.73%
	2011		438	$7.74	to	$9.14	$3,825	1.81%	0.00%	to	1.50%	-7.10%	to	-5.69%
	2010		395	$8.29	to	$9.72	$3,693	1.47%	0.00%	to	1.50%	6.15%	to	7.79%
Voya Money Market Portfolio - Class I
	2014		16,143	$9.74	to	$56.50	$236,364	-	0.00%	to	1.80%	-1.51%	to	0.10%
	2013		18,772	$9.87	to	$56.80	$281,491	-	0.00%	to	1.85%		-1.79%
	2012		19,232	$10.05	to	$57.08	$295,287	0.03%	0.00%	to	1.85%	-1.53%	to	0.07%
	2011		21,788	$10.14	to	$57.32	$341,904	0.00%	0.00%	to	1.60%	-1.51%	to	0.06%
	2010		21,616	$10.23	to	$57.51	$342,560	0.02%	0.00%	to	1.85%	-1.61%	to	0.29%
Voya Global Real Estate Fund - Class A
	2014		7	$20.79	to	$22.00	$151	2.10%	0.35%	to	1.35%	12.18%	to	13.01%
	2013		7	$18.51	to	$19.30	$135	2.64%	0.50%	to	1.40%	2.21%	to	3.10%
	2012		5	$18.11	to	$18.72	$92	5.16%	0.50%	to	1.40%	24.30%	to	24.63%
	2011		4	$14.90	to	$15.02	$63	3.60%	0.50%	to	0.80%		-6.35%
	2010		3	$15.91	to	$15.95	$48	2.78%	0.65%	to	0.80%		13.89%
Voya Multi-Manager International Small Cap Fund - Class A
	2014		16	$18.57	to	$21.28	$328	0.48%	0.00%	to	1.25%	-7.06%	to	-6.13%
	2013		23	$20.33	to	$22.67	$500	1.53%	0.00%	to	1.10%	27.14%	to	28.51%
	2012		25	$15.64	to	$17.64	$418	0.90%	0.00%	to	1.35%	18.57%	to	20.16%
	2011		79	$13.14	to	$14.68	$1,134	1.38%	0.00%	to	1.40%	-18.79%	to	-17.62%
	2010		101	$15.79	to	$17.82	$1,766	0.41%	0.00%	to	1.75%	22.40%	to	24.53%
Voya Aggregate Bond Portfolio - Adviser Class
	2014		124		$15.23		$1,890	1.54%		0.35%			4.46%
	2013		137		$14.58		$1,995	3.13%		0.35%			-2.41%
	2012		179		$14.94		$2,675	2.97%		0.35%			7.25%
	2011		185		$13.93		$2,578	2.89%		0.35%			2.58%
	2010		147		$13.58		$1,991	3.43%		0.35%			6.93%

287

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Aggregate Bond Portfolio - Initial Class
	2014		216	$10.99	to	$11.69	$2,478	2.05%	0.00%	to	1.40%	3.88%	to	5.41%
	2013		105	$10.58	to	$11.09	$1,138	2.60%	0.00%	to	1.40%	-3.02%	to	-2.44%
	2012		29	$10.91	to	$11.07	$322	5.00%	0.80%	to	1.40%	6.75%	to	7.19%
	2011	07/20/2011	8	$10.22	to	$10.29	$78	(b)	0.95%	to	1.40%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Voya Aggregate Bond Portfolio - Service Class
	2014		10,309	$13.45	to	$18.94	$169,930	1.76%	0.00%	to	1.95%	3.12%	to	5.52%
	2013		12,726	$12.90	to	$18.01	$201,227	3.35%	0.00%	to	1.95%	-3.80%	to	-1.85%
	2012		15,755	$13.27	to	$18.35	$255,966	3.07%	0.00%	to	1.95%	5.80%	to	7.92%
	2011		15,317	$12.41	to	$17.01	$232,928	2.92%	0.00%	to	1.95%	1.25%	to	3.26%
	2010		15,339	$12.13	to	$16.48	$227,651	3.41%	0.00%	to	1.95%	5.45%	to	7.58%
Voya Global Bond Portfolio - Adviser Class
	2014		19		$14.21		$272	0.34%		0.35%			-0.42%
	2013		23		$14.27		$323	1.69%		0.35%			-4.87%
	2012		26		$15.00		$388	5.74%		0.35%			6.99%
	2011		29		$14.02		$413	7.47%		0.35%			2.94%
	2010		35		$13.62		$471	3.38%		0.35%			14.74%
Voya Global Bond Portfolio - Initial Class
	2014		6,870	$12.27	to	$15.51	$96,508	0.83%	0.00%	to	1.95%	-1.54%	to	1.34%
	2013		8,054	$12.33	to	$15.45	$113,498	2.06%	0.00%	to	1.95%	-6.10%	to	-2.83%
	2012		10,197	$12.96	to	$16.05	$151,398	6.15%	0.00%	to	1.95%	5.04%	to	7.95%
	2011		11,179	$12.12	to	$14.91	$155,537	7.58%	0.00%	to	1.95%	1.72%	to	3.76%
	2010		11,430	$11.79	to	$14.38	$154,688	3.10%	0.00%	to	1.95%	13.56%	to	17.21%
Voya Global Bond Portfolio - Service Class
	2014		74	$11.82	to	$13.16	$932	0.53%	0.00%	to	1.50%	-1.29%	to	0.23%
	2013		76	$11.97	to	$13.18	$955	1.68%	0.00%	to	1.50%	-5.72%	to	-4.30%
	2012		98	$12.68	to	$13.98	$1,301	5.93%	0.00%	to	1.50%	6.07%	to	7.38%
	2011		72	$11.94	to	$13.18	$891	10.87%	0.25%	to	1.50%	1.93%	to	3.12%
	2010		90	$11.68	to	$12.93	$1,077	2.73%	0.35%	to	1.50%	13.82%	to	15.15%

288

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Index Solution 2015 Portfolio - Initial Class
	2014		44	$13.29	to	$17.03	$692	2.87%	0.10%	to	1.40%	4.62%	to	5.72%
	2013		42	$12.69	to	$15.67	$631	2.66%	0.30%	to	1.40%	8.41%	to	9.05%
	2012		20	$11.68	to	$14.37	$270	2.14%	0.80%	to	1.40%	9.01%	to	9.40%
	2011	07/21/2011	1	$10.70	to	$13.08	$11	(b)	0.95%	to	1.40%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Voya Index Solution 2015 Portfolio - Service Class
	2014		84	$13.88	to	$16.33	$1,310	1.48%	0.00%	to	1.20%	4.46%	to	5.71%
	2013		41	$13.13	to	$15.49	$586	1.46%	0.00%	to	1.20%	8.80%	to	9.69%
	2012		58	$11.97	to	$14.23	$787	1.79%	0.00%	to	0.80%	9.38%	to	10.22%
	2011		44	$10.86	to	$13.01	$552	0.99%	0.00%	to	0.75%	0.08%	to	0.74%
	2010	07/19/2010	5	$10.78	to	$13.00	$55	(a)	0.00%	to	0.75%		(a)
Voya Index Solution 2015 Portfolio - Service 2 Class
	2014		89	$13.23	to	$14.27	$1,223	2.41%	0.00%	to	1.55%	4.01%	to	5.63%
	2013		90	$12.72	to	$13.51	$1,185	2.12%	0.00%	to	1.55%	7.89%	to	9.57%
	2012		82	$11.79	to	$12.33	$981	1.80%	0.00%	to	1.55%	8.36%	to	9.86%
	2011		72	$10.88	to	$11.16	$798	2.29%	0.20%	to	1.55%	-0.91%	to	0.45%
	2010	04/16/2010	62	$10.98	to	$11.11	$687	(a)	0.20%	to	1.55%		(a)
Voya Index Solution 2025 Portfolio - Initial Class
	2014		143	$14.73	to	$19.18	$2,587	1.78%	0.10%	to	1.40%	4.51%	to	5.63%
	2013		73	$14.08	to	$17.87	$1,238	1.63%	0.30%	to	1.40%	15.72%	to	16.27%
	2012		32	$12.14	to	$15.12	$476	2.17%	0.95%	to	1.40%	11.73%	to	12.17%
	2011	07/21/2011	6	$10.86	to	$13.48	$78	(b)	0.95%	to	1.40%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Voya Index Solution 2025 Portfolio - Service Class
	2014		134	$15.38	to	$18.41	$2,410	1.42%	0.00%	to	1.20%	4.42%	to	5.63%
	2013		64	$14.56	to	$17.47	$1,101	1.68%	0.00%	to	1.20%	16.16%	to	17.04%
	2012		6	$12.44	to	$15.04	$87	1.47%	0.00%	to	0.75%	12.24%	to	13.09%
	2011		4	$11.00	to	$13.40	$49	5.19%	0.00%	to	0.75%	-2.26%	to	-1.52%
	2010	08/19/2010	2	$11.17	to	$13.71	$28	(a)	0.00%	to	0.75%		(a)

289

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Index Solution 2025 Portfolio - Service 2 Class
	2014		282	$14.71	to	$15.87	$4,350	1.72%	0.00%	to	1.55%	3.88%	to	5.52%
	2013		257	$14.16	to	$15.04	$3,767	1.58%	0.00%	to	1.55%	15.12%	to	16.86%
	2012		204	$12.30	to	$12.87	$2,563	1.36%	0.00%	to	1.55%	11.11%	to	12.59%
	2011		178	$11.07	to	$11.36	$2,003	1.87%	0.20%	to	1.55%	-3.23%	to	-1.90%
	2010	04/16/2010	132	$11.44	to	$11.58	$1,519	(a)	0.20%	to	1.55%		(a)
Voya Index Solution 2035 Portfolio - Initial Class
	2014		120	$16.32	to	$20.74	$2,313	1.55%	0.00%	to	1.40%	4.68%	to	6.14%
	2013		72	$15.42	to	$19.54	$1,305	1.19%	0.00%	to	1.40%	20.64%	to	21.17%
	2012		24	$15.41	to	$15.59	$372	1.45%	0.95%	to	1.40%	13.90%	to	14.38%
	2011	07/05/2011	3	$13.53	to	$13.63	$42	(b)	0.95%	to	1.40%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Voya Index Solution 2035 Portfolio - Service Class
	2014		88	$16.33	to	$19.82	$1,641	1.12%	0.00%	to	1.20%	4.66%	to	5.90%
	2013		30	$15.42	to	$18.77	$504	1.19%	0.00%	to	1.20%	20.99%	to	21.99%
	2012		13	$12.64	to	$15.50	$169	0.80%	0.00%	to	0.80%	14.22%	to	15.12%
	2011		7	$10.98	to	$13.57	$80	1.96%	0.00%	to	0.75%	-3.96%	to	-3.26%
	2010	08/12/2010	2	$11.35	to	$14.13	$22	(a)	0.00%	to	0.75%		(a)
Voya Index Solution 2035 Portfolio - Service 2 Class
	2014		183	$15.65	to	$16.89	$3,006	1.54%	0.00%	to	1.55%	4.13%	to	5.83%
	2013		165	$15.03	to	$15.96	$2,576	1.23%	0.00%	to	1.55%	19.86%	to	21.74%
	2012		141	$12.54	to	$13.11	$1,815	1.13%	0.00%	to	1.55%	13.28%	to	14.94%
	2011		139	$11.07	to	$11.38	$1,557	1.59%	0.10%	to	1.55%	-4.90%	to	-3.48%
	2010	04/16/2010	92	$11.64	to	$11.79	$1,083	(a)	0.10%	to	1.55%		(a)
Voya Index Solution 2045 Portfolio - Initial Class
	2014		86	$16.83	to	$21.74	$1,768	0.93%	0.00%	to	1.40%	4.83%	to	6.36%
	2013		20	$15.87	to	$20.44	$380	1.40%	0.00%	to	1.40%	22.64%	to	23.12%
	2012		3	$15.86	to	$16.05	$48	-	0.95%	to	1.40%	14.51%	to	15.14%
	2011	09/19/2011	1	$13.85	to	$13.94	$17	(b)	0.95%	to	1.40%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)

290

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Index Solution 2045 Portfolio - Service Class
	2014		40	$15.94	to	$20.77	$785	1.57%	0.00%	to	1.25%	4.76%	to	6.03%
	2013		20	$15.93	to	$19.65	$365	1.00%	0.00%	to	1.20%	23.10%	to	24.07%
	2012		2	$12.84	to	$15.95	$34	-	0.00%	to	0.80%	14.94%	to	15.88%
	2011		2	$11.08	to	$13.87	$19	-	0.00%	to	0.80%	-4.80%	to	-4.15%
	2010	12/1/2010	-	$11.56	to	$14.57	$1	(a)	0.00%	to	0.75%		(a)
Voya Index Solution 2045 Portfolio - Service 2 Class
	2014		132	$16.17	to	$17.45	$2,238	1.18%	0.00%	to	1.55%	4.32%	to	5.95%
	2013		114	$15.50	to	$16.47	$1,821	1.02%	0.00%	to	1.55%	21.95%	to	23.83%
	2012		101	$12.71	to	$13.30	$1,308	1.08%	0.00%	to	1.55%	13.89%	to	15.61%
	2011		81	$11.16	to	$11.47	$923	1.19%	0.10%	to	1.55%	-5.82%	to	-4.42%
	2010	04/16/2010	49	$11.85	to	$12.00	$584	(a)	0.10%	to	1.55%		(a)
Voya Index Solution 2055 Portfolio - Initial Class
	2014		26	$16.09	to	$17.10	$424	1.04%	0.10%	to	1.40%	5.09%	to	6.49%
	2013		10	$15.31	to	$16.02	$153	1.16%	0.15%	to	1.40%	22.72%	to	23.10%
	2012		2	$12.50	to	$12.64	$20	-	0.95%	to	1.35%		15.12%
	2011	11/15/2011	-		$10.98		-	(b)		0.95%			(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Voya Index Solution 2055 Portfolio - Service Class
	2014		27	$15.84	to	$16.98	$446	1.73%	0.00%	to	1.50%	4.76%	to	6.32%
	2013		16	$15.12	to	$15.97	$246	0.45%	0.00%	to	1.50%	22.59%	to	24.18%
	2012		16	$12.44	to	$12.86	$202	-	0.00%	to	1.25%	14.44%	to	15.86%
	2011		6	$10.87	to	$11.10	$64	-	0.00%	to	1.25%	-5.04%	to	-4.15%
	2010	10/11/2010	-	$11.51	to	$11.58	$3	(a)	0.00%	to	0.95%		(a)
Voya Index Solution 2055 Portfolio - Service 2 Class
	2014		22	$15.84	to	$16.86	$368	1.03%	0.00%	to	1.35%	4.75%	to	6.10%
	2013		14	$15.01	to	$15.89	$217	0.65%	0.00%	to	1.55%	22.03%	to	23.95%
	2012		7	$12.30	to	$12.82	$92	-	0.00%	to	1.55%	14.35%	to	14.89%
	2011		5	$10.87	to	$10.97	$53	-	0.60%	to	1.15%		-5.21%
	2010	6/22/2010	-		$11.51		-	(a)	0.90%	to	0.95%		(a)

291

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Index Solution Income Portfolio - Initial Class
	2014		31	$13.41	to	$15.97	$468	4.18%	0.10%	to	1.25%	4.91%	to	5.92%
	2013	10/09/2013	1	$12.66	to	$14.45	$10	(d)	0.30%	to	1.25%		(d)
	2012		(d)		(d)		(d)	(d)		(d)			(d)
	2011		(d)		(d)		(d)	(d)		(d)			(d)
	2010		(d)		(d)		(d)	(d)		(d)			(d)
Voya Index Solution Income Portfolio - Service Class
	2014		72	$13.43	to	$15.33	$1,094	2.28%	0.00%	to	1.05%	5.04%	to	5.91%
	2013		58	$12.68	to	$14.49	$833	3.56%	0.00%	to	0.80%	6.94%	to	7.73%
	2012		84	$11.77	to	$13.55	$1,133	2.02%	0.00%	to	0.80%	7.63%	to	8.58%
	2011	02/09/2011	51	$10.84	to	$12.59	$645	(b)	0.00%	to	0.80%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)
Voya Index Solution Income Portfolio - Service 2 Class
	2014		22	$12.70	to	$13.70	$288	2.19%	0.00%	to	1.55%	4.18%	to	5.79%
	2013		21	$12.19	to	$12.95	$259	2.89%	0.00%	to	1.55%	6.00%	to	7.08%
	2012		19	$11.50	to	$11.86	$226	2.91%	0.50%	to	1.55%	6.68%	to	7.76%
	2011		17	$10.78	to	$10.97	$186	2.89%	0.60%	to	1.55%	0.94%	to	1.86%
	2010	04/16/2010	15	$10.68	to	$10.76	$160	(a)	0.65%	to	1.55%		(a)
Voya Solution 2015 Portfolio - Adviser Class
	2014		63		$14.28		$905	2.30%		0.35%			5.08%
	2013		68		$13.59		$919	3.01%		0.35%			8.55%
	2012		70		$12.52		$874	3.93%		0.35%			10.70%
	2011		71	$11.31	to	$12.12	$805	2.89%	0.00%	to	0.35%	-1.22%	to	-0.90%
	2010		45	$11.45	to	$12.23	$512	0.09%	0.00%	to	0.65%	10.19%	to	10.88%
Voya Solution 2015 Portfolio - Initial Class
	2014		260	$10.27	to	$11.93	$3,054	2.70%	0.00%	to	1.20%	5.55%	to	6.04%
	2013		158	$11.18	to	$11.25	$1,766	3.75%	0.00%	to	0.45%	8.97%	to	9.44%
	2012	09/04/2012	124	$10.26	to	$10.28	$1,276	(c)	0.00%	to	0.45%		(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)

292

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Solution 2015 Portfolio - Service Class
	2014		4,708	$11.83	to	$15.86	$68,097	2.61%	0.00%	to	1.50%	4.18%	to	5.75%
	2013		4,916	$11.29	to	$15.00	$67,703	3.22%	0.00%	to	1.50%	7.48%	to	9.16%
	2012		5,266	$10.44	to	$13.75	$67,178	4.26%	0.00%	to	1.50%	9.77%	to	11.53%
	2011		5,226	$9.45	to	$12.33	$60,328	3.23%	0.00%	to	1.50%	-2.19%	to	-0.68%
	2010		4,993	$9.61	to	$12.42	$58,754	2.36%	0.00%	to	1.50%	9.61%	to	11.39%
Voya Solution 2015 Portfolio - Service 2 Class
	2014		579	$13.44	to	$14.50	$8,129	2.43%	0.00%	to	1.55%	3.94%	to	5.61%
	2013		756	$12.93	to	$13.73	$10,144	3.01%	0.00%	to	1.55%	7.30%	to	8.97%
	2012		855	$12.05	to	$12.60	$10,582	3.80%	0.00%	to	1.55%	9.55%	to	11.21%
	2011		1,241	$11.00	to	$11.33	$13,912	3.32%	0.00%	to	1.55%	-2.40%	to	-0.79%
	2010	04/16/2010	1,297	$11.27	to	$11.42	$14,738	(a)	0.00%	to	1.55%		(a)
Voya Solution 2025 Portfolio - Adviser Class
	2014		34	$14.64	to	$15.09	$492	1.80%	0.35%	to	0.70%		4.87%
	2013		36		$13.96		$508	1.93%		0.35%			15.66%
	2012		35		$12.07		$427	2.46%		0.35%			12.80%
	2011		36		$10.70		$387	1.90%		0.35%			-3.69%
	2010		32	$11.11	to	$12.08	$351	0.05%	0.00%	to	0.95%	12.38%	to	13.53%
Voya Solution 2025 Portfolio - Initial Class
	2014		120	$10.32	to	$12.79	$1,478	4.94%	0.00%	to	1.20%	5.33%	to	5.79%
	2013		66	$12.01	to	$12.09	$788	2.60%	0.00%	to	0.45%	16.04%	to	16.59%
	2012	09/04/2012	50	$10.35	to	$10.37	$521	(c)	0.00%	to	0.45%		(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
Voya Solution 2025 Portfolio - Service Class
	2014		9,368	$11.80	to	$16.56	$142,609	2.03%	0.00%	to	1.50%	3.99%	to	5.61%
	2013		9,043	$11.28	to	$15.69	$131,426	2.28%	0.00%	to	1.50%	14.56%	to	16.39%
	2012		8,785	$9.79	to	$13.48	$110,500	2.73%	0.00%	to	1.50%	11.77%	to	13.49%
	2011		8,260	$8.71	to	$11.89	$92,206	2.18%	0.00%	to	1.50%	-4.53%	to	-3.03%
	2010		7,451	$9.07	to	$12.27	$86,539	1.58%	0.00%	to	1.50%	12.04%	to	13.82%

293

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Solution 2025 Portfolio - Service 2 Class
	2014		982	$14.79	to	$15.96	$15,200	1.82%	0.00%	to	1.55%	3.79%	to	5.42%
	2013		1,019	$14.25	to	$15.14	$15,044	2.10%	0.00%	to	1.55%	14.27%	to	16.10%
	2012		1,219	$12.47	to	$13.04	$15,599	2.31%	0.00%	to	1.55%	11.61%	to	13.29%
	2011		1,727	$11.17	to	$11.51	$19,675	2.22%	0.00%	to	1.55%	-4.77%	to	-3.20%
	2010	04/16/2010	1,708	$11.73	to	$11.89	$20,208	(a)	0.00%	to	1.55%		(a)
Voya Solution 2035 Portfolio - Adviser Class
	2014		12		$15.17		$183	1.51%		0.35%			4.98%
	2013		15		$14.45		$215	1.25%		0.35%			19.72%
	2012		22		$12.07		$266	1.99%		0.35%			14.41%
	2011		32		$10.55		$338	1.12%		0.35%			-5.21%
	2010		34	$11.13	to	$11.56	$379	0.05%	0.35%	to	1.00%	13.11%	to	13.92%
Voya Solution 2035 Portfolio - Initial Class
	2014		217	$10.39	to	$13.34	$2,695	2.23%	0.00%	to	1.20%	5.43%	to	5.96%
	2013		142	$12.52	to	$12.59	$1,783	2.08%	0.00%	to	0.45%	20.15%	to	20.71%
	2012	09/04/2012	125	$10.42	to	$10.43	$1,299	(c)	0.00%	to	0.45%		(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
Voya Solution 2035 Portfolio - Service Class
	2014		8,558	$11.92	to	$17.35	$136,761	2.01%	0.00%	to	1.50%	4.09%	to	5.73%
	2013		8,079	$11.38	to	$16.41	$123,072	1.90%	0.00%	to	1.50%	18.60%	to	20.66%
	2012		7,612	$9.54	to	$13.64	$96,949	2.16%	0.00%	to	1.50%	13.34%	to	15.11%
	2011		6,862	$8.36	to	$11.85	$76,467	1.61%	0.00%	to	1.50%	-6.05%	to	-4.55%
	2010		5,947	$8.85	to	$12.42	$70,002	1.19%	0.00%	to	1.50%	12.86%	to	14.58%
Voya Solution 2035 Portfolio - Service 2 Class
	2014		840	$15.56	to	$16.79	$13,637	1.95%	0.00%	to	1.55%	3.87%	to	5.53%
	2013		889	$14.98	to	$15.91	$13,788	1.62%	0.00%	to	1.55%	18.33%	to	20.17%
	2012		1,165	$12.66	to	$13.24	$15,155	1.94%	0.00%	to	1.55%	13.24%	to	14.93%
	2011		1,444	$11.18	to	$11.52	$16,464	1.68%	0.00%	to	1.55%	-6.29%	to	-4.79%
	2010	04/16/2010	1,425	$11.93	to	$12.10	$17,154	(a)	0.00%	to	1.55%		(a)

294

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Solution 2045 Portfolio - Adviser Class
	2014		7	$15.36	to	$15.44	$114	1.80%	0.35%	to	1.25%		5.49%
	2013		7		$14.56		$108	1.78%		0.35%			22.66%
	2012		10		$11.87		$117	1.72%		0.35%			14.80%
	2011		11		$10.34		$115	1.03%		0.35%			-5.74%
	2010		7		$10.97		$80	0.02%		0.35%			14.51%
Voya Solution 2045 Portfolio - Initial Class
	2014		114	$10.45	to	$13.76	$1,526	1.83%	0.00%	to	1.20%	5.83%	to	6.34%
	2013		102	$12.86	to	$12.94	$1,313	1.98%	0.00%	to	0.45%		23.18%
	2012	09/04/2012	77		$10.44		$803	(c)		0.45%			(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
Voya Solution 2045 Portfolio - Service Class
	2014		5,982	$11.86	to	$17.85	$98,309	1.68%	0.00%	to	1.50%	4.51%	to	6.12%
	2013		5,814	$11.28	to	$16.82	$90,698	1.67%	0.00%	to	1.50%	21.56%	to	23.77%
	2012		5,506	$9.22	to	$13.63	$70,077	1.84%	0.00%	to	1.50%	13.76%	to	15.51%
	2011		4,993	$8.06	to	$11.80	$55,372	1.22%	0.00%	to	1.50%	-6.56%	to	-5.12%
	2010		4,246	$8.57	to	$12.44	$49,958	0.90%	0.00%	to	1.50%	13.39%	to	15.17%
Voya Solution 2045 Portfolio - Service 2 Class
	2014		473	$16.13	to	$17.40	$7,963	1.56%	0.00%	to	1.55%	4.27%	to	5.84%
	2013		512	$15.47	to	$16.44	$8,217	1.31%	0.00%	to	1.55%	21.33%	to	23.24%
	2012		881	$12.75	to	$13.34	$11,546	1.54%	0.00%	to	1.55%	13.64%	to	15.40%
	2011		1,168	$11.22	to	$11.56	$13,383	1.25%	0.00%	to	1.55%	-6.89%	to	-5.40%
	2010	04/16/2010	1,142	$12.05	to	$12.22	$13,890	(a)	0.00%	to	1.55%		(a)
Voya Solution 2055 Portfolio - Initial Class
	2014		57	$10.48	to	$16.90	$777	1.07%	0.00%	to	1.20%		6.09%
	2013		10		$15.60		$155	1.43%		0.45%			23.32%
	2012	09/14/2012	10		$12.65		$124	(c)		0.45%			(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)

295

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Solution 2055 Portfolio - Service Class
	2014		672	$15.03	to	$16.71	$10,817	1.38%	0.00%	to	1.50%	4.63%	to	6.23%
	2013		489	$14.28	to	$15.73	$7,472	1.20%	0.00%	to	1.50%	21.65%	to	23.57%
	2012		272	$11.67	to	$12.73	$3,384	1.04%	0.00%	to	1.50%	13.86%	to	15.52%
	2011		130	$10.20	to	$11.02	$1,414	0.37%	0.05%	to	1.50%	-6.52%	to	-5.16%
	2010	06/18/2010	19	$11.50	to	$11.62	$222	(a)	0.05%	to	1.50%		(a)
Voya Solution 2055 Portfolio - Service 2 Class
	2014		55	$15.55	to	$16.60	$887	1.53%	0.00%	to	1.40%	4.64%	to	6.14%
	2013		45	$14.86	to	$15.64	$683	1.07%	0.00%	to	1.40%	21.60%	to	23.34%
	2012		35	$12.22	to	$12.68	$438	0.86%	0.00%	to	1.40%	13.77%	to	15.27%
	2011		24	$10.74	to	$11.00	$259	0.46%	0.00%	to	1.45%	-6.43%	to	-5.25%
	2010	06/28/2010	15	$11.51	to	$11.61	$174	(a)	0.00%	to	1.25%		(a)
Voya Solution Balanced Portfolio - Service Class
	2014		343	$12.06	to	$13.10	$4,280	1.93%	0.25%	to	1.50%	4.78%	to	6.07%
	2013		295	$11.51	to	$12.35	$3,502	2.15%	0.25%	to	1.50%	13.92%	to	15.36%
	2012		219	$10.10	to	$10.71	$2,273	1.63%	0.25%	to	1.50%	11.97%	to	13.45%
	2011		193	$9.02	to	$9.44	$1,775	0.33%	0.25%	to	1.50%	-3.94%	to	-2.68%
	2010		131	$9.39	to	$9.70	$1,246	1.11%	0.25%	to	1.50%	11.11%	to	12.40%
Voya Solution Income Portfolio - Adviser Class
	2014		14		$14.52		$206	2.34%		0.35%			5.14%
	2013		16		$13.81		$221	3.35%		0.35%			6.31%
	2012		20		$12.99		$257	3.93%		0.35%			9.16%
	2011		25		$11.90		$303	2.00%		0.35%			-0.17%
	2010		84	$11.92	to	$12.20	$998	0.63%	0.25%	to	0.40%	8.82%	to	9.03%
Voya Solution Income Portfolio - Initial Class
	2014		287	$10.25	to	$11.63	$3,290	3.08%	0.00%	to	1.20%	5.50%	to	6.02%
	2013		234	$10.90	to	$10.97	$2,555	3.45%	0.00%	to	0.45%	6.86%	to	7.34%
	2012	09/04/2012	193	$10.20	to	$10.22	$1,968	(c)	0.00%	to	0.45%		(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)

296

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Solution Income Portfolio - Service Class
	2014		1,248	$12.57	to	$15.66	$17,739	2.64%	0.00%	to	1.50%	4.23%	to	5.81%
	2013		1,106	$11.99	to	$14.81	$15,119	3.65%	0.00%	to	1.50%	5.35%	to	7.01%
	2012		1,014	$11.31	to	$13.84	$13,244	5.01%	0.00%	to	1.50%	8.15%	to	9.75%
	2011		1,144	$10.40	to	$12.61	$13,757	3.92%	0.00%	to	1.50%	-1.13%	to	0.42%
	2010		1,044	$10.46	to	$12.57	$12,512	3.39%	0.00%	to	1.50%	7.95%	to	9.78%
Voya Solution Income Portfolio - Service 2 Class
	2014		91	$12.82	to	$13.73	$1,210	2.23%	0.00%	to	1.40%	4.14%	to	5.62%
	2013		110	$12.31	to	$13.00	$1,395	3.75%	0.00%	to	1.40%	5.38%	to	6.82%
	2012		173	$11.68	to	$12.17	$2,070	4.41%	0.00%	to	1.40%	8.05%	to	9.64%
	2011		241	$10.80	to	$11.10	$2,646	3.22%	0.00%	to	1.45%	-1.10%	to	0.27%
	2010	04/16/2010	458	$10.93	to	$11.07	$5,049	(a)	0.00%	to	1.40%		(a)
Voya Solution Moderately Conservative Portfolio - Service Class
	2014		493	$11.99	to	$13.03	$6,119	2.21%	0.25%	to	1.50%	3.99%	to	5.34%
	2013		412	$11.53	to	$12.37	$4,900	2.79%	0.25%	to	1.50%	7.96%	to	9.28%
	2012		326	$10.68	to	$11.32	$3,570	1.85%	0.25%	to	1.50%	10.33%	to	11.64%
	2011		305	$9.68	to	$10.14	$3,018	0.54%	0.25%	to	1.50%	-2.22%	to	-0.88%
	2010		247	$9.90	to	$10.23	$2,487	1.49%	0.25%	to	1.50%	9.51%	to	10.95%
VY® American Century Small-Mid Cap Value Portfolio - Adviser Class
	2014		7		$21.99		$153	1.37%		0.35%			11.74%
	2013		7		$19.68		$140	0.77%		0.35%			30.68%
	2012		8		$15.06		$119	0.87%		0.35%			15.67%
	2011		8		$13.02		$110	1.08%		0.35%			-3.77%
	2010		6		$13.53		$76	1.56%		0.35%			21.35%
VY® American Century Small-Mid Cap Value Portfolio - Initial Class
	2014		1,017	$14.77	to	$19.45	$19,231	1.62%	0.00%	to	1.40%	11.19%	to	12.75%
	2013		1,158	$13.22	to	$17.25	$19,547	1.41%	0.00%	to	1.40%	29.96%	to	31.78%
	2012		774	$12.65	to	$13.09	$10,028	0.02%	0.00%	to	1.40%	14.90%	to	15.43%
	2011	09/19/2011	-	$11.01	to	$11.08	$5	(b)	0.95%	to	1.40%		(b)
	2010		(b)		(b)		(b)	(b)		(b)			(b)

297

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
VY® American Century Small-Mid Cap Value Portfolio - Service Class
	2014		2,229	$18.32	to	$32.79	$60,125	1.27%	0.00%	to	1.50%	10.79%	to	12.81%
	2013		2,324	$16.43	to	$29.16	$57,450	1.13%	0.00%	to	1.50%	29.40%	to	31.40%
	2012		2,169	$13.08	to	$22.20	$43,640	1.22%	0.00%	to	1.50%	14.61%	to	16.40%
	2011		2,497	$10.97	to	$19.08	$44,006	1.09%	0.00%	to	1.50%	-4.57%	to	-3.13%
	2010		2,506	$11.41	to	$19.70	$45,970	1.09%	0.00%	to	1.50%	20.15%	to	22.06%
VY® Baron Growth Portfolio - Adviser Class
	2014		20		$21.18		$420	-		0.35%			3.67%
	2013		28		$20.43		$571	0.60%		0.35%			38.04%
	2012		96		$14.80		$1,419	-		0.35%			18.97%
	2011		99		$12.44		$1,233	-		0.35%			1.55%
	2010		102		$12.25		$1,247	-		0.35%			25.77%
VY® Baron Growth Portfolio - Service Class
	2014		6,191	$11.08	to	$34.97	$175,509	0.07%	0.00%	to	1.55%	2.76%	to	4.35%
	2013		6,705	$10.75	to	$33.72	$186,035	1.30%	0.00%	to	1.55%	36.74%	to	38.89%
	2012		6,184	$11.46	to	$24.57	$129,571	-	0.00%	to	1.55%	17.77%	to	19.72%
	2011		6,828	$9.66	to	$20.75	$121,607	-	0.00%	to	1.55%	0.69%	to	2.27%
	2010		6,913	$9.54	to	$20.51	$122,371	-	0.00%	to	1.75%	24.28%	to	26.62%
VY® Columbia Contrarian Core Portfolio - Service Class
	2014		554	$13.53	to	$33.07	$15,271	0.77%	0.00%	to	1.50%	11.13%	to	12.88%
	2013		598	$12.10	to	$29.32	$14,676	1.41%	0.00%	to	1.50%	32.75%	to	34.79%
	2012		653	$9.06	to	$21.76	$12,097	0.30%	0.00%	to	1.50%	10.57%	to	12.31%
	2011		730	$8.15	to	$19.38	$11,915	0.99%	0.00%	to	1.50%	-6.09%	to	-4.66%
	2010		843	$8.62	to	$20.33	$14,440	0.40%	0.00%	to	1.50%	10.40%	to	12.01%
VY® Columbia Small Cap Value II Portfolio - Adviser Class
	2014		17		$15.23		$254	0.38%		0.35%			3.75%
	2013		18		$14.68		$270	0.73%		0.35%			39.15%
	2012		26		$10.55		$279	0.39%		0.35%			13.56%
	2011		25		$9.29		$234	0.77%		0.35%			-3.23%
	2010		3		$9.60		$26	-		0.35%			24.51%

298

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
VY® Columbia Small Cap Value II Portfolio - Service Class
	2014		293	$15.08	to	$17.12	$4,730	0.18%	0.00%	to	1.50%	2.82%	to	4.33%
	2013		337	$14.58	to	$16.45	$5,258	0.84%	0.00%	to	1.50%	37.89%	to	40.00%
	2012		293	$10.51	to	$11.78	$3,292	0.25%	0.00%	to	1.50%	12.47%	to	14.14%
	2011		312	$9.31	to	$10.34	$3,093	0.51%	0.00%	to	1.50%	-4.18%	to	-2.65%
	2010		231	$9.81	to	$10.66	$2,367	1.31%	0.00%	to	1.50%	23.49%	to	24.97%
VY® Fidelity® VIP Mid Cap Portfolio - Service Class
	2014		278	$14.73	to	$19.33	$4,092	4.64%	0.00%	to	0.45%	5.21%	to	5.69%
	2013		333	$14.00	to	$18.29	$4,661	0.04%	0.00%	to	0.45%	34.74%	to	35.38%
	2012		437	$10.39	to	$13.51	$4,543	-	0.00%	to	0.45%		14.30%
	2011		692	$11.51	to	$11.82	$7,970	0.17%	0.00%	to	0.50%	-11.53%	to	-11.13%
	2010		1,084	$13.01	to	$13.30	$14,099	0.52%	0.00%	to	0.50%	27.55%	to	28.13%
VY® Invesco Comstock Portfolio - Adviser Class
	2014		27		$17.95		$482	1.94%		0.35%			8.46%
	2013		27		$16.55		$444	0.51%		0.35%			34.33%
	2012		27		$12.32		$334	0.95%		0.35%			17.89%
	2011		28		$10.45		$297	1.32%		0.35%			-2.70%
	2010		29		$10.74		$307	1.02%		0.35%			14.38%
VY® Invesco Comstock Portfolio - Service Class
	2014		3,702	$14.52	to	$24.48	$76,270	1.94%	0.00%	to	1.95%	6.98%	to	9.18%
	2013		3,594	$13.42	to	$22.70	$69,828	0.81%	0.00%	to	1.95%	32.35%	to	35.10%
	2012		3,281	$10.03	to	$17.01	$48,799	1.24%	0.00%	to	1.95%	16.31%	to	18.73%
	2011		3,682	$8.53	to	$14.49	$46,669	1.37%	0.00%	to	1.95%	-3.92%	to	-2.12%
	2010		4,016	$8.79	to	$14.95	$52,549	1.29%	0.00%	to	1.95%	12.86%	to	15.17%
VY® Invesco Equity and Income Portfolio - Adviser Class
	2014		95		$17.67		$1,674	1.61%		0.35%			8.07%
	2013		50		$16.35		$811	1.05%		0.35%			23.86%
	2012		54		$13.20		$712	1.62%		0.35%			11.86%
	2011		55		$11.80		$649	2.05%		0.35%			-1.91%
	2010		43		$12.03		$523	1.38%		0.35%			11.39%

299

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
VY® Invesco Equity and Income Portfolio - Initial Class
	2014		20,175	$10.23	to	$20.99	$350,430	1.75%	0.00%	to	1.95%	1.44%	to	11.71%
	2013		15,175	$13.78	to	$19.26	$260,310	1.40%	0.00%	to	1.95%	20.81%	to	30.53%
	2012		16,784	$11.13	to	$15.37	$232,827	2.34%	0.00%	to	1.95%	5.06%	to	12.81%
	2011		18,261	$9.95	to	$13.67	$228,833	2.23%	0.00%	to	1.95%	-3.03%	to	-1.01%
	2010		19,572	$10.15	to	$13.81	$249,741	1.82%	0.00%	to	1.95%	10.19%	to	17.25%
VY® Invesco Equity and Income Portfolio - Service Class
	2014		229	$10.57	to	$60.47	$3,362	3.93%	0.00%	to	1.25%		7.61%
	2013		6	$52.41	to	$54.02	$300	1.04%	1.00%	to	1.25%	23.09%	to	23.39%
	2012		6	$42.58	to	$43.78	$277	1.98%	1.00%	to	1.25%	11.12%	to	11.40%
	2011		6	$38.32	to	$39.30	$229	2.26%	1.00%	to	1.25%	-2.54%	to	-2.31%
	2010		5	$39.32	to	$40.23	$214	1.65%	1.00%	to	1.25%	10.64%	to	10.92%
VY® JPMorgan Mid Cap Value Portfolio - Adviser Class
	2014		18		$22.26		$406	0.52%		0.35%			14.27%
	2013		19		$19.48		$364	0.28%		0.35%			30.74%
	2012		23		$14.90		$348	0.61%		0.35%			19.30%
	2011		25		$12.49		$308	0.58%		0.35%			1.30%
	2010		31		$12.33		$378	0.60%		0.35%			22.20%
VY® JPMorgan Mid Cap Value Portfolio - Initial Class
	2014		461		$15.06		$6,939	1.19%		0.95%			14.18%
	2013		375		$13.19		$4,945	1.27%		0.95%			30.72%
	2012	09/14/2012	90		$10.09		$904	(c)		0.95%			(c)
	2011		(c)		(c)		(c)	(c)		(c)			(c)
	2010		(c)		(c)		(c)	(c)		(c)			(c)
VY® JPMorgan Mid Cap Value Portfolio - Service Class
	2014		2,205	$17.67	to	$35.87	$68,476	0.84%	0.00%	to	1.55%	13.20%	to	14.99%
	2013		2,217	$15.51	to	$31.20	$60,174	0.65%	0.00%	to	1.55%	29.54%	to	31.58%
	2012		1,951	$11.89	to	$23.72	$40,437	0.76%	0.00%	to	1.55%	18.23%	to	20.04%
	2011		1,760	$10.00	to	$19.76	$30,683	0.83%	0.00%	to	1.50%	0.29%	to	1.88%
	2010		1,790	$9.91	to	$19.41	$30,952	0.77%	0.00%	to	1.55%	21.11%	to	23.01%

300

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
VY® Oppenheimer Global Portfolio - Adviser Class
	2014		33		$17.17		$559	0.86%		0.35%			1.48%
	2013		36		$16.92		$609	0.99%		0.35%			25.99%
	2012		45		$13.43		$601	0.90%		0.35%			20.77%
	2011		46		$11.12		$515	1.20%		0.35%			-8.93%
	2010		40		$12.21		$483	1.39%		0.35%			15.08%
VY® Oppenheimer Global Portfolio - Initial Class
	2014		30,400	$12.85	to	$21.73	$576,327	1.18%	0.00%	to	1.80%	-2.86%	to	5.83%
	2013		33,227	$12.67	to	$21.19	$621,059	1.36%	0.00%	to	1.80%	17.76%	to	32.35%
	2012		36,131	$10.06	to	$16.66	$540,715	1.29%	0.00%	to	1.80%	15.61%	to	21.70%
	2011		40,001	$8.34	to	$13.73	$498,449	1.52%	0.00%	to	1.65%	-9.60%	to	-8.10%
	2010		43,210	$9.16	to	$14.94	$591,369	1.57%	0.00%	to	1.80%	14.05%	to	21.88%
VY® Oppenheimer Global Portfolio - Service Class
	2014		50	$21.26	to	$21.95	$1,101	1.02%	1.00%	to	1.25%	0.81%	to	1.11%
	2013		49	$21.09	to	$21.71	$1,061	1.17%	1.00%	to	1.25%	25.31%	to	25.56%
	2012		47	$16.83	to	$17.29	$815	1.10%	1.00%	to	1.25%	19.79%	to	20.15%
	2011		44	$14.05	to	$14.39	$638	1.40%	1.00%	to	1.25%	-9.53%	to	-9.33%
	2010		41	$15.53	to	$15.87	$647	1.41%	1.00%	to	1.25%	14.36%	to	14.67%
VY® Pioneer High Yield Portfolio - Initial Class
	2014		2,359	$17.04	to	$20.67	$43,987	5.14%	0.00%	to	1.95%	-1.64%	to	0.34%
	2013		1,896	$17.14	to	$20.60	$35,918	4.80%	0.00%	to	1.95%	10.14%	to	12.34%
	2012		1,358	$15.39	to	$18.34	$23,376	6.02%	0.00%	to	1.95%	13.96%	to	16.22%
	2011		1,281	$13.37	to	$15.78	$19,191	6.17%	0.00%	to	1.95%	-2.62%	to	-0.69%
	2010		1,177	$13.58	to	$15.89	$17,901	6.06%	0.00%	to	1.95%	16.67%	to	19.10%
VY® Pioneer High Yield Portfolio - Service Class
	2014		41	$17.98	to	$19.78	$788	4.71%	0.25%	to	1.35%	-1.21%	to	-0.15%
	2013		36	$18.20	to	$19.81	$698	4.30%	0.25%	to	1.35%	10.68%	to	11.38%
	2012		27	$16.41	to	$17.31	$466	5.82%	0.60%	to	1.40%	14.35%	to	15.08%
	2011		27	$14.41	to	$15.25	$393	5.50%	0.35%	to	1.35%	-2.31%	to	-1.29%
	2010		25	$14.71	to	$15.45	$370	5.44%	0.35%	to	1.40%	17.02%	to	18.30%

301

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class
	2014		18		$21.65		$386	-		0.35%			10.91%
	2013		20		$19.52		$389	0.23%		0.35%			33.97%
	2012		32		$14.57		$465	-		0.35%			15.27%
	2011		32		$12.64		$409	0.23%		0.35%			-4.53%
	2010		34		$13.24		$451	-		0.35%			27.31%
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class
	2014		17,649	$16.72	to	$37.97	$404,023	0.27%	0.00%	to	1.50%	4.50%	to	14.29%
	2013		18,991	$15.09	to	$23.21	$393,263	0.29%	0.00%	to	1.50%	29.45%	to	38.68%
	2012		20,973	$11.26	to	$17.17	$324,303	0.52%	0.00%	to	1.50%	11.41%	to	16.10%
	2011		22,944	$9.79	to	$14.79	$309,528	0.35%	0.00%	to	1.50%	-5.15%	to	-3.64%
	2010		24,412	$10.25	to	$15.35	$345,307	0.28%	0.00%	to	1.50%	26.65%	to	31.82%
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class
	2014		53	$16.17	to	$24.79	$1,070	-	0.00%	to	1.30%	10.19%	to	11.67%
	2013		48	$14.67	to	$22.20	$859	0.14%	0.00%	to	1.30%	33.06%	to	34.71%
	2012		43	$11.02	to	$16.48	$586	0.17%	0.00%	to	1.30%	14.43%	to	15.89%
	2011		47	$9.63	to	$14.22	$580	0.18%	0.00%	to	1.25%	-5.12%	to	-3.92%
	2010		43	$10.15	to	$14.80	$562	-	0.00%	to	1.25%	26.47%	to	28.14%
VY® T. Rowe Price Growth Equity Portfolio - Adviser Class
	2014		73		$20.36		$1,484	-		0.35%			7.78%
	2013		83		$18.89		$1,561	-		0.35%			38.08%
	2012		89		$13.68		$1,224	-		0.35%			17.93%
	2011		98		$11.60		$1,139	-		0.35%			-1.94%
	2010		101		$11.83		$1,195	-		0.35%			15.87%
VY® T. Rowe Price Growth Equity Portfolio - Initial Class
	2014		9,293	$15.91	to	$48.96	$337,335	-	0.00%	to	1.50%	7.06%	to	8.71%
	2013		9,672	$14.77	to	$45.48	$326,039	0.02%	0.00%	to	1.50%	37.17%	to	39.28%
	2012		9,885	$10.71	to	$32.97	$247,651	0.17%	0.00%	to	1.50%	17.11%	to	18.92%
	2011		9,608	$9.08	to	$28.03	$208,716	-	0.00%	to	1.50%	-2.57%	to	-1.06%
	2010		10,050	$9.27	to	$28.62	$223,428	0.04%	0.00%	to	1.50%	15.11%	to	16.88%

302

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
VY® T. Rowe Price Growth Equity Portfolio - Service Class
	2014		180	$20.39	to	$24.39	$4,148	-	0.00%	to	1.45%	6.87%	to	8.40%
	2013		182	$18.89	to	$22.72	$3,895	0.03%	0.00%	to	1.55%	36.78%	to	38.90%
	2012		176	$13.81	to	$16.52	$2,729	-	0.00%	to	1.55%	16.74%	to	18.62%
	2011		156	$11.83	to	$14.07	$2,053	-	0.00%	to	1.55%	-2.79%	to	-1.33%
	2010		152	$12.17	to	$14.40	$2,022	0.06%	0.00%	to	1.55%	14.81%	to	16.61%
VY® Templeton Foreign Equity Portfolio - Adviser Class
	2014		40		$10.13		$409	2.11%		0.35%			-7.40%
	2013		49		$10.94		$539	1.09%		0.35%			19.30%
	2012		61		$9.17		$562	1.18%		0.35%			17.87%
	2011		59		$7.78		$457	2.05%		0.35%			-12.68%
	2010		36		$8.91		$324	1.86%		0.35%			7.87%
VY® Templeton Foreign Equity Portfolio - Initial Class
	2014		9,958	$9.63	to	$10.73	$99,808	2.55%	0.00%	to	1.50%	-7.97%	to	-6.53%
	2013		10,606	$10.46	to	$11.48	$114,872	1.48%	0.00%	to	1.50%	18.46%	to	20.21%
	2012		11,465	$8.83	to	$9.55	$104,253	1.62%	0.00%	to	1.50%	17.08%	to	18.93%
	2011		10,100	$7.54	to	$8.03	$77,991	1.95%	0.00%	to	1.50%	-13.36%	to	-12.05%
	2010		10,877	$8.70	to	$9.13	$96,382	2.20%	0.00%	to	1.50%	7.22%	to	9.74%
VY® Templeton Foreign Equity Portfolio - Service Class
	2014		26	$11.37	to	$12.84	$328	2.03%	0.00%	to	1.40%	-8.23%	to	-6.89%
	2013		27	$12.39	to	$13.79	$362	1.24%	0.00%	to	1.40%	18.34%	to	19.91%
	2012		25	$10.47	to	$11.50	$284	2.16%	0.00%	to	1.40%	16.98%	to	18.68%
	2011		9	$8.95	to	$9.69	$86	1.15%	0.00%	to	1.40%	-13.44%	to	-12.23%
	2010		8	$10.32	to	$11.04	$88	2.76%	0.00%	to	1.45%	7.04%	to	8.55%
Voya Core Equity Research Fund - Class A
	2014		7	$23.57	to	$25.32	$167	1.82%	0.35%	to	1.55%	8.40%	to	9.42%
	2013		7	$22.13	to	$23.14	$162	0.57%	0.35%	to	1.25%	28.96%	to	30.15%
	2012		11	$17.16	to	$17.78	$190	1.06%	0.35%	to	1.25%	16.02%	to	17.05%
	2011		13	$14.79	to	$15.19	$189	1.03%	0.35%	to	1.25%	-1.66%	to	-0.78%
	2010		13	$14.99	to	$15.29	$200	0.61%	0.40%	to	1.40%	10.95%	to	12.10%

303

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Strategic Allocation Conservative Portfolio - Class I
	2014		1,725	$12.95	to	$28.93	$38,249	2.71%	0.00%	to	1.50%	4.98%	to	6.63%
	2013		1,821	$12.26	to	$27.13	$37,570	2.58%	0.00%	to	1.60%	10.41%	to	12.39%
	2012		1,798	$11.03	to	$24.14	$33,238	2.70%	0.00%	to	1.70%	10.62%	to	12.32%
	2011		1,920	$9.91	to	$21.55	$31,636	4.08%	0.00%	to	1.60%	0.18%	to	1.80%
	2010		1,876	$9.82	to	$21.17	$30,602	4.39%	0.00%	to	1.60%	9.40%	to	11.10%
Voya Strategic Allocation Growth Portfolio - Class I
	2014		3,394	$12.34	to	$30.84	$75,559	2.04%	0.00%	to	1.95%	4.45%	to	6.63%
	2013		3,607	$11.68	to	$28.95	$76,061	1.71%	0.00%	to	1.95%	20.03%	to	22.45%
	2012		3,688	$9.63	to	$23.66	$64,806	1.57%	0.00%	to	1.95%	12.70%	to	15.09%
	2011		3,981	$8.45	to	$20.63	$61,425	2.68%	0.00%	to	1.95%	-4.75%	to	-2.89%
	2010		4,056	$8.78	to	$21.25	$65,533	3.58%	0.00%	to	1.95%	10.82%	to	13.15%
Voya Strategic Allocation Moderate Portfolio - Class I
	2014		3,238	$12.54	to	$29.32	$68,770	2.33%	0.00%	to	1.60%	4.94%	to	6.71%
	2013		3,358	$11.86	to	$27.50	$67,281	2.15%	0.00%	to	1.60%	14.74%	to	16.58%
	2012		3,554	$10.27	to	$23.66	$61,420	2.13%	0.00%	to	1.70%	11.85%	to	13.66%
	2011		3,774	$9.12	to	$20.83	$57,881	3.49%	0.00%	to	1.60%	-2.21%	to	-0.57%
	2010		3,928	$9.26	to	$20.95	$61,501	3.92%	0.00%	to	1.60%	10.25%	to	12.15%
Voya Growth and Income Portfolio - Class A
	2014		101		$15.77		$1,598	1.56%		0.35%			9.82%
	2013		111		$14.36		$1,598	1.09%		0.35%			29.60%
	2012		71		$11.08		$785	1.34%		0.35%			14.82%
	2011		89		$9.65		$856	1.09%		0.35%			-1.03%
	2010		62		$9.75		$606	0.99%		0.35%			13.11%
Voya Growth and Income Portfolio - Class I
	2014		37,723	$14.38	to	$502.14	$1,371,748	1.94%	0.00%	to	1.95%	8.58%	to	10.72%
	2013		41,976	$13.11	to	$457.82	$1,391,126	1.38%	0.00%	to	1.95%	28.10%	to	31.00%
	2012		42,100	$10.12	to	$353.70	$1,068,514	1.84%	0.00%	to	1.95%	13.53%	to	15.77%
	2011		47,467	$8.82	to	$308.39	$1,044,149	1.24%	0.00%	to	1.95%	-2.23%	to	-0.22%
	2010		52,699	$8.93	to	$312.14	$1,177,617	1.06%	0.00%	to	1.95%	11.92%	to	14.24%

304

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Growth and Income Portfolio - Class S
	2014		15	$15.29	to	$22.95	$281	1.62%	0.10%	to	1.55%	8.70%	to	10.33%
	2013		12	$13.98	to	$20.81	$212	0.06%	0.10%	to	1.55%	28.36%	to	30.26%
	2012		533	$10.84	to	$16.04	$6,121	1.47%	0.00%	to	1.55%	13.73%	to	15.45%
	2011		737	$9.58	to	$13.95	$7,254	2.00%	0.00%	to	1.55%	-1.72%	to	-0.50%
	2010		141	$9.70	to	$14.09	$1,467	1.02%	0.00%	to	1.50%	12.15%	to	13.84%
Voya Index Plus LargeCap Portfolio - Class I
	2014		11,978	$13.30	to	$37.36	$348,666	1.47%	0.00%	to	1.95%	11.70%	to	13.92%
	2013		12,649	$11.85	to	$32.83	$325,012	1.82%	0.00%	to	1.95%	30.24%	to	32.92%
	2012		13,613	$9.05	to	$24.77	$269,213	1.66%	0.00%	to	1.95%	12.30%	to	14.50%
	2011		15,065	$8.03	to	$21.65	$262,851	1.90%	0.00%	to	1.95%	-2.07%	to	-0.05%
	2010		16,582	$8.16	to	$21.66	$292,131	1.93%	0.00%	to	1.95%	11.70%	to	14.02%
Voya Index Plus LargeCap Portfolio - Class S
	2014		18		$17.76		$318	1.23%		0.35%			13.12%
	2013		21		$15.70		$335	1.42%		0.35%			32.27%
	2012		31		$11.87		$368	1.60%		0.35%			13.70%
	2011		37		$10.44		$383	1.64%		0.35%			-0.76%
	2010		33		$10.52		$348	1.94%		0.35%			13.24%
Voya Index Plus MidCap Portfolio - Class I
	2014		9,910	$15.76	to	$46.11	$366,118	0.77%	0.00%	to	1.95%	7.44%	to	9.90%
	2013		10,694	$14.52	to	$42.09	$365,883	1.15%	0.00%	to	1.95%	31.89%	to	34.56%
	2012		11,422	$10.89	to	$31.28	$298,981	0.91%	0.00%	to	1.95%	15.57%	to	17.73%
	2011		12,437	$9.33	to	$26.58	$280,455	0.84%	0.00%	to	1.85%	-2.94%	to	-1.12%
	2010		13,426	$9.53	to	$26.88	$307,653	1.06%	0.00%	to	2.10%	19.36%	to	21.95%
Voya Index Plus MidCap Portfolio - Class S
	2014		19		$19.37		$364	0.69%		0.35%			8.94%
	2013		28		$17.78		$503	0.90%		0.35%			33.78%
	2012		29		$13.29		$387	0.52%		0.35%			16.99%
	2011		34		$11.36		$389	0.41%		0.35%			-1.73%
	2010		51		$11.56		$590	0.94%		0.35%			21.05%

305

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Index Plus SmallCap Portfolio - Class I
	2014		5,601	$15.13	to	$32.63	$149,688	0.63%	0.00%	to	1.95%	3.40%	to	5.43%
	2013		6,051	$14.48	to	$30.95	$154,881	0.94%	0.00%	to	1.95%	39.95%	to	42.71%
	2012		6,083	$10.24	to	$21.69	$109,978	0.58%	0.00%	to	1.95%	10.36%	to	12.38%
	2011		6,805	$9.19	to	$19.30	$110,537	0.86%	0.00%	to	1.80%	-2.52%	to	-0.72%
	2010		7,455	$9.34	to	$19.44	$122,910	0.69%	0.00%	to	2.10%	20.30%	to	22.86%
Voya Index Plus SmallCap Portfolio - Class S
	2014		16		$17.50		$278	0.39%		0.35%			4.92%
	2013		14		$16.68		$236	0.49%		0.35%			41.72%
	2012		15		$11.77		$176	-		0.35%			11.78%
	2011		17		$10.53		$181	0.60%		0.35%			-1.31%
	2010		14		$10.67		$154	0.72%		0.35%			22.08%
Voya International Index Portfolio - Class I
	2014		2,753	$8.78	to	$16.46	$26,942	0.83%	0.00%	to	1.65%	-7.48%	to	-5.95%
	2013		2,524	$9.41	to	$17.67	$26,714	2.24%	0.00%	to	1.80%	19.26%	to	21.45%
	2012		2,347	$7.89	to	$14.68	$20,592	2.78%	0.00%	to	1.80%	16.54%	to	18.84%
	2011		2,344	$6.77	to	$12.49	$17,553	2.70%	0.00%	to	1.80%	-13.76%	to	-12.20%
	2010		2,334	$7.85	to	$14.36	$20,151	3.45%	0.00%	to	1.80%	6.27%	to	8.01%
Voya International Index Portfolio - Class S
	2014		-		$15.95		$7	-		0.35%			-6.51%
	2013		-		$17.06		$6	-		0.35%			20.65%
	2012		-		$14.14		$5	-		0.35%			18.03%
	2011		1		$11.98		$7	-		0.35%			-12.75%
	2010		1		$13.73		$13	6.25%		0.35%			7.27%
Voya Russell™ Large Cap Growth Index Portfolio - Class I
	2014		769	$23.33	to	$25.39	$18,455	1.11%	0.00%	to	1.50%	11.41%	to	13.10%
	2013		563	$20.94	to	$22.45	$12,039	1.35%	0.00%	to	1.50%	30.06%	to	31.98%
	2012		547	$16.10	to	$17.01	$8,965	1.14%	0.00%	to	1.50%	12.75%	to	14.47%
	2011		367	$14.28	to	$14.86	$5,308	1.31%	0.00%	to	1.50%	2.66%	to	4.21%
	2010		274	$13.91	to	$14.26	$3,841	0.64%	0.00%	to	1.50%	11.10%	to	12.82%

306

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Russell™ Large Cap Growth Index Portfolio - Class S
	2014		43	$23.54	to	$25.04	$1,040	1.10%	0.00%	to	1.10%	11.95%	to	12.74%
	2013		45	$21.00	to	$22.21	$956	1.17%	0.00%	to	1.20%	30.17%	to	31.71%
	2012		36	$16.02	to	$16.87	$585	0.86%	0.00%	to	1.35%	12.78%	to	14.26%
	2011		41	$14.06	to	$14.63	$581	1.10%	0.00%	to	1.35%	2.52%	to	3.87%
	2010		37	$13.60	to	$14.12	$508	0.46%	0.00%	to	1.35%	10.94%	to	12.47%
Voya Russell™ Large Cap Index Portfolio - Class I
	2014		3,365	$14.76	to	$16.39	$52,083	1.45%	0.00%	to	1.65%	11.06%	to	12.96%
	2013		2,704	$13.18	to	$14.51	$37,350	1.48%	0.00%	to	1.80%	29.72%	to	32.03%
	2012		2,210	$10.16	to	$10.99	$23,318	2.28%	0.00%	to	1.80%	13.39%	to	15.56%
	2011		1,513	$8.96	to	$9.51	$13,923	1.53%	0.00%	to	1.80%	0.79%	to	2.59%
	2010		1,295	$8.89	to	$9.27	$11,717	3.25%	0.00%	to	1.80%	10.48%	to	12.23%
Voya Russell™ Large Cap Index Portfolio - Class S
	2014		17		$23.81		$412	0.95%		0.95%			11.52%
	2013		10		$21.35		$221	0.70%		0.95%			30.50%
	2012		4		$16.36		$65	2.70%		0.95%			14.17%
	2011		1		$14.33		$9	-		0.95%			1.20%
	2010	10/04/2010	1		$14.16		$10	(a)		0.95%			(a)
Voya Russell™ Large Cap Value Index Portfolio - Class I
	2014		18	$21.54	to	$21.66	$399	1.57%	1.15%	to	1.25%	11.03%	to	11.13%
	2013		19	$19.40	to	$19.49	$365	1.61%	1.15%	to	1.25%	30.20%	to	30.37%
	2012		17	$14.90	to	$14.95	$255	1.82%	1.15%	to	1.25%	14.79%	to	14.91%
	2011		14	$12.98	to	$13.01	$184	1.22%	1.15%	to	1.25%	-0.38%	to	-0.31%
	2010		11	$13.03	to	$13.05	$145	1.79%	1.15%	to	1.25%	9.96%	to	10.03%
Voya Russell™ Large Cap Value Index Portfolio - Class S
	2014		382	$20.94	to	$22.79	$8,242	1.23%	0.00%	to	1.50%	10.56%	to	12.21%
	2013		312	$18.94	to	$20.31	$6,058	1.54%	0.00%	to	1.50%	29.46%	to	31.46%
	2012		264	$14.63	to	$15.45	$3,936	1.55%	0.00%	to	1.50%	14.21%	to	15.90%
	2011		215	$12.81	to	$13.33	$2,795	1.56%	0.00%	to	1.50%	-0.93%	to	0.60%
	2010		180	$12.93	to	$13.25	$2,346	1.44%	0.00%	to	1.50%	9.48%	to	11.16%

307

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya Russell™ Mid Cap Growth Index Portfolio - Class S
	2014		387	$25.30	to	$27.53	$10,138	0.21%	0.00%	to	1.50%	9.48%	to	11.10%
	2013		358	$23.11	to	$24.78	$8,513	0.67%	0.00%	to	1.50%	32.89%	to	34.89%
	2012		325	$17.39	to	$18.37	$5,776	0.35%	0.00%	to	1.50%	13.73%	to	15.46%
	2011		335	$15.29	to	$15.91	$5,207	0.45%	0.00%	to	1.50%	-3.65%	to	-2.15%
	2010		291	$15.87	to	$16.26	$4,652	0.29%	0.00%	to	1.50%	23.98%	to	25.85%
Voya Russell™ Mid Cap Index Portfolio - Class I
	2014		3,618	$16.29	to	$18.17	$62,848	0.96%	0.00%	to	1.65%	10.89%	to	12.72%
	2013		2,845	$14.57	to	$16.12	$44,130	1.11%	0.00%	to	1.80%	31.86%	to	34.11%
	2012		2,011	$11.05	to	$12.02	$23,380	0.87%	0.00%	to	1.80%	14.86%	to	17.04%
	2011		786	$9.62	to	$10.27	$7,784	1.25%	0.00%	to	1.80%	-3.61%	to	-2.12%
	2010		638	$9.98	to	$10.40	$6,503	0.52%	0.25%	to	1.80%	23.31%	to	25.00%
Voya Russell™ Small Cap Index Portfolio - Class I
	2014		1,730	$16.31	to	$18.20	$29,802	0.98%	0.00%	to	1.65%	3.23%	to	4.96%
	2013		1,437	$15.67	to	$17.34	$23,761	1.25%	0.00%	to	1.80%	36.26%	to	38.72%
	2012		1,049	$11.50	to	$12.50	$12,589	0.79%	0.00%	to	1.80%	13.97%	to	16.06%
	2011		648	$10.09	to	$10.77	$6,728	0.90%	0.00%	to	1.80%	-5.61%	to	-3.93%
	2010		482	$10.69	to	$11.21	$5,262	0.47%	0.00%	to	1.80%	24.51%	to	26.16%
Voya Small Company Portfolio - Class I
	2014		3,880	$16.28	to	$56.62	$151,114	0.35%	0.00%	to	1.50%	4.94%	to	6.51%
	2013		4,235	$15.42	to	$52.98	$155,627	0.51%	0.00%	to	1.50%	35.67%	to	37.83%
	2012		4,493	$11.29	to	$38.48	$122,521	0.41%	0.00%	to	1.50%	12.81%	to	14.53%
	2011		4,827	$9.95	to	$33.68	$116,910	0.40%	0.00%	to	1.50%	-3.94%	to	-2.48%
	2010		5,153	$10.30	to	$34.54	$129,660	0.52%	0.00%	to	1.50%	22.55%	to	24.44%
Voya Small Company Portfolio - Class S
	2014		14		$21.36		$301	-		0.35%			5.90%
	2013		15		$20.17		$299	0.40%		0.35%			36.93%
	2012		14		$14.73		$207	-		0.35%			13.83%
	2011		14		$12.94		$184	-		0.35%			-3.00%
	2010		11		$13.34		$149	-		0.35%			23.52%

308

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya International Value Portfolio - Class I
	2014		3,643	$8.20	to	$17.36	$52,469	3.33%	0.00%	to	1.50%	-6.40%	to	-4.93%
	2013		4,006	$8.71	to	$18.26	$62,868	2.58%	0.00%	to	1.55%	19.44%	to	21.25%
	2012		4,356	$7.25	to	$15.06	$59,954	2.51%	0.00%	to	1.50%	17.41%	to	19.24%
	2011		5,279	$6.14	to	$12.70	$62,017	2.61%	0.00%	to	1.55%	-16.21%	to	-14.84%
	2010		6,060	$7.28	to	$15.07	$84,378	2.04%	0.00%	to	1.70%	0.73%	to	2.49%
Voya International Value Portfolio - Class S
	2014		12		$12.69		$148	3.23%		0.35%			-5.51%
	2013		17		$13.43		$224	2.26%		0.35%			20.45%
	2012		20		$11.15		$218	2.34%		0.35%			18.62%
	2011		22		$9.40		$210	2.54%		0.35%			-15.24%
	2010		24		$11.09		$263	1.83%		0.35%			1.93%
Voya MidCap Opportunities Portfolio - Class I
	2014		5,371	$13.03	to	$31.20	$131,603	0.41%	0.00%	to	1.50%	7.23%	to	8.85%
	2013		5,043	$12.14	to	$28.81	$113,492	0.04%	0.00%	to	1.50%	29.99%	to	31.99%
	2012		2,646	$9.83	to	$21.94	$49,515	0.59%	0.00%	to	1.50%	12.48%	to	14.21%
	2011		1,972	$11.38	to	$19.31	$32,603	-	0.00%	to	1.50%	-1.94%	to	-0.51%
	2010		1,410	$11.54	to	$18.47	$23,611	0.72%	0.00%	to	1.50%	28.37%	to	30.35%
Voya MidCap Opportunities Portfolio - Class S
	2014		67	$18.59	to	$25.19	$1,396	0.29%	0.20%	to	1.55%	6.90%	to	8.16%
	2013		74	$17.39	to	$23.29	$1,401	-	0.00%	to	1.55%	29.68%	to	31.62%
	2012		122	$13.41	to	$17.75	$1,742	0.42%	0.00%	to	1.55%	12.33%	to	13.94%
	2011		164	$12.00	to	$15.64	$2,056	-	0.00%	to	1.35%	-2.12%	to	-0.97%
	2010		198	$12.22	to	$15.81	$2,514	0.57%	0.15%	to	1.75%		29.48%
Voya SmallCap Opportunities Portfolio - Class I
	2014		2,382	$11.05	to	$28.97	$42,392	-	0.00%	to	1.75%	4.01%	to	5.63%
	2013		2,427	$13.46	to	$27.49	$41,575	-	0.00%	to	1.50%	37.03%	to	39.05%
	2012		2,283	$9.77	to	$19.73	$28,744	-	0.00%	to	1.75%	13.45%	to	14.88%
	2011		1,989	$10.26	to	$17.18	$21,998	-	0.20%	to	1.50%	-0.68%	to	0.60%
	2010		1,873	$10.33	to	$17.09	$20,701	-	0.00%	to	1.50%	30.43%	to	32.13%

309

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Voya SmallCap Opportunities Portfolio - Class S
	2014		6		$23.41		$139	-		0.35%			4.98%
	2013		5		$22.30		$108	-		0.35%			38.25%
	2012		5		$16.13		$80	-		0.35%			14.56%
	2011		6		$14.08		$86	-		0.35%			0.14%
	2010		15		$14.06		$213	-		0.35%			31.65%
Wanger International
	2014		3,757	$11.02	to	$13.06	$46,020	1.53%	0.00%	to	1.60%	-5.94%	to	-4.35%
	2013		3,586	$11.63	to	$13.66	$46,354	2.71%	0.00%	to	1.60%	20.51%	to	22.40%
	2012		3,149	$9.59	to	$11.16	$33,558	1.33%	0.00%	to	1.60%	19.74%	to	21.64%
	2011		2,787	$7.96	to	$9.18	$24,628	5.06%	0.00%	to	1.50%	-15.91%	to	-14.60%
	2010		2,483	$9.42	to	$10.75	$25,898	2.55%	0.00%	to	1.55%	23.00%	to	25.03%
Wanger Select
	2014		3,331	$12.99	to	$24.14	$73,151	-	0.00%	to	1.75%	1.39%	to	3.43%
	2013		4,455	$12.71	to	$23.40	$96,025	0.28%	0.00%	to	1.75%	32.27%	to	34.62%
	2012		5,096	$9.53	to	$17.39	$82,307	0.44%	0.00%	to	1.75%	16.36%	to	18.47%
	2011		5,695	$8.12	to	$14.68	$78,376	2.26%	0.00%	to	1.75%	-19.10%	to	-17.67%
	2010		6,108	$9.95	to	$17.83	$102,870	0.53%	0.00%	to	1.75%	24.65%	to	26.60%
Wanger USA
	2014		2,947	$13.70	to	$25.84	$68,668	-	0.00%	to	1.75%	2.96%	to	4.79%
	2013		3,280	$13.20	to	$24.83	$73,254	0.14%	0.00%	to	1.75%	31.46%	to	33.78%
	2012		3,344	$9.97	to	$18.69	$56,213	0.36%	0.00%	to	1.75%	18.15%	to	20.04%
	2011		2,848	$9.63	to	$15.69	$40,134	-	0.00%	to	1.50%	-4.88%	to	-3.46%
	2010		2,442	$10.06	to	$16.37	$35,896	-	0.00%	to	1.50%	21.50%	to	23.35%
Washington Mutual Investors FundSM - Class R-3
	2014		242	$17.84	to	$21.12	$4,859	1.46%	0.00%	to	1.55%	9.11%	to	10.81%
	2013		260	$16.35	to	$19.06	$4,722	1.98%	0.00%	to	1.55%	29.45%	to	31.45%
	2012		317	$12.63	to	$14.50	$4,381	1.92%	0.00%	to	1.55%	10.40%	to	12.06%
	2011		361	$11.44	to	$12.94	$4,465	1.96%	0.00%	to	1.55%	5.05%	to	6.68%
	2010		389	$10.89	to	$12.13	$4,515	1.98%	0.00%	to	1.55%	11.12%	to	13.05%

310

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

		Fund						Investment
		Inception	Units	Unit Fair Value			Net Assets	Income	Expense RatioC			Total ReturnD
		DateA	(000's)	(lowest to highest)			(000's)	RatioB	(lowest to highest)			(lowest to highest)
Washington Mutual Investors FundSM - Class R-4
	2014		6,771	$14.52	to	$21.76	$132,246	1.70%	0.00%	to	1.50%	9.53%	to	11.16%
	2013		6,678	$13.18	to	$19.59	$118,569	2.35%	0.00%	to	1.50%	29.82%	to	31.93%
	2012		6,972	$10.09	to	$14.88	$94,956	2.25%	0.00%	to	1.50%	10.80%	to	12.47%
	2011		7,177	$9.05	to	$13.14	$87,837	2.21%	0.00%	to	1.50%	5.41%	to	6.90%
	2010		7,137	$8.54	to	$12.26	$82,473	2.28%	0.00%	to	1.50%	11.57%	to	13.43%
Wells Fargo Advantage Small Cap Value Fund - Class A
	2014		7		$15.12		$108	0.90%		1.00%			2.44%
	2013		8		$14.76		$115	-		1.00%			13.80%
	2012		10		$12.97		$135	0.82%		1.00%			12.00%
	2011		9		$11.58		$108	-		1.00%			-8.46%
	2010		9		$12.65		$118	0.97%		1.00%			18.11%
Wells Fargo Advantage Special Small Cap Value Fund - Class A
	2014		3,271	$15.93	to	$41.74	$118,489	0.75%	0.00%	to	1.50%	5.77%	to	7.34%
	2013		3,477	$14.97	to	$38.91	$118,565	0.12%	0.00%	to	1.50%	36.00%	to	38.06%
	2012		3,766	$10.94	to	$28.21	$94,083	-	0.00%	to	1.50%	11.78%	to	13.50%
	2011		4,004	$9.73	to	$24.89	$89,066	-	0.00%	to	1.55%	-3.69%	to	-2.15%
	2010		4,325	$10.04	to	$25.47	$99,165	-	0.00%	to	1.55%	20.70%	to	22.54%

(a)	As investment Division had no investments until 2010, this data is not meaningful and is therefore not presented.
(b)	As investment Division had no investments until 2011, this data is not meaningful and is therefore not presented.
(c)	As investment Division had no investments until 2012, this data is not meaningful and is therefore not presented.
(d)	As investment Division had no investments until 2013, this data is not meaningful and is therefore not presented.
(e)	As investment Division had no investments until 2014, 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.

311

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

	Page
Report of Independent Registered Public Accounting Firm	C-2
Consolidated Financial Statements as of December 31, 2014 and 2013 and for the Years Ended December 31, 2014, 2013 and 2012:
Consolidated Balance Sheets as of December 31, 2014 and 2013	C-3
Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012	C-5
Consolidated Statements of Comprehensive Income for the years ended December 31, 2014, 2013 and 2012	C-6
Consolidated Statements of Changes in Shareholder's Equity for the years ended December 31, 2014, 2013 and 2012	C-7
Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012	C-8
Notes to Consolidated Financial Statements	C-10

C-1

Report of Independent Registered Public Accounting Firm

The Board of Directors

Voya Retirement Insurance and Annuity Company

We have audited the accompanying consolidated balance sheets of Voya Retirement Insurance and Annuity Company and subsidiaries as of December 31, 2014 and 2013, and the related consolidated statements of operations, comprehensive income, changes in shareholder's equity, and cash flows for each of the three years in the period ended December 31, 2014. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Company's internal control over financial reporting. Our audits include consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Voya Retirement Insurance and Annuity Company and subsidiaries at December 31, 2014 and 2013, and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 31, 2014, in conformity with U.S. generally accepted accounting principles.

	/s/ Ernst & Young LLP
Atlanta, Georgia
March 27, 2015

C-2

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Consolidated Balance Sheets

December 31, 2014 and 2013

(In millions, except share and per share data)

	As of December 31,
	2014		2013
Assets
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $19,085.0 as of 2014 and $19,096.7 as of 2013)	$	20,655.6	$	19,944.4
Fixed maturities, at fair value using the fair value option	725.7		621.3
Equity securities, available-for-sale, at fair value (cost of $107.4 as of 2014 and $119.4 as of 2013)	121.9		134.9
Short-term investments	241.5		15.0
Mortgage loans on real estate, net of valuation allowance of $1.1 as of 2014 and $1.2 as of 2013	3,513.0		3,396.1
Policy loans	239.1		242.0
Limited partnerships/corporations	248.4		180.9
Derivatives	562.0		464.4
Securities pledged (amortized cost of $224.4 as of 2014 and $137.9 as of 2013)	235.3		140.1
Total investments	26,542.5		25,139.1
Cash and cash equivalents	481.2		378.9
Short-term investments under securities loan agreements, including collateral delivered	325.4		135.8
Accrued investment income	285.2		285.0
Reinsurance recoverable	1,929.5		2,016.6
Deferred policy acquisition costs, Value of business acquired and Sales inducements to contract owners	939.1		1,189.7
Notes receivable from affiliate	175.0		175.0
Current income tax recoverable	10.1		—
Due from affiliates	60.6		62.9
Property and equipment	74.8		78.4
Other assets	170.0		114.0
Assets held in separate accounts	62,808.1		60,104.9
Total assets	$	93,801.5	$	89,680.3

The accompanying notes are an integral part of these Consolidated Financial Statements.
	C-3

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Consolidated Balance Sheets

December 31, 2014 and 2013

(In millions, except share and per share data)

	As of December 31,
	2014			2013
Liabilities and Shareholder's Equity
Future policy benefits and contract owner account balances	$	25,129.9		$	24,589.6
Payable for securities purchased	12.1			13.7
Payables under securities loan agreements, including collateral held	617.1			264.4
Long-term debt	4.9			4.9
Due to affiliates	111.1			121.6
Derivatives	217.0			216.6
Current income tax payable to Parent	—			74.1
Deferred income taxes	367.5			190.1
Other liabilities	572.0			347.0
Liabilities related to separate accounts	62,808.1			60,104.9
Total liabilities	89,839.7			85,926.9
Shareholder's equity:
Common stock (100,000 shares authorized, 55,000 issued and outstanding as of 2014 and 2013; $50 par value per share)	2.8			2.8
Additional paid-in capital	3,583.9			3,953.3
Accumulated other comprehensive income (loss)	841.5			495.4
Retained earnings (deficit)	(466.4		)	(698.1		)
Total shareholder's equity	3,961.8			3,753.4
Total liabilities and shareholder's equity	$	93,801.5		$	89,680.3

The accompanying notes are an integral part of these Consolidated Financial Statements.
	C-4

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Consolidated Statements of Operations

For the Years Ended December 31, 2014, 2013 and 2012

(In millions)

	Year Ended December 31,
	2014			2013			2012
Revenues:
Net investment income	$	1,389.4		$	1,367.0		$	1,348.8
Fee income	784.1			744.3			648.8
Premiums	88.8			37.3			36.0
Broker-dealer commission revenue	244.9			242.1			225.5
Net realized capital gains (losses):
Total other-than-temporary impairments	(7.1		)	(9.4		)	(14.1		)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)	—			(3.5		)	(3.2		)
Net other-than-temporary impairments recognized in earnings	(7.1		)	(5.9		)	(10.9		)
Other net realized capital gains (losses)	(132.5		)	(136.3		)	70.2
Total net realized capital gains (losses)	(139.6		)	(142.2		)	59.3
Other revenue	4.4			(1.8		)	—
Total revenues	2,372.0			2,246.7			2,318.4
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	927.8			747.1			746.7
Operating expenses	783.9			707.7			696.5
Broker-dealer commission expense	244.9			242.1			225.5
Net amortization of Deferred policy acquisition costs and Value of business acquired	109.2			58.3			131.1
Interest expense	—			1.0			2.0
Total benefits and expenses	2,065.8			1,756.2			1,801.8
Income (loss) before income taxes	306.2			490.5			516.6
Income tax expense (benefit)	74.5			207.0			191.2
Net income (loss)	$	231.7		$	283.5		$	325.4

The accompanying notes are an integral part of these Consolidated Financial Statements.
	C-5

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Consolidated Statements of Comprehensive Income

For the Years Ended December 31, 2014, 2013 and 2012

(In millions)

	Year Ended December 31,
	2014			2013			2012
Net income (loss)	$	231.7		$	283.5		$	325.4
Other comprehensive income (loss), before tax:
Unrealized gains/losses on securities	531.8			(907.4		)	408.7
Other-than-temporary impairments	5.1			2.7			10.6
Pension and other postretirement benefits liability	(2.2		)	(2.2		)	(2.2		)
Other comprehensive income (loss), before tax	534.7			(906.9		)	417.1
Income tax expense (benefit) related to items of other comprehensive income (loss)	188.6			(379.3		)	141.6
Other comprehensive income (loss), after tax	346.1			(527.6		)	275.5
Comprehensive income (loss)	$	577.8		$	(244.1	)	$	600.9

The accompanying notes are an integral part of these Consolidated Financial Statements.
	C-6

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Consolidated Statements of Changes in Shareholder's Equity

For the Years Ended December 31, 2014, 2013 and 2012

(In millions)

	Common Stock		Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings (Deficit)			Total Shareholder's Equity
Balance at January 1, 2012	$	2.8	$	4,533.0		$	747.5		$	(1,307.0	)	$	3,976.3
Comprehensive income (loss):
Net income (loss)	—		—			—			325.4			325.4
Other comprehensive income (loss), after tax	—		—			275.5			—			275.5
Total comprehensive income (loss)												600.9
Dividends paid and distributions of capital	—		(340.0		)	—			—			(340.0		)
Employee related benefits	—		24.2			—			—			24.2
Balance at December 31, 2012	2.8		4,217.2			1,023.0			(981.6		)	4,261.4
Comprehensive income (loss):
Net income (loss)	—		—			—			283.5			283.5
Other comprehensive income (loss), after tax	—		—			(527.6		)	—			(527.6		)
Total comprehensive income (loss)												(244.1		)
Dividends paid and distributions of capital	—		(264.0		)	—			—			(264.0		)
Employee related benefits	—		0.1			—			—			0.1
Balance at December 31, 2013	2.8		3,953.3			495.4			(698.1		)	3,753.4
Comprehensive income (loss):
Net income (loss)	—		—			—			231.7			231.7
Other comprehensive income (loss), after tax	—		—			346.1			—			346.1
Total comprehensive income (loss)												577.8
Dividends paid and distributions of capital	—		(371.0		)	—			—			(371.0		)
Employee related benefits	—		1.6			—			—			1.6
Balance at December 31, 2014	$	2.8	$	3,583.9		$	841.5		$	(466.4	)	$	3,961.8

The accompanying notes are an integral part of these Consolidated Financial Statements.
	C-7

Voya Retirement Insurance and Annuity Company and Subsidiaries (A wholly owned subsidiary of Voya Holdings Inc.) Consolidated Statements of Cash Flows For the Years Ended December 31, 2014, 2013 and 2012 (In millions)
	Year Ended December 31,
	2014			2013			2012
Cash Flows from Operating Activities:
Net income (loss)	$	231.7		$	283.5		$	325.4
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Capitalization of deferred policy acquisition costs, value of business acquired and sales inducements	(77.4		)	(79.5		)	(88.1		)
Net amortization of deferred policy acquisition costs, value of business acquired and sales inducements	110.9			60.1			133.1
Net accretion/amortization of discount/premium	9.6			24.4			20.7
Future policy benefits, claims reserves and interest credited	616.7			559.9			569.9
Deferred income tax expense (benefit)	(11.2		)	62.3			9.5
Net realized capital (gains) losses	139.6			142.2			(59.3		)
Depreciation	3.6			3.6			3.5
Change in:
Accrued investment income	(0.2		)	(12.0		)	(12.8		)
Reinsurance recoverable	87.1			137.1			122.6
Other receivables and asset accruals	(59.0		)	(7.3		)	(44.8		)
Due to/from affiliates	(8.2		)	63.4			(77.8		)
Other payables and accruals	71.0			(114.9		)	125.0
Other, net	(10.6		)	(18.5		)	60.9
Net cash provided by operating activities	1,103.6			1,104.3			1,087.8
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	3,071.1			3,618.7			3,868.7
Equity securities, available-for-sale	14.1			0.7			2.4
Mortgage loans on real estate	504.6			270.9			492.2
Limited partnerships/corporations	43.9			35.1			339.4
Acquisition of:
Fixed maturities	(3,300.6		)	(4,368.6		)	(5,484.7		)
Equity securities, available-for-sale	—			(9.2		)	(0.7		)
Mortgage loans on real estate	(621.3		)	(794.2		)	(991.3		)
Limited partnerships/corporations	(103.1		)	(20.0		)	(46.1		)
Derivatives, net	(25.2		)	(276.6		)	(36.4		)
Policy loans, net	2.9			(1.1		)	5.0
Short-term investments, net	(226.4		)	664.9			(463.0		)
Loan-Dutch State obligation, net	—			—			416.8
Collateral received (delivered), net	163.1			(38.5		)	57.1
Purchases of fixed assets, net	—			(0.2		)	(0.6		)
Net cash used in investing activities	(476.9		)	(918.1		)	(1,841.2		)

The accompanying notes are an integral part of these Consolidated Financial Statements.
	C-8

Voya Retirement Insurance and Annuity Company and Subsidiaries (A wholly owned subsidiary of Voya Holdings Inc.) Consolidated Statements of Cash Flows For the Years Ended December 31, 2014, 2013 and 2012 (In millions)
	Year Ended December 31,
	2014			2013			2012
Cash Flows from Financing Activities:
Deposits received for investment contracts	$	2,355.5		$	2,723.4		$	2,884.3
Maturities and withdrawals from investment contracts	(2,580.4		)	(2,709.3		)	(2,292.6		)
Receipts on deposit contracts	124.7			87.1			—
Settlements on deposit contracts	(54.9		)	(7.9		)	—
Short-term loans to affiliates, net	—			—			648.0
Excess tax benefits on share-based compensation	1.7			—			—
Dividends paid and return of capital distribution	(371.0		)	(264.0		)	(340.0		)
Net cash (used in) provided by financing activities	(524.4		)	(170.7		)	899.7
Net increase in cash and cash equivalents	102.3			15.5			146.3
Cash and cash equivalents, beginning of year	378.9			363.4			217.1
Cash and cash equivalents, end of year	$	481.2		$	378.9		$	363.4
Supplemental cash flow information:
Income taxes paid, net	$	168.3		$	102.6		$	170.1

The accompanying notes are an integral part of these Consolidated Financial Statements.
	C-9

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

1.Business, Basis of Presentation and Significant Accounting Policies

Business

Voya Retirement Insurance and Annuity Company ("VRIAC"), which changed its name from ING Life Insurance and Annuity Company on September 1, 2014, is a stock life insurance company domiciled in the State of Connecticut. VRIAC and its wholly owned subsidiaries (collectively, "the Company") provide financial products and services in the United States.  VRIAC is authorized to conduct its insurance business in all states and in the District of Columbia.

Prior to May 2013, Voya Financial, Inc. (which changed its name from ING U.S., Inc. on April 7, 2014), together with its subsidiaries, including the Company was an indirect, wholly owned subsidiary of ING Groep N.V. ("ING Group" or "ING"), a global financial services holding company based in The Netherlands, with American Depository Shares listed on the New York Stock Exchange. In 2009, ING Group announced the anticipated separation of its global banking and insurance businesses, including the divestiture of Voya Financial, Inc., together with its subsidiaries, including the Company. On April 11, 2013, Voya Financial, Inc. (formerly ING U.S., Inc.) announced plans to rebrand as Voya Financial, Inc. On May 2, 2013, the common stock of Voya Financial, Inc. began trading on the New York Stock Exchange under the symbol "VOYA." On May 7, 2013and May 31, 2013, Voya Financial, Inc. completed its initial public offering of common stock, including the issuance and sale by Voya Financial, Inc. of 30,769,230 shares of common stock and the sale by ING Insurance International B.V. ("ING International"), an indirect wholly owned subsidiary of ING Group and previously the sole stockholder of Voya Financial, Inc., of 44,201,773 shares of outstanding common stock of Voya Financial, Inc. (collectively, the "IPO"). On September 30, 2013, ING International transferred all of its shares of Voya Financial, Inc. common stock to ING Group.

On October 29, 2013, ING Group completed a sale of 37,950,000 shares of common stock of Voya Financial, Inc. in a registered public offering ("Secondary Offering"), reducing ING Group's ownership stake in Voya Financial, Inc. to 57%.

On March 25, 2014, ING Group completed a sale of 30,475,000 shares of common stock of Voya Financial, Inc. in a registered public offering (the "March 2014 Offering"). On March 25, 2014, pursuant to the terms of a share repurchase agreement between ING Group and Voya Financial, Inc., Voya Financial, Inc. acquired 7,255,853 shares of its common stock from ING Group (the "March 2014 Direct Share Repurchase") (the March 2014 Offering and the March 2014 Direct Share Repurchase collectively, the "March 2014 Transactions"). Upon completion of the March 2014 Transactions, ING Group's ownership stake in Voya Financial, Inc. was reduced to approximately 43%.

On September 8, 2014, ING Group completed a sale of 22,277,993 shares of common stock of Voya Financial, Inc. in a registered public offering (the "September 2014 Offering"). Also on September 8, 2014, pursuant to the terms of a share repurchase agreement between ING Group and Voya Financial, Inc., Voya Financial, Inc. acquired 7,722,007 shares of its common stock from ING Group (the "September 2014 Direct Share Buyback") (the September 2014 Offering and the September 2014 Direct Share Buyback collectively, the "September 2014 Transactions"). Upon completion of the September 2014 Transactions, ING Group's ownership stake in Voya Financial, Inc. was reduced to 32.5%.

On November 18, 2014, ING Group completed a sale of 30,030,013 shares of common stock of Voya Financial, Inc. in a registered public offering (the "November 2014 Offering"). Also on November 18, 2014, pursuant to the terms of a share repurchase agreement between ING Group and Voya Financial, Inc., Voya Financial, Inc. acquired 4,469,987 shares of its common stock from ING Group (the "November 2014 Direct Share Repurchase") (the November 2014 Offering and the November 2014 Direct Share Repurchase collectively, the "November 2014 Transactions"). Upon completion of the November 2014 Transactions, ING Group's ownership stake in Voya Financial, Inc. was reduced to 19%.

On March 9, 2015, ING Group completed a sale of 32,018,100 shares of common stock of Voya Financial, Inc. in a registered public offering (the “March 2015 Offering”). Also on March 9, 2015, pursuant to the terms of a share repurchase agreement between ING Group and Voya Financial, Inc., Voya Financial, Inc. acquired 13,599,274 shares of its common stock from ING Group (the “March 2015 Direct Share Buyback”) (the March 2015 Offering and the March 2015 Direct Share Buyback collectively, the “March 2015 Transactions”). Upon completion of the March 2015 Transactions, ING Group has exited its stake in Voya Financial, Inc. common stock. ING Group continues to hold warrants to purchase up to 26,050,846 shares of Voya Financial, Inc. common stock at an exercise price of $48.75, in each case subject to adjustments. As a result of the completion of the March 2015

C-10

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Transactions, ING Group has satisfied the provisions of its agreement with the European Union regarding the divestment of its U.S. insurance and investment operations, which required ING Group to divest 100% of its ownership interest in Voya Financial, Inc. together with its subsidiaries, including the Company by the end of 2016.

VRIAC is a direct, wholly owned subsidiary of Voya Holdings Inc. (formerly Lion Connecticut Holdings Inc.) ("Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc.

The Company offers qualified and nonqualified annuity contracts that include a variety of funding and payout options for individuals and employer-sponsored retirement plans qualified under Internal Revenue Code Sections 401, 403, 408, 457 and 501, as well as nonqualified deferred compensation plans and related services. The Company's products are offered primarily to individuals, pension plans, small businesses and employer-sponsored groups in the health care, government and education markets (collectively "tax exempt markets") and corporate markets. Additionally, the Company provides pension risk transfer solutions to individual plan sponsors looking to transfer their defined benefit plan obligations to us. The Company's products are generally distributed through pension professionals, independent agents and brokers, third-party administrators, banks, dedicated career agents and financial planners.

Products offered by the Company include deferred and immediate (i.e., payout) annuity contracts. Company products also include programs offered to qualified plans and nonqualified deferred compensation plans that package administrative and record-keeping services along with a variety of investment options, including affiliated and nonaffiliated mutual funds and variable and fixed investment options. In addition, the Company offers wrapper agreements entered into with retirement plans, which contain certain benefit responsive guarantees (i.e., guarantees of principal and previously accrued interest for benefits paid under the terms of the plan) with respect to portfolios of plan-owned assets not invested with the Company. The Company also offers retirement savings plan administrative services.

The Company has one operating segment.

Basis of Presentation

The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP").

The Consolidated Financial Statements include the accounts of VRIAC and its wholly owned subsidiaries, Voya Financial Partners, LLC ("VFP"), which changed its name from ING Financial Advisers, LLC on September 1, 2014, and Directed Services LLC ("DSL"). Intercompany transactions and balances have been eliminated in consolidation.

Certain reclassifications have been made to prior year financial information to conform to the current year classifications. During 2014, certain changes were made to the Statements of Cash Flows for the year ended December 31, 2013 to reclassify $79.2 from Operating Activities to Financing Activities for reinsurance transactions that use the deposit method of accounting.

Significant Accounting Policies

Estimates and Assumptions

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates.

The Company has identified the following accounts and policies as the most significant in that they involve a higher degree of judgment, are subject to a significant degree of variability and/or contain significant accounting estimates:

Reserves for future policy benefits, deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA"), valuation of investments and derivatives, impairments, income taxes and contingencies

C-11

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Fair Value Measurement

The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset or nonperformance risk, which is the risk the Company will not fulfill its obligation. The estimate of fair value is the price that would be received to sell an asset or transfer a liability ("exit price") in an orderly transaction between market participants in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company uses a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs and other internal modeling techniques based on projected cash flows.

Investments

The accounting policies for the Company's principal investments are as follows:

Fixed Maturities and Equity Securities: The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the fair value option ("FVO"). Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in Accumulated other comprehensive income (loss) ("AOCI") and presented net of related changes in DAC, VOBA and deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets.

The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Consolidated Statements of Operations. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

Purchases and sales of fixed maturities and equity securities, excluding private placements, are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Investment gains and losses on sales of securities are generally determined on a first-in-first-out basis.

Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recorded when declared. Such dividends and interest income are recorded in Net investment income in the Consolidated Statements of Operations.

Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single-class and multi-class mortgage-backed securities ("MBS") and ABS are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management's knowledge of the current market. For prepayment-sensitive securities such as interest-only and principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis.

Short-term Investments: Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These investments are stated at fair value.

Assets Held in Separate Accounts: Assets held in separate accounts are reported at the fair values of the underlying investments in the separate accounts. The underlying investments include mutual funds, short-term investments, cash and fixed maturities.

Mortgage Loans on Real Estate: The Company's mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, less impairment write-downs and allowance for losses. If a mortgage loan is determined to be impaired

C-12

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

(i.e., when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to the lower of either the present value of expected cash flows from the loan, discounted at the loan's original purchase yield, or fair value of the collateral. For those mortgages that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. The carrying value of the impaired loans is reduced by establishing a permanent write-down recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets.

Mortgage loans are evaluated by the Company's investment professionals, including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. The Company's review includes submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt.

Mortgages are rated for the purpose of quantifying the level of risk. Those loans with higher risk are placed on a watch list and are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due.

The Company's policy is to recognize interest income until a loan becomes 90 days delinquent or foreclosure proceedings are commenced, at which point interest accrual is discontinued. Interest accrual is not resumed until the loan is brought current.

The Company records an allowance for probable losses incurred on non-impaired loans on an aggregate basis, rather than specifically identified probable losses incurred by individual loan.

Policy Loans: Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy's anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy.

Limited Partnerships/Corporations: The Company uses the equity method of accounting for investments in limited partnership interests, which consists primarily of private equities and hedge funds. Generally, the Company records its share of earnings using a lag methodology, relying upon the most recent financial information available, generally not to exceed three months. The Company's earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income in the Consolidated Statements of Operations.

Securities Lending: The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions for short periods of time. Initial collateral, primarily cash, is required at a rate of 102% of the market value of the loaned securities. For certain transactions, a lending agent may be used, and the agent may retain some or all of the collateral deposited by the borrower and transfer the remaining collateral to the Company. Collateral retained by the agent is invested in liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates.

Impairments

The Company evaluates its available-for-sale general account investments quarterly to determine whether there has been an other-than-temporary decline in fair value below the amortized cost basis. Factors considered in this analysis include, but are not limited to, the length of time and the extent to which the fair value has been less than amortized cost, the issuer's financial condition and near-term prospects, future economic conditions and market forecasts, interest rate changes and changes in ratings of the security. An extended and severe unrealized loss position on a fixed maturity may not have any impact on: (a) the ability of the issuer to service all scheduled interest and principal payments and (b) the evaluation of recoverability of all contractual cash flows or the ability to recover an amount at least equal to its amortized cost based on the present value of the expected future cash flows to be collected. In contrast, for certain equity securities, the Company gives greater weight and consideration to a decline in market value and the likelihood such market value decline will recover.

C-13

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

When assessing the Company's intent to sell a security or if it is more likely than not it will be required to sell a security before recovery of its amortized cost basis, management evaluates facts and circumstances such as, but not limited to, decisions to rebalance the investment portfolio and sales of investments to meet cash flow or capital needs.

When the Company has determined it has the intent to sell or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis and the fair value has declined below amortized cost ("intent impairment"), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations as an other-than-temporary impairment ("OTTI"). If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, but the Company has determined that there has been an other-than-temporary decline in fair value below the amortized cost basis, the OTTI is bifurcated into the amount representing the present value of the decrease in cash flows expected to be collected ("credit impairment") and the amount related to other factors ("noncredit impairment"). The credit impairment is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations. The noncredit impairment is recorded in Other comprehensive income (loss).

The Company uses the following methodology and significant inputs to determine the amount of the OTTI credit loss:

• When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies.

• Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security.

• When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions.

• The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment.

In periods subsequent to the recognition of the credit related impairment components of OTTI on a fixed maturity, the Company accounts for the impaired security as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into net investment income over the remaining term of the fixed maturity in a prospective manner based on the amount and timing of estimated future cash flows.

Derivatives

The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is the Company's policy not to offset

C-14

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement.

The Company enters into interest rate, equity market, credit default and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its annuity products. Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations.

To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (a) a hedge of the exposure to changes in the estimated fair value of a recognized asset or liability or an identified portion thereof that is attributable to a particular risk ("fair value hedge") or (b) a hedge of a forecasted transaction or of the variability of cash flows that is attributable to interest rate risk to be received or paid related to a recognized asset or liability ("cash flow hedge"). In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship.

• Fair Value Hedge:  For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

• Cash Flow Hedge: For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction.  The ineffective portion of the derivative's change in value, if any, along with any of the derivative's change in value that is excluded from the assessment of hedge effectiveness, are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

When hedge accounting is discontinued because it is determined that the derivative is no longer expected to be highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with subsequent changes in estimated fair value recognized currently in Other net realized capital gains (losses). The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in Other comprehensive income (loss) related to discontinued cash flow hedges are released into the Consolidated Statements of Operations when the Company's earnings are affected by the variability in cash flows of the hedged item.

When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with changes in estimated fair value recognized currently in Other net realized capital gains (losses). Derivative gains and losses recorded in Other comprehensive income (loss) pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in Other net realized capital gains (losses).

The Company also has investments in certain fixed maturities and has issued certain annuity products that contain embedded derivatives whose fair value is at least partially determined by levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity markets or credit ratings/spreads. Embedded derivatives within fixed maturities are included with the host contract on the Consolidated Balance Sheets and changes in fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Embedded

C-15

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

derivatives within certain annuity products are included in Future policy benefits and contract owner account balances on the Consolidated Balance Sheets and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

In addition, the Company has entered into reinsurance agreements, accounted for under the deposit method, that contain embedded derivatives, the fair value of which is based on the change in the fair value of the underlying assets held in trust. The embedded derivatives within the reinsurance agreements are included in Other liabilities on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Interest credited and other benefits to contract owners/policyholders in the Consolidated Statements of Operations.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, amounts due from banks and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Cash and cash equivalents are stated at fair value.

Property and Equipment

Property and equipment are carried at cost, less accumulated depreciation and included in Other assets on the Consolidated Balance Sheets. Expenditures for replacements and major improvements are capitalized; maintenance and repair expenditures are expensed as incurred. Depreciation on property and equipment is provided on a straight-line basis over the estimated useful lives of the assets, with the exception of land and artwork which are not depreciated, as follows:

	Estimated Useful Lives
Buildings	40 years
Furniture and fixtures	5 years
Leasehold improvements	10 years, or the life of the lease, whichever is shorter
Equipment	3 years

Deferred Policy Acquisition Costs and Value of Business Acquired

DAC represents policy acquisition costs that have been capitalized and are subject to amortization and interest. Capitalized costs are incremental, direct costs of contract acquisition and certain costs related directly to successful acquisition activities. Such costs consist principally of commissions, underwriting, sales and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in-force business acquired and is subject to amortization and interest. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies.

Amortization Methodologies

The Company amortizes DAC and VOBA related to fixed and variable deferred annuity contracts over the estimated lives of the contracts in relation to the emergence of estimated gross profits. Assumptions as to mortality, persistency, interest crediting rates, fee income, returns associated with separate account performance, impact of hedge performance, expenses to administer the business and certain economic variables, such as inflation, are based on the Company's experience and overall capital markets. At each valuation date, estimated gross profits are updated with actual gross profits, and the assumptions underlying future estimated gross profits are evaluated for continued reasonableness. Adjustments to estimated gross profits require that amortization rates be revised retroactively to the date of the contract issuance ("unlocking").

Recoverability testing is performed for current issue year products to determine if gross profits are sufficient to cover DAC and VOBA estimated benefits and expenses. In subsequent years, the Company performs testing to assess the recoverability of DAC and VOBA balances on an annual basis, or more frequently if circumstances indicate a potential loss recognition issue exists. If DAC or VOBA are not deemed recoverable from future gross profits, charges will be applied against DAC or VOBA balances before an additional reserve is established.

C-16

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Internal Replacements

Contract owners may periodically exchange one contract for another, or make modifications to an existing contract. These transactions are identified as internal replacements. Internal replacements that are determined to result in substantially unchanged contracts are accounted for as continuations of the replaced contracts. Any costs associated with the issuance of the new contracts are considered maintenance costs and expensed as incurred. Unamortized DAC and VOBA related to the replaced contracts continue to be deferred and amortized in connection with the new contracts. Internal replacements that are determined to result in contracts that are substantially changed are accounted for as extinguishments of the replaced contracts, and any unamortized DAC and VOBA related to the replaced contracts are written off to Net amortization of deferred policy acquisition costs and value of business acquired in the Consolidated Statements of Operations.

Assumptions

Changes in assumptions can have a significant impact on DAC and VOBA balances, amortization rates and results of operations. Assumptions are management's best estimate of future outcome.

Several assumptions are considered significant in the estimation of gross profits associated with the Company's variable products. One significant assumption is the assumed return associated with the variable account performance. To reflect the volatility in the equity markets, this assumption involves a combination of near-term expectations and long-term assumptions regarding market performance. The overall return on the variable account is dependent on multiple factors, including the relative mix of the underlying sub-accounts among bond funds and equity funds, as well as equity sector weightings. The Company's practice assumes that intermediate-term appreciation in equity markets reverts to the long-term appreciation in equity markets ("reversion to the mean"). The Company monitors market events and only changes the assumption when sustained deviations are expected. This methodology incorporates a 9% long-term equity return assumption, a 14% cap and a five-year look-forward period.

Other significant assumptions used in the estimation of gross profits for products with credited rates include interest spreads and credit losses. Estimated gross profits of variable annuity contracts are sensitive to estimated policyholder behavior assumptions, such as surrender, lapse and annuitization rates.

Future Policy Benefits and Contract Owner Accounts

Future Policy Benefits

The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. The principal assumptions used to establish liabilities for future policy benefits are based on Company experience and periodically reviewed against industry standards. These assumptions include mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums or deposits by the contract owner, retirement, investment returns, inflation, benefit utilization and expenses. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations.

Reserves for payout contracts with life contingencies are equal to the present value of expected future payments. Assumptions as to interest rates, mortality and expenses are based on the Company's experience at the period the policy is sold or acquired, including a provision for adverse deviation. Such assumptions generally vary by annuity plan type, year of issue and policy duration. Interest rates used to calculate the present value of future benefits ranged from 1.0% to 6.5%.

Although assumptions are "locked-in" upon the issuance of payout contracts with life contingencies, significant changes in experience or assumptions may require the Company to provide for expected future losses on a product by establishing premium deficiency reserves. Premium deficiency reserves are determined based on best estimate assumptions that exist at the time the premium deficiency reserve is established and do not include a provision for adverse deviation.

Contract Owner Account Balances

Contract owner account balances relate to investment-type contracts and certain annuity product guarantees, as follows:

• Account balances for fixed annuities and payout contracts without life contingencies are equal to cumulative deposits, less charges and withdrawals, plus credited interest thereon. Credited interest rates vary by product and ranged up to

C-17

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

8.0% for the years 2014, 2013 and 2012. Account balances for group immediate annuities without life contingent payouts are equal to the discounted value of the payment at the implied break-even rate.

• For fixed-indexed annuity contracts ("FIA"), the aggregate initial liability is equal to the deposit received, plus a bonus, if applicable, and is split into a host component and an embedded derivative component. Thereafter, the host liability accumulates at a set interest rate, and the embedded derivative liability is recognized at fair value.

Product Guarantees and Additional Reserves

The Company calculates additional reserve liabilities for certain variable annuity guaranteed benefits and variable funding products. The Company periodically evaluates its estimates and adjusts the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations.

GMDB:    Reserves for annuity guaranteed minimum death benefits ("GMDB") are determined by estimating the value of expected benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. Expected experience is based on a range of scenarios. Assumptions used, such as the long-term equity market return, lapse rate and mortality, are consistent with assumptions used in estimating gross profits for purposes of amortizing DAC. The assumptions of investment performance and volatility are consistent with the historical experience of the appropriate underlying equity index, such as the Standard & Poor's ("S&P") 500 Index. Reserves for GMDB are recorded in Future policy benefits and contract owner account balances on the Consolidated Balance Sheets. Changes in reserves for GMDB are reported in Interest credited and other benefits to contract owner/policyholders in the Consolidated Statements of Operations.

FIA: FIAs contain embedded derivatives that are measured at estimated fair value separately from the host contracts. Such embedded derivatives are recorded in Future policy benefits and contract owner account balances on the Consolidated Balance Sheets, with changes in estimated fair value, along with attributed fees collected or payments made, reported in Other net realized capital gains (losses) in the Statements of Operations.

The estimated fair value of the FIA contracts is based on the present value of the excess of interest payments to the contract owners over the growth in the minimum guaranteed contract value. The excess interest payments are determined as the excess of projected index driven benefits over the projected guaranteed benefits. The projection horizon is over the anticipated life of the related contracts, which takes into account best estimate actuarial assumptions, such as partial withdrawals, full surrenders, deaths, annuitizations and maturities.

Stabilizer and MCG: Products with guaranteed credited rates treat the guarantee as an embedded derivative for Stabilizer products and a stand-alone derivative for managed custody guarantee products ("MCG"). These derivatives are measured at estimated fair value and recorded in Future policy benefits and contract owner account balances on the Consolidated Balance Sheets. Changes in estimated fair value, along with attributed fees collected, are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

The estimated fair value of the Stabilizer and MCG contracts is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions.

The liabilities for the FIA and Stabilizer embedded derivatives and the MCG stand-alone derivative include a risk margin to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks.

The discount rate used to determine the fair value of the liabilities for FIA and Stabilizer embedded derivatives and the MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk").

C-18

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Separate Accounts

Separate account assets and liabilities generally represent funds maintained to meet specific investment objectives of contract owners or participants who bear the investment risk, subject, in limited cases, to minimum guaranteed rates. Investment income and investment gains and losses generally accrue directly to such contract owners. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company or its affiliates.

Separate account assets supporting variable options under variable annuity contracts are invested, as designated by the contract owner or participant under a contract, in shares of mutual funds that are managed by the Company, or its affiliates, or in other selected mutual funds not managed by the Company, or its affiliates.

The Company reports separately, as assets and liabilities, investments held in the separate accounts and liabilities of separate accounts if:

• Such separate accounts are legally recognized;

• Assets supporting the contract liabilities are legally insulated from the Company's general account liabilities;

• Investments are directed by the contract owner or participant; and

• All investment performance, net of contract fees and assessments, is passed through to the contract owner.

The Company reports separate account assets that meet the above criteria at fair value on the Consolidated Balance Sheets based on the fair value of the underlying investments. Separate account liabilities equal separate account assets. Investment income and net realized and unrealized capital gains (losses) of the separate accounts, however, are not reflected in the Consolidated Statements of Operations, and the Consolidated Statements of Cash Flows do not reflect investment activity of the separate accounts.

Long-term Debt

Long-term debt is carried at an amount equal to the unpaid principal balance, net of any remaining unamortized discount or premium attributable to issuance. Direct and incremental costs to issue the debt are recorded in Other assets on the Consolidated Balance Sheets and are amortized as a component of Interest expense in the Consolidated Statements of Operations over the life of the debt using the effective interest method of amortization.

Repurchase Agreements

The Company engages in dollar repurchase agreements with MBS ("dollar rolls") and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements.

The Company enters into dollar roll transactions by selling existing MBS and concurrently entering into an agreement to repurchase similar securities within a short time frame at a lower price. Under repurchase agreements, the Company borrows cash from a counterparty at an agreed upon interest rate for an agreed upon time frame and pledges collateral in the form of securities. At the end of the agreement, the counterparty returns the collateral to the Company, and the Company, in turn, repays the loan amount along with the additional agreed upon interest.

The Company's policy requires that at all times during the term of the dollar roll and repurchase agreements that cash or other collateral types obtained is sufficient to allow the Company to fund substantially all of the cost of purchasing replacement assets. Cash received is invested in Short-term investments, with the offsetting obligation to repay the loan included within Other liabilities on the Consolidated Balance Sheets. The carrying value of the securities pledged in dollar rolls and repurchase agreement transactions and the related repurchase obligation are included in Securities pledged and Short-term debt, respectively, on the Consolidated Balance Sheets.

The primary risk associated with short-term collateralized borrowings is that the counterparty will be unable to perform under the terms of the contract.  The Company's exposure is limited to the excess of the net replacement cost of the securities over the value

C-19

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

of the short-term investments.  The Company believes the counterparties to the dollar rolls and repurchase agreements are financially responsible and that the counterparty risk is minimal.

Recognition of Insurance Revenue and Related Benefits

Premiums related to payouts contracts with life contingencies are recognized in Premiums in the Consolidated Statements of Operations when due from the contract owner. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future benefits and expenses) is deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded in Interest credited and other benefits to contract owners in the Consolidated Statements of Operations when incurred.

Amounts received as payment for investment-type, fixed annuities, payout contracts without life contingencies and FIA contracts are reported as deposits to contract owner account balances. Revenues from these contracts consist primarily of fees assessed against the contract owner account balance for mortality and policy administration charges and are reported in Fee income. Surrender charges are reported in Other revenue. In addition, the Company earns investment income from the investment of contract deposits in the Company's general account portfolio, which is reported in Net investment income in the Consolidated Statements of Operations. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are deferred and amortized into revenue over the expected life of the related contracts in proportion to estimated gross profits in a manner consistent with DAC for these contracts. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration and interest credited to contract owner account balances.

Income Taxes

The Company uses certain assumptions and estimates in determining the income taxes payable or refundable to/from Voya Financial, Inc. for the current year, the deferred income tax liabilities and assets for items recognized differently in its consolidated financial statements from amounts shown on its income tax returns and the federal income tax expense. Determining these amounts requires analysis and interpretation of current tax laws and regulations, including the loss limitation rules associated with change in control. Management exercises considerable judgment in evaluating the amount and timing of recognition of the resulting income tax liabilities and assets. These judgments and estimates are reevaluated on a continual basis as regulatory and business factors change.

The Company's deferred tax assets and liabilities resulting from temporary differences between financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse.

Deferred tax assets represent the tax benefit of future deductible temporary differences and operating loss and tax credit carryforwards. The Company evaluates and tests the recoverability of its deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including:

• The nature, frequency and severity of book income or losses in recent years;

• The nature and character of the deferred tax assets and liabilities;

• The recent cumulative book income (loss) position after adjustment for permanent differences;

• Taxable income in prior carryback years;

• Projected future taxable income, exclusive of reversing temporary differences and carryforwards;

• Projected future reversals of existing temporary differences;

• The length of time carryforwards can be utilized;

• Prudent and feasible tax planning strategies the Company would employ to avoid a tax benefit from expiring unused; and

• Tax rules that would impact the utilization of the deferred tax assets.

C-20

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

In establishing unrecognized tax benefits, the Company determines whether a tax position is more likely than not to be sustained under examination by the appropriate taxing authority. The Company also considers positions that have been reviewed and agreed to as part of an examination by the appropriate taxing authority. Tax positions that do not meet the more likely than not standard are not recognized in the Consolidated Financial Statements. Tax positions that meet this standard are recognized in the Consolidated Financial Statements. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution with the tax authority that has full knowledge of all relevant information.

Certain changes or future events, such as changes in tax legislation, completion of tax audits, planning opportunities and expectations about future outcome could have an impact on the Company's estimates of valuation allowances, deferred taxes, tax provisions and effective tax rates.

Reinsurance

The Company utilizes reinsurance agreements in most aspects of its insurance business to reduce its exposure to large losses. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured.

For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk. The Company reviews all contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. The assumptions used to account for long-duration reinsurance agreements are consistent with those used for the underlying contracts. Ceded Future policy benefits and contract owner account balances are reported gross on the Consolidated Balance Sheets.

Long-duration: For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance, which is recorded as a component of the reinsurance asset or liability. Any difference between actual and expected net cost of reinsurance is recognized in the current period and included as a component of profits used to amortize DAC.

If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in Other liabilities, and deposits made are included in Other assets on the Consolidated Balance Sheets. Interest is recorded as Other revenues or Other expenses in the Consolidated Statements of Operations, as appropriate. Periodically, the Company evaluates the adequacy of the expected payments or recoveries and adjusts the deposit asset or liability through Other revenues or Other expenses, as appropriate.

Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers.

Only those reinsurance recoverable balances deemed probable of recovery are reflected as assets on the Company's Consolidated Balance Sheets and are stated net of allowances for uncollectible reinsurance. Amounts currently recoverable and payable under reinsurance agreements are included in Reinsurance recoverable and Other liabilities, respectively. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. Premiums, Fee income and Interest credited and other benefits to contract owners/policyholders are reported net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in Other revenue.

The Company utilizes reinsurance agreements, accounted for under the deposit method, to manage reserve and capital requirements in connection with a portion of its deferred annuities business. The agreements contain embedded derivatives whose carrying value is estimated based on the change in the fair value of the assets supporting the funds withheld under the agreements.

C-21

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The Company currently has a significant concentration of ceded reinsurance with a subsidiary of Lincoln National Corporation ("Lincoln") arising from the disposition of its individual life insurance business.

Contingencies

A loss contingency is an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Examples of loss contingencies include pending or threatened adverse litigation, threat of expropriation of assets and actual or possible claims and assessments. Amounts related to loss contingencies are accrued and recorded in Other liabilities on the Consolidated Balance Sheets if it is probable that a loss has been incurred and the amount can be reasonably estimated, based on the Company's best estimate of the ultimate outcome. If determined to meet the criteria for a reserve, the Company also evaluates whether there are external legal or other costs directly associated with the resolution of the matter and accrues such costs if estimable.

Adoption of New Pronouncements

Presentation of Unrecognized Tax Benefits

In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, "Income Taxes (Accounting Standards Codification ("ASC") Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"), which clarifies that:

• An unrecognized tax benefit should be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, except,

• An unrecognized tax benefit should be presented as a liability and not be combined with a deferred tax asset (i) to the extent a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position or (ii) the tax law does not require the entity to use, or the entity does not intend to use, the deferred tax asset for such a purpose.

• The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date.

The provisions of ASU 2013-11 were adopted prospectively by the Company on January 1, 2014 to unrecognized tax benefits existing on that date. The adoption had no effect on the Company's financial condition, results of operations or cash flows, as the guidance is consistent with that previously applied.

Joint and Several Liability Arrangements

In February 2013, the FASB issued ASU 2013-04, "Liabilities (ASC Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date" ("ASU 2013-04"), which requires an entity to measure obligations resulting from joint and several liable arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of (1) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (2) any additional amount it expects to pay on behalf of its co-obligors. ASU 2013-04 also requires an entity to disclose the nature and amount of the obligation, as well as other information about those obligations.

The provisions of ASU 2013-04 were adopted by the Company on January 1, 2014. The adoption had no effect on the Company's financial condition, results of operations or cash flows, as the Company did not have any fixed obligations under joint and several liable arrangements during 2014.

Fees Paid to the Federal Government by Health Insurers

In July 2011, the FASB issued ASU 2011-06, "Other Expenses (ASC Topic 720): Fees Paid to the Federal Government by Health Insurers" ("ASU 2011-06"), which specifies how health insurers should recognize and classify the annual fee imposed by the Patient Protection and Affordable Care Act as amended by the Health Care Education Reconciliation Act (the "Acts"). The liability for the fee should be estimated and recorded in full at the time the entity provides qualifying health insurance in the year in which the fee is payable, with a corresponding deferred cost that is amortized to expense.

C-22

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The provisions of ASU 2011-06 were adopted by the Company on January 1, 2014, when the fee initially became effective. The adoption of ASU 2011-06 had no effect on the Company's financial condition, results of operations or cash flows, as the Company does not sell qualifying health insurance and, thus, is not subject to the fee.

Future Adoption of Accounting Pronouncements

Consolidations

In February 2015, the FASB issued ASU 2015-02, “Consolidation (ASC Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which:

• Modifies the evaluation of whether limited partnerships and similar entities are Variable Interest Entities ("VIEs") or Voting Interest Entities ("VOEs"), including the requirement to consider the rights of all equity holders at risk to determine if they have the power to direct the entity's most significant activities.

• Eliminates the presumption that a general partner should consolidate a limited partnership. Limited partnerships and similar entities will be VIEs unless the limited partners hold substantive kick-out rights in the participating rights.

• Affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships.

• Provides a new scope exception for registered money market funds and similar unregistered money market funds, and ends the deferral granted to investment companies from applying the VIE guidance.

The provisions of ASU 2015-02 are effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted, using either a retrospective or modified retrospective approach. The Company does not expect ASU 2015-02 to have an impact.

Going Concern

In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements-Going Concern (ASC Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern" ("ASU 2014-15"), which requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The provisions of ASU 2014-15 will not affect a company's financial condition, results of operation, or cash flows, but require disclosure if management determines there is substantial doubt, including management’s plans to alleviate or mitigate the conditions or events that raise substantial doubt.

The provisions of ASU 2014-15 are effective for annual periods ending after December 15, 2016, and annual and interim periods thereafter. The Company does not expect ASU 2014-15 to have an impact.

Repurchase Agreements

In June 2014, the FASB issued ASU 2014-11, "Transfers and Servicing (ASC Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures" ("ASU 2014-11"), which (1) changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting and (2) requires separate accounting for a transfer of a financial asset executed with a repurchase agreement with the same counterparty. This will result in secured borrowing accounting for the repurchase agreement. The amendments also require additional disclosures for certain transactions accounted for as a sale and for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings.

The provisions of ASU 2014-11 are effective for the first interim or annual period beginning after December 15, 2014, with the exception of disclosure amendments for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings, which are effective for annual periods beginning after December 15, 2014, and for interim periods beginning after March 15, 2015. The Company does not expect ASU 2014-11 to have an impact on its financial condition or results of operations, as the Company has not historically met the requirements for sale accounting treatment for such secured borrowing arrangements. The Company is currently in the process of determining the impact of adoption of the disclosure provisions of ASU 2014-11.

C-23

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Revenue from Contracts with Customers

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (ASC Topic 606)" ("ASU 2014-09"), which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized when, or as, the entity satisfies a performance obligation under the contract. The standard also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.

The provisions of ASU 2014-09 are effective retrospectively for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2014-09.

Discontinued Operations and Disposals

In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (ASC Topic 205) and Property, Plant, and Equipment (ASC Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"), which requires the disposal of a component of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the entity's operations and financial results. The component should be reported in discontinued operations when it meets the criteria to be classified as held for sale, is disposed of by sale or is disposed of other than by sale.

The amendments also require additional disclosures about discontinued operations, including disclosures about an entity’s significant continuing involvement with a discontinued operation and disclosures for a disposal of an individually significant component of an entity that does not qualify for discontinued operations.

The provisions of ASU 2014-08 are effective for annual periods beginning after December 15, 2014, and for interim periods beginning after December 15, 2015. The amendments should be applied prospectively to disposals and classifications as held for sale that occur within those periods. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2014-08.

C-24

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

2.Investments

Fixed Maturities and Equity Securities

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2014:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		OTTI(3)
Fixed maturities:
U.S. Treasuries	$	649.0	$	124.1	$	—	$	—	$	773.1	$	—
U.S. Government agencies and authorities	45.7		0.9		—		—		46.6		—
State, municipalities and political subdivisions	259.0		18.3		0.1		—		277.2		—
U.S. corporate securities	10,366.7		902.4		49.1		—		11,220.0		1.5
Foreign securities:(1)
Government	346.5		23.8		5.5		—		364.8		—
Other	5,138.9		324.7		50.5		—		5,413.1		—
Total foreign securities	5,485.4		348.5		56.0		—		5,777.9		—
Residential mortgage-backed securities:
Agency	1,613.5		125.4		3.6		15.7		1,751.0		0.2
Non-Agency	227.9		54.6		2.2		12.1		292.4		8.7
Total Residential mortgage-backed securities	1,841.4		180.0		5.8		27.8		2,043.4		8.9
Commercial mortgage-backed securities	998.9		79.2		0.1		—		1,078.0		6.7
Other asset-backed securities	389.0		13.1		1.7		—		400.4		2.6
Total fixed maturities, including securities pledged	20,035.1		1,666.5		112.8		27.8		21,616.6		19.7
Less: Securities pledged	224.4		17.8		6.9		—		235.3		—
Total fixed maturities	19,810.7		1,648.7		105.9		27.8		21,381.3		19.7
Equity securities	107.4		14.5		—		—		121.9		—
Total fixed maturities and equity securities investments	$	19,918.1	$	1,663.2	$	105.9	$	27.8	$	21,503.2	$	19.7

⁽¹⁾ Primarily U.S. dollar denominated.

⁽²⁾ Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

⁽³⁾ Represents OTTI reported as a component of Other comprehensive income (loss).

C-25

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2013:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		OTTI(3)
Fixed maturities:
U.S. Treasuries	$	636.5	$	36.5	$	2.9	$	—	$	670.1	$	—
U.S. Government agencies and authorities	237.1		5.0		—		—		242.1		—
State, municipalities and political subdivisions	77.2		5.9		0.1		—		83.0		—
U.S. corporate securities	10,326.0		581.0		238.8		—		10,668.2		1.9
Foreign securities:(1)
Government	422.9		25.2		16.5		—		431.6		—
Other	5,149.6		272.9		83.5		—		5,339.0		—
Total foreign securities	5,572.5		298.1		100.0		—		5,770.6		—
Residential mortgage-backed securities:
Agency	1,638.2		121.9		17.9		16.9		1,759.1		0.2
Non-Agency	278.1		55.2		4.8		12.1		340.6		15.1
Total Residential mortgage-backed securities	1,916.3		177.1		22.7		29.0		2,099.7		15.3
Commercial mortgage-backed securities	624.5		68.1		0.9		—		691.7		4.4
Other asset-backed securities	465.8		18.0		3.4		—		480.4		3.2
Total fixed maturities, including securities pledged	19,855.9		1,189.7		368.8		29.0		20,705.8		24.8
Less: Securities pledged	137.9		5.9		3.7		—		140.1		—
Total fixed maturities	19,718.0		1,183.8		365.1		29.0		20,565.7		24.8
Equity securities	119.4		15.8		0.3		—		134.9		—
Total fixed maturities and equity securities investments	$	19,837.4	$	1,199.6	$	365.4	$	29.0	$	20,700.6	$	24.8

⁽¹⁾ Primarily U.S. dollar denominated.

⁽²⁾ Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

⁽³⁾ Represents OTTI reported as a component of Other comprehensive income (loss).

C-26

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2014, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. MBS and Other ABS are shown separately because they are not due at a single maturity date.

	Amortized Cost		Fair Value
Due to mature:
One year or less	$	679.2	$	688.6
After one year through five years	4,052.1		4,288.7
After five years through ten years	5,809.9		6,096.7
After ten years	6,264.6		7,020.8
Mortgage-backed securities	2,840.3		3,121.4
Other asset-backed securities	389.0		400.4
Fixed maturities, including securities pledged	$	20,035.1	$	21,616.6

The investment portfolio is monitored to maintain a diversified portfolio on an ongoing basis. Credit risk is mitigated by monitoring concentrations by issuer, sector and geographic stratification and limiting exposure to any one issuer. 

As of December 31, 2014 and 2013, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies with a carrying value in excess of 10% of the Company's consolidated Shareholder's equity.

The following tables set forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Fair Value
December 31, 2014
Communications	$	1,226.1	$	136.8	$	2.4	$	1,360.5
Financial	2,310.5		221.4		1.6		2,530.3
Industrial and other companies	8,962.6		569.4		90.0		9,442.0
Utilities	2,555.7		259.2		4.3		2,810.6
Transportation	450.7		40.3		1.3		489.7
Total	$	15,505.6	$	1,227.1	$	99.6	$	16,633.1
December 31, 2013
Communications	$	1,315.9	$	81.5	$	36.8	$	1,360.6
Financial	2,114.7		166.9		20.2		2,261.4
Industrial and other companies	8,878.5		423.5		213.1		9,088.9
Utilities	2,726.5		159.5		42.3		2,843.7
Transportation	440.0		22.5		9.9		452.6
Total	$	15,475.6	$	853.9	$	322.3	$	16,007.2

Fixed Maturities and Equity Securities

The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the FVO. Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are

C-27

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

recorded directly in AOCI and presented net of related changes in DAC, VOBA and Deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets.

The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Consolidated Statements of Operations. Certain CMOs, primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

The Company invests in various categories of CMOs, including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of December 31, 2014 and 2013, approximately 57.3% and 50.4%, respectively, of the Company's CMO holdings, such as interest-only or principal-only strips, were invested in those types of CMOs that are subject to more prepayment and extension risk than traditional CMOs.

Repurchase Agreements

As of December 31, 2014 and 2013, the Company did not have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements.

Securities Lending

As of December 31, 2014 and 2013, the fair value of loaned securities was $174.9 and $97.6, respectively, and is included in Securities pledged on the Consolidated Balance Sheets. As of December 31, 2014 and 2013, collateral retained by the lending agent and invested in liquid assets on the Company's behalf was $182.0 and $102.7, respectively, and recorded in Short-term investments under securities loan agreements, including collateral delivered on the Consolidated Balance Sheets. As of December 31, 2014 and 2013, liabilities to return collateral of $182.0 and $102.7, respectively, were included in Payables under securities loan agreements, including collateral held, on the Consolidated Balance Sheets.

Variable Interest Entities

The Company holds certain VIEs for investment purposes. VIEs may be in the form of private placement securities, structured securities, securitization transactions, or limited partnerships. The Company has reviewed each of its holdings and determined that consolidation of these investments in the Company's financial statements is not required, as the Company is not the primary beneficiary, because the Company does not have both the power to direct the activities that most significantly impact the entity's economic performance and the obligation or right to potentially significant losses or benefits, for any of its investments in VIEs. The Company did not provide any non-contractual financial support and its carrying value represents the Company's exposure to loss. The carrying value of the equity tranches of the Collateralized loan obligations ("CLOs") of $0.7 and $1.0 as of December 31, 2014 and 2013, respectively, is included in Limited partnerships/corporations on the Consolidated Balance Sheets. Income and losses recognized on these investments are reported in Net investment income in the Consolidated Statements of Operations.

On June 4, 2012, the Company entered into an agreement to sell certain general account private equity limited partnership investment interest holdings with a carrying value of $331.9 as of March 31, 2012. These assets were sold to a group of private equity funds that are managed by Pomona Management LLC, an affiliate of the Company. The transaction resulted in a net pre-tax loss of $38.7 in the second quarter of 2012 reported in Net investment income on the Consolidated Statements of Operations. The transaction closed in two tranches with the first tranche closed on June 29, 2012 and the second tranche closed on October 29, 2012. Consideration received included $23.0 of promissory notes which were due in two equal installments at December 31, 2013 and 2014. In connection with these promissory notes, Voya Financial, Inc. unconditionally guaranteed payments of the notes in the event of any default of payments due. No additional loss was incurred on the second tranche since the fair value of the alternative investments was reduced to the agreed-upon sales price as of June 30, 2012.

C-28

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Securitizations

The Company invests in various tranches of securitization entities, including RMBS, CMBS and ABS. Through its investments, the Company is not obligated to provide any financial or other support to these entities. Each of the RMBS, CMBS and ABS entities are thinly capitalized by design and considered VIEs. The Company's involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the servicer, special servicer or investment manager, which are generally viewed to have the power to direct the activities that most significantly impact the securitization entities' economic performance, in any of these entities, nor does the Company function in any of these roles. The Company, through its investments or other arrangements, does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Therefore, the Company is not the primary beneficiary and will not consolidate any of the RMBS, CMBS and ABS entities in which it holds investments. These investments are accounted for as investments available-for-sale as described in the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS which are accounted for under the FVO for which changes in fair value are reflected in Other net realized gains (losses) in the Consolidated Statements of Operations. The Company’s maximum exposure to loss on these structured investments is limited to the amount of its investment.

C-29

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Unrealized Capital Losses

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2014:

	Six Months or Less Below Amortized Cost					More Than Six Months and Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost				Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
2014
U.S. Treasuries	$	12.4	$	—	*	$	—	$	—	$	—	$	—	$	12.4	$	—	*
U.S. Government, agencies and authorities	2.3		—		*	—		—		—		—		2.3		—		*
U.S. corporate, state and municipalities	794.6		20.1			34.8		1.5		712.8		27.6		1,542.2		49.2
Foreign	671.0		35.7			9.7		0.2		350.2		20.1		1,030.9		56.0
Residential mortgage-backed	94.5		0.7			25.2		0.6		163.1		4.5		282.8		5.8
Commercial mortgage-backed	59.1		0.1			—		—		—		—		59.1		0.1
Other asset-backed	27.0		0.1			—		—		18.4		1.6		45.4		1.7
Total	$	1,660.9	$	56.7		$	69.7	$	2.3	$	1,244.5	$	53.8	$	2,975.1	$	112.8
*Less than $0.1.

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2013:

	Six Months or Less Below Amortized Cost				More Than Six Months and Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost				Total
	Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
2013
U.S. Treasuries	$	124.4	$	2.1	$	34.2	$	0.8	$	—	$	—	$	158.6	$	2.9
U.S. Government, agencies and authorities	—		—		—		—		—		—		—		—
U.S. corporate, state and municipalities	1,002.8		22.9		2,413.2		183.8		236.9		32.2		3,652.9		238.9
Foreign	448.8		5.7		1,063.9		86.4		76.2		7.9		1,588.9		100.0
Residential mortgage-backed	262.3		2.9		212.9		12.0		105.8		7.8		581.0		22.7
Commercial mortgage-backed	77.9		0.9		—		—		—		—		77.9		0.9
Other asset-backed	38.9		0.2		30.3		0.2		26.0		3.0		95.2		3.4
Total	$	1,955.1	$	34.7	$	3,754.5	$	283.2	$	444.9	$	50.9	$	6,154.5	$	368.8

C-30

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 95.9% and 89.7% of the average book value as of December 31, 2014 and 2013, respectively.

Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated:

	Amortized Cost				Unrealized Capital Losses				Number of Securities
	< 20%		> 20%		< 20%		> 20%		< 20%	> 20%
December 31, 2014
Six months or less below amortized cost	$	1,690.4	$	59.7	$	50.5	$	13.2	341	13
More than six months and twelve months or less below amortized cost	115.1		—		6.7		—		34	—
More than twelve months below amortized cost	1,220.5		2.2		41.8		0.6		223	2
Total	$	3,026.0	$	61.9	$	99.0	$	13.8	598	15
December 31, 2013
Six months or less below amortized cost	$	2,054.4	$	24.1	$	45.3	$	5.3	322	7
More than six months and twelve months or less below amortized cost	3,991.4		23.5		272.6		5.8		502	3
More than twelve months below amortized cost	420.4		9.5		37.3		2.5		137	8
Total	$	6,466.2	$	57.1	$	355.2	$	13.6	961	18

C-31

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated:

	Amortized Cost					Unrealized Capital Losses						Number of Securities
	< 20%		> 20%			< 20%			> 20%			< 20%	> 20%
December 31, 2014
U.S. Treasuries	$	12.4	$	—		$	—	*	$	—		1	—
U.S. Government, agencies and authorities	2.3		—			—		*	—			1	—
U.S. corporate, state and municipalities	1,566.3		25.1			43.5			5.7			262	5
Foreign	1,052.3		34.6			48.5			7.5			185	6
Residential mortgage-backed	288.6		—		*	5.8			—		*	124	2
Commercial mortgage-backed	59.2		—			0.1			—			11	—
Other asset-backed	44.9		2.2			1.1			0.6			14	2
Total	$	3,026.0	$	61.9		$	99.0		$	13.8		598	15
*Less than $0.1.
December 31, 2013
U.S. Treasuries	$	161.5	$	—		$	2.9		$	—		4	—
U.S. Government, agencies and authorities	—		—			—			—			—	—
U.S. corporate, state and municipalities	3,869.0		22.8			233.2			5.7			519	2
Foreign	1,665.8		23.1			95.0			5.0			239	5
Residential mortgage-backed	596.9		6.8			21.0			1.7			162	7
Commercial mortgage-backed	78.8		—			0.9			—			12	—
Other asset-backed	94.2		4.4			2.2			1.2			25	4
Total	$	6,466.2	$	57.1		$	355.2		$	13.6		961	18

Investments with fair values less than amortized cost are included in the Company's other-than-temporary impairments analysis. Impairments were recognized as disclosed in the "Evaluating Securities for Other-Than-Temporary Impairments" section below. The Company evaluates non-agency RMBS and ABS for "other-than-temporary impairments" each quarter based on actual and projected cash flows after considering the quality and updated loan-to-value ratios reflecting current home prices of underlying collateral, forecasted loss severity, the payment priority within the tranche structure of the security and amount of any credit enhancements. The Company's assessment of current levels of cash flows compared to estimated cash flows at the time the securities were acquired indicates the amount and the pace of projected cash flows from the underlying collateral has generally been lower and slower, respectively. However, since cash flows are typically projected at a trust level, the impairment review incorporates the security's position within the trust structure as well as credit enhancement remaining in the trust to determine whether an impairment is warranted. Therefore, while lower and slower cash flows will impact the trust, the effect on a particular security within the trust will be dependent upon the trust structure. Where the assessment continues to project full recovery of principal and interest on schedule, the Company has not recorded an impairment. Unrealized losses on below investment grade securities are principally related to RMBS (primarily Alt-A RMBS) and ABS (primarily subprime RMBS) largely due to economic and market uncertainties including concerns over unemployment levels, lower interest rate environment on floating rate securities requiring higher risk premiums since purchase and valuations on residential real estate supporting non-agency RMBS. Based on this analysis, the Company determined that the remaining investments in an unrealized loss position were not other-than-temporarily impaired and therefore no further other-than-temporary impairment was necessary.

C-32

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Troubled Debt Restructuring

The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. For the year ended December 31, 2014, the Company had no new troubled debt restructurings for private placement or commercial mortgage loans. For the year ended December 31, 2013, the Company had no new private placement troubled debt restructuring and had 20 new commercial mortgage loan troubled debt restructurings with a pre-modification and post modification carrying value of $39.4. The 20 commercial mortgage loans comprise a portfolio of cross-defaulted, cross-collateralized individual loans, which are owned by the same sponsor. Between the date of the troubled debt restructurings and December 31, 2014, these loans have repaid $12.1 in principal.

As of December 31, 2014 and 2013, the Company did not have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default.

Mortgage Loans on Real Estate

The Company's mortgage loans on real estate are all commercial mortgage loans held for investment, which are reported at amortized cost, less impairment write-downs and allowance for losses. The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific credit quality, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

The following table summarizes the Company's investment in mortgage loans as of the dates indicated:

	December 31, 2014			December 31, 2013
Commercial mortgage loans	$	3,514.1		$	3,397.3
Collective valuation allowance	(1.1		)	(1.2		)
Total net commercial mortgage loans	$	3,513.0		$	3,396.1

There were no impairments taken on the mortgage loan portfolio for the years ended December 31, 2014 and 2013.

The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the periods indicated:

	December 31, 2014			December 31, 2013
Collective valuation allowance for losses, balance at January 1	$	1.2		$	1.3
Addition to (reduction of) allowance for losses	(0.1		)	(0.1		)
Collective valuation allowance for losses, end of period	$	1.1		$	1.2

C-33

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:

	December 31, 2014		December 31, 2013
Impaired loans without allowances for losses	$	32.4	$	42.9
Less: Allowances for losses on impaired loans	—		—
Impaired loans, net	$	32.4	$	42.9
Unpaid principal balance of impaired loans	$	33.9	$	44.4

As of December 31, 2014 and 2013 the Company did not have any impaired loans with allowances for losses.

The following table presents information on restructured loans as of the dates indicated:

	December 31, 2014		December 31, 2013
Troubled debt restructured loans	$	27.3	$	37.5

The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. The Company’s policy is to recognize interest income until a loan becomes 90 days delinquent or foreclosure proceedings are commenced, at which point interest accrual is discontinued. Interest accrual is not resumed until the loan is brought current.

There were no mortgage loans in the Company's portfolio in process of foreclosure as of December 31, 2014 and 2013. There were no loans 90 days or more past due or loans in arrears with respect to principal and interest as of December 31, 2014 and 2013.

The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated:

	Year Ended December 31,
	2014		2013		2012
Impaired loans, average investment during the period (amortized cost)(1)	$	37.6	$	24.2	$	5.7
Interest income recognized on impaired loans, on an accrual basis(1)	2.2		1.4		0.4
Interest income recognized on impaired loans, on a cash basis(1)	2.1		1.4		0.4
Interest income recognized on troubled debt restructured loans, on an accrual basis	1.8		1.0		—

⁽¹⁾ Includes amounts for Troubled debt restructured loans.

Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property's net income to its debt service payments. A DSC ratio of less than 1.0 indicates that property's operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above.

C-34

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The following table presents the LTV ratios as of the dates indicated:

	December 31, 2014 (1)		December 31, 2013 (1)
Loan-to-Value Ratio:
0% - 50%	$	411.0	$	495.7
>50% - 60%	824.1		894.5
>60% - 70%	2,107.9		1,879.5
>70% - 80%	159.7		114.9
>80% and above	11.4		12.7
Total Commercial mortgage loans	$	3,514.1	$	3,397.3

⁽¹⁾ Balances do not include collective valuation allowance for losses.

The following table presents the DSC ratios as of the dates indicated:

	December 31, 2014 (1)		December 31, 2013 (1)
Debt Service Coverage Ratio:
Greater than 1.5x	$	2,600.1	$	2,388.5
>1.25x - 1.5x	520.0		542.4
>1.0x - 1.25x	258.7		275.8
Less than 1.0x	131.3		190.5
Commercial mortgage loans secured by land or construction loans	4.0		0.1
Total Commercial mortgage loans	$	3,514.1	$	3,397.3

⁽¹⁾ Balances do not include collective valuation allowance for losses.

Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated:

	December 31, 2014 (1)				December 31, 2013 (1)
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Commercial Mortgage Loans by U.S. Region:
Pacific	$	802.6	22.8	%	$	752.8	22.3	%
South Atlantic	746.5		21.2	%	707.8		20.8	%
West South Central	448.4		12.8	%	467.1		13.7	%
Middle Atlantic	505.8		14.4	%	411.4		12.1	%
East North Central	355.3		10.1	%	383.1		11.3	%
Mountain	274.0		7.8	%	263.9		7.8	%
West North Central	219.6		6.3	%	224.9		6.6	%
New England	74.8		2.1	%	116.7		3.4	%
East South Central	87.1		2.5	%	69.6		2.0	%
Total Commercial mortgage loans	$	3,514.1	100.0	%	$	3,397.3	100.0	%

⁽¹⁾ Balances do not include collective valuation allowance for losses.

C-35

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

	December 31, 2014 (1)				December 31, 2013 (1)
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Commercial Mortgage Loans by Property Type:
Retail	$	1,236.4	35.2	%	$	1,082.1	31.9	%
Industrial	796.8		22.7	%	972.6		28.6	%
Office	443.1		12.6	%	462.1		13.6	%
Apartments	550.6		15.7	%	445.2		13.1	%
Hotel/Motel	149.7		4.2	%	182.8		5.4	%
Mixed Use	142.8		4.1	%	70.9		2.1	%
Other	194.7		5.5	%	181.6		5.3	%
Total Commercial mortgage loans	$	3,514.1	100.0	%	$	3,397.3	100.0	%

⁽¹⁾ Balances do not include collective valuation allowance for losses.

The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated:

	December 31, 2014 (1)		December 31, 2013 (1)
Year of Origination:
2014	$	580.0	$	—
2013	758.8		785.2
2012	854.5		908.1
2011	674.4		792.8
2010	66.0		121.1
2009	39.0		68.4
2008 and prior	541.4		721.7
Total Commercial mortgage loans	$	3,514.1	$	3,397.3

⁽¹⁾ Balances do not include collective valuation allowance for losses.

Evaluating Securities for Other-Than-Temporary Impairments

The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities and equity securities in accordance with its impairment policy in order to evaluate whether such investments are other-than-temporarily impaired.

C-36

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The following table identifies the Company's credit-related and intent-related impairments included in the Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:

	Year Ended December 31,
	2014				2013			2012
	Impairment			No. of Securities	Impairment		No. of Securities	Impairment		No. of Securities
U.S. corporate	$	1.7		3	$	—	—	$	2.9	3
Foreign(1)	3.7			7	1.8		1	0.8		3
Residential mortgage-backed	1.6			26	3.4		35	6.0		33
Commercial mortgage-backed	0.1			2	0.3		3	—		—
Other asset-backed	—		*	1	0.3		2	1.2		4
Equity	—			—	0.1		1	—		—
Total	$	7.1		39	$	5.9	42	$	10.9	43
* Less than $0.1.

⁽¹⁾ Primarily U.S. dollar denominated.

The above tables include $1.6, $4.8 and $9.1 of write-downs related to credit impairments for the years ended December 31, 2014, 2013 and 2012, respectively, in Other-than-temporary impairments, which are recognized in the Consolidated Statements of Operations. The remaining $5.5, $1.1 and $1.8 in write-downs for the years ended December 31, 2014, 2013 and 2012, respectively, are related to intent impairments.

The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated:

	Year Ended December 31,
	2014			2013			2012
	Impairment		No. of Securities	Impairment		No. of Securities	Impairment		No. of Securities
U.S. corporate	$	1.6	3	$	—	—	$	0.2	1
Foreign(1)	3.7		7	—		—	0.8		3
Residential mortgage-backed	0.1		3	0.8		6	0.7		3
Commercial mortgage-backed	0.1		2	0.3		3	—		—
Other asset-backed	—		—	—		—	0.1		1
Equity	—		—	—		—	—		—
Total	$	5.5	15	$	1.1	9	$	1.8	8
(1) Primarily U.S. dollar denominated.

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities or cost for equity securities. In certain situations, new factors, including changes in the business environment, can change the Company's previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses.

C-37

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The following table identifies the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated:

	Year Ended December 31,
	2014		2013		2012
Balance at January 1	$	28.0	$	28.4	$	27.8
Additional credit impairments:
On securities not previously impaired	0.7		1.1		1.5
On securities previously impaired	0.9		1.8		3.7
Reductions:
Securities sold, matured, prepaid or paid down	6.6		3.3		4.6
Increase in cash flows	0.6		—		—
Balance at December 31	$	22.4	$	28.0	$	28.4

Net Investment Income

The following table summarizes Net investment income for the periods indicated:

	Year Ended December 31,
	2014		2013		2012
Fixed maturities	$	1,216.3	$	1,199.4	$	1,222.5
Equity securities, available-for-sale	7.1		2.8		7.5
Mortgage loans on real estate	172.7		157.1		143.5
Policy loans	13.3		13.1		13.2
Short-term investments and cash equivalents	0.5		0.9		1.4
Other	30.6		42.6		6.8
Gross investment income	1,440.5		1,415.9		1,394.9
Less: investment expenses	51.1		48.9		46.1
Net investment income	$	1,389.4	$	1,367.0	$	1,348.8

As of December 31, 2014 and 2013, the Company did not have any investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.

Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Consolidated Statements of Operations.

Net Realized Capital Gains (Losses)

Net realized capital gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related other-than-temporary impairment of investments. Realized investment gains and losses are also primarily generated from changes in fair value of embedded derivatives within product guarantees and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. The cost of the investments on disposal is generally determined based on FIFO methodology.

C-38

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Net realized capital gains (losses) were as follows for the periods indicated:

	Year Ended December 31,
	2014			2013			2012
Fixed maturities, available-for-sale, including securities pledged	$	(14.7	)	$	0.3		$	67.5
Fixed maturities, at fair value option	(74.6		)	(151.5		)	(124.2		)
Equity securities, available-for-sale	1.3			0.1			(0.2		)
Derivatives	50.6			(72.1		)	1.3
Embedded derivatives - fixed maturities	(1.2		)	(24.7		)	(5.5		)
Embedded derivatives - product guarantees	(101.2		)	105.5			120.4
Other investments	0.2			0.2			—
Net realized capital gains (losses)	$	(139.6	)	$	(142.2	)	$	59.3
After-tax net realized capital gains (losses)	$	(90.7	)	$	(160.0	)	$	38.5

Proceeds from the sale of fixed maturities and equity securities, available-for-sale and the related gross realized gains and losses, before tax were as follows for the periods indicated:

	Year Ended December 31,
	2014		2013		2012
Proceeds on sales	$	1,616.3	$	1,830.0	$	2,887.1
Gross gains	24.4		23.8		88.7
Gross losses	35.2		22.1		12.7

3.Derivative Financial Instruments

The Company enters into the following types of derivatives:

Interest rate caps: The Company uses interest rate cap contracts to hedge the interest rate exposure arising from duration mismatches between assets and liabilities. Interest rate caps are also used to hedge interest rate exposure if rates rise above a specified level. Such increases in rates will require the Company to incur additional expenses. The future payout from the interest rate caps fund this increased exposure. The Company pays an upfront premium to purchase these caps. The Company utilizes these contracts in non-qualifying hedging relationships.

Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

C-39

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Credit default swaps: Credit default swaps are used to reduce credit loss exposure with respect to certain assets that the Company owns, or to assume credit exposure on certain assets that the Company does not own. Payments are made to, or received from, the counterparty at specified intervals. In the event of a default on the underlying credit exposure, the Company will either receive a payment (purchased credit protection) or will be required to make a payment (sold credit protection) equal to the par minus recovery value of the swap contract. The Company utilizes these contracts in non-qualifying hedging relationships.

Forwards: The Company uses forward contracts to hedge certain invested assets against movement in interest rates, particularly mortgage rates. The Company uses To Be Announced mortgage-backed securities as an economic hedge against rate movements. The Company utilizes forward contracts in non-qualifying hedging relationships.

Futures: The Company uses futures contracts as a hedge against an increase in certain equity indices. Such increases may result in increased payments to the holders of the FIA contracts. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins with the exchange on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships.

Swaptions: A swaption is an option to enter into a swap with a forward starting effective date. The Company uses swaptions to hedge the interest rate exposure associated with the minimum crediting rate and book value guarantees embedded in the retirement products that the Company offers. Increases in interest rates will generate losses on assets that are backing such liabilities. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. The Company pays a premium when it purchases the swaption. The Company utilizes these contracts in non-qualifying hedging relationships.

Managed custody guarantees ("MCG"): The Company issues certain credited rate guarantees on variable fixed income portfolios that represent stand-alone derivatives. The market value is partially determined by, among other things, levels of or changes in interest rates, prepayment rates and credit ratings/spreads.

Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain annuity products that contain embedded derivatives whose market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates, or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives.

The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement, which provides the Company with the legal right of offset.

C-40

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The notional amounts and fair values of derivatives were as follows as of the dates indicated:

	December 31, 2014							December 31, 2013
	Notional Amount		Asset Fair Value		Liability Fair Value			Notional Amount		Asset Fair Value			Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Cash flow hedges:
Interest rate contracts	$	513.3	$	104.4	$	—		$	763.3	$	81.0		$	0.2
Foreign exchange contracts	51.2		7.7		—			51.2		2.2			0.6
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	27,632.9		432.8		209.2			21,442.7		367.6			206.2
Foreign exchange contracts	130.1		10.6		7.7			145.9		5.5			9.6
Equity contracts	14.0		—		0.1			9.1		—		*	—
Credit contracts	384.0		6.5		—			384.0		8.1			—
Embedded derivatives:
Within fixed maturity investments	N/A		27.8		—			N/A		29.0			—
Within annuity products	N/A		—		129.2			N/A		—			23.1
Within reinsurance agreements	N/A		—		(13.0		)	N/A		—			(54.0		)
Total			$	589.8	$	333.2				$	493.4		$	185.7
* Less than $0.1.

⁽¹⁾ Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value.

N/A - Not Applicable

The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is through the fourth quarter of 2016.

Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualifyfor hedge accounting as part of a hedging relationship as of December 31, 2014 and 2013. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being “highly effective” as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments that do not qualify as effective accounting hedges under ASC Topic 815.

C-41

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) are presented in the tables below as of the dates indicated:

	December 31, 2014
	Notional Amount		Asset Fair Value			Liability Fair Value
Credit contracts	$	384.0	$	6.5		$	—
Foreign exchange contracts	181.3		18.3			7.7
Interest rate contracts	28,146.2		537.2			209.2
			$	562.0		$	216.9
Counterparty netting(1)			$	(216.2	)	$	(216.2	)
Cash collateral netting(1)			(291.5		)	—
Securities collateral netting(1)			(6.6		)	—
Net receivables/payables			$	47.7		$	0.7

⁽¹⁾Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

	December 31, 2013
	Notional Amount		Asset Fair Value			Liability Fair Value
Credit contracts	$	384.0	$	8.1		$	—
Foreign exchange contracts	197.1		7.7			10.2
Interest rate contracts	22,206.0		448.6			206.4
			$	464.4		$	216.6
Counterparty netting(1)			$	(201.3	)	$	(201.3	)
Cash collateral netting(1)			(134.0		)	(5.4		)
Securities collateral netting(1)			(15.9		)	(4.8		)
Net receivables/payables			$	113.2		$	5.1

⁽¹⁾Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

Collateral

Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Consolidated Balance Sheets. As of December 31, 2014, the Company held $161.5 and $130.2 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2013, the Company held $127.4 and $1.2 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of December 31, 2014, the Company delivered $60.4 of securities and held $6.6 of securities as collateral. As of December 31, 2013, the Company delivered $42.5 of securities and held $16.3 of securities as collateral.

C-42

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Net realized gains (losses) on derivatives were as follows for the periods indicated:

	Year Ended December 31,
	2014			2013			2012
Derivatives: Qualifying for hedge accounting(1)
Cash flow hedges:
Interest rate contracts	$	0.2		$	0.2		$	—
Foreign exchange contracts	0.5			0.1			—
Derivatives: Non-qualifying for hedge accounting(2)
Interest rate contracts	41.0			(92.8		)	(18.9		)
Foreign exchange contracts	4.8			10.0			6.9
Equity contracts	1.8			3.4			2.0
Credit contracts	2.3			7.0			11.3
Managed custody guarantees	0.2			0.2			1.1
Embedded derivatives:
Within fixed maturity investments(2)	(1.2		)	(24.7		)	(5.5		)
Within annuity products(2)	(101.4		)	105.3			119.3
Within reinsurance agreements(3)	(41.0		)	54.0			—
Total	$	(92.8	)	$	62.7		$	116.2

⁽¹⁾ Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. For the years ended December 31, 2014, 2013 and 2012, ineffective amounts were immaterial.

⁽²⁾ Changes in value are included in Other net realized capital gains (losses) in the Consolidated Statements of Operations.

⁽³⁾ Changes in value are included in Interest credited and other benefits to contract owners/policyholders in the Consolidated Statements of Operations.

Credit Default Swaps

The Company has entered into various credit default swaps. When credit default swaps are sold, the Company assumes credit exposure to certain assets that it does not own. Credit default swaps may also be purchased to reduce credit exposure in the Company’s portfolio. Credit default swaps involve a transfer of credit risk from one party to another in exchange for periodic payments. As of December 31, 2014, the fair value of credit default swaps of $6.5 were included in Derivatives assets and there were no credit default swaps included in Derivatives liabilities on the Consolidated Balance Sheets. As of December 31, 2013, the fair value of credit default swaps of $8.1 were included in Derivatives assets and there were no credit default swaps included in Derivatives liabilities on the Consolidated Balance Sheets. As of December 31, 2014 and 2013, the maximum potential future exposure to the Company was $384.0 on credit default swaps. These instruments are typically written for a maturity period of five years and contain no recourse provisions. If the Company's current debt and claims paying ratings were downgraded in the future, the terms in the Company's derivative agreements may be triggered, which could negatively impact overall liquidity.

4.Fair Value Measurements

Fair Value Measurement

The Company categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique, pursuant to ASU 2011-04, "Fair Value Measurements (ASC Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP" ("ASU 2011-04"). The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded at fair value on the Consolidated Balance Sheets are categorized as follows:

C-43

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

• Level 1 - Unadjusted quoted prices for identical assets or liabilities in an active market. The Company 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 valuation techniques that require 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.

When available, the estimated fair value of financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, including discounted cash flow methodologies, matrix pricing or other similar techniques.

C-44

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2014:

	Level 1		Level 2			Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	712.9	$	60.2		$	—	$	773.1
U.S. Government agencies and authorities	—		46.6			—		46.6
U.S. corporate, state and municipalities	—		11,122.4			374.8		11,497.2
Foreign(1)	—		5,612.2			165.7		5,777.9
Residential mortgage-backed securities	—		2,026.1			17.3		2,043.4
Commercial mortgage-backed securities	—		1,059.0			19.0		1,078.0
Other asset-backed securities	—		398.0			2.4		400.4
Total fixed maturities, including securities pledged	712.9		20,324.5			579.2		21,616.6
Equity securities, available-for-sale	85.3		—			36.6		121.9
Derivatives:
Interest rate contracts	—		537.2			—		537.2
Foreign exchange contracts	—		18.3			—		18.3
Credit contracts	—		6.5			—		6.5
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,046.6		—			1.5		1,048.1
Assets held in separate accounts	57,492.6		5,313.1			2.4		62,808.1
Total assets	$	59,337.4	$	26,199.6		$	619.7	$	86,156.7
Liabilities:
Derivatives:
Annuity product guarantees:
FIA	$	—	$	—		$	26.3	$	26.3
Stabilizer and MCGs	—		—			102.9		102.9
Other derivatives:
Interest rate contracts	—		209.2			—		209.2
Foreign exchange contracts	—		7.7			—		7.7
Equity contracts	0.1		—			—		0.1
Embedded derivative on reinsurance	—		(13.0		)	—		(13.0		)
Total liabilities	$	0.1	$	203.9		$	129.2	$	333.2

⁽¹⁾ Primarily U.S. dollar denominated.

C-45

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as

of December 31, 2013:

	Level 1		Level 2			Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	618.8	$	51.3		$	—	$	670.1
U.S. Government agencies and authorities	—		237.0			5.1		242.1
U.S. corporate, state and municipalities	—		10,605.9			145.3		10,751.2
Foreign(1)	—		5,727.8			42.8		5,770.6
Residential mortgage-backed securities	—		2,076.0			23.7		2,099.7
Commercial mortgage-backed securities	—		691.7			—		691.7
Other asset-backed securities	—		462.7			17.7		480.4
Total fixed maturities, including securities pledged	618.8		19,852.4			234.6		20,705.8
Equity securities, available-for-sale	99.0		—			35.9		134.9
Derivatives:
Interest rate contracts	—		448.6			—		448.6
Foreign exchange contracts	—		7.7			—		7.7
Credit contracts	—		8.1			—		8.1
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	529.7		—			—		529.7
Assets held in separate accounts	54,715.3		5,376.5			13.1		60,104.9
Total assets	$	55,962.8	$	25,693.3		$	283.6	$	81,939.7
Liabilities:
Derivatives:
Annuity product guarantees:
FIA	$	—	$	—		$	23.1	$	23.1
Stabilizer and MCGs	—		—			—		—
Other derivatives:
Interest rate contracts	—		206.4			—		206.4
Foreign exchange contracts	—		10.2			—		10.2
Equity contracts	—		—			—		—
Embedded derivative on reinsurance	—		(54.0		)	—		(54.0		)
Total liabilities	$	—	$	162.6		$	23.1	$	185.7

⁽¹⁾ Primarily U.S. dollar denominated.

C-46

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Valuation of Financial Assets and Liabilities at Fair Value

Certain assets and liabilities are measured at estimated fair value on the Company's Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an "exit price") in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant's perspective. The Company considers three broad valuation techniques when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation techniques and allows for the use of unobservable inputs to the extent that observable inputs are not available.

The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of "exit price" and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes.

The following valuation methods and assumptions were used by the Company in estimating the reported values for the investments and derivatives described below:

Fixed maturities: The fair values for the actively traded marketable bonds are determined based upon the quoted market prices and are classified as Level 1 assets.  Assets in this category would primarily include certain U.S. Treasury securities. The fair values for marketable bonds without an active market are obtained through several commercial pricing services which provide the estimated fair values and are classified as Level 2 assets. These services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, broker-dealer quotes, credit quality, issuer spreads, bids, offers and other reference data.This category includes U.S. and foreign corporate bonds, ABS, U.S. agency and government guaranteed securities, CMBS and RMBS, including certain CMO assets.

Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited.  Securities priced using independent broker quotes are classified as Level 3.

Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. As of December 31, 2014, $537.1 and $16.4 billion of a total fair value of $21.6 billion in fixed maturities, including securities pledged, were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively and verified through the review process. The remaining balance in fixed maturities consisted primarily of privately placed bonds valued using a matrix-based pricing. As of December 31, 2013, $190.5 and $15.9 billion of a total fair value of $20.7 billion in fixed maturities, including securities pledged, were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively, and verified through the review process. The remaining balance in fixed maturities consisted primarily of privately placed bonds valued using a matrix-based pricing.

C-47

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

All prices and broker quotes obtained go through the review process described above including valuations for which only one broker quote is obtained.  After review, for those instruments where the price is determined to be appropriate, the unadjusted price provided is used for financial statement valuation. If it is determined that the price is questionable, another price may be requested from a different vendor. The internal valuation committee then reviews all prices for the instrument again, along with information from the review, to determine which price best represents "exit price" for the instrument.

Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets.  The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security.  Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company's evaluation of the borrower's ability to compete in its relevant market.  Using this data, the model generates estimated market values which the Company considers reflective of the fair value of each privately placed bond.

Equity securities, available-for-sale: Fair values of publicly traded equity securities are based upon quoted market price and are classified as Level 1 assets. Other equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers and are classified as Level 2 or Level 3 assets.

Derivatives: Derivatives are carried at fair value, which is determined using the Company's derivative accounting system in conjunction with observable key financial data from third party sources, such as yield curves, exchange rates, S&P 500 Index prices, London Interbank Offered Rates ("LIBOR") and Overnight Index Swap ("OIS") rates. In June 2012, the Company began using OIS rather than LIBOR for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company's valuation process through counterparty credit rating requirements and monitoring of overall exposure.  It is the Company's policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company's nonperformance risk is also considered and incorporated in the Company's valuation process. Valuations for the Company's futures and interest rate forward contracts are based on unadjusted quoted prices from an active exchange and, therefore, are classified as Level 1. The Company also has certain credit default swaps and options that are priced using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3.  However, all other derivative instruments, including those priced by third-party vendors, are valued based on market observable inputs and are classified as Level 2.

Cash and cash equivalents, Short-term investments and Short-term investments under securities loan agreement: The carrying amounts for cash reflect the assets' fair values. The fair values for cash equivalents and most short-term investments are determined based on quoted market prices. These assets are classified as Level 1. Other short-term investments are valued and classified in the fair value hierarchy consistent with the policies described herein, depending on investment type.

Assets held in separate accounts: Assets held in separate accounts are reported at the quoted fair values of the underlying investments in the separate accounts.  The underlying investments include mutual funds, short-term investments and cash, the valuations of which are based upon a quoted market price and are included in Level 1.  Fixed maturity valuations are obtained from third-party commercial pricing services and brokers and are classified in the fair value hierarchy consistent with the policy described above for fixed maturities.

Product guarantees: The Company records an embedded derivative liability for its FIA contracts for interest payments to contract holders above the minimum guaranteed contract value. The guarantee is treated as an embedded derivative and is required to be accounted for separately from the host contract. The fair value of the obligation is calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by market implied assumptions. These derivatives are classified as Level 3 liabilities in the fair value hierarchy.

C-48

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by using stochastic techniques under a variety of risk neutral scenarios and other market implied assumptions. These derivatives are classified as Level 3 liabilities.

The discount rate used to determine the fair value of the embedded derivatives and stand-alone derivative associated with the Company's product guarantees includes an adjustment for nonperformance risk. The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit default swap spreads, adjusted to reflect the credit quality of the Company, the issuer of the guarantee, as well as an adjustment to reflect the priority of policyholder claims.

The Company's valuation actuaries are responsible for the policies and procedures for valuing the embedded derivatives, reflecting the capital markets and actuarial valuation inputs and nonperformance risk in the estimate of the fair value of the embedded derivatives. The actuarial and capital market assumptions for each liability are approved by each product's Chief Risk Officer ("CRO"), including an independent annual review by the CRO. Models used to value the embedded derivatives must comply with the Company's governance policies.

Quarterly, an attribution analysis is performed to quantify changes in fair value measurements and a sensitivity analysis is used to analyze the changes. The changes in fair value measurements are also compared to corresponding movements in the hedge target to assess the validity of the attributions. The results of the attribution analysis are reviewed by the valuation actuaries, responsible CFOs, Controllers, CROs and/or others as nominated by management.

Embedded derivatives on reinsurance: The carrying value of the embedded derivatives is estimated based upon the change in the fair value of the assets supporting the funds withheld payable under reinsurance agreements, accounted for under the deposit method. As the fair value of the assets held in trust is based on a quoted market price (Level 1), the fair value of the embedded derivatives is based on market observable inputs and is classified as Level 2.

Transfers in and out of Level 1 and 2

There were no securities transferred between Level 1 and Level 2 for the years ended December 31, 2014 and 2013. The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

Level 3 Financial Instruments

The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. 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. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below.

C-49

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the year ended December 31, 2014:

	Fair Value as of January 1			Total Realized/Unrealized Gains (Losses) Included in:								Purchases		Issuances			Sales			Settlements				Transfers in to Level 3(3)			Transfers out of Level 3(3)			Fair Value as of December 31			Change in Unrealized Gains (Losses) Included in Earnings(4)
				Net Income				OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	5.1		$	—			$	—			$	—	$	—		$	—		$	—			$	—		$	(5.1	)	$	—		$	—
U.S. corporate, state and municipalities	145.3			—			*	(1.7		)		100.2		—			—			(20.4		)		151.4			—			374.8			—			*
Foreign(1)	42.8			0.1				(2.0		)		56.3		—			—			(1.2		)		83.0			(13.3		)	165.7			0.1
Residential mortgage-backed securities	23.7			(1.1		)		0.2				7.0		—			—			—			*	—		*	(12.5		)	17.3			(1.1		)
Commercial mortgage-backed securities	—			—			*	—			*	19.0		—			—			—				—			—			19.0			—			*
Other asset-backed securities	17.7			1.2				(0.9		)		—		—			—			(10.1		)		—			(5.5		)	2.4			—			*
Total fixed maturities, including securities pledged	234.6			0.2				(4.4		)		182.5		—			—			(31.7		)		234.4			(36.4		)	579.2			(1.0		)
Equity securities, available-for-sale	35.9			—				0.7				—		—			—			—				—			—			36.6			—
Derivatives:
Product guarantees:
Stabilizer and MCGs(2)	—			(98.2		)		—				—		(4.7		)	—			—				—			—			(102.9		)	—
FIA(2)	(23.1		)	(3.0		)		—				—		(0.2		)	—			—				—			—			(26.3		)	—
Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreement	—			—				—				1.5		—			—			—				—			—			1.5			—
Assets held in separate accounts(5)	13.1			0.1				—				1.3		—			(4.4		)	—				0.2			(7.9		)	2.4			(0.1		)
* Less than $0.1.
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net realized capital gains (losses) in the Consolidated Statements of Operations.
(3) The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of December 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations.
(5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company.

C-50

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the year ended December 31, 2013:

	Fair Value as of January 1			Total Realized/Unrealized Gains (Losses) Included in:							Purchases				Issuances		Sales				Settlements				Transfers in to Level 3(3)		Transfers out of Level 3(3)				Fair Value as of December 31			Change in Unrealized Gains (Losses) Included in Earnings(4)
				Net Income				OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	—		$	—			$	—		$	5.1			$	—	$	—			$	—			$	—	$	—			$	5.1		$	—
U.S. corporate, state and municipalities	154.6			(0.3		)		0.4			—			*	—		(6.0		)		(4.3		)		0.9		—				145.3			(0.3		)
Foreign(1)	24.6			—			*	1.3			22.2				—		(1.9		)		(10.7		)		7.3		—			*	42.8			—			*
Residential mortgage-backed securities	9.1			(2.0		)		(0.3		)	17.5				—		—				—				—		(0.6		)		23.7			(2.0		)
Commercial mortgage-backed securities	—			—				—			—				—		—				—				—		—				—			—
Other asset-backed securities	33.2			2.3				(0.7		)	—				—		(2.8		)		(9.9		)		—		(4.4		)		17.7			0.9
Total fixed maturities, including securities pledged	221.5			—			*	0.7			44.8				—		(10.7		)		(24.9		)		8.2		(5.0		)		234.6			(1.4		)
Equity securities, available-for-sale	17.0			(0.3		)		1.4			—				—		—			*	—			*	34.5		(16.7		)		35.9			—
Derivatives:
Product guarantees:
Stabilizer and MCGs(2)	(102.0		)	108.2				—			(6.2		)		—		—				—				—		—				—			—
FIA(2)	(20.4		)	(2.7		)		—			—				—		—				—				—		—				(23.1		)	—
Cash and cash equivalents, short-term investments, and short-term investments under securities loan agreement	—			—				—			—				—		—				—				—		—				—			—
Assets held in separate accounts(5)	16.3			0.1				—			16.0				—		(11.6		)		—				2.2		(9.9		)		13.1			—
* Less than $0.1.
(1) Primarily U.S. dollar denominated.
(2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by-contract basis. These amounts are included in Other net realized capital gains (losses) in the Consolidated Statements of Operations.
(3) The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of December 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations.
(5) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on net income for the Company.

C-51

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

For the years ended December 31, 2014 and 2013, the transfers in and out of Level 3 for fixed maturities and equity securities, as well as separate accounts, were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.

Significant Unobservable Inputs

Quantitative information about the significant unobservable inputs used in the Company's Level 3 fair value measurements of its annuity product guarantees is presented in the following sections and table.

The Company's Level 3 fair value measurements of its fixed maturities, equity securities available-for-sale and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices.

Significant unobservable inputs used in the fair value measurements of FIAs include nonperformance risk and policyholder behavior assumptions, such as lapses and partial withdrawals. Such inputs are monitored quarterly.

The significant unobservable inputs used in the fair value measurement of the Stabilizer embedded derivatives and MCG derivative are interest rate implied volatility, nonperformance risk, lapses and policyholder deposits. Such inputs are monitored quarterly.

Following is a description of selected inputs:

Interest Rate Volatility: A term-structure model is used to approximate implied volatility for the swap rates for the Stabilizer and MCG fair value measurements. Where no implied volatility is readily available in the market, an alternative approach is applied based on historical volatility.

Nonperformance Risk: For the estimate of the fair value of embedded derivatives associated with the Company's product guarantees, the Company uses a blend of observable, similarly rated peer company credit default swap spreads, adjusted to reflect the credit quality of the Company and the priority of policyholder claims.

Actuarial Assumptions: Management regularly reviews actuarial assumptions, which are based on the Company's experience and periodically reviewed against industry standards. Industry standards and Company experience may be limited on certain products.

C-52

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The following table presents the unobservable inputs for Level 3 fair value measurements as of December 31, 2014:

	Range(1)
Unobservable Input	FIA		Stabilizer / MCG
Interest rate implied volatility	—		0.2% to 7.6%
Nonperformance risk	0.13% to 1.1%		0.13% to 1.1%
Actuarial Assumptions:
Partial Withdrawals	0.4% to 3.2%		—
Lapses	0% to 45%	(2)	0% to 50%	(3)
Policyholder Deposits(4)	—		0% to 65%	(3)

⁽¹⁾ Represents the range of reasonable assumptions that management has used in its fair value calculations.

⁽²⁾ Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period.

⁽³⁾ Stabilizer contracts with recordkeeping agreements have different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below:

	Percentage of Plans		Overall Range of Lapse Rates	Range of Lapse Rates for 85% of Plans	Overall Range of Policyholder Deposits	Range of Policyholder Deposits for 85% of Plans
Stabilizer (Investment Only) and MCG Contracts	87	%	0-30%	0-15%	0-45%	0-15%
Stabilizer with Recordkeeping Agreements	13	%	0-50%	0-25%	0-65%	0-25%
Aggregate of all plans	100	%	0-50%	0-25%	0-65%	0-25%

⁽⁴⁾ Measured as a percentage of assets under management or assets under administration.

The following table presents the unobservable inputs for Level 3 fair value measurements as of December 31, 2013:

	Range(1)
Unobservable Input	FIA		Stabilizer / MCG
Interest rate implied volatility	—		0.2% to 8.0%
Nonperformance risk	-0.1% to 0.79%		-0.1% to 0.79%
Actuarial Assumptions:
Partial Withdrawals	0% to 2%		—
Lapses	0% to 48%	(2)	0% to 55%	(3)
Policyholder Deposits(4)	—		0% to 60%	(3)

⁽¹⁾ Represents the range of reasonable assumptions that management has used in its fair value calculations.

⁽²⁾ Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period.

⁽³⁾ Stabilizer contracts with recordkeeping agreements have different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below:

	Percentage of Plans		Overall Range of Lapse Rates	Range of Lapse Rates for 85% of Plans	Overall Range of Policyholder Deposits	Range of Policyholder Deposits for 85% of Plans
Stabilizer (Investment Only) and MCG Contracts	88	%	0-30%	0-15%	0-55%	0-15%
Stabilizer with Recordkeeping Agreements	12	%	0-55%	0-25%	0-60%	0-30%
Aggregate of all plans	100	%	0-55%	0-25%	0-60%	0-30%

⁽⁴⁾ Measured as a percentage of assets under management or assets under administration.

Generally, the following will cause an increase (decrease) in the FIA embedded derivative fair value liability:

• A decrease (increase) in nonperformance risk

• A decrease (increase) in lapses

C-53

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Generally, the following will cause an increase (decrease) in the derivative and embedded derivative fair value liabilities related to Stabilizer and MCG contracts:

• An increase (decrease) in interest rate implied volatility

• A decrease (increase) in nonperformance risk

• A decrease (increase) in lapses

• A decrease (increase) in policyholder deposits

The Company notes the following interrelationships:

• Generally, an increase (decrease) in interest rate volatility will increase (decrease) lapses of Stabilizer and MCG contracts due to dynamic participant behavior.

Other Financial Instruments

The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:

	December 31, 2014						December 31, 2013
	Carrying Value			Fair Value			Carrying Value			Fair Value
Assets:
Fixed maturities, including securities pledged	$	21,616.6		$	21,616.6		$	20,705.8		$	20,705.8
Equity securities, available-for-sale	121.9			121.9			134.9			134.9
Mortgage loans on real estate	3,513.0			3,680.6			3,396.1			3,403.9
Policy loans	239.1			239.1			242.0			242.0
Limited partnerships/corporations	248.4			248.4			180.9			180.9
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	1,048.1			1,048.1			529.7			529.7
Derivatives	562.0			562.0			464.4			464.4
Notes receivable from affiliates	175.0			216.7			175.0			186.4
Assets held in separate accounts	62,808.1			62,808.1			60,104.9			60,104.9
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)	21,503.3			26,023.3			21,010.8			24,379.6
Supplementary contracts, immediate annuities and other	442.4			546.3			487.2			578.5
Derivatives:
Annuity product guarantees:
FIA	26.3			26.3			23.1			23.1
Stabilizer and MCGs	102.9			102.9			—			—
Other derivatives	217.0			217.0			216.6			216.6
Long-term debt	4.9			4.9			4.9			4.9
Embedded derivatives on reinsurance	(13.0		)	(13.0		)	(54.0		)	(54.0		)

⁽¹⁾ Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Annuity product guarantees section of the table above.

The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Consolidated Balance Sheets, for which it

C-54

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates, in many cases, could not be realized in immediate settlement of the instrument.

ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements.  Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

The following valuation methods and assumptions were used by the Company in estimating the fair value of the following financial instruments, which are not carried at fair value on the Consolidated Balance Sheets:

Mortgage loans on real estate: The fair values for mortgage loans on real estate are estimated on a monthly basis using discounted cash flow analyses and rates currently being offered in the marketplace for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. Mortgage loans on real estate are classified as Level 3.

Policy loans: The fair value of policy loans approximates the carrying value of the loans.  Policy loans are collateralized by the cash surrender value of the associated insurance contracts and are classified as Level 2.

Limited partnerships/corporations: The fair value for these investments, primarily private equity fund of funds and hedge funds, is based on actual or estimated Net Asset Value ("NAV") information as provided by the investee and is classified as Level 3.

Notes receivable from affiliates: Estimated fair value of the Company's notes receivable from affiliates is determined primarily using a matrix-based pricing. The model considers the current level of risk-free interest rates, credit quality of the issuer and cash flow characteristics of the security model and is classified as Level 2.

Investment contract liabilities:

Funding agreements without a fixed maturity and deferred annuities: Fair value is estimated as the mean present value of stochastically modeled cash flows associated with the contract liabilities taking into account assumptions about contract holder behavior. The stochastic valuation scenario set is consistent with current market parameters and discount is taken using stochastically evolving risk-free rates in the scenarios plus an adjustment for nonperformance risk. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 3.

Supplementary contracts and immediate annuities: Fair value is estimated as the mean present value of the single deterministically modeled cash flows associated with the contract liabilities discounted using stochastically evolving short risk-free rates in the scenarios plus an adjustment for nonperformance risk. The valuation is consistent with current market parameters. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 3.

Long-term debt: Estimated fair value of the Company’s long-term debt is based upon discounted future cash flows using a discount

rate approximating the current market rate, incorporating nonperformance risk. Long-term debt is classified as Level 2.

Fair value estimates are made at a specific point in time, based on available market information and judgments about various financial instruments, such as estimates of timing and amounts of future cash flows. Such estimates do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized capital gains (losses). In many cases, the fair value estimates cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instruments. In evaluating the Company's management of interest rate, price and liquidity risks, the fair values of all assets and liabilities should be taken into consideration, not only those presented above.

C-55

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

5.Deferred Policy Acquisition Costs and Value of Business Acquired

Activity within DAC and VOBA was as follows for the periods indicated:

	DAC			VOBA			Total
Balance at January 1, 2012	$	334.9		$	593.6		$	928.5
Deferrals of commissions and expenses	79.1			8.1			87.2
Amortization:
Amortization	(72.1		)	(152.6		)	(224.7		)
Interest accrued(1)	31.1			62.5			93.6
Net amortization included in the Consolidated Statements of Operations	(41.0		)	(90.1		)	(131.1		)
Change in unrealized capital gains/losses on available-for-sale securities	(76.5		)	(130.2		)	(206.7		)
Balance at December 31, 2012	296.5			381.4			677.9
Deferrals of commissions and expenses	71.3			7.2			78.5
Amortization:
Amortization	(69.7		)	(83.6		)	(153.3		)
Interest accrued(1)	34.0			61.0			95.0
Net amortization included in the Consolidated Statements of Operations	(35.7		)	(22.6		)	(58.3		)
Change in unrealized capital gains/losses on available-for-sale securities	144.1			330.6			474.7
Balance at December 31, 2013	476.2			696.6			1,172.8
Deferrals of commissions and expenses	69.8			6.9			76.7
Amortization:
Amortization	(91.0		)	(113.3		)	(204.3		)
Interest accrued(1)	35.9			59.2			95.1
Net amortization included in the Consolidated Statements of Operations	(55.1		)	(54.1		)	(109.2		)
Change in unrealized capital gains/losses on available-for-sale securities	(94.4		)	(122.6		)	(217.0		)
Balance at December 31, 2014	$	396.5		$	526.8		$	923.3

⁽¹⁾  Interest accrued at the following rates for VOBA: 5.5% to 7.0% during 2014, 1.0% to 7.0% during 2013 and 5.0% to 7.0% during 2012.

The estimated amount of VOBA amortization expense, net of interest, is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/or changes in best estimates of future results.

Year	Amount
2015	$	59.8
2016	44.8
2017	39.0
2018	34.2
2019	31.3

6.Guaranteed Benefit Features

The Company calculates an additional liability for certain GMDBs and other minimum guarantees in order to recognize the expected value of these benefits in excess of the projected account balance over the accumulation period based on total expected assessments.

C-56

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The Company regularly evaluates estimates used to adjust the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised.

As of December 31, 2014, the account value for the separate account contracts with guaranteed minimum benefits was $39.0 billion. The additional liability recognized related to minimum guarantees was $111.5. As of December 31, 2013, the account value for the separate account contracts with guaranteed minimum benefits was $38.0 billion. The additional liability recognized related to minimum guarantees was $7.1.

The aggregate fair value of fixed income securities and equity securities, including mutual funds, supporting separate accounts with additional insurance benefits and minimum investment return guarantees as of December 31, 2014 and 2013 was $9.3 billion and $9.2 billion, respectively.

7.Reinsurance

At December 31, 2014, the Company had reinsurance treaties with 6 unaffiliated reinsurers covering a significant portion of the mortality risks and guaranteed death benefits under its variable contracts. As of December 31, 2014, the Company had agreements with two of its affiliates, Langhorne I, LLC, and Security Life of Denver International ("SLDI"), which are accounted for under the deposit method of accounting, for which the deposit receivable was $93.9 and $39.7 at December 31, 2014 and 2013, respectively. Refer to the Related Party Transactions Note for further detail.

On October 1, 1998, the Company disposed of its individual life insurance business under an indemnity reinsurance arrangement with a subsidiary of Lincoln for $1.0 billion in cash.  Under the agreement, the Lincoln subsidiary contractually assumed from the Company certain policyholder liabilities and obligations, although the Company remains obligated to contract owners.  The Lincoln subsidiary established a trust to secure its obligations to the Company under the reinsurance agreement.

The Company assumed $25.0 of premium revenue from Aetna Life for the purchase and administration of a life contingent single premium variable payout annuity contract. In addition, the Company is also responsible for administering fixed annuity payments that are made to annuitants receiving variable payments. Reserves of $9.7 and $10.1 were maintained for this contract as of December 31, 2014 and 2013, respectively.

Reinsurance recoverable was comprised of the following as of the dates indicated:

	December 31,
	2014		2013
Claims recoverable from reinsurers	$	1,927.8	$	2,016.7
Reinsured amounts due to reinsurers	1.6		(0.4		)
Other	0.1		0.3
Total	$	1,929.5	$	2,016.6

The following table summarizes the effect of reinsurance on Premiums for the periods indicated:

	Year Ended December 31,
	2014			2013			2012
Premiums:
Direct premiums	$	88.9		$	37.4		$	36.2
Reinsurance assumed	0.1			0.1			—
Reinsurance ceded	(0.2		)	(0.2		)	(0.2		)
Net premiums	$	88.8		$	37.3		$	36.0

C-57

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

8.Capital Contributions, Dividends and Statutory Information

Connecticut insurance law imposes restrictions on a Connecticut insurance company's ability to pay dividends to its parent. These restrictions are based in part on the prior year's statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior approval. Dividends in larger amounts, or extraordinary dividends, are subject to approval by the Connecticut Insurance Commissioner.

Under Connecticut insurance law, an extraordinary dividend or distribution is defined as a dividend or distribution that, together with other dividends or distributions made within the preceding twelve months, exceeds the greater of (1) ten percent (10.0%) of VRIAC's earned statutory surplus at the prior year end or (2) VRIAC's prior year statutory net gain from operations. Connecticut law also prohibits a Connecticut insurer from declaring or paying a dividend except out of its earned surplus unless prior insurance regulatory approval is obtained.

During the year ended December 31, 2014, VRIAC declared ordinary dividends to its Parent in the aggregate amount of $371.0, $281.0 of which was paid on May 19, 2014 and $90.0 which was paid on December 22, 2014. During the year ended December 31, 2013, following receipt of required approval from its domiciliary state insurance regulator and consummation of the IPO of Voya Financial, Inc., VRIAC paid an extraordinary dividend in the amount of $174.0 to its Parent. In addition, on December 9, 2013, VRIAC paid an ordinary dividend of $90.0 to its Parent. On December 9, 2014 and December 16, 2013, VFP paid a $95.0 and $60.0 dividend, respectively, to VRIAC, its parent. On October 3, 2014, DSL paid a $30.0 dividend to VRIAC, its parent. During the year ended December 31, 2013, DSL did not pay any dividend to VRIAC.

During the years ended December 31, 2014 and 2013, VRIAC did not receive any capital contributions from its Parent.

The Company is subject to minimum risk-based capital ("RBC") requirements established by the Department. The formulas for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital ("TAC"), as defined by the National Association of Insurance Commissioners ("NAIC"), to authorized control level RBC, as defined by the NAIC. The Company exceeded the minimum RBC requirements that would require any regulatory or corrective action for all periods presented herein.

The Company is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the Department. Such statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities and contract owner account balances using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. Certain assets that are not admitted under statutory accounting principles are charged directly to surplus. Depending on the regulations of the Department, the entire amount or a portion of an insurance company's asset balance can be non-admitted depending on specific rules regarding admissibility. The most significant non-admitted assets of the Company are typically deferred tax assets.

Statutory net income (loss) was $321.7, $175.2 and $261.6, for the years ended December 31, 2014, 2013 and 2012, respectively. Statutory capital and surplus was $2.0 billion as of December 31, 2014 and 2013, respectively.

C-58

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

9.Accumulated Other Comprehensive Income (Loss)

Shareholder's equity included the following components of AOCI as of the dates indicated.

	December 31,
	2014			2013			2012
Fixed maturities, net of OTTI	$	1,553.7		$	820.9		$	2,190.9
Equity securities, available-for-sale	14.5			15.5			13.5
Derivatives	202.6			133.0			215.2
DAC/VOBA and sales inducements adjustments on available-for-sale securities	(552.4		)	(335.3		)	(810.6		)
Premium deficiency reserve adjustment	(129.8		)	(82.4		)	(152.6		)
Unrealized capital gains (losses), before tax	1,088.6			551.7			1,456.4
Deferred income tax asset (liability)	(255.5		)	(66.1		)	(444.6		)
Unrealized capital gains (losses), after tax	833.1			485.6			1,011.8
Pension and other postretirement benefits liability, net of tax	8.4			9.8			11.2
AOCI	$	841.5		$	495.4		$	1,023.0

C-59

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated:

	Year Ended December 31, 2014
	Before-Tax Amount				Income Tax			After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	713.0			$	(251.0	)	$	462.0
Equity securities	(1.3		)		0.5			(0.8		)
OTTI	5.1				(1.8		)	3.3
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations	15.0				(5.3		)	9.7
DAC/VOBA and sales inducements	(217.1		)	(1)	76.0			(141.1		)
Premium deficiency reserve adjustment	(47.4		)		16.6			(30.8		)
Change in unrealized gains/losses on available-for-sale securities	467.3				(165.0		)	302.3
Derivatives:
Derivatives	77.0			(2)	(27.0		)	50.0
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	(7.4		)		2.6			(4.8		)
Change in unrealized gains/losses on derivatives	69.6				(24.4		)	45.2
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations	(2.2		)	(3)	0.8			(1.4		)
Change in pension and other postretirement benefits liability	(2.2		)		0.8			(1.4		)
Change in Other comprehensive income (loss)	$	534.7			$	(188.6	)	$	346.1

⁽¹⁾ See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information.

⁽²⁾ See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.

⁽³⁾ See the Benefit Plans Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.

C-60

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

	Year Ended December 31, 2013
	Before-Tax Amount				Income Tax				After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(1,372.1	)		$	542.1		(4)	$	(830.0	)
Equity securities	2.0				(0.7		)		1.3
OTTI	2.7				(0.9		)		1.8
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations	(0.6		)		0.2				(0.4		)
DAC/VOBA and sales inducements	475.3			(1)	(166.4		)		308.9
Premium deficiency reserve adjustment	70.2				(24.6		)		45.6
Change in unrealized gains/losses on available-for-sale securities	(822.5		)		349.7				(472.8		)
Derivatives:
Derivatives	(79.5		)	(2)	27.9				(51.6		)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	(2.7		)		0.9				(1.8		)
Change in unrealized gains/losses on derivatives	(82.2		)		28.8				(53.4		)
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations	(2.2		)	(3)	0.8				(1.4		)
Change in pension and other postretirement benefits liability	(2.2		)		0.8				(1.4		)
Change in Other comprehensive income (loss)	$	(906.9	)		$	379.3			$	(527.6	)

⁽¹⁾ See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information.

⁽²⁾ See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information.

⁽³⁾ See the Benefit Plans Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.

⁽⁴⁾ Amount includes $67.6 valuation allowance. See the Income Taxes Note to these Consolidated Financial Statements for additional information.

C-61

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

	Year Ended December 31, 2012
	Before-Tax Amount				Income Tax			After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	727.7			$	(250.3	)	$	477.4
Equity securities	0.4				(0.1		)	0.3
OTTI	10.6				(3.7		)	6.9
Adjustments for amounts recognized in Net realized capital gains (losses) in the Consolidated Statements of Operations	(66.1		)		23.1			(43.0		)
DAC/VOBA and sales inducements	(207.0		)	(1)	72.5			(134.5		)
Premium deficiency reserve adjustment	(87.8		)		30.7			(57.1		)
Change in unrealized gains/losses on available-for-sale securities	377.8				(127.8		)	250.0
Derivatives:
Derivatives	41.5			(2)	(14.5		)	27.0
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations	—				—			—
Change in unrealized gains/losses on derivatives	41.5				(14.5		)	27.0
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations	(2.2		)	(3)	0.7			(1.5		)
Change in pension and other postretirement benefits liability	(2.2		)		0.7			(1.5		)
Change in Other comprehensive income (loss)	$	417.1			$	(141.6	)	$	275.5

⁽¹⁾ See the Deferred Policy Acquisition Costs and Value of Business AcquiredNote to these Consolidated Financial Statements for additional information.

⁽²⁾ See the Derivative Financial InstrumentsNote to these Consolidated Financial Statements for additional information.

⁽³⁾ See the Benefit Plans Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.

10.Income Taxes

Income tax expense (benefit) consisted of the following for the periods indicated:

	Year Ended December 31,
	2014			2013		2012
Current tax expense (benefit):
Federal	$	85.7		$	144.6	$	200.9
Total current tax expense (benefit)	85.7			144.6		200.9
Deferred tax expense (benefit):
Federal	(11.2		)	62.4		(9.7		)
Total deferred tax expense (benefit)	(11.2		)	62.4		(9.7		)
Total income tax expense (benefit)	$	74.5		$	207.0	$	191.2

C-62

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated:

	Year Ended December 31,
	2014			2013			2012
Income (loss) before income taxes	$	306.2		$	490.5		$	516.6
Tax rate	35.0		%	35.0		%	35.0		%
Income tax expense (benefit) at federal statutory rate	107.2			171.7			180.8
Tax effect of:
Dividends received deduction	(30.7		)	(26.6		)	(18.6		)
Valuation allowance	(0.4		)	67.6			—
Audit settlements	(0.1		)	(0.3		)	(0.3		)
Prior year tax	—			—			28.1
Tax Credit	0.4			—			—
Other	(1.9		)	(5.4		)	1.2
Income tax expense (benefit)	$	74.5		$	207.0		$	191.2

Temporary Differences

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of the dates indicated, are presented below.

	December 31,
	2014			2013
Deferred tax assets
Insurance reserves	$	219.1		$	166.7
Investments	190.8			231.8
Compensation and benefit	83.1			103.1
Other assets	7.4			—
Total gross assets before valuation allowance	500.4			501.6
Less: Valuation allowance	10.7			11.1
Assets, net of valuation allowance	489.7			490.5
Deferred tax liabilities
Net unrealized investment (gains) losses	(573.0		)	(310.5		)
Deferred policy acquisition costs	(284.2		)	(367.9		)
Other liabilities	—			(2.2		)
Total gross liabilities	(857.2		)	(680.6		)
Net deferred income tax asset (liability)	$	(367.5	)	$	(190.1	)

Valuation allowances are provided when it is considered unlikely that deferred tax assets will be realized. As of December 31, 2014 and December 31, 2013, the Company had total valuation allowances of approximately $10.7 and $11.1, respectively. As of December 31, 2014 and December 31, 2013, $130.0 and $130.4, respectively, of these valuation allowances were allocated to continuing operations, and $(119.3) as of the end of each period were allocated to Other comprehensive income related to realized and unrealized capital losses.

C-63

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

For the year ended December 31, 2014, 2013 and 2012 the increases (decreases) in the valuation allowances were $(0.4), $0.0 and $0.0, respectively. In 2014, 2013 and 2012 there were increases (decreases) of $(0.4), $67.6, and $0.0, respectively, in the valuation allowances that were allocated to operations. In 2014, 2013 and 2012 there were increases (decreases) of $0.0, $(67.6), and $0.0, respectively, that were allocated to Other comprehensive income.

Tax Sharing Agreement

The Company had a receivable from Voya Financial, Inc. of $10.1 as of December 31, 2014 and a payable to Voya Financial, Inc. of $74.1 as of December 31, 2013, for federal income taxes under the intercompany tax sharing agreement.

The results of the Company's operations are included in the consolidated tax return of Voya Financial, Inc. Generally, the Company's consolidated financial statements recognize the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods pursuant to the provisions of Income Taxes (ASC Topic 740) as if the Company were a separate taxpayer rather than a member of Voya Financial, Inc.'s consolidated income tax return group with the exception of any net operating loss carryforwards and capital loss carryforwards, which are recorded pursuant to the tax sharing agreement. Under the tax sharing agreement, Voya Financial, Inc., will pay the Company for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated.

Unrecognized Tax Benefits

The Company had no unrecognized tax benefits as of December 31, 2014 and 2013.

Interest and Penalties

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in Current income taxes and Income tax expense on the Consolidated Balance Sheets and the Consolidated Statements of Operations, respectively. The Company had no accrued interest as of December 31, 2014 and 2013.

Tax Regulatory Matters

During April 2014, the Internal Revenue Service ("IRS") completed its examination of Voya Financial, Inc.'s consolidated return (including the Company) through tax year 2012. The 2012 audit settlement did not have a material impact on the Company. Voya Financial, Inc. (including the Company) is currently under audit by the IRS, and it is expected that the examination of tax year 2013 will be finalized within the next twelve months. Voya Financial, Inc. and the IRS have agreed to participate in the Compliance Assurance Process for the tax years 2013 through 2015.

11.Benefit Plans

Defined Benefit Plan

Voya Services Company (formerly ING North America Insurance Corporation) sponsors the Voya Retirement Plan (the "Retirement Plan"). Substantially all employees of Voya Services Company and its affiliates (excluding certain employees) are eligible to participate, including the Company's employees other than Company agents.

Effective September 8, 2014, a plan amendment was approved changing the Plan's name from the ING U.S. Retirement Plan to the Voya Retirement Plan. The Retirement Plan is a tax qualified defined benefit plan, the benefits of which are guaranteed (within certain specified legal limits) by the Pension Benefit Guaranty Corporation (“PBGC”). Beginning January 1, 2012, the Retirement Plan adopted a cash balance pension formula instead of a final average pay ("FAP") formula, allowing all eligible employees to participate in the Retirement Plan. Participants will earn an annual credit equal to 4% of eligible compensation. Interest is credited monthly based on a 30-year U.S. Treasury securities bond rate published by the Internal Revenue Service in the preceding August of each year. The accrued vested cash pension balance benefit is portable; participants can take it if they leave the Company. For participants in the Retirement Plan as of December 31, 2011, there was a two-year transition period from the Retirement Plan’s current FAP formula to the cash balance pension formula which ended December 31, 2013.

C-64

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

The costs allocated to the Company for its employees' participation in the Retirement Plan were $6.2, $6.5 and $19.1 for the years ended December 31, 2014, 2013 and 2012, respectively, and are included in Operating expenses in the Consolidated Statements of Operations.

Defined Contribution Plan

Voya Services Company sponsors the Voya Savings Plan and ESOP (the "Savings Plan"). Substantially all employees of Voya Services Company and its affiliates (excluding certain employees, including but not limited to Career Agents) are eligible to participate, including the Company's employees other than Company agents. Career Agents are certain, full-time insurance salespeople who have entered into a career agent agreement with the Company and certain other individuals who meet specified eligibility criteria.  The Savings Plan is a tax-qualified defined contribution retirement plan, which includes an employee stock ownership plan ("ESOP") component. The Savings Plan is a tax qualified defined contribution and stock bonus plan, which includes an employee stock ownership plan component. Savings Plan benefits are not guaranteed by the PBGC. The Savings Plan allows eligible participants to defer into the Savings Plan a specified percentage of eligible compensation on a pre-tax basis. Voya Services Company matches such pre-tax contributions, up to a maximum of 6.0% of eligible compensation. Matching contributions are subject to a 4-year graded vesting schedule. Contributions made to the Savings Plan are subject to certain limits imposed by applicable law. The cost allocated to the Company for the Savings Plan were $10.6, $10.8 and $9.7, for the years ended December 31, 2014, 2013 and 2012, respectively, and are included in Operating expenses in the Consolidated Statements of Operations.

Non-Qualified Retirement Plans

The Company, in conjunction with Voya Services Company, offers certain eligible employees (other than Career Agents) a Supplemental Executive Retirement Plan and an Excess Plan (collectively, the "SERPs"). Benefit accruals under Aetna Financial Services SERPs ceased, effective as of December 31, 2001 and participants began accruing benefits under Voya Services SERPs.  Benefits under the SERPs are determined based on an eligible employee's years of service and average annual compensation for the highest five years during the last ten years of employment.

Effective January 1, 2012, the Supplemental Executive Retirement Plan was amended to coordinate with the amendment of the Retirement Plan from its current final average pay formula to a cash balance formula.

The Company, in conjunction with Voya Services Company, sponsors the Pension Plan for Certain Producers of Voya Retirement Insurance and Annuity Company (formerly the ING Life Insurance and Annuity Company) (the "Agents Non-Qualified Plan"). This plan covers certain full-time insurance salespeople who have entered into a career agent agreement with the Company and certain other individuals who meet the eligibility criteria specified in the plan ("Career Agents"). The Agents Non-Qualified Plan was frozen effective January 1, 2002. In connection with the termination, all benefit accruals ceased and all accrued benefits were frozen.

The SERPs and Agents Non-Qualified Plan, are non-qualified defined benefit pension plans, which means all the SERPs benefits are payable from the general assets of the Company and Agents Non-Qualified Plan benefits are payable from the general assets of the Company and Voya Services Company. These non-qualified defined benefit pension plans are not guaranteed by the PBGC.

C-65

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Obligations and Funded Status

The following table summarizes the benefit obligations for the SERPs and Agents Non-Qualified Plan as of December 31, 2014 and 2013:

	Year Ended December 31,
	2014			2013
Change in benefit obligation:
Benefit obligation, January 1	$	84.1		$	97.2
Interest cost	4.0			3.8
Benefits paid	(4.8		)	(7.8		)
Actuarial (gains) losses on obligation	13.3			(9.1		)
Benefit obligation, December 31	$	96.6		$	84.1

Amounts recognized on the Consolidated Balance Sheets in Other liabilities and in AOCI were as follows as of December 31, 2014 and 2013:

	December 31,
	2014			2013
Accrued benefit cost	$	(96.6	)	$	(84.1	)
Accumulated other comprehensive income (loss):
Prior service cost (credit)	(4.9		)	(6.1		)
Net amount recognized	$	(101.5	)	$	(90.2	)

Assumptions

The weighted-average assumptions used in the measurement of the December 31, 2014 and 2013 benefit obligation for the SERPs and Agents Non-Qualified Plan, were as follows:

	2014		2013
Discount rate	4.36	%	4.95	%
Rate of compensation increase	4.00	%	4.00	%

In determining the discount rate assumption, the Company utilizes current market information provided by its plan actuaries, including a discounted cash flow analysis of the Company's pension obligation and general movements in the current market environment. The discount rate modeling process involves selecting a portfolio of high quality, noncallable bonds that will match the cash flows of the Retirement Plan. Based upon all available information, it was determined that 4.36% was the appropriate discount rate as of December 31, 2014, to calculate the Company's accrued benefit liability.

The weighted-average assumptions used in calculating the net pension cost were as follows:

	2014		2013		2012
Discount rate	4.95	%	4.05	%	4.75	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%

Since the benefit plans of the Company are unfunded, an assumption for return on plan assets is not required.

C-66

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Net Periodic Benefit Costs

Net periodic benefit costs for the SERPs and Agents Non-Qualified Plan were as follows for the years ended December 31, 2014, 2013 and 2012:

	Year Ended December 31,
	2014			2013			2012
Interest cost	$	4.0		$	3.8		$	4.4
Net (gain) loss recognition	13.3			(9.1		)	3.4
Amortization of prior service cost (credit)	(1.2		)	(1.2		)	(1.2		)
Net periodic (benefit) cost	$	16.1		$	(6.5	)	$	6.6

Cash Flows

In 2015, the Company is expected to contribute $5.5 to the SERPs and Agents Non-Qualified Plan.  Future expected benefit payments related to the SERPs and Agents Non-Qualified Plan, for the years ended December 31, 2015 through 2019 and thereafter through 2024, are estimated to be $5.5, $5.5, $5.6, $5.7, $5.6 and $28.9, respectively.

Share Based Compensation Plans

Certain employees of the Company participate in the 2013 and 2014 Omnibus Employee Incentive Plans ("the Omnibus Plans") sponsored by Voya Financial, Inc., with respect to awards granted in 2013 and 2014. Certain employees also participate in various ING Group share-based compensation plans with respect to awards granted prior to 2013. Upon closing of the IPO, certain awards granted by ING Group that, upon vesting, would have been issuable in the form of American Depository Receipts ("ADRs") of ING Group were converted into performance shares or restricted stock units ("RSUs") under the Omnibus Plans that upon vesting, will be issuable in Voya Financial, Inc. common stock.

The Company was allocated compensation expense from ING Group and Voya Financial, Inc. of $25.1, $17.0 and $11.0 for the years ended December 31, 2014, 2013 and 2012, respectively.

The Company recognized tax benefits of $8.6, $6.0 and $3.9 in 2014, 2013 and 2012, respectively. Excess tax benefits are recognized in Additional paid-in capital and are accounted for in a single pool available to all share-based compensation awards. Excess tax benefits in Additional paid-in capital are not recognized until the benefits result in a reduction in taxes payable. The Company uses tax law ordering when determining when excess tax benefits have been realized.

In addition, the Company, in conjunction with Voya Services Company, sponsors the following benefit plans:

• The Voya 401(k) Plan for VRIAC Agents, which allows participants to defer a specified percentage of eligible compensation on a pre-tax basis. Effective January 1, 2006, the Company match equals 60% of a participant's pre-tax deferral contribution, with a maximum of 6% of the participant's eligible pay. A request for a determination letter on the qualified status of the Voya 401(k) Plan for VRIAC Agents was filed with the IRS on January 1, 2008. A favorable determination letter was received dated January 5, 2011.

• The Producers' Incentive Savings Plan, which allows participants to defer up to a specified portion of their eligible compensation on a pre-tax basis. The Company matches such pre-tax contributions at specified amounts.

• The Producers' Deferred Compensation Plan, which allows participants to defer up to a specified portion of their eligible compensation on a pre-tax basis.

• Certain health care and life insurance benefits for retired employees and their eligible dependents. The postretirement health care plan is contributory, with retiree contribution levels adjusted annually and the Company subsidizes a portion of the monthly per-participant premium. Beginning August 1, 2009, the Company moved from self-insuring these costs and began to use a private-fee-for-service Medicare Advantage program for post-Medicare eligible retired participants. In addition, effective October 1, 2009, the Company no longer subsidizes medical premium costs for early retirees. This change does not impact any participant currently retired and receiving coverage under the plan or any employee who is eligible for coverage under the plan and whose employment ended before October 1, 2009. The Company continues to

C-67

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

offer access to medical coverage until retirees become eligible for Medicare. The life insurance plan provides a flat amount of noncontributory coverage and optional contributory coverage.

• The Voya Financial, Inc. Supplemental Executive Retirement Plan, which is a non-qualified defined benefit restoration pension plan.

• The Voya Financial, Inc. Deferred Compensation Savings Plan, which is a non-qualified deferred compensation plan that includes a 401(k) excess component.

The benefit charges allocated to the Company related to these plans for the years ended December 31, 2014, 2013 and 2012, were $12.8, $11.3 and $11.9, respectively.

12.Financing Agreements

Windsor Property Loan

On June 16, 2007, the State of Connecticut acting by the Department of Economic and Community Development ("DECD") loaned VRIAC $9.9 (the "DECD Loan") in connection with the development of the corporate office facility located at One Orange Way, Windsor, Connecticut that serves as the principal executive offices of the Company (the "Windsor Property"). The loan has a term of twenty years and bears an annual interest rate of 1.0%. As long as no defaults have occurred under the loan, no payments of principal or interest are due for the initial ten years of the loan. For the second ten years of the DECD Loan term, VRIAC is obligated to make monthly payments of principal and interest.

The DECD Loan provided for loan forgiveness during the first five years of the term at varying amounts up to $5.0 if VRIAC and its affiliates met certain employment thresholds at the Windsor Property during that period. On December 1, 2008, the DECD determined that the Company had met the employment thresholds for loan forgiveness and, accordingly, forgave $5.0 of the DECD Loan to VRIAC in accordance with the terms of the DECD Loan. The DECD Loan provides additional loan forgiveness at varying amounts up to $4.9 if VRIAC and its Voya affiliates meet certain employment thresholds at the Windsor Property during years five through ten of the loan. VRIAC's obligations under the DECD Loan are secured by an unlimited recourse guaranty from its affiliate, Voya Services Company. In November 2012, VRIAC provided a letter of credit to the DECD in the amount of $10.6 as security for its repayment obligations with respect to the loan.

At December 31, 2014 and 2013, the amount of the loan outstanding was $4.9, which was reflected in Long-term debt on the Consolidated Balance Sheets.

13.Commitments and Contingencies

Leases

All of the Company's expenses for leased and subleased office properties are paid for by an affiliate and allocated back to the Company, as all remaining operating leases were executed by Voya Services Company as of December 31, 2008, which resulted in the Company no longer being party to any operating leases. For the years ended December 31, 2014, 2013 and 2012, rent expense for leases was $3.8, $4.0 and $4.9, respectively.

Commitments

Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments.

As of December 31, 2014 and 2013, the Company had off-balance sheet commitments to purchase investments equal to their fair value of $334.0 and $466.8, respectively.

C-68

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

Restricted Assets

The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreement, letter of credit ("LOC") and derivative transactions as described further in this note. The components of the fair value of the restricted assets were as follows as of the dates indicated:

	December 31,
	2014		2013
Other fixed maturities-state deposits	$	13.5	$	13.1
Securities pledged(1)	235.3		140.1
Total restricted assets	$	248.8	$	153.2

⁽¹⁾ Includes the fair value of loaned securities of $174.9and $97.6 as of December 31, 2014 and 2013, respectively, which is included in Securities pledged on the Consolidated Balance Sheets. In addition, as of December 31, 2014 and 2013, the Company delivered securities as collateral of $60.4 and $42.5, respectively, which was included in Securities pledged on the Consolidated Balance Sheets.

Litigation and Regulatory Matters

The Company 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. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek or they may be required only to state an amount sufficient to meet a court's jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonable possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including negligence, breach of contract, fraud, violation of regulation or statute, breach of fiduciary duty, negligent misrepresentation, failure to supervise, elder abuse and other torts.

As with other financial services companies, the Company periodically receives 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. Regulatory investigations, exams, inquiries and audits could result in regulatory action against the Company. The potential outcome of such action is difficult to predict but could subject the Company to adverse consequences, including, but not limited to, settlement payments, additional payments to beneficiaries and additional escheatment of funds deemed abandoned under state laws. They may also result in fines and penalties and changes to the Company's procedures for the identification and escheatment of abandoned property or the correction of processing errors and other financial liability.

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 or to provide reasonably possible losses or ranges of losses for all pending regulatory matters and litigation. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that the outcome of pending litigation and regulatory matters is not likely to have such an effect. However, given the large and indeterminate amounts sought and the inherent unpredictability of such matters, it is possible that an adverse outcome in certain of the Company's 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.

For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. This paragraph contains an estimate of reasonably possible losses above any amounts accrued. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued, the estimate reflects the reasonably possible range of loss in excess of the accrued amounts. For matters for which a reasonably possible (but not probable) range of loss exists, the estimate reflects the reasonably possible and unaccrued loss or range of loss. As of December 31,

C-69

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

2014, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters, as of such date, is not material to the Company.

For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company's accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews.

Litigation against the Company includes a case styled Healthcare Strategies, Inc., Plan Administrator of the Healthcare Strategies Inc. 401(k) Plan v. ING Life Insurance and Annuity Company (U.S.D.C. D. CT, filed February 22, 2011), in which two sponsors of 401(k) Plans governed by the Employee Retirement Income Act ("ERISA") claim that VRIAC has entered into revenue sharing agreements with mutual funds and others in violation of the prohibited transaction rules of ERISA. Among other things, the plaintiffs seek disgorgement of all revenue sharing payments and profits earned in connection with such payments, an injunction barring the practice of revenue sharing and attorney fees. On September 26, 2012, the district court certified the case as a class action in which the named plaintiffs represent approximately 15,000 similarly situated plan sponsors. On April 11, 2014, the parties submitted to the court a motion for preliminary approval of a class-wide settlement agreement under which VRIAC, without admitting liability, would make a payment to the class of approximately $15.0 and adopt certain changes in its disclosure practices. Final court approval which was required for the settlement to become effective, was received on September 25, 2014.

14.Related Party Transactions

Operating Agreements

VRIAC has certain agreements whereby it generates revenues and incurs expenses with affiliated entities. The agreements are as follows:

• Investment Advisory agreement with Voya Investment Management LLC ("VIM") (formerly ING Investment Management LLC), an affiliate, in which VIM provides asset management, administrative and accounting services for VRIAC's general account. VRIAC incurs a fee, which is paid quarterly, based on the value of the assets under management. For the years ended December 31, 2014, 2013 and 2012, expenses were incurred in the amounts of $30.3, $27.7 and $27.0, respectively.

• Services agreement with Voya Services Company for administrative, management, financial and information technology services, dated January 1, 2001 and amended effective January 1, 2002. For the years ended December 31, 2014, 2013 and 2012, expenses were incurred in the amounts of $197.7, $187.1 and $183.5, respectively.

• Services agreement between VRIAC and its U.S. insurance company affiliates for administrative, management, financial and information technology services, dated January 1, 2001 and amended effective January 1, 2002 and December 31, 2007. For the years ended December 31, 2014, 2013 and 2012, net expenses related to the agreement were incurred in the amount of $26.9, $22.6 and $30.8, respectively.

• Service agreement with Voya Institutional Plan Services, LLC ("VIPS") (formerly ING Institutional Plan Services, LLC) effective November 30, 2008 pursuant to which VIPS provides record-keeper services to certain benefit plan clients of VRIAC. For the years ended December 31, 2014, 2013 and 2012, VRIAC's net earnings related to the agreement were in the amount of $8.1, $8.2 and $7.1, respectively.

• Intercompany agreement with VIM pursuant to which VIM agreed, effective January 1, 2010, to pay the Company, on a monthly basis, a portion of the revenues VIM earns as investment adviser to certain U.S. registered investment companies that are investment options under certain of the Company's variable insurance products. For the years ended December 31, 2014, 2013 and 2012, revenue under the VIM intercompany agreement was $31.9, $30.5 and $26.2, respectively.

Management and service contracts and all cost sharing arrangements with other affiliated companies are allocated in accordance with the Company's expense and cost allocation methods. Revenues and expenses recorded as a result of transactions and agreements with affiliates may not be the same as those incurred if the Company was not a wholly owned subsidiary of its Parent.

C-70

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

DSL has certain agreements whereby it generates revenues and expenses with affiliated entities, as follows:

• Underwriting and distribution agreements with Voya Insurance and Annuity Company ("VIAC") (formerly ING USA Annuity and Life Insurance Company ("ING USA")) and ReliaStar Life Insurance Company of New York ("RLNY"), affiliated companies as well as VRIAC, whereby DSL serves as the principal underwriter for variable insurance products and provides wholesale distribution services for mutual fund custodial products. In addition, DSL is authorized to enter into agreements with broker-dealers to distribute the variable insurance products and appoint representatives of the broker-dealers as agents. For the years ended December 31, 2014, 2013 and 2012, commissions were collected in the amount of $244.9, $242.1 and $225.5, respectively. Such commissions are, in turn, paid to broker-dealers.

• Intercompany agreements with each of VIAC, VRIAC, VIPS, ReliaStar Life Insurance Company and Security Life of Denver Insurance Company (individually, the "Contracting Party") pursuant to which DSL agreed, effective January 1, 2010, to pay the Contracting Party, on a monthly basis, a portion of the revenues DSL earns as investment adviser to certain U.S. registered investment companies that are either investment option under certain variable insurance products of the Contracting Party or are purchased for certain customers of the Contracting Party. For the years ended December 31, 2014, 2013 and 2012, expenses were incurred under these intercompany agreements in the aggregate amount of $231.5, $230.5 and $212.3, respectively.

• Service agreement with RLNY whereby DSL receives managerial and supervisory services and incurs a fee. For the years ended December 31, 2014, 2013 and 2012, expenses were incurred under this service agreement in the amount of $3.3, $3.4 and $3.2, respectively.

• Administrative and advisory services agreements with Voya Investments, LLC (formerly ING Investments, LLC) and VIM, affiliated companies, in which DSL receives certain services for a fee. The fee for these services is calculated as a percentage of average assets of Voya Investors Trust (formerly ING Investors Trust). For the years ended December 31, 2014, 2013 and 2012, expenses were incurred in the amounts of $45.5, $34.0 and $27.0, respectively.

Reinsurance Agreements

The Company has entered into the following agreements that were accounted for under the deposit method with two of its affiliates. As of December 31, 2014 and 2013, the Company had deposit assets of $93.9 and $39.7, respectively, and deposit liabilities of $201.1 and $83.5, respectively related to these agreements. Deposit assets and liabilities are included in Other assets and Other liabilities, respectively, on the Consolidated Balance Sheets.

Effective January 1, 2014, VRIAC entered into a coinsurance agreement with Langhorne I, LLC, a newly formed affiliated captive reinsurance company to manage reserve and capital requirements in connection with a portion of our Stabilizer and Managed Custody Guarantee business.

Effective, December 31, 2012, the Company entered into an automatic reinsurance agreement with its affiliate, SLDI to manage the reserve and capital requirements in connection with a portion of its deferred annuities business. Under the terms of the agreement, the Company will reinsure to SLDI, on an indemnity reinsurance basis, a quota share of its liabilities on the certain contracts. The quota share percentage with respect to the contracts that are delivered or issued for delivery in the State of New York will be 90% and the quota share percentage with respect to the contracts that are delivered or issued for delivery outside of the State of New York will be 100%.

Investment Advisory and Other Fees

Effective January 1, 2007, VRIAC's investment advisory agreement to serve as investment advisor to certain variable funds offered in Company products (collectively, the "Company Funds"), was assigned to DSL. VRIAC is also compensated by the separate accounts for bearing mortality and expense risks pertaining to variable life and annuity contracts. Under the insurance and annuity contracts, the separate accounts pay VRIAC daily fees that, on an annual basis are, depending on the product, up to 3.4% of their average daily net assets. The total amount of compensation and fees received by the Company from the Company Funds and separate accounts totaled $210.4, $152.4 and $135.0 (excludes fees paid to Voya Investment Management Co. LLC (formerly ING Investment Management Co. LLC)) in 2014, 2013 and 2012, respectively.

DSL has been retained by Voya Investors Trust, an affiliate, pursuant to a management agreement to provide advisory, management, administrative and other services to Voya Investors Trust. Under the management agreement, DSL provides or arranges for the

C-71

Voya Retirement Insurance and Annuity Company and Subsidiaries

(A wholly owned subsidiary of Voya Holdings Inc.)

Notes to the Consolidated Financial Statements

(Dollar amounts in millions, unless otherwise stated)

provision of all services necessary for the ordinary operations of Voya Investors Trust. DSL earns a monthly fee based on a percentage of average daily net assets of Voya Investors Trust. DSL has entered into an administrative services subcontract with Voya Funds Services, LLC (formerly ING Funds Services, LLC), an affiliate, pursuant to which Voya Funds Services, LLC, provides certain management, administrative and other services to Voya Investors Trust and is compensated a portion of the fees received by DSL under the management agreement. In addition to being the investment advisor of the Trust, DSL is the investment advisor of Voya Partners, Inc. (formerly ING Partners, Inc.), an affiliate. DSL and Voya Partners, Inc. have an investment advisory agreement, whereby DSL has overall responsibility to provide portfolio management services for Voya Partners, Inc. Voya Partners, Inc. pays DSL a monthly fee which is based on a percentage of average daily net assets. For the years ended December 31, 2014, 2013 and 2012, revenue received by DSL under these agreements (exclusive of fees paid to affiliates) was $414.3, $418.2 and $370.6, respectively. At December 31, 2014 and 2013, DSL had $33.0 and $36.5, respectively, receivable from Voya Investors Trust under the management agreement.

Financing Agreements

Reciprocal Loan Agreement

The Company maintains a reciprocal loan agreement with Voya Financial, Inc., an affiliate, to facilitate the handling of unanticipated short-term cash requirements that arise in the ordinary course of business. Under this agreement, which became effective in June 2001 and expires on April 1, 2016, either party can borrow from the other up to 3.0% of the Company's statutory admitted assets as of the preceding December 31. For the year ended December 31, 2014, interest on any borrowing by either the Company or Voya Financial, Inc. was charged at a rate based on the prevailing market rate for similar third-party borrowings or securities. During the years ended December 31, 2013 and 2012, interest on any Company borrowing was charged at the rate of Voya Financial, Inc.'s cost of funds for the interest period, plus 0.15%.  During the years ended December 31, 2013 and 2012, interest on any Voya Financial, Inc. borrowing was charged at a rate based on the prevailing interest rate of U.S. commercial paper available for purchase with a similar duration.

Under this agreement, the Company incurred immaterial interest expense for the year ended December 31, 2014. The Company did not incur any interest expense for the years ended December 31, 2013 and 2012. The Company earned interest income of $0.4, $0.0 and $0.5 for the years ended December 31, 2014, 2013 and 2012, respectively. Interest expense and income are included in Interest expense and Net investment income, respectively, in the Consolidated Statements of Operations.  As of December 31, 2014 and 2013, the Company did not have any outstanding receivable/payable with Voya Financial, Inc. under the reciprocal loan agreement.

During the second quarter of 2012, Voya Financial, Inc. repaid the then outstanding receivable due under the reciprocal loan agreement from the proceeds of its $5.0 billion Senior Unsecured Credit Facility which was entered into on April 20, 2012. The Company and Voya Financial, Inc. continue to maintain the reciprocal loan agreement, and future borrowings by either party will be subject to the reciprocal loan terms summarized above.

Note with Affiliate

On December 29, 2004, VIAC issued a surplus note in the principal amount of $175.0 (the "Note") scheduled to mature on December 29, 2034, to VRIAC. The Note bears interest at a rate of 6.26% per year. Interest is scheduled to be paid semi-annually in arrears on June 29 and December 29 of each year, commencing on June 29, 2005. Interest income was $11.1 for the years ended December 31, 2014, 2013 and 2012.

C-72

Form No. SAI.81216-15 VRIAC Ed. May 2015

 

VARIABLE ANNUITY ACCOUNT C

PART C - OTHER INFORMATION

Item 24. Financial Statements and Exhibits
(a)	Financial Statements:
(1)		Included in Part A: Condensed Financial Information
(2)		Included in Part B: Financial Statements of Variable Annuity Account C:
-			Report of Independent Registered Public Accounting Firm
-			Statements of Assets and Liabilities as of December 31, 2014
-			Statements of Operations for the year ended December 31, 2014
-			Statements of Changes in Net Assets for the years ended December 31, 2014 and 2013
-			Notes to Financial Statements
		Consolidated Financial Statements of Voya Retirement Insurance and Annuity Company:
-			Report of Independent Registered Public Accounting Firm
-			Consolidated Balance Sheets as of December 31, 2014 and 2013
-			Consolidated Statements of Operations for the years ended December 31, 2014, 2013 and 2012
-			Consolidated Statements of Comprehensive Income for the years ended December 31, 2014, 2013 and 2012
-			Consolidated Statements of Changes in Shareholder’s Equity for the years ended December 31, 2014, 2013 and 2012
-			Consolidated Statements of Cash Flows for the years ended December 31, 2014, 2013 and 2012
-			Notes to Consolidated Financial Statements

(b)	Exhibits
	(1)	Resolution establishing Variable Annuity Account C · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 033-75986), as filed on April 22, 1996.
	(2)	Not applicable
	(3.1)	Standard Form of Broker-Dealer Agreement · Incorporated by reference to Post-Effective Amendment No. 32 to Registration Statement on Form N-4 (File No. 033-81216), as filed on April 11, 2006.
	(3.2)	Underwriting Agreement dated November 17, 2006 between ING Life Insurance and Annuity Company and ING Financial Advisers, LLC · Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement on Form N-4 (File No. 033-75996), as filed on December 20, 2006.
	(3.3)	Intercompany Agreement dated December 22, 2010 (effective January 1, 2010) between Directed Services LLC and ING Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-167680), as filed on February 11, 2011.
	(3.4)	Amendment No. 1 made and entered into as of December 1, 2013 to the Intercompany Agreement dated as of December 22, 2010 by and among Directed Services LLC and ING Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 7, 2014.
	(3.5)	Amendment No. 2, effective as of September 30, 2014, to the Intercompany Agreement dated as of December 22, 2010 by and between Directed Services LLC and ING Life Insurance and Annuity Company (now known as Voya Retirement Insurance and Annuity Company) · Incorporated by reference to Post-Effective Amendment No. 63 to Registration Statement on Form N-4 (File No. 033-75962), as filed on December 16, 2014.

 

(3.6)	Amendment No. 3, effective as of April 1, 2015, to the Intercompany Agreement dated as of December 22, 2010 by and between Directed Services LLC and Voya Retirement Insurance and Annuity Company.
(3.7)	Intercompany Agreement dated December 22, 2010 (effective January 1, 2010) between ING Investment Management LLC and ING Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-167680), as filed on February 11, 2011.
(3.8)	Amendment No. 1 made and entered into as of December 1, 2013 to the Intercompany Agreement dated as of December 22, 2010 by and among ING Investment Management LLC and ING Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 7, 2014.
(3.8)	Amendment No. 2, effective as of September 30, 2014, to the Intercompany Agreement dated as of December 22, 2010 by and between ING Investment Management LLC (now known as Voya Investment Management LLC) and ING Life Insurance and Annuity Company (now known as “Voya Retirement Insurance and Annuity Company”) · Incorporated by reference to Post-Effective Amendment No. 63 to Registration Statement on Form N-4 (File No. 033-75962), as filed on December 16, 2014.
(4.1)	Variable Annuity Contract (G-401-IB(X/M)) · Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 (File No. 033-81216), as filed on April 17, 1996.
(4.2)	Variable Annuity Contract (G-CDA-IB(XC/SM)) · Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 (File No. 033-81216), as filed on April 17, 1996.
(4.3)	Variable Annuity Contract Certificate (GC401-IB(X/M) to Contract G-401-IB(X/M) · Incorporated by reference to Post-Effective Amendment No. 24 to Registration Statement on Form N-4 (File No. 033-81216), as filed on April 11, 2003.
(4.4)	Variable Annuity Contract Certificate (GC403-IB(XC/SM) to Contract G-CDA-IB(XC/SM) · Incorporated by reference to Post-Effective Amendment No. 24 to Registration Statement on Form N-4 (File No. 033-81216), as filed on April 11, 2003.
(4.5)	Endorsement (ESUNYSDO97) to Contracts G-CDA-IB(XC/SM) and G-401-IB(X/M) and Contract Certificates GC401-IB(X/M) and GC403-IB(XC/SM) · Incorporated by reference to Post-Effective Amendment No. 7 to Registration Statement on Form N-4 (File No. 033-81216), as filed on February 12, 1997.
(4.6)	Endorsement (EGET-99) to Contracts G-401-IB(X/M) and G-CDA-IB(XC/SM) and Contract Certificates GC401-IB(X/M) and GC403-IB(XC/SM) · Incorporated by reference to Post-Effective Amendment No. 13 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 7, 1999.
(4.7)	Endorsement (ESU401-01) to Contract G-401-IB(X/M) and Certificate GC401-IB(X/M) · Incorporated by reference to Post-Effective Amendment No. 20 to Registration Statement on Form N-4 (File No. 033-81216), as filed on December 11, 2001.
(4.8)	Endorsement (ESU403-01) to Contract G-CDA-IB(XC/SM) and Certificate GC403-IB(XC/SM) · Incorporated by reference to Post-Effective Amendment No. 20 to Registration Statement on Form N-4 (File No. 033-81216), as filed on December 11, 2001.
(4.9)	Endorsement EEGTRRA-HEG(01) to Contracts G-401-IB(X/M) and G-CDA-IB(XC/SM) and Contract Certificates GC401-IB(X/M) and GC403-IB(XC/SM) · Incorporated by reference to Post-Effective Amendment No. 22 to Registration Statement on Form N-4 (File No. 033-81216), as filed on February 15, 2002.
(4.10)	Endorsement ESUNY-02 to Contracts G-401-IB(X/M) and G-CDA-IB(XC/SM) and Contract Certificates GC401-IB(X/M) and GC403-IB(XC/SM) · Incorporated by reference to Post-Effective Amendment No. 23 to Registration Statement on Form N-4 (File No. 033-81216), as filed on April 11, 2002.

 

(4.11)	Endorsement ENMCHG (05/02) and ENMCHGI (05/02) for name change · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 033-75962), as filed on April 8, 2002.
(4.12)	Endorsement ESUNY-02-1 to Contracts G-401-IB(X/M) and G-CDA-IB(XC/SM) and Certificates GC401-IB(X/M) and GC403-IB(XC/SM) · Incorporated by reference to Post-Effective Amendment No. 26 to Registration Statement on Form N-4 (File No. 033-81216), as filed on December 8, 2003.
(4.13)	Endorsement ESUNY-LOAN (9/04) to Contracts G-401-IB(X/M) and G-CDA-IB(XC/SM) and Certificates GC401-IB(X/M) and GC403-IB(XC/SM) · Incorporated by reference to Post-Effective Amendment No. 29 to Registration Statement on Form N-4 (File No. 033-81216), as filed on February 10, 2005.
(4.14)	Endorsement ESUNY-HDSP-04 to Contract G-403-IB(X/M) and Certificate GC403-IB(XC/SM) · Incorporated by reference to Post-Effective Amendment No. 34 to Registration Statement on Form N-4 (File No. 033-81216), as filed on April 11, 2007.
(4.15)	Endorsement E-403bR-09 to Contract Certificate GC403-IB(XC/SM) and Contract G-CDA-IB(XC/SM) · Incorporated by reference to Post-Effective Amendment No. 41 to Registration Statement on Form N-4 (File No. 033-81216), as filed on April 13, 2009.
(4.16)	Endorsement E-403bTERM-08 to Contract Certificate GC403-IB(XC/SM) and Contract G-CDA-IB(XC/SM) · Incorporated by reference to Post-Effective Amendment No. 41 to Registration Statement on Form N-4 (File No. 033-81216), as filed on April 13, 2009.
(4.17)	Endorsement E-DOMA-10 to Contracts G-401-IB(X/M) and G-CDA-IB(XC/SM) and Certificates GC401-IB(X/M), GC403-IB(XC/SM), GFE-PCCA-IC(NY) and GFE-PPCA-IC(NY) · Incorporated by reference to Post-Effective Amendment No. 45 to Registration Statement on Form N-4 (File No. 033-81216), as filed on April 11, 2012.
(4.18)	Endorsement E-SUNYDE-12 to Contract G-401-IB(X/M) and Certificate GC401-IB(X/M) · Incorporated by reference to Post-Effective Amendment No. 48 to Registration Statement on Form N-4 (File No. 033-81216), as filed on April 11, 2013.
(4.19)	Endorsement EVNMCHG (09/14) for name change
(4.20)	Endorsement E-SUNYDE-12 to Contract G-401-IB(X/M) and Certificate GC401-IB(X/M)
(4.21)	Endorsement E-403bR-09 to Contract G-CDA-IB(XC/SM) and Contract Certificate GC403-IB(XC/SM)
(4.22)	Endorsement E-403bTERM-08 to Contract G-CDA-IB(XC/SM) and Contract Certificate GC403-IB(XC/SM)
(4.23)	Endorsement EEGTRRA-HEG(01) to Contract G-CDA-IB(XC/SM) and Contract Certificate GC403-IB(XC/SM)
(5.1)	Variable Annuity Contract Application 155634 (10/11)(NY) · Incorporated by reference to Post-Effective Amendment No. 48 to Registration Statement on Form N-4 (File No. 033-81216), as filed on April 11, 2013.
(5.2)	Variable Annuity Contract Application 155634 (03/15)(NY)
(6.1)	Restated Certificate of Incorporation (amended and restated as of October 1, 2007) of ING Life Insurance and Annuity Company · Incorporated by reference to ING Life Insurance and Annuity Company annual report on Form 10-K (File No. 033-23376), as filed on March 31, 2008.
(6.2)	Amended and Restated By-Laws of ING Life Insurance and Annuity Company, effective October 1, 2007 · Incorporated by reference to ING Life Insurance and Annuity Company annual report on Form 10-K (File No. 033-23376), as filed on March 31, 2008.
(7)	Not applicable
(8.1)	(Retail) Participation Agreement dated as of October 1, 2000 by and among AIM Equity Funds, AIM Distributors, Inc., and Aetna Life Insurance and Annuity Company · Incorporated by reference to Initial Registration Statement on Form N-4 (File No. 333-105479), as filed on May 22, 2003.

 

(8.2)	(Retail) Amendment No. 1 dated January 1, 2003 to Participation Agreement dated as of October 1, 2000 by and among AIM Equity Funds, AIM Distributors, Inc. (renamed Invesco Distributors, Inc. January 1, 2012), and ING Life Insurance and Annuity Company (f/k/a Aetna Life Insurance and Annuity Company) and amended on March 31, 2011 and January 1, 2012 · Incorporated by reference to Post-Effective Amendment No. 2 to Registration Statement on Form N-4 (File No. 333-105479), as filed on April 21, 2004, and by reference to Post-Effective Amendment No. 59 (file No. 033-75962), as filed on April 3, 3012.
(8.3)	(Retail) Fourth Amendment dated September 24, 2012 to Participation Agreement dated as of October1, 2000 and amended on January 1, 2003, March 31, 2011 and January 1, 2012 by and among ING Life Insurance and Annuity Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, ING Financial Advisers, Inc., Invesco Investment Services, Inc. and Invesco Distributors, Inc. · Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement on Form N-4 (File No. 333-130822), as filed on April 3, 2013.
(8.4)	Rule 22c-2 Agreement dated no later than April 16, 2007 and is effective as of October 16, 2007 between AIM Investment Services, Inc., ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and Systematized Benefits Administrators Inc. · Incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-4 (File No. 033-75962), as filed on June 15, 2007.
(8.5)	(Retail) Selling and Services Agreement and Fund Participation Agreement made and entered into June 27, 2008 by and among ING Life Insurance and Annuity Company, ING Financial Advisers, LLC, American Beacon Advisors, Inc. and Foreside Fund Services, LLC · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 7, 2014.
(8.6)	(Retail) Assignment of Selling and Services Agreement and Fund Participation Agreement Letter dated June 24, 2008 agreed and consented to by ING Life Insurance and Annuity Company and ING Financial Advisors, LLC · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 7, 2014.
(8.7)	(Retail) First Amendment dated February 9, 2009 to the Selling and Services Agreement and Participation Agreement dated June 27, 2008 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLP, ING Financial Advisers, LLC and American Beacon Advisers, Inc. · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 7, 2014.
(8.8)	(Retail) Second Amendment dated July 14, 2009 to the Selling and Services Agreement and Participation Agreement dated June 27, 2008 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLP, ING Financial Advisers, LLC and American Beacon Advisers, Inc. and amended on February 9, 2009 · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 7, 2014.
(8.9)	(Retail) Third Amendment dated January 25, 2010 to the Selling and Services Agreement and Participation Agreement dated June 27, 2008 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLP, ING Financial Advisers, LLC and American Beacon Advisers, Inc. and amended on February 9, 2009 and July 14, 2009 · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 7, 2014.

 

(8.10)	(Retail) Assignment of Rule 22c-2 Agreement Letter dated June 24, 2008 agreed and consented to by ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York and Systematized Benefits Administrators Inc. · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 7, 2014.
(8.11)	Rule 22c-2 Agreement dated June 19, 2008 between American Beacon Advisors, Inc., ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York and Systematized Benefits Administrators Inc. · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 7, 2014.
(8.12)	(Retail) Fund Participation Agreement dated as of July 1, 2000 between Aetna Life Insurance and Annuity Company, American Century Services Corporation and American Century Investment Services, Inc. · Incorporated by reference to Post-Effective Amendment No. 23 to Registration Statement on Form N-4 (File No. 333-01107), as filed on December 13, 2000.
(8.13)	(Retail) Fourth Amendment dated July 1, 2013 to Fund Participation Agreement dated as of July 1, 2000 between ING Life Insurance and Annuity Company, American Century Investment Services, Inc. and American Century Services LLC and amended on November 7, 2003, October 1, 2004 and April 1, 2007 · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 7, 2014.
(8.14)	(Retail) Amendment No. 1 effective November 7, 2003 to Fund Participation Agreement dated as of July 1, 2000 between ING Life Insurance and Annuity Company and American Century Investment Services, Inc. and amended on October 1, 2004 and April 1, 2007 · Incorporated by reference to Post-Effective Amendment No. 37 to Registration Statement on Form N-4 (File No. 033-75962), as filed on April 13, 2004, and by reference to Post-Effective Amendment No. 48 (File No. 033-75962), as filed on April 10, 2007, and by reference to Post-Effective Amendment No. 10 (File No. 333-105479), as filed on April 11, 2008.
(8.15)	(Retail) Novation Agreement dated February 16, 2010 to Fund Participation Agreement dated as of July 1, 2000 between American Century Investment Services, Inc., American Century Services, LLC and ING Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 59 to Registration Statement on Form N-4 (File No. 033-75962), as filed on April 3, 2012.
(8.16)	Rule 22c-2 Agreement dated April 4, 2007 and is effective as of October 16, 2007 between American Century Investment Services, Inc., ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and Systematized Benefits Administrators Inc. · Incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-4 (File No. 033-75962), as filed on June 15, 2007.
(8.17)	(Retail) Selling and Services Agreement and Fund Participation Agreement dated March 19, 2010 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLC, ING Financial Advisers, LLC, Aston Asset Management, LLC, Aston Funds and PFPC Distributors, Inc. · Incorporated by reference to Initial Registration Statement on Form N-4 (File No. 333-167680), as filed on June 22, 2010.
(8.18)	Rule 22c-2 Agreement made and entered into as of March 19,2010 between Aston Fund, Aston Asset Management, LLC, PFPC Distributors, Inc., ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and Systematized Benefits Administrators Inc. ·Incorporated by reference to Post-Effective Amendment No. 57 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 8, 2010.

 

(8.19)	Fund Participation Agreement dated December 1, 1997 among Calvert Responsibly Invested Balanced Portfolio, Calvert Asset Management Company, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 8 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 19, 1998.
(8.20)	Service Agreement dated December 1, 1997 between Calvert Asset Management Company, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 8 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 19, 1998.
(8.21)	Rule 22c-2 Agreement dated no later than April 16, 2007 and is effective as of October 16, 2007 between Calvert Distributors, Inc., ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and Systematized Benefits Administrators Inc. · Incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-4 (File No. 033-75962), as filed on June 15, 2007.
(8.22)	(Retail) Selling and Services Agreement and Fund Participation Agreement dated March 17, 2009 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLC, ING Financial Advisers, LLC, and Delaware Service Company, Inc. · Incorporated by reference to Post-Effective Amendment No. 46 to Registration Statement on Form N-4 (File No. 033-81216), as filed on August 15, 2012.
(8.23)	Schedule A-1 dated August 1, 2010 to Selling and Services Agreement and Fund Participation Agreement dated March 17, 2009 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLC, ING Financial Advisers, LLC, and Delaware Service Company, Inc. · Incorporated by reference to Post-Effective Amendment No. 46 to Registration Statement on Form N-4 (File No. 033-81216), as filed on August 15, 2012.
(8.24)	Schedule A-1 dated September 30, 2009 to Selling and Services Agreement and Fund Participation Agreement dated March 17, 2009 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLC, ING Financial Advisers, LLC, and Delaware Service Company, Inc. · Incorporated by reference to Post-Effective Amendment No. 62 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 4, 2013.
(8.25)	Schedule A-1 April 17, 2009 to Selling and Services Agreement and Fund Participation Agreement dated March 17, 2009 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLC, ING Financial Advisers, LLC, and Delaware Service Company, Inc. · Incorporated by reference to Post-Effective Amendment No. 62 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 4, 2013.
(8.26)	Rule 22c-2 Agreement made and entered into as of March 17, 2009 between Delaware Service Company, Inc. and ING Life Insurance and Annuity Company and ING National Trust · Incorporated by reference to Post-Effective Amendment No. 46 to Registration Statement on Form N-4 (File No. 033-81216), as filed on August 15, 2012.
(8.27)	Amended and Restated Participation Agreement as of June 26, 2009 by and among ING Life Insurance and Annuity Company, Fidelity Distributors Corporation, Variable Insurance Products Fund, Variable Insurance Products Fund II, Variable Insurance Products Fund III, Variable Insurance Products Fund IV and Variable Insurance Products Fund V · Incorporated by reference to Post-Effective Amendment No. 56 to Registration Statement on Form N-4 (File No. 333-01107), as filed on December 18, 2009.
(8.28)	First Amendment as of June 26, 2009 to Participation Agreement as of June 26, 2009 by and among ING Life Insurance and Annuity Company, Fidelity Distributors Corporation, Variable Insurance Products Fund, Variable Insurance Products Fund II, Variable Insurance Products Fund III, Variable Insurance Products Fund IV and Variable Insurance Products Fund V · Incorporated by reference to Post-Effective Amendment No. 56 to Registration Statement on Form N-4 (File No. 333-01107), as filed on December 18, 2009.

 

(8.29)	Letter Agreement dated May 16, 2007 and effective July 2, 2007 between ING Life Insurance and Annuity Company, Variable Insurance Products Fund, Variable Insurance Products Fund I, Variable Insurance Products Fund II, Variable Insurance Products Fund V and Fidelity Distributors Corporation · Incorporated by reference to Post-Effective Amendment No. 51 to Registration Statement on Form N-4 (File No. 033-75962), as filed on July 27, 2007.
(8.30)	Service Agreement effective as of June 1, 2002 by and between Fidelity Investments Institutional Operations Company, Inc. and ING Financial Advisers, LLC · Incorporated by reference to Post-Effective Amendment No. 33 to Registration Statement on Form N-4 (File No. 033-75988), as filed on August 5, 2004.
(8.31)	Service Contract dated June 20, 2003 and effective as of June 1, 2002 and amended on by and between Directed Services, Inc., ING Financial Advisers, LLC, and Fidelity Distributors Corporation · Incorporated by reference to Post-Effective Amendment No. 33 to Registration Statement on Form N-4 (File No. 033-75988), as filed on August 5, 2004.
(8.32)	First Amendment effective as of April 1, 2005 to Service Contract dated June 20, 2003 between Fidelity Distributors Corporation and ING Financial Advisers, Inc. and amended on April 1, 2006 · Incorporated by reference to Post-Effective Amendment No. 47 to Registration Statement on Form N-4 (File No. 033-75962), as filed on November 21, 2006.
(8.33)	Rule 22c-2 Agreement dated no later than April 16, 2007 and is effective as of October 16, 2007 between Fidelity Distributors Corporation, ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and Systematized Benefits Administrators Inc. · Incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-4 (File No. 033-75962), as filed on June 15, 2007.
(8.34)	Amended and Restated Participation Agreement as of December 30, 2005 by and among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., ING Life Insurance and Annuity Company, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York and Directed Services, Inc. · Incorporated by reference to Post-Effective Amendment No. 17 to Registration Statement on Form N-4 (File No. 333-85618), as filed on February 1, 2007.
(8.35)	Amendment effective June 5, 2007 to Amended and Restated Participation Agreement as of December 30, 2005 by and among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., ING Life Insurance and Annuity Company, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York and Directed Services, LLC and amended on November 17, 2011 · Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-139695), as filed on July 6, 2007, and by reference to Post-Effective Amendment No. 59 (File No. 033-75962), as filed on April 3, 2012.
(8.36)	Amendment No. 3 dated August 12, 2013 to Amended and Restated Participation Agreement as of December 30, 2005 by and among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., ING Life Insurance and Annuity Company, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Directed Services, LLC and ING Financial Advisers, LLC and amended on June 5, 2007 and November 17, 2011 · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 7, 2014.

 

(8.37)	Amendment No. 4 dated August 1, 2014 to Amended and Restated Participation Agreement dated December 30, 2005 by and among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Voya Retirement Insurance and Annuity Company (formerly ING Life Insurance and Annuity Company), Voya Insurance and Annuity company (formerly ING USA Annuity and Life Insurance Company), ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Directed Services, LLC and Voya Financial Partners, LLC (formerly ING Financial Advisers, LLC), and amended on June 5, 2007, November 17, 2011 and August 12, 2013
(8.38)		Amended and Restated Administrative Services Agreement executed as of October 3, 2005 between Franklin Templeton Services, LLC, ING Life Insurance and Annuity Company, ING Insurance Company of America, ING USA Annuity and Life Insurance Company and ReliaStar Life Insurance Company · Incorporated by reference to Post-Effective Amendment No. 32 to Registration Statement on Form N-4 (File No. 033-81216), as filed on April 11, 2006.
(8.39)		Amendment No. 1 dated May 17, 2006 to Amended and Restated Administrative Services Agreement dated October 3, 2005 by and among Franklin Templeton Services, LLC, ING Life Insurance and Annuity Company, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York and amended on November 11, 2011 · Incorporated by reference to Post-Effective Amendment No. 59 to Registration Statement on Form N-4 (File No. 033-75962), as filed on April 3, 2012.
(8.40)		Amendment No. 3 dated July 31, 2013 to Amended and Restated Administrative Services Agreement dated October 3, 2005 by and among Franklin Templeton Services, LLC, ING Life Insurance and Annuity Company, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York and amended on May 17, 2006 and November 11, 2011 · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 7, 2014.
(8.41)		Rule 22c-2 Shareholder Information Agreement (Franklin Templeton Variable Insurance Products Trust) entered into as of April 16, 2007 among Franklin/Templeton Distributors, Inc., ING Life Insurance and Annuity Company, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York · Incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-4 (File No. 033-75962), as filed on June 15, 2007.
(8.42)		Participation Agreement dated April 30, 2003 among ING Life Insurance and Annuity Company, The GCG Trust (renamed effective May 1, 2000 , ING Investors Trust) and Directed Services, Inc. · Incorporated by reference to Post-Effective Amendment No. 54 to Registration Statement on Form N-1A (File No. 033-23512), as filed on August 1, 2003.
(8.43)		Amendment dated October 9, 2006 to the Participation Agreement dated April 30, 2003 among ING Life Insurance and Annuity Company, ING Investors Trust and Directed Services, Inc. · Incorporated by reference to Post-Effective Amendment No. 47 to Registration Statement on Form N-4 (File No. 033-75962), as filed on November 21, 2006.
(8.44)		Participation Agreement dated as of November 28, 2001 among Portfolio Partners, Inc., Aetna Life Insurance and Annuity Company and Aetna Investment Services, LLC · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 033-75962), as filed on April 8, 2002.

 

(8.45)	Amendment dated March 5, 2002 between Portfolio Partners, Inc. (to be renamed ING Partners, Inc. effective May 1, 2002 ), Aetna Life Insurance and Annuity Company (to be renamed ING Life Insurance and Annuity Company effective May 1, 2002) and Aetna Investment Services, LLC (to be renamed ING Financial Advisers, LLC) to Participation Agreement dated November 28, 2001 and amended on May 1, 2003, November 1, 2004, April 29, 2005, August 31, 2005, December 7, 2005 and April 28, 2006 · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 033-75962), as filed on April 8, 2002, and by reference to Post-Effective Amendment No. 28 (File No. 033-75988), as filed on April 10, 2003, and by reference to Post-Effective Amendment No. 20 to Registration Statement on Form N-1A (File No. 333-32575), as filed on April 1, 2005, and by reference to Post-Effective Amendment No. 32 (File No. 033-81216), as filed on April 11, 2006, and by reference to Initial Registration (File No. 333-134760), as filed on June 6, 2006.
(8.46)	Shareholder Servicing Agreement (Service Class Shares) dated as of November 27, 2001 between Portfolio Partners, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 033-75962), as filed on April 8, 2002.
(8.47)	Amendment dated March 5, 2002 between Portfolio Partners, Inc. (to be renamed ING Partners, Inc. effective May 1, 2002 ) and Aetna Life Insurance and Annuity Company (to be renamed ING Life Insurance and Annuity Company effective May 1, 2002) to the Shareholder Servicing Agreement (Service Class Shares) dated November 27, 2001 and amended on May 1, 2003, November 1, 2004, April 29, 2005, December 7, 2005 and April 28, 2006 · Incorporated by reference to Post-Effective Amendment No. 30 to Registration Statement on Form N-4 (File No. 033-75962), as filed on April 8, 2002, and by reference to Post-Effective Amendment No.28 (File No. 033-75988), as filed on April 10, 2003, and by reference to Post-Effective Amendment No. 32 (File No. 033-81216), as filed on April 11, 2006, and by reference to Initial Registration Statement (File No. 333-134760), as filed on June 6, 2006.
(8.48)	Fund Participation Agreement dated as of May 1, 1998 by and among Aetna Life Insurance and Annuity Company and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series, Aetna Variable Portfolios, Inc. on behalf of each of its series, and Aeltus Investment Management, Inc. · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-56297), as filed on June 8, 1998.
(8.49)	Amendment dated November 9, 1998 to Fund Participation Agreement dated as of May 1, 1998 by and among Aetna Life Insurance and Annuity Company and Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series, Aetna Variable Portfolios, Inc. on behalf of each of its series, and Aeltus Investment Management, Inc. and amended on December 31, 1999, February 11, 2000, May 1, 2000, February 27, 2001 and June 19, 2001 · Incorporated by reference to Post-Effective Amendment No. 2 to Registration Statement on Form N-4 (File No. 333-56297), as filed on December 14, 1998, and by reference to Post-Effective Amendment No. 19 (File No. 333-01107), as filed on February 16, 2000, and by reference to Post-Effective Amendment No. 20 (File No. 333-01107), as filed on April 4. 2000, and by reference to Post-Effective Amendment No. 24 (File No. 333-01107), as filed on April 13, 2001, and by reference to Post-Effective Amendment No. 32 (File No. 033-75988), as filed on April 13, 2004.
(8.50)	Service Agreement effective as of May 1, 1998 between Aeltus Investment Management, Inc. and Aetna Life Insurance and Annuity Company in connection with the sale of shares of Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series, and Aetna Variable Portfolios, Inc. on behalf of each of its series · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-56297), as filed on June 8, 1998.

 

(8.51)	Amendment dated November 4, 1998 and effective as of October 15, 1998 to Service Agreement effective as of May 1, 1998 between Aeltus Investment Management, Inc. and Aetna Life Insurance and Annuity Company in connection with the sale of shares of Aetna Variable Fund, Aetna Variable Encore Fund, Aetna Income Shares, Aetna Balanced VP, Inc., Aetna GET Fund on behalf of each of its series, Aetna Generation Portfolios, Inc. on behalf of each of its series, and Aetna Variable Portfolios, Inc. on behalf of each of its series and amended on February 11, 2000, May 1, 2000 and June 26, 2001 · Incorporated by reference to Post-Effective Amendment No. 2 to Registration Statement on Form N-4 (File No. 333-56297), as filed on December 14, 1998, and by reference to Post-Effective Amendment No. 20 (File No. 333-01107), as filed on April 4, 2000, and by reference to Post-Effective Amendment No. 32 (File No. 033-75988), as filed on April 13, 2004.
(8.52)	Fund Participation Agreement dated as of May 1, 2001 among Pilgrim Variable Products Trust, Aetna Life Insurance and Annuity Company and ING Pilgrim Securities, Inc. · Incorporated by reference to Post-Effective Amendment No. 26 to Registration Statement on Form N-4 (File No. 333-01107), as filed on July 13, 2001.
(8.53)	Amendment dated August 30, 2002 between ING Life Insurance and Annuity Company, ING Variable Products Trust (formerly known as Pilgrim Variable Products Trust) and ING Funds Distributor to Fund Participation Agreement dated May 1, 2001 · Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement on Form N-4 (File No. 033-75988), as filed on April 10, 2003.
(8.54)	Administrative and Shareholder Services Agreement dated April 1, 2001 between ING Funds Services, LLC and ING Life Insurance and Annuity Company (Administrator for ING Variable Products Trust) · Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement on Form N-4 (File No. 033-75988), as filed on April 10, 2003.
(8.55)	Rule 22c-2 Agreement dated no later than April 16, 2007 is effective October 16, 2007 between ING Fund Services, LLC, ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and Systematized Benefits Administrators Inc. · Incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-4 (File No. 033-75962), as filed on June 15, 2007.
(8.56)	Services Agreement and Fund Participation Agreement dated as of December 7, 2010 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLC, ING Financial Advisers, LLC and JPMorgan Trust I, JPMorgan Trust II, J.P. Morgan Fleming Mutual Fund Group, Inc., J.P. Morgan Mutual Fund Group, J.P. Morgan Mutual Fund Investment Trust, Undiscovered Managers Funds, and JPMorgan Value Opportunities Fund Inc. and J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated · Incorporated by reference to Post-Effective Amendment No. 46 to Registration Statement on Form N-4 (File No. 033-81216), as filed on August 15, 2012.
(8.57)	Rule 22c-2 Agreement dated April 16, 2007 and is effective as of October 16, 2007, among JPMorgan Distribution Services, Inc. and ING Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 46 to Registration Statement on Form N-4 (File No. 033-81216), as filed on August 15, 2012.
(8.58)	(Retail) Selling and Services Agreement dated as of April 30, 2001 by and among Aetna Investment Services, LLC, Aetna Life Insurance and Annuity Company (renamed ING Life Insurance and Annuity Company) and Loomis Sayles Distributors, L.P. · Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 (File No. 333-130822), as filed on April 11, 2008.

 

(8.59)	(Retail) First Amendment dated March 13, 2009 to the Selling and Services Agreement dated April 30, 2001 between ING Financial Services, LLC (formerly Aetna Investment Services, LLC), ING Institutional Plan Services, LLP, ING Life Insurance and Annuity Company (formerly Aetna Life Insurance and Annuity Company) and Natixis Distributors, L.P. (formerly IXIS Asset Management Distributor, L.P.) prior thereto CDC IXIS Asset Management Distributors, L.P. (Loomis Sayles) · Incorporated by reference to Post-Effective Amendment No. 5 to Registration Statement on Form N-4 (File No. 333-130822), as filed on April 9, 2009.
(8.60)	(Retail) Letter Agreement dated January 16, 2002 to Selling and Services Agreement dated April 30, 2001 between Aetna Investment Services, LLC, Aetna Life Insurance and Annuity Company and Loomis Sayles Distributors, L.P. · Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 (File No. 333-130822), as filed on April 11, 2008.
(8.61)	(Retail) Letter Agreement dated May 20, 2003 and effective on July 1, 2003 to Selling and Services Agreement dated April 30, 2001 between Aetna Investment Services, LLC, Aetna Life Insurance and Annuity Company and Loomis Sayles Distributors, L.P. · Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 (File No. 333-130822), as filed on April 11, 2008.
(8.62)	Rule 22c-2 Agreement dated March 27, 2007 and is effective as of October 16, 2007 between IXIS Asset Management Distributors, L.P. (Loomis Sayles), ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and Systematized Benefits Administrators Inc. ·Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 (File No. 333-130822), as filed on April 11, 2008.
(8.63)	Fund Participation Agreement dated as of July 20, 2001 between Lord Abbett Series Fund, Inc. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 27 to Registration Statement on Form N-4 (File No. 333-01107), as filed on October 26, 2001.
(8.64)	First Amendment dated April 30, 2009 and effective as of May 1, 2005 to Fund Participation Agreement effective as of July 20, 2001 among ING Life Insurance and Annuity Company (formerly Aetna Life Insurance and Annuity Company), Lord Abbett Series Fund, Inc. and Lord Abbett Distributor LLC · Incorporated by reference to Post-Effective Amendment No. 56 to Registration Statement on Form N-4 (File No. 333-01107), as filed on December 18, 2009.
(8.65)	Service Agreement dated as of July 20, 2001 between Lord Abbett & Co. and Aetna Life Insurance and Annuity Company · Incorporated by reference to Post-Effective Amendment No. 27 to Registration Statement on Form N-4 (File No. 333-01107), as filed on October 26, 2001.
(8.66)	First Amendment dated April 30, 2009 and effective as of May 1, 2005 to Service Agreement effective as of July 20, 2001 between ING Life Insurance and Annuity Company (formerly Aetna Life Insurance and Annuity Company) and Lord Abbett Series Fund, Inc. · Incorporated by reference to Post-Effective Amendment No. 56 to Registration Statement on Form N-4 (File No. 333-01107), as filed on December 18, 2009.
(8.67)	Rule 22c-2 Agreement effective April 16, 2007 and operational on October 16, 2007 among Lord Abbett Distributor LLC, ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and Systematized Benefits Administrators Inc. · Incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-4 (File No. 033-75962), as filed on June 15, 2007.
(8.68)	Parnassus Selling and Services Agreement and Fund Participation Agreement dated 2008 by and between ING Life Insurance and Annuity Company, ING Financial Advisers, LLC, and Parnassus Funds Distributor · Incorporated by reference to Initial Registration Statement on Form N-4 (File No. 333-167680), as filed on June 22, 2010.

 

		(8.69)	Rule 22c-2 Agreement made and entered as of this 1 day of September, 2008 between Parnassus Funds Distributors and ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York and Systematized Benefits Administrators Inc. · Incorporated by reference to Initial Registration Statement on Form N-4 (File No. 333-167680), as filed on June 22, 2010.
	(8.70)		(Retail) Selling and Services Agreement and Fund Participation Agreement dated March 11, 2003 by and among ING Life Insurance and Annuity Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, ING Financial Advisers, LLC and PIMCO Advisors Distributors LLC · Incorporated by reference to Post-Effective Amendment No. 55 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 15, 2009.
	(8.71)		(Retail) First Amendment entered into as of December 31, 2003 to Selling and Services Agreement and Fund Participation Agreement between ING Life Insurance and Annuity Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, ING Financial Advisers, LLC and PIMCO Advisors Distributors LLC (renamed Allianz Global Investors Distributors LLC) dated as of March 11, 2003 and amended on July 1, 2005, October 1, 2008, March 10, 2009 and January 26, 2011 · Incorporated by reference to Post-Effective Amendment No. 55 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 15, 2009, and by reference to Post-Effective Amendment No. 56 (File No. 333-01107), as filed on December 18, 2009.
(8.72)			(Retail) Sixth Amendment dated as of January 9, 2014 to the Selling and Services Agreement and Participation Agreement dated as of March 11, 2003 by and between ING Life Insurance and Annuity Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, ING USA Annuity and Life Insurance Company, ING Institutional Plan Services, LLC, ING Financial Advisers, LLC, Allianz Global Investors Distributors LLC and Allianz Global Investors Fund Management LLC and amended on December 31, 2003, July 1, 2005, October 1, 2008, March 10, 2009 and January 26, 2011 · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 7, 2014.
		(8.73)	Novation of and Amendment to Participation Agreement dated as of January 26, 2011 and effective as of February 14, 2011 by and among Allianz Global Investors Distributors LLC, PIMCO Investments LLC, PIMCO Variable Insurance Trust, ING Life Insurance and Annuity Company, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York · Incorporated by reference to Post-Effective Amendment No. 15 to Registration Statement on Form N-4 (File No. 333-105479), as filed on April 25, 2012.
		(8.74)	Participation Agreement dated as of May 1, 2004 among ING Life Insurance and Annuity Company, ReliaStar Life Insurance Company, PIMCO Variable Insurance Trust and PA Distributors LLC · Incorporated by reference to Post-Effective Amendment No. 38 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 11, 2005.
		(8.75)	22.First Amendment dated August 15, 2007 to Participation Agreement by and between ING Life Insurance and Annuity Company, ReliaStar Life Insurance Company, PIMCO Variable Insurance Trust and Allianz Global Investors Distributors LLC dated as of May 1, 2004 · Incorporated by reference to Post-Effective Amendment No. 51 to Registration Statement on Form N-4 (File No. 333-01107), as filed on May 23, 2008.
		(8.76)	23.Services Agreement dated as of May 1, 2004 between PIMCO Variable Insurance Trust (the “Trust”) and ING Life Insurance and Annuity Company, and ReliaStar Life Insurance Company · Incorporated by reference to Post-Effective Amendment No. 38 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 11, 2005.
		(8.77)	24.First Amendment dated August 15, 2007 to Services Agreement between PIMCO Variable Insurance Trust, ING Life Insurance and Annuity Company and ReliaStar Life Insurance Company dated as of May 1, 2004 · Incorporated by reference to Post-Effective Amendment No. 51 to Registration Statement on Form N-4 (File No. 333-01107), as filed on May 23, 2008.

 

	(8.78)	Services Agreement effective as of May 1, 2004 between Pacific Investment Management Company LLC (“PIMCO”) and ING Life Insurance and Annuity Company, and ReliaStar Life Insurance Company · Incorporated by reference to Post-Effective Amendment No. 38 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 11, 2005.
	(8.79)	25.First Amendment dated August 15, 2007 to Services Agreement between Pacific Investment Management Company LLC (“PIMCO”), ING Life Insurance and Annuity Company, ReliaStar Life Insurance Company and Allianz Global Investors Distributors LLC effective as of May 1, 2004 · Incorporated by reference to Post-Effective Amendment No. 51 to Registration Statement on Form N-4 (File No. 333-01107), as filed on May 23, 2008.
	(8.80)	Rule 22c-2 Agreement dated no later than April 16, 2007, is effective as of the 16th day of October, 2007 between Allianz Global Investors Distributors LLC, ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and Systematized Benefits Administrators Inc. · Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-139695), as filed on July 6, 2007.
	(8.81)	(Retail) Fund Participation Agreement dated as of September 21, 2000 among Aetna Life Insurance and Annuity Company, Pioneering Services Corporation and Pioneer Funds Distributor, Inc. · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-105479), as filed on May 22, 2003.
	(8.82)	(Retail) Amendment No. 1 made and entered into as of August 5, 2003 to Fund Participation Agreement dated as of September 21, 2000 among Pioneering Services Corporation, Pioneer Funds Distributor, Inc. and Aetna Life Insurance and Annuity Company and amended on April 1, 2003, May 1, 2004, March 1, 2008 and September 17, 2010 · Incorporated by reference to Post-Effective Amendment No. 2 to Registration Statement on Form N-4 (File No. 333-105479), as filed on April 21, 2004, and by reference to Post-Effective Amendment No. 8 (File No. 333-109860), as filed on April 18, 2006, and by reference to Post-Effective Amendment No. 12 (File No. 333-109860), as filed on April 15, 2009, and by reference to Post-Effective Amendment No. 17 (File No. 333-109860), as filed on December 3, 2010.
(8.83)		(Retail) Sixth Amendment dated as of March 1, 2013 to the Fund Participation Agreement dated as of September 21, 2000 by and between ING Life Insurance and Annuity Company, ReliaStar Life Insurance and Annuity Company, ReliaStar Life Insurance Company of New York, Pioneer Investment Management Shareholder Services, Inc. and Pioneer Funds Distributor, Inc. as amended on April 1, 2003, August 5, 2003, May 1, 2004, March 1, 2008 and September 17, 2010 · Incorporated by reference to Post-Effective Amendment No. 22 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 9, 2014.
	(8.84)	(Retail) Trust Networking Agreement dated as of November 7, 2002 by and between Pioneer Investment Management Shareholder Services, Inc. and ING Financial Advisers, LLC · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 16, 2004.
	(8.85)	Rule 22c-2 Agreement dated March 1, 2007 and is effective as of October 16, 2007 between Pioneer Investment Management Shareholder Services, Inc., ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Insurance Company and Systematized Benefits Administrators Inc. · Incorporated by reference to Post-Effective Amendment No. 50 to Registration Statement on Form N-4 (File No. 033-75962), as filed on June 15, 2007.
	(8.86)	Selling and Services Agreement and Fund Participation Agreement dated September 26, 2005 by and among ING Life Insurance and Annuity Company, ING Financial Advisers, LLC and Columbia Management Distributors, Inc. • Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 (File No. 333-130822), as filed on April 11, 2008.

 

(8.87)	First Amendment dated April 1, 2008 to Selling and Services Agreement and Fund Participation Agreement effective as of September 26, 2005 by and among ING Life Insurance and Annuity Company, ING Financial Advisers, LLC and Columbia Management Distributors, Inc. and amended on February 18, 2009, March 21, 2011, August 11, 2011 and November 1, 2012 • Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement on Form N-4 (File No. 333-109860), as filed on December 15, 2008, and by reference to Post-Effective Amendment No. 3 (File No. 333-167680), as filed on April 3, 2012, and by reference to Post-Effective Amendment No. 13 (File No. 333-134760), as filed on December 20, 2012.
(8.88)	Fund Participation Agreement effective as of May 1, 2004 between Wanger Advisors Trust, Columbia Wanger Asset Management, LP, ING Life Insurance and Annuity Company, and ReliaStar Life Insurance Company · Incorporated by reference to Post-Effective Amendment No. 38 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 11, 2005.
(8.89)	First Amendment dated May 7, 2007 to Fund Participation Agreement effective as of May 1, 2004 between Columbia Wanger Asset Management, LP, Wanger Advisors Trust, ING Life Insurance and Annuity Company and ReliaStar Life Insurance Company · Incorporated by reference to Post-Effective Amendment No. 53 to Registration Statement on Form N-4 (File No. 333-01107), as filed on August 18, 2008.
(8.90)	Service Agreement with Investment Adviser effective as of May 1, 2004 between Columbia Wanger Asset Management, LP, ING Life Insurance and Annuity Company, ING Insurance Company of America, and ReliaStar Life Insurance Company · Incorporated by reference to Post-Effective Amendment No. 38 to Registration Statement on Form N-4 (File No. 333-01107), as filed on February 11, 2005.
(8.91)	Rule 22c-2 Agreement dated April 16, 2007 and is effective as of October 16, 2007 among Columbia Management Services, Inc., ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Life Insurance Company and Systematized Benefits Administrators Inc.· Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 (File No. 333-134760), as filed on July 27, 2007.
(8.92)	First Amendment to Rule 22c-2 Agreement dated March 21, 2011 by and between Columbia Management Investment Services Corp., ING Life Insurance and Annuity Company, ING National Trust, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Security Life of Denver Life Insurance Company and Systematized Benefits Administrators Inc. · Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 3, 2012.
(9)	Opinion and Consent of Counsel
(10)	Consent of Independent Registered Public Accounting Firm
(11)	Not applicable
(12)	Not applicable
(13)	Powers of Attorney

 

Item 25. Directors and Officers of the Depositor*

Name	Principal Business Address	Positions and Offices with Depositor
Alain M. Karaoglan	230 Park Avenue New York, NY 10169	Director and President
Rodney O. Martin, Jr.	230 Park Avenue New York, NY 10169	Director
Chetlur S. Ragavan	230 Park Avenue New York, NY 10169	Director, Executive Vice President and Chief Risk Officer
Michael S. Smith	1475 Dunwoody Drive West Chester, PA 19380	Director
Ewout L. Steenbergen	230 Park Avenue New York, NY 10169	Director and Executive Vice President, Finance
Tina A. Campbell	30 Braintree Hill Office Park Floors 2-4 Braintree, MA 02184	Senior Vice President and Deputy General Counsel
Joseph J. Elmy	5780 Powers Ferry Road, N.W. Atlanta, GA 30327-4390	Senior Vice President, Tax
Ralph R. Ferraro	One Orange Way Windsor, CT 06095-4774	Senior Vice President
Michael J. Gioffre	One Orange Way Windsor, CT 06095-4774	Senior Vice President, Compliance
Howard F. Greene	230 Park Avenue New York, NY 10169	Senior Vice President, Compensation
Megan A. Huddleston	One Orange Way Windsor, CT 06095-4774	Senior Vice President and Assistant Secretary
Christine L. Hurtsellers	5780 Powers Ferry Road, N.W. Atlanta, GA 30327-4390	Senior Vice President
Carolyn M. Johnson	One Orange Way Windsor, CT 06095-4774	Senior Vice President
Mark B. Kaye	One Orange Way Windsor, CT 06095-4774	Senior Vice President and Chief Financial Officer
Patrick D. Lusk	1475 Dunwoody Drive West Chester, PA 19380	Senior Vice President and Appointed Actuary
Richard T. Mason	One Orange Way Windsor, CT 06095-4774	Senior Vice President

 

Name	Principal Business Address	Positions and Offices with Depositor
Gilbert E. Mathis	5780 Powers Ferry Road, N.W. Atlanta, GA 30327-4390	Senior Vice President
David S. Pendergrass	5780 Powers Ferry Road, N.W. Atlanta, GA 30327-4390	Senior Vice President and Treasurer
Steven T. Pierson	5780 Powers Ferry Road, N.W. Atlanta, GA 30327-4390	Senior Vice President and Chief Accounting Officer
Justin Smith	One Orange Way Windsor, CT 06095-4774	Senior Vice President and Deputy General Counsel
Jennifer M. Ogren	20 Washington Avenue South Minneapolis, MN 55401	Secretary
Anne M. Iezzi	One Orange Way Windsor, CT 06095-4774	Vice President and Chief Compliance Officer
Brian J. Baranowski	One Orange Way Windsor, CT 06095-4774	Vice President, Compliance
Kristi L. Cooper	909 Locust Street Des Moines, IA 50309	Vice President, Compliance
Chad M. Eslinger	20 Washington Avenue South Minneapolis, MN 55401	Vice President, Compliance Officer
Regina A. Gordon	One Orange Way Windsor, CT 06095-4774	Vice President, Compliance
Spencer T. Shell	5780 Powers Ferry Road, N.W. Atlanta, GA 30327-4390	Vice President and Assistant Treasurer

* These individuals may also be directors and/or officers of other affiliates of the Company.

Item 26. Persons Controlled by or Under Common Control with the Depositor or Registrant

Incorporated herein by reference to Item 26 in Post-Effective Amendment No. 1 to Registration Statement on Form N-4 for Separate Account B of Voya Insurance and Annuity Company (File No. 333-196391), as filed with the Securities and Exchange Commission on April 7, 2015.

Item 27. Number of Contract Owners

As of February 28, 2015, there were 632,949 individuals holding interests in variable annuity contracts funded through Variable Annuity Account C of Voya Retirement Insurance and Annuity Company.

Item 28. Indemnification

Section 33-779 of the Connecticut General Statutes (“CGS”) provides that a corporation may provide indemnification of or advance expenses to a director, officer, employee or agent only as permitted by Sections 33-770 to 33-778, inclusive, of the CGS. Reference is hereby made to Section 33-771(e) of the CGS regarding indemnification of directors and Section 33-776(d) of

 

CGS regarding indemnification of officers, employees and agents of Connecticut corporations. These statutes provide in general that Connecticut corporations incorporated prior to January 1, 1997 shall, except to the extent that their certificate of incorporation expressly provides otherwise, indemnify their directors, officers, employees and agents against “liability” (defined as the obligation to pay a judgment, settlement, penalty, fine, including an excise tax assessed with respect to an employee benefit plan, or reasonable expenses incurred with respect to a proceeding) when (1) a determination is made pursuant to Section 33-775 that the party seeking indemnification has met the standard of conduct set forth in Section 33-771 or (2) a court has determined that indemnification is appropriate pursuant to Section 33-774. Under Section 33-775, the determination of and the authorization for indemnification are made (a) by two or more disinterested directors, as defined in Section 33-770(2); (b) by special legal counsel; (c) by the shareholders; or (d) in the case of indemnification of an officer, agent or employee of the corporation, by the general counsel of the corporation or such other officer(s) as the board of directors may specify. Also, Section 33-772 with Section 33-776 provide that a corporation shall indemnify an individual who was wholly successful on the merits or otherwise against reasonable expenses incurred by him in connection with a proceeding to which he was a party because he is or was a director, officer, employee, or agent of the corporation. Pursuant to Section 33-771(d), in the case of a proceeding by or in the right of the corporation or with respect to conduct for which the director, officer, agent or employee was adjudged liable on the basis that he received a financial benefit to which he was not entitled, indemnification is limited to reasonable expenses incurred in connection with the proceeding against the corporation to which the individual was named a party.

A corporation may procure indemnification insurance on behalf of an individual who is or was a director of the corporation. Consistent with the laws of the State of Connecticut, Voya Financial, Inc. maintains Professional Liability and Fidelity bond, Employment Practices liability and Network Security insurance policies issued by an international insurer. The policies cover Voya Financial, Inc. and any company in which Voya Financial, Inc. has a controlling financial interest of 50% or more. The policies cover the funds and assets of the principal underwriter/depositor under the care, custody and control of Voya Financial, Inc. and/or its subsidiaries. The policies provide for the following types of coverage: Errors and Omissions/Professional Liability, Employment Practices liability and Fidelity/Crime (a.k.a. “Financial Institutional Bond”) and Network Security (a.k.a. “Cyber/IT”).

Section 20 of the Voya Financial Partners, LLC Limited Liability Company Agreement executed as of November 28, 2000 provides that Voya Financial Partners, LLC will indemnify certain persons against any loss, damage, claim or expenses (including legal fees) incurred by such person if he is made a party or is threatened to be made a party to a suit or proceeding because he was a member, officer, director, employee or agent of Voya Financial Partners, LLC, as long as he acted in good faith on behalf of Voya Financial Partners, LLC and in a manner reasonably believed to be within the scope of his authority. An additional condition requires that no person shall be entitled to indemnity if his loss, damage, claim or expense was incurred by reason of his gross negligence or willful misconduct. This indemnity provision is authorized by and is consistent with Title 8, Section 145 of the General Corporation Law of the State of Delaware.

 

Item 29. Principal Underwriter

(a) In addition to serving as the principal underwriter for the Registrant, Voya Financial Partners, LLC acts as the principal underwriter for Variable Life Account B of Voya Retirement Insurance and Annuity Company (VRIAC), Variable Annuity Account C of VRIAC, Variable Annuity Account I of VRIAC and Variable Annuity Account G of VRIAC (separate accounts of VRIAC registered as unit investment trusts under the 1940 Act). Voya Financial Partners, LLC is also the principal underwriter for (i) Separate Account N of ReliaStar Life Insurance Company (RLIC) (a separate account of RLIC registered as a unit investment trust under the 1940 Act), (ii) ReliaStar Select Variable Account of ReliaStar Life Insurance Company (a separate account of RLIC registered as a unit investment trust under the 1940 Act), (iii) MFS ReliaStar Variable Account (a separate account of RLIC registered as a unit investment trust under the 1940 Act), (iv) Northstar Variable Account (a separate account of RLIC registered as a unit investment trust under the 1940 Act), (v) ReliaStar Life Insurance Company of New York Variable Annuity Funds A, B and C (a management investment company registered under the 1940 Act), (vi) ReliaStar Life Insurance Company of New York Variable Annuity Funds D, E, F, G, H and I (a management investment company registered under the 1940 Act), (vii) ReliaStar Life Insurance Company of New York Variable Annuity Funds M, P and Q (a management investment company registered under the1940 Act), and (viii) ReliaStar Life Insurance Company of New York Variable Annuity Funds M and P (a management investment company registered under the1940 Act).

(b) The following are the directors and officers of the Principal Underwriter:

Name	Principal Business Address	Positions and Offices with Underwriter
James L. Nichols, IV	One Orange Way Windsor, CT 06095-4774	Director and President
Thomas W. Halloran	30 Braintree Hill Office Park Floors 2-4 Braintree, MA 02184	Director
Richard H. Linton, Jr.	One Orange Way Windsor, CT 06095-4774	Director
Regina A. Gordon	One Orange Way Windsor, CT 06095-4774	Chief Compliance Officer
Kristin H. Hultgren	One Orange Way Windsor, CT 06095-4774	Chief Financial Officer
Brian M. Wilson	One Orange Way Windsor, CT 06095-4774	Assistant Chief Financial Officer
Joseph J. Elmy	5780 Powers Ferry Road, N.W. Atlanta, GA 30327-4390	Senior Vice President, Tax
Megan A. Huddleston	One Orange Way Windsor, CT 06095-4774	Senior Vice President and Secretary

 

Name	Principal Business Address	Positions and Offices with Underwriter
David S. Pendergrass	5780 Powers Ferry Road, N.W. Atlanta, GA 30327-4390	Senior Vice President and Treasurer
M. Bishop Bastien	1474 Stone Point Drive, Suite 129 Roseville, CA 95661	Vice President
Dianne C. Bogoian	One Orange Way Windsor, CT 06095-4774	Vice President
Mary K. Carey-Reid	One Orange Way Windsor, CT 06095-4774	Vice President
Nancy D. Clifford	One Orange Way Windsor, CT 06095-4774	Vice President
William P. Elmslie	One Orange Way Windsor, CT 06095-4774	Vice President
Molly A. Garrett	One Orange Way Windsor, CT 06095-4774	Vice President
Bernard P. Heffernon	10740 Nall Avenue, Suite 120 Overland Park, KS 66211	Vice President
Mark E. Jackowitz	22 Century Hill Drive, Suite 101 Latham, NY 12110	Vice President
Carol B. Keen	One Orange Way Windsor, CT 06095-4774	Vice President
David A. Kelsey	One Orange Way Windsor, CT 06095-4774	Vice President
George D. Lessner, Jr.	15455 North Dallas Parkway Suite 1250 Addison, TX 75001	Vice President
David J. Linney	2900 North Loop West, Suite 180 Houston, TX 77092	Vice President
Richard T. Mason	One Orange Way Windsor, CT 06095-4774	Vice President
Michael J. Pise	One Orange Way Windsor, CT 06095-4774	Vice President
Spencer T. Shell	5780 Powers Ferry Road, N.W. Atlanta, GA 30327-4390	Vice President and Assistant Treasurer

 

Name	Principal Business Address	Positions and Offices with Underwriter
Frank W. Snodgrass	9020 Overlook Blvd. Brentwood, TN 37027	Vice President
C. Nikol Gianopoulos	20 Washington Avenue South Minneapolis, MN 55401	Assistant Secretary
Angelia M. Lattery	20 Washington Avenue South Minneapolis, MN 55401	Assistant Secretary
Tina M. Nelson	20 Washington Avenue South Minneapolis, MN 55401	Assistant Secretary
Melissa A. O’Donnell	20 Washington Avenue South Minneapolis, MN 55401	Assistant Secretary
Jennifer M. Ogren	20 Washington Avenue South Minneapolis, MN 55401	Assistant Secretary
James D. Ensley	5780 Powers Ferry Road, N.W. Atlanta, GA 30327-4390	Tax Officer
Terry L. Owens	5780 Powers Ferry Road, N.W. Atlanta, GA 30327-4390	Tax Officer

(c) Compensation to Principal Underwriter during last fiscal year:

(1)	(2)	(3)	(4)	(5)
Name of Principal Underwriter	Net Underwriting Discounts and Commissions	Compensation on Redemption or Annuitization	Brokerage Commissions	Compensation*
Voya Financial Partners, LLC				$50,785,659.69

* Reflects 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 Voya Retirement Insurance and Annuity Company during 2014.

Item 30. Location of Accounts and Records

All accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act and the rules under it relating to the securities described in and issued under this Registration Statement are maintained by Voya Retirement Insurance and Annuity Company at One Orange Way, Windsor, Connecticut 06095-4774 and at Voya Services Company at 5780 Powers Ferry Road, NW, Atlanta, Georgia 30327-4390.

All accounts, books and other documents required to be maintained by Section 31(a) of the 1940 Act and the rules under it relating to the securities described in and issued under this Registration Statement are located at the offices of the Depositor as follows:

Voya Services Company

20 Washington Avenue South

Minneapolis, MN 55401

 

Voya Services Company

5780 Powers Ferry Road

Atlanta, GA 30327-4390

Voya Retirement Insurance and Annuity Company

One Orange Way, C2N

Windsor, CT 06095-4774

Voya Retirement Insurance and Annuity Company

Customer Service

P.O. Box 5049

Minot, ND 58702-5049

Item 31. Management Services

Not applicable

Item 32. Undertakings

Registrant hereby undertakes:

(a) to file a post-effective amendment to this registration statement on Form N-4 as frequently as is necessary to ensure that the audited financial statements in the registration statement are never more than sixteen months old for as long as payments under the variable annuity contracts may be accepted;

(b) to include as part of any application to purchase a contract offered by a prospectus which is part of this registration statement on Form N-4, a space that an applicant can check to request a Statement of Additional Information; and

(c) to deliver any Statement of Additional Information and any financial statements required to be made available under this Form N-4 promptly upon written or oral request.

The Company hereby represents that with respect to plans established pursuant to Section 403(b) of the Internal Revenue Code of 1986, as amended, that are subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), it is relying on and complies with the terms of the SEC Staff’s No-Action Letter dated August 30, 2012, with respect to participant acknowledgement of and language concerning withdrawal restrictions applicable to such plans. See ING Life Insurance and Annuity Company; S.E.C. No-Action Letter, 2012 WL 3862169, August 30, 2012.

Except in relation to 403(b) plans subject to ERISA, the Company hereby represents that it is relying on and complies with the provisions of Paragraphs (1) through (4) of the SEC Staff’s No-Action Letter dated November 28, 1988, with respect to language concerning withdrawal restrictions applicable to plans established pursuant to Section 403(b) of the Internal Revenue Code of 1986, as amended. See American Council of Life Insurance; S.E.C. No-Action Letter, 1988 WL 1235221, November 28, 1988.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Voya Retirement Insurance and Annuity Company represents that the fees and charges deducted under the contracts covered by this registration statement, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the insurance company.

 

SIGNATURES

As required by the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant, Variable Annuity Account C of Voya Retirement Insurance and Annuity Company, certifies that it meets the requirements of Securities Act Rule 485(b) for effectiveness of this Post-Effective Amendment to its Registration Statement on Form N-4 (File No. 033-81216) and has duly caused this Post-Effective Amendment to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town of Windsor, State of Connecticut, on the 13th day of April, 2015.

VARIABLE ANNUITY ACCOUNT C OF VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
(Registrant)
By:	VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
	(Depositor)
By:	Alain M. Karaoglan*
	Alain M. Karaoglan President (principal executive officer)

As required by the Securities Act of 1933, this Post-Effective Amendment No. 52 to the Registration Statement has been signed by the following persons in the capacities and on the date indicated.

Signature		Title		Date
Alain M. Karaoglan*		Director and President	)
Alain M. Karaoglan		(principal executive officer)	)
			)
Mark B. Kaye*		Senior Vice President and Chief Financial Officer	)
Mark B. Kaye		(principal financial officer)	)
			)
Steven T. Pierson*		Senior Vice President and Chief Accounting Officer	)
Steven T. Pierson		(principal accounting officer)	)
			)
Rodney O. Martin*		Director	)	April
Rodney O. Martin			)	13, 2015
			)
Chetlur S. Ragavan*		Director	)
Chetlur S. Ragavan			)
			)
Michael S. Smith*		Director	)
Michael S. Smith			)
Ewout L. Steenbergen*		Director	)
Ewout L. Steenbergen			)
By:	/s/J. Neil McMurdie
J. Neil McMurdie *Attorney-in-Fact

 

VARIABLE ANNUITY ACCOUNT C

Exhibit Index

Exhibit No.	Exhibit
24(b)(3.6)	Amendment No. 3, effective as of April 1, 2015, to the Intercompany Agreement dated as of December 22, 2010 by and between Directed Services LLC and Voya Retirement Insurance and Annuity Company.
24(b)(4.19)	Endorsement EVNMCHG (09/14) for name change
24(b)(4.20)	Endorsement E-SUNYDE-12 to Contract G-401-IB(X/M) and Certificate GC401-IB(X/M)
24(b)(4.21)	Endorsement E-403bR-09 to Contract G-CDA-IB(XC/SM) and Contract Certificate GC403-IB(XC/SM)
24(b)(4.22)	Endorsement E-403bTERM-08 to Contract G-CDA-IB(XC/SM) and Contract Certificate GC403-IB(XC/SM)
24(b)(4.23)	Endorsement EEGTRRA-HEG(01) to Contract G-CDA-IB(XC/SM) and Contract Certificate GC403-IB(XC/SM)
24(b)(5.2)	Variable Annuity Contract Application 155634 (03/15)(NY)
24(b)(8.37)	Amendment No. 4 dated August 1, 2014 to Amended and Restated Participation Agreement dated December 30, 2005 by and among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Voya Retirement Insurance and Annuity Company (formerly ING Life Insurance and Annuity Company), Voya Insurance and Annuity company (formerly ING USA Annuity and Life Insurance Company), ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, Directed Services, LLC and Voya Financial Partners, LLC (formerly ING Financial Advisers, LLC), and amended on June 5, 2007, November 17, 2011 and August 12, 2013
24(b)(9)	Opinion and Consent of Counsel
24(b)(10)	Consent of Independent Registered Public Accounting Firm
24(b)(13)	Powers of Attorney