485BPOS 1 msroii-html4803_485bpos.htm MULTIPLE SPONSORED RETIREMENT OPTIONS II_485BPOS

 

As filed with the Securities and Exchange Commission on April 22, 2022

 

  Registration No. 333-167680
  Registration No. 811-02513
 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-4

 

  REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
  Pre-Effective Amendment No. _____
  Post-Effective Amendment No. 19
   
  REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

 

Variable Annuity Account C

(Exact Name of Registrant)

 

Voya Retirement Insurance and Annuity Company

(Name of Depositor)

 

One Orange Way
Windsor, Connecticut 06095-4774

(Address of Depositor’s Principal Executive Offices) (Zip Code)

 

(860) 580-1631

(Depositor’s Telephone Number, including Area Code)

 

Peter M. Scavongelli

Assistant Vice President and Senior Counsel

Voya Retirement Insurance and Annuity Company

One Orange Way, C2S, Windsor, Connecticut 06095-4774

(Name and Address of Agent for Service)

 

Approximate Date of Proposed Public Offering: As soon as practical after the effective date of the Registration

 

It is proposed that this filing will become effective:

 

 ☐ immediately upon filing pursuant to paragraph (b) of Rule 485
 ☒ on May 1, 2022, 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.

 

 
   

 

Voya Retirement Insurance and Annuity Company

and its

Variable Annuity Account C

 

Multiple Sponsored Retirement Options II

 

Supplement Dated May 1, 2022 to the Contract Prospectus and
Updating Summary Prospectus

 

 

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

 

The following information only affects you if you currently invest in or plan to invest in the subaccount that corresponds to the VY® FMR® T. Rowe Price International Stock Portfolio.

 

Notice of and Important Information About an Upcoming Fund Reorganization

 

On January 27, 2022, the Board of Trustees of Voya Investors Trust approved a proposal to reorganize the “Disappearing Portfolio” with and into the following “Surviving Portfolio” (the “Reorganization”):

 

Disappearing Portfolio Surviving Portfolio
VY® T. Rowe Price International Stock Portfolio (Class S) Voya International Index Portfolio (Class I)

 

The Reorganization is subject to approval by the shareholders of the Disappearing Portfolio. If shareholder approval of the Reorganization is obtained, it is expected that the Reorganization will become effective on or about the close of business on July 8, 2022.

 

If shareholders of the Disappearing Portfolio approve the Reorganization, from the close of business on July 1, 2022 through the close of business on July 8, 2022, the Disappearing Portfolio will be in a “transition period” during which time a transition manager will sell all or most of its assets and the transition manager may hold a large portion of the Disappearing Portfolio’s assets in temporary investments. During this time, the Disappearing Portfolio may not be pursuing its investment objective and strategies, and limitations on permissible investments and investment restrictions will not apply. The sales and purchases of securities during the transition period are expected to result in buy and sell transactions and such transactions may be made at a disadvantageous time.

 

Voluntary Transfers Before the Reorganization Date. Prior to the Reorganization Date, you may transfer amounts allocated to the subaccount that invests in a Disappearing Portfolio to any other available subaccount or 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 “THE INVESTMENT OPTIONS” section of your Contract Prospectus for information about making subaccount transfers.

 

On the Reorganization Date. On the Reorganization Date, your investment in the subaccount that invested in the Disappearing Portfolio will automatically become an investment in the subaccount that invests in the corresponding Surviving Portfolio 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.

 

Please note that all existing account balances invested in Class S shares of the Disappearing Portfolio will automatically become investments in the subaccount that invests in Class I shares of the Surviving 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.

 

 

  Page 1 of 2 May 2022

 

   

 

 

Automatic Fund Reallocation After the Reorganization Date. After the Reorganization Date, the Disappearing Portfolio 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 the Disappearing Portfolio will be automatically allocated to the subaccount that invests in the corresponding Surviving Portfolio. See the “THE INVESTMENT OPTIONS” section of your Contract Prospectus for information about making fund allocation changes.

 

Allocation Instructions. You may give us alternative allocation instructions at any time by contacting us at Customer Service, P.O. Box 990063, Hartford, CT 06199-0063 or calling us at 1-800-584-6001.

 

Information about the Surviving Portfolio. Summary information about the Voya International Index Portfolio (Class I) can be found in APPENDIX A: FUNDS AVAILABLE UNDER THE CONTRACT in the Contract Prospectus or APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT in the Updating Summary Prospectus. More detailed information can be found in the current prospectus and Statement of Additional Information for that fund.

 

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 us at our:

 

Customer Service

P.O. Box 990063

Hartford, CT 06199-0063

1-800-584-6001

 

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 2022
   

 

PART A

INFORMATION REQUIRED IN A PROSPECTUS

   

 

MULTIPLE SPONSORED RETIREMENT OPTIONS II

A GROUP DEFERRED FIXED AND VARIABLE ANNUITY CONTRACT

issued by

Voya Retirement Insurance and Annuity Company
and its
Variable Annuity Account C

 

 

This prospectus describes group deferred fixed and variable annuity contract (the “Contract”) issued by Voya Retirement Insurance and Annuity Company (“VRIAC,” the “Company,” “we,” “us” and “our”) through its Variable Annuity Account C (the “Separate Account”). The Contract is intended to be used as a funding vehicles for certain types of retirement plans (“plan” or “plans”) and to qualify for beneficial tax treatment and/or to provide current income reduction under certain sections of the Internal Revenue Code of 1986, as amended (the “Tax Code”). Two classes of the Contract are described in this prospectus. The Texas K-12 class of Contract (“Texas K-12 Contract”) is a voluntary 403(b) annuity contract issued to employees of K-12 public schools in Texas. The Texas K-12 Contract meets the requirements established by the Teachers Retirement System of Texas in support of Senate Bill 273. A Contract other than Texas K-12 Contract is issued in connection with plans established by eligible organizations under Tax Code Sections 401(a), 401(k), 403(b) and 457, including Roth 401(k), Roth 403(b), and Roth 457(b) plans.

 

Before you participate in the Contract through your 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.

 

____________________________________________________________________________

 

If you are a new Investor in the Contract,
you may cancel your Contract within 10 days of receiving it without paying fees or penalties.

 

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

____________________________________________________________________________

 

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

 

Neither the U.S. Securities and Exchange Commission (“SEC”) nor any state securities commission has approved or disapproved these securities or passed upon 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 from that contained in this prospectus.

 

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

 

Contract Prospectus Dated May 1, 2022

 

 

PRO.167680-22

   

 

TABLE OF CONTENTS

 

TABLE OF CONTENTS 2
GLOSSARY OF TERMS USED IN THIS PROSPECTUS 3
KEY INFORMATION 5
OVERVIEW OF THE CONTRACT 8
FEE TABLE 10
PRINCIPAL RISKS OF INVESTING IN THE CONTRACT 12
THE COMPANY 13
VARIABLE ANNUITY ACCOUNT C 14
THE INVESTMENT OPTIONS 14
CHARGES AND FEES 19
THE CONTRACT 25
THE INCOME PHASE 32
BENEFITS AVAILABLE UNDER THE CONTRACT 36
DEATH BENEFIT 39
CONTRACT PURCHASE AND PARTICIPATION 42
WITHDRAWALS 44
SYSTEMATIC DISTRIBUTION OPTIONS 46
LOANS 47
FEDERAL TAX CONSIDERATIONS 49
OTHER TOPICS 60
APPENDIX A:  FUNDS AVAILABLE UNDER THE CONTRACT 66
APPENDIX B:  GUARANTEED ACCUMULATION ACCOUNT 87
APPENDIX C:  FIXED ACCOUNT 89
APPENDIX D:  FIXED PLUS ACCOUNT II 90
APPENDIX E:  PARTICIPANT APPOINTMENT OF EMPLOYER AS AGENT UNDER AN ANNUITY CONTRACT 94
HOW TO GET MORE INFORMATION 95

PRO.167680-22

2  

GLOSSARY OF TERMS USED IN THIS PROSPECTUS

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

 

Account Anniversary: The anniversary of the date we established your account. If your account was established on February 29th, in non-leap years, the Account Anniversary shall be March 1st.

 

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

 

Account Year: A 12-month period measured from the date we establish your account, or measured from any anniversary of that date.

 

Accumulation Phase: The period of time between the date the Contract became effective and the date you begin receiving Income Phase payments under the Contract. During the Accumulation Phase, you accumulate retirement benefits.

 

Accumulation Unit: A unit of measurement used to calculate the Account Value during the Accumulation Phase.

 

Accumulation Unit Value: The value of an Accumulation Unit for a Subaccount of Variable Annuity Account C. Each Subaccount of Variable Annuity Account C has its own Accumulation Unit Value, which may increase or decrease daily based on the investment performance of the applicable underlying Fund in which it invests.

 

Annuitant. The Annuitant is the person(s) on whose life expectancy the Income Phase payments are calculated.

 

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

 

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

 

Contract Holder: The person to whom we issue the Contract. Generally, the Plan Sponsor or a trust. We may also refer to the Contract Holder as the Contract Owner.

 

Contract Loans: Loans initiated by a participant from their Vested individual Account Value allocated to certain Subaccounts and Fixed Interest Options. Amounts equal to a Contract Loan are transferred to the General Account.

 

Contract Year: A 12-month period measured from the date we establish the Contract, or measured from any anniversary of that date.

 

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

 

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

 

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

 

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

PRO.167680-22

3  

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

 

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

 

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

 

Loan Interest Rate Spread: The difference between the rate charged and the rate credited on loans under your Contract.

 

Net Asset Value: A Fund’s current market value.

 

Plan Loans: Loans initiated by 401(a), 401(k), 403(b) or governmental 457 plan participants from Vested account balances. Amounts equal to a Plan Loan are transferred to a trust or custodial account held by the Plan Sponsor.

 

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

 

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

 

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

 

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

 

Texas K-12 Contracts: Texas K-12 Contracts are voluntary 403(b) annuity contracts for employees of K-12 public schools in Texas who became participants under the Contract on or after June 1, 2002. These Contracts meet the requirements established by the Teachers Retirement System of Texas in support of Senate Bill 273.

 

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

 

Valuation Date: Each date on which the Accumulation Unit Value of the Subaccounts of Variable Annuity Account C and the Net Asset Value of the shares of the underlying Funds are determined. Currently, these values are determined after the close of business of the New York Stock Exchange (“NYSE”) on any normal Business Day, Monday through Friday, when the NYSE is open for trading.

 

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

 

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

 

Vested: The amount of money in a participant’s individual account attributable to participant contributions. In an, employer-sponsored retirement plan (i.e., a 401(k) or 403(b) plan), the Vested amount may include employer matching contributions.

PRO.167680-22

4  

KEY INFORMATION

 

Important Information You Should Consider About the Contract

 

FEES AND EXPENSES
Charges for Early Withdrawals

If the Investor withdraws money from the Contract within ten (10) years following a specified date, the Investor can be assessed an early withdrawal charge equal to a maximum of 7% of the amount withdrawn. The specified date referenced in the preceding sentence can vary depending on the terms of the Contract, and will be either: (1) the date the individual account was established; or (2) the date the Contract was established.

 

For example, if you make an early withdrawal from a K-12 Contract, you could pay a surrender charge of up to $7,000 on a $100,000 investment.

 

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

 

See “FEE TABLE – Transaction Expenses” and “CHARGES AND FEES – Transaction Fees – Early Withdrawal Charge.”

Transaction Charges

In addition to the early withdrawal charge, the Investor may also be charged for other transactions.

If you take a Contract Loan from your Account Value, you may be subject to a Loan Initiation Fee not to exceed $125 per loan;

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

·    Charges for advisory services due to an independent advisory services agreement between you and an investment advisor may be deducted from the Contract value.

 

See “FEE TABLE – Transaction Expenses” and “ CHARGES AND FEES.”

Ongoing Fees and Expenses (annual charges) The table below describes the fees and expenses that you may pay each year, depending on the options you choose. Please refer to your Contract specifications page for information about the specific fees you will pay each year based on the options you have elected. A Loan Interest Rate Spread (which is the difference between the rate charged and the rate credited on loans under your contract) or an Annual Loan administration fee is charged until the loan is repaid. These ongoing fees and expenses do not reflect any advisory fees due under an independent advisory services agreement with a participant, and if such charges were reflected, these ongoing fees and expenses would be higher.
Annual Fee Minimum Maximum

Base Contract Expenses

1.50%1, 2 1.75% 1, 2

Investment options

(Portfolio Company fees and expenses)

0.16%3 1.51%3

 

 
1As a percentage of average Account Value.
2 The base contract expenses include (1) the mortality and expense risk charge (1.25 % for Texas K-12 Contracts and 1.50% for all other Contracts), which compensates us for the mortality and expense risks we assume under the Contract, including those risks associated with our funding of the death benefit, including any guaranteed death benefits; and (2) a $50 annual maintenance fee converted to an annual percentage equal to 0.0016%. The administrative expense charge and the annual maintenance fee may be reduced or eliminated in certain circumstances. The minimum amount reflects these reductions or eliminations, while the maximum amount does not. Additionally, the minimum amount reflects the lower mortality and expense risk charge for K-12 Contracts and the maximum amount reflects the higher mortality and expense risk charge for all other Contracts. See “CHARGES AND FEES – Periodic Fees and Charges.”
3 These expenses, which include management fees, distribution (12b-1) and/or service fees and other expenses, do not take into account any fee waiver or expense reimbursement arrangements that may apply. These expenses are for the year ended December 31, 2021, and will vary from year to year.

PRO.167680-22

5  

FEES AND EXPENSES

(continued from previous page)

Ongoing Fees and Expenses (annual charges)

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

 

Lowest Annual Cost Estimate:

$180

Highest Annual Cost Estimate:
$3,704

Assumes:

·    Investment of $100,000;

·    5% annual appreciation;

·    No optional benefits;

·    Fees and expenses of least expensive Fund;

·    No sales charges or advisory fees; and

·    No additional Purchase Payments, transfers or withdrawals.

Assumes:

·    Investment of $100,000;

·    5% annual appreciation;

·    Fees and expenses for the most expensive Fund;

·    No sales charges or advisory fees; and

·    No additional Purchase Payments, transfers or withdrawals.

 

See “FEE TABLE – Periodic Fees and Expenses” and “CHARGES AND FEES – Periodic Fees and Charges.”

RISKS

Risk of Loss

 

An Investor can lose money by investing in the Contract.

 

See “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT.”

Not a Short-Term Investment

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

 

You may not receive any distribution before retirement, except upon reaching age 70½ or terminating employment with Texas public institutions of higher learning.

 

See “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT.”

Risks Associated with Investment Options

 

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

 

See “THE INVESTMENT OPTIONS – The Variable Investment Options” and APPENDIX A, APPENDIX B, APPENDIX C and APPENDIX D.

Insurance Company Risks

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

 

See “THE CONTRACT – The General Account.”

PRO.167680-22

6  
RESTRICTIONS
Investments

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

·     Some Subaccounts and Fixed Interest Options may not be available through certain Contracts, your plan or in some states. See your Contract or certificate for any state specific variations;

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

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

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

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

 

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

Optional Benefits

·     We may discontinue or restrict the availability of an optional benefit;

·    Benefits available to you may vary based on employer and state approval. Participants should refer to their plan documents for available benefits; and

·    If a participant elects to pay advisory fees from the Variable Investment Options, such deductions will reduce the death benefit amount and also may be subject to federal and state income taxes and a 10% federal tax penalty.

 

See “THE CONTRACT - Contract Provisions and Limitations – The Asset Rebalancing Program,” “DEATH BENEFIT – Death Benefit Options,” “SYSTEMATIC DISTRIBUTION OPTIONS – Availability of Systematic Distribution Options” and “LOANS – Availability.”

TAXES
Tax Implications

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

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

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

 

See “FEDERAL TAX CONSIDERATIONS.”

PRO.167680-22

7  
CONFLICTS OF INTEREST
Investment Professional Compensation

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

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

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

 

See “OTHER TOPICS – Contract Distribution.”

Exchanges

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

 

See “PRINCIPAL RISKS OF INVESTING IN THE CONTRACT.”

 

OVERVIEW OF THE CONTRACT

 

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

 

Purpose

 

The Contract described in this prospectus is a group deferred fixed and variable annuity contract. It is intended to be used as a funding vehicle for certain types of retirement plans and to qualify for beneficial tax treatment and/or to provide current income reduction under Tax Code Sections 401(a), 401(k), 403(b) and 457, including Roth 401(k), Roth 403(b) and Roth 457(b) plans. Two classes of the Contract are described in this prospectus. The Texas K-12 class of Contract (“Texas K-12 Contract”) is a voluntary 403(b) annuity contract issued to employees of K-12 public schools in Texas. The Texas K-12 Contract meets the requirements established by the Teachers Retirement System of Texas in support of Senate Bill 273. A Contract other than Texas K-12 Contract is issued in connection with plans established by eligible organizations under Tax Code Sections 401(a), 401(k), 403(b) and 457, including Roth 401(k), Roth 403(b), and Roth 457(b) plans.

 

The Contract is designed for Investors who intend to accumulate funds for retirement purposes, and thus is best suited for those with a long investment horizon. The Contract should not be viewed as a highly liquid investment. In that regard, early withdrawals may be restricted by the Tax Code or your plan and may expose you to early withdrawal charges or tax penalties. The value of deferred taxation on earnings grows with the amount of time your money is left in the Contract. For these reasons, you should not participate in this Contract if you are looking for a short-term investment. 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.

 

Phases of Contract

 

The Contract has two phases: An Accumulation Phase and an Income Phase.

 

Accumulation Phase: During the Accumulation Phase, you direct us to invest your Purchase Payments or Account Value among the following investment options:

·Variable Investment Options; and/or
·Fixed Interest Options.

PRO.167680-22

8  

Income Phase: During the Income Phase, you start receiving annuity, or Income Phase, payments from your Contract. The Contract offers several Income Phase payment options. However, you will be unable to make withdrawals, and any death benefits and living benefits will terminate. 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 option that provides a death benefit to Beneficiaries; or
·Select fixed Income Phase payments or payments that vary based on the performance of the Variable Investment Options you select.

 

For more information about the Income Phase, see “THE INCOME PHASE” section of this prospectus.

 

The Variable Investment Options

 

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

 

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

 

The Fixed Interest Options

 

The following Fixed Interest Options may be available through the Contract:

·The Guaranteed Accumulation Account;
·The Fixed Account; and
·The Fixed Plus Account II.

 

Not all Fixed Interest Options may be available for current or future investment. For descriptions of the Fixed Interest Options that may be available through the Contract, see AppendiX B, APPENDIX C and APPENDIX D and the Guaranteed Accumulation Account prospectus. The Guaranteed Accumulation Account prospectus may be obtained free of charge by calling Customer Service at 1-800-584-6001.

 

Contract Features

 

Death Benefit. A Beneficiary may receive a death benefit in the event of your death during both the Accumulation and Income Phases (described above). If made available under your Contract, you can elect the Return of Purchase Payment Death Benefit or the Adjusted Purchase Payment Guaranteed Death Benefit. The availability of a death benefit during the Income Phase depends upon the Income Phase (i.e., annuity) payment option selected. See “DEATH Death Benefit During the Income Phase.”

 

Asset Rebalancing Program. Our asset rebalancing program may be available in connection with certain Contracts. Asset rebalancing allows you to reallocate your Account Value in the investments and percentages you identify. There is no additional charge for this program. See “THE CONTRACT - Contract Purchase and Limitations - The Asset Rebalancing Program.”

 

Loans. If allowed by the Contract and the plan and subject to the terms and conditions imposed by the plan and the plan’s loan agreement, you may initiate a loan during the Accumulation Phase from your Account Value allocated to certain Subaccounts and Fixed Interest Options. There are charges associated with loans. Loans are subject to requirements under the Tax Code and related loan regulations, as well as ERISA (if applicable). Further restrictions may apply due to our administrative practices or those administrative practices of a third party administrator selected by your Plan Sponsor. See “LOANS.”

PRO.167680-22

9  

Systematic Distribution Options. These allow you to receive regular payments from your account, while retaining the account in the Accumulation Phase. See “SYSTEMATIC DISTRIBUTION OPTIONS.”

 

Withdrawals. During the Accumulation Phase, you may, under some plans, withdraw all or part of your Account Value. Amounts withdrawn may be subject to an early withdrawal charge, other deductions, tax withholding and taxation. See “WITHDRAWALS.”

 

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

 

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

 

FEE TABLE

 

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

 

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

 

Transaction Expenses

 

Maximum Early Withdrawal Charge4
(as a percentage of amount withdrawn, if applicable)
 
Texas K-12 Contracts 7.00%
All other Contracts 5.00%
Maximum Loan Fees  

Loan Initiation Fee6

$125.00
Premium Tax8 0.00% to 4.00%

 

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

 

 
4This is a deferred sales charge. The percentage will be determined by the applicable early withdrawal charge schedule in the “CHARGES AND Fees” section. In certain cases, this charge may not apply to a portion or all of your withdrawal. The early withdrawal charge reduces over time. This charge may be waived, reduced or eliminated in certain circumstances. See “CHARGES AND Fees.
6Certain Contracts that have a 0.0% Loan Interest Rate Spread may be subject to a loan initiation fee. If assessed, the loan initiation fee will apply to each outstanding loan taken and will be deducted from the Account Value. We reserve the right to change the fee charged for loan initiation, but not to exceed $125. See “Loans ‒ Things to Consider Before Initiating a Loan.”
8We reserve the right to deduct a charge for premium taxes from your Account Value or from payments to the Account at any time, but not before there is a tax liability under state law. See “CHARGES AND FeesPremium and Other Taxes.”

PRO.167680-22

10  

Annual Contract Expenses

 

   Applicable to Texas K-12
Contracts
  Applicable to All Other
Contracts
Annual Maintenance Fee9  $ 0.00   $50.00 
Base Contract Expenses9, 10
(as a percentage of average Account Value)
  1.50%  1.75%
Loan Interest Rate Spread (per annum)11  3.00%    
Annual Loan Administration Fee12  $50.00     

 

The next item shows the minimum and maximum total operating expenses charged by the Funds that you may pay periodically during the time that you own the Contract. A complete list of the Funds available under the Contract, including their annual expenses, may be found in APPENDIX A of this prospectus.

 

Annual Fund Expenses

 

 

Applicable to Texas K-12 Contracts

  Applicable to All Other Contracts
  Minimum Maximum   Minimum Maximum
Expenses that are deducted from Fund assets, including management fees, distribution and/or service (12b-1) fees, and other expenses (as of December 31, 2021). 0.27% 1.16%   0.16% 1.51%

 

See “CHARGES AND 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

 

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

 

 
9These fees may be waived, reduced or eliminated in certain circumstances. See “CHARGES AND Fees.
10The mortality and expense risk charge, included in the base contract expenses, compensates us for the mortality and expense risks we assume under the Contract, including those risks associated with our funding of the death benefit, including any guaranteed death benefits. The base contract expenses also reflect an administration expense charge equal to 0.25% annually of your Account Value invested in the Subaccounts. See “CHARGES AND FEES - Periodic Fees and Charges - Mortality and Expense Risk Charge.”
11Applicable to Contract Loans, this is the difference between the rate charged and the rate credited on loans under your Contract. We reserve the right to assess a Loan Interest Rate Spread between 0.0% and 3.0% per annum. If applied, the Loan Interest Rate Spread is generally 2.5% per annum. For Plan Loans, interest will be charged at a rate established by each Plan Sponsor in its Plan Loan agreement. We are not entitled to any interest payments made and all Plan Loan interest payments made by participants shall be deposited into the participant’s retirement plan account for the benefit of the participant. See “Loans ‒ Things to Consider Before Initiating a Loan.”
12Certain Contracts that have a 0.0% Loan Interest Rate Spread may be subject to an annual loan administration fee. If assessed, the annual loan administration fee will apply to each outstanding loan and will be deducted from the Account Value annually at the beginning of each calendar year. We reserve the right to change the annual fee charged for loan maintenance, but the fee shall not exceed $50. See “Loans ‒ Things to Consider Before Initiating a Loan.”

PRO.167680-22

11  

The following examples assume that you invest $100,000 in the Contract for the time periods indicated. The Examples also assume that your investment has a 5% return each year and assume the most expensive combination of annual Fund expenses. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

 

Applicable to Texas K-12 Contracts:

 

Example A:  If you withdraw your entire Account Value at the end of the applicable time period: 1 Year 3 Years 5 Years 10 Years
$934 $1,416 $1,915 $2,993
Example B:  If you do not withdraw your entire Account Value or if you select an Income Phase payment option at the end of the applicable time period:* 1 Year 3 Years 5 Years 10 Years
$269 $826 $1,410 $2,993

 

Applicable to All Other Contracts:

 

Example A:  If you withdraw your entire Account Value at the end of the applicable time period: 1 Year 3 Years 5 Years 10 Years
$853 $1,575 $1,780 $3,704
Example B:  If you do not withdraw your entire Account Value or if you select an Income Phase payment option at the end of the applicable time period:* 1 Year 3 Years 5 Years 10 Years
$345 $1,051 $2,212 $3,704

 

PRINCIPAL RISKS OF INVESTING IN THE CONTRACT

 

The decision to participate or invest in the Contract should be discussed with your financial representative. Make sure that you understand the risks you will face when you consider an investment in the Contract.

 

There are risks associated with investing in the Contract.

 

· Investment Risk - You bear the risk of any decline in the Account Value caused by the performance of the underlying Funds held by the Subaccounts. Those Funds could decline in value very significantly, and there is a risk of loss of your entire amount invested. The risk of loss varies with each underlying Fund. The investment risks are described in the prospectuses for the underlying Funds. There also is investment risk associated with an investment in the Guaranteed Accumulation Account. As discussed in Appendix B to this prospectus, if interest rates at the time of a 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 the Guaranteed Accumulation Account;

 

 
*This example will not apply if during the Income Phase a nonlifetime payment option is elected with variable payments and a lump-sum payment is requested within a certain number of years as specified in the contract. In that case, the lump-sum payment is treated as a withdrawal during the Accumulation Phase and may be subject to an early withdrawal charge. (Refer to Example A.)

PRO.167680-22

12  
· Withdrawal Risk – You should carefully consider the risk associated with withdrawals, including a surrender of the participant’s certificate and a withdrawal under a certificate. A surrender or partial withdrawal may be subject to federal and state taxes, including a 10% federal income tax penalty on the taxable portion of the withdrawal, if taken prior to age 59½. Surrendering the participant certificate terminates the certificate. You should also consider the impact that a partial withdrawal may have on the benefits under a participant certificate, potentially including partial withdrawals to pay adviser fees. If a participant retains an investment adviser and elects to pay advisory fees from the participant’s account, such deductions will reduce death benefit amounts, and may be subject to federal and state income taxes and a 10% federal penalty tax. Because of Contract features like these and given the tax consequences referred to above, you should not view the Contract as a short-term savings vehicle;
·Insurance Company Insolvency - It is possible that we could experience financial difficulty in the future and even become insolvent, and therefore become unable to provide all of the guarantees and benefits that exceed the assets in the Separate Account that we have promised;
· Tax Consequences - Early withdrawals may be restricted by the Tax Code or your plan or may expose you to early withdrawal charges or tax penalties. The value of deferred taxation on earnings grows with the amount of time funds are left in the Contract.
·Short-Term Investment - 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 age 59½; and
·Cyber Security and Certain Business Continuity Risks - Our operations support complex transactions and are highly dependent on the proper functioning of information technology and communication systems. Any failure of or gap in the systems and processes necessary to support complex transactions and avoid systems failure, fraud, information security failures, processing errors, cyber intrusion, loss of data and breaches of regulation may lead to a materially adverse effect on our results of operations and corporate reputation. In addition, we must commit significant resources to maintain and enhance its existing systems in order to keep pace with applicable regulatory requirements, industry standards and customer preferences. If we fail to maintain secure and well-functioning information systems, we may not be able to rely on information for product pricing, compliance obligations, risk management and underwriting decisions. In addition, we cannot assure Investors or consumers that interruptions, failures or breaches in security of these processes and systems will not occur, or if they do occur, that they can be timely detected and remediated. The occurrence of any of these events may have a materially adverse effect on our businesses, results of operations and financial condition.

 

THE COMPANY

 

The Company issues the Contract described in this prospectus and is responsible for providing the Contract’s insurance and annuity benefits. All guarantees and benefits provided under the Contracts that are not related to the Separate Account are subject to the claims paying ability of the Company and our General Account. We are a stock life insurance company organized under the insurance laws of the State of Connecticut in 1976. Prior to January 1, 2002, the Company was known as Aetna Life Insurance and Annuity Company. From January 1, 2002 until August 31, 2014, the Company was known as ING Life Insurance and Annuity Company.

 

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

 

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

 

 

One Orange Way

Windsor, CT 06095-4774

 

Product Regulation. Our annuity, retirement and investment products are subject to a complex and extensive array of state and federal tax, securities, insurance and employee benefit plan laws and regulations, which are administered and enforced by a number of different governmental and self-regulatory authorities, including state insurance regulators, state securities administrators, state banking authorities, the SEC, the Financial Industry Regulatory Authority (“FINRA”), the Department of Labor, the Internal Revenue Service (“IRS”) and the Office of the Comptroller of the Currency. 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

PRO.167680-22

13  

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.

 

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.

 

Income, gains, and losses credited to, or charged against, the Separate Account reflect the Separate Account’s own investment experience and not the investment experience of VRIAC’s other assets. The assets of the Separate Account equal to contract liabilities may not be used to pay any liabilities of VRIAC other than those arising from the Contract. However, Separate Account assets that exceed contract liabilities are subject to any liabilities of VRIAC. VRIAC is obligated to pay all amounts promised to Investors under the Contract.

 

Information regarding each underlying Fund, including: (1) its name; (2) its investment adviser and any subadviser; (3) current expenses; and (4) performance is available in APPENDIX A to this prospectus. Each Fund has issued a prospectus that contains more detailed information about the Fund. You may obtain paper or electronic copies of those prospectuses by contacting Customer Service at 1-800-584-6001.

  

THE INVESTMENT OPTIONS

 

The Contract offers Variable Investment Options and Fixed Interest Options. The Contract Holder or you, if the Contract Holder permits, directs us to allocate initial Purchase Payments to the investment options available under the plan. Generally, you will specify this information on your enrollment materials. After your enrollment, changes to allocations for future Purchase Payments or the transfer of existing balances among investment options may be requested by contacting Customer Service, electronically at www.voyaretirementplans.com or through such other means as may be available under our administrative procedures in effect from time to time. Allocations must be in whole percentages, and there may be limitations on the number of investment options that can be selected.

 

We may add, withdraw or substitute investment options subject to the conditions in the Contract and in compliance with regulatory requirements.

 

The Variable Investment Options

 

These options are Subaccounts of the Separate Account. Each Subaccount invests directly in shares of a corresponding mutual Fund, and 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.

 

Certain information about the Funds available through the Subaccounts of the Separate Account appears in APPENDIX A to this prospectus. Please also refer to the Fund prospectuses for additional information and read them carefully. Fund prospectuses may be obtained, free of charge by contacting Customer Service at 1-800-584-6001. More detailed information about the Funds is available in the prospectuses for the Funds, which may be amended from time to time and can be found online at https://vpx.broadridge.com/getcontract1.asp?dtype=pros&cid=voyavpx&fid=NRVA28672 You can request this information as well as a paper copy at no cost by calling Customer Service at 1-800-584-6001 or by sending an email request to ProspectusRequests@voya.com.

PRO.167680-22

14  

Selection of Underlying Funds

 

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

 

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

 

Fund of Funds

 

Certain Funds may be structured as “Fund of Funds” or “master-feeder” Funds. These Funds may have higher fees and expenses than a Fund that invests directly in debt and equity securities because they also incur the fees and expenses of the underlying Funds in which they invest. These Funds may be affiliated Funds, and the underlying Funds in which they invest may be affiliated as well. The Fund prospectuses disclose the aggregate annual operating expenses of each Fund and its corresponding underlying Fund or Funds.

 

Funds With Managed Volatility Strategies

 

As described in more detail in the Fund prospectuses, certain Funds employ a managed volatility strategy that is intended to reduce the Fund’s overall volatility and downside risk, During rising markets, the hedging strategies employed to manage volatility could result in your Account Value rising less than would have been the case if you had been invested in a Fund with substantially similar investment objectives, policies and strategies that does not utilize a volatility management strategy. In addition, the cost of these hedging strategies may have a negative impact on performance. On the other hand, investing in Funds with a managed volatility strategy may be helpful in a declining market with higher market volatility because the hedging strategy will reduce your equity exposure in such circumstances. In such cases, your Account Value may decline less than would have been the case if you had not invested in Funds with a managed volatility strategy. There is no guarantee that a managed volatility strategy can achieve or maintain the Fund’s optimal risk targets, and the Fund may not perform as expected.

 

 

Revenue from the Funds

 

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

·A share of the management fee;
·Service fees;
·For certain share classes, 12b-1 fees; and
·Additional payments (sometimes referred to as revenue sharing).

 

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

 

·Communicating with customers about their Fund holdings;
·Maintaining customer financial records;
·Processing changes in customer accounts and trade orders (e.g. purchase and redemption requests);
·Recordkeeping for customers, including Subaccounting services;

PRO.167680-22

15  
·Answering customer inquiries about account status and purchase and redemption procedures;
·Providing account balances, account statements, tax documents and confirmations of transactions in a customer’s account;
·Transmitting proxy statements, annual and semi-annual reports, Fund prospectuses and other Fund communications to customers; and
·Receiving, tabulating and transmitting proxies executed by customers.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

PRO.167680-22

16  

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 2021, in connection with the registered variable annuity contracts issued by the Company, that ranking would be as follows:

 

1.    American Funds®;

2.    Fidelity® Variable Insurance Products Funds;

3.    Invesco Funds;

4.    Columbia Funds;

5.    AllSpring Funds;

6.    Amana Mutual Funds;

7.   Franklin Templeton Variable Insurance Products Trust Funds;

8.    Franklin Templeton Investment Funds;

9.    BlackRock Funds

10. Invesco Variable Insurance Funds;

11. PIMCO Variable Insurance Trust Funds;

12. Lord Abbett Funds;

13. Parnassus Funds®;

14. Pax Funds;

15. American Century Investments® Funds;

16. Ivy Funds;

17. Calvert Funds;

18. Metropolitan West Funds;

19. AMG Funds;

20. The Alger Funds;

21. USAA® Mutual Funds;

22. Neuberger Berman;

23. Columbia Funds;

24. Delaware Funds®;

25. Pioneer Funds;

26. VictoryFunds®;

27. Loomis Sayles Funds;

28. Ariel Investment Trust Funds;

29. Cohen & Steers;

30. JP Morgan Funds;

31. TCW Galileo Funds

32. Artisan Partners Funds;

33. Federated Hermes Funds.

34. Ave Maria Mutual Funds;

35. The Hartford Funds;

36. American Funds;

37. MFS® Funds;

38. Fidelity Advisor Funds;

39. Lazard Asset Management Funds; and

40. Nuveen Funds

 

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 2021, 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.”

 

Voting Rights

 

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

 

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. Under Contracts issued in connection with section 457 plans, the Contract Holder retains all voting rights. We will vote shares for which instructions have not been received in the same proportion as those for which we received instructions. Accordingly, it is possible for a small number of persons (assuming there is a quorum) to determine the outcome of a vote.

PRO.167680-22

17  

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

 

The number of votes, 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

 

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

·Offer additional Subaccounts that will invest in new Funds or Fund classes we find appropriate for contracts we issue;
· Combine two or more Subaccounts;
·Close Subaccounts. We will provide advance notice by a supplement to this prospectus if we close a Subaccount. If a Subaccount is closed or otherwise is unavailable for new investment, unless we receive alternative allocation instructions, all future amounts directed to the Subaccount that was closed or is unavailable may be automatically allocated among the other available Subaccounts according to the most recent allocation instructions we have on file. If the most recent allocation instructions we have on file do not include any available Subaccounts, the amount to be allocated will be returned unless we are provided with alternative allocation instructions. Alternative allocation instructions can be given by contacting Customer Service;
·Substitute a new Fund for a Fund in which a Subaccount currently invests. In the case of a substitution, the new Fund may have different fees and charges than the Fund it replaced. A substitution may become necessary if, in our judgment:
·A Fund no longer suits the purposes of your Contract;
·There is a change in laws or regulations;
·There is a change in the Fund’s investment objectives or restrictions;
·The Fund is no longer available for investment; or
·Another reason we deem a substitution is appropriate.
·Stop selling the Contract;
·Limit or eliminate any voting rights for the Separate Account; or
·Make any changes required by the 1940 Act or its rules or regulations.

 

 

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

 

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

 

We reserve the right to transfer Separate Account assets to another separate account that we determine to be associated with the class of Contracts to which the Contract belongs.

PRO.167680-22

18  

Fixed Interest Options

 

For descriptions of the Fixed Interest Options that may be available through the Contract, see AppendiX B, APPENDIX C and APPENDIX D and the Guaranteed Accumulation Account prospectus. The Guaranteed Accumulation Account prospectus may be obtained free of charge by contacting Customer Service at 1-800-584-6001.

 

Selecting Investment Options

 

When selecting investment options:

·Choose options appropriate for you. Your local representative can help you evaluate which Subaccounts or Fixed Interest Options may be appropriate for your individual circumstances and your financial goals;
·Understand the risks associated with the options you choose. Some Subaccounts invest in Funds that are considered riskier than others. Funds with additional risks are expected to have 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. Because investment risk is borne by you, you should carefully consider any decisions that you make regarding investment allocations. You bear the risk of any decline in your Account Value resulting from the performance of the Funds you have chosen; and
·Be informed. Read this prospectus, all of the information that is available to you regarding the Funds - including each Fund’s prospectus, SAI and annual and semi-annual reports, the Fixed Interest Option appendices and the Guaranteed Accumulation Account prospectus. After you make your selections, you should monitor and periodically re-evaluate your allocations to determine if they are still appropriate.

 

Furthermore, be aware that there may be:

· Limits on Option Availability. Some Subaccounts and Fixed Interest Options may not be available through certain Contracts and plans or in some states. See your Contract or certificate for any state specific variations. 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 options can be selected at any one time, but a higher limit may apply.

 

CHARGES AND FEES

 

The charges we assess and the deductions we make under the Contract are in consideration for: (1) the services and benefits we provide; (2) the costs and expenses we incur; and (3) the risks we assume. The charges and fees under the Contract may result in a profit to us.

 

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

 

Early Withdrawal Charge

 

Withdrawals of all or a portion of your Account Value may be subject to a charge. In the case of a partial withdrawal where you request a specific dollar amount, the amount withdrawn from your account will be the amount you specified plus adjustment for any applicable early withdrawal charge. The early withdrawal charge may also be referred to as a surrender charge.

PRO.167680-22

19  

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

 

Amount: This charge is a percentage of the amount that you withdraw from the Subaccounts, the Fixed Account and the Guaranteed Accumulation Account. We do not deduct an early withdrawal charge from amounts that you withdraw from the Fixed Plus Account II. The percentage is determined by the early withdrawal charge schedule that applies to your individual account. Some of these schedules are listed below.

 

You may determine which schedule applies to you by consulting your certificate or the Contract (held by the Contract Holder).

 

Early Withdrawal Charge Schedules Applicable to Contracts Other Than Texas K-12 Contracts. This is the maximum early withdrawal charge that applies to Contracts other than Texas K-12 Contracts. It grades down to zero over a ten-year period, as shown in the following chart. Some Contracts have schedules that grade down to zero over fewer than ten years.

 

Each Contract will specify whether a schedule is based on one of the following:

·The number of years since the individual account was established; or
·The number of years since the Contract was established.

 

Unless the Contract provides otherwise, the same schedule applies to installment Purchase Payments (ongoing contributions) and to single Purchase Payments (rollovers, exchanges or other one-time contributions), as well as Roth 401(k), Roth 403(b) and Roth 457(b) contributions:

 

 

Account Years or
Contract Years
Early Withdrawal Charge

Fewer than 5

5 or more but fewer than 7

7 or more but fewer than 9

9 or more but fewer than 10

10 or more

5%

4%

3%

2%

0%

 

Early Withdrawal Charge Schedules Applicable to Texas K-12 Contracts. This schedule applies to participants who enroll in Texas K-12 Contracts:

 

 

Account Years or Contract Years
(Depending on the Contract)
Early Withdrawal Charge

Fewer than 1

1 or more but fewer than 2

2 or more but fewer than 3

3 or more but fewer than 4

4 or more but fewer than 5

5 or more but fewer than 6

6 or more but fewer than 7

7 or more but fewer than 8

8 or more but fewer than 9

9 or more but fewer than 10

10 or more

7.0%

6.5%

6.0%

5.5%

5.0%

4.5%

4.0%

3.5%

3.0%

2.0%

0.0%

 

Early Withdrawal Charge Waivers Under All Contracts. These apply to all contracts. Also read the following two subsections regarding additional waivers, reductions or elimination of the charge.

 

The charge is waived for portions of a withdrawal that are:

·Used to purchase Income Phase payments;

PRO.167680-22

20  
·Used to purchase a single premium immediate annuity or certain individual retirement annuities issued by the Company or one of its affiliates, provided that the right to cancel under the new contract is not exercised;*
·Made under a systematic distribution option;
·Made because the Company terminated the account under the circumstances described in “Other Topics – Account Termination”;
·Paid where your Account Value is $5,000** or less (or, if applicable, as otherwise allowed by your plan for lump-sum cash-outs without participant consent) and no amounts have been withdrawn, used to provide Income Phase payments, or taken as a loan within the prior 12 months;
·Due to your death before Income Phase payments begin;
·Made to a participant who is separated from service, when certified by the employer;
·Due to financial hardship (for 401(a), 401(k), Roth 401(k), 403(b), and Roth 403(b) plans) or unforeseeable emergency (for 457(b) and Roth 457(b) plans) as defined in the Tax Code;
·Due to the transfer or exchange of your Account Value to another contract issued by the Company for your plan, subject to various conditions agreed to by the Company; provided that the right to cancel under the new contract is not exercised;** and
·For a transfer or exchange to a Company Tax Code Section 403(b)(7) custodial account, subject to the restrictions set forth in Tax Code Section 403(b)(7)(A)(ii), and subject to various conditions agreed to by the Company.

 

Early Withdrawal Charge Waivers Under Certain Contracts. To find out which waivers apply to the Contract issued in connection with your plan, consult the certificate or the Contract (held by the Contract Holder).

 

This charge may be waived for portions of a withdrawal that are:

·Withdrawn from Contracts used with plans under Section 401(a), 401(k), Roth 401(k), 403(b), or Roth 403(b) of the Tax Code, if the withdrawal is less than or equal to 10% of your Account Value and is the first partial withdrawal in a calendar year;*
·Made for the purposes of taking a loan in accordance with the terms of the plan, subject to conditions agreed to by the Contract Holder and the Company in writing;
·To purchase permissive past service credit under a governmental defined benefit plan;
·Due to your disability as defined by the Tax Code, if the withdrawal is paid directly to you and certified by your employer, and the amount paid for all withdrawals due to disability during the previous 12 months does not exceed 20% of the average value of all individual accounts under the Contract during that period; and
·In-service distributions permitted by certain 401(a) and 457(b) and Roth 457(b) governmental plans, when certified by the employer.

 

Reduction, Waiver or Elimination. In addition to the specific waivers described above, we may reduce, waive or eliminate the early withdrawal charge for a particular plan. Any such reduction will reflect the differences we expect in distribution costs or services meant to be defrayed by this charge. Factors we consider for a reduction include, but are not limited to, the following:

·The number of participants under the plan;
·The type and nature of the group to which a Contract is issued;
·The expected level of assets and/or cash flow under the plan;
·Our agent’s involvement in sales activities;
·Our sales-related expenses;
·Distribution provisions under the plan;
·The plan’s purchase of one or more other variable annuity contracts from us and the features of those contracts;
·The level of employer involvement in determining eligibility for distributions under the Contract;
·Our assessment of financial risk to the Company relating to withdrawals; and

 

 
*If you cancel the new contract, we will reinstate the account under the old Contract and the amount returned to the Account from the new contract may then be withdrawn, subject to any early withdrawal charge that would have applied at the time the new contract was established.
**The $5,000 limit may be lower in some states.
  
*To qualify for this waiver you must be between the ages of 59½ and 70½ and cannot have elected the systematic withdrawal option; any outstanding loans are not included in the Account Value when calculating the 10% amount; and this waiver does not apply to full withdrawals or to a withdrawal due to a loan default.

PRO.167680-22

21  
·Whether the Contract results from the exchange of another contract issued by the Company to the same Plan Sponsor.

 

We will not reduce the early withdrawal charge in a manner that is unfairly discriminatory against any person.

 

We may also apply different early withdrawal charge provisions in Contracts issued to certain employer groups or associations that have negotiated the Contract terms on behalf of their employees, and this may include having an early withdrawal charge for some individual accounts and reducing or eliminating the early withdrawal charge for certain other individual accounts. We will offer any resulting early withdrawal charge uniformly to all employees in the group.

 

Loan Interest Rate Spread, Loan Initiation Fee and Annual Loan Administration Fee

 

For a discussion of the charges that may be associated with loans, please see “LOANS - Things to Consider Before Initiating a Loan.”

 

Fund Redemption Fees

 

Certain Funds may impose 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.

 

Periodic Fees and Charges

 

Annual Maintenance Fee

 

Maximum Amount. $50

 

When/How. For those plans that have an annual maintenance fee, each year, during the Accumulation Phase, we deduct this fee on your Account Anniversary. Under some Contracts we may also deduct this fee annually on the anniversary of the issue date of the Contract, rather than on your Account Anniversary. It is deducted annually on a proportional basis from your Account Value invested in the Subaccounts and the Fixed Interest Options. Under some plans we deduct the annual maintenance fee from both employer and employee accounts, in which case we may deduct one-half the fee from each account, proportionally from your Account Value invested in the Subaccounts and Fixed Interest Options. We may also deduct all or a portion of the annual maintenance fee from a Roth 401(k), Roth 403(b), or Roth 457(b) account. Under some plans, your employer elects whether the fee is deducted from the employee account, employer account or a portion from each. The Company may send a bill to your employer at or prior to such deduction.

 

Purpose. This fee helps defray the administrative expenses we incur in establishing and maintaining your account. It may also be used to defray plan administration costs that the Company has agreed to pay, if applicable.

 

Increase, Reduction or Elimination. The annual maintenance fee may vary (be increased, reduced or eliminated), as described in the Contract. When a plan meets certain criteria, we may reduce, waive or eliminate the annual maintenance fee. Factors we consider reflect differences in our level of administrative costs and services, such as:

·The size, type and nature of the group to which a Contract is issued;
·Amount of contributions to the Contract;
·The expected level of assets under the plan (under some Contracts, we may aggregate accounts under different contracts issued by the Company to the same Contract Holder);
·The anticipated level of administrative expenses, such as billing for payments, producing periodic reports, providing for the direct payment of account charges rather than having them deducted from Account Values and any other factors pertaining to the level and expense of administrative services we will provide; and
·The number of eligible participants and the program’s participation rate.

PRO.167680-22

22  

Due to factors on which the annual maintenance fee is based, it is possible that it may increase, decrease, or be eliminated from year to year as the characteristics of the group change.

 

We will not unfairly discriminate against any group if we increase, reduce or eliminate the annual maintenance fee. We will make any increase, reduction or elimination according to our own rules in effect at the time we approve the application for a Contract. We reserve the right to change these rules from time to time. Any increase will not result in an annual maintenance fee in excess of the maximum amount shown above and in the “FEE TABLE - Annual Contract Expenses - Administrative Expenses” section of this prospectus.

 

Mortality and Expense Risk Charge

 

Maximum Amount. 1.25% annually of your Account Value invested in the Subaccounts during the Accumulation Phase for Texas K-12 Contracts and 1.50% annually for all other Contracts. 1.25% annually of your Account Value invested in the Subaccounts during the Income Phase. See “Income PhaseCharges Deducted.” We may charge a different fee for different Funds (but not beyond the maximum amount). See your certificate or the Contract (held by the Contract Holder).

 

When/How. This fee is deducted daily from the Subaccounts. We do not deduct this fee from any Fixed Interest Option.

 

Purpose. This 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 Income Phase payments based on annuity rates specified in the Contract and our funding of the death benefits (including any guaranteed death benefits) 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 Contract, we will bear the loss. We may use any excess to recover distribution costs relating to the Contract and as a source of profit. We expect to earn a profit from this fee.

 

Reduction. We may reduce the mortality and expense risk charge from the maximum amount when the plan meets certain criteria and we agree to the reduction with the Contract Holder in writing. Some Contracts have a reduced mortality and expense risk charge only during the Accumulation Phase of the account which then increases during the Income Phase (but not beyond the maximum amount). Any reduction will reflect differences in expenses for administration based on such factors as:

·The expected level of assets under the plan (under some Contracts, we may aggregate accounts under different contracts issued by the Company to the same Contract Holder);
·The size of the prospective group, projected annual number of eligible participants and the program’s participation rate;
·The plan design (for example, the plan may favor stability of invested assets and limit the conditions for withdrawals, loans and available investment options, which in turn lowers administrative expenses);
·The frequency, consistency and method of submitting payments and loan repayments;
·The method and extent of onsite services we provide and the Contract Holder’s involvement in service such as enrollment and ongoing participant services;
·The Contract Holder’s support and involvement in the communication, enrollment, participant education and other administrative services;
·The projected frequency of distributions;
·The type and level of other factors that affect the overall administrative expense including expenses related to the Contract or the plan, or the Company’s reimbursement of any portion of the costs of the plan’s third party administrator, if applicable;
·Whether or not a transfer credit was selected by the Plan Sponsor; and
·Whether or not the Contract includes a guaranteed death benefit.

 

We will determine any reduction of the mortality and expense risk charge on a basis that is not unfairly discriminatory according to our rules in effect at the time a contract application is approved. We reserve the right to change these rules from time to time. Under some Contracts we will reassess and increase or decrease this fee annually. However, the charge that may apply to a given participant upon entry into the Income Phase will remain fixed while the participant remains in that phase.

PRO.167680-22

23  

Administrative Expense Charge

 

Maximum Amount. 0.25% annually of your Account Value invested in the Subaccounts.

 

When/How. We reserve the right to charge an administrative expense charge of up to 0.25% annually of your Account Value invested in the Subaccounts. If charged, this fee is deducted daily from the Subaccounts. We do not deduct this charge from any Fixed Interest Option. This fee may be assessed during the Accumulation Phase and/or the Income Phase. If we are currently imposing this fee under the Contract issued in connection with your plan when you enter the Income Phase, the fee will apply to you during the entire Income Phase.

 

Purpose. This charge helps defray our cost of providing administrative services under the Contracts and in relation to the Separate Account and Subaccounts.

 

Reduction. Under some Contracts, if we charge the administrative expense charge, we may reduce it from the maximum when the plan meets certain criteria and we agree to the reduction with the Contract Holder, in writing. The level of the fee may be reassessed and increased or decreased annually.

 

Fund Fees and Expenses

 

Each Fund deducts management/investment advisory fees from the amounts allocated to the Fund. In addition, each Fund deducts other expenses, which may include service fees that may be used to compensate service providers, including the Company and its affiliates, for administrative and contract 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.

 

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 proportional basis from the Subaccounts that invest in the Funds used in the allocation model selected by the participant under the advisory services agreement, and any set-up fees may be deducted on a proportional basis from all of the Subaccounts in which the participant is invested. Under proportional deduction, the portion of the overall fee deducted from a given Subaccount equals the same percentage that the Subaccount value represents to the value of all the Subaccounts used in the calculation (e.g., for deduction of the advisory fee, all the Subaccounts used in the allocation model). If you have not authorized payment of advisory fees from the Variable Investment Options, you would instead pay such fees outside the Contract.

 

Please note that we have no control over the advisory fee arrangement between you and your investment adviser – that arrangement is solely between you and your adviser. Consequently, if you wanted to terminate your advisory arrangement you would need to contact your adviser.

PRO.167680-22

24  

Premium and Other Taxes

 

Maximum Amount. Some states and municipalities charge a premium tax on annuities. These taxes currently range from 0% to 4%, depending upon the jurisdiction.

 

When/How. We reserve the right to deduct a charge for premium taxes from your Account Value or from Purchase Payments to the account at any time, but not before there is a tax liability under state law. For example, we may deduct a charge for premium taxes at the time of a complete withdrawal or we may reflect the cost of premium taxes in our Income Phase payment rates when you commence Income Phase payments. Unless directed otherwise, we will deduct any premium tax charges proportionately from the Subaccounts and Fixed Interest Options in which you are invested.

 

We will not deduct a charge for any municipal premium tax of 1% or less, but we reserve the right to reflect such an expense in our annuity purchase rates.

 

In addition, the Company reserves the right to assess a charge for any federal taxes due against the Separate Account. See “FEDERAL Tax Considerations.”

 

THE CONTRACT

 

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.

 

Some plans under Tax Code Sections 401 and 403(b) are subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Contract Holder must notify the Company whether Title I of ERISA applies to the 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), 401(k), Roth 401(k), 403(b), Roth 403(b), 457(b) or Roth 457(b) 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 guaranteed death benefits under some contracts 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 Ownership and Rights

 

Who Owns the Contract? The Contract Holder.

 

Who Owns Money Accumulated Under the Contract? It depends on the type of plan, as follows:

·Under 401(a), 401(k), Roth 401(k), 403(b) or Roth 403(b) Plans. Under the Contract, we may establish one or more accounts for you. Generally, we establish an employee account to receive salary reduction and rollover amounts and an employer account to receive employer contributions. You have the right to the value of your employee account and any employer account to the extent you are Vested as interpreted by the Contract Holder;
·Under Governmental 457(b) or Roth 457(b) Plans. The Tax Code requires that 457(b) plan assets of governmental employers be held in trust for the exclusive benefit of you and your Beneficiaries. An annuity contract satisfies the trust requirement of the Tax Code; and
·Under Non-governmental Tax-Exempt 457(b) Plans. In order to avoid being subject to ERISA, 457(b) plan assets of tax-exempt employers (including certain nonqualified, church-controlled organizations) remain the property of the employer, and are subject to the claims of the employer’s general creditors.

 

Who Holds Rights Under the Contract?

·Under some Contracts, the Contract Holder holds all rights under the Contract, but may permit you to exercise some of those rights. For example, the Contract Holder may allow you to choose investment options; and

PRO.167680-22

25  
·Under other Contracts, including most group contracts issued through a voluntary 403(b) or Roth 403(b) plan and most individual Contracts, you generally hold all rights under the Contract and may make elections for your accounts. However, pursuant to Treasury Department regulations the exercise of certain of these rights may require the consent and approval of the Plan Sponsor or its delegate. See “FEDERAL Tax Considerations – Distributions – Eligibility – 403(b) and Roth 403(b) Plans.”

 

For additional information about the respective rights of the Contract Holder and participants, see Appendix E.

 

What Happens if You Die? The Contract provides a death benefit in the event of your death, which is payable to the Beneficiary named under the Contract (the “Contract Beneficiary”):

·Under Contracts issued in connection with most types of plans except most voluntary 403(b) and Roth 403(b) plans, the Contract Holder must be named as the Contract Beneficiary, but may direct that we make any payments to the Beneficiary you name under the plan (the “Plan Beneficiary”); and
·Under most group Contracts issued in connection with voluntary 403(b) and Roth 403(b) plans and under individual Contracts, you may generally designate your own Contract Beneficiary who will normally be your Plan Beneficiary, as well.

 

Transfer of Ownership; Assignment

 

An assignment of a Contract will only be binding on us if it is made in writing and sent to 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 Holder and the interest of the Annuitant and any Beneficiary will be subject to the rights of any assignee we have on our records.

 

The 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
·Any deductions 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 Variable Annuity Account C 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. The value of each Accumulation Unit in a Subaccount is called the Accumulation Unit Value (“AUV”). The AUV varies daily in relation to the underlying Fund’s investment performance. The AUV also reflects deductions for Fund fees and expenses, the mortality and expense risk charge, the administrative expense charge, if any, and.advisory fees, if any. The deduction of any advisory fees can result in cancellation of units. We discuss these deductions in more detail in “Fee Table” and “CHARGES AND Fees.”

 

Valuation. We determine the AUV every normal business day that the NYSE is open, after the close of the NYSE (normally at 4:00 p.m. Eastern Time). At that time, we calculate the current AUV by multiplying the AUV last calculated by the Net 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

PRO.167680-22

26  
·Taxes or provisions for taxes, if any, due to Subaccount operations (with any federal income tax liability offset by foreign tax credits to the extent allowed); divided by
·The total value of the Subaccount’s units at the preceding valuation; and minus
·A daily deduction for the mortality and expense risk charge, the administrative expense charge, if any, and any other fees deducted daily from investments in the Separate Account. See “CHARGES AND Fees.”

 

The net investment rate may be either positive or negative.

 

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 AUVs are $10 for Subaccount A, and $25 for Subaccount B. The Investor’s account is credited with 300 Accumulation Units of Subaccount A and 80 Accumulation Units of Subaccount B.

 

Step 1: An Investor contributes $5,000.

 

Step 2:

·He or she directs us to invest $3,000 in Fund A. The dollars purchase 300 Accumulation Units of Subaccount A ($3,000 divided by the current $10 AUV); and
·He or she directs us to invest $2,000 in Fund B. The dollars purchase 80 Accumulation Units of Subaccount B ($2,000 divided by the current $25 AUV).

 

Step 3: The Separate Account then purchases shares of the applicable Funds at the then current market value (Net Asset Value or NAV).

 

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 Purchase 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, as described in “CONTRACT PURCHASE AND PARTICIPATION.” Subsequent Purchase Payments or transfers directed to the Subaccounts that we receive in Good Order by the close of business of the NYSE will purchase Subaccount Accumulation Units at the AUV computed as of the close of the NYSE on that day. The value of Subaccounts may vary day to day. Subsequent Purchase Payments and transfers received in Good Order after the close of the NYSE will purchase Accumulation Units at the AUV computed as of the close of the NYSE on the next business day.

 

Contract Provisions and Limitations

 

Account Termination

 

Under some Contracts, where allowed by state law, we reserve the right to terminate an individual account if the Account Value is less than $5,000 ($3,500 under some Contracts, and $1,999 for some Contracts issued in New York), if this value is not due to negative investment performance, and if no Purchase Payments have been received within the previous 12 months (36 months under some Contracts issued in New York). Certain Contracts issued in New York also require that the calculation for a paid up annuity benefit amount to a payment of less than $20 per month. In addition, for some Contracts issued in New York, we may terminate an individual account solely if the paid up annuity benefit is less than $20 monthly. We will notify you or the Contract Holder 90 days prior to terminating the account. If we exercise this right, we will not deduct an early withdrawal charge.

 

Allocation of Purchase Payments

 

All Purchase Payments are allocated to your Account Value on the Valuation Date of their receipt. The Contract Holder or you, if the Contract Holder permits, directs us to allocate Purchase Payments to the investment options

PRO.167680-22

27  

available under the plan. Allocations must be in whole percentages, and there may be limitations on the number of investment options that can be selected. If the most recent allocation instructions we have on file include a Subaccount that corresponds to an underlying Fund that is closed to new investment or is otherwise unavailable, additional Purchase Payments received that would have been allocated to the Subaccount corresponding to the closed or otherwise unavailable Fund 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 receive alternative allocation instructions or the Purchase Payment will be returned. Alternative allocation instructions can be given by contacting Customer Service. See “THE INVESTMENT OPTIONS.”

 

Transfers Among Investment Options

 

During the Accumulation Phase and, under some Contracts, the Income Phase the Contract Holder, or you if permitted by the plan, may transfer amounts among the investment options. Transfers from Fixed Interest Options are restricted as outlined in APPENDIX B, APPENDIX C and APPENDIX D. Transfers may be requested by telephone, electronically at www.voyaretirementplans.com or through such other means as may be available under our administrative procedures in effect from time to time. Transfers must be made in accordance with the terms of the Contract.

 

Value of Transferred Dollars. The value of amounts transferred in or out of Subaccounts will be based on the Subaccount AUV next determined after Customer Service receives your request in Good Order or if you are participating in the asset rebalancing program, after your scheduled transfer or reallocation.

 

Telephone and Electronic Transfers: Security Measures. To prevent fraudulent use of telephone or electronic transactions (including, but not limited to, internet transactions), we have established security procedures. These include recording calls on our toll-free telephone lines and requiring use of a unique identifier or personal password. You are responsible for keeping your unique identifier or personal password and account information confidential. If we fail to follow reasonable security procedures, we may be liable for losses due to unauthorized or fraudulent telephone or other electronic transactions. We are not liable for losses resulting from 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.

 

Transfer Credits

 

Contributions to a Contract may include plan assets transferred from a financial provider who has imposed a cancellation penalty on that transfer. To offset that penalty, the Company will, subject to certain conditions and state approvals, apply a transfer credit on transferred assets. This credit is provided on a nondiscriminatory basis if your Contract is eligible.

 

The transfer credit will be applied no later than the first business day following the date the contribution is received by us in Good Order. Transferred assets, less any premium tax, will be allocated to a participant’s individual account in amounts authorized by the Contract Holder. If no instructions are received from the Contract Holder, the transferred assets will be allocated to the Plan’s forfeiture account.

 

The transfer credit is equal to a specified percentage of the transferred assets, or other specified amount that is transferred to the Company under a Contract, that remains in the participant’s individual account for the period of time specified by the Company. Any applicable transfer credit will be deducted from:

·A full withdrawal initiated by the Contract Holder; or
·A full or partial withdrawal initiated by the participant, except for those eligible distributions from qualified plans that happen upon the occurrence of certain events. See FEDERAL TAX CONSIDERATIONS - Taxation of Qualified Contracts - Distributions - Eligibility.”

 

Transfer credits will not be applied to assets transferred into the Contract from existing contracts. Only net contributions not previously held by the Contract are eligible for a transfer credit.

 

If a transfer credit is due under your Contract, you will be provided with additional information.

PRO.167680-22

28  

Election of a transfer credit may result in a higher mortality and expense risk charge and impact the credited interest rate under the Fixed Plus Account II Fixed Interest Option. See “CHARGES AND Fees” and “Appendix D: FIXED PLUS ACCOUNT II.”

 

Tax Code Restrictions

 

The Tax Code places some limitations on contributions to your account. See “FEDERAL Tax Considerations.”

 

The Asset Rebalancing Program

 

Our asset rebalancing program may be available in connection with certain Contracts. Asset rebalancing allows you to reallocate your Account Value in the investments and percentages you identify. Account Values invested in certain investment options may not be available for rebalancing under this program. We automatically reallocate your Account Value annually (or more frequently as we allow). Asset rebalancing neither ensures a profit nor guarantees against loss in a declining market. There is no additional charge for this program. If available for your Contract, you may elect the asset rebalancing program by contacting Customer Service at 1-800-584-6001, electronically at www.voyaretirementplans.com or through such other means as may be available under our administrative procedures in effect from time to time. The Company may change or discontinue the asset rebalancing program at any time.

 

Subaccount reallocations or changes outside of the asset rebalancing program may affect the program. Changes such as Fund mergers, substitutions or closures may also affect the program.

 

Transfers Between Individual Accounts

 

We may establish one or more accounts for you. As permitted by your plan and if allowed under the Contract, you may transfer assets from one account to another. Any such transfer will be subject to the restrictions, conditions and limits established by your plan or set forth in the Contract.

 

The General Account

 

All guarantees and benefits provided under the Contracts that are not related to the Separate Account are subject to the claims paying ability and financial strength of the Company and our General Account.

 

The following obligations under the Contract are funded by the General Account which supports our insurance and annuity obligations:

·Amounts allocated to the Fixed Account and the Fixed Plus Account II;
·Amounts funding fixed Income Phase Payments;
·Death benefit payments held in an interest bearing retained asset account; and
·Where the amount of the death benefit exceeds the Account Value.

 

Contract Modification

 

We may change the Contract as required by federal or state law. In addition, unless we are otherwise restricted under the terms of the Contract, we may generally, upon 30 days’ written notice to the Contract Holder (some Contracts may require a longer notice period), 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, and under some Contracts, to discontinue accepting payments to existing accounts. Certain changes will require the approval of appropriate state or federal regulatory authorities.

 

We reserve the right to amend the Contract to include any future changes required to maintain the Contract (and the Roth 401(k), Roth 403(b) or Roth 457(b) accounts) as a designated Roth 403(b), Roth 401(k) or Roth 457(b) annuity contract (or account) under the Tax Code, regulations, IRS rulings and requirements.

PRO.167680-22

29  

In addition, under some Contracts we reserve the right, without Contract Holder consent, to change the table for determining the amount of Income Phase payments or the Income Phase payment options available. Such a change would only apply to Income Phase payments attributable to contributions accepted after the date of change.

 

Limits on Frequent or Disruptive Transfers

 

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

·Increased trading and transaction costs;
·Forced and unplanned portfolio turnover;
·Lost opportunity costs; and
·Large asset swings that decrease the Fund’s ability to provide maximum investment return to all Contract Owners and participants.

 

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

·We suspend the Electronic Trading Privileges, as defined below, of any individual or organization if we determine, in our sole discretion, that the individual’s or organization’s transfer activity is disruptive or not in the best interest of other owners of our variable insurance and retirement products, or the participant’s in such products; and
·Each underlying Fund may limit or restrict Fund purchases and we will implement any limitation or restriction on transfers to an underlying Fund as directed by that underlying Fund.

 

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

 

Excessive Trading Policy

 

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

 

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

·Meets or exceeds our current definition of Excessive Trading, as defined below; or
·Is determined, in our sole discretion, to be disruptive or not in the best interests of other owners of our variable insurance and retirement products, or participants in such products.

 

We currently define “Excessive Trading” as:

·More than one purchase and sale of the same Fund (including money market Funds) within a 60 calendar day period (hereinafter, a purchase and sale of the same Fund is referred to as a “round-trip”). This means two or more round-trips involving the same Fund within a 60 calendar day period would meet our definition of Excessive Trading; or
·Six round-trips involving the same Fund within a rolling 12 month period.

 

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

·Purchases or sales of shares related to non-Fund transfers (for example, new Purchase Payments, withdrawals and loans);
·Transfers associated with any scheduled dollar cost averaging, scheduled rebalancing, or scheduled asset allocation programs;
·Purchases and sales of Fund shares in the amount of $5,000 or less;
·Purchases and sales of Funds that affirmatively permit short-term trading in their Fund shares, and movement between such Funds and a money market Fund; and
·Transactions initiated by us, another member of the Voya family of companies, or a Fund.

PRO.167680-22

30  

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

 

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

 

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

 

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

 

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

 

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

 

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

PRO.167680-22

31  

Limits Imposed by the Underlying Funds

 

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

 

Agreements to Share Information with Fund Companies

 

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

 

As a result of this information sharing, a Fund company may direct us to restrict a Contract Owner or participant’s transactions if the Fund determines that the Contract Owner or participant has violated the Fund’s excessive/frequent trading policy. This could include the Fund directing us to reject any allocations of Purchase Payments or Account Value to the Fund or all Funds within the Fund family.

 

THE INCOME PHASE

 

During the Income Phase, you receive payments from your accumulated Account Value.

 

Initiating Income Phase Payments

 

At least 30 days prior to the date you want to start receiving Income Phase payments, the Contract Holder or you, if permitted by the plan, must notify us in writing of the following:

·Start date;
·Income Phase payment option (see the “Income Phase Payment Options” table in this section);
·Income Phase payment frequency (i.e., monthly, quarterly, semi-annually or annually);
·Choice of fixed or variable payments; and
·Under some plans, certification from your employer and/or submission of the appropriate forms is also required.

 

The account will continue in the Accumulation Phase until the Contract Holder or you, as applicable, properly initiates Income Phase payments. Generally, the first Income Phase payment must be made by April 1 of the calendar year following the calendar year in which the Contract Holder attains age 72 (age 70½ if born before July 1, 1949) or in the case of an employer-sponsored plan, April 1 of the calendar year following the calendar year in which the Contract Holder retires, whichever occurs later. See “FEDERAL TAX CONSIDERATIONS - Taxation of Qualified Contracts - Lifetime Required Minimum Distributions (401(a), 401(k), Roth 401(k), 403(b), Roth 403(b), 457(b) and Roth 457(b) Plans).”

PRO.167680-22

32  

Once an Income Phase payment option is selected, it may not be changed; however, certain options allow you to withdraw a lump sum. See “Income Phase Payment Options.”

 

Calculation of Income Phase Payments

 

Some of the factors that may affect Income Phase payments include: your age, your Account Value, the Income Phase payment option selected (including the frequency and duration of payments under the option selected), number of guaranteed payments, if any, selected and whether you select variable or fixed payments. As a general rule, more frequent Income Phase payments will result in smaller individual Income Phase payments. Likewise, Income Phase payments that are anticipated over a longer period of time will also result in smaller individual Income Phase payments.

 

Fixed Payments. Amounts funding fixed Income Phase payments will be held in the Company’s General Account. Fixed payments will remain the same over time.

 

Variable Payments. Amounts funding your variable Income Phase payments will be held in the Subaccount(s) selected. 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 Customer Service. The Contract may restrict the number of investment options to be selected and how many transfers, if any, are allowed among options during the Income Phase.

 

Payments from the Fixed Plus Account II. Subject to the Fixed Plus Account II full and partial withdrawal provisions, amounts accumulating under the Fixed Plus Account II can be used to fund fixed and variable payments during the Income Phase, but if a nonlifetime income option is selected, payments from the Fixed Plus Account II may only be available on a fixed basis. The Fixed Plus Account II full and partial withdrawal provisions are waived upon the election of a lifetime annuity option or the election of a nonlifetime option on a fixed basis, but are not waived upon the election of a nonlifetime option on a variable basis.

 

Assumed Net Investment Rate. If variable payments are elected, the initial Income Phase payment will reflect an assumed annual net investment rate of 3.5%. Subsequent Income Phase payments will fluctuate based upon the investment performance of the Subaccounts you selected. For more information about the assumed net investment rate, request a copy of the Statement of Additional Information by calling Customer Service.

 

Selecting an Increasing Payment. Under certain Income Phase payment options, if you select fixed payments, you may elect an increase of one, two or three percent, compounded annually. The higher your percentage, the lower your initial payment will be, while future payments will increase each year at a greater rate. Generally, this feature is not available with cash refund payment options and nonlifetime Income Phase payment options.

 

Charges Deducted

 

When you select an Income Phase payment option (one of the options listed in the table below), 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 payment options and is applicable to all variable Income Phase payment 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. For variable options under which we do not assume a mortality risk, we may make a larger profit than under other options. We may also deduct a daily administrative charge of up to 0.25% annually from amounts held in the Subaccounts.

PRO.167680-22

33  

Required Minimum Payment Amounts

 

The initial Income Phase payment or the annual Income Phase payment total must meet the minimums stated in the Contract. If your Account Value is too low to meet these minimum payment amounts, you will receive one lump-sum payment. See “Contract Provisions and Limitations - Account Termination.”

 

Death Benefit During the Income Phase

 

The death benefits that may be available to a Beneficiary are outlined in the following “Income Phase Payment Options” table. If a lump-sum payment is due as a death benefit, we will make payment within seven calendar days after Customer Service receives proof of death acceptable to us and a payment request in Good Order. If the death benefit is not taken in a lump sum, your Beneficiary must meet the distribution rules imposed by the Tax Code. These rules recently changed for deaths occurring after January 1, 2020. Failure to meet these rules can result in tax penalties. See “FEDERAL TAX CONSIDERATIONS - Taxation of Qualified Contracts - Required Distributions Upon Death” for the distribution rules imposed by the Tax Code.

 

Payment of Death Benefit or Proceeds

 

Subject to the conditions and requirements of state law, full payment of the death benefit or proceeds (“Proceeds”) to a Beneficiary may be made either into an interest bearing retained asset account that is backed by our General Account (described in “The Retained Asset Account”) or by check. For additional information about the payment options available to you, please refer to your claim forms or contact Customer Service. 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 table lists the Income Phase payment options and accompanying death benefits that may be available under the Contracts. The Tax Code and/or some Contracts may restrict the options and the terms available to you and/or your Beneficiary. See “FEDERAL Tax Considerations.” Refer to your certificate or check with your Contract Holder for details. We may offer additional Income Phase payment options under the Contract from time to time. Unless permitted by the terms of the Income Phase payment options as described below, you will not be able to withdraw any Account Value after the annuity commencement date.

 

Terms used in the table:

·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.

PRO.167680-22

34  
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 your choice of five to 30 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 continue to pay the Beneficiary the remaining payments. Unless prohibited by a prior election of the Contract Holder, the Beneficiary may elect to receive a lump-sum payment 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:

·    When you select this option, you choose for 100%, 66⅔% 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: All payments end after the death of both Annuitants.

Life Income ‒ Two Lives ‒ Guaranteed Payments*

Length of Payments: For as long as either Annuitant lives, with payments guaranteed for your choice of five to 30 years, or as otherwise specified in the Contract.

Continuing Payments: 100% of the payment to 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 continue to pay the Beneficiary the remaining payments. Unless prohibited by a prior election of the Contract Holder, the Beneficiary may elect to receive a lump-sum payment equal to the present value of the remaining guaranteed payments.

Nonlifetime Income Phase Payment Options
Nonlifetime - Guaranteed Payments*

Length of Payments: Payments will continue for the number of years you choose, based on what is available under the Contract. For amounts held in the Fixed Plus Account II during the Accumulation Phase, the payment must be on a fixed basis. 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 Holder, the Beneficiary may elect to receive a lump-sum payment equal to the present value of the remaining guaranteed payments. We will not impose any early withdrawal charge.

 

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

PRO.167680-22

35  

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. A lump sum elected before five years of Income Phase payments have been completed will be treated as a withdrawal during the Accumulation Phase and if the election is made during an early withdrawal charge period we will charge the applicable early withdrawal charge. See “Fees ‒ Early Withdrawal Charge.” Lump-sum payments will be paid within seven calendar days after Customer Service receives the request for payment in Good Order.

 

Calculation of Lump-Sum Payments

 

If a lump-sum payment is available to a Beneficiary or to you under the Income Phase payment options listed in the table 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 the fixed payments or the 3.5% assumed net investment rate for variable payments).

 

BENEFITS AVAILABLE UNDER THE CONTRACT

 

The following table summarizes information about the benefits available under the Contract:

 

Name of Benefit Purpose Is Benefit Standard or Optional Maximum Fee Brief Description of Restrictions/Limitations
Account Value Death Benefit Pays a death benefit equal to the Account Value. Standard No additional fee for this death benefit.

For amounts held in the Guaranteed Accumulation Account, if a negative market value adjustment applies, it would be deducted only if the death benefit is withdrawn more than six months after your death. This benefit may not be available under your Contract. Participants should refer to their plan documents for available benefits.

 

Any advisory fees deducted reduce Account Value and thus reduce the amount of this death benefit

PRO.167680-22

36  
Name of Benefit Purpose Is Benefit Standard or Optional Maximum Fee Brief Description of Restrictions/Limitations
Return of Purchase Payment Death Benefit

Death benefit is the greater of:

·    Your Account Value plus any positive aggregate market value adjustment that applies to amounts allocated to the Guaranteed Accumulation Account; or

·    The sum of payments (minus any applicable premium tax) made to your account minus withdrawals made from your account and any outstanding loan amount.

Optional No additional fee for this benefit.

If Beneficiary does not request payment of the death benefit as a lump sum or as an Income Phase payment option within six months of your death, the amount of the death benefit is the Account Value. This benefit may not be available under your Contract. Participants should refer to their plan documents for available benefits. (See “Account Value Death Benefit”).

 

Any advisory fees deducted reduce the amount of this death benefit.

Adjusted Purchase Payment Guaranteed Death Benefit

The death benefit is the greater of (a) or (b), where:

(a)   Is the adjusted Purchase Payment total, which is the sum of all net Purchase Payments to your account, minus a proportional adjustment for withdrawals and amounts taken as a loan, which amount will never be less than zero; and

 (b)   Is the current Account Value, excluding amounts taken as a loan, plus any positive aggregate market value adjustment, as applicable.

Optional No additional fee for this benefit.

If the death benefit in (a) is less than the amount in (b), and the Beneficiary requests an immediate payment or begins Income Phase payments, the amount paid will be the current Account Value, excluding any amounts taken as a loan, plus any aggregate positive market value adjustment.

 

This benefit may not be available under your Contract. Participants should refer to their plan documents for available benefits.

 

Any advisory fees deducted reduce the amount of this death benefit. In particular, withdrawals under your certificate to pay for such fees effect a proportional adjustment to the adjusted Purchase Payment total.

PRO.167680-22

37  
Name of Benefit

Purpose

Is Benefit Standard or Optional Maximum Fee Brief Description of Restrictions/Limitations
Asset Rebalancing Program Allows you to reallocate your Account Value in the investments and percentages you identify. Optional No additional fee for this benefit. Account Values invested in certain investment options may not be available for rebalancing under this program. Subaccount reallocations or changes outside of the asset rebalancing program may affect the program. Changes such as Fund mergers, substitutions or closures may also affect the program. This benefit may not be available under your Contract. Participants should refer to their plan documents for available benefits.
Systematic Distribution Options Allows you to receive regular payments from your account without moving into the Income Phase. Optional No additional fee for this benefit. If not required under the plan, VRIAC may discontinue the availability of one or all of the systematic distribution options at any time and/or change the terms of future elections. This benefit may not be available under your Contract. Participants should refer to their plan documents for available benefits.  

PRO.167680-22

38  
Name of Benefit Purpose Is Benefit Standard or Optional Maximum Fee Brief Description of Restrictions/Limitations
Loans Allows you to borrow against your Account Value. Optional

Loan Interest Rate Spread (per annum): 3.00%; or

Loan Initiation Fee: $125 per loan; and

Annual Loan Administration Fee: $50 per loan .

Amounts borrowed under a Contract do not participate in the investment performance of the Subaccounts and the interest guarantees of the Fixed Interest Options and you may lose the benefit of tax-deferred growth on earnings. Loans, therefore, can affect the Account Value and death benefit whether or not the loan is repaid. This benefit may not be available under your Contract. Participants should refer to their plan documents for available benefits.

Deduction of Advisory Fees from Participant Account Contract permits adviser retained by participant to have its fees deducted from participant account. Standard No additional fee for this benefit.

Advisory fees deducted reduce the amount of death benefit and may be treated as a withdrawal upon proper authorization – see discussion of each death benefit in this table above.

 

Withdrawal of advisory fees from a participant’s account may be subject to federal and state income taxes and a 10% federal penalty tax.

 

DEATH BENEFIT

 

The Contract provides a death benefit in the event of your death, which is payable to the Beneficiary named under the Contract (“Contract Beneficiary”):

·Under Contracts issued in connection with most types of plans except most voluntary 403(b) and Roth 403(b) plans, the Contract Holder must be named as the Contract Beneficiary, but may direct that we make any payments to the Beneficiary you name under the plan (“Plan Beneficiary”); and
·Under most group Contracts issued in connection with voluntary 403(b) and Roth 403(b) plans, you may generally designate your own Contract Beneficiary who will normally be your Plan Beneficiary, as well.

 

During the Accumulation Phase

 

For death benefit information applicable to the Income Phase, see “THE Income Phase – Death Benefit During the Income Phase.”

 

Payment Process

 

·Following your death, the Contract Beneficiary (on behalf of the Plan Beneficiary, if applicable) 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 (see below); and
·Within seven calendar days after Customer Service receives proof of death acceptable to us and a payment request in Good Order, we will mail payment, unless otherwise requested.

PRO.167680-22

39  

Until a death benefit request is in Good Order and a payment option is selected, account dollars will remain invested as at the time of your death and no distributions will be made.

 

Benefit Payment Options

 

The following payment options are available, if allowed by the Tax Code:

·Lump-sum payment;
· Payment in accordance with any of the available Income Phase payment options (see “Income PhaseIncome Phase Payment Options”); or
·Payment in accordance with an available systematic distribution option (subject to certain limitations). See “Systematic Distribution Options.”

 

Leaving the Account Value invested in the contract is also an available option under some Contracts; however, the Tax Code limits how long the death benefit proceeds may be left in the Contract.

 

Payment of Death Benefit or Proceeds

 

Subject to the conditions and requirements of state law, full payment of the death benefit or proceeds (“Proceeds”) to a Beneficiary may be made either into an interest bearing retained asset account that is backed by our General Account (described in “The Retained Asset Account” below) or by check. For additional information about the payment options available to you, please refer to your claim forms or contact Customer Service. 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”) and, as part of our General Account, is subject to the claims of our creditors. Beneficiaries that receive their payment through the retained asset account may access the entire Proceeds in the account at any time without penalty through a draftbook feature. The Company seeks to earn a profit on the account, and interest credited on the account may vary from time to time but will not be less than the minimum rate stated in the supplemental Contract delivered to the Beneficiary together with the paperwork to make a claim to the Proceeds. Interest earned on the Proceeds in the account may be less than could be earned if the Proceeds were invested outside of the account. Likewise, interest credited on the Proceeds in the account may be less than under other settlement or payment options available through the Contract.

 

Death Benefit Options

 

The various death benefit options that may be made available by the Company under the Contract are listed below. For information about the death benefit applicable to you, please see your certificate/enrollment materials or the Contract (held by the Contract Holder).

 

Account Value Death Benefit. For most Contracts, the death benefit will be based on your Account Value. For amounts held in the Guaranteed Accumulation Account, 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 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 B and in the Guaranteed Accumulation Account prospectus.

 

The death benefit is calculated as of the next time we value your account following the date on which Customer Service receives proof of death and a payment request in Good Order. In addition to this amount, some states require we pay interest on amounts invested in Fixed Interest Options, calculated from date of death at a rate specified by state law.

PRO.167680-22

40  

Any advisory fee deducted reduces Account Value on a dollar-for-dollar basis, and thus reduces the amount of this death benefit.

 

Return of Purchase Payment Death Benefit. Some Contracts provide a guaranteed death benefit if the Contract Beneficiary (on behalf of the Plan Beneficiary, if applicable) elects a lump-sum distribution or an Income Phase payment option within six months of your death. The charge for this guaranteed death benefit, if any, is included within the mortality and expense risk charge applicable under your Contract, and is one of the factors we evaluate when we determine the mortality and expense risk charge applicable to your group Contract. See “CHARGES AND Fees – Periodic Fees and Charges - Mortality and Expense Risk Charge.” For those Contracts, the guaranteed death benefit is the greater of:

·Your Account Value on the day that Customer Service receives proof of death and a request for payment in Good Order plus any positive aggregate market value adjustment that applies to amounts allocated to the Guaranteed Accumulation Account; or
·The sum of payments (minus any applicable premium tax) made to your account minus withdrawals made from your account and any outstanding loan amount.

 

In the event that the Contract Beneficiary does not request payment of the death benefit as a lump sum or as an Income Phase payment option within six months of your death, the amount of the death benefit is the Account Value as of the next valuation following Customer Service’s receipt of acceptable proof of death and a payment request in Good Order. See the Contract and/or certificate/enrollment materials for treatment of amounts held in the Guaranteed Accumulation Account.

 

There is no additional fee associated with the Return of Purchase Payment Death Benefit Option.

 

Any advisory fee deducted reduces each of the Account Value and the sum of Purchase Payments on a dollar-for-dollar cash basis, and thus reduces the amount of this death benefit.

 

Adjusted Purchase Payment Guaranteed Death Benefit. Under another form of guaranteed death benefit that may be available under certain Contracts, the death benefit payable under the Contract will never be less than the amount of adjusted Purchase Payments made to your account (as defined below), less a proportional adjustment for amounts withdrawn or borrowed from your account. The charge for this guaranteed death benefit, if any, is included within the mortality and expense risk charge applicable under your Contract, and is one of the factors we evaluate when we determine the mortality and expense risk charge applicable to your group Contract. See “CHARGES AND Fees – Periodic Fees and Charges - Mortality and Expense Risk Charge.”

 

Calculating the Adjusted Purchase Payment Guaranteed Death Benefit. The death benefit under the Adjusted Purchase Payment Guaranteed Death Benefit is guaranteed to be the greater of (a) or (b) as calculated as of the next Valuation Date following Customer Service’s receipt of proof of death and a completed election form in Good Order where:

(a)is the adjusted Purchase Payment total, which is the sum of all net Purchase Payments to your account, minus a proportional adjustment for withdrawals and amounts taken as a loan, which amount will never be less than zero (see “Calculating Adjusted Purchase Payments” below); and
(b)is the current Account Value, excluding amounts taken as a loan, plus any positive aggregate market value adjustment, as applicable. See Appendix B and the Guaranteed Accumulation Account prospectus for further information regarding the market value adjustment.

 

If the amount of the death benefit in (a) is greater than the amount in (b), the Company will deposit the difference into your account. The amount, if any, will be deposited into your account proportionally across your current investment allocations as of the Valuation Date following the date Customer Service receives proof of death acceptable to us and a completed election form in Good Order.

 

If the Beneficiary in that situation requests an immediate payment or begins Income Phase payments, the amount paid will be the current Account Value, excluding any amounts taken as a loan, plus any aggregate positive market value adjustment, as of the Valuation Date following the date we deposit the difference into your account.

PRO.167680-22

41  

If the amount of the death benefit in (a) is less than the amount in (b), and the Beneficiary requests an immediate payment or begins Income Phase payments, the amount paid will be the current Account Value, excluding any amounts taken as a loan, plus any aggregate positive market value adjustment, as of the Valuation Date following the date Customer Service receives proof of death acceptable to us and a payment request in Good Order.

 

In the event a Beneficiary elects to defer distribution of the death benefit, the amount paid to the Beneficiary when the Beneficiary elects to begin distribution of the death benefit will equal the current Account Value, excluding any amounts taken as a loan, plus or minus any applicable market value adjustment, as of the next Valuation Date following Customer Service’s receipt of the distribution request in Good Order. The amount paid may be more or less than the amount of the death benefit determined above on the date notice of death and an election to defer payment was received. No additional death benefit is payable upon the Beneficiary’s death.

 

Calculating Adjusted Purchase Payments. The adjusted Purchase Payment total above is initially equal to the first Purchase Payment. The adjusted Purchase Payment total is then adjusted for each subsequent Purchase Payment, loan repayment, or partial withdrawal. The adjustment for subsequent Purchase Payments and loan repayments will be dollar for dollar. The adjustment for partial withdrawals, including loans taken, will be proportionate, reducing the adjusted Purchase Payment total in the same proportion that the current Account Value, excluding any amounts taken as loans, was reduced on the date of the partial withdrawal. The proportionate adjustment of the adjusted Purchase Payment total for each partial withdrawal is defined as the adjusted Purchase Payment total at that time, multiplied by the fraction A divided by B (A/B), where:

A        is the current Account Value, excluding amounts taken as a loan, immediately after the partial withdrawal; and

B        is the current Account Value, excluding amounts taken as a loan, before the partial withdrawal.

 

There is no additional fee associated with the Adjusted Purchase Payment Guaranteed Death Benefit Option.

 

Any advisory fee deducted reduces the amount of this death benefit. In particular, withdrawals under your certificate to pay for such fees effect a proportional adjustment to the adjusted Purchase Payment total. Where the death benefit is reduced on a proportionate basis, the reduction could be greater than the amount withdrawn.

 

Tax Code Requirements

 

The Tax Code requires distribution of death benefit proceeds within a certain period of time and these requirements have recently changed generally for deaths after January 1, 2020. 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.

 

CONTRACT PURCHASE AND PARTICIPATION

 

Purchasing the Contract

 

To purchase the Contract:

·The Contract Holder submits the required forms and application to the Company; and
·We approve the forms and issue a Contract to the Contract Holder.

 

Participating in the Contract

 

To participate in the Contract:

·We provide you with enrollment materials for completion and return to us, which may be completed electronically where available (occasionally enrollment is conducted by someone unaffiliated with us who is assisting the Contract Holder); and

PRO.167680-22

42  
·If your enrollment materials are complete and in Good Order, we establish one or more accounts for you. Under certain plans we establish an employee account for contributions from your salary and an employer account for employer contributions. We may also establish Roth 401(k), Roth 403(b) and Roth 457(b) accounts.

 

Acceptance or Rejection

 

We must accept or reject an application or your enrollment materials within two business days of receipt. If the forms are incomplete, we may hold any forms and accompanying Purchase Payments for five business days, unless you consent to our holding them longer. Under limited circumstances, we may also agree, for a particular plan, to hold Purchase Payments for longer periods with the permission of the Contract Holder. If we agree to do this, the Purchase Payments remain in a non-interest bearing bank account until processed (or for a maximum of 105 days). If we reject the application or enrollment forms, we will return the forms and any Purchase Payments.

 

Methods of Purchase Payment

 

The Contract may allow one or more of the following Purchase Payment methods:

·Lump-sum payments: A one-time payment to your account in the form of a transfer from a previous contract or plan; and/or
·Installment payments: More than one payment made over time to your account.

 

The plan and the Contract may have certain rules or restrictions that apply to the use of these two methods. For example, we may require that installment payments meet certain minimums. For information about these rules or restrictions, please refer to your certificate/enrollment materials or the Contract (held by the Contract Holder).

 

Contributions to Roth 401(k), Roth 403(b) or Roth 457(b) accounts must be made by after-tax salary reduction, exchange or rollover payments (to the extent allowed by the Contract) paid to us on your behalf, as permitted by the Tax Code and the plan. See “FEDERAL TAX CONSIDERATIONS - Taxation of Qualified Contracts - Contributions.”

 

Allocation of Purchase Payments

 

The Contract Holder or you, if the Contract Holder permits, directs us to allocate initial Purchase Payments to the investment options available under the plan. Generally, you will specify this information on your enrollment materials. After your enrollment, changes to allocations for future Purchase Payments or transfers of existing balances among investment options may be requested by telephone, electronically at www.voyaretirementplans.com or through such other means as may be available under our administrative procedures in effect from time to time. Allocations must be in whole percentages, and there may be limitations on the number of investment options that can be selected. See “THE Investment Options.”

 

Transfer Credits

 

The Company provides a transfer credit in some cases on transferred assets, as defined by the Company, subject to certain conditions and state approvals. This benefit is provided on a nondiscriminatory basis. If a transfer credit is due under the Contract, you will be provided with additional information specific to the Contract. See “THE CONTRACT - Contract Provisions and Limitations - Transfer Credits.”

 

 

Tax Code Restrictions

 

The Tax Code places some limitations on contributions to your account. See “FEDERAL Tax Considerations.”

PRO.167680-22

43  

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.

 

WITHDRAWALS

 

Making a Withdrawal

 

Subject to limitations on withdrawals from the Fixed Interest Options and other restrictions (see “Withdrawal Restrictions” in this section and APPENDIX C and APPENDIX D), the Contract Holder or you, if permitted by the plan, may withdraw all or a portion of your Account Value at any time during the Accumulation Phase.

 

Steps for Making a Withdrawal

 

The Contract Holder or you, if permitted by the plan, must:

·Select the Withdrawal Amount:
·Full Withdrawal: You will receive, reduced by any required tax, your Account Value allocated to the Subaccounts, the Guaranteed Accumulation Account (plus or minus any applicable market value adjustment) and the Fixed Account, minus any applicable early withdrawal charge, annual maintenance fee and redemption fees, plus the amount available for withdrawal from the Fixed Plus Account II; or
·Partial Withdrawal (Percentage or Specified Dollar Amount): You will receive, reduced by any required tax, the amount you specify, subject to the value available in your account. However, the amount actually withdrawn from your account will be adjusted by any applicable redemption fees, and by any applicable early withdrawal charge for amounts withdrawn from the Subaccounts the Guaranteed Accumulation Account or the Fixed Account and any positive or negative market value adjustment for amounts withdrawn from the Guaranteed Accumulation Account. The amounts available from the Fixed Plus Account II 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.

 

For amounts you withdraw from Account Value allocated to the Subaccounts, we will redeem the number of Accumulation Units needed to fund the withdrawal and reduce your Account Value accordingly. For amounts you withdraw from a Fixed Interest Option, we will reduce the value of the Fixed Interest Option by the dollar amount of that portion of the withdrawal (and with respect to the Guaranteed Accumulation Account, will reflect any positive or negative market value adjustment) and will reduce your Account Value accordingly. A reduction to your Account Value due to a withdrawal results in a lesser amount available to be annuitized and a lesser death benefit (if your death benefit amount is based on your Account Value). For a description of limitations on withdrawals from the Fixed Plus Account II, please see APPENDIX D.

PRO.167680-22

44  

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 Customer Service receives a request for withdrawal in Good Order; or
·On such later date as specified on the disbursement form.

 

Delivery of Payment

 

Payments for withdrawal requests will be made in accordance with SEC requirements. Normally, we will send your payment no later than seven calendar days following our receipt of your disbursement form in Good Order.

 

Reinstatement Privilege

 

Some Contracts allow the one-time use of a reinstatement privilege. Within 30 calendar days after a full withdrawal, if allowed by law and the Contract, you may elect to reinstate all or a portion of the proceeds. We must receive reinstated amounts within 60 days of the withdrawal. We will credit the account for the amount reinstated based on the Subaccount Values next computed following Customer Service’s receipt of your request in Good Order and the amount to be reinstated. We will credit the amount reinstated proportionally for annual maintenance fees and early withdrawal charges imposed at the time of withdrawal. Provided all options are available, we will reinstate in the same investment options and proportions in place at the time of withdrawal. If any other investment option is closed or otherwise no longer available, amounts to be allocated to any such option will be reinvested in a replacement option as directed by your Plan Sponsor. If your Plan Sponsor has not designated a replacement option, unless we receive alternative allocation instructions, amounts that would have been reinvested in the investment option that is closed or unavailable may be automatically allocated among the other available investment options 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 investment options, the amount to be allocated will be returned unless we are provided with alternative allocation instructions. Special rules apply to reinstatements of amounts withdrawn from the Guaranteed Accumulation Account. See APPENDIX B. Talk to a tax adviser regarding the tax consequences associated with reinstatement.

 

Withdrawal Restrictions

 

Many plans may have limits on withdrawals that may be made from the plan. Some examples of these limits are listed below:

·Section 403(b)(11) of the Tax Code generally 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; and
·Earnings on those contributions and earnings on amounts held before 1989 and credited after December 31, 1988. Income attributable to salary reduction contributions and credited on or after January 1, 1989, may not be distributed in the case of hardship;
· Section 403(b) regulations impose restrictions on the distribution of 403(b) employer contributions under certain Contracts. See “FEDERAL Tax Considerations – Distributions – Eligibility – 403(b) and Roth 403(b) Plans”;
·Section 401(k) plans generally prohibit withdrawal of salary reduction contributions and associated earnings prior to your death, disability, attainment of age 59½, severance from employment or financial hardship;
·The Contract generally requires that the Plan Sponsor or its delegate certify that you are eligible for the distribution; and
·If you are married and covered by an ERISA plan, the Contract Holder must provide certification that Retirement Equity Act requirements have been met.

 

The Tax Code and/or your plan may impose other limitations on withdrawals. See “FEDERAL Tax Considerations – Distributions – Eligibility.”

PRO.167680-22

45  

Waivers of Early Withdrawal Charge and Fixed Plus Account II Full and Partial Withdrawal Provisions

 

Although the Tax Code permits distributions upon a participant’s severance from employment, the Contracts do not provide for a waiver of early withdrawal charges or the Fixed Plus Account II full or partial withdrawal provisions unless the severance from employment would otherwise have qualified as a separation from service under prior IRS “same desk” guidance (prior to enactment of the Economic Growth and Tax Relief Reconciliation Act of 2001). Generally, a severance from employment due to a merger, liquidation, consolidation or other employer transaction does not qualify as a separation from service.

 

Employer-Directed Withdrawals

 

Under certain Contracts, if permitted by the plan, we may, at the Plan Sponsor’s direction, deduct amounts from participant accounts in order to pay costs associated with a third party administrator engaged by the Plan Sponsor to administer the plan.

 

SYSTEMATIC DISTRIBUTION OPTIONS

 

If available under your plan, a systematic distribution option allows you to receive regular payments from your account without moving into the Income Phase. By remaining in the Accumulation Phase, you retain certain rights and investment flexibility not available during the Income Phase. Because the account remains in the Accumulation Phase, all Accumulation Phase charges continue to apply.

 

Systematic Distribution Options Currently Available

 

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. To determine what systematic distribution options are available, please write or call Customer Service at 1-800-584-6001.

 

Systematic distribution options currently available under the Contract include the following:

·Systematic Withdrawal Option (“SWO”) - SWO is a series of partial withdrawals from your account based on a payment method you select. It is designed for those who want a periodic income while retaining Accumulation Phase investment flexibility for amounts accumulated under the account. (This option may not be available if you have an outstanding loan); and
·Estate Conservation Option (“ECO”)/Recurring RMD Payment (“RRP”) - This option also allows you to maintain the account in the Accumulation Phase and provides periodic payments designed to meet the Tax Code’s required minimum distributions. Under this option, the Company calculates the minimum distribution amount required by law (generally at age 72 (age 70½ if born before July 1, 1949) or retirement, if later) and pays you that amount once a year.

 

Other Systematic Distribution Options

 

Other systematic distribution options may be available from time to time. Additional information relating to any of the systematic distribution options may be obtained from your local representative or by contacting 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.

PRO.167680-22

46  

Electing a Systematic Distribution Option

 

The Contract Holder or you, if permitted by the plan, may elect a systematic distribution option. The Plan Sponsor or its delegate generally must provide the Company with certification that you are eligible for a distribution and that the distribution is in accordance with the terms of the plan.

 

Terminating a Systematic Distribution Option

 

Once you elect a systematic distribution option (other than accounts that are part of 457 plan Contracts issued to non-governmental, tax exempt employers), you may revoke it at any time by submitting a written request to Customer Service. Once revoked, an option 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.”

 

LOANS

 

Availability

 

If allowed by the Contract and the plan and subject to the terms and conditions imposed by the plan and the plan’s loan agreement, participants may initiate a loan during the Accumulation Phase. The amount available for a loan is limited to the Vested individual Account Value attributable to participant contributions subject to any plan vesting limits as determined by the Contract Holder, plus any additional amounts allowed by the plan as determined by the Contract Holder. Amounts available from some Investment Options may be subject to limitations specified in the loan agreement. Loans are not available from a Roth 401(k), Roth 403(b) or; unless specifically permitted by the terms of your plan and supported by your plan’s administrator and record keeper, from a Roth 457(b) Contract or account (“loanable”). However, under some Contracts, participant Roth 401(k), Roth 403(b) or Roth 457(b) accounts may be included in the calculation of the amount available for a loan (“lienable”), but will not be loanable. Accordingly, the amount available for a full or partial withdrawal from a participant Roth account will not be reduced by any outstanding loan balance. Furthermore, in the event of a loan default, no amount of the outstanding loan balance will be deducted from a participant Roth account. Loans are subject to requirements under the Tax Code and related loan regulations, as well as ERISA (if applicable). Further restrictions may apply due to our administrative practices or those administrative practices of a third party administrator selected by your Plan Sponsor. We reserve the right to deny a loan request if the participant has an outstanding loan in default.

 

Plan Loans

 

If allowed by the Contract and the plan and subject to the terms and conditions imposed by the plan and the plan’s loan agreement, 401(a), 401(k), 403(b) or governmental 457 plan participants may initiate loans from their Vested account balances. We will transfer an amount equal to the Plan Loan, proportionately, from the Vested portion of each of the participant’s investments to a trust or custodial account held by the plan and credited to a designated segregated account where it will be held as collateral for the outstanding loan balance. We refer to this type of loan as a “Plan Loan.”

PRO.167680-22

47  

Things to Consider Before Initiating a Plan Loan

 

Eligible participants should consider the following before initiating a Plan Loan:

· Potential loss of Investment Return and Reduction in Value Under the Contract. Amounts borrowed under a Contract do not participate in the investment performance of the Subaccounts nor in the interest guarantees of the Fixed Interest Options. Loans, therefore, can affect the Account Value and death benefit whether or not the loan is repaid;
·Potential Loss of tax-deferred retirement account earnings. Assets transferred from those investments offered as part of a trust or custodial account held by the plan and credited to the loan account may lose the benefit of tax-deferred growth on earnings;
·Loan Interest. Interest will be charged at a rate established by each plan sponsor in its Plan Loan agreement. We are not entitled to any interest payments made and all Plan Loan interest payments made by participants shall be deposited into the participant’s retirement plan account for the benefit of the participant;
· Loan Initiation Fee. A Plan Loan initiation fee may apply to each Plan Loan that is taken and, if applied, will be deducted from the Vested individual Account Value during the first month of the Plan Loan period. We reserve the right to change the fee charged for Plan Loan initiation, but the fee shall not exceed $100; and
·Annual Loan Administration Fee. An annual Plan Loan administration fee may apply to each outstanding Plan Loan and, if applied, will be deducted from the Vested individual Account Value. We reserve the right to change the annual fee charged for Plan Loan administration, but the fee shall not exceed $50.

 

Contract Loans

 

If allowed by the Contract and the plan and subject to the terms and conditions imposed by the plan and the plan’s loan agreement, participants may initiate loans from their individual Account Value allocated to certain Subaccounts and Fixed Interest Options. We will transfer an amount equal to the loan, proportionately, from each of the participant’s investments to our General Account* where it will be held as collateral for the outstanding loan balance. The General Account will be credited with interest at a rate equal to the loan interest rate. This interest is deposited into the participant’s individual account each time a loan repayment is received. We refer to this type of loan as a “Contract Loan.”

 

Things to Consider Before Initiating a Contract Loan

 

Eligible participants should consider the following before initiating a loan:

·Potential Loss of Investment Return and Reduction in Value Under the Contract. Amounts borrowed under a Contract do not participate in the investment performance of the Subaccounts nor in the interest guarantees of the Fixed Interest Options. Contract Loans, therefore, can affect the Account Value and death benefit whether or not the loan is repaid;
·Loan Interest. Interest accrues daily and may be charged and credited on Contract Loan amounts. This interest is deposited into the participant’s individual account each time a loan repayment is received. The difference between the rate charged and the rate credited on Contract Loans is called the Loan Interest Rate Spread. If applied, the Loan Interest Rate Spread for most Contracts is generally 2.5%. For example, if the current interest rate charged on a Contract Loan is 6.0% and the Loan Interest Rate Spread is 2.5%, the amount of interest credited is 3.5%. The Loan Interest Rate Spread is retained by the Company. We reserve the right to apply a Loan Interest Rate Spread of between 0.0% and up to 3.0%;
·Loan Initiation Fee. Contract Loans that have a 0.0% Loan Interest Rate Spread may be subject to a loan initiation fee. For loans with a 0.0% Loan Interest Rate Spread issued prior to May 1, 2022, this fee will not exceed $100 per Contract Loan. For Contract Loans with a 0.0% Loan Interest Rate Spread issued on or after May 1, 2022, this fee will not exceed $125 per Contract Loan. The loan initiation fee will be deducted from the Vested individual Account Value during the first month of the Contract Loan period. We reserve the right to change the fee charged for Contract Loan initiation, but not to exceed the stated maximums; and

 

 
*In the Contract we use the term “Loan Account” to describe the account where amounts equal to the outstanding loan balance are held as collateral.

PRO.167680-22

48  
·Annual Loan Administration Fee. Contract Loans issued on or after May 1, 2022, that have a 0.0% Loan Interest Rate Spread may also be subject to an annual loan administration fee (in addition to a loan initiation fee). The annual loan administration fee may apply to each outstanding Contract Loan and, if applied, will be deducted from the Vested individual Account Value annually at the beginning of each calendar year. We reserve the right to change the annual fee charged for loan administration, but the fee shall not exceed $50.

 

For information about whether the Loan Interest Rate Spread, the loan initiation fee or the annual loan maintenance fee is applicable to you, please see your certificate/enrollment materials or the Contract (held by the Contract Holder).

 

Requests

 

If you are eligible to obtain a loan, you may request one by properly completing a loan request form and submitting it to Customer Service. Read the terms of the loan agreement before submitting any request.

 

Repayment and Default on Loans

 

Loans may be repaid as described in the loan agreement, including paid in full at any time.

Generally, on the day Customer Service receives a loan repayment in Good Order, the loan repayment will be allocated among the investment options according to the most recent allocation instructions we have on file. If we do not receive a loan repayment when due, the entire outstanding loan balance will be considered in default.

 

To the extent that a loan remains in default and is not repaid in a timely manner as prescribed by Tax Code Section 72(p) and applicable regulations, the entire outstanding balance, including accrued interest will be reported as a taxable distribution on IRS Form 1099. The distribution may also be subject to tax penalties under Tax Code Section 72(t). To the extent a loan which has been reported as a distribution remains unpaid, it will continue to count against your future loan availability. If you have a Contract Loan, the Loan Interest Rate Spread will continue to accrue until the Contract Loan is offset or until you have a distributable event. Additionally, certain other tax rules apply to distributions from the Contract. See “FEDERAL Tax Considerations ‒ Distributions ‒ General” for additional information.

 

FEDERAL TAX CONSIDERATIONS

 

Introduction

 

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

·Your tax position (or the tax position of the Beneficiary, as applicable) determines the federal taxation of amounts held or paid out under the Contract;
·Tax laws change. It is possible that a change in the future could affect contracts issued in the past, including the Contract described in this prospectus;
·This section addresses some, but not all, applicable federal income tax rules and generally does not discuss federal estate and gift tax implications, state and local taxes or any other tax provisions;
·We do not make any guarantee about the tax treatment of the Contract or transactions involving the Contract; and
·No assurance can be given that the IRS would not assert, or that a court would not sustain, a position contrary to any of those set forth below.

PRO.167680-22

49  
We do not intend this information to be tax advice. No attempt is made to provide more than a general summary of information about the use of the Contract with 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 Contract 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), 401(k), 403(b), or 457 of the Tax Code. Qualified Contracts may also be offered in connection with qualified governmental excess benefit plans under Tax Code Section 415(m), deferred compensation plans under Tax Code Section 457(f), and bona fide severance pay plans under Tax Code Section 457(e). Employers or individuals intending to use the Contract with such plans should seek legal and tax advice.

 

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

 

Taxation of Qualified Contracts

 

Eligible Retirement Plans and Programs

 

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

·401(a), 401(k) and Roth 401(k) Plans. Sections 401(a) and 401(k) of the Tax Code permit certain employers to establish various types of retirement plans for employees, and permit self-employed individuals to establish these plans for themselves and their employees. The Tax Code also allows employees of certain private employers to contribute after-tax salary contributions to a Roth 401(k) account which provides for tax-free distributions, subject to certain restrictions;
·403(b) and Roth 403(b) Plans. Section 403(b) of the Tax Code allows employees of certain Tax Code Section 501(c)(3) organizations and public schools to exclude from their gross income the Purchase Payments made, within certain limits, to a contract that will provide an annuity for the employee’s retirement. The Tax Code also allows employees of 501(c)(3) organizations and public schools to contribute after-tax salary contributions to a Roth 403(b) account, which provides for tax-free distributions, subject to certain restrictions; and
·457 and Roth 457 Plans. Section 457 of the Tax Code permits certain employers to offer deferred compensation plans for their employees. These plans may be offered by state governments, local governments, political subdivisions, agencies, instrumentalities and certain affiliates of such entities (governmental employers), as well as non-governmental, tax-exempt organizations (non-governmental employers). A 457 plan may be either a 457(b) (eligible) plan or a 457(f) (ineligible) plan. Participation in a 457(b) plan maintained by a non-governmental employer is generally limited to a select group of management and highly-compensated employees (other than 457(b) plans maintained by nonqualified, church-controlled organizations). Depending on the plan design, the participant may be entitled to determine the investment allocation of their deferred compensation account. The Tax Code also allows employees of governmental 457(b) Plan employers to contribute after-tax salary contributions to a Roth 457(b) account, which provides for tax-free distributions, subject to certain restrictions.

 

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

PRO.167680-22

50  

Special Considerations for Section 403(b) Plans. In addition to being offered as an investment option under the Contract, shares of certain Funds are also offered for sale directly to the general public. These Funds are identified in APPENDIX A. 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 by the Contract Holder’s employer 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.

 

Revenue Procedure 99-44 was issued before 403(b) plans could offer a Roth contribution feature. However, we believe that this analysis should not impact the treatment of such contracts as annuity contracts for purposes of Tax Code Section 403(b). 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 Roth 403(b) account.

 

Special Considerations for Section 457 Plans. Under 457(b) plans of non-governmental employers and 457(f) plans, all amounts of deferred compensation, all property and rights purchased with such amounts and all income attributable to such amounts, property and rights remain solely the property and rights of the employer and are subject to the claims of the employer’s general creditors. In addition, benefits under a 457(f) plan are generally taxable to an employee in the first year in which there is no “substantial risk of forfeiture” in order to defer taxation of contributions and earnings. Generally, a substantial risk of forfeiture means that the individual’s right to receive deferred compensation is dependent upon the performance of future services to an employer or other entity. 457(b) plans of governmental employers, on the other hand, are required to hold all assets and income of the plan in trust for the exclusive benefit of plan participants and their Beneficiaries. For purposes of meeting this requirement, an annuity contract is treated as a trust.

 

Taxation

 

The tax rules applicable to Qualified Contracts vary according to the type of Qualified Contract, the specific terms and conditions of the Qualified Contract, and the terms and conditions of the qualified plan or program. The ultimate effect of federal income taxes on the amounts held under a Qualified Contract, or on Income Phase (i.e., 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 Contracts described in this prospectus. No attempt is made to provide more than general information about the use of the Contract with qualified plans and programs. Contract Owners, sponsoring employers, participants, Annuitants and Beneficiaries are cautioned that the rights of any person to any benefit under these qualified plans and programs may be subject to the terms and conditions of the plan or program, regardless of the terms and conditions of the Contract. The Company is not bound by the terms and conditions of such plans and programs to the extent such terms contradict the language of the Contract, unless we consent in writing.

PRO.167680-22

51  

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

 

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

 

Contributions

 

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

 

401(a), 401(k), Roth 401(k), 403(b) and Roth 403(b) Plans. The total annual contributions (including pre-tax and Roth 401(k) or Roth 403(b) after-tax contributions) by you and your employer cannot exceed, generally, the lesser of 100% of your compensation or $61,000 (as indexed for 2022. Compensation means your compensation for the year from the employer sponsoring the plan and includes any elective deferrals under Tax Code Section 402(g) and any amounts not includible in gross income under Tax Code Sections 125 or 457.

 

This limit applies to your contributions as well as to any contributions made by your employer on your behalf. An additional requirement limits your salary reduction contributions to a 401(k), Roth 401(k), 403(b) or Roth 403(b) plan to generally no more than $20,500 (as indexed for 2022). Contribution limits are subject to annual adjustments for cost-of-living increases. Your own limit may be higher or lower, depending upon certain conditions.

 

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

 

457(b) and Roth 457(b) Plans. The total annual contributions (including pre-tax and Roth 457(b) after-tax salary reduction contributions) made by you and your employer to a 457(b) or Roth 457(b) plan cannot exceed, generally, the lesser of 100% of your includible compensation or $20,500 (as indexed for 2022). Generally, includible compensation means your compensation for the year from the employer sponsoring the plan, including deferrals to the employer’s Tax Code Section 401(k), Roth 401(k), 403(b), Roth 403(b) and 125 cafeteria plans in addition to any deferrals to the 457(b) or Roth 457(b) plan.

 

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

·$6,500; or
·The participant’s compensation for the year reduced by any other elective deferrals of the participant for the year.

PRO.167680-22

52  

Special 457 Catch-ups. Special catch-up provisions may be available for 457(b) Plans (“Special 457 Catch-ups”) during the three years prior to the participant’s normal retirement age. Note that the Special 457 Catch-ups cannot be used simultaneously with the Age 50 Catch-ups. Specifically, a participant may elect to defer the lesser of: (a) twice the deferral limit ($41,000); or (b) basic annual limit plus the amount of the basic annual limit not used in prior taxable years (disregarding any deferrals under the Age 50 Catch-up). If a participant is eligible for the Special 457 Catch-up and the Age 50 Catch-up, the participant can make deferrals up to the greater catch-up limit, but may not make deferrals in excess of the greater catch-up limit. For advice with respect to these catch-up provisions, please consult your own tax and/or legal adviser.

 

457(f) Plans and Non-Section 457 Deferred Compensation Plans. 457(f) plans and Non-Section 457 plans have no contribution limits, unless the plan document imposes a limit.

 

Distributions – General

 

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

 

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

·The distribution is an eligible rollover distribution and is directly transferred or rolled over within 60 days to another plan eligible to receive rollovers or to a traditional 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 on all or part of the earnings on the contributions according to the rules detailed in the Tax Code; or
·The distribution is a qualified health insurance premium of a retired public safety officer as defined in the Pension Protection Act of 2006.

 

A distribution is an eligible rollover distribution unless it is:

·Part of a series of substantially equal periodic payments (at least one per year) made over the life (or life expectancy) of the participant or the joint lives (or joint life expectancies) of the participant and his designated Beneficiary or for a specified period of ten years or more;
·A required minimum distribution under Tax Code Section 401(a)(9);
·A hardship withdrawal; or
·Otherwise not recognized under applicable regulations as eligible for rollover.

 

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

 

Exceptions to the 10% additional tax may apply if:

·You have attained age 59½;
·You have become disabled, as defined in the Tax Code;
·You have died and the distribution is to your Beneficiary;
·The distribution amount is rolled over tax free into another eligible retirement plan or to a traditional or Roth IRA in accordance with the terms of the Tax Code;
·The distribution is paid directly to the government in accordance with an IRS levy;
·The distribution is a qualified reservist distribution as defined under the Tax Code;
·The distribution is a qualified birth or adoption distribution;
·The distribution is eligible for penalty relief extended to victims of certain natural disasters;
·You have unreimbursed medical expenses that are deductible (without regard to whether you itemized deductions);
·You have separated from service with the Plan Sponsor at or after age 55;
·You are a qualified public safety employee taking a distribution from a governmental plan and you separated from service after age 50;

 

PRO.167680-22

53  
·You have separated from service with the Plan Sponsor and the distribution amount is made in substantially equal periodic payments (at least annually) over your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your designated Beneficiary; or
·The withdrawal amount is paid to an alternate payee under a Qualified Domestic Relations Order (“QDRO”).

 

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

 

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

·The distribution occurs after the five-year taxable period measured from the earlier of:
·The first taxable year you, as applicable, made a designated Roth contribution to any designated Roth account established for you under the same applicable retirement plan as defined in Tax Code Section 402A;
·If a rollover contribution was made from a designated Roth account previously established for you under another applicable retirement plan, the first taxable year for which you made a designated Roth contribution to such previously established account; or
·The first taxable year in which you made an in-plan Roth rollover of non-Roth amounts under the same plan; AND
·The distribution occurs after you attain age 59½, die with payment being made to your Beneficiary or estate, or become disabled as defined in the Tax Code.

 

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

 

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

 

457(f) Plans. Compensation deferred under a 457(f) plan is includible in gross income in the first year in which it is no longer subject to a “substantial risk of forfeiture” as defined under Tax Code Section 457(f) or required to be includible under Tax Code Section 409A. If the requirements of Tax Code Section 409A are not met, affected participants covered by the plan will be subject to:

·Income tax inclusion on the deferred amounts, retroactive to the date of the original deferral (or if later, that date on which the deferred compensation was no longer subject to a substantial risk of forfeiture);
·Interest at the underpayment rate plus one percent on the underpayments; and
·An additional penalty tax equal to 20% of the amount included in income.

 

Non-Section 457 Deferred Compensation Plans. We define a non-Section 457 deferred compensation plan to be either a deferred plan of a tax-exempt employer that is “grandfathered” and not subject to Section 457 rules, or a deferred compensation plan of a for-profit employer that is not subject to Section 457 rules. Compensation deferred under a non-Section 457 deferred compensation plan is generally includible in income in the first year in which it is:

·Paid or otherwise made available to you or your designated Beneficiary; or
·Required to be includible under Tax Code Section 409A.

 

If the requirements of Tax Code Section 409A are not met, affected participants covered by the plan will be subject to:

·Income tax inclusion on the deferred amounts, retroactive to the date of the original deferral (or if later, that date on which the deferred compensation was no longer subject to a substantial risk of forfeiture),
·Interest at the underpayment rate plus one percent on the underpayments, and
·An additional penalty tax equal to 20% of the amount included in income.

PRO.167680-22

54  

Distributions – Eligibility

 

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

 

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

·Retirement;
·Death;
·Disability;
·Severance from employment;
·Attainment of normal retirement age;
·Attainment of age 59½; or
·Termination of the plan.

 

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

 

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

·Retirement;
·Death;
·Attainment of age 59½;
·Severance from employment;
·Disability;
·The birth or adoption of a child;
·Financial hardship (for 2018 and earlier, contributions only, not earnings); or
·Termination of the plan; or
·Meeting other circumstances as allowed by federal law, regulations or rulings.

 

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

 

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

·Retirement;
·Death;
·Attainment of age 59½;
·Severance from employment;
·Disability;
·The birth or adoption of a child;
·Financial hardship (contributions only, not earnings);
·Termination of the plan; or
·Meeting other circumstances as allowed by federal law, regulations or rulings.

 

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

 

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

 

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

PRO.167680-22

55  

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

 

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

·The calendar year you attain age 59½;
·When you experience a severance from employment; or
·When you experience an unforeseeable emergency.

 

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

 

457(f) Plans. Some Tax Code Section 457(f) plans must meet the requirements of Tax Code Section 409A, which includes standards for deferral elections, restrictions on subsequent elections regarding the time and form of payment and a prohibition on against accelerating payments from such plans. Tax Code Section 409A also allows distributions only upon the occurrence of the following specified events:

·Separation from service;
·Disability;
·Death;
·Payment at a specified time (or under a fixed schedule) determined at the date that the deferral is made;
·Change in control or ownership of the sponsoring employer; or
·Unforeseeable emergency.

 

For more information, please consult your own tax and/or legal adviser.

 

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

·The start date for distributions;
·The time period in which all amounts in your Contract(s) must be distributed; and
·Distribution amounts.

 

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

·Under 401(a), 401(k), 403(b) and Roth 403(b) plans that are not governmental or church plans, you are a 5% owner, in which case such distributions must begin by April 1 of the calendar year following the calendar year in which you attain age 72 (age 70½ if born before July 1, 1949); or
·Under 403(b) plans, the Company maintains separate records of amounts held as of December 31, 1986. In this case distribution of these amounts generally must begin by the end of the calendar year in which you attain age 75. However, if you take any distributions in excess of the minimum required amount, then special rules require that the excess be distributed from the December 31, 1986 balance.

 

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

·Over your life or the joint lives of you and your designated Beneficiary; or
·Over a period not greater than your life expectancy or the joint life expectancies of you and your designated Beneficiary.

PRO.167680-22

56  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

PRO.167680-22

57  

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Withholding

 

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

 

401(a), 401(k), Roth 401(k), 403(b), Roth 403(b), Governmental 457(b) and Governmental Roth 457(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 other distributions described in the Tax Code.

 

457(b) Plans of Non-Governmental Employers and 457(f) Plans. All distributions from these plans, except death benefit proceeds, are subject to mandatory federal income tax withholding as wages. Death benefit proceeds are not subject to income tax withholding.

PRO.167680-22

58  

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 tax treaty status.

 

In-Plan Roth Rollovers

 

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

 

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

 

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

 

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

 

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

 

Assignment and Other Transfers

 

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

·A plan participant as a means to provide benefit payments;
·An alternate payee under a QDRO in accordance with Tax Code Section 414(p);
·The Company as collateral for a loan; or
·The enforcement of a federal income tax lien or levy.

PRO.167680-22

59  

Possible Changes in Taxation

 

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

 

Taxation of the Company

 

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

 

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

 

In calculating our corporate income tax liability, we may claim certain corporate income tax benefits associated with the investment company assets, including Separate Account assets, which are treated as Company assets under applicable income tax law. These benefits may reduce our overall corporate income tax liability. Under current law, such benefits include foreign tax credits and corporate dividends received deductions. We do not pass the tax benefits to the holders of the Separate Account because (1) the Contract Owners are not the owners of the assets generating these benefits under applicable income tax law; and (2) we do not currently include Company income taxes in the tax charges you pay under the Contract. We reserve the right to change these tax practices.

 

OTHER TOPICS

 

Right to Cancel

 

When and How to Cancel. If the Contract Holder chooses to cancel a Contract, we must receive the Contract and a written notice of cancellation within ten days (or a longer period if required by state law) after the Contract Holder’s receipt of the Contract.

 

If you wish to cancel participation in the Contract and are allowed to do so under the Contract and the plan, you must send the document evidencing your participation and a written notice of cancellation to the Company within ten days after you receive confirmation of your participation in the Contract.

 

Refunds. We will produce a refund no later than seven calendar days after Customer Service receives the required documents and written notice in Good Order. The refund will equal amounts contributed to the Contract or account(s), as applicable, plus any earnings or less any losses attributable to the investment options in which amounts were invested. Any mortality and expense risk charges and administrative expense charges deducted during the period you held the Contract will not be returned. We will not deduct an early withdrawal charge, nor apply a market value adjustment to any amounts you contributed to the Guaranteed Accumulation Account. In certain states, we are required to refund contributions. When a refund of contributions is not required, the Investor bears any investment risk.

PRO.167680-22

60  

Contract Distribution

 

General

 

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

 

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

 

Registered representatives of distributors who solicit sales of the Contracts typically receive a portion of the compensation paid to the distributor in the form of commissions or other compensation, depending upon the agreement between the distributor and the registered representative. This compensation, as well as other incentives or payments, is not paid directly by Contract 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.

 

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 3.5% 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 Purchase Payments 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 Purchase 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.

PRO.167680-22

61  

We may also enter into special compensation arrangements with certain distributors based on those firms’ aggregate or anticipated sales of the Contracts or other criteria. These arrangements may include commission specials, in which additional commissions may be paid in connection with Purchase Payments received for a limited time period, within the maximum 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 Contract or if the overall amount of investments in the Contract 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 a specific percentage of Purchase Payments received under the Contract 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.

 

In addition to direct cash compensation for sales of the Contract described above, through Voya Financial Partners, LLC, we may also pay distributors additional compensation or reimbursement of expenses for their efforts in selling the Contract 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 the Contract; 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 Contract.

PRO.167680-22

62  

The following is a list of the top 25 distributors that, during 2021, received the most compensation, in the aggregate, from us in connection with the sale of registered variable annuity contracts issued by the Company, ranked by total dollars received:

 

1. Lincoln Investment Planning, Inc. 14. Woodbury Financial Services, Inc.
2. Regulus Advisors, LLC 15. MMA Securities LLC
3. LPL Financial LLC 16. Pensionmark Securities, LLC
4. Morgan Stanley Smith Barney LLC 17. NYLIFE Securities LLC
5. Cetera Advisor Networks LLC 18. Cadaret, Grant & Co., Inc.
6. Royal Alliance Associates, Inc. 19. Cetera Advisors LLC
7. Voya Financial Advisors, Inc. 20. PlanMember Securities Corporation
8. Securities America, Inc. 21. CapFinancial Securities, LLC
9. Ameriprise Financial Services, Inc. 22. IMA Wealth, Inc.
10. Kestra Investment Services, LLC 23. CUNA Brokerage Services, Inc.
11. Northwestern Mutual Investment Services, Inc. 24. SagePoint Financial, Inc.
12. American Portfolios Financial Services, Inc. 25. RBC Capital Markets, LLC
13. Lincoln Financial Advisors Corporation    

 

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 over another.

 

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

 

Order Processing

 

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

 

Anti-Money Laundering

 

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

 

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

 

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

PRO.167680-22

63  

 

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

 

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

 

Unclaimed Property

 

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

 

Contract Owners are urged to keep their own, as well as their Beneficiaries’ and other payees’, information up to date, including full names, postal and electronic media addresses, telephone numbers, dates of birth, and Social Security numbers. Such updates should be communicated to Customer Service.

 

Cyber Security

 

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

 

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

 

Payment Delay or Suspension

 

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

·On any valuation date when the NYSE is closed (except customary weekend and holiday closings), or when trading on the NYSE is restricted;
·When an emergency exists as determined by the SEC so that disposal of securities held in the Subaccounts is not reasonably practicable or it is not reasonably practicable to fairly determine the value of the Subaccount’s assets; and
·During any other periods the SEC may by order permit for the protection of Investors.

PRO.167680-22

64  

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

 

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

 

Intent to Confirm Quarterly

 

Under certain Contracts, we will provide confirmation of scheduled transactions quarterly rather than immediately to the participant.

 

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’s ability to distribute the Contract or upon the Separate Account.

 

·Litigation. Notwithstanding the foregoing, the Company and/or Voya Financial Partners, LLC, is a defendant in a number of litigation matters arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Certain claims are asserted as class actions. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages and other relief. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim oftentimes bears little relevance to the merits or potential value of a claim.
·Regulatory Matters. As with other financial services companies, the Company and its affiliates, including Voya Financial Partners, LLC, periodically receive informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters.

 

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

 

Financial Statements

 

The statements of assets and liabilities, the statements of operations, the statements of changes in net assets and the related notes to financial statements for Variable Annuity Account C and the consolidated financial statements and the related notes to consolidated financial statements for Voya Retirement Insurance and Annuity Company are located in the Statement of Additional Information. To request a free Statement of Additional Information, please contact Customer Service at 1-800-584-6001.  

PRO.167680-22

65  

APPENDIX A: FUNDS AVAILABLE UNDER THE CONTRACT

 

The following is a list of Funds available under the Contract. The Funds available to you may vary based on employer and state approval and participants should refer to their plan documents for a list of available Funds. The Funds available to you are also found online at https://vpx.broadridge.com/getcontract1.asp?dtype=pros&cid=voyavpx&fid=NRVA28672, by calling Customer Service at 1-800-584-6001 or by sending an email request to ProspectusRequests@voya.com.

 

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

 

INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Seeks to provide long-term capital appreciation.

AMG River Road Mid Cap Value Fund13 (Class N)

 

Investment Adviser: AMG Funds LLC

 

Subadviser: River Road Asset Management, LLC

1.12%

31.98% 7.52% 11.43%
Seeks long-term capital appreciation.

Alger Responsible Investing Fund11 (Class A)

 

Investment Adviser: Fred Alger Management, LLC

1.27%

23.91% 23.07% 16.95%
Seeks long-term capital growth, consistent with Islamic principles.

Amana Growth Fund11 (Investor Shares)

 

Investment Adviser: Saturna Capital Corporation

0.95%

31.53% 25.17% 17.76%
Seeks current income and preservation of capital, consistent with Islamic principles. Current income is the Fund’s primary objective.

Amana Income Fund11

(Investor Shares)

Investment Adviser: Saturna Capital Corporation

1.04%

22.51% 15.06% 12.77%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
13This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts.

PRO.167680-22

66  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

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

American Beacon Small Cap Value Fund14 (Investor Class)

 

Investment Adviser: American Beacon Advisors, Inc.

 

Subadvisers:
Barrow, Hanley, Mewhinney & Strauss, LLC; Brandywine Global Investment Management, LLC; Foundry Partners, LLC; Hillcrest Asset Management, LLC; Hotchkis and Wiley Capital Management, LLC and Mellon Investments Corporation

1.16%

27.72% 8.24% 11.63%
Seeks to provide total return and inflation protection consistent with investment in inflation-indexed securities.

American Century Investments® Inflation-Adjusted Bond Fund12 (Investor Class)

 

Investment Adviser: American Century Investment Management, Inc.

0.47%

6.37% 4.92% 2.63%
Seeks to strive for the balanced accomplishment of three objectives:  current income, growth of capital and conservation of principal.

American Funds® – American Mutual Fund® 12(Class R-4)

 

Investment Adviser: Capital Research and Management CompanySM

0.62%

24.91% 12.87% 12.61%
Seeks (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The Fund’s secondary objective is to provide growth of capital.

American Funds® – Capital Income Builder® 13 (Class R-4)

 

Investment Adviser: Capital Research and Management CompanySM

0.61%

15.00% 8.12% 7.68%

 

 
* Operational Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses .
14This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts.

PRO.167680-22

67  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

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

American Funds® – EuroPacific Growth Fund® 15 (Class R-4)

 

Investment Adviser: Capital Research and Management CompanySM

0.81%

2.49% 12.47% 9.62%
Seeks to achieve long-term growth of capital and income.

American Funds® – Fundamental Investors® 13 (Class R-4)

 

Investment Adviser: Capital Research and Management CompanySM

0.63%

22.45% 15.62% 14.95%
Seeks to provide long-term capital appreciation.

American Funds® – New World Fund® 13 (Class R-4)

 

Investment Adviser: Capital Research and Management CompanySM

0.92%

4.77% 14.19% 9.2%
Seeks to provide long-term growth of capital.

American Funds® – SMALLCAP World Fund® 13 (Class R-4)

 

Investment Adviser: Capital Research and Management CompanySM

1.00%

10.27% 17.83% 14.76%
Seeks to provide growth of capital.

American Funds® – The Growth Fund of America® 13 (Class R-4)

 

Investment Adviser: Capital Research and Management CompanySM

0.65%

19.27% 20.83% 17.89%
Seeks long-term capital appreciation.

Ariel Fund13 (Investor Class)

 

Investment Adviser: Ariel Investments, LLC

1.00%

30.36% 12.33% 14.37%
Seeks maximum long-term capital growth.

Artisan International Fund13 (Investor Shares)

 

Investment Adviser: Artisan Partners Limited Partnership

1.19%

9.02% 12.09% 9.10%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
15This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts.

PRO.167680-22

68  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Seeks to provide increasing dividend income over time, long-term growth of capital, and a reasonable level of current income.

Ave Maria Rising Dividend Fund16

 

Investment Adviser: Schwartz Investment Counsel, Inc.

0.93% 19.4% 13.6% 13.1%
Seeks long-term growth of capital.

BlackRock Health Sciences Opportunities Portfolio14 (Institutional Shares)

 

Investment Adviser: BlackRock Advisors, LLC

1.10%

13.20% 12.42% 16.60%
Seeks capital appreciation and, secondarily, income, by investing in securities, primarily equity securities that Fund management believes are undervalued and therefore represent an investment value.

BlackRock Mid Cap Value Fund14 (Institutional Shares)

 

Investment Adviser: BlackRock Advisors, LLC

1.00%

1.24% 9.41% 8.82%
Seeks to provide a competitive total return through an actively managed portfolio of stocks, bonds and money market instruments which offer income and capital growth opportunity.

Calvert VP SRI Balanced Portfolio (Class I)

 

Investment Adviser: Calvert Research and Management

0.63%

15.12% 12.49% 10.48%
Seeks capital appreciation.

ClearBridge Aggressive Growth Fund14 (Class I)

 

Investment Adviser: Cohen & Steers Capital Management, Inc.

0.82%

8.17% 11.32% 13.18%
The investment objective of the Fund is total return through investment in real estate securities.

Cohen & Steers Real Estate Securities Fund, Inc.14 (Class A)

 

Investment Adviser: Cohen & Steers Capital Management, Inc.

1.13%

41.68% 13.38% 13.34%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
16This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts.

PRO.167680-22

69  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Seeks long-term capital appreciation.

Columbia Select Mid Cap Value Fund17 (Class A)

 

Investment Adviser: Columbia Management Investment Advisers, LLC

1.13%

18.15% 10.99% 11.86%
Seeks long-term capital growth.

DWS Small Cap Growth Fund15 (Class S)

 

Investment Adviser: DWS Investment Management Americas, Inc.

0.95%

12.91% 12.90% 12.43%
Seeks long-term growth of capital.

Davis Financial Fund15 (Class Y)

 

Investment Adviser: Davis Selected Advisers, L.P.

 

Subadviser:
Davis Selected Advisers-NY, Inc.

0.74%

-5.67% 7.78% 9.07%
Seeks to provide growth of Capital.

Delaware Ivy Science and Technology Fund15 (Class Y)

 

Investment Adviser: Delaware Management Company

1.20%

15.43% 24.35% 19.40%
Seeks capital appreciation.

Delaware Small Cap Value Fund15 (Class A)

 

Investment Adviser: Delaware Management Company

1.14%

33.91% 9.20% 11.61%
Seeks to provide long-term capital growth.

Federated Hermes International Leaders Fund15 (Institutional Shares)

 

Investment Adviser: Federated Global Investment Management Corp.

1.08%

5.02% 9.47% 9.10%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
17This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts.

PRO.167680-22

70  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Seeks capital appreciation.

Fidelity Advisor® New Insights Fund18 (Class I)

 

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

 

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

0.51%

24.62% 19.72% 16.33%
Seeks long-term capital appreciation.

Fidelity® VIP ContrafundSM Portfolio (Initial Class)

 

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

 

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

0.52%

27.83% 20.17% 16.64%
Seeks capital appreciation.

Franklin Biotechnology Discovery Fund16, 19 (Advisor Class)

 

Investment Adviser: Franklin Advisers, Inc.

0.74%

30.34% 8.17% N/A
Seeks high total return. Total return consists of both capital appreciation and current dividend and interest income.

Franklin Natural Resources Fund16 (Advisor Class)

 

Investment Adviser: Franklin Advisers, Inc.

1.00%

-21.38% -2.11% -7.01%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
18This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts.
19This Fund is only available to plans offering the Fund prior to July 8, 2014.

PRO.167680-22

71  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Seeks long-term total return. Under normal market conditions, the Fund invests at least 80% of its net assets in investments of small-capitalization companies.

Franklin Small Cap Value VIP Fund20 (Class 2)

 

Investment Adviser: Franklin Mutual Advisers, LLC

0.91%

25.37% 9.94% 12.13%
Seeks long-term growth of capital.

Goldman Sachs Growth Opportunities Fund21 (Investor Shares)

 

Investment Adviser: Goldman Sachs Asset Management, L.P.

0.98%

44.48% 18.94% 14.29%
Seeks long-term capital appreciation.

Invesco American Value Fund19 (Class R5)

 

Investment Adviser: Invesco Advisers, Inc.

0.79%

27.90% 9.32% 11.14%
Seeks capital appreciation.

Invesco Developing Markets Fund19, 22 (Class Y)

Investment Adviser: Invesco Advisers, Inc.

0.95%

-7.25% 10.02% 6.47%
Seeks long-term growth of capital.

Invesco Energy Fund19 (Class R5)

 

Investment Adviser: Invesco Advisers, Inc.

1.00%

56.74% -5.26% -3.74%
Seeks total return, comprised of current income and capital appreciation.

Invesco Floating Rate ESG Fund19 (Class R5)

 

Investment Adviser: Invesco Advisers, Inc.

 

Subadviser: Invesco Senior Secured Management, Inc.

0.16%

6.39% 3.99% 4.58%
Seeks total return, through growth of capital and current income.

Invesco High Yield Fund19 (Class R5)

 

Investment Adviser: Invesco Advisers, Inc.

0.75%

4.21% 4.88% 5.86%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
20The Franklin Small Cap Value VIP Fund is closed to investment by new Investors. Existing retirement plans and individual Investors who have investment in the Subaccount that corresponds to this fund may leave their investment in that Subaccount and may continue to make additional purchases and exchanges.
21This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts.
22The Invesco Developing Markets Fund is only available to plans offering the Fund prior to April 12, 2013.

PRO.167680-22

72  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Seeks capital appreciation.

Invesco EQV International Equity Fund (formerly known as Invesco International Growth Fund23 (Class Y)

 

Investment Adviser: Invesco Advisers, Inc.

0.86%

5.77% 9.99% 7.94%
Seeks capital appreciation.

Invesco International Small-Mid Company Fund21, 24 (Class Y)

 

Investment Adviser: Invesco Advisers, Inc.

1.07%

14.14% 17.51% 16.55%
Seeks capital appreciation.

Invesco Main Street Mid Cap Fund® 21 (Class A)

 

Investment Adviser: Invesco Advisers, Inc.

1.06%

16.26% 11.03% 12%
Seeks total return.

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

 

Investment Adviser: Invesco Advisers, Inc.

0.84%

22.55% 13.73% 14.69%
Seeks capital appreciation and current income.

JPMorgan Equity Income Fund21, 25 (Class I)

 

Investment Adviser: J.P. Morgan Investment Management Inc.

0.71%

25.13% 12.96% 13.36%
Seeks long-term capital appreciation.

Lazard International Equity Portfolio21 (Open Shares)

 

Investment Adviser: Lazard Asset Management LLC

1.07%

5.76% 7.91% 7.15%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
23This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts.
24This Fund is only available to plans who have selected the Fund as an investment option prior to April 1, 2016.
25This fund is closed to new sales to new retirement plans after April 3, 2017.

PRO.167680-22

73  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Seeks to deliver a high level of current income consistent with the preservation of capital by investing in a variety of short maturity debt securities including, investment grade and high yield corporate bonds, U.S. government securities, and mortgage- and other asset-backed debt securities.

Lord Abbett Short Duration Income Fund26 (Class R4)

 

Investment Adviser: Lord, Abbett & Co. LLC

0.59%

1.13% 2.59% 2.79%
Seeks capital appreciation.

MFS® International Intrinsic Value Fund24, 27 (Class R3)

 

Investment Adviser: Massachusetts Financial Services Company

0.97%

10.31% 13.88% 12.22%
Seeks capital appreciation.

MFS® New Discovery Fund24 (Class R3)

 

Investment Adviser: Massachusetts Financial Services Company

1.24%

1.26% 20.64% 15.64%
Seeks to maximize long-term total return.

Metropolitan West Total Return Bond Fund24 (Class M)

 

Investment Adviser: Metropolitan West Asset Management, LLC

0.67%

-1.34% 3.08% 3.82%
Seeks total return through a combination of capital appreciation and current income.

PGIM Jennison Utility Fund24, 28 (Class Z)

 

Investment Adviser: PGIM Investments LLC

 

Subadviser: Jennison Associates LLC

0.56%

15.26% 12.28% 12.16%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
26This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts.
27This Fund is only available to plans offering the Fund on or before October 16, 2017.
28Effective on or about June 1, 2018, Class Z shares of the PGIM Jennison Utility Fund were closed to investments by new group retirement plans. Existing plans may keep their investment in Class Z and may continue to make additional purchases or exchanges.

PRO.167680-22

74  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Seeks maximum real return, consistent with prudent investment management.

PIMCO CommodityRealReturn Strategy Fund® 29 (Administrative Class)

 

Investment Adviser: Pacific Investment Management Company LLC

1.16%

43.68% 9.48% -1.18%
Seeks maximum real return, consistent with preservation of real capital and prudent investment management.

PIMCO Real Return Portfolio (Administrative Class)

 

Investment Adviser: Pacific Investment Management Company LLC

0.67%

5.59% 5.33% 3.05%
Seeks to achieve both capital appreciation and current income.

Parnassus Core Equity FundSM 27 (Investor Shares)

 

Investment Adviser: Parnassus Investments

0.84%

27.55% 18.64% 16.41%
Seeks to maximize current income and achieve above average total return consistent with prudent investment management over a full market cycle.

TCW Total Return Bond Fund27 (Class N)

 

Investment Adviser: TCW Investment Management Company

0.79%

-1.20% 3.43% 3.85%
Seeks current income with capital appreciation and growth of income.

Templeton Global Bond Fund27 (Class A)

 

Investment Adviser: Franklin Advisers, Inc.

0.94%

-7.77% 0.39% 1.37%
Seeks long-term capital appreciation.

Third Avenue Real Estate Value Fund27 (Institutional Class)

 

Investment Adviser: Third Avenue Management LLC

1.18%

30.54% 7.27% 10.02%
Seeks high current income without undue risk to principal.

USAA Intermediate Term Bond Fund27 (Class A)

 

Investment Adviser: Victory Capital Management Inc.

0.92%

6.60% 5.54% 4.81%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
29This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts.

PRO.167680-22

75  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
A non-diversified Fund that seeks long-term capital appreciation and to protect the purchasing power of your capital against inflation.

USAA Precious Metals and Minerals Fund30 (Class A)

 

Investment Adviser: Victory Capital Management Inc.

1.12%

9.45% 9.35% -2.48%
Seeks to provide long-term capital growth.

Victory Integrity Small-Cap Value Fund28 (Class Y)

 

Investment Adviser: Victory Capital Management Inc.

1.08%

1.21% 7.23% 8.32%
Seeks to outperform the S&P 500® Index.

Voya Corporate Leaders® 100 Fund28 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.655%

27.77% 15.39% 14.89%
Seeks long-term capital growth and current income.

Voya Global High Dividend Low Volatility Portfolio31 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.66%

20.87% 10.47% 8.86%
Seeks total return.

Voya Global Perspectives® Portfolio32 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.84%

6.09% 9.24% N/A

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
30This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts.
31This Fund employs a managed volatility strategy. See “THE INVESTMENT OPTIONS – The Variable Investment Options - Funds with Managed Volatility Strategies” for more information.
32This Fund is structured as a Fund of Funds that invests directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS – The Variable Investment Options - Fund of Funds” for more information.

PRO.167680-22

76  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Seeks a high level of current income consistent with liquidity and safety of principal through investment primarily in Government National Mortgage Association (“GNMA”) mortgage-backed securities (also known as GNMA Certificates) that are guaranteed as to the timely payment of principal and interest by the U.S. government.

Voya GNMA Income Fund33 (Class A)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.85%

-0.91% 2.07% 1.94%
Seeks to provide high current return, consistent with preservation of capital and liquidity, through investment in high-quality money market instruments while maintaining a stable share price of $1.00.

Voya Government Money Market Portfolio34 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.50%

0.09% 0.90% 0.47%
Seeks to maximize total return through investments in a diversified portfolio of common stock and securities convertible into common stocks. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return.

Voya Growth and Income Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.66%

29.00% 17.52% 15.05%
Seeks to provide Investors with a high level of current income and total return.

Voya High Yield Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.50%

5.28% 5.89% 6.31%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
33This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts.
34There is no guarantee that the Voya Government Money Market Portfolio Subaccount will have a positive or level return.

PRO.167680-22

77  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Until the day prior to its Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2025. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Index Solution 2025 Portfolio35 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.45%

10.70% 10.17% 9.23%
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 2030. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Index Solution 2030 Portfolio33 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.46%

12.40% 11.21% 10.16%
Until the day prior to its Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2035. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Index Solution 2035 Portfolio33 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.46%

14.17% 12.09% 10.95%

 

 
* Operating Expenses reflecting applicable wavier or expense limitations as reported in the Fund’s expenses.
35This Fund is structured as a Fund of Funds that invests directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS – The Variable Investment Options - Funds of Funds” for more information.

PRO.167680-22

78  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Until the day prior to its Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2040. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Index Solution 2040 Portfolio36 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.49%

16.58% 13.06% 11.60%
Until the day prior to its Target Date, the Portfolio seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2045. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Index Solution 2045 Portfolio34 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.46%

17.86% 13.52% 11.93%
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 2050. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Index Solution 2050 Portfolio34 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.52%

17.81% 13.44% 11.88%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
36This Fund is structured as a Fund of Funds that invests directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS – The Variable Investment Options - Funds of Funds” for more information.

PRO.167680-22

79  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

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

Voya Index Solution 2055 Portfolio37 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.50%

17.95% 13.56% 11.95%
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 2060. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Index Solution 2060 Portfolio35 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.56%

18.18% 13.69% N/A
Seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2065. On the Target Date, the Portfolio’s investment objective will be to seek to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Index Solution 2065 Portfolio35 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.72%

18.45% N/A N/A

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
37This Fund is structured as a Fund of Funds that invests directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS – The Variable Investment Options - Funds of Funds” for more information.

PRO.167680-22

80  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Seeks to provide a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.

Voya Index Solution Income Portfolio38 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.45%

6.09% 7.22% 6.32%
Seeks to maximize total return consistent with reasonable risk. The Portfolio seeks its objective through investments in a diversified portfolio consisting primarily of debt securities. It is anticipated that capital appreciation and investment income will both be major factors in achieving total return.

Voya Intermediate Bond Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.59%

-0.88% 4.17% 4.14%
Seeks maximum total return.

Voya International High Dividend Low Volatility Portfolio39 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co., LLC

0.73%

12.08% 6.22% 5.92%
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of a widely accepted international index.

Voya International Index Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.54%

10.86% 9.37% 7.81%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
38This Fund is structured as a Fund of Funds that invests directly in shares of underlying Funds. See “THE INVESTMENT OPTIONS – The Variable Investment Options - Funds of Funds” for more information.
39This Fund employs a managed volatility strategy. See “THE INVESTMENT OPTIONS – The Variable Investment Options - Funds with Managed Volatility Strategies” for more information.

PRO.167680-22

81  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
A non-diversified Fund that seeks long-term capital growth.

Voya Large Cap Growth Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.95%

19.28% 21.27% 17.54%
Seeks long-term growth of capital and current income.

Voya Large Cap Value Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.82%

26.99% 12.07% 12.26%
Seeks long-term capital appreciation.

Voya MidCap Opportunities Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.85%

12.07% 18.81% 15.40%
Seeks maximum long-term capital appreciation.

Voya Multi-Manager International Small Cap Fund40 (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadvisers: Acadian Asset Management LLC and Victory Capital Management Inc.

1.30%

15.88% 12.13% 10.93%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
40This Fund is available to the general public in addition to being available through variable annuity contracts. See “FEDERAL TAX CONSIDERATIONS - Special Considerations for Section 403(b) Plans” for a discussion of investment in one of the public Funds under 403(b) or Roth 403(b) annuity contracts.

PRO.167680-22

82  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Top 200® Index.

Voya RussellTM Large Cap Index Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.42%

27.41% 19.26% 16.76%
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell Midcap® Index.

Voya RussellTM Mid Cap Index Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.52%

22.17% 14.66% 14.48%
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Russell 2000® Index.

Voya RussellTM Small Cap Index Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.54%

14.34% 11.65% 12.98%
Seeks growth of capital primarily through investment in a diversified portfolio of common stock of companies with smaller market capitalizations.

Voya Small Company Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.99%

14.76% 8.78% 12.20%
Seeks long-term capital appreciation.

Voya SmallCap Opportunities Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

1.02%

4.67% 10.68% 12.18%

 

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

PRO.167680-22

83  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Seeks investment results (before fees and expenses) that correspond to the total return (which includes capital appreciation and income) of the Bloomberg Barclays U.S. Aggregate Bond Index.

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

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.39%

-1.87% 3.22% 2.55%
Seeks total return.

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

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Voya Investment Management Co. LLC

0.27%

28.37% 18.16% 16.25%
Seeks long-term capital growth. Income is a secondary objective.

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

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: American Century Investment Management, Inc.

1.30%

27.57% 10.66% 13.42%
Seeks capital appreciation.

VY® Baron Growth Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: BAMCO, Inc.

1.34%

20.43% 22.83% 17.10%
Seeks total return including capital appreciation and current income.

VY® CBRE Global Real Estate Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: CBRE Investment Management Listed Real Assets, LLC

1.31%

34.14% 9.82% 8.89%

 

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

PRO.167680-22

84  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

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

VY® Invesco Equity and Income Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Invesco Advisers, Inc.

0.71%

18.60% 9.52% 10.57%
Seeks capital appreciation.

VY® Invesco Global Portfolio (Class I)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Invesco Advisers, Inc.

0.83%

15.37% 18.15% 14.29%
Seeks long-term growth of capital and income.

VY® Invesco Growth and Income Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: Invesco Advisers, Inc.

0.89%

28.97% 10.25% 12.34%
Seeks capital appreciation.

VY® JPMorgan Emerging Markets Equity Portfolio (Class S)

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: J.P. Morgan Investment Management Inc.

1.51%

-10.00% 13.49% 7.33%
Seeks capital growth over the long term.

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

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: J.P. Morgan Investment Management Inc.

1.11%

18.32% 12.45% 14.17%
Seeks, over the long-term, a high total investment return, consistent with the preservation of capital and with prudent investment risk.

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

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: T. Rowe Price Associates, Inc.

0.89%

18.40% 14.98% 13.62%

 

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

PRO.167680-22

85  
INVESTMENT OBJECTIVE

FUND NAME

INVESTMENT ADVISER/SUBADVISER

CURRENT EXPENSES*

AVERAGE ANNUAL TOTAL RETURNS

(as of 12/31/2021)

1 Year 5 Years 10 Years
Seeks a high level of dividend income as well as long-term growth of capital primarily through investments in stocks.

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

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: T. Rowe Price Associates, Inc.

0.89%

25.27% 11.00% 11.78%
A non-diversified Fund that seeks long-term growth through investments in stocks.

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

 

Investment Adviser: Voya Investments, LLC

 

Subadviser: T. Rowe Price Associates, Inc.

1.06%

20.15% 23.21% 19.11%
Seeks long-term capital appreciation.

Wanger International

 

Investment Adviser: Columbia Wanger Asset Management, LLC

1.25% -2.73% 8.35% 7.04%
Seeks long-term capital appreciation.

Wanger Select

 

Investment Adviser: Columbia Wanger Asset Management, LLC

1.16% -14.87% 8.77% 9.91%
Seeks long-term capital appreciation.

Wanger Acorn**

 

Investment Adviser: Columbia Wanger Asset Management, LLC

0.95% 8.90% 15.88% 14.79%

 

 
* Operating Expenses reflecting applicable waivers or expense limitations as reported in the Fund’s expenses.
**Prior to May 1, 2022, this Fund was known as Wanger USA.

PRO.167680-22

86  

APPENDIX B: GUARANTEED ACCUMULATION ACCOUNT

 

The Guaranteed Accumulation Account is a fixed interest option that may be available during the accumulation phase under the contracts. Amounts allocated to the Guaranteed Accumulation Account will be deposited in a nonunitized separate account established by the Company. This appendix is only a summary of certain facts about the Guaranteed Accumulation Account and does not include elements of the Guaranteed Accumulation Account that do not apply to the contracts offered through this prospectus. Please read the Guaranteed Accumulation Account prospectus (333-239315) before investing in this option. You may obtain a copy of the Guaranteed Accumulation Account prospectus by contacting Customer Service at 1-800-544-6001. The Guaranteed Accumulation Account may not be available in all contracts or states, and if permitted under the contract we may close or restrict the Guaranteed Accumulation Account to current or future investment.

 

General Disclosure. Amounts that you invest in the Guaranteed Accumulation Account will earn a guaranteed interest rate if amounts are left in the Guaranteed Accumulation Account 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 the Guaranteed Accumulation Account, you will want to contact your local representative or the Company to learn:

·The interest rate we will apply to the amounts that you invest in the Guaranteed Accumulation Account. We change this rate periodically, so be certain you know what rate we guarantee on the day your account dollars are invested into the Guaranteed Accumulation Account.
·The period of time your account dollars need to remain in the Guaranteed Accumulation Account in order to earn that rate. You are required to leave your account dollars in the Guaranteed Accumulation Account 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 the Guaranteed Accumulation Account. 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 to, interest rates available on fixed income investments we may buy using deposits directed to the Guaranteed Accumulation Account. 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 the Guaranteed Accumulation Account is withdrawn, you may incur the following:

·Market Value Adjustment (“MVA”) as described in this appendix and in the Guaranteed Accumulation Account prospectus;
·Tax Penalties and/or Tax withholding ‒ See “FEDERAL Tax Considerations;
·Early Withdrawal Charge ‒ See “CHARGES AND Fees; and/or
·Maintenance Fee ‒ See “CHARGES AND Fees.

 

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

PRO.167680-22

87  

Market Value Adjustment. If you withdraw or transfer your Account Value from the Guaranteed Accumulation Account 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. Certain waivers of the MVA may also apply. See your Guaranteed Accumulation Account prospectus for further details. Generally:

·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 the Guaranteed Accumulation Account; and
·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.

 

Guaranteed Terms. The Guaranteed Term is the period of time account dollars must be left in the Guaranteed Accumulation Account in order to earn the guaranteed interest rate specified for that Guaranteed Term. We offer different Guaranteed Terms at different times. Check with your sales representative or Customer Service 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 less; and
·Long-term – ten years or less, but greater than three years.

 

At the end of a Guaranteed Term, the Contract Holder or you, if permitted may:

·Transfer dollars to a new Guaranteed Term, if available;
·Transfer dollars to other available investment options; or
·Withdraw dollars.

 

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

 

Transfer of Account Dollars. Generally, account dollars invested in the Guaranteed Accumulation Account may be transferred among Guaranteed Terms offered through the Guaranteed Accumulation Account 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 the Guaranteed Accumulation Account 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. The Guaranteed Accumulation Account cannot be used as an investment option during the Income Phase. However, the Contract Holder or you, if permitted, may notify us at least 30 days in advance to elect a variable payment option and to transfer your Guaranteed Accumulation Account dollars to any of the Subaccounts available during the Income Phase.

 

Loans. You cannot take a loan from your Account Value in the Guaranteed Accumulation Account. However, we include your Account Value in the Guaranteed Accumulation Account when determining the amount of your Account Value we may distribute as a loan.

 

Reinstating Amounts Withdrawn from the Guaranteed Accumulation Account. If amounts are withdrawn from the Guaranteed Accumulation Account and then reinstated in the Guaranteed Accumulation Account, we will apply the reinstated amount to the current Deposit Period. The guaranteed annual interest rate and Guaranteed Terms available on the date of reinstatement will apply. Amounts will be reinstated 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 and any taxes that were withheld may also not be refunded, unless required by law.

 

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 www.sec.gov. Alternatively, the Company will arrange to send you the prospectus if you request it by contacting Customer Service The number assigned to the registration statement for this offering is 333-239315.

 

PRO.167680-22

88  

 

APPENDIX C: FIXED ACCOUNT

 

The Fixed Account is an investment option that may be available during the Accumulation Phase under certain exchanged Contracts (Contracts exchanged from prior Company contracts). The amounts allocated to the Fixed Account is held in the Company’s General Account which supports insurance and annuity obligations. All guarantees and benefits provided under the Contracts that are not related to the separate Account are subject to the claims paying ability and financial strength of the Company and our General Account. This option may not be available in all states.

 

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

 

General Disclosure. Interests in the Fixed Account have not been registered with the SEC in reliance upon exemptions under the Securities Act of 1933, as amended. Disclosure in this prospectus regarding the Fixed Account is subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of the statements. The Fixed Account is not registered as an investment company under the 1940 Act.

 

Interest Rates. The Fixed Account guarantees that amounts allocated to this option will earn the minimum interest rate specified in the Contract. We may credit interest at a current rate that may be higher than the guaranteed minimum interest rate and the current rate may be changed at any time, except that we will not apply a decrease to the current rate following a rate change initiated solely by us prior to the last day of the three-month period measured from the first day of the month in which such change was effective. Among other factors, the safety of the interest rate guarantee depends upon the claims-paying ability of the Company. Amounts applied to the Fixed Account will earn the interest rate in effect at the time money is applied. Amounts in the Fixed Account will reflect a compound interest rate as credited by us. The rate we quote is an annual effective yield. For information about interest rates charged, please contact Customer Service at 1-800-584-6001.

 

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.

 

Charges. We do not make deductions from amounts in the Fixed Account to cover mortality and expense risks. We consider these risks when determining the credited rate.

 

If you make a withdrawal from amounts in the Fixed Account, an early withdrawal charge may apply. See “CHARGES AND FeesTransaction Fees - Early Withdrawal Charge.” When the Contract is issued to replace an existing contract issued to the plan by the Company, the time basis for measuring the applicable withdrawal charge will reflect the number of years between the effective date of individual accounts under the previous contract and the date of the withdrawal.

 

Transfers. During the Accumulation Phase, you may transfer account dollars from the Fixed Account to any other available investment option. We may vary the dollar amount that you are allowed to transfer, but it will never be less than 10% of your Account Value held in the Fixed Account each calendar year. We determine the amount available for transfer based on your Fixed Account value as of the date we receive the transfer request in Good Order. The 10% limit does not apply to amounts being transferred into the Fixed Plus Account II (if available under the contract).

 

Loans. If available under your plan, loans may be made from Account Values held in the Fixed Account.

PRO.167680-22

89  

APPENDIX D: FIXED PLUS ACCOUNT II

 

The Fixed Plus Account II is an investment option that may be available during the Accumulation Phase under some Contracts. The amount allocated to the Fixed Plus Account II is held in the Company’s General Account which supports insurance and annuity obligations. All guarantees and benefits provided under the Contracts that are not related to the Separate Account are subject to the claims paying ability and financial strength of the Company and our General Account.

 

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

 

General Disclosure. Interests in the Fixed Plus Account II have not been registered with the SEC in reliance upon exemptions under the Securities Act of 1933, as amended. Disclosure in this prospectus regarding the Fixed Plus Account II is subject to certain generally applicable provisions of the federal securities laws relating to the accuracy and completeness of the statements. The Fixed Plus Account II is not registered as an investment company under the 1940 Act.

 

Certain Restrictions. This option may not be available in all states or in certain contracts. We reserve the right to limit investments in or transfers to the Fixed Plus Account II. You may not elect certain withdrawal options, including the systematic distribution option, if you have requested a Fixed Plus Account II transfer or withdrawal in the prior 12-month period. Under certain emergency conditions, we may defer payment of a withdrawal from the Fixed Plus Account II for a period of up to six months, after making a written request and receiving approval from the applicable insurance commissioner.

 

Interest Rates. The Fixed Plus Account II guarantees that amounts allocated to this option will earn no less than the minimum interest rate specified in the Contract. We may credit interest at a current rate that may be higher than the guaranteed minimum interest rate and the current rate may be changed at any time, except that we will not apply a decrease to the current rate following a rate change initiated solely by us prior to the last day of the three-month period measured from the first day of the month in which such change was effective. Among other factors, the safety of the interest rate guarantees depends upon the claims-paying ability of the Company. Amounts applied to the Fixed Plus Account II will earn the interest rate in effect at the time money is applied. Amounts in the Fixed Plus Account II will reflect a compound interest rate as credited by us. The rate we quote is an annual effective yield. For more information about current interest rates, please contact Customer Service at 1-800-584-6001

 

Our determination of credited interest rates reflects a number of factors, which may include 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, and whether a transfer credit has been selected. 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.

 

Requests for Partial Withdrawals. The Contract Holder or you, if permitted by the plan, may take up to 20% of the Fixed Plus Account II value as a partial withdrawal in each 12-month period. We determine the amount eligible for partial withdrawal as of the date Customer Service receives a request for a partial withdrawal in Good Order. The amount allowed for partial withdrawal is reduced by any Fixed Plus Account II withdrawals, transfers, loans or amounts applied to Income Phase payment options made in the prior 12 months. In calculating the 20% limit, we reserve the right to include payments made due to the election of a systematic distribution option.

 

Waiver of Partial Withdrawal Limits. We waive the 20% limit if the partial withdrawal is due to the election of an Income Phase payment option on a life-contingent basis or payments for a stated period on a fixed-only basis. We also waive the 20% limit for withdrawals due to your death. The waiver upon death may only be exercised once and must occur within six months after your date of death.

 

The 20% limit is also waived if the withdrawal is due to financial hardship or hardship resulting from an unforeseeable emergency, as defined by the Tax Code and regulations thereunder (under some Contracts it must be for an unforeseeable emergency), and the following requirements are satisfied:

·The hardship or unforeseeable emergency is certified by your employer, if applicable;
·The amount is paid directly to you; and
·The amount paid for all withdrawals due to hardship or unforeseeable emergency during the previous 12-month period does not exceed 20% of the average value of all individual accounts under the relevant contracts during that same period.

PRO.167680-22

90  

The 20% limit is also waived if the partial withdrawal is due to separation from service and the following conditions are met:

·The separation from service is documented in a form acceptable to us;
·The amount withdrawn is paid directly to you or as a direct rollover to a Tax Code Section 403(b), 401 or governmental 457(b) plan or an Individual Retirement Account or Individual Retirement Annuity designated by you; and
·The amount paid for all partial and full withdrawals due to separation from service during the previous 12-month period does not exceed 20% of the average value of all individual accounts under the relevant Contracts during that same period.

 

In addition, under some Contracts for 401(a) and 457(b) plans, the percentage limit is waived:

·For any in-service distribution permitted by the plan when:
·The distribution is certified by the employer;
·The amount is paid directly to the participant; and
·The amount paid for all withdrawals during the previous 12 months does not exceed 20% of the average value of all individual accounts under the Contract during that period.
·For the purposes of taking a loan from the plan, subject to conditions agreed to by the Contract Holder and the Company in writing.

 

Additionally, under certain Contracts, the percentage limit is waived:

·To purchase permissive past service credit under a governmental defined benefit plan.
·Due to disability as defined in the Tax Code, and when:
·If applicable, certified by an employer;
·The amount is paid directly to the participant; and
·The amount paid for all withdrawals due to disability during the previous 12 months does not exceed 20% of the average value of all individual accounts under the Contract during that period.

 

We may allow other waivers of the percentage limit on partial withdrawals to participants in certain plans. You can determine what additional waivers, if any, apply to you by referring to the Contract or certificate.

 

Requests for Full Withdrawals. If the Contract Holder or you, as applicable, if allowed by the plan and permitted under the Contract, request a full withdrawal of your Account Value or the value of all individual accounts, we will pay any amounts held in the Fixed Plus Account II with interest, in five annual payments equal to:

·One-fifth of the individual Fixed Plus Account II value, or the value of the sum of all individual accounts, as applicable, in the Fixed Plus Account II on the day the request is received, reduced by any Fixed Plus Account II withdrawals, transfers, amounts used to purchase Income Phase payments, or loans initiated by either by the Contract Holder or you during the prior 12 months;
·One-fourth of the remaining Fixed Plus Account II value 12 months later; reduced by any Fixed Plus Account II withdrawals, transfers, amounts used to purchase annuity payments, or loans initiated by either by the Contract Holder or you during the prior 12 months;
·One-third of the remaining Fixed Plus Account II value 12 months later; reduced by any Fixed Plus Account II withdrawals, transfers, amounts used to purchase annuity payments, or loans initiated by either by the Contract Holder or you, during the prior 12 months;
·One-half of the remaining Fixed Plus Account II value 12 months later; and reduced by any Fixed Plus Account II withdrawals, transfers, amounts used to purchase annuity payments, or loans initiated by either by the Contract Holder or you during the prior 12 months; and
·The balance of the Fixed Plus Account II value 12 months later.

 

Subject to these five year payment provisions, the Contract Holder may withdraw the sum of the value of all individual accounts under the Contract provided that the Contract Holder controls the Contract.

 

No early withdrawal charge applies to amounts withdrawn from the Fixed Plus Account II.

PRO.167680-22

91  

Once a request is received for a full withdrawal, no further withdrawals, loans or transfers will be permitted from the Fixed Plus Account II. Your request may be cancelled at any time before the end of the five-year period. If any contributions are received to your account at any time during the five-year payment period, the full withdrawal will be cancelled and your Fixed Plus Account installment payments will cease. If your full withdrawal is cancelled (either by your request or due to receipt of a contribution to your account), a new five-year payment period will begin upon any future full withdrawal from the Fixed Plus Account II.

 

Waiver of Full Withdrawal Provisions. We will waive the Fixed Plus Account II five-installment payout for full withdrawals made due to one or more of the following:

·When the amount in the Fixed Plus Account II is $5,000 or less (or, if applicable, as otherwise allowed by the plan for a lump-sum cash-out without participant consent) and if during the previous 12 months no amounts have been withdrawn, transferred, taken as a loan (if allowed under the Contract) or used to purchase income phase payments;
·Due to a participant’s death before Income Phase payments begin and paid within six months of the participant’s death;
·Made because the Company terminated the account under the circumstances described in “THE CONTRACT ‒ Contract Provisions and Limitations - Account Termination”;
·To purchase Income Phase payments on a life-contingent basis or payments for a stated period on a fixed-only basis;
·Due to a participant’s separation from service (provided, however, that such waiver shall not apply due to a participant’s severance from employment that would not otherwise qualify as a separation from service), and when:
·Separation from service is documented in a form acceptable to us;
·The amount is paid directly to the participant or as a direct rollover to another Tax Code Section 403(b), 401 or governmental 457(b) plan or an Individual Retirement Account or Individual Retirement Annuity designated by the participant; and
·The amount paid for all withdrawals due to separation from service during the previous 12 months does not exceed 20% of the average value of all individual accounts under the contract during that period;
·Due to a participant’s financial hardship or unforeseeable emergency as defined in the Tax Code, and when:
·If applicable, certified by the employer;
·The amount is paid directly to the participant; and
·The amount paid for all withdrawals due to financial hardship during the previous 12 months does not exceed 20% of the average value of all individual accounts under the Contract during that period.

 

Additionally, under certain Contracts we will waive the five-payment full withdrawal provision due to one or more of the following:

·For any in-service distribution permitted by the plan, when:
·Certified by the employer;
·The amount is paid directly to the participant; and
·The amount paid for all withdrawals during the previous 12 months does not exceed 20% of the average value of all individual accounts under the Contract during that period.
·For amounts taken as a loan in accordance with the terms of the plan. The withdrawal is made proportionately from each of the investment options in which the individual account is invested. Certain investment options may be excluded from the proportional withdrawal requirement as directed by the participant at the time of the loan withdrawal and agreed to by the Company.
·To purchase permissive past service credit under a governmental defined benefit plan.
·Due to disability as defined in the Tax Code, and when:
·If applicable, certified by the employer;
·The amount is paid directly to the participant; and
·The amount paid for all withdrawals due to disability during the previous 12 months does not exceed 20% of the average value of all individual accounts under the contract during that period.

PRO.167680-22

92  

Additionally, we may allow other waivers of the five installment payout for full withdrawals to participants in certain plans. You can determine what additional waivers, if any, apply to you by referring to the Contract or certificate.

 

Charges. We do not make deductions from amounts in the Fixed Plus Account II to cover mortality and expense risks. We consider these risks when determining the credited rate.

 

Transfers. The Contract Holder or you, if allowed by the plan, may transfer 20% of your Account Value held in the Fixed Plus Account II in each 12-month period. We determine the amount eligible for transfer on the day we receive a transfer request in Good Order. We will reduce amounts allowed for transfer by any Fixed Plus Account II withdrawals, transfers, loans or amounts applied to Income Phase payment options during the prior 12 months. In calculating the percentage limit on transfers, we reserve the right to include payments made due to the election of any of the systematic distribution options. We will waive the percentage limit on transfers when the value in the Fixed Plus Account II is $5,000 or less.

 

If you transfer 20% of your Account Value held in the Fixed Plus Account II 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 II during the five-year period. The 20% amount available to transfer under this provision will be reduced by any amount transferred, taken as a loan 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 II value under any systematic distribution option.

 

Income Phase. Subject to the Fixed Plus Account II full and partial withdrawal provisions, amounts accumulating under the Fixed Plus Account II can be used to fund fixed and variable payments during the Income Phase, but if a nonlifetime income option is selected, payments from the Fixed Plus Account II may only be available on a fixed basis. The Fixed Plus Account II full and partial withdrawal provisions are waived upon the election of a lifetime annuity option or the election of a nonlifetime option on a fixed basis, but are not waived upon the election of a nonlifetime option on a variable basis. Availability of Subaccounts may vary during the Income Phase.

 

Loans. If permitted under the plan, loans may be made from Account Values held in the Fixed Plus Account II. See the loan agreement for a description of the amount available and possible consequences upon loan default if Fixed Plus Account II values are used for a loan.

 

Transfer Credits. The Company provides a transfer credit in certain circumstances. See “THE CONTRACT - Contract Provisions and Limitations - Transfer Credits.” The transfer credit is a specified percentage of the assets or other specified amount that is transferred to the Company under a Contract that remain in the accounts for the period of time specified by the Company. We apply the transfer credit to the current value held in the Fixed Plus Account II.

PRO.167680-22

93  

APPENDIX E: PARTICIPANT APPOINTMENT OF EMPLOYER AS AGENT UNDER AN ANNUITY CONTRACT

 

For Plans Under Section 403(b) and 401 of the Tax Code, including Roth 403(b) and Roth 401(k) (Except Most Voluntary Section 403(b) Plans)*

 

The employer has adopted a plan under Tax Code Sections 403(b), Roth 403(b), 401(a), 401(k), or Roth 401(k), (“Plan”) and has purchased a VRIAC group variable annuity Contract as the funding vehicle. Contributions under this Plan will be made by the participant through salary reduction to an employee account, and by the employer to an employer account.

 

By electing to participate in the employer’s Plan, the participant voluntarily appoints the employer, who is the Contract Holder, as the participant’s agent for the purposes of all transactions under the Contract in accordance with the terms of the Plan. The Company is not a party to the Plan and does not interpret the Plan provisions.

 

As a participant in the Plan, the participant understands and agrees to the following terms and conditions:

·The participant owns the value of his/her employee account subject to the restrictions of Tax Code Sections 403(b), 401(a) and 401(k) and the terms of the Plan. Subject to the terms of the vesting schedule in the Plan and the restrictions of Tax Code Section 403(b), 401(a) and 401(k) the participant has ownership in the value of his/her employer account.
·The Company will process transactions only with the employer’s written direction to the Company. The participant will be bound by the employer’s interpretation of the Plan provisions and its written direction to the Company.
·The employer may permit the participant to make investment selections under the employee account and/or the employer account directly with the Company under the terms of the Contract. Without the employer’s written permission, the participant will be unable to make any investment selections under the Contract.
·On behalf of the participant, the employer may request a loan in accordance with the terms of the Contract and the provisions of the Plan. The Company will make payment of the loan amount directly to the participant. The participant will be responsible for making repayments directly to the Company in a timely manner.
·In the event of the participant’s death, the employer is the named Beneficiary under the terms of the Contract. The participant has the right to name a personal Beneficiary as determined under the terms of the Plan and file that Beneficiary election with the employer. It is the employer’s responsibility to direct the Company to properly pay any death benefits.

 

 
*Under most group contracts issued through a voluntary 403(b) or Roth 403(b) plan and under individual contracts, you generally hold all rights under the contract and may make elections for your accounts. However, pursuant to Treasury Department regulations that were generally effective on January 1, 2009, the exercise of certain of these rights may require the consent and approval of the plan sponsor or its delegate. See “FEDERAL Tax Considerations – Distributions – Eligibility – 403(b) and Roth 403(b) Plans.” See the Contract or your certificate (if applicable) to determine who holds rights under the Contract.

PRO.167680-22

94  

HOW TO GET MORE INFORMATION

 

The Statement of Additional Information (“SAI”) includes additional information about the Contract and the Separate Account, and is incorporated by reference into this prospectus. The SAI can be found online at https://vpx.broadridge.com/getcontract1.asp?dtype=sai&cid=voyavpx&fid=NRVA28672 or available without charge, upon request, by calling us toll-free at 1-800-584-6001 or by sending an email request to ProspectusRequests@voya.com. You also can request other information and make other inquiries by calling that toll-free number.

 

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

 

 

 

 

EDGAR Contract Identifier: C000091927

PRO.167680-22

95  

PART B

INFORMATION REQUIRED IN A STATEMENT OF ADDITIONAL INFORMATION

 

 

PRO.167680-22

   

 

VARIABLE ANNUITY ACCOUNT C
of
VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

 

Statement of Additional Information Dated May 1, 2022

 

 

MULTIPLE SPONSORED RETIREMENT OPTIONS II

GROUP DEFERRED FIXED AND VARIABLE ANNUITY CONTRACT

issued to
Employees of K-12 Public Schools in Texas
and

Employees of Plans Established by Eligible Organizations under Tax Code Sections 401(a), 401(k), 403(b)
and 457, including Roth 401(k), Roth 403(b), and Roth 457(b)

 

This Statement of Additional Information is not a prospectus and should be read in conjunction with the prospectus dated May 1, 2022 for the Voya Retirement Insurance and Annuity Company Contracts referenced above. The prospectus sets forth information that a prospective Investor ought to know before investing. You may obtain a free copy of the Prospectus, by either contacting Customer Service at Defined Contract Administration, P.O. Box 990063, Windsor, CT 06199-0063, 1-800-584-6001.

 

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

 

 

TABLE OF CONTENTS

 

  Page
GENERAL INFORMATION AND HISTORY 2
VARIABLE ANNUITY ACCOUNT C 2
SERVICES 3
PRINCIPAL UNDERWRITER 3
PERFORMANCE REPORTING 4
INCOME PHASE PAYMENTS 4
FINANCIAL STATEMENTS 6

 

 

PRO.167680-22

   

 

GENERAL INFORMATION AND HISTORY

 

The Company issues the Contract described in the prospectus and is responsible for providing the Contract’s insurance and annuity benefits. All guarantees and benefits provided under the Contracts that are not related to the Separate Account are subject to the claims paying ability of the Company and our General Account. We are a stock life insurance company organized under the insurance laws of the State of Connecticut in 1976. Prior to January 1, 2002, the Company was known as Aetna Life Insurance and Annuity Company. From January 1, 2002, until August 31, 2014, the Company was known as ING Life Insurance and Annuity Company.

 

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

 

The Company serves as the depositor for the Separate Account.

 

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 “CHARGES AND 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
(THE “SEPARATE ACCOUNT”)

 

We established Variable Annuity Account C 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 by the Company for the purpose of funding variable annuity contracts issued by the Company. It is registered with the Securities and Exchange Commission (“SEC”) as a unit investment trust under the Investment Company Act of 1940, as amended. Although we hold title to the assets of Variable Annuity Account C, such assets are not chargeable with the liabilities of any other business that we conduct. Income, gains or losses, whether or not realized, of the Separate Account are credited to or charged against the assets of the Separate Account without regard to other income, gains or losses of the Company. All obligations arising under the Contract is the obligation of the Company. All guarantees and benefits provided under the Contract that is not related to the Separate Account are subject to the financial strength and claims paying ability of the Company and our General Account.

 

The Separate Account is divided into Subaccounts. 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.

  2 

SERVICES

 

Third Party Compensation Arrangements

 

Please be aware that:

·The Company may seek to promote itself and the Contract 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 Contract to their membership. If an endorsement is a factor in your Contract purchasing decision, more information on the payment arrangement, if any, is available upon your request; and
·At the direction of the Contract Holder, the Company may make payments to the Contract Holder, its representatives or third party service providers intended to defray or cover the costs of plan or program-related administration.

 

The OMNI Financial Group, Inc. (OMNI) is a third party administrator which has established a Preferred Provider Program (“P3”) and has recommended the Company for inclusion in the P3 program based upon the Company meeting or exceeding the established P3 qualifications and standards. For plans that utilize OMNI services and have enrolled in the P3 program, the Company pays OMNI $36 per year for each actively contributing participant to cover a share of the plan administration fees payable to OMNI.

 

Experts

 

The statements of assets and liabilities of Variable Annuity Account C as of December 31, 2021, 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, 2021 and 2020, and for each of the three years in the period ended December 31, 2021, 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 The Frost Tower, Suite 1901, 111 West Houston Street, San Antonio, TX 78205.

 

PRINCIPAL UNDERWRITER

 

The Company’s subsidiary, Voya Financial Partners, LLC, serves as the principal underwriter for the Contract. 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, CT 06095-4774. The Contract is 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 Contract is continuous. A description of the manner in which Contract is purchased may be found in the prospectus under the section titled “CONTRACT PURCHASE AND PARTICIPATION."

 

Compensation paid to the principal underwriter, Voya Financial Partners, LLC, for the years ending December 31, 2021, 2020 and 2019 amounted to $72,250,740.95, $67,609,346.50 and $54,558,355.73, 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.

  3 

 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.

 

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

 

Standardized Average Annual Total Returns

 

We calculate standardized average annual total returns according to a formula prescribed by the SEC. This shows the percentage return applicable to $1,000 invested in the Subaccounts over the most recent month-end, one, five and ten-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.

 

We include all recurring charges during each period (e.g., mortality and expense risk charges, annual maintenance fees, administrative expense charges, if any, and any applicable early withdrawal charges).

 

Non-Standardized Average Annual Total Returns

 

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

 

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 tenth valuation before the first Income Phase payment is due. Such value (less any applicable premium tax charge) is applied to provide Income Phase 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 Income Phase 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 Annuity 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 Income Phase payment and subsequent Income Phase payments also vary in relation to the assumed net investment rate of 3.5% per annum. Income Phase payments will increase only to the extent that the net investment rate increases by more than 3.5% on an annual basis. Income Phase payments would decline if the rate failed to increase by 3.5%.

  4 

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 Income Phase payment based upon 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 “THE CONTRACT - The Account Value” in the prospectus); such fluctuations reflect changes in the net investment factor for the appropriate Subaccount(s) (with a ten 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%.

 

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.

 

Example:

 

Assume that, at the date Income Phase 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 Income Phase payment option elected, a first monthly variable Income Phase payment of $6.68 per $1000 of value applied; the Annuitant’s first monthly Income Phase 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 Income Phase payment was due was $13.400000. When this value is divided into the first monthly Income Phase 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 tenth 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% is elected, the appropriate factor to take into account such assumed rate would be .9959968 = .9998663^30.
  5 

FINANCIAL STATEMENTS

 

Included in this SAI are the financial statements of Variable Annuity Account C and Voya Retirement Insurance and Annuity Company, as follows:

 

·Financial Statements of Variable Annuity Account C:
·Report of Independent Registered Public Accounting Firm
·Statements of Assets and Liabilities as of December 31, 2021
·Statements of Operations for the year ended December 31, 2021
·Statements of Changes in Net Assets for the years ended December 31, 2021 and 2020
·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, 2021 and 2020
·Consolidated Statements of Operations for the years ended December 31, 2021, 2020 and 2019
·Consolidated Statements of Comprehensive Income for the years ended December 31, 2021, 2020 and 2019
·Consolidated Statements of Changes in Shareholder’s Equity for the years ended December 31, 2021, 2020 and 2019
·Consolidated Statements of Cash Flows for the years ended December 31, 2021, 2020 and 2019
·Notes to Consolidated Financial Statements
  6 

FINANCIAL STATEMENTS

Variable Annuity Account C of

Voya Retirement Insurance and Annuity Company

Year Ended December 31, 2021

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, 2021

 
Contents
 
Report of Independent Registered Public Accounting Firm 1
 
Audited Financial Statements  
 
Statements of Assets and Liabilities 11
Statements of Operations 48
Statements of Changes in Net Assets 85
Notes to Financial Statements 159
 

 

 

This page intentionally left blank.

 

 

 

Report of Independent Registered Public Accounting Firm

 

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

 

Opinion on the Financial Statements

 

We have audited the accompanying statements of assets and liabilities of each of the subaccounts listed in the Appendix that comprise Variable Annuity Account C of Voya Retirement Insurance and Annuity Company (the Separate Account), as of December 31, 2021, the related statements of operations and the statements of changes in net assets for each of the periods indicated in the Appendix, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2021, the results of its operations and changes in its net assets for each of the periods indicated in the Appendix, in conformity with U.S. generally accepted accounting principles.

 

Basis for Opinion

 

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

 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021, by correspondence with the fund companies or their transfer agents, as applicable. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

 

 

We have served as the Separate Accounts Auditor since 2001.

 

San Antonio, TX

April 21, 2022

 

 

 A member firm of Ernst & Young Global Limited

 

Appendix

 

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

 

Subaccounts Statements of Operations Statements of Changes in Net Assets
AB Relative Value Fund - Class A For the year ended December 31, 2021 For each of the two years in the period ended December 31, 2021
AB VPS Growth and Income Portfolio - Class A
Aberdeen Emerging Markets Sustainable Leaders Fund - Institutional Class
Invesco Capital Appreciation Fund - Class A
Invesco Floating Rate ESG Fund - Class R5
Invesco Main Street Fund - Class A
Invesco Small Cap Growth Fund - Class A
Invesco International Growth Fund - Class R5
Invesco International Small-Mid Company Fund - Class Y
Invesco Oppenheimer International Growth Fund - Class Y
Invesco Developing Markets Fund - Class A
Invesco Developing Markets Fund - Class Y
Invesco Endeavor Fund - Class A
Invesco Health Care Fund - Investor Class
Invesco International Bond Fund - Class A
Invesco High Yield Fund - Class R5
Invesco American Value Fund - Class R5
Invesco Energy Fund - Class R5
Invesco Gold & Special Minerals Fund - Class A
Invesco Small Cap Value Fund - Class A
Invesco V.I. American Franchise Fund - Series I
Invesco V.I. Core Equity Fund - Series I
Invesco V.I. Discovery Mid Cap Growth Fund - Series I
Invesco V.I. Global Fund - Series I
Invesco V.I. Global Strategic Income Fund - Series I
Invesco V.I. Main Street Fund - Series I
Invesco V.I. Main Street Small Cap Fund - Series I
Alger Capital Appreciation Fund - Class A
Alger Responsible Investing Fund - Class A
Amana Growth Fund - Investor Class
Amana Income Fund - Investor Class
American Funds® 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® Disciplined Core Value Fund - A Class
American Funds® Fundamental Investors® - Class R-3
American Funds® Fundamental Investors® - Class R-4
American Funds® American Mutual Fund® - Class R-4

 

 

Subaccounts Statements of Operations Statements of Changes in Net Assets
AMG River Road Mid Cap Value Fund - Class N For the year ended December 31, 2021 For each of the two years in the period ended December 31, 2021
Ariel Appreciation Fund - Investor Class
Ariel Fund - Investor Class
Artisan International Fund - Investor Shares
BlackRock Equity Dividend Fund - Investor A Shares
BlackRock Health Sciences Opportunities Portfolio - Institutional Shares
BlackRock Health Sciences Opportunities Portfolio - Investor A Shares
BlackRock Mid-Cap Value Fund - Institutional Shares
BlackRock Mid-Cap Value Fund - Investor A Shares
American Funds® The Bond Fund of America® - Class R-4
Calvert US Large-Cap Core Responsible Index Fund - Class A
Calvert VP SRI Balanced Portfolio
American Funds® Capital Income Builder® - Class R-4
American Funds® Capital World Growth and Income Fund® - Class R-3
Cohen & Steers Real Estate Securities Fund, Inc. - Class A
Cohen & Steers Realty Shares, Inc.
Columbia Acorn® Fund - Class A Shares
Columbia Select Mid Cap Value Fund - Class A Shares
Columbia Select Mid Cap Value Fund - Institutional Class
Columbia Large Cap Value Fund - Advisor Class
CRM Mid Cap Value Fund - Investor Shares
Davis Financial Fund - Class Y
Delaware Smid Cap Growth Fund - Institutional Class
Delaware Small Cap Value Fund - Class A
DWS Equity 500 Index Fund - Class S
DWS Small Cap Growth Fund - Class S
DFA Emerging Markets Core Equity Portfolio - Institutional Class
DFA Inflation-Protected Securities Portfolio - Institutional Class
DFA U.S. Targeted Value Portfolio - Institutional Class
Dodge & Cox International Stock Fund
Dodge & Cox Stock Fund
Eaton Vance Large-Cap Value Fund - Class R Shares
American Funds® EuroPacific Growth Fund® - Class R-3
American Funds® EuroPacific Growth Fund® - Class R-4
Federated Hermes International Leaders Fund - Institutional Shares
Fidelity Advisor® New Insights Fund - Class I
Fidelity® VIP Equity-Income Portfolio - Initial Class
Fidelity® VIP Growth Portfolio - Initial Class
Fidelity® VIP High Income Portfolio - Initial Class
Fidelity® VIP Overseas Portfolio - Initial Class
Fidelity® VIP Contrafund® Portfolio - Initial Class
Fidelity® VIP Index 500 Portfolio - Initial Class
Fidelity® VIP Asset Manager Portfolio - Initial Class
Franklin Mutual Global Discovery Fund - Class R
 

 

Subaccounts Statements of Operations Statements of Changes in Net Assets
Franklin Biotechnology Discovery Fund - Advisor Class For the year ended December 31, 2021 For each of the two years in the period ended December 31, 2021
Franklin Natural Resources Fund - Advisor Class
Franklin Small-Mid Cap Growth Fund - Class A
Franklin Small Cap Value VIP Fund - Class 2
Goldman Sachs Growth Opportunities Fund - Investor Shares
American Funds® The Growth Fund of America® - Class R-3
American Funds® The Growth Fund of America® - Class R-4
The Hartford Capital Appreciation Fund - Class R4
The Hartford Dividend And Growth Fund - Class R4
The Hartford International Opportunities Fund - Class R4
American Funds® The Income Fund of America® - Class R-3
Delaware Ivy Science and Technology Fund - Class Y
Janus Henderson Balanced Portfolio - Institutional Shares
Janus Henderson Enterprise Portfolio - Institutional Shares
Janus Henderson Flexible Bond Portfolio - Institutional Shares
Janus Henderson Global Research Portfolio - Institutional Shares
Janus Henderson Research Portfolio - Institutional Shares
JPMorgan Equity Income Fund - Class I Shares
JPMorgan Government Bond Fund - Class I Shares
Lazard International Equity Portfolio - Open Shares
ClearBridge Aggressive Growth Fund - Class I
LKCM Aquinas Catholic Equity Fund
Loomis Sayles Small Cap Value Fund - Retail Class
Loomis Sayles Limited Term Government and Agency Fund - Class Y
Lord Abbett Developing Growth Fund - Class A
Lord Abbett Core Fixed Income Fund - Class A
Lord Abbett Short Duration Income Fund - Class R4
Lord Abbett Mid Cap Stock Fund - Class A
Lord Abbett Small Cap Value Fund - Class A
Lord Abbett Fundamental Equity Fund - Class A
Lord Abbett Series Fund Mid Cap Stock Portfolio - Class VC
Massachusetts Investors Growth Stock Fund - Class A
Metropolitan West Total Return Bond Fund - Class I Shares
Metropolitan West Total Return Bond Fund - Class M Shares
MFS® New Discovery Fund - Class R3
MFS® International Intrinsic Value Fund - Class R3
Neuberger Berman Genesis Fund - Trust Class Shares
Neuberger Berman Sustainable Equity Fund - Institutional Class Shares
Neuberger Berman Sustainable Equity Fund - Trust Class Shares
American Funds® New Perspective Fund® - Class R-3
American Funds® New Perspective Fund® - Class R-4
American Funds® New World Fund® - Class R-4
Nuveen Global Infrastructure Fund - Class I
Parnassus Core Equity Fund℠ - Investor Shares
 

 

Subaccounts Statements of Operations Statements of Changes in Net Assets
Pax Sustainable Allocation Fund - Investor Class For the year ended December 31, 2021 For each of the two years in the period ended December 31, 2021
PIMCO CommodityRealReturn Strategy Fund® - Administrative Class
PIMCO VIT Real Return Portfolio - Administrative Class
Pioneer Equity Income Fund - Class Y Shares
Pioneer High Yield Fund - Class A Shares
Pioneer Strategic Income Fund - Class A Shares
Pioneer Equity Income VCT Portfolio - Class I
Pioneer High Yield VCT Portfolio - Class I
PGIM Jennison Utility Fund - Class Z
Royce Total Return Fund - Service Class
Ave Maria Rising Dividend Fund
American Funds® SMALLCAP World Fund® - Class R-4
T. Rowe Price Large-Cap Growth Fund - I Class
T. Rowe Price Mid-Cap Value Fund - R Class
T. Rowe Price Value Fund - Advisor Class
TCW Total Return Bond Fund - Class N
Templeton Foreign Fund - Class A
Templeton Global Bond Fund - Advisor Class
Templeton Global Bond Fund - Class A
Third Avenue Real Estate Value Fund - Institutional Class
Touchstone Value Fund - Institutional Class
Vanguard® Total Bond Market Index Fund - Admiral™ Shares
Vanguard® Total International Stock Index Fund - Admiral™ Shares
Vanguard® Variable Insurance Fund - Diversified Value Portfolio
Vanguard® Variable Insurance Fund - Equity Income Portfolio
Vanguard® Variable Insurance Fund - Small Company Growth Portfolio
Victory Integrity Small-Cap Value Fund - Class Y
Victory Sycamore Established Value Fund - Class A
Victory Sycamore Small Company Opportunity Fund - Class R
Virtus NFJ Dividend Value Fund - Class A
Virtus NFJ Large-Cap Value Fund - Institutional Class
Virtus NFJ Small-Cap Value Fund - Class A
Voya Balanced Portfolio - Class I
Voya Large Cap Value Fund - Class A
Voya Floating Rate Fund - Class A
Voya GNMA Income Fund - Class A
Voya Intermediate Bond Fund - Class A
Voya Government Money Market Portfolio - Class I
Voya Intermediate Bond Portfolio - Class I
Voya Intermediate Bond Portfolio - Class S
Voya Global Perspectives® Portfolio - Class I
Voya High Yield Portfolio - Adviser Class
Voya High Yield Portfolio - Institutional Class
Voya High Yield Portfolio - Service Class
 

 

Subaccounts Statements of Operations Statements of Changes in Net Assets
Voya Large Cap Growth Portfolio - Adviser Class For the year ended December 31, 2021 For each of the two years in the period ended December 31, 2021
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 U.S. Stock Index Portfolio - Institutional Class
VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class
VY® Clarion Global Real Estate Portfolio - Institutional Class
VY® Clarion Real Estate Portfolio - Adviser Class
VY® Clarion Real Estate Portfolio - Institutional Class
VY® Clarion Real Estate Portfolio - Service Class
VY® Invesco Equity and Income Portfolio - Initial class
VY® Invesco Growth and Income Portfolio - Institutional Class
VY® Invesco Growth and Income Portfolio - Service Class
VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class
VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class
VY® JPMorgan Emerging Markets Equity Portfolio - Service Class
VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class
VY® JPMorgan Small Cap Core Equity Portfolio - Institutional Class
VY® JPMorgan Small Cap Core Equity Portfolio - Service Class
VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class
VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class
VY® T. Rowe Price Capital Appreciation Portfolio - Service Class
VY® T. Rowe Price Equity Income Portfolio - Adviser Class
VY® T. Rowe Price Equity Income Portfolio - Service Class
VY® T. Rowe Price International Stock Portfolio - Adviser Class
VY® T. Rowe Price International Stock Portfolio - Service Class
Voya Multi-Manager International Small Cap Fund - Class A
Voya Multi-Manager International Small Cap Fund - Class I
Voya Global Bond Portfolio - Adviser Class
Voya Global Bond Portfolio - Initial Class
Voya Global Bond Portfolio - Service Class
Voya Index Solution 2025 Portfolio - Initial Class
Voya Index Solution 2025 Portfolio - Service Class
Voya Index Solution 2025 Portfolio - Service 2 Class
Voya Index Solution 2035 Portfolio - Initial Class
Voya Index Solution 2035 Portfolio - Service Class
Voya Index Solution 2035 Portfolio - Service 2 Class
Voya Index Solution 2045 Portfolio - Initial Class
Voya Index Solution 2045 Portfolio - Service Class
Voya Index Solution 2045 Portfolio - Service 2 Class
Voya Index Solution 2055 Portfolio - Initial Class
 

 

Subaccounts Statements of Operations Statements of Changes in Net Assets
Voya Index Solution 2055 Portfolio - Service Class For the year ended December 31, 2021 For each of the two years in the period ended December 31, 2021
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 International High Dividend Low Volatility Portfolio - Adviser Class
Voya International High Dividend Low Volatility Portfolio - Initial Class
Voya International High Dividend Low Volatility Portfolio - Service Class
Voya Solution 2025 Portfolio - Adviser Class
Voya Solution 2025 Portfolio - Initial Class
Voya Solution 2025 Portfolio - Service Class
Voya Solution 2025 Portfolio - Service 2 Class
Voya Solution 2035 Portfolio - Adviser Class
Voya Solution 2035 Portfolio - Initial Class
Voya Solution 2035 Portfolio - Service Class
Voya Solution 2035 Portfolio - Service 2 Class
Voya Solution 2045 Portfolio - Adviser Class
Voya Solution 2045 Portfolio - Initial Class
Voya Solution 2045 Portfolio - Service Class
Voya Solution 2045 Portfolio - Service 2 Class
Voya Solution 2055 Portfolio - Initial Class
Voya Solution 2055 Portfolio - Service Class
Voya Solution 2055 Portfolio - Service 2 Class
Voya Solution Balanced Portfolio - Service Class
Voya Solution Income Portfolio - Adviser Class
Voya Solution Income Portfolio - Initial Class
Voya Solution Income Portfolio - Service Class
Voya Solution Income Portfolio - Service 2 Class
Voya Solution Moderately Conservative Portfolio - Service Class
VY® American Century Small-Mid Cap Value Portfolio - Adviser Class
VY® American Century Small-Mid Cap Value Portfolio - Initial Class
VY® American Century Small-Mid Cap Value Portfolio - Service Class
VY® Baron Growth Portfolio - Adviser Class
VY® Baron Growth Portfolio - Service Class
VY® Columbia Contrarian Core Portfolio - Service Class
VY® Columbia Small Cap Value II Portfolio - Adviser Class
VY® Columbia Small Cap Value II Portfolio - Service Class
VY® Invesco Comstock Portfolio - Adviser Class
VY® Invesco Comstock Portfolio - Service Class
VY® Invesco Equity and Income Portfolio - Adviser Class
VY® Invesco Equity and Income Portfolio - Service Class
VY® Invesco Global Portfolio - Adviser Class
VY® Invesco Global Portfolio - Initial Class
VY® Invesco Global Portfolio - Service Class
 

 

Subaccounts Statements of Operations Statements of Changes in Net Assets
VY® JPMorgan Mid Cap Value Portfolio - Adviser Class For the year ended December 31, 2021 For each of the two years in the period ended December 31, 2021
VY® JPMorgan Mid Cap Value Portfolio - Initial Class
VY® JPMorgan Mid Cap Value Portfolio - Service Class
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class
VY® T. Rowe Price Growth Equity Portfolio - Adviser Class
VY® T. Rowe Price Growth Equity Portfolio - Initial Class
VY® T. Rowe Price Growth Equity Portfolio - Service Class
Voya Corporate Leaders 100 Fund - Class I
Voya Strategic Allocation Conservative Portfolio - Class I
Voya Strategic Allocation Growth Portfolio - Class I
Voya Strategic Allocation Moderate Portfolio - Class I
Voya Growth and Income Portfolio - Class A
Voya Growth and Income Portfolio - Class I
Voya Growth and Income Portfolio - Class S
Voya Global High Dividend Low Volatility Portfolio - Class I
Voya Global High Dividend Low Volatility Portfolio - Class S
Voya Index Plus LargeCap Portfolio - Class I
Voya Index Plus LargeCap Portfolio - Class S
Voya Index Plus MidCap Portfolio - Class I
Voya Index Plus MidCap Portfolio - Class S
Voya Index Plus SmallCap Portfolio - Class I
Voya Index Plus SmallCap Portfolio - Class S
Voya International Index Portfolio - Class I
Voya International Index Portfolio - Class S
Voya Russell™ Large Cap Growth Index Portfolio - Class I
Voya Russell™ Large Cap Growth Index Portfolio - Class S
Voya Russell™ Large Cap Index Portfolio - Class I
Voya Russell™ Large Cap Index Portfolio - Class S
Voya Russell™ Large Cap Value Index Portfolio - Class I
Voya Russell™ Large Cap Value Index Portfolio - Class S
Voya Russell™ Mid Cap Growth Index Portfolio - Class S
Voya Russell™ Mid Cap Index Portfolio - Class I
Voya Russell™ Small Cap Index Portfolio - Class I
Voya Small Company Portfolio - Class I
Voya Small Company Portfolio - Class S
Voya U.S. Bond Index Portfolio - Class I
Voya MidCap Opportunities Portfolio - Class I
Voya MidCap Opportunities Portfolio - Class S
Voya SmallCap Opportunities Portfolio - Class I
Voya SmallCap Opportunities Portfolio - Class S
Wanger International
Wanger Select
 

 

Subaccounts Statements of Operations Statements of Changes in Net Assets
Wanger USA For the year ended December 31, 2021 For each of the two years in the period ended December 31, 2021
American Funds® Washington Mutual Investors Fund - Class R-3
American Funds® Washington Mutual Investors Fund - Class R-4
Allspring Small Company Growth Fund - Administrator Class
Allspring Small Company Value Fund - Class A
Allspring Special Small Cap Value Fund - Class A
MainStay CBRE Real Estate Fund - Class A For the year ended December 31, 2021

For the year ended December 31, 2021 and the period from February 24, 2020 (commencement of

operations) through December 31, 2020

 
 
 
 
Voya Index Solution 2065 Portfolio - Service Class For the year ended December 31, 2021 For the year ended December 31, 2021 and the period from October 22, 2020 (commencement of operations) through December 31, 2020
 
 
 
 
Voya Solution 2065 Portfolio - Service Class For the year ended December 31, 2021 For the year ended December 31, 2021 and the period from August 12, 2020 (commencement of operations) through December 31, 2020
 
 
 
 
USAA Precious Metals and Minerals Fund - Class A Shares For the year ended December 31, 2021 For the year ended December 31, 2021 and the period from June 29, 2020 (commencement of operations) through December 31, 2020
 
 
 
 
Invesco Main Street Mid Cap Fund® - Class A For the year ended December 31, 2021 For the year ended December 31, 2021 and the period from May 15, 2020 (commencement of operations) through December 31, 2020
 
 
 
 
Voya Index Solution 2065 Portfolio - Initial Class For the year ended December 31, 2021 For the year ended December 31, 2021 and the period from August 24, 2020 (commencement of operations) through December 31, 2020
 
 
 
 
 

 

Subaccounts Statements of Operations Statements of Changes in Net Assets
Fidelity® Mid Cap Index Fund For the period from November 16, 2021 (commencement of operations) through December 31, 2021
Fidelity® Small Cap Index Fund
American Funds® New Perspective Fund® - Class R-6
American Funds® SMALLCAP World Fund® - Class R-6
Vanguard® FTSE Social Index Fund - Institutional Shares
Ariel Fund - Institutional Class For the period from November 24, 2021 (commencement of operations) through December 31, 2021
Victory Sycamore Established Value Fund - Class R6
Voya Solution 2040 Portfolio - Service Class
Voya MidCap Opportunities Portfolio - Class R6
Touchstone Small Company Fund - Class R6 For the period from November 19, 2021 (commencement of operations) through December 31, 2021
Voya Solution 2050 Portfolio - Service 2 Class
JPMorgan Government Bond Fund - Class R6 Shares
Voya Index Solution 2050 Portfolio - Initial Class For the period from November 30, 2021 (commencement of operations) through December 31, 2021
 
Voya Solution 2030 Portfolio - Service Class For the period from November 22, 2021 (commencement of operations) through December 31, 2021
 
Voya Target Retirement 2030 Fund - Class R6 For the period from December 06, 2021 (commencement of operations) through December 31, 2021
 
Voya Target Retirement 2040 Fund - Class R6 For the period from December 28, 2021 (commencement of operations) through December 31, 2021
 
Voya Index Solution 2030 Portfolio - Service 2 Class For the period from December 22, 2021 (commencement of operations) through December 31, 2021
 
Voya Index Solution 2040 Portfolio - Initial Class For the period from December 21, 2021 (commencement of operations) through December 31, 2021
 
Voya Solution 2040 Portfolio - Initial Class For the period from December 27, 2021 (commencement of operations) through December 31, 2021
 
Voya Solution 2050 Portfolio - Initial Class For the period from December 06, 2021 (commencement of operations) through December 31, 2021
 
Voya Solution 2050 Portfolio - Service Class For the period from December 02, 2021 (commencement of operations) through December 31, 2021
 
Voya Solution 2060 Portfolio - Initial Class For the period from December 27, 2021 (commencement of operations) through December 31, 2021
 
Voya Solution 2060 Portfolio - Service Class For the period from October 08, 2021 (commencement of operations) through December 31, 2021
 
Voya Solution 2060 Portfolio - Service 2 Class For the period from September 02, 2021 (commencement of operations) through December 31, 2021
 
Voya Solution 2065 Portfolio - Initial Class For the period from December 13, 2021 (commencement of operations) through December 31, 2021
 
 

 

Subaccounts Statements of Operations Statements of Changes in Net Assets
Voya Target Retirement 2050 Fund - Class R6 For the period from December 03, 2021 (commencement of operations) through December 31, 2021
 
Voya Target Retirement 2060 Fund - Class R6 For the period from December 08, 2021 (commencement of operations) through December 31, 2021
 
American Funds® American Mutual Fund® - Class R-6 For the period from November 18, 2021 (commencement of operations) through December 31, 2021
JPMorgan Equity Income Fund - Class R6 Shares
Vanguard® Federal Money Market Fund - Investor Shares
Voya Target In-Retirement Fund - Class R6
Invesco Developing Markets Fund - Class R6 For the period from November 17, 2021 (commencement of operations) through December 31, 2021
American Century Investments® Mid Cap Value Fund - R6 Class
American Funds® Capital World Bond Fund® - Class R-6
DFA Real Estate Securities Portfolio - Institutional Class
DFA U.S. Large Company Portfolio - Institutional Class
American Funds® EuroPacific Growth Fund® - Class R-6
Fidelity® 500 Index Fund
Franklin Small Cap Value Fund - Class R6
American Funds® The Growth Fund of America® - Class R-6
JPMorgan Large Cap Growth Fund - Class R6 Shares
Pioneer Balanced ESG Fund - Class K Shares
PGIM High Yield Fund - Class R6
Vanguard® Explorer™ Fund - Admiral™ Shares
Vanguard® Equity Income Fund - Admiral™ Shares
Vanguard® International Value Fund - Investor Shares
Voya Large-Cap Growth Fund - Class R6
Voya Intermediate Bond Fund - Class R6
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6
Voya Target Retirement 2025 Fund - Class R6
Voya Target Retirement 2035 Fund - Class R6
Voya Target Retirement 2045 Fund - Class R6
Voya Target Retirement 2055 Fund - Class R6
American Funds® Washington Mutual Investors Fund - Class R-6
 

 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Statements of Assets and Liabilities

December 31, 2021

(In thousands, except number of shares)

 

  AB Relative Value Fund - Class A  AB VPS Growth and Income Portfolio - Class A  Aberdeen Emerging Markets Sustainable Leaders Fund - Institutional Class  Invesco Capital Appreciation Fund -
Class A
    Invesco Floating Rate ESG Fund -
Class R5
Assets                 
Investments in mutual funds at fair value $160   $868   $46   $96   $ 370
Total assets  160    868    46    96     370
Net assets $160   $868   $46   $96   $ 370
Net assets                       
Accumulation units $160   $868   $46   $96   $ 370
Contracts in payout (annuitization)  —      —      —      —      
Total net assets $160   $868   $46   $96   $ 370
Total number of mutual fund shares  24,175    23,575    3,243    1,377     50,624
Cost of mutual fund shares $133   $698   $61   $81   $ 373

 

 

  Invesco Main Street Fund - Class A  Invesco Main Street Mid Cap Fund® -
Class A
 

Invesco Small Cap Growth Fund -

Class A

 

Invesco International Growth Fund -

Class R5

    Invesco International Small-Mid Company Fund -
Class Y
Assets                   
Investments in mutual funds at fair value $2,065   $4,303   $238   $870   $ 1,242
Total assets  2,065    4,303    238    870     1,242
Net assets $2,065   $4,303   $238   $870   $ 1,242
Net assets                       
Accumulation units $2,065   $4,303   $238   $870   $ 1,242
Contracts in payout (annuitization)  —      —      —      —      
Total net assets $2,065   $4,303   $238   $870   $ 1,242
Total number of mutual fund shares  36,279    152,038    6,557    31,286     21,941
Cost of mutual fund shares $1,884   $3,473   $249   $997   $ 1,086

 

 

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, 2021

(In thousands, except number of shares)

 

  Invesco Oppenheimer International Growth Fund - Class Y 

Invesco Developing Markets Fund -

Class A

 

Invesco Developing Markets Fund -

Class R6

 

Invesco Developing Markets Fund -

Class Y

    Invesco Health Care Fund - Investor Class
Assets                 
Investments in mutual funds at fair value $475   $211,204   $100   $45,522   $100
Total assets  475    211,204    100    45,522     100
Net assets $475   $211,204   $100   $45,522   $ 100
Net assets                       
Accumulation units $475   $211,204   $100   $45,522   $ 100
Contracts in payout (annuitization)  —      —      —      —      
Total net assets $475   $211,204   $100   $45,522   $ 100
Total number of mutual fund shares  10,460    4,416,654    2,125    968,136     2,490
Cost of mutual fund shares $469   $159,810   $103   $38,270   $ 105

 

 

  Invesco International Bond Fund - Class A  Invesco High Yield Fund - Class R5  Invesco American Value Fund - Class R5 

Invesco Energy

Fund - Class R5

   

Invesco Gold & Special Minerals

Fund - Class A

Assets                 
Investments in mutual funds at fair value $8   $475   $1,144   $254   $ 116
Total assets  8    475    1,144    254     116
Net assets $8   $475   $1,144   $254   $ 116
Net assets                       
Accumulation units $8   $475   $1,144   $254   $ 116
Contracts in payout (annuitization)  —      —      —      —      
Total net assets $8   $475   $1,144   $254   $ 116
Total number of mutual fund shares  1,556    120,273    28,745    13,136     4,437
Cost of mutual fund shares $9   $465   $986   $240   $ 103

 

 

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, 2021

(In thousands, except number of shares)

   

   Invesco Small Cap Value Fund - Class A   Invesco V.I. American Franchise Fund - Series I   Invesco V.I. Core Equity Fund - Series I  

Invesco V.I. Discovery Mid Cap Growth

Fund - Series I

   Invesco V.I. Global Fund - Series I 
Assets                         
Investments in mutual funds at fair value  $121   $44,259   $36,852   $25   $407 
Total assets   121    44,259    36,852    25    407 
Net assets  $121   $44,259   $36,852   $25   $407 
Net assets                         
Accumulation units  $121   $44,058   $36,520   $   $407 
Contracts in payout (annuitization)       201    332    25     
Total net assets  $121   $44,259   $36,852   $25   $407 
Total number of mutual fund shares   6,590    499,364    975,183    219    7,116 
Cost of mutual fund shares  $137   $35,012   $32,249   $18   $233 

 

 

   Invesco V.I. Global Strategic Income Fund - Series I   Invesco V.I. Main Street Fund - Series I   Invesco V.I. Main Street Small Cap Fund - Series I   Alger Capital Appreciation Fund - Class A   Alger Responsible Investing Fund - Class A 
Assets                         
Investments in mutual funds at fair value  $97   $63   $36,267   $253   $14,467 
Total assets   97    63    36,267    253    14,467 
Net assets  $97   $63   $36,267   $253   $14,467 
Net assets                         
Accumulation units  $97   $   $36,267   $253   $14,467 
Contracts in payout (annuitization)       63             
Total net assets  $97   $63   $36,267   $253   $14,467 
Total number of mutual fund shares   21,721    1,770    1,152,435    8,069    880,517 
Cost of mutual fund shares  $111   $51   $28,177   $247   $11,409 

 

  

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, 2021

(In thousands, except number of shares)

   

   Amana Growth Fund - Investor Class   Amana Income Fund - Investor Class   American Funds® American Balanced Fund® - Class R-3  

American Beacon Small Cap Value

Fund - Investor Class

   American Century Investments® Mid Cap Value Fund - R6 Class 
Assets                         
Investments in mutual funds at fair value  $100,379   $86,060   $1,690   $142   $122 
Total assets   100,379    86,060    1,690    142    122 
Net assets  $100,379   $86,060   $1,690   $142   $122 
Net assets                         
Accumulation units  $100,379   $86,060   $1,690   $142   $122 
Contracts in payout (annuitization)                    
Total net assets  $100,379   $86,060   $1,690   $142   $122 
Total number of mutual fund shares   1,364,960    1,304,335    50,799    5,196    6,802 
Cost of mutual fund shares  $55,495   $63,340   $1,415   $121   $126 

 

 

   American Century Investments® Inflation-Adjusted
Bond Fund - Investor
Class
   American Century Investments® Disciplined Core Value Fund - A Class   American Funds® Fundamental Investors® - Class R-3   American Funds® Fundamental Investors® - Class R-4   American Funds® American Mutual Fund® - Class R-4 
Assets                         
Investments in mutual funds at fair value  $45,141   $14,615   $1,221   $146,196   $2,648 
Total assets   45,141    14,615    1,221    146,196    2,648 
Net assets  $45,141   $14,615   $1,221   $146,196   $2,648 
Net assets                         
Accumulation units  $45,141   $14,615   $1,221   $146,196   $2,648 
Contracts in payout (annuitization)                    
Total net assets  $45,141   $14,615   $1,221   $146,196   $2,648 
Total number of mutual fund shares   3,507,470    409,852    16,126    1,929,980    50,023 
Cost of mutual fund shares  $42,463   $14,930   $1,007   $112,354   $2,083 

  

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, 2021

(In thousands, except number of shares)

   

   American Funds® American Mutual Fund® - Class R-6   AMG River Road Mid Cap Value Fund - Class N   Ariel Appreciation Fund - Investor Class   Ariel Fund - Institutional Class   Ariel Fund - Investor Class 
Assets                         
Investments in mutual funds at fair value  $26   $23,817   $126   $   $13,561 
Total assets   26    23,817    126        13,561 
Net assets  $26   $23,817   $126   $   $13,561 
Net assets                         
Accumulation units  $26   $23,817   $126   $   $13,561 
Contracts in payout (annuitization)                    
Total net assets  $26   $23,817   $126   $   $13,561 
Total number of mutual fund shares   487    1,205,917    2,649    3    162,332 
Cost of mutual fund shares  $26   $30,021   $117   $   $11,820 

 

 

   Artisan International Fund - Investor Shares   BlackRock Equity Dividend Fund - Investor A Shares   BlackRock Health Sciences Opportunities Portfolio - Institutional Shares   BlackRock Health Sciences Opportunities Portfolio - Investor A Shares   BlackRock Mid-Cap Value Fund - Institutional Shares 
Assets                         
Investments in mutual funds at fair value  $10,176   $1,309   $13,697   $39,626   $471 
Total assets   10,176    1,309    13,697    39,626    471 
Net assets  $10,176   $1,309   $13,697   $39,626   $471 
Net assets                         
Accumulation units  $10,176   $1,309   $13,697   $39,626   $471 
Contracts in payout (annuitization)                    
Total net assets  $10,176   $1,309   $13,697   $39,626   $471 
Total number of mutual fund shares   333,864    60,630    171,368    526,385    20,807 
Cost of mutual fund shares  $10,128   $1,276   $11,961   $33,071   $406 

 

  

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, 2021

(In thousands, except number of shares)

   

   BlackRock Mid-Cap Value Fund - Investor A Shares   American Funds® The Bond Fund of America® - Class R-4   Calvert US Large-Cap Core Responsible Index Fund - Class A   Calvert VP SRI Balanced Portfolio   American Funds® Capital Income Builder® - Class R-4 
Assets                         
Investments in mutual funds at fair value  $18,663   $23,831   $33   $63,038   $9,892 
Total assets   18,663    23,831    33    63,038    9,892 
Net assets  $18,663   $23,831   $33   $63,038   $9,892 
Net assets                         
Accumulation units  $18,663   $23,831   $33   $62,766   $9,892 
Contracts in payout (annuitization)               272     
Total net assets  $18,663   $23,831   $33   $63,038   $9,892 
Total number of mutual fund shares   875,781    1,779,773    790    22,675,472    141,007 
Cost of mutual fund shares  $16,494   $24,348   $25   $49,098   $8,728 

 

 

   American Funds® Capital World Bond Fund® - Class R-6   American Funds® Capital World Growth and Income Fund® - Class R-3   Cohen & Steers Real Estate Securities Fund, Inc. - Class A   Cohen & Steers Realty Shares, Inc.   Columbia Acorn® Fund - Class A Shares 
Assets                         
Investments in mutual funds at fair value  $75   $786   $5,699   $11,100   $101 
Total assets   75    786    5,699    11,100    101 
Net assets  $75   $786   $5,699   $11,100   $101 
Net assets                         
Accumulation units  $75   $786   $5,699   $11,100   $101 
Contracts in payout (annuitization)                    
Total net assets  $75   $786   $5,699   $11,100   $101 
Total number of mutual fund shares   3,757    12,435    275,292    132,972    10,115 
Cost of mutual fund shares  $76   $628   $4,748   $8,859   $125 

 

  

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, 2021

(In thousands, except number of shares)

   

   Columbia Select Mid Cap Value Fund - Class A Shares   Columbia Select Mid Cap Value Fund - Institutional Class   Columbia Large Cap Value Fund - Advisor Class   CRM Mid Cap Value Fund - Investor Shares   Davis Financial Fund - Class Y 
Assets                         
Investments in mutual funds at fair value  $8,221   $2   $12,738   $70   $80 
Total assets   8,221    2    12,738    70    80 
Net assets  $8,221   $2   $12,738   $70   $80 
Net assets                         
Accumulation units  $8,221   $2   $12,738   $70   $80 
Contracts in payout (annuitization)                    
Total net assets  $8,221   $2   $12,738   $70   $80 
Total number of mutual fund shares   586,762    160    747,556    2,809    1,426 
Cost of mutual fund shares  $6,725   $2   $10,713   $74   $71 

 

 

   Delaware Smid Cap Growth Fund - Institutional Class   Delaware Small Cap Value Fund - Class A   DWS Equity 500 Index Fund - Class S  

DWS Small Cap Growth Fund -

Class S

   DFA Emerging Markets Core Equity Portfolio - Institutional Class 
Assets                         
Investments in mutual funds at fair value  $119   $4,498   $1,541   $40   $6 
Total assets   119    4,498    1,541    40    6 
Net assets  $119   $4,498   $1,541   $40   $6 
Net assets                         
Accumulation units  $119   $4,498   $1,541   $40   $6 
Contracts in payout (annuitization)                    
Total net assets  $119   $4,498   $1,541   $40   $6 
Total number of mutual fund shares   2,435    58,825    7,391    1,015    237 
Cost of mutual fund shares  $144   $4,128   $1,495   $35   $6 

 

  

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, 2021

(In thousands, except number of shares)

   

   DFA Inflation-Protected Securities Portfolio - Institutional Class   DFA Real Estate Securities Portfolio - Institutional Class   DFA U.S. Targeted Value Portfolio - Institutional Class   DFA U.S. Large Company Portfolio - Institutional Class   Dodge & Cox International Stock Fund 
Assets                         
Investments in mutual funds at fair value  $285   $88   $117   $310   $112 
Total assets   285    88    117    310    112 
Net assets  $285   $88   $117   $310   $112 
Net assets                         
Accumulation units  $285   $88   $117   $310   $112 
Contracts in payout (annuitization)                    
Total net assets  $285   $88   $117   $310   $112 
Total number of mutual fund shares   21,442    1,706    3,869    9,138    2,368 
Cost of mutual fund shares  $283   $87   $122   $307   $102 

 

 

   Dodge & Cox Stock Fund   Eaton Vance Large-Cap Value Fund - Class R Shares   American Funds® EuroPacific Growth Fund® - Class R-3   American Funds® EuroPacific Growth Fund® - Class R-4   American Funds® EuroPacific Growth Fund® - Class R-6 
Assets                         
Investments in mutual funds at fair value  $491   $1   $2,055   $347,213   $40 
Total assets   491    1    2,055    347,213    40 
Net assets  $491   $1   $2,055   $347,213   $40 
Net assets                         
Accumulation units  $491   $1   $2,055   $347,213   $40 
Contracts in payout (annuitization)                    
Total net assets  $491   $1   $2,055   $347,213   $40 
Total number of mutual fund shares   2,003    60    32,542    5,489,528    621 
Cost of mutual fund shares  $437   $1   $1,787   $256,612   $41 

 

  

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, 2021

(In thousands, except number of shares)

   

   Federated Hermes International Leaders Fund - Institutional Shares   Fidelity® 500 Index Fund  

Fidelity Advisor® New Insights Fund -

Class I

   Fidelity® Mid Cap Index Fund   Fidelity® Small Cap Index Fund 
Assets                         
Investments in mutual funds at fair value  $31   $623   $2,797   $318   $213 
Total assets   31    623    2,797    318    213 
Net assets  $31   $623   $2,797   $318   $213 
Net assets                         
Accumulation units  $31   $623   $2,797   $318   $213 
Contracts in payout (annuitization)                    
Total net assets  $31   $623   $2,797   $318   $213 
Total number of mutual fund shares   822    3,769    67,023    9,955    7,722 
Cost of mutual fund shares  $31   $616   $2,381   $316   $215 

 

 

   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  $280,653   $616,385   $9,049   $30,324   $1,761,258 
Total assets   280,653    616,385    9,049    30,324    1,761,258 
Net assets  $280,653   $616,385   $9,049   $30,324   $1,761,258 
Net assets                         
Accumulation units  $277,580   $615,257   $9,029   $30,324   $1,751,703 
Contracts in payout (annuitization)   3,073    1,128    20        9,555 
Total net assets  $280,653   $616,385   $9,049   $30,324   $1,761,258 
Total number of mutual fund shares   10,732,428    6,017,625    1,723,688    1,035,661    32,405,844 
Cost of mutual fund shares  $237,893   $406,124   $9,145   $22,308   $1,069,984 

 

  

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, 2021

(In thousands, except number of shares)

   

   Fidelity® VIP Index 500 Portfolio - Initial Class   Fidelity® VIP Asset Manager Portfolio - Initial Class   Franklin Mutual Global Discovery Fund - Class R   Franklin Biotechnology Discovery Fund - Advisor Class   Franklin Natural Resources Fund - Advisor Class 
Assets                         
Investments in mutual funds at fair value  $440,104   $17,881   $802   $293   $174 
Total assets   440,104    17,881    802    293    174 
Net assets  $440,104   $17,881   $802   $293   $174 
Net assets                         
Accumulation units  $440,104   $17,881   $802   $293   $174 
Contracts in payout (annuitization)                    
Total net assets  $440,104   $17,881   $802   $293   $174 
Total number of mutual fund shares   939,850    975,480    26,450    2,282    7,274 
Cost of mutual fund shares  $201,941   $15,112   $768   $346   $166 

 

 

   Franklin Small-Mid Cap Growth Fund - Class A   Franklin Small Cap Value VIP Fund - Class 2   Franklin Small Cap Value Fund - Class R6   Goldman Sachs Growth Opportunities Fund - Investor Shares   American Funds® The Growth Fund of America® - Class R-3 
Assets                         
Investments in mutual funds at fair value  $300   $126,948   $56   $207   $9,239 
Total assets   300    126,948    56    207    9,239 
Net assets  $300   $126,948   $56   $207   $9,239 
Net assets                         
Accumulation units  $300   $125,636   $56   $207   $9,239 
Contracts in payout (annuitization)       1,312             
Total net assets  $300   $126,948   $56   $207   $9,239 
Total number of mutual fund shares   6,749    7,237,643    920    12,131    127,772 
Cost of mutual fund shares  $276   $116,333   $58   $219   $6,555 

 

  

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, 2021

(In thousands, except number of shares)

   

   American Funds® The Growth Fund of America® - Class R-4   American Funds® The Growth Fund of America® - Class R-6   The Hartford Capital Appreciation Fund - Class R4   The Hartford Dividend And Growth Fund - Class R4   The Hartford International Opportunities Fund - Class R4 
Assets                         
Investments in mutual funds at fair value  $649,493   $19   $   $6   $2,398 
Total assets   649,493    19        6    2,398 
Net assets  $649,493   $19   $   $6   $2,398 
Net assets                         
Accumulation units  $649,493   $19   $   $6   $2,398 
Contracts in payout (annuitization)                    
Total net assets  $649,493   $19   $   $6   $2,398 
Total number of mutual fund shares   8,840,250    261    2    168    120,732 
Cost of mutual fund shares  $391,345   $21   $   $4   $2,111 

 

 

   American Funds® The Income Fund of America® - Class R-3  

Delaware Ivy Science and Technology

Fund - Class Y

   Janus Henderson Balanced Portfolio - Institutional Shares   Janus Henderson Enterprise Portfolio - Institutional Shares   Janus Henderson Flexible Bond Portfolio - Institutional Shares 
Assets                         
Investments in mutual funds at fair value  $473   $34,909   $201   $368   $14 
Total assets   473    34,909    201    368    14 
Net assets  $473   $34,909   $201   $368   $14 
Net assets                         
Accumulation units  $473   $34,909   $201   $368   $14 
Contracts in payout (annuitization)                    
Total net assets  $473   $34,909   $201   $368   $14 
Total number of mutual fund shares   18,395    441,493    4,006    3,657    1,123 
Cost of mutual fund shares  $414   $35,120   $121   $252   $13 

 

  

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, 2021

(In thousands, except number of shares)

   

   Janus Henderson Global Research Portfolio - Institutional Shares   Janus Henderson Research Portfolio - Institutional Shares   JPMorgan Equity Income Fund - Class I Shares   JPMorgan Equity Income Fund - Class R6 Shares   JPMorgan Government Bond Fund - Class I Shares 
Assets                         
Investments in mutual funds at fair value  $79   $84   $12,750   $10   $4,169 
Total assets   79    84    12,750    10    4,169 
Net assets  $79   $84   $12,750   $10   $4,169 
Net assets                         
Accumulation units  $79   $84   $12,750   $10   $4,169 
Contracts in payout (annuitization)                    
Total net assets  $79   $84   $12,750   $10   $4,169 
Total number of mutual fund shares   1,114    1,487    534,572    403    383,519 
Cost of mutual fund shares  $48   $52   $9,840   $10   $4,327 

 

 

   JPMorgan Government Bond Fund - Class R6 Shares   JPMorgan Large Cap Growth Fund - Class R6 Shares   Lazard International Equity Portfolio - Open Shares   ClearBridge Aggressive Growth Fund - Class I   LKCM Aquinas Catholic Equity Fund 
Assets                         
Investments in mutual funds at fair value  $54   $339   $1,356   $475   $70 
Total assets   54    339    1,356    475    70 
Net assets  $54   $339   $1,356   $475   $70 
Net assets                         
Accumulation units  $54   $339   $1,356   $475   $70 
Contracts in payout (annuitization)                    
Total net assets  $54   $339   $1,356   $475   $70 
Total number of mutual fund shares   4,951    5,221    74,316    2,627    3,574 
Cost of mutual fund shares  $54   $349   $1,371   $535   $60 

 

  

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, 2021

(In thousands, except number of shares)

   

   Loomis Sayles Small Cap Value Fund - Retail Class  

Loomis Sayles Limited Term Government and Agency Fund -

Class Y

   Lord Abbett Developing Growth Fund - Class A   Lord Abbett Core Fixed Income Fund - Class A  

Lord Abbett Short Duration Income

Fund - Class R4

 
Assets                         
Investments in mutual funds at fair value  $11,853   $946   $122   $27   $10,295 
Total assets   11,853    946    122    27    10,295 
Net assets  $11,853   $946   $122   $27   $10,295 
Net assets                         
Accumulation units  $11,853   $946   $122   $27   $10,295 
Contracts in payout (annuitization)                    
Total net assets  $11,853   $946   $122   $27   $10,295 
Total number of mutual fund shares   425,768    83,350    4,599    2,408    2,474,788 
Cost of mutual fund shares  $12,501   $960   $130   $27   $10,397 

 

 

   Lord Abbett Mid Cap Stock Fund - Class A   Lord Abbett Small Cap Value Fund - Class A   Lord Abbett Fundamental Equity Fund - Class A   Lord Abbett Series Fund Mid Cap Stock Portfolio - Class VC   MainStay CBRE Real Estate Fund - Class A 
Assets                         
Investments in mutual funds at fair value  $608   $247   $27   $73,545   $414 
Total assets   608    247    27    73,545    414 
Net assets  $608   $247   $27   $73,545   $414 
Net assets                         
Accumulation units  $608   $247   $27   $73,026   $414 
Contracts in payout (annuitization)               519     
Total net assets  $608   $247   $27   $73,545   $414 
Total number of mutual fund shares   17,703    15,680    1,949    2,624,737    27,666 
Cost of mutual fund shares  $495   $237   $23   $59,182   $317 

 

  

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, 2021

(In thousands, except number of shares)

   

   Massachusetts Investors Growth Stock Fund - Class A   Metropolitan West Total Return Bond Fund - Class I Shares   Metropolitan West Total Return Bond Fund - Class M Shares   MFS® New Discovery Fund - Class R3   MFS® International Intrinsic Value Fund - Class R3 
Assets                         
Investments in mutual funds at fair value  $107   $113   $24,902   $599   $763 
Total assets   107    113    24,902    599    763 
Net assets  $107   $113   $24,902   $599   $763 
Net assets                         
Accumulation units  $107   $113   $24,902   $599   $763 
Contracts in payout (annuitization)                    
Total net assets  $107   $113   $24,902   $599   $763 
Total number of mutual fund shares   2,515    10,340    2,282,481    20,445    14,526 
Cost of mutual fund shares  $85   $114   $24,967   $650   $676 

 

 

   Neuberger Berman Genesis Fund - Trust Class Shares   Neuberger Berman Sustainable Equity Fund - Institutional Class Shares   Neuberger Berman Sustainable Equity Fund - Trust Class Shares   American Funds® New Perspective Fund® - Class R-3   American Funds® New Perspective Fund® - Class R-4 
Assets                         
Investments in mutual funds at fair value  $769   $24   $18,255   $1,742   $383,047 
Total assets   769    24    18,255    1,742    383,047 
Net assets  $769   $24   $18,255   $1,742   $383,047 
Net assets                         
Accumulation units  $769   $24   $18,255   $1,742   $383,047 
Contracts in payout (annuitization)                    
Total net assets  $769   $24   $18,255   $1,742   $383,047 
Total number of mutual fund shares   10,307    514    386,263    27,006    5,866,856 
Cost of mutual fund shares  $617   $25   $14,659   $1,251   $248,212 

 

  

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, 2021

(In thousands, except number of shares)

   

   American Funds® New Perspective Fund® - Class R-6   American Funds® New World Fund® - Class R-4   Nuveen Global Infrastructure Fund - Class I   Parnassus Core Equity Fund - Investor Shares   Pax Sustainable Allocation Fund - Investor Class 
Assets                         
Investments in mutual funds at fair value  $690   $771   $2,046   $60,149   $48,593 
Total assets   690    771    2,046    60,149    48,593 
Net assets  $690   $771   $2,046   $60,149   $48,593 
Net assets                         
Accumulation units  $690   $771   $2,046   $60,149   $48,593 
Contracts in payout (annuitization)                    
Total net assets  $690   $771   $2,046   $60,149   $48,593 
Total number of mutual fund shares   10,385    9,022    175,625    948,570    1,676,788 
Cost of mutual fund shares  $692   $659   $1,915   $43,482   $39,653 

 

 

   PIMCO CommodityRealReturn Strategy Fund® - Administrative Class   PIMCO VIT Real Return Portfolio - Administrative Class   Pioneer Equity Income Fund - Class Y Shares   Pioneer High Yield Fund - Class A Shares   Pioneer Balanced ESG Fund - Class K Shares 
Assets                         
Investments in mutual funds at fair value  $5,051   $83,327   $4,421   $410   $6 
Total assets   5,051    83,327    4,421    410    6 
Net assets  $5,051   $83,327   $4,421   $410   $6 
Net assets                         
Accumulation units  $5,051   $83,327   $4,421   $410   $6 
Contracts in payout (annuitization)                    
Total net assets  $5,051   $83,327   $4,421   $410   $6 
Total number of mutual fund shares   819,904    5,956,159    106,447    42,453    567 
Cost of mutual fund shares  $5,002   $77,732   $3,739   $402   $6 

 

  

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, 2021

(In thousands, except number of shares)

 

   Pioneer Strategic
Income Fund - Class
A Shares
   Pioneer Equity
Income VCT
Portfolio - Class I
   Pioneer High Yield
VCT Portfolio - Class I
   PGIM High Yield
Fund - Class R6
   PGIM Jennison Utility
Fund - Class Z
 
Assets                         
Investments in mutual funds at fair value  $945   $   $15,950   $188   $209 
Total assets   945        15,950    188    209 
Net assets  $945   $   $15,950   $188   $209 
Net assets                         
Accumulation units  $945   $   $15,950   $188   $209 
Contracts in payout (annuitization)                    
Total net assets  $945   $   $15,950   $188   $209 
Total number of mutual fund shares   87,791    4    1,707,717    34,170    12,965 
Cost of mutual fund shares  $952   $   $15,792   $188   $196 

 

 

   Royce Total Return
Fund - Service Class
   Ave Maria Rising
Dividend Fund
   American Funds®
SMALLCAP World
Fund® - Class R-4
   American Funds®
SMALLCAP World
Fund® - Class R-6
   T. Rowe Price Large -
Cap Growth Fund - I
Class
 
Assets                         
Investments in mutual funds at fair value  $9   $6,903   $44,762   $95   $1,210 
Total assets   9    6,903    44,762    95    1,210 
Net assets  $9   $6,903   $44,762   $95   $1,210 
Net assets                         
Accumulation units  $9   $6,903   $44,762   $95   $1,210 
Contracts in payout (annuitization)                    
Total net assets  $9   $6,903   $44,762   $95   $1,210 
Total number of mutual fund shares   937    314,937    564,466    1,147    16,455 
Cost of mutual fund shares  $9   $6,059   $33,615   $93   $1,152 

 

 

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, 2021

(In thousands, except number of shares)

 

   T. Rowe Price Mid-
Cap Value Fund - R
Class
   T. Rowe Price Value
Fund - Advisor Class
   TCW Total Return
Bond Fund - Class N
   Templeton Foreign
Fund - Class A
   Templeton Global
Bond Fund - Advisor Class
 
Assets                         
Investments in mutual funds at fair value  $297   $754   $9,559   $171   $16,354 
Total assets   297    754    9,559    171    16,354 
Net assets  $297   $754   $9,559   $171   $16,354 
Net assets                         
Accumulation units  $297   $754   $9,559   $171   $16,354 
Contracts in payout (annuitization)                    
Total net assets  $297   $754   $9,559   $171   $16,354 
Total number of mutual fund shares   9,053    16,071    917,364    23,777    1,858,372 
Cost of mutual fund shares  $261   $621   $9,807   $172   $20,746 

 

 

   Templeton Global
Bond Fund - Class A
   Third Avenue Real
Estate Value Fund -
Institutional Class
   Touchstone Small
Company Fund - Class R6
   Touchstone Value
Fund - Institutional
Class
   USAA Precious
Metals and Minerals
Fund - Class A Shares
 
Assets                         
Investments in mutual funds at fair value  $72,608   $83   $194   $15   $21,114 
Total assets   72,608    83    194    15    21,114 
Net assets  $72,608   $83   $194   $15   $21,114 
Net assets                         
Accumulation units  $72,608   $83   $194   $15   $21,114 
Contracts in payout (annuitization)                    
Total net assets  $72,608   $83   $194   $15   $21,114 
Total number of mutual fund shares   8,213,589    3,025    32,025    1,332    1,143,754 
Cost of mutual fund shares  $98,314   $82   $192   $15   $22,838 

 

 

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, 2021

(In thousands, except number of shares)

 

   Vanguard® Total
Bond Market Index
Fund - Admiral™ Shares
   Vanguard®
Explorer™ Fund -
Admiral™ Shares
   Vanguard® Equity
Income Fund - Admiral™ Shares
   Vanguard® Federal
Money Market Fund -
Investor Shares
   Vanguard® Total
International Stock
Index Fund -
Admiral™ Shares
 
Assets                         
Investments in mutual funds at fair value  $132   $17   $291   $30   $233 
Total assets   132    17    291    30    233 
Net assets  $132   $17   $291   $30   $233 
Net assets                         
Accumulation units  $132   $17   $291   $30   $233 
Contracts in payout (annuitization)                    
Total net assets  $132   $17   $291   $30   $233 
Total number of mutual fund shares   11,755    143    3,158    30,133    6,804 
Cost of mutual fund shares  $135   $19   $290   $30   $218 

 

 

   Vanguard®
International Value
Fund - Investor Shares
   Vanguard® Variable Insurance Fund - Diversified Value Portfolio   Vanguard® Variable Insurance Fund - Equity Income Portfolio   Vanguard® Variable Insurance Fund - Small Company Growth Portfolio   Vanguard® FTSE Social Index Fund - Institutional Shares 
Assets                         
Investments in mutual funds at fair value  $61   $164   $143   $88   $125 
Total assets   61    164    143    88    125 
Net assets  $61   $164   $143   $88   $125 
Net assets                         
Accumulation units  $61   $164   $143   $88   $125 
Contracts in payout (annuitization)                    
Total net assets  $61   $164   $143   $88   $125 
Total number of mutual fund shares   1,465    9,399    5,126    3,338    3,748 
Cost of mutual fund shares  $61   $130   $112   $71   $124 

 

 

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, 2021

(In thousands, except number of shares)

 

  

Victory Integrity Small-Cap Value

Fund - Class Y

   Victory Sycamore Established Value Fund - Class A   Victory Sycamore Established Value Fund - Class R6   Victory Sycamore Small Company Opportunity Fund - Class R   Virtus NFJ Dividend Value Fund - Class A 
Assets                         
Investments in mutual funds at fair value  $44   $12,643   $7   $12   $215 
Total assets   44    12,643    7    12    215 
Net assets  $44   $12,643   $7   $12   $215 
Net assets                         
Accumulation units  $44   $12,643   $7   $12   $215 
Contracts in payout (annuitization)                    
Total net assets  $44   $12,643   $7   $12   $215 
Total number of mutual fund shares   1,098    254,857    135    250    15,969 
Cost of mutual fund shares  $50   $10,853   $7   $11   $202 

 

 

   Virtus NFJ Large-Cap Value Fund - Institutional Class   Virtus NFJ Small-Cap Value Fund - Class A   Voya Balanced Portfolio - Class I   Voya Large Cap Value Fund - Class A  

Voya Large-Cap Growth Fund -

Class R6

 
Assets                         
Investments in mutual funds at fair value  $6   $11   $231,526   $57   $441 
Total assets   6    11    231,526    57    441 
Net assets  $6   $11   $231,526   $57   $441 
Net assets                         
Accumulation units  $6   $11   $219,595   $57   $441 
Contracts in payout (annuitization)           11,931         
Total net assets  $6   $11   $231,526   $57   $441 
Total number of mutual fund shares   178    692    12,562,426    4,719    7,600 
Cost of mutual fund shares  $4   $10   $161,803   $60   $445 

 

 

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, 2021

(In thousands, except number of shares)

 

   Voya Floating Rate Fund - Class A   Voya GNMA Income Fund - Class A   Voya Intermediate Bond Fund - Class A   Voya Intermediate Bond Fund - Class R6   Voya Government Money Market Portfolio - Class I 
Assets                         
Investments in mutual funds at fair value  $698   $3,701   $469   $232   $287,347 
Total assets   698    3,701    469    232    287,347 
Net assets  $698   $3,701   $469   $232   $287,347 
Net assets                         
Accumulation units  $698   $3,701   $469   $232   $286,068 
Contracts in payout (annuitization)                   1,279 
Total net assets  $698   $3,701   $469   $232   $287,347 
Total number of mutual fund shares   77,024    441,641    45,745    22,635    287,347,443 
Cost of mutual fund shares  $694   $3,744   $479   $232   $287,347 

 

 

  

Voya Intermediate Bond
Portfolio -

Class I

  

Voya Intermediate Bond
Portfolio -

Class S

   Voya Global Perspectives® Portfolio - Class I   Voya High Yield Portfolio - Adviser Class   Voya High Yield Portfolio - Institutional Class 
Assets                         
Investments in mutual funds at fair value  $443,284   $1,966   $5,511   $24   $109,424 
Total assets   443,284    1,966    5,511    24    109,424 
Net assets  $443,284   $1,966   $5,511   $24   $109,424 
Net assets                         
Accumulation units  $432,318   $1,966   $5,511   $24   $108,589 
Contracts in payout (annuitization)   10,966                835 
Total net assets  $443,284   $1,966   $5,511   $24   $109,424 
Total number of mutual fund shares   34,577,504    154,346    452,104    2,464    10,997,423 
Cost of mutual fund shares  $448,961   $1,984   $5,257   $24   $107,748 

 

 

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, 2021

(In thousands, except number of shares)

 

   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 
Assets                         
Investments in mutual funds at fair value  $105   $766,461   $8,582   $16   $332,731 
Total assets   105    766,461    8,582    16    332,731 
Net assets  $105   $766,461   $8,582   $16   $332,731 
Net assets                         
Accumulation units  $105   $765,266   $8,582   $16   $329,837 
Contracts in payout (annuitization)       1,195            2,894 
Total net assets  $105   $766,461   $8,582   $16   $332,731 
Total number of mutual fund shares   5,406    34,095,235    399,720    1,151    23,698,822 
Cost of mutual fund shares  $95   $659,039   $7,697   $13   $274,980 

 

 

   Voya Large Cap Value Portfolio - Service Class   Voya Limited Maturity Bond Portfolio - Adviser Class   Voya U.S. Stock Index Portfolio - Institutional Class   VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class   VY® Clarion Global Real Estate Portfolio - Institutional Class 
Assets                         
Investments in mutual funds at fair value  $1,092   $5   $55,672   $11   $76,166 
Total assets   1,092    5    55,672    11    76,166 
Net assets  $1,092   $5   $55,672   $11   $76,166 
Net assets                         
Accumulation units  $1,092   $5   $55,672   $11   $76,166 
Contracts in payout (annuitization)                    
Total net assets  $1,092   $5   $55,672   $11   $76,166 
Total number of mutual fund shares   79,217    547    2,545,603    1,042    5,523,297 
Cost of mutual fund shares  $892   $5   $41,916   $10   $63,395 

 

 

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, 2021

(In thousands, except number of shares)

 

   VY® Clarion Real Estate Portfolio - Adviser Class   VY® Clarion Real Estate Portfolio - Institutional Class   VY® Clarion Real Estate Portfolio - Service Class   VY® Invesco Growth and Income Portfolio - Institutional Class   VY® Invesco Growth and Income Portfolio - Service Class 
Assets                         
Investments in mutual funds at fair value  $54   $1,577   $48,724   $39,757   $32,305 
Total assets   54    1,577    48,724    39,757    32,305 
Net assets  $54   $1,577   $48,724   $39,757   $32,305 
Net assets                         
Accumulation units  $54   $   $48,724   $39,757   $32,305 
Contracts in payout (annuitization)       1,577             
Total net assets  $54   $1,577   $48,724   $39,757   $32,305 
Total number of mutual fund shares   1,255    34,137    1,056,680    1,498,005    1,201,831 
Cost of mutual fund shares  $43   $1,144   $35,843   $33,788   $28,279 

 

 

   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 
Assets                         
Investments in mutual funds at fair value  $93   $15,994   $26,401   $3   $67,421 
Total assets   93    15,994    26,401    3    67,421 
Net assets  $93   $15,994   $26,401   $3   $67,421 
Net assets                         
Accumulation units  $93   $15,994   $26,401   $3   $67,421 
Contracts in payout (annuitization)                    
Total net assets  $93   $15,994   $26,401   $3   $67,421 
Total number of mutual fund shares   4,330    692,388    1,154,889    173    3,168,267 
Cost of mutual fund shares  $82   $14,514   $25,409   $2   $58,740 

 

 

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, 2021

(In thousands, except number of shares)

 

   VY® JPMorgan Small Cap Core Equity Portfolio - Service Class   VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class   VY® T. Rowe Price Capital Appreciation Portfolio - Class R6   VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class   VY® T. Rowe Price Capital Appreciation Portfolio - Service Class 
Assets                         
Investments in mutual funds at fair value  $46,109   $460   $293   $602,323   $1,315,586 
Total assets   46,109    460    293    602,323    1,315,586 
Net assets  $46,109   $460   $293   $602,323   $1,315,586 
Net assets                         
Accumulation units  $46,109   $460   $293   $602,323   $1,315,586 
Contracts in payout (annuitization)                    
Total net assets  $46,109   $460   $293   $602,323   $1,315,586 
Total number of mutual fund shares   2,211,479    14,882    8,878    18,274,361    39,914,636 
Cost of mutual fund shares  $40,588   $395   $293   $516,567   $1,106,557 

 

 

   VY® T. Rowe Price Equity Income Portfolio - Adviser Class   VY® T. Rowe Price Equity Income Portfolio - Service Class   VY® T. Rowe Price International Stock Portfolio - Adviser Class   VY® T. Rowe Price International Stock Portfolio - Service Class   Voya Multi-Manager International Small Cap Fund - Class A 
Assets                         
Investments in mutual funds at fair value  $757   $114,150   $108   $8,973   $128 
Total assets   757    114,150    108    8,973    128 
Net assets  $757   $114,150   $108   $8,973   $128 
Net assets                         
Accumulation units  $757   $113,685   $108   $8,973   $128 
Contracts in payout (annuitization)       465             
Total net assets  $757   $114,150   $108   $8,973   $128 
Total number of mutual fund shares   65,965    9,544,337    6,190    515,712    2,019 
Cost of mutual fund shares  $696   $115,192   $83   $7,780   $112 

 

 

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, 2021

(In thousands, except number of shares)

 

   Voya Multi-Manager International Small Cap Fund - Class I   Voya Global Bond Portfolio - Adviser Class   Voya Global Bond Portfolio - Initial Class   Voya Global Bond Portfolio - Service Class   Voya Index Solution 2025 Portfolio - Initial Class 
Assets                         
Investments in mutual funds at fair value  $2,364   $130   $67,239   $552   $7,315 
Total assets   2,364    130    67,239    552    7,315 
Net assets  $2,364   $130   $67,239   $552   $7,315 
Net assets                         
Accumulation units  $2,364   $130   $66,444   $545   $7,315 
Contracts in payout (annuitization)           795    7     
Total net assets  $2,364   $130   $67,239   $552   $7,315 
Total number of mutual fund shares   37,456    12,789    6,515,451    53,624    567,917 
Cost of mutual fund shares  $2,246   $135   $70,680   $586   $6,601 

 

 

   Voya Index Solution 2025 Portfolio - Service Class   Voya Index Solution 2025 Portfolio - Service 2 Class   Voya Index Solution 2030 Portfolio - Service 2 Class   Voya Index Solution 2035 Portfolio - Initial Class   Voya Index Solution 2035 Portfolio - Service Class 
Assets                         
Investments in mutual funds at fair value  $11,122   $1,935   $4   $13,438   $10,742 
Total assets   11,122    1,935    4    13,438    10,742 
Net assets  $11,122   $1,935   $4   $13,438   $10,742 
Net assets                         
Accumulation units  $11,122   $1,935   $4   $13,438   $10,742 
Contracts in payout (annuitization)                    
Total net assets  $11,122   $1,935   $4   $13,438   $10,742 
Total number of mutual fund shares   874,353    155,413    218    957,816    776,734 
Cost of mutual fund shares  $9,904   $1,723   $4   $11,617   $9,056 

 

 

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, 2021

(In thousands, except number of shares)

 

   Voya Index Solution 2035 Portfolio - Service 2 Class   Voya Index Solution 2040 Portfolio - Initial Class   Voya Index Solution 2045 Portfolio - Initial Class   Voya Index Solution 2045 Portfolio - Service Class   Voya Index Solution 2045 Portfolio - Service 2 Class 
Assets                         
Investments in mutual funds at fair value  $3,260   $15   $10,133   $8,785   $4,329 
Total assets   3,260    15    10,133    8,785    4,329 
Net assets  $3,260   $15   $10,133   $8,785   $4,329 
Net assets                         
Accumulation units  $3,260   $15   $10,133   $8,785   $4,329 
Contracts in payout (annuitization)                    
Total net assets  $3,260   $15   $10,133   $8,785   $4,329 
Total number of mutual fund shares   240,779    689    659,291    582,181    293,277 
Cost of mutual fund shares  $2,798   $14   $8,387   $7,010   $3,485 

 

 

   Voya Index Solution 2050 Portfolio - Initial 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 2065 Portfolio - Initial Class 
Assets                         
Investments in mutual funds at fair value  $1   $4,295   $7,184   $3,060   $83 
Total assets   1    4,295    7,184    3,060    83 
Net assets  $1   $4,295   $7,184   $3,060   $83 
Net assets                         
Accumulation units  $1   $4,295   $7,184   $3,060   $83 
Contracts in payout (annuitization)                    
Total net assets  $1   $4,295   $7,184   $3,060   $83 
Total number of mutual fund shares   54    212,621    360,997    155,547    6,497 
Cost of mutual fund shares  $1   $3,627   $5,944   $2,453   $84 

 

 

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, 2021

(In thousands, except number of shares)

 

   Voya Index Solution 2065 Portfolio - Service Class   Voya Index Solution Income Portfolio - Initial Class   Voya Index Solution Income Portfolio - Service Class   Voya Index Solution Income Portfolio - Service 2 Class   Voya International High Dividend Low Volatility Portfolio - Adviser Class 
Assets                         
Investments in mutual funds at fair value  $86   $1,063   $1,155   $711   $178 
Total assets   86    1,063    1,155    711    178 
Net assets  $86   $1,063   $1,155   $711   $178 
Net assets                         
Accumulation units  $86   $1,063   $1,155   $711   $178 
Contracts in payout (annuitization)                    
Total net assets  $86   $1,063   $1,155   $711   $178 
Total number of mutual fund shares   6,709    90,246    99,167    62,553    17,251 
Cost of mutual fund shares  $86   $1,004   $1,067   $638   $187 

 

 

   Voya International High Dividend Low Volatility Portfolio - Initial Class   Voya International High Dividend Low Volatility Portfolio - Service Class   Voya Solution 2025 Portfolio - Adviser Class   Voya Solution 2025 Portfolio - Initial Class   Voya Solution 2025 Portfolio - Service Class 
Assets                         
Investments in mutual funds at fair value  $68,704   $60   $297   $17,671   $160,375 
Total assets   68,704    60    297    17,671    160,375 
Net assets  $68,704   $60   $297   $17,671   $160,375 
Net assets                         
Accumulation units  $67,658   $60   $297   $17,671   $160,375 
Contracts in payout (annuitization)   1,046                 
Total net assets  $68,704   $60   $297   $17,671   $160,375 
Total number of mutual fund shares   6,580,824    5,793    23,864    1,371,965    12,647,864 
Cost of mutual fund shares  $69,487   $65   $266   $16,136   $145,280 

 

 

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, 2021

(In thousands, except number of shares)

 

   Voya Solution 2025 Portfolio - Service 2 Class   Voya Solution 2030 Portfolio - Service Class   Voya Solution 2035 Portfolio - Adviser Class   Voya Solution 2035 Portfolio - Initial Class   Voya Solution 2035 Portfolio - Service Class 
Assets                         
Investments in mutual funds at fair value  $5,812   $134   $430   $17,834   $199,934 
Total assets   5,812    134    430    17,834    199,934 
Net assets  $5,812   $134   $430   $17,834   $199,934 
Net assets                         
Accumulation units  $5,812   $134   $430   $17,834   $199,934 
Contracts in payout (annuitization)                    
Total net assets  $5,812   $134   $430   $17,834   $199,934 
Total number of mutual fund shares   474,078    7,254    32,912    1,317,157    14,998,809 
Cost of mutual fund shares  $5,297   $131   $369   $15,892   $176,522 

 

 

   Voya Solution 2035 Portfolio - Service 2 Class   Voya Solution 2040 Portfolio - Initial Class   Voya Solution 2040 Portfolio - Service Class   Voya Solution 2045 Portfolio - Adviser Class   Voya Solution 2045 Portfolio - Initial Class 
Assets                         
Investments in mutual funds at fair value  $10,190   $   $2   $24   $15,711 
Total assets   10,190        2    24    15,711 
Net assets  $10,190   $   $2   $24   $15,711 
Net assets                         
Accumulation units  $10,190   $   $2   $24   $15,711 
Contracts in payout (annuitization)                    
Total net assets  $10,190   $   $2   $24   $15,711 
Total number of mutual fund shares   802,370    5    112    1,854    1,149,311 
Cost of mutual fund shares  $8,980   $   $2   $21   $14,067 

 

 

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, 2021

(In thousands, except number of shares)

 

   Voya Solution 2045 Portfolio - Service Class   Voya Solution 2045 Portfolio - Service 2 Class   Voya Solution 2050 Portfolio - Initial Class   Voya Solution 2050 Portfolio - Service Class   Voya Solution 2050 Portfolio - Service 2 Class 
Assets                         
Investments in mutual funds at fair value  $152,015   $4,510   $   $11   $ 
Total assets   152,015    4,510        11     
Net assets  $152,015   $4,510   $   $11   $ 
Net assets                         
Accumulation units  $152,015   $4,510   $   $11   $ 
Contracts in payout (annuitization)                    
Total net assets  $152,015   $4,510   $   $11   $ 
Total number of mutual fund shares   11,369,838    348,777    19    510    16 
Cost of mutual fund shares  $131,953   $3,908   $   $10   $ 

 

 

   Voya Solution 2055 Portfolio - Initial Class   Voya Solution 2055 Portfolio - Service Class   Voya Solution 2055 Portfolio - Service 2 Class   Voya Solution 2060 Portfolio - Initial Class   Voya Solution 2060 Portfolio - Service Class 
Assets                         
Investments in mutual funds at fair value  $8,993   $49,111   $1,546   $   $54 
Total assets   8,993    49,111    1,546        54 
Net assets  $8,993   $49,111   $1,546   $   $54 
Net assets                         
Accumulation units  $8,993   $49,111   $1,546   $   $54 
Contracts in payout (annuitization)                    
Total net assets  $8,993   $49,111   $1,546   $   $54 
Total number of mutual fund shares   572,052    3,203,618    101,553    2    3,590 
Cost of mutual fund shares  $8,247   $44,519   $1,419   $   $54 

 

 

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, 2021

(In thousands, except number of shares)

 

   Voya Solution 2060 Portfolio - Service 2 Class   Voya Solution 2065 Portfolio - Initial Class   Voya Solution 2065 Portfolio - Service Class   Voya Solution Balanced Portfolio - Service Class   Voya Solution Income Portfolio - Adviser Class 
Assets                         
Investments in mutual funds at fair value  $1   $1   $1,367   $8,118   $443 
Total assets   1    1    1,367    8,118    443 
Net assets  $1   $1   $1,367   $8,118   $443 
Net assets                         
Accumulation units  $1   $1   $1,367   $8,118   $443 
Contracts in payout (annuitization)                    
Total net assets  $1   $1   $1,367   $8,118   $443 
Total number of mutual fund shares   37    77    114,393    698,007    34,741 
Cost of mutual fund shares  $1   $1   $1,421   $6,942   $391 

 

 

   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 
Assets                         
Investments in mutual funds at fair value  $13,276   $34,555   $2,950   $8,634   $18 
Total assets   13,276    34,555    2,950    8,634    18 
Net assets  $13,276   $34,555   $2,950   $8,634   $18 
Net assets                         
Accumulation units  $13,276   $34,555   $2,950   $8,634   $18 
Contracts in payout (annuitization)                    
Total net assets  $13,276   $34,555   $2,950   $8,634   $18 
Total number of mutual fund shares   1,013,465    2,662,177    233,772    739,885    1,248 
Cost of mutual fund shares  $12,498   $31,125   $2,703   $7,461   $13 

 

 

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, 2021

(In thousands, except number of shares)

 

   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 
Assets                         
Investments in mutual funds at fair value  $40,803   $71,650   $445   $204,375   $17,506 
Total assets   40,803    71,650    445    204,375    17,506 
Net assets  $40,803   $71,650   $445   $204,375   $17,506 
Net assets                         
Accumulation units  $40,803   $70,962   $445   $203,287   $17,412 
Contracts in payout (annuitization)       688        1,088    94 
Total net assets  $40,803   $71,650   $445   $204,375   $17,506 
Total number of mutual fund shares   2,656,420    4,748,163    15,565    6,360,880    781,864 
Cost of mutual fund shares  $32,435   $56,097   $326   $165,325   $15,531 

 

 

  

VY® Columbia Small Cap Value II

Portfolio - Adviser Class

  

VY® Columbia Small Cap Value II

Portfolio - Service Class

   VY® Invesco Comstock Portfolio - Adviser Class   VY® Invesco Comstock Portfolio - Service Class   VY® Invesco Equity and Income Portfolio - Adviser Class 
Assets                         
Investments in mutual funds at fair value  $200   $12,846   $193   $70,222   $1,759 
Total assets   200    12,846    193    70,222    1,759 
Net assets  $200   $12,846   $193   $70,222   $1,759 
Net assets                         
Accumulation units  $200   $12,846   $193   $69,214   $1,759 
Contracts in payout (annuitization)               1,008     
Total net assets  $200   $12,846   $193   $70,222   $1,759 
Total number of mutual fund shares   9,605    594,470    9,165    3,299,905    34,021 
Cost of mutual fund shares  $134   $11,111   $151   $55,489   $1,510 

 

 

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, 2021

(In thousands, except number of shares)

 

   VY® Invesco Equity and Income Portfolio - Initial Class   VY® Invesco Equity and Income Portfolio - Service Class   VY® Invesco Global Portfolio - Adviser Class   VY® Invesco Global Portfolio - Initial Class   VY® Invesco Global Portfolio - Service Class 
Assets                         
Investments in mutual funds at fair value  $305,320   $1,228   $269   $722,750   $2,620 
Total assets   305,320    1,228    269    722,750    2,620 
Net assets  $305,320   $1,228   $269   $722,750   $2,620 
Net assets                         
Accumulation units  $303,081   $1,228   $269   $719,117   $2,620 
Contracts in payout (annuitization)   2,239            3,633     
Total net assets  $305,320   $1,228   $269   $722,750   $2,620 
Total number of mutual fund shares   5,794,640    23,482    10,946    27,575,337    105,534 
Cost of mutual fund shares  $262,197   $1,034   $199   $466,872   $1,993 

 

 

   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® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class   VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 
Assets                         
Investments in mutual funds at fair value  $240   $22,525   $60,843   $480   $392 
Total assets   240    22,525    60,843    480    392 
Net assets  $240   $22,525   $60,843   $480   $392 
Net assets                         
Accumulation units  $240   $22,525   $59,967   $480   $392 
Contracts in payout (annuitization)           876         
Total net assets  $240   $22,525   $60,843   $480   $392 
Total number of mutual fund shares   12,495    1,126,269    3,085,343    38,583    26,397 
Cost of mutual fund shares  $211   $20,761   $55,279   $407   $389 

 

 

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, 2021

(In thousands, except number of shares)

 

   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  $638,349   $1,623   $1,266   $815,452   $4,005 
Total assets   638,349    1,623    1,266    815,452    4,005 
Net assets  $638,349   $1,623   $1,266   $815,452   $4,005 
Net assets                         
Accumulation units  $635,873   $1,623   $1,266   $813,146   $4,005 
Contracts in payout (annuitization)   2,476            2,306     
Total net assets  $638,349   $1,623   $1,266   $815,452   $4,005 
Total number of mutual fund shares   43,073,475    116,907    12,380    6,849,659    36,133 
Cost of mutual fund shares  $494,039   $1,387   $1,007   $605,258   $3,141 

 

 

   Voya Target In-Retirement Fund - Class R6  

Voya Target Retirement 2025

Fund - Class R6

  

Voya Target Retirement 2030

Fund - Class R6

  

Voya Target Retirement 2035

Fund - Class R6

  

Voya Target Retirement 2040

Fund - Class R6

 
Assets                         
Investments in mutual funds at fair value  $27   $86   $2   $127   $ 
Total assets   27    86    2    127     
Net assets  $27   $86   $2   $127   $ 
Net assets                         
Accumulation units  $27   $86   $2   $127   $ 
Contracts in payout (annuitization)                    
Total net assets  $27   $86   $2   $127   $ 
Total number of mutual fund shares   2,401    6,527    117    9,205    9 
Cost of mutual fund shares  $30   $95   $2   $145   $ 

 

 

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, 2021

(In thousands, except number of shares)

 

  

Voya Target Retirement 2045

Fund - Class R6

  

Voya Target Retirement 2050

Fund - Class R6

  

Voya Target Retirement 2055

Fund - Class R6

  

Voya Target Retirement 2060

Fund - Class R6

   Voya Corporate Leaders 100 Fund - Class I 
Assets                         
Investments in mutual funds at fair value  $157   $11   $52   $5   $12,290 
Total assets   157    11    52    5    12,290 
Net assets  $157   $11   $52   $5   $12,290 
Net assets                         
Accumulation units  $157   $11   $52   $5   $12,290 
Contracts in payout (annuitization)                    
Total net assets  $157   $11   $52   $5   $12,290 
Total number of mutual fund shares   10,777    752    3,678    365    539,492 
Cost of mutual fund shares  $184   $13   $62   $6   $11,220 

 

   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 
Assets                         
Investments in mutual funds at fair value  $34,698   $87,927   $69,817   $1,510   $1,476,982 
Total assets   34,698    87,927    69,817    1,510    1,476,982 
Net assets  $34,698   $87,927   $69,817   $1,510   $1,476,982 
Net assets                         
Accumulation units  $34,346   $87,199   $68,580   $1,510   $1,407,626 
Contracts in payout (annuitization)   352    728    1,237        69,356 
Total net assets  $34,698   $87,927   $69,817   $1,510   $1,476,982 
Total number of mutual fund shares   2,433,258    4,936,957    4,267,516    67,131    63,389,765 
Cost of mutual fund shares  $30,822   $64,581   $56,589   $1,740   $1,683,495 

 

 

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, 2021

(In thousands, except number of shares)

 

   Voya Growth and Income Portfolio - Class S   Voya Global High Dividend Low Volatility Portfolio - Class I   Voya Global High Dividend Low Volatility Portfolio - Class S   Voya Index Plus LargeCap Portfolio - Class I   Voya Index Plus LargeCap Portfolio - Class S 
Assets                         
Investments in mutual funds at fair value  $308   $84,083   $11,213   $479,099   $167 
Total assets   308    84,083    11,213    479,099    167 
Net assets  $308   $84,083   $11,213   $479,099   $167 
Net assets                         
Accumulation units  $308   $83,073   $11,213   $474,071   $167 
Contracts in payout (annuitization)       1,010        5,028     
Total net assets  $308   $84,083   $11,213   $479,099   $167 
Total number of mutual fund shares   13,654    6,835,995    907,175    13,645,652    4,806 
Cost of mutual fund shares  $359   $66,306   $8,943   $287,735   $121 

 

 

   Voya Index Plus MidCap Portfolio - Class I   Voya Index Plus MidCap Portfolio - Class S   Voya Index Plus SmallCap Portfolio - Class I   Voya Index Plus SmallCap Portfolio - Class S  

Voya International Index Portfolio -

Class I

 
Assets                         
Investments in mutual funds at fair value  $352,043   $46   $153,650   $176   $47,878 
Total assets   352,043    46    153,650    176    47,878 
Net assets  $352,043   $46   $153,650   $176   $47,878 
Net assets                         
Accumulation units  $350,682   $46   $152,649   $176   $47,380 
Contracts in payout (annuitization)   1,361        1,001        498 
Total net assets  $352,043   $46   $153,650   $176   $47,878 
Total number of mutual fund shares   13,447,029    1,808    5,632,315    6,546    3,976,609 
Cost of mutual fund shares  $271,041   $34   $120,536   $142   $39,215 

 

 

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, 2021

(In thousands, except number of shares)

 

  

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 
Assets                         
Investments in mutual funds at fair value  $12   $180,106   $4,344   $295,849   $569 
Total assets   12    180,106    4,344    295,849    569 
Net assets  $12   $180,106   $4,344   $295,849   $569 
Net assets                         
Accumulation units  $12   $177,321   $4,344   $295,849   $ 
Contracts in payout (annuitization)       2,785            569 
Total net assets  $12   $180,106   $4,344   $295,849   $569 
Total number of mutual fund shares   1,020    2,476,364    60,204    8,585,279    16,632 
Cost of mutual fund shares  $10   $99,204   $2,427   $181,790   $312 

 

 

   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 
Assets                         
Investments in mutual funds at fair value  $592   $24,688   $25,198   $244,259   $128,687 
Total assets   592    24,688    25,198    244,259    128,687 
Net assets  $592   $24,688   $25,198   $244,259   $128,687 
Net assets                         
Accumulation units  $592   $24,688   $25,198   $244,259   $128,687 
Contracts in payout (annuitization)                    
Total net assets  $592   $24,688   $25,198   $244,259   $128,687 
Total number of mutual fund shares   20,926    880,449    521,912    16,845,427    7,274,551 
Cost of mutual fund shares  $475   $19,542   $18,095   $221,197   $102,584 

 

 

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, 2021

(In thousands, except number of shares)

 

   Voya Small Company Portfolio - Class I   Voya Small Company Portfolio - Class S   Voya U.S. Bond Index Portfolio - Class I   Voya MidCap Opportunities Portfolio - Class I   Voya MidCap Opportunities Portfolio - Class R6 
Assets                         
Investments in mutual funds at fair value  $146,809   $144   $28,501   $373,377   $50 
Total assets   146,809    144    28,501    373,377    50 
Net assets  $146,809   $144   $28,501   $373,377   $50 
Net assets                         
Accumulation units  $144,851   $144   $28,501   $373,377   $50 
Contracts in payout (annuitization)   1,958                 
Total net assets  $146,809   $144   $28,501   $373,377   $50 
Total number of mutual fund shares   6,918,445    7,002    2,651,301    20,617,187    2,763 
Cost of mutual fund shares  $129,456   $117   $29,614   $287,172   $50 

 

 

   Voya MidCap Opportunities Portfolio - Class S   Voya SmallCap Opportunities Portfolio - Class I   Voya SmallCap Opportunities Portfolio - Class S   Wanger International   Wanger Select 
Assets                         
Investments in mutual funds at fair value  $1,041   $73,298   $53   $42,778   $65,632 
Total assets   1,041    73,298    53    42,778    65,632 
Net assets  $1,041   $73,298   $53   $42,778   $65,632 
Net assets                         
Accumulation units  $1,041   $73,298   $53   $42,778   $65,632 
Contracts in payout (annuitization)                    
Total net assets  $1,041   $73,298   $53   $42,778   $65,632 
Total number of mutual fund shares   63,234    2,701,740    2,161    1,311,392    3,400,599 
Cost of mutual fund shares  $828   $68,261   $44   $34,207   $61,219 

 

 

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, 2021

(In thousands, except number of shares)

 

   Wanger USA   American Funds® Washington Mutual Investors FundSM - Class R-3   American Funds® Washington Mutual Investors FundSM - Class R-4   American Funds® Washington Mutual Investors FundSM - Class R-6   Allspring Small Company Growth Fund - Administrator Class 
Assets                         
Investments in mutual funds at fair value  $101,592   $1,097   $279,457   $76   $13,134 
Total assets   101,592    1,097    279,457    76    13,134 
Net assets  $101,592   $1,097   $279,457   $76   $13,134 
Net assets                         
Accumulation units  $101,592   $1,097   $279,457   $76   $13,134 
Contracts in payout (annuitization)                    
Total net assets  $101,592   $1,097   $279,457   $76   $13,134 
Total number of mutual fund shares   3,946,847    18,321    4,650,642    1,253    305,645 
Cost of mutual fund shares  $90,584   $841   $196,550   $74   $15,590 

 

 

  

Allspring Small Company Value

Fund - Class A

  

Allspring Special Small Cap Value

Fund - Class A

 
Assets          
Investments in mutual funds at fair value  $203   $125,172 
Total assets   203    125,172 
Net assets  $203   $125,172 
Net assets          
Accumulation units  $203   $125,172 
Contracts in payout (annuitization)        
Total net assets  $203   $125,172 
Total number of mutual fund shares   5,514    2,940,387 
Cost of mutual fund shares  $152   $87,417 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   AB Relative Value Fund - Class A   AB VPS Growth and Income Portfolio - Class A   Aberdeen Emerging Markets Sustainable Leaders Fund - Institutional Class   Invesco Capital Appreciation Fund - Class A   Invesco Floating Rate ESG Fund - Class R5 
Net investment income (loss)                         
Investment income:                         
Dividends  $1   $6   $   $   $14 
Expenses:                         
Mortality and expense risk charges   1    9        1    4 
Net investment income (loss)       (3)       (1)   10 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   9    4    6,723    2     
Capital gains distributions   14        10    21     
Total realized gain (loss) on investments and capital gains distributions   23    4    6,733    23     
Net unrealized appreciation (depreciation) of investments   20    174    (5,915)   (5)   7 
Net realized and unrealized gain (loss) on investments   43    178    818    18    7 
Net increase (decrease) in net assets resulting from operations  $43   $175   $818   $17   $17 

 

 

 

   Invesco Main Street Fund - Class A   Invesco Main Street Mid Cap Fund® - Class A  

Invesco Small Cap Growth Fund -

Class A

  

Invesco International Growth Fund -

Class R5

   Invesco International Small-Mid Company Fund - Class Y 
Net investment income (loss)                         
Investment income:                         
Dividends  $12   $9   $   $17   $3 
Expenses:                         
Mortality and expense risk charges   22    42    2    7    12 
Net investment income (loss)   (10)   (33)   (2)   10    (9)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   145    325    8    (4)   37 
Capital gains distributions   321    673    65    161    112 
Total realized gain (loss) on investments and capital gains distributions   466    998    73    157    149 
Net unrealized appreciation (depreciation) of investments   (18)   (119)   (59)   (124)    
Net realized and unrealized gain (loss) on investments   448    879    14    33    149 
Net increase (decrease) in net assets resulting from operations  $438   $846   $12   $43   $140 

 

 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   Invesco Oppenheimer International Growth Fund - Class Y  

Invesco Developing Markets Fund -

Class A

  

Invesco Developing Markets Fund -

Class R6

  

Invesco Developing Markets Fund -

Class Y

   Invesco Endeavor Fund - Class A 
Net investment income (loss)                         
Investment income:                         
Dividends  $2   $199   $   $178   $ 
Expenses:                         
Mortality and expense risk charges   4    2,523        228     
Net investment income (loss)   (2)   (2,324)       (50)    
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   8    12,096        1,694    (3)
Capital gains distributions   56    9,908    2    2,160    4 
Total realized gain (loss) on investments and capital gains distributions   64    22,004    2    3,854    1 
Net unrealized appreciation (depreciation) of investments   (22)   (39,093)   (3)   (7,660)   2 
Net realized and unrealized gain (loss) on investments   42    (17,089)   (1)   (3,806)   3 
Net increase (decrease) in net assets resulting from operations  $40   $(19,413)  $(1)  $(3,856)  $3 

 

   Invesco Health Care Fund - Investor Class   Invesco International Bond Fund - Class A   Invesco High Yield Fund - Class R5   Invesco American Value Fund - Class R5  

Invesco Energy

Fund - Class R5

 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $   $21   $6   $5 
Expenses:                         
Mortality and expense risk charges   1        5    12    1 
Net investment income (loss)   (1)       16    (6)   4 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   2        (1)   43    (1)
Capital gains distributions   24            122     
Total realized gain (loss) on investments and capital gains distributions   26        (1)   165    (1)
Net unrealized appreciation (depreciation) of investments   (18)   (1)   (3)   69    27 
Net realized and unrealized gain (loss) on investments   8    (1)   (4)   234    26 
Net increase (decrease) in net assets resulting from operations  $7   $(1)  $12   $228   $30 

 

 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

  

Invesco Gold & Special Minerals

Fund - Class A

   Invesco Small Cap Value Fund - Class A   Invesco V.I. American Franchise Fund - Series I   Invesco V.I. Core Equity Fund - Series I  

Invesco V.I. Discovery Mid Cap Growth

Fund - Series I

 
Net investment income (loss)                         
Investment income:                         
Dividends  $4   $   $   $233   $ 
Expenses:                         
Mortality and expense risk charges   1    1    492    378     
Net investment income (loss)   3    (1)   (492)   (145)    
Realized and unrealized gain (loss) on investments                        
Net realized gain (loss) on investments   32    23    3,433    1,252    1 
Capital gains distributions       17    5,190    798    3 
Total realized gain (loss) on investments and capital gains distributions   32    40    8,623    2,050    4 
Net unrealized appreciation (depreciation) of investments   (56)   (20)   (3,364)   6,354    1 
Net realized and unrealized gain (loss) on investments   (24)   20    5,259    8,404    5 
Net increase (decrease) in net assets resulting from operations  $(21)  $19   $4,767   $8,259   $5 

 

   Invesco V.I. Global Fund - Series I   Invesco V.I. Global Strategic Income Fund - Series I   Invesco V.I. Main Street Fund - Series I   Invesco V.I. Main Street Small Cap Fund - Series I   Alger Capital Appreciation Fund - Class A 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $5   $   $130   $ 
Expenses:                         
Mortality and expense risk charges   4    1    1    297    2 
Net investment income (loss)   (4)   4    (1)   (167)   (2)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   4        3    713    12 
Capital gains distributions   20        3    2,186    48 
Total realized gain (loss) on investments and capital gains distributions   24        6    2,899    60 
Net unrealized appreciation (depreciation) of investments   31    (8)   8    3,748    (28)
Net realized and unrealized gain (loss) on investments   55    (8)   14    6,647    32 
Net increase (decrease) in net assets resulting from operations  $51   $(4)  $13   $6,480   $30 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   Alger Responsible
Investing Fund -
Class A
   Amana Growth Fund -
Investor Class
   Amana Income Fund -
Investor Class
   American Funds®
American Balanced
Fund® - Class R-3
   American Beacon
Small Cap Value
Fund - Investor Class
 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $68   $619   $16   $1 
Expenses:                         
Mortality and expense risk charges   142    781    787    10    1 
Net investment income (loss)   (142)   (713)   (168)   6     
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   1,020    4,238    3,322    119    1 
Capital gains distributions   1,126    453    3,249    53    15 
Total realized gain (loss) on investments and capital gains distributions   2,146    4,691    6,571    172    16 
Net unrealized appreciation (depreciation) of investments   707    19,095    9,296    80    11 
Net realized and unrealized gain (loss) on investments   2,853    23,786    15,867    252    27 
Net increase (decrease) in net assets resulting from operations  $2,711   $23,073   $15,699   $258   $27 

 

 

   American Century
Investments® Mid
Cap Value Fund - R6
Class
   American Century
Investments®
Inflation-Adjusted
Bond Fund - Investor
Class
   American Century
Investments®
Disciplined Core
Value Fund - A Class
   American Funds®
Fundamental
Investors® - Class R-3
   American Funds®
Fundamental
Investors® - Class R-4
 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $1,870   $109   $10   $1,641 
Expenses:                         
Mortality and expense risk charges       359    160    5    1,258 
Net investment income (loss)       1,511    (51)   5    383 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       313    100    26    4,133 
Capital gains distributions   5        3,071    110    13,296 
Total realized gain (loss) on investments and capital gains distributions   5    313    3,171    136    17,429 
Net unrealized appreciation (depreciation) of investments   (3)   239    (557)   79    8,764 
Net realized and unrealized gain (loss) on investments   2    552    2,614    215    26,193 
Net increase (decrease) in net assets  resulting from operations  $2   $2,063   $2,563   $220   $26,576 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   American Funds®
American Mutual
Fund® - Class R-4
   American Funds®
American Mutual
Fund® - Class R-6
   AMG River Road Mid
Cap Value Fund -
Class N
   Ariel Appreciation
Fund - Investor Class
   Ariel Fund -
Institutional Class
 
Net investment income (loss)                         
Investment income:                         
Dividends  $40   $   $43   $1   $ 
Expenses:                         
Mortality and expense risk charges   22        194    1     
Net investment income (loss)   18        (151)        
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   24        (2,592)   1     
Capital gains distributions   78        12,444    15     
Total realized gain (loss) on investments and capital gains distributions   102        9,852    16     
Net unrealized appreciation (depreciation) of investments   370        (3,749)   8     
Net realized and unrealized gain (loss) on investments   472        6,103    24     
Net increase (decrease) in net assets  resulting from operations  $490   $   $5,952   $24   $ 

 

 

   Ariel Fund -
Investor Class
   Artisan International
Fund - Investor
Shares
   BlackRock Equity
Dividend Fund -
Investor A Shares
   BlackRock Health
Sciences
Opportunities
Portfolio -
Institutional Shares
   BlackRock Health
Sciences
Opportunities
Portfolio - Investor A
Shares
 
Net investment income (loss)                         
Investment income:                         
Dividends  $6   $66   $14   $26   $ 
Expenses:                         
Mortality and expense risk charges   133    108    9    149    379 
Net investment income (loss)   (127)   (42)   5    (123)   (379)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   916    218    2    346    1,733 
Capital gains distributions   711    1,876    127    1,110    3,420 
Total realized gain (loss) on investments and capital gains distributions   1,627    2,094    129    1,456    5,153 
Net unrealized appreciation (depreciation) of investments   1,414    (1,231)   70    (37)   (905)
Net realized and unrealized gain (loss) on investments   3,041    863    199    1,419    4,248 
Net increase (decrease) in net assets  resulting from operations  $2,914   $821   $204   $1,296   $3,869 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   BlackRock Mid-Cap
Value Fund -
Institutional Shares
   BlackRock Mid-Cap
Value Fund - Investor
A Shares
   American Funds®
The Bond Fund of
America® - Class R-4
   Calvert US Large-Cap
Core Responsible
Index Fund - Class A
   Calvert VP SRI
Balanced Portfolio
 
Net investment income (loss)                         
Investment income:                         
Dividends  $4   $138   $345   $   $718 
Expenses:                         
Mortality and expense risk charges   4    189    226        649 
Net investment income (loss)       (51)   119        69 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   2    262    376        2,427 
Capital gains distributions   43    1,886    135        1,853 
Total realized gain (loss) on investments and capital gains distributions   45    2,148    511        4,280 
Net unrealized appreciation (depreciation) of investments   36    1,381    (1,111)   5    3,701 
Net realized and unrealized gain (loss) on investments   81    3,529    (600)   5    7,981 
Net increase (decrease) in net assets  resulting from operations  $81   $3,478   $(481)  $5   $8,050 

 

 

   American Funds®
Capital Income
Builder® - Class R-4
   American Funds®
Capital World Bond
Fund® - Class R-6
   American Funds®
Capital World Growth
and Income Fund® -
Class R-3
   Cohen & Steers Real
Estate Securities
Fund, Inc. - Class A
   Cohen & Steers
Realty Shares, Inc.
 
Net investment income (loss)                         
Investment income:                         
Dividends  $289   $1   $10   $65   $179 
Expenses:                         
Mortality and expense risk charges   87        3    39    101 
Net investment income (loss)   202    1    7    26    78 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   42        28    5    358 
Capital gains distributions           39    163    254 
Total realized gain (loss) on investments and capital gains distributions   42        67    168    612 
Net unrealized appreciation (depreciation) of investments   861    (1)   22    943    2,716 
Net realized and unrealized gain (loss) on investments   903    (1)   89    1,111    3,328 
Net increase (decrease) in net assets  resulting from operations  $1,105   $   $96   $1,137   $3,406 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   Columbia Acorn®
Fund - Class A Shares
   Columbia Select Mid
Cap Value Fund -
Class A Shares
   Columbia Select Mid
Cap Value Fund -
Institutional Class
   Columbia Large Cap
Value Fund - Advisor
Class
   CRM Mid Cap Value
Fund - Investor
Shares
 
Net investment income (loss)                         
Investment income:                         
Dividends  $1   $23   $   $158   $1 
Expenses:                         
Mortality and expense risk charges   1    69        110    1 
Net investment income (loss)       (46)       48     
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   (1)   (116)       145    18 
Capital gains distributions   27    644        657    11 
Total realized gain (loss) on investments and capital gains distributions   26    528        802    29 
Net unrealized appreciation (depreciation) of investments   (18)   1,399    1    1,446    (14)
Net realized and unrealized gain (loss) on investments   8    1,927    1    2,248    15 
Net increase (decrease) in net assets  resulting from operations  $8   $1,881   $1   $2,296   $15 

 

 

   Davis Financial Fund -
Class Y
   Delaware Smid Cap
Growth Fund -
Institutional Class
   Delaware Small Cap
Value Fund - Class A
   DWS Equity 500 Index
Fund - Class S
   DWS Small Cap
Growth Fund -
Class S
 
Net investment income (loss)                         
Investment income:                         
Dividends  $1   $   $16   $17   $ 
Expenses:                         
Mortality and expense risk charges   1        37    13     
Net investment income (loss)           (21)   4     
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   3    16,150    584    1    1 
Capital gains distributions   4    20    176    189    3 
Total realized gain (loss) on investments and capital gains distributions   7    16,170    760    190    4 
Net unrealized appreciation (depreciation) of investments   12    (16,942)   214    115     
Net realized and unrealized gain (loss) on investments   19    (772)   974    305    4 
Net increase (decrease) in net assets  resulting from operations  $19   $(772)  $953   $309   $4 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   DFA Emerging
Markets Core Equity
Portfolio -
Institutional Class
   DFA Inflation-
Protected Securities
Portfolio -
Institutional Class
   DFA Real Estate
Securities Portfolio -
Institutional Class
   DFA U.S. Targeted
Value Portfolio -
Institutional Class
   DFA U.S. Large
Company Portfolio -
Institutional Class
 
Net investment income (loss)                         
Investment income:                         
Dividends  $3   $7   $   $88   $ 
Expenses:                         
Mortality and expense risk charges                    
Net investment income (loss)   3    7        88     
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   768    166        6,899     
Capital gains distributions               7    2 
Total realized gain (loss) on investments and capital gains distributions   768    166        6,906    2 
Net unrealized appreciation  (depreciation) of investments   (421)   (148)   1    (1,074)   2 
Net realized and unrealized gain (loss) on investments   347    18    1    5,832    4 
Net increase (decrease) in net assets  resulting from operations  $350   $25   $1   $5,920   $4 

 

 

   Dodge & Cox
International Stock
Fund
   Dodge & Cox Stock
Fund
   Eaton Vance
Large-Cap Value
Fund - Class R Shares
   American Funds®
EuroPacific Growth
Fund® - Class R-3
   American Funds®
EuroPacific Growth
Fund® - Class R-4
 
Net investment income (loss)                         
Investment income:                         
Dividends  $3   $3   $   $23   $4,859 
Expenses:                         
Mortality and expense risk charges   2    3        15    3,140 
Net investment income (loss)   1            8    1,719 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   22    1        431    12,535 
Capital gains distributions       8        202    28,066 
Total realized gain (loss) on investments and capital gains distributions   22    9        633    40,601 
Net unrealized appreciation (depreciation) of investments   (6)   48        (569)   (36,140)
Net realized and unrealized gain (loss) on investments   16    57        64    4,461 
Net increase (decrease) in net assets  resulting from operations  $17   $57   $   $72   $6,180 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   American Funds®
EuroPacific Growth
Fund® - Class R-6
   Federated Hermes
International Leaders
Fund - Institutional
Shares
   Fidelity® 500 Index
Fund
   Fidelity Advisor® New
Insights Fund -
Class I
   Fidelity® Mid Cap
Index Fund
 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $   $   $   $ 
Expenses:                         
Mortality and expense risk charges               29     
Net investment income (loss)               (29)    
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       1        126     
Capital gains distributions   1    4        308    1 
Total realized gain (loss) on investments and capital gains distributions   1    5        434    1 
Net unrealized appreciation (depreciation) of investments   (1)   (4)   7    109    3 
Net realized and unrealized gain (loss) on investments       1    7    543    4 
Net increase (decrease) in net assets  resulting from operations  $   $1   $7   $514   $4 

 

 

   Fidelity® Small Cap
Index Fund
   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
 
Net investment income (loss)                         
Investment income:                         
Dividends  $1   $5,055   $   $474   $151 
Expenses:                         
Mortality and expense risk charges       2,717    5,571    104    306 
Net investment income (loss)   1    2,338    (5,571)   370    (155)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       5,524    30,726    (46)   1,227 
Capital gains distributions   1    29,532    119,028        2,167 
Total realized gain (loss) on investments and capital gains distributions   1    35,056    149,754    (46)   3,394 
Net unrealized appreciation (depreciation) of investments   (2)   18,206    (30,779)   (48)   1,672 
Net realized and unrealized gain (loss) on investments   (1)   53,262    118,975    (94)   5,066 
Net increase (decrease) in net assets  resulting from operations  $   $55,600   $113,404   $276   $4,911 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   Fidelity® VIP
Contrafund®
Portfolio - Initial Class
   Fidelity® VIP Index
500 Portfolio - Initial
Class
   Fidelity® VIP Asset
Manager Portfolio -
Initial Class
   Franklin Mutual
Global Discovery
Fund - Class R
   Franklin
Biotechnology
Discovery Fund -
Advisor Class
 
Net investment income (loss)                         
Investment income:                         
Dividends  $1,016   $4,999   $286   $15   $3 
Expenses:                         
Mortality and expense risk charges   15,393    4,393    209    6    4 
Net investment income (loss)   (14,377)   606    77    9    (1)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   100,248    17,353    77    16    11 
Capital gains distributions   203,207    2,835    98    48    33 
Total realized gain (loss) on investments and capital gains distributions   303,455    20,188    175    64    44 
Net unrealized appreciation (depreciation) of investments   95,279    73,307    1,197    97    (114)
Net realized and unrealized gain (loss) on investments   398,734    93,495    1,372    161    (70)
Net increase (decrease) in net assets  resulting from operations  $384,357   $94,101   $1,449   $170   $(71)

 

 

   Franklin Natural
Resources Fund -
Advisor Class
   Franklin Small-Mid
Cap Growth Fund -
Class A
   Franklin Small Cap
Value VIP Fund -
Class 2
   Franklin Small Cap
Value Fund - Class R6
   Goldman Sachs
Growth Opportunities
Fund - Investor
Shares
 
Net investment income (loss)                         
Investment income:                         
Dividends  $2   $   $1,276   $   $ 
Expenses:                         
Mortality and expense risk charges   1    2    1,170        2 
Net investment income (loss)   1    (2)   106        (2)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   6    15    (4,177)       1 
Capital gains distributions       40    3,380    2    32 
Total realized gain (loss) on investments and capital gains distributions   6    55    (797)   2    33 
Net unrealized appreciation (depreciation) of investments   2    (27)   25,882    (1)   (15)
Net realized and unrealized gain (loss) on investments   8    28    25,085    1    18 
Net increase (decrease) in net assets  resulting from operations  $9   $26   $25,191   $1   $16 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   American Funds®
The Growth Fund of
America® - Class R-3
   American Funds®
The Growth Fund of
America® - Class R-4
   American Funds®
The Growth Fund of
America® - Class R-6
   The Hartford Capital
Appreciation Fund -
Class R4
   The Hartford Dividend
And Growth Fund -
Class R4
 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $158   $   $   $ 
Expenses:                         
Mortality and expense risk charges   71    6,070             
Net investment income (loss)   (71)   (5,912)            
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   1,426    31,957             
Capital gains distributions   706    49,068    1         
Total realized gain (loss) on investments and capital gains distributions   2,132    81,025    1         
Net unrealized appreciation (depreciation) of investments   (303)   28,356    (1)       1 
Net realized and unrealized gain (loss) on investments   1,829    109,381            1 
Net increase (decrease) in net assets  resulting from operations  $1,758   $103,469   $   $   $1 

 

 

   The Hartford
International
Opportunities Fund -
Class R4
   American Funds®
The Income Fund of
America® - Class R-3
   Delaware Ivy Science
and Technology
Fund - Class Y
   Janus Henderson
Balanced Portfolio -
Institutional Shares
   Janus Henderson
Enterprise Portfolio -
Institutional Shares
 
Net investment income (loss)                         
Investment income:                         
Dividends  $28   $14   $   $2   $1 
Expenses:                         
Mortality and expense risk charges   25    4    362    2    4 
Net investment income (loss)   3    10    (362)       (3)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   74    46    2,373    3    21 
Capital gains distributions   203    17    9,660    1    29 
Total realized gain (loss) on investments and capital gains distributions   277    63    12,033    4    50 
Net unrealized appreciation (depreciation) of investments   (130)   25    (7,084)   24    3 
Net realized and unrealized gain (loss) on investments   147    88    4,949    28    53 
Net increase (decrease) in net assets  resulting from operations  $150   $98   $4,587   $28   $50 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   Janus Henderson
Flexible Bond
Portfolio -
Institutional Shares
   Janus Henderson
Global Research
Portfolio -
Institutional Shares
   Janus Henderson
Research Portfolio -
Institutional Shares
   JPMorgan Equity
Income Fund - Class I
Shares
   JPMorgan Equity
Income Fund - Class
R6 Shares
 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $   $   $185   $ 
Expenses:                         
Mortality and expense risk charges       1    1    87     
Net investment income (loss)       (1)   (1)   98     
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       8    6    191     
Capital gains distributions       4    4    230     
Total realized gain (loss) on investments and capital gains distributions       12    10    421     
Net unrealized appreciation (depreciation) of investments   (1)   2    6    1,889     
Net realized and unrealized gain (loss) on investments   (1)   14    16    2,310     
Net increase (decrease) in net assets  resulting from operations  $(1)  $13   $15   $2,408   $ 

 

 

   JPMorgan
Government Bond
Fund - Class I Shares
   JPMorgan
Government Bond
Fund - Class R6
Shares
   JPMorgan Large Cap
Growth Fund - Class
R6 Shares
   Lazard International
Equity Portfolio -
Open Shares
   ClearBridge
Aggressive Growth
Fund - Class I
 
Net investment income (loss)                         
Investment income:                         
Dividends  $71   $   $   $65   $ 
Expenses:                         
Mortality and expense risk charges   37            14    5 
Net investment income (loss)   34            51    (5)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   (16)           40    (1)
Capital gains distributions           9    137    83 
Total realized gain (loss) on investments and capital gains distributions   (16)       9    177    82 
Net unrealized appreciation (depreciation) of investments   (184)       (10)   (172)   (44)
Net realized and unrealized gain (loss) on investments   (200)       (1)   5    38 
Net increase (decrease) in net assets  resulting from operations  $(166)  $   $(1)  $56   $33 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   LKCM Aquinas
Catholic Equity Fund
   Loomis Sayles Small
Cap Value Fund -
Retail Class
   Loomis Sayles
Limited Term
Government and
Agency Fund -
Class Y
   Lord Abbett
Developing Growth
Fund - Class A
   Lord Abbett Core
Fixed Income Fund -
Class A
 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $   $8   $   $ 
Expenses:                         
Mortality and expense risk charges   1    111    11    1     
Net investment income (loss)   (1)   (111)   (3)   (1)    
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       (29)   5    46     
Capital gains distributions   8    1,917        14     
Total realized gain (loss) on investments and capital gains distributions   8    1,888    5    60     
Net unrealized appreciation (depreciation) of investments   6    908    (22)   (63)   (1)
Net realized and unrealized gain (loss) on investments   14    2,796    (17)   (3)   (1)
Net increase (decrease) in net assets  resulting from operations  $13   $2,685   $(20)  $(4)  $(1)

 

 

   Lord Abbett Short
Duration Income
Fund - Class R4
   Lord Abbett Mid Cap
Stock Fund - Class A
   Lord Abbett Small
Cap Value Fund -
Class A
   Lord Abbett
Fundamental Equity
Fund - Class A
   Lord Abbett Series
Fund Mid Cap Stock
Portfolio - Class VC
 
Net investment income (loss)                         
Investment income:                         
Dividends  $227   $4   $   $   $402 
Expenses:                         
Mortality and expense risk charges   94    5    2        671 
Net investment income (loss)   133    (1)   (2)       (269)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   20    15    (2)   1    3,375 
Capital gains distributions       43    35    3    6,512 
Total realized gain (loss) on investments and capital gains distributions   20    58    33    4    9,887 
Net unrealized appreciation (depreciation) of investments   (169)   77    29    6    6,787 
Net realized and unrealized gain (loss) on investments   (149)   135    62    10    16,674 
Net increase (decrease) in net assets  resulting from operations  $(16)  $134   $60   $10   $16,405 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   MainStay CBRE Real
Estate Fund - Class A
   Massachusetts
Investors Growth
Stock Fund - Class A
   Metropolitan West
Total Return Bond
Fund - Class I Shares
   Metropolitan West
Total Return Bond
Fund - Class M
Shares
   MFS® New Discovery
Fund - Class R3
 
Net investment income (loss)                         
Investment income:                         
Dividends  $28   $   $185   $277   $ 
Expenses:                         
Mortality and expense risk charges   3    1        217    6 
Net investment income (loss)   25    (1)   185    60    (6)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   29    26    393    126    50 
Capital gains distributions   5    11        6    120 
Total realized gain (loss) on investments and capital gains distributions   34    37    393    132    170 
Net unrealized appreciation (depreciation) of investments   185    (10)   (1,027)   (785)   (171)
Net realized and unrealized gain (loss) on investments   219    27    (634)   (653)   (1)
Net increase (decrease) in net assets  resulting from operations  $244   $26   $(449)  $(593)  $(7)

 

 

   MFS® International
Intrinsic Value Fund -
Class R3
   Neuberger Berman
Genesis Fund - Trust
Class Shares
   Neuberger Berman
Sustainable Equity
Fund - Institutional
Class Shares
   Neuberger Berman
Sustainable Equity
Fund - Trust Class
Shares
   American Funds®
New Perspective
Fund® - Class R-3
 
Net investment income (loss)                         
Investment income:                         
Dividends  $5   $   $   $44   $ 
Expenses:                         
Mortality and expense risk charges   7    7        170    8 
Net investment income (loss)   (2)   (7)       (126)   (8)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   8    9    1,285    529    67 
Capital gains distributions   49    75    2    1,628    111 
Total realized gain (loss) on investments and capital gains distributions   57    84    1,287    2,157    178 
Net unrealized appreciation (depreciation) of investments   7    32    (623)   1,405    84 
Net realized and unrealized gain (loss) on investments   64    116    664    3,562    262 
Net increase (decrease) in net assets  resulting from operations  $62   $109   $664   $3,436   $254 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   American Funds®
New Perspective
Fund® - Class R-4
   American Funds®
New Perspective
Fund® - Class R-6
   American Funds®
New World Fund® -
Class R-4
   Nuveen Global
Infrastructure Fund -
Class I
   Parnassus Core
Equity Fund℠ -
Investor Shares
 
Net investment income (loss)                         
Investment income:                         
Dividends  $1,044   $1   $3   $43   $490 
Expenses:                         
Mortality and expense risk charges   2,912        8    23    405 
Net investment income (loss)   (1,868)   1    (5)   20    85 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   9,886        20    34    1,678 
Capital gains distributions   24,244    6    47    101    3,922 
Total realized gain (loss) on investments and capital gains distributions   34,130    6    67    135    5,600 
Net unrealized appreciation (depreciation) of investments   22,995    (1)   (39)   88    6,989 
Net realized and unrealized gain (loss) on investments   57,125    5    28    223    12,589 
Net increase (decrease) in net assets  resulting from operations  $55,257   $6   $23   $243   $12,674 

 

 

   Pax Sustainable
Allocation Fund -
Investor Class
   PIMCO
CommodityRealReturn
Strategy Fund® -
Administrative Class
   PIMCO VIT Real
Return Portfolio -
Administrative Class
   Pioneer Equity
Income Fund - Class
Y Shares
   Pioneer High Yield
Fund - Class A Shares
 
Net investment income (loss)                         
Investment income:                         
Dividends  $390   $559   $4,020   $72   $19 
Expenses:                         
Mortality and expense risk charges   503    33    667    33    3 
Net investment income (loss)   (113)   526    3,353    39    16 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   750    29    (284)   213    (2)
Capital gains distributions   1,887            320     
Total realized gain (loss) on investments and capital gains distributions   2,637    29    (284)   533    (2)
Net unrealized appreciation (depreciation) of investments   3,747    16    697    443    7 
Net realized and unrealized gain (loss) on investments   6,384    45    413    976    5 
Net increase (decrease) in net assets  resulting from operations  $6,271   $571   $3,766   $1,015   $21 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   Pioneer Balanced
ESG Fund - Class K
Shares
   Pioneer Strategic
Income Fund - Class
A Shares
   Pioneer Equity
Income VCT
Portfolio - Class I
   Pioneer High Yield
VCT Portfolio - Class I
   PGIM High Yield
Fund - Class R6
 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $29   $   $779   $ 
Expenses:                         
Mortality and expense risk charges       7        155     
Net investment income (loss)       22        624     
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       2    1    (62)    
Capital gains distributions       44            2 
Total realized gain (loss) on investments and capital gains distributions       46    1    (62)   2 
Net unrealized appreciation (depreciation) of investments       (56)       119    (1)
Net realized and unrealized gain (loss) on investments       (10)   1    57    1 
Net increase (decrease) in net assets  resulting from operations  $   $12   $1   $681   $1 

 

 

   PGIM Jennison Utility
Fund - Class Z
   Royce Total Return
Fund - Service Class
   Ave Maria Rising
Dividend Fund
   American Funds®
SMALLCAP World
Fund® - Class R-4
   American Funds®
SMALLCAP World
Fund® - Class R-6
 
Net investment income (loss)                         
Investment income:                         
Dividends  $2   $   $57   $   $ 
Expenses:                         
Mortality and expense risk charges   2        65    429     
Net investment income (loss)           (8)   (429)    
                          
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   2        118    1,714     
Capital gains distributions   23    2    614    3,819    1 
Total realized gain (loss) on investments and capital gains distributions   25    2    732    5,533    1 
Net unrealized appreciation  (depreciation) of investments   (1)       551    (1,452)   2 
Net realized and unrealized gain (loss) on investments   24    2    1,283    4,081    3 
Net increase (decrease) in net assets  resulting from operations  $24   $2   $1,275   $3,652   $3 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   T. Rowe Price Large-
Cap Growth Fund - I
Class
   T. Rowe Price
Mid-Cap Value
Fund - R Class
   T. Rowe Price Value
Fund - Advisor Class
   TCW Total Return
Bond Fund - Class N
   Templeton Foreign
Fund - Class A
 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $1   $3   $194   $7 
Expenses:                         
Mortality and expense risk charges       2    6    112    2 
Net investment income (loss)       (1)   (3)   82    5 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   33,323    16    10    182    21 
Capital gains distributions   21    23    68         
Total realized gain (loss) on investments and capital gains distributions   33,344    39    78    182    21 
Net unrealized appreciation (depreciation) of investments   (24,093)   22    68    (538)   (3)
Net realized and unrealized gain (loss) on investments   9,251    61    146    (356)   18 
Net increase (decrease) in net assets  resulting from operations  $9,251   $60   $143   $(274)  $23 

 

 

   Templeton Global
Bond Fund - Advisor
Class
   Templeton Global
Bond Fund - Class A
   Third Avenue Real
Estate Value Fund -
Institutional Class
   Touchstone Small
Company Fund -
Class R6
   Touchstone Value
Fund - Institutional Class
 
Net investment income (loss)                         
Investment income:                         
Dividends  $945   $4,028   $   $   $68 
Expenses:                         
Mortality and expense risk charges   78    747    1         
Net investment income (loss)   867    3,281    (1)       68 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   (1,114)   (4,282)   (1)       3,879 
Capital gains distributions           6    1    1 
Total realized gain (loss) on investments and capital gains distributions   (1,114)   (4,282)   5    1    3,880 
Net unrealized appreciation (depreciation) of investments   (695)   (3,883)   13    2    (649)
Net realized and unrealized gain (loss) on investments   (1,809)   (8,165)   18    3    3,231 
Net increase (decrease) in net assets  resulting from operations  $(942)  $(4,884)  $17   $3   $3,299 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   USAA Precious
Metals and Minerals
Fund - Class A Shares
   Vanguard® Total
Bond Market Index
Fund - Admiral™
Shares
   Vanguard®
Explorer™ Fund -
Admiral™ Shares
   Vanguard® Equity
Income Fund -
Admiral™ Shares
   Vanguard® Federal
Money Market Fund -
Investor Shares
 
Net investment income (loss)                         
Investment income:                         
Dividends  $146   $3   $   $   $ 
Expenses:                         
Mortality and expense risk charges   211    1             
Net investment income (loss)   (65)   2             
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   (15)                
Capital gains distributions           2    3     
Total realized gain (loss) on investments and capital gains distributions   (15)       2    3     
Net unrealized appreciation (depreciation) of investments   (2,255)   (5)   (2)   2     
Net realized and unrealized gain (loss) on investments   (2,270)   (5)       5     
Net increase (decrease) in net assets  resulting from operations  $(2,335)  $(3)  $   $5   $ 

 

 

   Vanguard® Total
International Stock
Index Fund -
Admiral™ Shares
   Vanguard®
International Value
Fund - Investor
Shares
   Vanguard® Variable
Insurance Fund -
Diversified Value
Portfolio
   Vanguard® Variable
Insurance Fund -
Equity Income
Portfolio
   Vanguard® Variable
Insurance Fund -
Small Company
Growth Portfolio
 
Net investment income (loss)                         
Investment income:                         
Dividends  $4   $   $2   $4   $ 
Expenses:                         
Mortality and expense risk charges   1        1    2    1 
Net investment income (loss)   3        1    2    (1)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   4            23     
Capital gains distributions           2    4    4 
Total realized gain (loss) on investments and capital gains distributions   4        2    27    4 
Net unrealized appreciation (depreciation) of investments   3        34    14    6 
Net realized and unrealized gain (loss) on investments   7        36    41    10 
Net increase (decrease) in net assets  resulting from operations  $10   $   $37   $43   $9 

 

 

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 Operations

For the Year Ended December 31, 2021

(In thousands)

 

   Vanguard® FTSE
Social Index Fund -
Institutional Shares
   Victory Integrity
Small-Cap Value
Fund - Class Y
   Victory Sycamore
Established Value
Fund - Class A
   Victory Sycamore
Established Value
Fund - Class R6
   Victory Sycamore
Small Company
Opportunity Fund -
Class R
 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $   $164   $5   $ 
Expenses:                         
Mortality and expense risk charges           123         
Net investment income (loss)           41    5     
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       17    382    (47)    
Capital gains distributions       6    790    46    1 
Total realized gain (loss) on investments and capital gains distributions       23    1,172    (1)   1 
Net unrealized appreciation (depreciation) of investments   1    (14)   1,304        1 
Net realized and unrealized gain (loss) on investments   1    9    2,476    (1)   2 
Net increase (decrease) in net assets  resulting from operations  $1   $9   $2,517   $4   $2 

 

 

   Virtus NFJ Dividend
Value Fund - Class A
   Virtus NFJ Large-Cap
Value Fund -
Institutional Class
   Virtus NFJ Small-Cap
Value Fund - Class A
   Voya Balanced
Portfolio - Class I
   Voya Large Cap Value
Fund - Class A
 
Net investment income (loss)                         
Investment income:                         
Dividends  $3   $   $   $3,807   $1 
Expenses:                         
Mortality and expense risk charges   2            2,467     
Net investment income (loss)   1            1,340    1 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   (4)   2    3    13,968    16 
Capital gains distributions   10        1    3,445    7 
Total realized gain (loss) on investments and capital gains distributions   6    2    4    17,413    23 
Net unrealized appreciation (depreciation) of investments   41        1    12,453    (3)
Net realized and unrealized gain (loss) on investments   47    2    5    29,866    20 
Net increase (decrease) in net assets  resulting from operations  $48   $2   $5   $31,206   $21 

 

 

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, 2021

(In thousands)

 

   Voya Large-Cap
Growth Fund -
Class R6
   Voya Floating Rate
Fund - Class A
   Voya GNMA Income
Fund - Class A
   Voya Intermediate
Bond Fund - Class A
   Voya Intermediate
Bond Fund - Class R6
 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $22   $50   $15   $ 
Expenses:                         
Mortality and expense risk charges       8    37    3     
Net investment income (loss)       14    13    12     
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       (4)   20    12     
Capital gains distributions   6                 
Total realized gain (loss) on investments and capital gains distributions   6    (4)   20    12     
Net unrealized appreciation (depreciation) of investments   (4)   10    (104)   (40)    
Net realized and unrealized gain (loss) on investments   2    6    (84)   (28)    
Net increase (decrease) in net assets  resulting from operations  $2   $20   $(71)  $(16)  $ 

 

 

   Voya Government
Money Market
Portfolio - Class I
   Voya Intermediate
Bond Portfolio -
Class I
   Voya Intermediate
Bond Portfolio -
Class S
   Voya Global
Perspectives®
Portfolio - Class I
   Voya High Yield
Portfolio - Adviser
Class
 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $13,885   $56   $189   $1 
Expenses:                         
Mortality and expense risk charges   1,887    3,888    7    47     
Net investment income (loss)   (1,887)   9,997    49    142    1 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       350    1    123     
Capital gains distributions   259    14        138     
Total realized gain (loss) on investments and capital gains distributions   259    364    1    261     
Net unrealized appreciation (depreciation) of investments       (18,655)   (79)   (142)    
Net realized and unrealized gain (loss) on investments   259    (18,291)   (78)   119     
Net increase (decrease) in net assets  resulting from operations  $(1,628)  $(8,294)  $(29)  $261   $1 

 

 

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, 2021

(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
 
Net investment income (loss)                         
Investment income:                         
Dividends  $5,655   $8   $   $   $ 
Expenses:                         
Mortality and expense risk charges   803    1        6,363    61 
Net investment income (loss)   4,852    7        (6,363)   (61)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   (114)   11    1    13,662    96 
Capital gains distributions           21    136,812    1,542 
Total realized gain (loss) on investments and capital gains distributions   (114)   11    22    150,474    1,638 
Net unrealized appreciation (depreciation) of investments   (106)   (11)   (5)   (18,374)   (229)
Net realized and unrealized gain (loss) on investments   (220)       17    132,100    1,409 
Net increase (decrease) in net assets  resulting from operations  $4,632   $7   $17   $125,737   $1,348 

 

 

   Voya Large Cap
Value Portfolio - Adviser
Class
   Voya Large Cap Value
Portfolio -
Institutional Class
   Voya Large Cap Value
Portfolio - Service
Class
   Voya Limited Maturity
Bond Portfolio -
Adviser Class
   Voya U.S. Stock Index
Portfolio -
Institutional Class
 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $7,740   $24   $   $569 
Expenses:                         
Mortality and expense risk charges       3,061    11        215 
Net investment income (loss)       4,679    13        354 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       5,083    83        1,260 
Capital gains distributions       3,665    18        4,630 
Total realized gain (loss) on investments and capital gains distributions       8,748    101        5,890 
Net unrealized appreciation (depreciation) of investments   3    57,644    217        5,759 
Net realized and unrealized gain (loss) on investments   3    66,392    318        11,649 
Net increase (decrease) in net assets  resulting from operations  $3   $71,071   $331   $   $12,003 

 

 

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, 2021

(In thousands)

 

   VY® BlackRock
Inflation Protected
Bond Portfolio -
Adviser Class
   VY® Clarion Global
Real Estate Portfolio -
Institutional Class
   VY® Clarion Real
Estate Portfolio -
Adviser Class
   VY® Clarion Real
Estate Portfolio -
Institutional Class
   VY® Clarion Real
Estate Portfolio -
Service Class
 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $1,996   $1   $26   $715 
Expenses:                         
Mortality and expense risk charges       574        14    375 
Net investment income (loss)       1,422    1    12    340 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       716        39    1,147 
Capital gains distributions                    
Total realized gain (loss) on investments and capital gains distributions       716        39    1,147 
Net unrealized appreciation (depreciation) of investments       17,525    18    522    15,266 
Net realized and unrealized gain (loss) on investments       18,241    18    561    16,413 
Net increase (decrease) in net assets  resulting from operations  $   $19,663   $19   $573   $16,753 

 

 

   VY® Invesco Growth
and Income Portfolio -
Institutional Class
   VY® Invesco Growth
and Income Portfolio -
Service Class
   VY® JPMorgan
Emerging Markets
Equity Portfolio -
Adviser Class
   VY® JPMorgan
Emerging Markets
Equity Portfolio -
Institutional Class
   VY® JPMorgan
Emerging Markets
Equity Portfolio -
Service Class
 
Net investment income (loss)                         
Investment income:                         
Dividends  $577   $399   $   $   $ 
Expenses:                         
Mortality and expense risk charges   164    276        212    323 
Net investment income (loss)   413    123        (212)   (323)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   (124)   (159)   9    1,360    2,795 
Capital gains distributions           9    1,323    2,274 
Total realized gain (loss) on investments and capital gains distributions   (124)   (159)   18    2,683    5,069 
Net unrealized appreciation (depreciation) of investments   8,514    7,129    (29)   (4,510)   (8,139)
Net realized and unrealized gain (loss) on investments   8,390    6,970    (11)   (1,827)   (3,070)
Net increase (decrease) in net assets resulting from operations  $8,803   $7,093   $(11)  $(2,039)  $(3,393)

 

 

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, 2021

(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® T. Rowe Price Capital Appreciation Portfolio - Adviser Class   VY® T. Rowe Price Capital Appreciation Portfolio - Class R6 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $249   $83   $2   $2 
Expenses:                         
Mortality and expense risk charges       294    454    2     
Net investment income (loss)       (45)   (371)       2 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       89    583    23     
Capital gains distributions       3,146    2,233    52     
Total realized gain (loss) on investments and capital gains distributions       3,235    2,816    75     
Net unrealized appreciation (depreciation) of investments       7,197    4,636    1    (1)
Net realized and unrealized gain (loss) on investments       10,432    7,452    76    (1)
Net increase (decrease) in net assets resulting from operations  $   $10,387   $7,081   $76   $1 

 

 

   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 
Net investment income (loss)                         
Investment income:                         
Dividends  $6,008   $9,982   $9   $1,718   $ 
Expenses:                         
Mortality and expense risk charges   2,485    11,893    3    773     
Net investment income (loss)   3,523    (1,911)   6    945     
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   4,536    21,936    (35)   (5,343)   1 
Capital gains distributions   64,095    144,856    13    1,772    3 
Total realized gain (loss) on investments and capital gains distributions   68,631    166,792    (22)   (3,571)   4 
Net unrealized appreciation (depreciation) of investments   19,640    33,760    189    25,675    (3)
Net realized and unrealized gain (loss) on investments   88,271    200,552    167    22,104    1 
Net increase (decrease) in net assets resulting from operations  $91,794   $198,641   $173   $23,049   $1 

 

 

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, 2021

(In thousands)

 

   VY® T. Rowe Price International Stock Portfolio - Service Class   Voya Multi-Manager International Small Cap Fund - Class A   Voya Multi-Manager International Small Cap Fund - Class I   Voya Global Bond Portfolio - Adviser Class   Voya Global Bond Portfolio - Initial Class 
Net investment income (loss)                         
Investment income:                         
Dividends  $59   $2   $39   $3   $2,044 
Expenses:                         
Mortality and expense risk charges   91    1    22        649 
Net investment income (loss)   (32)   1    17    3    1,395 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   276    52    122        (402)
Capital gains distributions   239    12    225    4    2,006 
Total realized gain (loss) on investments and capital gains distributions   515    64    347    4    1,604 
Net unrealized appreciation (depreciation) of investments   (453)   (24)   (118)   (14)   (7,114)
Net realized and unrealized gain (loss) on investments   62    40    229    (10)   (5,510)
Net increase (decrease) in net assets resulting from operations  $30   $41   $246   $(7)  $(4,115)

 

 

   Voya Global Bond Portfolio - Service Class   Voya Index Solution 2025 Portfolio - Initial Class   Voya Index Solution 2025 Portfolio - Service Class   Voya Index Solution 2025 Portfolio - Service 2 Class   Voya Index Solution 2030 Portfolio - Service 2 Class 
Net investment income (loss)                         
Investment income:                         
Dividends  $15   $157   $204   $40   $ 
Expenses:                         
Mortality and expense risk charges   3    76    80    18     
Net investment income (loss)   12    81    124    22     
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   3    235    257    97     
Capital gains distributions   16    312    451    94     
Total realized gain (loss) on investments and capital gains distributions   19    547    708    191     
Net unrealized appreciation (depreciation) of investments   (65)   36    136    (24)    
Net realized and unrealized gain (loss) on investments   (46)   583    844    167     
Net increase (decrease) in net assets resulting from operations  $(34)  $664   $968   $189   $ 

 

 

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, 2021

(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 2040 Portfolio - Initial Class   Voya Index Solution 2045 Portfolio - Initial Class 
Net investment income (loss)                         
Investment income:                         
Dividends  $226   $168   $51   $   $145 
Expenses:                         
Mortality and expense risk charges   124    72    20        93 
Net investment income (loss)   102    96    31        52 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   76    228    82        65 
Capital gains distributions   525    442    140        356 
Total realized gain (loss) on investments and capital gains distributions   601    670    222        421 
Net unrealized appreciation (depreciation) of investments   691    440    104        829 
Net realized and unrealized gain (loss) on investments   1,292    1,110    326        1,250 
Net increase (decrease) in net assets resulting from operations  $1,394   $1,206   $357   $   $1,302 

 

 

   Voya Index Solution 2045 Portfolio - Service Class   Voya Index Solution 2045 Portfolio - Service 2 Class   Voya Index Solution 2050 Portfolio - Initial Class   Voya Index Solution 2055 Portfolio - Initial Class   Voya Index Solution 2055 Portfolio - Service Class 
Net investment income (loss)                         
Investment income:                         
Dividends  $116   $57   $   $53   $84 
Expenses:                         
Mortality and expense risk charges   54    21        39    53 
Net investment income (loss)   62    36        14    31 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   136    48        132    183 
Capital gains distributions   324    167        118    215 
Total realized gain (loss) on investments and capital gains distributions   460    215        250    398 
Net unrealized appreciation (depreciation) of investments   663    334        283    503 
Net realized and unrealized gain (loss) on investments   1,123    549        533    901 
Net increase (decrease) in net assets resulting from operations  $1,185   $585   $   $547   $932 

 

 

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, 2021

(In thousands)

 

   Voya Index Solution 2055 Portfolio - Service 2 Class   Voya Index Solution 2065 Portfolio - Initial Class   Voya Index Solution 2065 Portfolio - Service Class   Voya Index Solution Income Portfolio - Initial Class   Voya Index Solution Income Portfolio - Service Class 
Net investment income (loss)                         
Investment income:                         
Dividends  $36   $1   $1   $19   $16 
Expenses:                         
Mortality and expense risk charges   14            12    7 
Net investment income (loss)   22    1    1    7    9 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   56        1    20    28 
Capital gains distributions   95    5    5    25    26 
Total realized gain (loss) on investments and capital gains distributions   151    5    6    45    54 
Net unrealized appreciation (depreciation) of investments   235    (1)       (2)   (9)
Net realized and unrealized gain (loss) on investments   386    4    6    43    45 
Net increase (decrease) in net assets resulting from operations  $408   $5   $7   $50   $54 

 

 

   Voya Index Solution Income Portfolio - Service 2 Class   Voya International High Dividend Low Volatility Portfolio - Adviser Class   Voya International High Dividend Low Volatility Portfolio - Initial Class   Voya International High Dividend Low Volatility Portfolio - Service Class   Voya Solution 2025 Portfolio - Adviser Class 
Net investment income (loss)                         
Investment income:                         
Dividends  $12   $4   $1,675   $1   $8 
Expenses:                         
Mortality and expense risk charges   7    1    664        1 
Net investment income (loss)   5    3    1,011    1    7 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   17        442    (2)    
Capital gains distributions   18                14 
Total realized gain (loss) on investments and capital gains distributions   35        442    (2)   14 
Net unrealized appreciation (depreciation) of investments   (6)   15    5,664    7    8 
Net realized and unrealized gain (loss) on investments   29    15    6,106    5    22 
Net increase (decrease) in net assets resulting from operations  $34   $18   $7,117   $6   $29 

 

 

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, 2021

(In thousands)

 

   Voya Solution 2025 Portfolio - Initial Class   Voya Solution 2025 Portfolio - Service Class   Voya Solution 2025 Portfolio - Service 2 Class   Voya Solution 2030 Portfolio - Service Class   Voya Solution 2035 Portfolio - Adviser Class 
Net investment income (loss)                         
Investment income:                         
Dividends  $475   $4,325   $165   $   $8 
Expenses:                         
Mortality and expense risk charges   137    1,440    30        1 
Net investment income (loss)   338    2,885    135        7 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   188    (248)   58         
Capital gains distributions   743    6,998    275        17 
Total realized gain (loss) on investments and capital gains distributions   931    6,750    333        17 
Net unrealized appreciation (depreciation) of investments   245    4,510    73    3    27 
Net realized and unrealized gain (loss) on investments   1,176    11,260    406    3    44 
Net increase (decrease) in net assets resulting from operations  $1,514   $14,145   $541   $3   $51 

 

 

   Voya Solution 2035 Portfolio - Initial Class   Voya Solution 2035 Portfolio - Service Class   Voya Solution 2035 Portfolio - Service 2 Class   Voya Solution 2040 Portfolio - Initial Class   Voya Solution 2040 Portfolio - Service Class 
Net investment income (loss)                         
Investment income:                         
Dividends  $359   $4,076   $216   $   $ 
Expenses:                         
Mortality and expense risk charges   146    1,731    55         
Net investment income (loss)   213    2,345    161         
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   347    14    284         
Capital gains distributions   650    7,540    422         
Total realized gain (loss) on investments and capital gains distributions   997    7,554    706         
Net unrealized appreciation (depreciation) of investments   863    12,710    402         
Net realized and unrealized gain (loss) on investments   1,860    20,264    1,108         
Net increase (decrease) in net assets resulting from operations  $2,073   $22,609   $1,269   $   $ 

 

 

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, 2021

(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 2050 Portfolio - Initial Class 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $253   $2,672   $90   $ 
Expenses:                         
Mortality and expense risk charges       111    1,313    27     
Net investment income (loss)       142    1,359    63     
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       137    (203)   59     
Capital gains distributions   2    1,007    10,209    344     
Total realized gain (loss) on investments and capital gains distributions   2    1,144    10,006    403     
Net unrealized appreciation (depreciation) of investments   1    737    9,485    224     
Net realized and unrealized gain (loss) on investments   3    1,881    19,491    627     
Net increase (decrease) in net assets resulting from operations  $3   $2,023   $20,850   $690   $ 

 

 

   Voya Solution 2050 Portfolio - Service Class   Voya Solution 2050 Portfolio - Service 2 Class   Voya Solution 2055 Portfolio - Initial Class   Voya Solution 2055 Portfolio - Service Class   Voya Solution 2055 Portfolio - Service 2 Class 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $   $118   $977   $32 
Expenses:                         
Mortality and expense risk charges           69    408    8 
Net investment income (loss)           49    569    24 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments           66    734    23 
Capital gains distributions           936    5,585    178 
Total realized gain (loss) on investments and capital gains distributions           1,002    6,319    201 
Net unrealized appreciation (depreciation) of investments           72    (230)   (14)
Net realized and unrealized gain (loss) on investments           1,074    6,089    187 
Net increase (decrease) in net assets resulting from operations  $   $   $1,123   $6,658   $211 

 

 

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, 2021

(In thousands)

 

   Voya Solution 2060 Portfolio - Initial Class   Voya Solution 2060 Portfolio - Service Class   Voya Solution 2060 Portfolio - Service 2 Class   Voya Solution 2065 Portfolio - Initial Class   Voya Solution 2065 Portfolio - Service Class 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $   $   $   $45 
Expenses:                         
Mortality and expense risk charges                   7 
Net investment income (loss)                   38 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments                   15 
Capital gains distributions                   114 
Total realized gain (loss) on investments and capital gains distributions                   129 
Net unrealized appreciation (depreciation) of investments                   (73)
Net realized and unrealized gain (loss) on investments                   56 
Net increase (decrease) in net assets resulting from operations  $   $   $   $   $94 

 

 

   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 
Net investment income (loss)                         
Investment income:                         
Dividends  $137   $12   $418   $1,081   $97 
Expenses:                         
Mortality and expense risk charges   80    2    70    311    16 
Net investment income (loss)   57    10    348    770    81 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   169    7    237    1,033    91 
Capital gains distributions       17    492    1,359    123 
Total realized gain (loss) on investments and capital gains distributions   169    24    729    2,392    214 
Net unrealized appreciation (depreciation) of investments   657    (8)   (322)   (1,158)   (110)
Net realized and unrealized gain (loss) on investments   826    16    407    1,234    104 
Net increase (decrease) in net assets resulting from operations  $883   $26   $755   $2,004   $185 

 

 

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, 2021

(In thousands)

 

   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 
Net investment income (loss)                         
Investment income:                         
Dividends  $192   $   $398   $567   $ 
Expenses:                         
Mortality and expense risk charges   86        188    516    1 
Net investment income (loss)   106        210    51    (1)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   192    4    1,041    1,393    (2)
Capital gains distributions                   34 
Total realized gain (loss) on investments and capital gains distributions   192    4    1,041    1,393    32 
Net unrealized appreciation (depreciation) of investments   378    4    7,669    14,149    42 
Net realized and unrealized gain (loss) on investments   570    8    8,710    15,542    74 
Net increase (decrease) in net assets resulting from operations  $676   $8   $8,920   $15,593   $73 

 

 

   VY® Baron Growth Portfolio - Service Class   VY® Columbia Contrarian Core Portfolio - Service Class  

VY® Columbia Small Cap Value II

Portfolio - Adviser Class

  

VY® Columbia Small Cap Value II

Portfolio - Service Class

   VY® Invesco Comstock Portfolio - Adviser Class 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $64   $   $28   $2 
Expenses:                         
Mortality and expense risk charges   1,718    161    1    97    1 
Net investment income (loss)   (1,718)   (97)   (1)   (69)   1 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   959    53    2    474    25 
Capital gains distributions   14,893    1,754    1    42     
Total realized gain (loss) on investments and capital gains distributions   15,852    1,807    3    516    25 
Net unrealized appreciation (depreciation) of investments   20,144    1,544    48    1,883    42 
Net realized and unrealized gain (loss) on investments   35,996    3,351    51    2,399    67 
Net increase (decrease) in net assets resulting from operations  $34,278   $3,254   $50   $2,330   $68 

 

 

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, 2021

(In thousands)

 

   VY® Invesco Comstock Portfolio - Service Class   VY® Invesco Equity and Income Portfolio - Adviser Class   VY® Invesco Equity and Income Portfolio - Initial Class   VY® Invesco Equity and Income Portfolio - Service Class   VY® Invesco Global Portfolio - Adviser Class 
Net investment income (loss)                         
Investment income:                         
Dividends  $965   $17   $4,260   $14   $ 
Expenses:                         
Mortality and expense risk charges   641    6    2,990    7    1 
Net investment income (loss)   324    11    1,270    7    (1)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   2,403    9    4,272    8    16 
Capital gains distributions       21    3,494    13    13 
Total realized gain (loss) on investments and capital gains distributions   2,403    30    7,766    21    29 
Net unrealized appreciation (depreciation) of investments   13,907    240    38,671    152    10 
Net realized and unrealized gain (loss) on investments   16,310    270    46,437    173    39 
Net increase (decrease) in net assets resulting from operations  $16,634   $281   $47,707   $180   $38 

 

 

   VY® Invesco Global Portfolio - Initial Class   VY® Invesco Global 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  $   $   $1   $194   $379 
Expenses:                         
Mortality and expense risk charges   7,328    25    1    157    576 
Net investment income (loss)   (7,328)   (25)       37    (197)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   29,648    35    (1)   (267)   (1,498)
Capital gains distributions   31,315    117    9    755    2,096 
Total realized gain (loss) on investments and capital gains distributions   60,963    152    8    488    598 
Net unrealized appreciation (depreciation) of investments   40,559    194    49    4,711    13,878 
Net realized and unrealized gain (loss) on investments   101,522    346    57    5,199    14,476 
Net increase (decrease) in net assets resulting from operations  $94,194   $321   $57   $5,236   $14,279 

 

 

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, 2021

(In thousands)

 

   VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class   VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6   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 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $   $23   $   $ 
Expenses:                         
Mortality and expense risk charges   2        6,515    14    4 
Net investment income (loss)   (2)       (6,492)   (14)   (4)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   4        26,222    30    35 
Capital gains distributions   82        93,443    236    110 
Total realized gain (loss) on investments and capital gains distributions   86        119,665    266    145 
Net unrealized appreciation (depreciation) of investments   (28)   3    (38,420)   (79)   72 
Net realized and unrealized gain (loss) on investments   58    3    81,245    187    217 
Net increase (decrease) in net assets resulting from operations  $56   $3   $74,753   $173   $213 

 

 

   VY® T. Rowe Price Growth Equity Portfolio - Initial Class   VY® T. Rowe Price Growth Equity Portfolio - Service Class   Voya Target In-Retirement Fund - Class R6  

Voya Target Retirement 2025

Fund - Class R6

  

Voya Target Retirement 2030

Fund - Class R6

 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $   $1   $2   $ 
Expenses:                         
Mortality and expense risk charges   6,751    29             
Net investment income (loss)   (6,751)   (29)   1    2     
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   24,644    114             
Capital gains distributions   61,790    308    2    9     
Total realized gain (loss) on investments and capital gains distributions   86,434    422    2    9     
Net unrealized appreciation (depreciation) of investments   53,910    241    (2)   (10)    
Net realized and unrealized gain (loss) on investments   140,344    663        (1)    
Net increase (decrease) in net assets resulting from operations  $133,593   $634   $1   $1   $ 

 

 

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, 2021

(In thousands)

 

  

Voya Target Retirement 2035

Fund - Class R6

  

Voya Target Retirement 2040

Fund - Class R6

  

Voya Target Retirement 2045

Fund - Class R6

  

Voya Target Retirement 2050

Fund - Class R6

  

Voya Target Retirement 2055

Fund - Class R6

 
Net investment income (loss)                         
Investment income:                         
Dividends  $3   $   $4   $   $1 
Expenses:                         
Mortality and expense risk charges                    
Net investment income (loss)   3        4        1 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments                    
Capital gains distributions   16        25    2    9 
Total realized gain (loss) on investments and capital gains distributions   16        25    2    9 
Net unrealized appreciation (depreciation) of investments   (18)       (27)   (2)   (9)
Net realized and unrealized gain (loss) on investments   (2)       (2)        
Net increase (decrease) in net assets resulting from operations  $1   $   $2   $   $1 

 

 

  

Voya Target Retirement 2060

Fund - Class R6

   Voya Corporate Leaders 100 Fund - Class I   Voya Strategic Allocation Conservative Portfolio - Class I   Voya Strategic Allocation Growth Portfolio - Class I   Voya Strategic Allocation Moderate Portfolio - Class I 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $170   $889   $1,599   $1,531 
Expenses:                         
Mortality and expense risk charges       98    343    830    639 
Net investment income (loss)       72    546    769    892 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments       (3)   557    3,400    2,237 
Capital gains distributions   1    733    82    1,615    2,038 
Total realized gain (loss) on investments and capital gains distributions   1    730    639    5,015    4,275 
Net unrealized appreciation (depreciation) of investments   (1)   1,661    1,487    6,727    2,820 
Net realized and unrealized gain (loss) on investments       2,391    2,126    11,742    7,095 
Net increase (decrease) in net assets resulting from operations  $   $2,463   $2,672   $12,511   $7,987 

 

 

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, 2021

(In thousands)

 

   Voya Growth and Income Portfolio - Class A   Voya Growth and Income Portfolio - Class I   Voya Growth and Income Portfolio - Class S   Voya Global High Dividend Low Volatility Portfolio - Class I   Voya Global High Dividend Low Volatility Portfolio - Class S 
Net investment income (loss)                         
Investment income:                         
Dividends  $8   $14,120   $2   $2,062   $246 
Expenses:                         
Mortality and expense risk charges   6    15,535    3    631    124 
Net investment income (loss)   2    (1,415)   (1)   1,431    122 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   90    41,955    16    1,266    275 
Capital gains distributions   623    585,384    126         
Total realized gain (loss) on investments and capital gains distributions   713    627,339    142    1,266    275 
Net unrealized appreciation (depreciation) of investments   (313)   (290,153)   (63)   11,789    1,466 
Net realized and unrealized gain (loss) on investments   400    337,186    79    13,055    1,741 
Net increase (decrease) in net assets resulting from operations  $402   $335,771   $78   $14,486   $1,863 

 

 

   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 
Net investment income (loss)                         
Investment income:                         
Dividends  $4,551   $1   $2,972   $   $1,022 
Expenses:                         
Mortality and expense risk charges   4,609    1    3,188        1,510 
Net investment income (loss)   (58)       (216)       (488)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   22,670        10,724    1    6,193 
Capital gains distributions   28,353    10    1,160         
Total realized gain (loss) on investments and capital gains distributions   51,023    10    11,884    1    6,193 
Net unrealized appreciation (depreciation) of investments   57,465    26    65,323    10    28,068 
Net realized and unrealized gain (loss) on investments   108,488    36    77,207    11    34,261 
Net increase (decrease) in net assets resulting from operations  $108,430   $36   $76,991   $11   $33,773 

 

 

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, 2021

(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 
Net investment income (loss)                         
Investment income:                         
Dividends  $1   $920   $   $795   $13 
Expenses:                         
Mortality and expense risk charges   1    432        1,629    21 
Net investment income (loss)       488        (834)   (8)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   2    843        9,758    440 
Capital gains distributions               681    19 
Total realized gain (loss) on investments and capital gains distributions   2    843        10,439    459 
Net unrealized appreciation (depreciation) of investments   38    2,910    1    30,992    568 
Net realized and unrealized gain (loss) on investments   40    3,753    1    41,431    1,027 
Net increase (decrease) in net assets resulting from operations  $40   $4,241   $1   $40,597   $1,019 

 

 

   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 
Net investment income (loss)                         
Investment income:                         
Dividends  $2,881   $5   $12   $419   $5 
Expenses:                         
Mortality and expense risk charges   1,955    5    7    235    252 
Net investment income (loss)   926        5    184    (247)
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   9,197    64    22    688    1,990 
Capital gains distributions   10,316    24            858 
Total realized gain (loss) on investments and capital gains distributions   19,513    88    22    688    2,848 
Net unrealized appreciation (depreciation) of investments   40,593    44    80    3,379    30 
Net realized and unrealized gain (loss) on investments   60,106    132    102    4,067    2,878 
Net increase (decrease) in net assets resulting from operations  $61,032   $132   $107   $4,251   $2,631 

 

 

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, 2021

(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 U.S. Bond Index Portfolio - Class I 
Net investment income (loss)                         
Investment income:                         
Dividends  $2,170   $772   $221   $   $626 
Expenses:                         
Mortality and expense risk charges   1,622    1,033    1,506        232 
Net investment income (loss)   548    (261)   (1,285)       394 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   (2,313)   1,684    (633)       466 
Capital gains distributions   20,817        587    1    336 
Total realized gain (loss) on investments and capital gains distributions   18,504    1,684    (46)   1    802 
Net unrealized appreciation (depreciation) of investments   24,260    13,324    20,195    18    (2,013)
Net realized and unrealized gain (loss) on investments   42,764    15,008    20,149    19    (1,211)
Net increase (decrease) in net assets resulting from operations  $43,312   $14,747   $18,864   $19   $(817)

 

 

   Voya MidCap Opportunities Portfolio - Class I   Voya MidCap Opportunities Portfolio - Class R6   Voya MidCap Opportunities Portfolio - Class S   Voya SmallCap Opportunities Portfolio - Class I   Voya SmallCap Opportunities Portfolio - Class S 
Net investment income (loss)                         
Investment income:                         
Dividends  $   $   $   $   $ 
Expenses:                         
Mortality and expense risk charges   3,053        6    727     
Net investment income (loss)   (3,053)       (6)   (727)    
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   6,483        113    9    2 
Capital gains distributions   48,889        146    7,127    5 
Total realized gain (loss) on investments and capital gains distributions   55,372        259    7,136    7 
Net unrealized appreciation (depreciation) of investments   (13,097)       (132)   (3,618)   (4)
Net realized and unrealized gain (loss) on investments   42,275        127    3,518    3 
Net increase (decrease) in net assets resulting from operations  $39,222   $   $121   $2,791   $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, 2021

(In thousands)

 

   Wanger International   Wanger Select   Wanger USA   American Funds® Washington Mutual Investors FundSM - Class R-3   American Funds® Washington Mutual Investors FundSM - Class R-4 
Net investment income (loss)                         
Investment income:                         
Dividends  $231   $   $787   $12   $3,757 
Expenses:                         
Mortality and expense risk charges   317    644    780    6    2,592 
Net investment income (loss)   (86)   (644)   7    6    1,165 
Realized and unrealized gain (loss) on investments                         
Net realized gain (loss) on investments   12    (399)   1,034    55    10,518 
Capital gains distributions   636    7,361    3,383    51    12,768 
Total realized gain (loss) on investments and capital gains distributions   648    6,962    4,417    106    23,286 
Net unrealized appreciation (depreciation) of investments   6,391    (2,878)   3,738    148    36,820 
Net realized and unrealized gain (loss) on investments   7,039    4,084    8,155    254    60,106 
Net increase (decrease) in net assets resulting from operations  $6,953   $3,440   $8,162   $260   $61,271 

 

 

   American Funds® Washington Mutual Investors FundSM - Class R-6   Allspring Small Company Growth Fund - Administrator Class  

Allspring Small Company Value

Fund - Class A

  

Allspring Special Small Cap Value

Fund - Class A

 
Net investment income (loss)                    
Investment income:                    
Dividends  $   $   $   $296 
Expenses:                    
Mortality and expense risk charges       136    2    1,373 
Net investment income (loss)       (136)   (2)   (1,077)
Realized and unrealized gain (loss) on investments                    
Net realized gain (loss) on investments       123    2    6,826 
Capital gains distributions   1    4,687    11    7,204 
Total realized gain (loss) on investments and capital gains distributions   1    4,810    13    14,030 
Net unrealized appreciation (depreciation) of investments   2    (3,176)   37    14,477 
Net realized and unrealized gain (loss) on investments   3    1,634    50    28,507 
Net increase (decrease) in net assets resulting from operations  $3   $1,498   $48   $27,430 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   AB Relative Value Fund - Class A   AB VPS Growth and Income Portfolio - Class A   Aberdeen Emerging Markets Sustainable Leaders Fund - Institutional Class   Invesco Capital Appreciation Fund - Class A   Invesco Floating Rate ESG Fund - Class R5 
Net assets at January 1, 2020  $167   $700   $17,155   $75   $359 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   1    3    56    (1)   11 
Total realized gain (loss) on investments and capital gains distributions       21    248    4    (8)
Net unrealized appreciation (depreciation) of investments   3    (15)   3,967    19    (2)
Net increase (decrease) in net assets resulting from operations   4    9    4,271    22    1 
Changes from principal transactions:                         
Total unit transactions   (7)   (56)   1,450    (14)   (48)
Increase (decrease) in net assets derived from principal transactions   (7)   (56)   1,450    (14)   (48)
Total increase (decrease) in net assets   (3)   (47)   5,721    8    (47)
Net assets at December 31, 2020   164    653    22,876    83    312 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       (3)       (1)   10 
Total realized gain (loss) on investments and capital gains distributions   23    4    6,733    23     
Net unrealized appreciation (depreciation) of investments   20    174    (5,915)   (5)   7 
Net increase (decrease) in net assets resulting from operations   43    175    818    17    17 
Changes from principal transactions:                         
Total unit transactions   (47)   40    (23,648)   (4)   41 
Increase (decrease) in net assets derived from principal transactions   (47)   40    (23,648)   (4)   41 
Total increase (decrease) in net assets   (4)   215    (22,830)   13    58 
Net assets at December 31, 2021  $160   $868   $46   $96   $370 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Invesco Main Street Fund - Class A   Invesco Main Street Mid Cap Fund® - Class A  

Invesco Small Cap Growth
Fund -

Class A

  

Invesco International Growth Fund -

Class R5

   Invesco International Small-Mid Company Fund - Class Y 
Net assets at January 1, 2020  $1,650   $   $114   $715   $795 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (3)   (22)   (1)   3    (9)
Total realized gain (loss) on investments and capital gains distributions   (1)   83    24    87    94 
Net unrealized appreciation (depreciation) of investments   217    948    48    12    124 
Net increase (decrease) in net assets resulting from operations   213    1,009    71    102    209 
Changes from principal transactions:                         
Total unit transactions   (265)   2,841    18    13    70 
Increase (decrease) in net assets derived from principal transactions   (265)   2,841    18    13    70 
Total increase (decrease) in net assets   (52)   3,850    89    115    279 
Net assets at December 31, 2020   1,598    3,850    203    830    1,074 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (10)   (33)   (2)   10    (9)
Total realized gain (loss) on investments and capital gains distributions   466    998    73    157    149 
Net unrealized appreciation (depreciation) of investments   (18)   (119)   (59)   (124)    
Net increase (decrease) in net assets resulting from operations   438    846    12    43    140 
Changes from principal transactions:                         
Total unit transactions   29    (393)   23    (3)   28 
Increase (decrease) in net assets derived from principal transactions   29    (393)   23    (3)   28 
Total increase (decrease) in net assets   467    453    35    40    168 
Net assets at December 31, 2021  $2,065   $4,303   $238   $870   $1,242 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Invesco Oppenheimer International Growth Fund - Class Y  

Invesco Developing Markets Fund -

Class A

  

Invesco Developing Markets Fund -

Class R6

  

Invesco Developing Markets Fund -

Class Y

   Invesco Endeavor Fund - Class A 
Net assets at January 1, 2020  $770   $246,688   $   $49,389   $26 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (9)   (2,299)       (86)    
Total realized gain (loss) on investments  and capital gains distributions   196    12,195        1,814    2 
Net unrealized appreciation  (depreciation) of investments   (55)   23,974        4,985    (2)
Net increase (decrease) in net assets  resulting from operations   132    33,870        6,713     
Changes from principal transactions:                         
Total unit transactions   (497)   (27,897)       (5,946)   (1)
Increase (decrease) in net assets  derived from principal transactions   (497)   (27,897)       (5,946)   (1)
Total increase (decrease) in net assets   (365)   5,973        767    (1)
Net assets at December 31, 2020   405    252,661        50,156    25 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (2)   (2,324)       (50)    
Total realized gain (loss) on investments  and capital gains distributions   64    22,004    2    3,854    1 
Net unrealized appreciation  (depreciation) of investments   (22)   (39,093)   (3)   (7,660)   2 
Net increase (decrease) in net assets  resulting from operations   40    (19,413)   (1)   (3,856)   3 
Changes from principal transactions:                         
Total unit transactions   30    (22,044)   101    (778)   (28)
Increase (decrease) in net assets  derived from principal transactions   30    (22,044)   101    (778)   (28)
Total increase (decrease) in net assets   70    (41,457)   100    (4,634)   (25)
Net assets at December 31, 2021  $475   $211,204   $100   $45,522   $ 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Invesco Health Care Fund - Investor Class   Invesco International Bond Fund - Class A   Invesco High Yield Fund - Class R5   Invesco American Value Fund - Class R5  

Invesco Energy

Fund - Class R5

 
Net assets at January 1, 2020  $115   $44   $800   $1,002   $47 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1)   1    42    (7)   1 
Total realized gain (loss) on investments  and capital gains distributions   12    (3)   (36)   (112)   (10)
Net unrealized appreciation  (depreciation) of investments           9    106    (3)
Net increase (decrease) in net assets  resulting from operations   11    (2)   15    (13)   (12)
Changes from principal transactions:                         
Total unit transactions   (34)   (33)   (420)   (155)   2 
Increase (decrease) in net assets  derived from principal transactions   (34)   (33)   (420)   (155)   2 
Total increase (decrease) in net assets   (23)   (35)   (405)   (168)   (10)
Net assets at December 31, 2020   92    9    395    834    37 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1)       16    (6)   4 
Total realized gain (loss) on investments  and capital gains distributions   26        (1)   165    (1)
Net unrealized appreciation  (depreciation) of investments   (18)   (1)   (3)   69    27 
Net increase (decrease) in net assets  resulting from operations   7    (1)   12    228    30 
Changes from principal transactions:                         
Total unit transactions   1        68    82    187 
Increase (decrease) in net assets  derived from principal transactions   1        68    82    187 
Total increase (decrease) in net assets   8    (1)   80    310    217 
Net assets at December 31, 2021  $100   $8   $475   $1,144   $254 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

  

Invesco Gold & Special Minerals

Fund - Class A

   Invesco Small Cap Value Fund - Class A   Invesco V.I. American Franchise Fund - Series I   Invesco V.I. Core Equity Fund - Series I  

Invesco V.I. Discovery Mid Cap Growth

Fund - Series I

 
Net assets at January 1, 2020  $79   $45   $32,064   $30,828   $18 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   2        (353)   85     
Total realized gain (loss) on investments  and capital gains distributions   1    (1)   5,064    7,749    2 
Net unrealized appreciation  (depreciation) of investments   48    6    8,038    (4,234)   5 
Net increase (decrease) in net assets  resulting from operations   51    5    12,749    3,600    7 
Changes from principal transactions:                         
Total unit transactions   72    2    383    (1,875)   (2)
Increase (decrease) in net assets  derived from principal transactions   72    2    383    (1,875)   (2)
Total increase (decrease) in net assets   123    7    13,132    1,725    5 
Net assets at December 31, 2020   202    52    45,196    32,553    23 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   3    (1)   (492)   (145)    
Total realized gain (loss) on investments  and capital gains distributions   32    40    8,623    2,050    4 
Net unrealized appreciation  (depreciation) of investments   (56)   (20)   (3,364)   6,354    1 
Net increase (decrease) in net assets  resulting from operations   (21)   19    4,767    8,259    5 
Changes from principal transactions:                         
Total unit transactions   (65)   50    (5,704)   (3,960)   (3)
Increase (decrease) in net assets  derived from principal transactions   (65)   50    (5,704)   (3,960)   (3)
Total increase (decrease) in net assets   (86)   69    (937)   4,299    2 
Net assets at December 31, 2021  $116   $121   $44,259   $36,852   $25 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Invesco V.I. Global Fund - Series I   Invesco V.I. Global Strategic Income Fund - Series I   Invesco V.I. Main Street Fund - Series I   Invesco V.I. Main Street Small Cap Fund - Series I   Alger Capital Appreciation Fund - Class A 
Net assets at January 1, 2020  $292   $98   $61   $29,094   $123 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1)   5        (57)   (1)
Total realized gain (loss) on investments  and capital gains distributions   14        8    (235)   28 
Net unrealized appreciation  (depreciation) of investments   61    (2)   (2)   5,058    26 
Net increase (decrease) in net assets  resulting from operations   74    3    6    4,766    53 
Changes from principal transactions:                         
Total unit transactions   (7)       (8)   (3,680)   13 
Increase (decrease) in net assets  derived from principal transactions   (7)       (8)   (3,680)   13 
Total increase (decrease) in net assets   67    3    (2)   1,086    66 
Net assets at December 31, 2020   359    101    59    30,180    189 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (4)   4    (1)   (167)   (2)
Total realized gain (loss) on investments  and capital gains distributions   24        6    2,899    60 
Net unrealized appreciation  (depreciation) of investments   31    (8)   8    3,748    (28)
Net increase (decrease) in net assets  resulting from operations   51    (4)   13    6,480    30 
Changes from principal transactions:                         
Total unit transactions   (3)       (9)   (393)   34 
Increase (decrease) in net assets  derived from principal transactions   (3)       (9)   (393)   34 
Total increase (decrease) in net assets   48    (4)   4    6,087    64 
Net assets at December 31, 2021  $407   $97   $63   $36,267   $253 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Alger Responsible Investing Fund - Class A   Amana Growth Fund - Investor Class   Amana Income Fund - Investor Class   American Funds® American Balanced Fund® - Class R-3  

American Beacon Small Cap Value

Fund - Investor Class

 
Net assets at January 1, 2020  $7,080   $62,144   $74,306   $1,969   $463 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (97)   (442)   149    9     
Total realized gain (loss) on investments  and capital gains distributions   1,113    6,878    6,524    99    (48)
Net unrealized appreciation  (depreciation) of investments   1,874    12,229    1,965    38    35 
Net increase (decrease) in net assets  resulting from operations   2,890    18,665    8,638    146    (13)
Changes from principal transactions:                         
Total unit transactions   2,800    (2,902)   (5,523)   (289)   (353)
Increase (decrease) in net assets  derived from principal transactions   2,800    (2,902)   (5,523)   (289)   (353)
Total increase (decrease) in net assets   5,690    15,763    3,115    (143)   (366)
Net assets at December 31, 2020   12,770    77,907    77,421    1,826    97 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (142)   (713)   (168)   6     
Total realized gain (loss) on investments  and capital gains distributions   2,146    4,691    6,571    172    16 
Net unrealized appreciation  (depreciation) of investments   707    19,095    9,296    80    11 
Net increase (decrease) in net assets  resulting from operations   2,711    23,073    15,699    258    27 
Changes from principal transactions:                         
Total unit transactions   (1,014)   (601)   (7,060)   (394)   18 
Increase (decrease) in net assets  derived from principal transactions   (1,014)   (601)   (7,060)   (394)   18 
Total increase (decrease) in net assets   1,697    22,472    8,639    (136)   45 
Net assets at December 31, 2021  $14,467   $100,379   $86,060   $1,690   $142 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   American Century Investments® Mid Cap Value Fund - R6 Class   American Century Investments® Inflation-Adjusted
Bond Fund - Investor Class
   American Century Investments® Disciplined Core Value Fund - A Class   American Funds® Fundamental Investors® - Class R-3   American Funds® Fundamental Investors® - Class R-4 
Net assets at January 1, 2020  $   $26,836   $11,609   $1,090   $121,394 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       78    52    9    862 
Total realized gain (loss) on investments  and capital gains distributions       141    1,521    (5)   4,809 
Net unrealized appreciation  (depreciation) of investments       2,518    (478)   84    10,090 
Net increase (decrease) in net assets  resulting from operations       2,737    1,095    88    15,761 
Changes from principal transactions:                         
Total unit transactions       6,132    (818)   (124)   (9,157)
Increase (decrease) in net assets  derived from principal transactions       6,132    (818)   (124)   (9,157)
Total increase (decrease) in net assets       8,869    277    (36)   6,604 
Net assets at December 31, 2020       35,705    11,886    1,054    127,998 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       1,511    (51)   5    383 
Total realized gain (loss) on investments  and capital gains distributions   5    313    3,171    136    17,429 
Net unrealized appreciation  (depreciation) of investments   (3)   239    (557)   79    8,764 
Net increase (decrease) in net assets  resulting from operations   2    2,063    2,563    220    26,576 
Changes from principal transactions:                         
Total unit transactions   120    7,373    166    (53)   (8,378)
Increase (decrease) in net assets  derived from principal transactions   120    7,373    166    (53)   (8,378)
Total increase (decrease) in net assets   122    9,436    2,729    167    18,198 
Net assets at December 31, 2021  $122   $45,141   $14,615   $1,221   $146,196 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   American Funds® American Mutual Fund® - Class R-4   American Funds® American Mutual Fund® - Class R-6   AMG River Road Mid Cap Value Fund - Class N   Ariel Appreciation Fund - Investor Class   Ariel Fund - Institutional Class 
Net assets at January 1, 2020  $2,782   $   $22,420   $177   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   24        (146)        
Total realized gain (loss) on investments  and capital gains distributions   77        (123)   (9)    
Net unrealized appreciation  (depreciation) of investments   (15)       519    6     
Net increase (decrease) in net assets  resulting from operations   86        250    (3)    
Changes from principal transactions:                         
Total unit transactions   (917)       (2,490)   (77)    
Increase (decrease) in net assets  derived from principal transactions   (917)       (2,490)   (77)    
Total increase (decrease) in net assets   (831)       (2,240)   (80)    
Net assets at December 31, 2020   1,951        20,180    97     
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   18        (151)        
Total realized gain (loss) on investments  and capital gains distributions   102        9,852    16     
Net unrealized appreciation  (depreciation) of investments   370        (3,749)   8     
Net increase (decrease) in net assets  resulting from operations   490        5,952    24     
Changes from principal transactions:                         
Total unit transactions   207    26    (2,315)   5     
Increase (decrease) in net assets  derived from principal transactions   207    26    (2,315)   5     
Total increase (decrease) in net assets   697    26    3,637    29     
Net assets at December 31, 2021  $2,648   $26   $23,817   $126   $ 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Ariel Fund - Investor Class   Artisan International Fund - Investor Shares   BlackRock Equity Dividend Fund - Investor A Shares   BlackRock Health Sciences Opportunities Portfolio - Institutional Shares   BlackRock Health Sciences Opportunities Portfolio - Investor A Shares 
Net assets at January 1, 2020  $10,234   $11,144   $964   $7,651   $28,072 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (52)   (81)   9    (86)   (310)
Total realized gain (loss) on investments  and capital gains distributions   226    374    25    780    2,866 
Net unrealized appreciation  (depreciation) of investments   297    326    2    957    2,962 
Net increase (decrease) in net assets  resulting from operations   471    619    36    1,651    5,518 
Changes from principal transactions:                         
Total unit transactions   (1,334)   (934)   66    1,923    2,346 
Increase (decrease) in net assets  derived from principal transactions   (1,334)   (934)   66    1,923    2,346 
Total increase (decrease) in net assets   (863)   (315)   102    3,574    7,864 
Net assets at December 31, 2020   9,371    10,829    1,066    11,225    35,936 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (127)   (42)   5    (123)   (379)
Total realized gain (loss) on investments  and capital gains distributions   1,627    2,094    129    1,456    5,153 
Net unrealized appreciation  (depreciation) of investments   1,414    (1,231)   70    (37)   (905)
Net increase (decrease) in net assets  resulting from operations   2,914    821    204    1,296    3,869 
Changes from principal transactions:                         
Total unit transactions   1,276    (1,474)   39    1,176    (179)
Increase (decrease) in net assets  derived from principal transactions   1,276    (1,474)   39    1,176    (179)
Total increase (decrease) in net assets   4,190    (653)   243    2,472    3,690 
Net assets at December 31, 2021  $13,561   $10,176   $1,309   $13,697   $39,626 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   BlackRock Mid-Cap Value Fund - Institutional Shares   BlackRock Mid-Cap Value Fund - Investor A Shares   American Funds® The Bond Fund of America® - Class R-4   Calvert US Large-Cap Core Responsible Index Fund - Class A   Calvert VP SRI Balanced Portfolio 
Net assets at January 1, 2020  $269   $14,680   $14,957   $8   $53,468 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   2    29    194        251 
Total realized gain (loss) on investments  and capital gains distributions   (3)   (92)   1,207        3,026 
Net unrealized appreciation  (depreciation) of investments   24    651    378    2    4,034 
Net increase (decrease) in net assets  resulting from operations   23    588    1,779    2    7,311 
Changes from principal transactions:                         
Total unit transactions   16    (1,074)   9,198    6    (1,386)
Increase (decrease) in net assets  derived from principal transactions   16    (1,074)   9,198    6    (1,386)
Total increase (decrease) in net assets   39    (486)   10,977    8    5,925 
Net assets at December 31, 2020   308    14,194    25,934    16    59,393 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       (51)   119        69 
Total realized gain (loss) on investments  and capital gains distributions   45    2,148    511        4,280 
Net unrealized appreciation  (depreciation) of investments   36    1,381    (1,111)   5    3,701 
Net increase (decrease) in net assets  resulting from operations   81    3,478    (481)   5    8,050 
Changes from principal transactions:                         
Total unit transactions   82    991    (1,622)   12    (4,405)
Increase (decrease) in net assets  derived from principal transactions   82    991    (1,622)   12    (4,405)
Total increase (decrease) in net assets   163    4,469    (2,103)   17    3,645 
Net assets at December 31, 2021  $471   $18,663   $23,831   $33   $63,038 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   American Funds® Capital Income Builder® - Class R-4   American Funds® Capital World Bond Fund® - Class R-6   American Funds® Capital World Growth and Income Fund® - Class R-3   Cohen & Steers Real Estate Securities Fund, Inc. - Class A   Cohen & Steers Realty Shares, Inc. 
Net assets at January 1, 2020  $5,991   $   $637   $1,363   $10,992 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   176        4    30    141 
Total realized gain (loss) on investments  and capital gains distributions   7        6    (71)   (297)
Net unrealized appreciation  (depreciation) of investments   60        70    9    (413)
Net increase (decrease) in net assets  resulting from operations   243        80    (32)   (569)
Changes from principal transactions:                         
Total unit transactions   1,429        (47)   375    (1,763)
Increase (decrease) in net assets  derived from principal transactions   1,429        (47)   375    (1,763)
Total increase (decrease) in net assets   1,672        33    343    (2,332)
Net assets at December 31, 2020   7,663        670    1,706    8,660 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   202    1    7    26    78 
Total realized gain (loss) on investments  and capital gains distributions   42        67    168    612 
Net unrealized appreciation  (depreciation) of investments   861    (1)   22    943    2,716 
Net increase (decrease) in net assets  resulting from operations   1,105        96    1,137    3,406 
Changes from principal transactions:                         
Total unit transactions   1,124    75    20    2,856    (966)
Increase (decrease) in net assets  derived from principal transactions   1,124    75    20    2,856    (966)
Total increase (decrease) in net assets   2,229    75    116    3,993    2,440 
Net assets at December 31, 2021  $9,892   $75   $786   $5,699   $11,100 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Columbia Acorn® Fund - Class A Shares   Columbia Select Mid Cap Value Fund - Class A Shares   Columbia Select Mid Cap Value Fund - Institutional Class   Columbia Large Cap Value Fund - Advisor Class   CRM Mid Cap Value Fund - Investor Shares 
Net assets at January 1, 2020  $67   $6,711   $2   $11,159   $110 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1)   (10)       89    (1)
Total realized gain (loss) on investments  and capital gains distributions   13    (399)       (289)   (5)
Net unrealized appreciation  (depreciation) of investments   7    628        637    3 
Net increase (decrease) in net assets  resulting from operations   19    219        437    (3)
Changes from principal transactions:                         
Total unit transactions   8    (654)   1    (1,345)   (47)
Increase (decrease) in net assets  derived from principal transactions   8    (654)   1    (1,345)   (47)
Total increase (decrease) in net assets   27    (435)   1    (908)   (50)
Net assets at December 31, 2020   94    6,276    3    10,251    60 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       (46)       48     
Total realized gain (loss) on investments  and capital gains distributions   26    528        802    29 
Net unrealized appreciation  (depreciation) of investments   (18)   1,399    1    1,446    (14)
Net increase (decrease) in net assets  resulting from operations   8    1,881    1    2,296    15 
Changes from principal transactions:                         
Total unit transactions   (1)   64    (2)   191    (5)
Increase (decrease) in net assets  derived from principal transactions   (1)   64    (2)   191    (5)
Total increase (decrease) in net assets   7    1,945    (1)   2,487    10 
Net assets at December 31, 2021  $101   $8,221   $2   $12,738   $70 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Davis Financial Fund - Class Y   Delaware Smid Cap Growth Fund - Institutional Class   Delaware Small Cap Value Fund - Class A   DWS Equity 500 Index Fund - Class S  

DWS Small Cap Growth Fund -

Class S

 
Net assets at January 1, 2020  $76   $16,822   $2,812   $820   $21 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)               5     
Total realized gain (loss) on investments  and capital gains distributions   (4)   2,212    (326)   171    (3)
Net unrealized appreciation  (depreciation) of investments   (2)   14,128    177    (24)   7 
Net increase (decrease) in net assets  resulting from operations   (6)   16,340    (149)   152    4 
Changes from principal transactions:                         
Total unit transactions   (7)   1,142    (110)   113    (1)
Increase (decrease) in net assets  derived from principal transactions   (7)   1,142    (110)   113    (1)
Total increase (decrease) in net assets   (13)   17,482    (259)   265    3 
Net assets at December 31, 2020   63    34,304    2,553    1,085    24 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)           (21)   4     
Total realized gain (loss) on investments  and capital gains distributions   7    16,170    760    190    4 
Net unrealized appreciation  (depreciation) of investments   12    (16,942)   214    115     
Net increase (decrease) in net assets  resulting from operations   19    (772)   953    309    4 
Changes from principal transactions:                         
Total unit transactions   (2)   (33,413)   992    147    12 
Increase (decrease) in net assets  derived from principal transactions   (2)   (33,413)   992    147    12 
Total increase (decrease) in net assets   17    (34,185)   1,945    456    16 
Net assets at December 31, 2021  $80   $119   $4,498   $1,541   $40 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   DFA Emerging Markets Core Equity Portfolio - Institutional Class   DFA Inflation-Protected Securities Portfolio - Institutional Class   DFA Real Estate Securities Portfolio - Institutional Class   DFA U.S. Targeted Value Portfolio - Institutional Class   DFA U.S. Large Company Portfolio - Institutional Class 
Net assets at January 1, 2020  $2,645   $1,318   $   $17,780   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   52    30        295     
Total realized gain (loss) on investments  and capital gains distributions   19    66        (155)    
Net unrealized appreciation  (depreciation) of investments   318    116        937     
Net increase (decrease) in net assets  resulting from operations   389    212        1,077     
Changes from principal transactions:                         
Total unit transactions   87    900        1,290     
Increase (decrease) in net assets  derived from principal transactions   87    900        1,290     
Total increase (decrease) in net assets   476    1,112        2,367     
Net assets at December 31, 2020   3,121    2,430        20,147     
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   3    7        88     
Total realized gain (loss) on investments  and capital gains distributions   768    166        6,906    2 
Net unrealized appreciation  (depreciation) of investments   (421)   (148)   1    (1,074)   2 
Net increase (decrease) in net assets  resulting from operations   350    25    1    5,920    4 
Changes from principal transactions:                         
Total unit transactions   (3,465)   (2,170)   87    (25,950)   306 
Increase (decrease) in net assets  derived from principal transactions   (3,465)   (2,170)   87    (25,950)   306 
Total increase (decrease) in net assets   (3,115)   (2,145)   88    (20,030)   310 
Net assets at December 31, 2021  $6   $285   $88   $117   $310 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Dodge & Cox International Stock Fund   Dodge & Cox Stock Fund   Eaton Vance Large-Cap Value Fund - Class R Shares   American Funds® EuroPacific Growth Fund® - Class R-3   American Funds® EuroPacific Growth Fund® - Class R-4 
Net assets at January 1, 2020  $168   $135   $1   $2,757   $313,071 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   1    1        (15)   (1,976)
Total realized gain (loss) on investments  and capital gains distributions       7        59    15,192 
Net unrealized appreciation  (depreciation) of investments   1    5        549    55,351 
Net increase (decrease) in net assets  resulting from operations   2    13        593    68,567 
Changes from principal transactions:                         
Total unit transactions   8    10        (203)   (24,088)
Increase (decrease) in net assets  derived from principal transactions   8    10        (203)   (24,088)
Total increase (decrease) in net assets   10    23        390    44,479 
Net assets at December 31, 2020   178    158    1    3,147    357,550 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   1            8    1,719 
Total realized gain (loss) on investments  and capital gains distributions   22    9        633    40,601 
Net unrealized appreciation  (depreciation) of investments   (6)   48        (569)   (36,140)
Net increase (decrease) in net assets  resulting from operations   17    57        72    6,180 
Changes from principal transactions:                         
Total unit transactions   (83)   276        (1,164)   (16,517)
Increase (decrease) in net assets  derived from principal transactions   (83)   276        (1,164)   (16,517)
Total increase (decrease) in net assets   (66)   333        (1,092)   (10,337)
Net assets at December 31, 2021  $112   $491   $1   $2,055   $347,213 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   American Funds® EuroPacific Growth Fund® - Class R-6   Federated Hermes International Leaders Fund - Institutional Shares   Fidelity® 500 Index Fund  

Fidelity Advisor® New Insights Fund -

Class I

   Fidelity® Mid Cap Index Fund 
Net assets at January 1, 2020  $   $10   $   $3,580   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)               (44)    
Total realized gain (loss) on investments  and capital gains distributions       1        772     
Net unrealized appreciation  (depreciation) of investments       3        (1)    
Net increase (decrease) in net assets  resulting from operations       4        727     
Changes from principal transactions:                         
Total unit transactions       10        (2,087)    
Increase (decrease) in net assets  derived from principal transactions       10        (2,087)    
Total increase (decrease) in net assets       14        (1,360)    
Net assets at December 31, 2020       24        2,220     
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)               (29)    
Total realized gain (loss) on investments  and capital gains distributions   1    5        434    1 
Net unrealized appreciation  (depreciation) of investments   (1)   (4)   7    109    3 
Net increase (decrease) in net assets  resulting from operations       1    7    514    4 
Changes from principal transactions:                         
Total unit transactions   40    6    616    63    314 
Increase (decrease) in net assets  derived from principal transactions   40    6    616    63    314 
Total increase (decrease) in net assets   40    7    623    577    318 
Net assets at December 31, 2021  $40   $31   $623   $2,797   $318 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Fidelity® Small Cap Index Fund   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 
Net assets at January 1, 2020  $   $250,735   $387,431   $8,611   $28,627 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       1,712    (3,911)   321    (154)
Total realized gain (loss) on investments  and capital gains distributions       12,831    63,452    (126)   1,903 
Net unrealized appreciation  (depreciation) of investments       (3,624)   99,714    (63)   1,888 
Net increase (decrease) in net assets  resulting from operations       10,919    159,255    132    3,637 
Changes from principal transactions:                         
Total unit transactions       (20,501)   (17,598)   (4)   (4,391)
Increase (decrease) in net assets  derived from principal transactions       (20,501)   (17,598)   (4)   (4,391)
Total increase (decrease) in net assets       (9,582)   141,657    128    (754)
Net assets at December 31, 2020       241,153    529,088    8,739    27,873 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   1    2,338    (5,571)   370    (155)
Total realized gain (loss) on investments  and capital gains distributions   1    35,056    149,754    (46)   3,394 
Net unrealized appreciation  (depreciation) of investments   (2)   18,206    (30,779)   (48)   1,672 
Net increase (decrease) in net assets  resulting from operations       55,600    113,404    276    4,911 
Changes from principal transactions:                         
Total unit transactions   213    (16,100)   (26,107)   34    (2,460)
Increase (decrease) in net assets  derived from principal transactions   213    (16,100)   (26,107)   34    (2,460)
Total increase (decrease) in net assets   213    39,500    87,297    310    2,451 
Net assets at December 31, 2021  $213   $280,653   $616,385   $9,049   $30,324 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

  

Fidelity® VIP Contrafund®

Portfolio - Initial Class

   Fidelity® VIP Index 500 Portfolio - Initial Class   Fidelity® VIP Asset Manager Portfolio - Initial Class   Franklin Mutual Global Discovery Fund - Class R   Franklin Biotechnology Discovery Fund - Advisor Class 
Net assets at January 1, 2020  $1,291,583   $318,967   $16,286   $1,099   $323 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (9,500)   1,897    49    18    (4)
Total realized gain (loss) on investments  and capital gains distributions   66,241    20,881    173    (10)   56 
Net unrealized appreciation  (depreciation) of investments   300,569    28,366    1,794    (74)   50 
Net increase (decrease) in net assets  resulting from operations   357,310    51,144    2,016    (66)   102 
Changes from principal transactions:                         
Total unit transactions   (143,920)   (21,249)   (1,280)   (89)   37 
Increase (decrease) in net assets  derived from principal transactions   (143,920)   (21,249)   (1,280)   (89)   37 
Total increase (decrease) in net assets   213,390    29,895    736    (155)   139 
Net assets at December 31, 2020   1,504,973    348,862    17,022    944    462 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (14,377)   606    77    9    (1)
Total realized gain (loss) on investments  and capital gains distributions   303,455    20,188    175    64    44 
Net unrealized appreciation  (depreciation) of investments   95,279    73,307    1,197    97    (114)
Net increase (decrease) in net assets  resulting from operations   384,357    94,101    1,449    170    (71)
Changes from principal transactions:                         
Total unit transactions   (128,072)   (2,859)   (590)   (312)   (98)
Increase (decrease) in net assets  derived from principal transactions   (128,072)   (2,859)   (590)   (312)   (98)
Total increase (decrease) in net assets   256,285    91,242    859    (142)   (169)
Net assets at December 31, 2021  $1,761,258   $440,104   $17,881   $802   $293 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Franklin Natural Resources Fund - Advisor Class   Franklin Small-Mid Cap Growth Fund - Class A   Franklin Small Cap Value VIP Fund - Class 2   Franklin Small Cap Value Fund - Class R6   Goldman Sachs Growth Opportunities Fund - Investor Shares 
Net assets at January 1, 2020  $16   $362   $110,535   $   $40 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   1    (2)   510        (1)
Total realized gain (loss) on investments  and capital gains distributions   (11)   30    (1,125)       17 
Net unrealized appreciation  (depreciation) of investments   8    66    3,767        11 
Net increase (decrease) in net assets  resulting from operations   (2)   94    3,152        27 
Changes from principal transactions:                         
Total unit transactions   8    (202)   (7,757)       40 
Increase (decrease) in net assets  derived from principal transactions   8    (202)   (7,757)       40 
Total increase (decrease) in net assets   6    (108)   (4,605)       67 
Net assets at December 31, 2020   22    254    105,930        107 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   1    (2)   106        (2)
Total realized gain (loss) on investments  and capital gains distributions   6    55    (797)   2    33 
Net unrealized appreciation  (depreciation) of investments   2    (27)   25,882    (1)   (15)
Net increase (decrease) in net assets  resulting from operations   9    26    25,191    1    16 
Changes from principal transactions:                         
Total unit transactions   143    20    (4,173)   55    84 
Increase (decrease) in net assets  derived from principal transactions   143    20    (4,173)   55    84 
Total increase (decrease) in net assets   152    46    21,018    56    100 
Net assets at December 31, 2021  $174   $300   $126,948   $56   $207 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   American Funds® The Growth Fund of America® - Class R-3   American Funds® The Growth Fund of America® - Class R-4   American Funds® The Growth Fund of America® - Class R-6   The Hartford Capital Appreciation Fund - Class R4   The Hartford Dividend And Growth Fund - Class R4 
Net assets at January 1, 2020  $8,205   $466,449   $   $   $9 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (57)   (3,533)            
Total realized gain (loss) on investments  and capital gains distributions   690    53,715             
Net unrealized appreciation  (depreciation) of investments   2,027    111,103             
Net increase (decrease) in net assets  resulting from operations   2,660    161,285             
Changes from principal transactions:                         
Total unit transactions   (846)   (41,641)           (5)
Increase (decrease) in net assets  derived from principal transactions   (846)   (41,641)           (5)
Total increase (decrease) in net assets   1,814    119,644            (5)
Net assets at December 31, 2020   10,019    586,093            4 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (71)   (5,912)            
Total realized gain (loss) on investments  and capital gains distributions   2,132    81,025    1         
Net unrealized appreciation  (depreciation) of investments   (303)   28,356    (1)       1 
Net increase (decrease) in net assets  resulting from operations   1,758    103,469            1 
Changes from principal transactions:                         
Total unit transactions   (2,538)   (40,069)   19        1 
Increase (decrease) in net assets  derived from principal transactions   (2,538)   (40,069)   19        1 
Total increase (decrease) in net assets   (780)   63,400    19        2 
Net assets at December 31, 2021  $9,239   $649,493   $19   $   $6 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   The Hartford International Opportunities Fund - Class R4   American Funds® The Income Fund of America® - Class R-3   Delaware Ivy Science and Technology
Fund - Class Y
   Janus Henderson Balanced Portfolio - Institutional Shares   Janus Henderson Enterprise Portfolio - Institutional Shares 
Net assets at January 1, 2020  $1,656   $830   $21,764   $157   $344 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (9)   17    (267)   2    (4)
Total realized gain (loss) on investments and capital gains distributions   (12)   3    3,459    3    42 
Net unrealized appreciation (depreciation) of investments   417    8    5,456    16    12 
Net increase (decrease) in net assets resulting from operations   396    28    8,648    21    50 
Changes from principal transactions:                         
Total unit transactions   334    (110)   3,186    (1)   (38)
Increase (decrease) in net assets derived from principal transactions   334    (110)   3,186    (1)   (38)
Total increase (decrease) in net assets   730    (82)   11,834    20    12 
Net assets at December 31, 2020   2,386    748    33,598    177    356 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   3    10    (362)       (3)
Total realized gain (loss) on investments and capital gains distributions   277    63    12,033    4    50 
Net unrealized appreciation (depreciation) of investments   (130)   25    (7,084)   24    3 
Net increase (decrease) in net assets resulting from operations   150    98    4,587    28    50 
Changes from principal transactions:                         
Total unit transactions   (138)   (373)   (3,276)   (4)   (38)
Increase (decrease) in net assets derived from principal transactions   (138)   (373)   (3,276)   (4)   (38)
Total increase (decrease) in net assets   12    (275)   1,311    24    12 
Net assets at December 31, 2021  $2,398   $473   $34,909   $201   $368 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Janus Henderson Flexible Bond Portfolio - Institutional Shares   Janus Henderson Global Research Portfolio - Institutional Shares   Janus Henderson Research Portfolio - Institutional Shares   JPMorgan Equity Income Fund - Class I Shares   JPMorgan Equity Income Fund - Class R6 Shares 
Net assets at January 1, 2020  $13   $84   $64   $3,454   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)           (1)   74     
Total realized gain (loss) on investments and capital gains distributions       12    7    136     
Net unrealized appreciation (depreciation) of investments   1    (1)   14    680     
Net increase (decrease) in net assets resulting from operations   1    11    20    890     
Changes from principal transactions:                         
Total unit transactions       (17)   (1)   4,960     
Increase (decrease) in net assets derived from principal transactions       (17)   (1)   4,960     
Total increase (decrease) in net assets   1    (6)   19    5,850     
Net assets at December 31, 2020   14    78    83    9,304     
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       (1)   (1)   98     
Total realized gain (loss) on investments and capital gains distributions       12    10    421     
Net unrealized appreciation (depreciation) of investments   (1)   2    6    1,889     
Net increase (decrease) in net assets resulting from operations   (1)   13    15    2,408     
Changes from principal transactions:                         
Total unit transactions   1    (12)   (14)   1,038    10 
Increase (decrease) in net assets derived from principal transactions   1    (12)   (14)   1,038    10 
Total increase (decrease) in net assets       1    1    3,446    10 
Net assets at December 31, 2021  $14   $79   $84   $12,750   $10 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   JPMorgan Government Bond Fund - Class I Shares   JPMorgan Government Bond Fund - Class R6 Shares   JPMorgan Large Cap Growth Fund - Class R6 Shares   Lazard International Equity Portfolio - Open Shares   ClearBridge Aggressive Growth Fund - Class I 
Net assets at January 1, 2020  $3,274   $   $   $986   $400 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   48            (2)   (2)
Total realized gain (loss) on investments and capital gains distributions   144            (26)   51 
Net unrealized appreciation (depreciation) of investments   29            153    19 
Net increase (decrease) in net assets resulting from operations   221            125    68 
Changes from principal transactions:                         
Total unit transactions   3,064            62    (4)
Increase (decrease) in net assets derived from principal transactions   3,064            62    (4)
Total increase (decrease) in net assets   3,285            187    64 
Net assets at December 31, 2020   6,559            1,173    464 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   34            51    (5)
Total realized gain (loss) on investments and capital gains distributions   (16)       9    177    82 
Net unrealized appreciation (depreciation) of investments   (184)       (10)   (172)   (44)
Net increase (decrease) in net assets resulting from operations   (166)       (1)   56    33 
Changes from principal transactions:                         
Total unit transactions   (2,224)   54    340    127    (22)
Increase (decrease) in net assets derived from principal transactions   (2,224)   54    340    127    (22)
Total increase (decrease) in net assets   (2,390)   54    339    183    11 
Net assets at December 31, 2021  $4,169   $54   $339   $1,356   $475 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   LKCM Aquinas Catholic Equity Fund   Loomis Sayles Small Cap Value Fund - Retail Class  

Loomis Sayles Limited Term Government and Agency Fund -

Class Y

   Lord Abbett Developing Growth Fund - Class A   Lord Abbett Core Fixed Income Fund - Class A 
Net assets at January 1, 2020  $39   $11,127   $465   $118   $20 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1)   (62)   1    (1)    
Total realized gain (loss) on investments and capital gains distributions   3    (71)   9    21    1 
Net unrealized appreciation (depreciation) of investments   7    57    7    53     
Net increase (decrease) in net assets resulting from operations   9    (76)   17    73    1 
Changes from principal transactions:                         
Total unit transactions   6    (1,094)   647    38    6 
Increase (decrease) in net assets derived from principal transactions   6    (1,094)   647    38    6 
Total increase (decrease) in net assets   15    (1,170)   664    111    7 
Net assets at December 31, 2020   54    9,957    1,129    229    27 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1)   (111)   (3)   (1)    
Total realized gain (loss) on investments and capital gains distributions   8    1,888    5    60     
Net unrealized appreciation (depreciation) of investments   6    908    (22)   (63)   (1)
Net increase (decrease) in net assets resulting from operations   13    2,685    (20)   (4)   (1)
Changes from principal transactions:                         
Total unit transactions   3    (789)   (163)   (103)   1 
Increase (decrease) in net assets derived from principal transactions   3    (789)   (163)   (103)   1 
Total increase (decrease) in net assets   16    1,896    (183)   (107)    
Net assets at December 31, 2021  $70   $11,853   $946   $122   $27 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

  

Lord Abbett Short Duration Income

Fund - Class R4

   Lord Abbett Mid Cap Stock Fund - Class A   Lord Abbett Small Cap Value Fund - Class A   Lord Abbett Fundamental Equity Fund - Class A   Lord Abbett Series Fund Mid Cap Stock Portfolio - Class VC 
Net assets at January 1, 2020  $7,163   $950   $348   $128   $68,398 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   142    2    1    1    60 
Total realized gain (loss) on investments and capital gains distributions   (32)   (17)   (52)       3,880 
Net unrealized appreciation (depreciation) of investments   30    (131)   35    2    (3,896)
Net increase (decrease) in net assets resulting from operations   140    (146)   (16)   3    44 
Changes from principal transactions:                         
Total unit transactions   1,289    (313)   (77)   5    (6,757)
Increase (decrease) in net assets derived from principal transactions   1,289    (313)   (77)   5    (6,757)
Total increase (decrease) in net assets   1,429    (459)   (93)   8    (6,713)
Net assets at December 31, 2020   8,592    491    255    136    61,685 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   133    (1)   (2)       (269)
Total realized gain (loss) on investments and capital gains distributions   20    58    33    4    9,887 
Net unrealized appreciation (depreciation) of investments   (169)   77    29    6    6,787 
Net increase (decrease) in net assets resulting from operations   (16)   134    60    10    16,405 
Changes from principal transactions:                         
Total unit transactions   1,719    (17)   (68)   (119)   (4,545)
Increase (decrease) in net assets derived from principal transactions   1,719    (17)   (68)   (119)   (4,545)
Total increase (decrease) in net assets   1,703    117    (8)   (109)   11,860 
Net assets at December 31, 2021  $10,295   $608   $247   $27   $73,545 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   MainStay CBRE Real Estate Fund - Class A   Massachusetts Investors Growth Stock Fund - Class A   Metropolitan West Total Return Bond Fund - Class I Shares   Metropolitan West Total Return Bond Fund - Class M Shares   MFS® New Discovery Fund - Class R3 
Net assets at January 1, 2020  $   $104   $25,623   $24,877   $297 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   10    (1)   505    178    (4)
Total realized gain (loss) on investments and capital gains distributions   (21)   22    1,561    1,542    58 
Net unrealized appreciation (depreciation) of investments   (88)   7    395    234    105 
Net increase (decrease) in net assets resulting from operations   (99)   28    2,461    1,954    159 
Changes from principal transactions:                         
Total unit transactions   730    10    4,243    526    117 
Increase (decrease) in net assets derived from principal transactions   730    10    4,243    526    117 
Total increase (decrease) in net assets   631    38    6,704    2,480    276 
Net assets at December 31, 2020   631    142    32,327    27,357    573 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   25    (1)   185    60    (6)
Total realized gain (loss) on investments and capital gains distributions   34    37    393    132    170 
Net unrealized appreciation (depreciation) of investments   185    (10)   (1,027)   (785)   (171)
Net increase (decrease) in net assets resulting from operations   244    26    (449)   (593)   (7)
Changes from principal transactions:                         
Total unit transactions   (461)   (61)   (31,765)   (1,862)   33 
Increase (decrease) in net assets derived from principal transactions   (461)   (61)   (31,765)   (1,862)   33 
Total increase (decrease) in net assets   (217)   (35)   (32,214)   (2,455)   26 
Net assets at December 31, 2021  $414   $107   $113   $24,902   $599 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   MFS® International Intrinsic Value Fund - Class R3   Neuberger Berman Genesis Fund - Trust Class Shares   Neuberger Berman Sustainable Equity Fund - Institutional Class Shares   Neuberger Berman Sustainable Equity Fund - Trust Class Shares   American Funds® New Perspective Fund® - Class R-3 
Net assets at January 1, 2020  $1,134   $511   $3,744   $14,208   $1,226 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (10)   (5)   40    (71)   (7)
Total realized gain (loss) on investments and capital gains distributions   220    28    318    736    102 
Net unrealized appreciation (depreciation) of investments   (18)   100    543    1,725    278 
Net increase (decrease) in net assets resulting from operations   192    123    901    2,390    373 
Changes from principal transactions:                         
Total unit transactions   (652)   5    697    (708)   (51)
Increase (decrease) in net assets derived from principal transactions   (652)   5    697    (708)   (51)
Total increase (decrease) in net assets   (460)   128    1,598    1,682    322 
Net assets at December 31, 2020   674    639    5,342    15,890    1,548 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (2)   (7)       (126)   (8)
Total realized gain (loss) on investments and capital gains distributions   57    84    1,287    2,157    178 
Net unrealized appreciation (depreciation) of investments   7    32    (623)   1,405    84 
Net increase (decrease) in net assets resulting from operations   62    109    664    3,436    254 
Changes from principal transactions:                         
Total unit transactions   27    21    (5,982)   (1,071)   (60)
Increase (decrease) in net assets derived from principal transactions   27    21    (5,982)   (1,071)   (60)
Total increase (decrease) in net assets   89    130    (5,318)   2,365    194 
Net assets at December 31, 2021  $763   $769   $24   $18,255   $1,742 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   American Funds® New Perspective Fund® - Class R-4   American Funds® New Perspective Fund® - Class R-6   American Funds® New World Fund® - Class R-4   Nuveen Global Infrastructure Fund - Class I   Parnassus Core Equity Fund - Investor Shares 
Net assets at January 1, 2020  $239,015   $   $770   $2,309   $39,661 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1,737)       (8)       (54)
Total realized gain (loss) on investments and capital gains distributions   19,053        90    (21)   3,172 
Net unrealized appreciation (depreciation) of investments   61,950        88    (81)   5,011 
Net increase (decrease) in net assets resulting from operations   79,266        170    (102)   8,129 
Changes from principal transactions:                         
Total unit transactions   9,844        (283)   (344)   (370)
Increase (decrease) in net assets derived from principal transactions   9,844        (283)   (344)   (370)
Total increase (decrease) in net assets   89,110        (113)   (446)   7,759 
Net assets at December 31, 2020   328,125        657    1,863    47,420 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1,868)   1    (5)   20    85 
Total realized gain (loss) on investments and capital gains distributions   34,130    6    67    135    5,600 
Net unrealized appreciation (depreciation) of investments   22,995    (1)   (39)   88    6,989 
Net increase (decrease) in net assets resulting from operations   55,257    6    23    243    12,674 
Changes from principal transactions:                         
Total unit transactions   (335)   684    91    (60)   55 
Increase (decrease) in net assets derived from principal transactions   (335)   684    91    (60)   55 
Total increase (decrease) in net assets   54,922    690    114    183    12,729 
Net assets at December 31, 2021  $383,047   $690   $771   $2,046   $60,149 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Pax Sustainable Allocation Fund - Investor Class   PIMCO CommodityRealReturn Strategy Fund® - Administrative Class   PIMCO VIT Real Return Portfolio - Administrative Class   Pioneer Equity Income Fund - Class Y Shares   Pioneer High Yield Fund - Class A Shares 
Net assets at January 1, 2020  $40,352   $1,561   $71,157   $11,198   $780 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   13    9    472    75    21 
Total realized gain (loss) on investments and capital gains distributions   1,001    (120)   (1,064)   (125)   (71)
Net unrealized appreciation (depreciation) of investments   4,813    159    8,313    (801)   (4)
Net increase (decrease) in net assets resulting from operations   5,827    48    7,721    (851)   (54)
Changes from principal transactions:                         
Total unit transactions   (1,485)   143    503    (5,837)   (303)
Increase (decrease) in net assets derived from principal transactions   (1,485)   143    503    (5,837)   (303)
Total increase (decrease) in net assets   4,342    191    8,224    (6,688)   (357)
Net assets at December 31, 2020   44,694    1,752    79,381    4,510    423 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (113)   526    3,353    39    16 
Total realized gain (loss) on investments and capital gains distributions   2,637    29    (284)   533    (2)
Net unrealized appreciation (depreciation) of investments   3,747    16    697    443    7 
Net increase (decrease) in net assets resulting from operations   6,271    571    3,766    1,015    21 
Changes from principal transactions:                         
Total unit transactions   (2,372)   2,728    180    (1,104)   (34)
Increase (decrease) in net assets derived from principal transactions   (2,372)   2,728    180    (1,104)   (34)
Total increase (decrease) in net assets   3,899    3,299    3,946    (89)   (13)
Net assets at December 31, 2021  $48,593   $5,051   $83,327   $4,421   $410 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Pioneer Balanced ESG Fund - Class K Shares   Pioneer Strategic Income Fund - Class A Shares  

Pioneer Equity Income VCT

Portfolio - Class I

   Pioneer High Yield VCT Portfolio - Class I   PGIM High Yield
Fund - Class R6
 
Net assets at January 1, 2020  $   $683   $5   $15,331   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       22        624     
Total realized gain (loss) on investments and capital gains distributions       9        (334)    
Net unrealized appreciation (depreciation) of investments       22        (184)    
Net increase (decrease) in net assets resulting from operations       53        106     
Changes from principal transactions:                         
Total unit transactions       102        (1,001)    
Increase (decrease) in net assets derived from principal transactions       102        (1,001)    
Total increase (decrease) in net assets       155        (895)    
Net assets at December 31, 2020       838    5    14,436     
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       22        624     
Total realized gain (loss) on investments and capital gains distributions       46    1    (62)   2 
Net unrealized appreciation (depreciation) of investments       (56)       119    (1)
Net increase (decrease) in net assets resulting from operations       12    1    681    1 
Changes from principal transactions:                         
Total unit transactions   6    95    (6)   833    187 
Increase (decrease) in net assets derived from principal transactions   6    95    (6)   833    187 
Total increase (decrease) in net assets   6    107    (5)   1,514    188 
Net assets at December 31, 2021  $6   $945   $   $15,950   $188 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   PGIM Jennison Utility Fund - Class Z   Royce Total Return Fund - Service Class   Ave Maria Rising Dividend Fund   American Funds® SMALLCAP World Fund® - Class R-4   American Funds® SMALLCAP World Fund® - Class R-6 
Net assets at January 1, 2020  $176   $6   $6,122   $27,352   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   1        9    (281)    
Total realized gain (loss) on investments and capital gains distributions   5    1    (33)   1,436     
Net unrealized appreciation (depreciation) of investments   (4)   (1)   149    8,718     
Net increase (decrease) in net assets resulting from operations   2        125    9,873     
Changes from principal transactions:                         
Total unit transactions   (21)   4    (1,211)   436     
Increase (decrease) in net assets derived from principal transactions   (21)   4    (1,211)   436     
Total increase (decrease) in net assets   (19)   4    (1,086)   10,309     
Net assets at December 31, 2020   157    10    5,036    37,661     
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)           (8)   (429)    
Total realized gain (loss) on investments and capital gains distributions   25    2    732    5,533    1 
Net unrealized appreciation (depreciation) of investments   (1)       551    (1,452)   2 
Net increase (decrease) in net assets resulting from operations   24    2    1,275    3,652    3 
Changes from principal transactions:                         
Total unit transactions   28    (3)   592    3,449    92 
Increase (decrease) in net assets derived from principal transactions   28    (3)   592    3,449    92 
Total increase (decrease) in net assets   52    (1)   1,867    7,101    95 
Net assets at December 31, 2021  $209   $9   $6,903   $44,762   $95 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   T. Rowe Price Large-Cap Growth Fund - I Class   T. Rowe Price Mid-Cap Value Fund - R Class   T. Rowe Price Value Fund - Advisor Class   TCW Total Return Bond Fund - Class N   Templeton Foreign Fund - Class A 
Net assets at January 1, 2020  $42,479   $227   $512   $7,674   $352 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)           (1)   147    3 
Total realized gain (loss) on investments and capital gains distributions   1,607    5    8    123    (1)
Net unrealized appreciation (depreciation) of investments   15,984    15    23    304    (3)
Net increase (decrease) in net assets resulting from operations   17,591    20    30    574    (1)
Changes from principal transactions:                         
Total unit transactions   3,398    (8)   (61)   4,577    9 
Increase (decrease) in net assets derived from principal transactions   3,398    (8)   (61)   4,577    9 
Total increase (decrease) in net assets   20,989    12    (31)   5,151    8 
Net assets at December 31, 2020   63,468    239    481    12,825    360 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       (1)   (3)   82    5 
Total realized gain (loss) on investments and capital gains distributions   33,344    39    78    182    21 
Net unrealized appreciation (depreciation) of investments   (24,093)   22    68    (538)   (3)
Net increase (decrease) in net assets resulting from operations   9,251    60    143    (274)   23 
Changes from principal transactions:                         
Total unit transactions   (71,509)   (2)   130    (2,992)   (212)
Increase (decrease) in net assets derived from principal transactions   (71,509)   (2)   130    (2,992)   (212)
Total increase (decrease) in net assets   (62,258)   58    273    (3,266)   (189)
Net assets at December 31, 2021  $1,210   $297   $754   $9,559   $171 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Templeton Global Bond Fund - Advisor Class   Templeton Global Bond Fund - Class A   Third Avenue Real Estate Value Fund - Institutional Class   Touchstone Small Company Fund - Class R6   Touchstone Value Fund - Institutional Class 
Net assets at January 1, 2020  $22,530   $103,155   $55   $   $17,249 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   881    3,254    1        306 
Total realized gain (loss) on investments and capital gains distributions   (1,211)   (3,985)   (3)       217 
Net unrealized appreciation (depreciation) of investments   (707)   (4,571)   (2)       361 
Net increase (decrease) in net assets resulting from operations   (1,037)   (5,302)   (4)       884 
Changes from principal transactions:                         
Total unit transactions   (2,428)   (12,090)   6        1,258 
Increase (decrease) in net assets derived from principal transactions   (2,428)   (12,090)   6        1,258 
Total increase (decrease) in net assets   (3,465)   (17,392)   2        2,142 
Net assets at December 31, 2020   19,065    85,763    57        19,391 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   867    3,281    (1)       68 
Total realized gain (loss) on investments and capital gains distributions   (1,114)   (4,282)   5    1    3,880 
Net unrealized appreciation (depreciation) of investments   (695)   (3,883)   13    2    (649)
Net increase (decrease) in net assets resulting from operations   (942)   (4,884)   17    3    3,299 
Changes from principal transactions:                         
Total unit transactions   (1,769)   (8,271)   9    191    (22,675)
Increase (decrease) in net assets derived from principal transactions   (1,769)   (8,271)   9    191    (22,675)
Total increase (decrease) in net assets   (2,711)   (13,155)   26    194    (19,376)
Net assets at December 31, 2021  $16,354   $72,608   $83   $194   $15 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   USAA Precious Metals and Minerals Fund - Class A Shares   Vanguard® Total Bond Market Index Fund - Admiral™ Shares   Vanguard® Explorer™ Fund - Admiral™ Shares   Vanguard® Equity Income Fund - Admiral™ Shares   Vanguard® Federal Money Market Fund - Investor Shares 
Net assets at January 1, 2020  $   $157   $   $   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (128)   3             
Total realized gain (loss) on investments and capital gains distributions   491    8             
Net unrealized appreciation (depreciation) of investments   531    2             
Net increase (decrease) in net assets resulting from operations   894    13             
Changes from principal transactions:                         
Total unit transactions   21,141    (41)            
Increase (decrease) in net assets derived from principal transactions   21,141    (41)            
Total increase (decrease) in net assets   22,035    (28)            
Net assets at December 31, 2020   22,035    129             
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (65)   2             
Total realized gain (loss) on investments and capital gains distributions   (15)       2    3     
Net unrealized appreciation (depreciation) of investments   (2,255)   (5)   (2)   2     
Net increase (decrease) in net assets resulting from operations   (2,335)   (3)       5     
Changes from principal transactions:                         
Total unit transactions   1,414    6    17    286    30 
Increase (decrease) in net assets derived from principal transactions   1,414    6    17    286    30 
Total increase (decrease) in net assets   (921)   3    17    291    30 
Net assets at December 31, 2021  $21,114   $132   $17   $291   $30 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Vanguard® Total International Stock Index Fund - Admiral™ Shares   Vanguard® International Value Fund - Investor Shares   Vanguard® Variable Insurance Fund - Diversified Value Portfolio   Vanguard® Variable Insurance Fund - Equity Income Portfolio   Vanguard® Variable Insurance Fund - Small Company Growth Portfolio 
Net assets at January 1, 2020  $15   $   $112   $181   $56 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   2        2    3    (1)
Total realized gain (loss) on investments and capital gains distributions           18    6    5 
Net unrealized appreciation (depreciation) of investments   11        (8)   (3)   8 
Net increase (decrease) in net assets resulting from operations   13        12    6    12 
Changes from principal transactions:                         
Total unit transactions   59        1    11    4 
Increase (decrease) in net assets derived from principal transactions   59        1    11    4 
Total increase (decrease) in net assets   72        13    17    16 
Net assets at December 31, 2020   87        125    198    72 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   3        1    2    (1)
Total realized gain (loss) on investments and capital gains distributions   4        2    27    4 
Net unrealized appreciation (depreciation) of investments   3        34    14    6 
Net increase (decrease) in net assets resulting from operations   10        37    43    9 
Changes from principal transactions:                         
Total unit transactions   136    61    2    (98)   7 
Increase (decrease) in net assets derived from principal transactions   136    61    2    (98)   7 
Total increase (decrease) in net assets   146    61    39    (55)   16 
Net assets at December 31, 2021  $233   $61   $164   $143   $88 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Vanguard® FTSE Social Index Fund - Institutional Shares  

Victory Integrity Small-Cap Value

Fund - Class Y

   Victory Sycamore Established Value Fund - Class A   Victory Sycamore Established Value Fund - Class R6   Victory Sycamore Small Company Opportunity Fund - Class R 
Net assets at January 1, 2020  $   $289   $6,605   $   $8 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       (3)   9         
Total realized gain (loss) on investments and capital gains distributions       (22)   329         
Net unrealized appreciation (depreciation) of investments       (6)   227         
Net increase (decrease) in net assets resulting from operations       (31)   565         
Changes from principal transactions:                         
Total unit transactions       (223)   694        1 
Increase (decrease) in net assets derived from principal transactions       (223)   694        1 
Total increase (decrease) in net assets       (254)   1,259        1 
Net assets at December 31, 2020       35    7,864        9 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)           41    5     
Total realized gain (loss) on investments and capital gains distributions       23    1,172    (1)   1 
Net unrealized appreciation (depreciation) of investments   1    (14)   1,304        1 
Net increase (decrease) in net assets resulting from operations   1    9    2,517    4    2 
Changes from principal transactions:                         
Total unit transactions   124        2,262    3    1 
Increase (decrease) in net assets derived from principal transactions   124        2,262    3    1 
Total increase (decrease) in net assets   125    9    4,779    7    3 
Net assets at December 31, 2021  $125   $44   $12,643   $7   $12 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Virtus NFJ Dividend Value Fund - Class A   Virtus NFJ Large-Cap Value Fund - Institutional Class   Virtus NFJ Small-Cap Value Fund - Class A   Voya Balanced Portfolio - Class I   Voya Large Cap Value Fund - Class A 
Net assets at January 1, 2020  $244   $8   $29   $221,428   $58 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   1            2,751    1 
Total realized gain (loss) on investments and capital gains distributions   (29)           11,357     
Net unrealized appreciation (depreciation) of investments   14        (2)   4,942    1 
Net increase (decrease) in net assets resulting from operations   (14)       (2)   19,050    2 
Changes from principal transactions:                         
Total unit transactions   (51)       (4)   (19,570)   7 
Increase (decrease) in net assets derived from principal transactions   (51)       (4)   (19,570)   7 
Total increase (decrease) in net assets   (65)       (6)   (520)   9 
Net assets at December 31, 2020   179    8    23    220,908    67 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   1            1,340    1 
Total realized gain (loss) on investments and capital gains distributions   6    2    4    17,413    23 
Net unrealized appreciation (depreciation) of investments   41        1    12,453    (3)
Net increase (decrease) in net assets resulting from operations   48    2    5    31,206    21 
Changes from principal transactions:                         
Total unit transactions   (12)   (4)   (17)   (20,588)   (31)
Increase (decrease) in net assets derived from principal transactions   (12)   (4)   (17)   (20,588)   (31)
Total increase (decrease) in net assets   36    (2)   (12)   10,618    (10)
Net assets at December 31, 2021  $215   $6   $11   $231,526   $57 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

  

Voya Large-Cap Growth Fund -

Class R6

   Voya Floating Rate Fund - Class A   Voya GNMA Income Fund - Class A   Voya Intermediate Bond Fund - Class A   Voya Intermediate Bond Fund - Class R6 
Net assets at January 1, 2020  $   $3,571   $2,472   $856   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       25    43    21     
Total realized gain (loss) on investments and capital gains distributions       (116)   4    8     
Net unrealized appreciation (depreciation) of investments       64    38    2     
Net increase (decrease) in net assets resulting from operations       (27)   85    31     
Changes from principal transactions:                         
Total unit transactions       (2,955)   1,172    (69)    
Increase (decrease) in net assets derived from principal transactions       (2,955)   1,172    (69)    
Total increase (decrease) in net assets       (2,982)   1,257    (38)    
Net assets at December 31, 2020       589    3,729    818     
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       14    13    12     
Total realized gain (loss) on investments and capital gains distributions   6    (4)   20    12     
Net unrealized appreciation (depreciation) of investments   (4)   10    (104)   (40)    
Net increase (decrease) in net assets resulting from operations   2    20    (71)   (16)    
Changes from principal transactions:                         
Total unit transactions   439    89    43    (333)   232 
Increase (decrease) in net assets derived from principal transactions   439    89    43    (333)   232 
Total increase (decrease) in net assets   441    109    (28)   (349)   232 
Net assets at December 31, 2021  $441   $698   $3,701   $469   $232 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Voya Government Money Market Portfolio - Class I  

Voya Intermediate Bond Portfolio -

Class I

  

Voya Intermediate Bond Portfolio -

Class S

   Voya Global Perspectives® Portfolio - Class I   Voya High Yield Portfolio - Adviser Class 
Net assets at January 1, 2020  $248,617   $425,547   $2,191   $2,415   $28 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1,375)   11,958    61    68    1 
Total realized gain (loss) on investments and capital gains distributions   117    11,249    54    127     
Net unrealized appreciation (depreciation) of investments       7,258    32    336     
Net increase (decrease) in net assets resulting from operations   (1,258)   30,465    147    531    1 
Changes from principal transactions:                         
Total unit transactions   86,780    29,071    (220)   2,035    (6)
Increase (decrease) in net assets derived from principal transactions   86,780    29,071    (220)   2,035    (6)
Total increase (decrease) in net assets   85,522    59,536    (73)   2,566    (5)
Net assets at December 31, 2020   334,139    485,083    2,118    4,981    23 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1,887)   9,997    49    142    1 
Total realized gain (loss) on investments and capital gains distributions   259    364    1    261     
Net unrealized appreciation (depreciation) of investments       (18,655)   (79)   (142)    
Net increase (decrease) in net assets resulting from operations   (1,628)   (8,294)   (29)   261    1 
Changes from principal transactions:                         
Total unit transactions   (45,164)   (33,505)   (123)   269     
Increase (decrease) in net assets derived from principal transactions   (45,164)   (33,505)   (123)   269     
Total increase (decrease) in net assets   (46,792)   (41,799)   (152)   530    1 
Net assets at December 31, 2021  $287,347   $443,284   $1,966   $5,511   $24 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(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 
Net assets at January 1, 2020  $105,196   $409   $83   $598,514   $5,930 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   4,676    19        (2,294)   (31)
Total realized gain (loss) on investments and capital gains distributions   (1,010)   (3)   11    75,310    667 
Net unrealized appreciation (depreciation) of investments   714    5    12    93,750    1,089 
Net increase (decrease) in net assets resulting from operations   4,380    21    23    166,766    1,725 
Changes from principal transactions:                         
Total unit transactions   (7,975)   (64)   (10)   (56,682)   (217)
Increase (decrease) in net assets derived from principal transactions   (7,975)   (64)   (10)   (56,682)   (217)
Total increase (decrease) in net assets   (3,595)   (43)   13    110,084    1,508 
Net assets at December 31, 2020   101,601    366    96    708,598    7,438 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   4,852    7        (6,363)   (61)
Total realized gain (loss) on investments and capital gains distributions   (114)   11    22    150,474    1,638 
Net unrealized appreciation (depreciation) of investments   (106)   (11)   (5)   (18,374)   (229)
Net increase (decrease) in net assets resulting from operations   4,632    7    17    125,737    1,348 
Changes from principal transactions:                         
Total unit transactions   3,191    (373)   (8)   (67,874)   (204)
Increase (decrease) in net assets derived from principal transactions   3,191    (373)   (8)   (67,874)   (204)
Total increase (decrease) in net assets   7,823    (366)   9    57,863    1,144 
Net assets at December 31, 2021  $109,424   $   $105   $766,461   $8,582 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(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 U.S. Stock Index Portfolio - Institutional Class 
Net assets at January 1, 2020  $16   $303,689   $1,231   $5   $39,309 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       3,360    17        523 
Total realized gain (loss) on investments and capital gains distributions   1    23,361    95        3,568 
Net unrealized appreciation (depreciation) of investments   (1)   (15,565)   (47)       2,720 
Net increase (decrease) in net assets resulting from operations       11,156    65        6,811 
Changes from principal transactions:                         
Total unit transactions   (1)   (30,946)   42        (3,820)
Increase (decrease) in net assets derived from principal transactions   (1)   (30,946)   42        (3,820)
Total increase (decrease) in net assets   (1)   (19,790)   107        2,991 
Net assets at December 31, 2020   15    283,899    1,338    5    42,300 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       4,679    13        354 
Total realized gain (loss) on investments and capital gains distributions       8,748    101        5,890 
Net unrealized appreciation (depreciation) of investments   3    57,644    217        5,759 
Net increase (decrease) in net assets resulting from operations   3    71,071    331        12,003 
Changes from principal transactions:                         
Total unit transactions   (2)   (22,239)   (577)       1,369 
Increase (decrease) in net assets derived from principal transactions   (2)   (22,239)   (577)       1,369 
Total increase (decrease) in net assets   1    48,832    (246)       13,372 
Net assets at December 31, 2021  $16   $332,731   $1,092   $5   $55,672 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class   VY® Clarion Global Real Estate Portfolio - Institutional Class   VY® Clarion Real Estate Portfolio - Adviser Class   VY® Clarion Real Estate Portfolio - Institutional Class   VY® Clarion Real Estate Portfolio - Service Class 
Net assets at January 1, 2020  $12   $74,592   $44   $1,556   $44,624 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       3,110    1    22    537 
Total realized gain (loss) on investments and capital gains distributions       3,570    3    143    4,606 
Net unrealized appreciation (depreciation) of investments   1    (11,986)   (7)   (293)   (8,815)
Net increase (decrease) in net assets resulting from operations   1    (5,306)   (3)   (128)   (3,672)
Changes from principal transactions:                         
Total unit transactions   (2)   (8,408)   (5)   (185)   (5,523)
Increase (decrease) in net assets derived from principal transactions   (2)   (8,408)   (5)   (185)   (5,523)
Total increase (decrease) in net assets   (1)   (13,714)   (8)   (313)   (9,195)
Net assets at December 31, 2020   11    60,878    36    1,243    35,429 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       1,422    1    12    340 
Total realized gain (loss) on investments and capital gains distributions       716        39    1,147 
Net unrealized appreciation (depreciation) of investments       17,525    18    522    15,266 
Net increase (decrease) in net assets resulting from operations       19,663    19    573    16,753 
Changes from principal transactions:                         
Total unit transactions       (4,375)   (1)   (239)   (3,458)
Increase (decrease) in net assets derived from principal transactions       (4,375)   (1)   (239)   (3,458)
Total increase (decrease) in net assets       15,288    18    334    13,295 
Net assets at December 31, 2021  $11   $76,166   $54   $1,577   $48,724 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   VY® Invesco Growth and Income Portfolio - Institutional Class   VY® Invesco Growth and Income Portfolio - Service Class   VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class   VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class   VY® JPMorgan Emerging Markets Equity Portfolio - Service Class 
Net assets at January 1, 2020  $29,008   $28,186   $190   $14,297   $26,095 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   529    285    (1)   (79)   (173)
Total realized gain (loss) on investments and capital gains distributions   227    38    51    1,510    3,281 
Net unrealized appreciation (depreciation) of investments   151    (158)   (5)   2,900    4,892 
Net increase (decrease) in net assets resulting from operations   907    165    45    4,331    8,000 
Changes from principal transactions:                         
Total unit transactions   60    (2,506)   (107)   (216)   (1,112)
Increase (decrease) in net assets derived from principal transactions   60    (2,506)   (107)   (216)   (1,112)
Total increase (decrease) in net assets   967    (2,341)   (62)   4,115    6,888 
Net assets at December 31, 2020   29,975    25,845    128    18,412    32,983 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   413    123        (212)   (323)
Total realized gain (loss) on investments and capital gains distributions   (124)   (159)   18    2,683    5,069 
Net unrealized appreciation (depreciation) of investments   8,514    7,129    (29)   (4,510)   (8,139)
Net increase (decrease) in net assets resulting from operations   8,803    7,093    (11)   (2,039)   (3,393)
Changes from principal transactions:                         
Total unit transactions   979    (633)   (24)   (379)   (3,189)
Increase (decrease) in net assets derived from principal transactions   979    (633)   (24)   (379)   (3,189)
Total increase (decrease) in net assets   9,782    6,460    (35)   (2,418)   (6,582)
Net assets at December 31, 2021  $39,757   $32,305   $93   $15,994   $26,401 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(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® T. Rowe Price Capital Appreciation Portfolio - Adviser Class   VY® T. Rowe Price Capital Appreciation Portfolio - Class R6 
Net assets at January 1, 2020  $3   $50,704   $39,048   $363   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       (202)   (334)   4     
Total realized gain (loss) on investments and capital gains distributions       (2,141)   (1,997)   33     
Net unrealized appreciation (depreciation) of investments   1    9,777    7,491    31     
Net increase (decrease) in net assets resulting from operations   1    7,434    5,160    68     
Changes from principal transactions:                         
Total unit transactions   (1)   (1,166)   (2,802)   40     
Increase (decrease) in net assets derived from principal transactions   (1)   (1,166)   (2,802)   40     
Total increase (decrease) in net assets       6,268    2,358    108     
Net assets at December 31, 2020   3    56,972    41,406    471     
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       (45)   (371)       2 
Total realized gain (loss) on investments and capital gains distributions       3,235    2,816    75     
Net unrealized appreciation (depreciation) of investments       7,197    4,636    1    (1)
Net increase (decrease) in net assets resulting from operations       10,387    7,081    76    1 
Changes from principal transactions:                         
Total unit transactions       62    (2,378)   (87)   292 
Increase (decrease) in net assets derived from principal transactions       62    (2,378)   (87)   292 
Total increase (decrease) in net assets       10,449    4,703    (11)   293 
Net assets at December 31, 2021  $3   $67,421   $46,109   $460   $293 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   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 
Net assets at January 1, 2020  $431,537   $1,030,790   $942   $105,540   $96 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   4,984    3,850    27    2,918    2 
Total realized gain (loss) on investments and capital gains distributions   37,258    99,687    (152)   (4,669)   3 
Net unrealized appreciation (depreciation) of investments   31,507    66,951    96    924    9 
Net increase (decrease) in net assets resulting from operations   73,749    170,488    (29)   (827)   14 
Changes from principal transactions:                         
Total unit transactions   (7,302)   (31,522)   (167)   (7,335)   (2)
Increase (decrease) in net assets derived from principal transactions   (7,302)   (31,522)   (167)   (7,335)   (2)
Total increase (decrease) in net assets   66,447    138,966    (196)   (8,162)   12 
Net assets at December 31, 2020   497,984    1,169,756    746    97,378    108 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   3,523    (1,911)   6    945     
Total realized gain (loss) on investments and capital gains distributions   68,631    166,792    (22)   (3,571)   4 
Net unrealized appreciation (depreciation) of investments   19,640    33,760    189    25,675    (3)
Net increase (decrease) in net assets resulting from operations   91,794    198,641    173    23,049    1 
Changes from principal transactions:                         
Total unit transactions   12,545    (52,811)   (162)   (6,277)   (1)
Increase (decrease) in net assets derived from principal transactions   12,545    (52,811)   (162)   (6,277)   (1)
Total increase (decrease) in net assets   104,339    145,830    11    16,772     
Net assets at December 31, 2021  $602,323   $1,315,586   $757   $114,150   $108 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   VY® T. Rowe Price International Stock Portfolio - Service Class   Voya Multi-Manager International Small Cap Fund - Class A   Voya Multi-Manager International Small Cap Fund - Class I   Voya Global Bond Portfolio - Adviser Class   Voya Global Bond Portfolio - Initial Class 
Net assets at January 1, 2020  $8,458   $247   $1,361   $304   $69,980 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   120    2    13    5    1,363 
Total realized gain (loss) on investments and capital gains distributions   278        (147)   6    (690)
Net unrealized appreciation (depreciation) of investments   639    31    305    3    4,815 
Net increase (decrease) in net assets resulting from operations   1,037    33    171    14    5,488 
Changes from principal transactions:                         
Total unit transactions   (304)   (10)   63    (169)   (3,181)
Increase (decrease) in net assets derived from principal transactions   (304)   (10)   63    (169)   (3,181)
Total increase (decrease) in net assets   733    23    234    (155)   2,307 
Net assets at December 31, 2020   9,191    270    1,595    149    72,287 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (32)   1    17    3    1,395 
Total realized gain (loss) on investments and capital gains distributions   515    64    347    4    1,604 
Net unrealized appreciation (depreciation) of investments   (453)   (24)   (118)   (14)   (7,114)
Net increase (decrease) in net assets resulting from operations   30    41    246    (7)   (4,115)
Changes from principal transactions:                         
Total unit transactions   (248)   (183)   523    (12)   (933)
Increase (decrease) in net assets derived from principal transactions   (248)   (183)   523    (12)   (933)
Total increase (decrease) in net assets   (218)   (142)   769    (19)   (5,048)
Net assets at December 31, 2021  $8,973   $128   $2,364   $130   $67,239 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(In thousands)

 

   Voya Global Bond Portfolio - Service Class   Voya Index Solution 2025 Portfolio - Initial Class   Voya Index Solution 2025 Portfolio - Service Class   Voya Index Solution 2025 Portfolio - Service 2 Class   Voya Index Solution 2030 Portfolio - Service 2 Class 
Net assets at January 1, 2020  $503   $12,222   $6,057   $1,859   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   11    119    89    16     
Total realized gain (loss) on investments and capital gains distributions   5    1,145    273    75     
Net unrealized appreciation (depreciation) of investments   29    (137)   690    143     
Net increase (decrease) in net assets resulting from operations   45    1,127    1,052    234     
Changes from principal transactions:                         
Total unit transactions   106    (6,326)   2,980    74     
Increase (decrease) in net assets derived from principal transactions   106    (6,326)   2,980    74     
Total increase (decrease) in net assets   151    (5,199)   4,032    308     
Net assets at December 31, 2020   654    7,023    10,089    2,167     
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   12    81    124    22     
Total realized gain (loss) on investments and capital gains distributions   19    547    708    191     
Net unrealized appreciation (depreciation) of investments   (65)   36    136    (24)    
Net increase (decrease) in net assets resulting from operations   (34)   664    968    189     
Changes from principal transactions:                         
Total unit transactions   (68)   (372)   65    (421)   4 
Increase (decrease) in net assets derived from principal transactions   (68)   (372)   65    (421)   4 
Total increase (decrease) in net assets   (102)   292    1,033    (232)   4 
Net assets at December 31, 2021  $552   $7,315   $11,122   $1,935   $4 

 

 

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 Changes in Net Assets

For the Years Ended December 31, 2021 and 2020

(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 2040 Portfolio - Initial Class   Voya Index Solution 2045 Portfolio - Initial Class 
Net assets at January 1, 2020  $18,659   $8,925   $1,970   $   $17,160 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   180    56    19        137 
Total realized gain (loss) on investments and capital gains distributions   2,213    409    109        2,354 
Net unrealized appreciation (depreciation) of investments   (381)   542    192        (630)
Net increase (decrease) in net assets resulting from operations   2,012    1,007    320        1,861 
Changes from principal transactions:                         
Total unit transactions   (11,147)   (1,310)   281        (11,785)
Increase (decrease) in net assets derived from principal transactions   (11,147)   (1,310)   281        (11,785)
Total increase (decrease) in net assets   (9,135)   (303)   601        (9,924)
Net assets at December 31, 2020   9,524    8,622    2,571        7,236 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   102    96    31        52 
Total realized gain (loss) on investments and capital gains distributions   601    670    222        421 
Net unrealized appreciation (depreciation) of investments   691    440    104        829 
Net increase (decrease) in net assets resulting from operations   1,394    1,206    357        1,302 
Changes from principal transactions:                         
Total unit transactions   2,520    914    332    15    1,595 
Increase (decrease) in net assets derived from principal transactions   2,520    914    332    15    1,595 
Total increase (decrease) in net assets   3,914    2,120    689    15    2,897 
Net assets at December 31, 2021  $13,438   $10,742   $3,260   $15   $10,133 

 

 

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, 2021 and 2020

(In thousands)

 

   Voya Index Solution 2045 Portfolio - Service Class   Voya Index Solution 2045 Portfolio - Service 2 Class   Voya Index Solution 2050 Portfolio - Initial Class   Voya Index Solution 2055 Portfolio - Initial Class   Voya Index Solution 2055 Portfolio - Service Class 
Net assets at January 1, 2020  $5,102   $2,745   $   $7,159   $3,535 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   42    27        54    25 
Total realized gain (loss) on investments and capital gains distributions   221    146        1,019    268 
Net unrealized appreciation (depreciation) of investments   621    284        (90)   434 
Net increase (decrease) in net assets resulting from operations   884    457        983    727 
Changes from principal transactions:                         
Total unit transactions   818    176        (4,800)   886 
Increase (decrease) in net assets derived from principal transactions   818    176        (4,800)   886 
Total increase (decrease) in net assets   1,702    633        (3,817)   1,613 
Net assets at December 31, 2020   6,804    3,378        3,342    5,148 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   62    36        14    31 
Total realized gain (loss) on investments and capital gains distributions   460    215        250    398 
Net unrealized appreciation (depreciation) of investments   663    334        283    503 
Net increase (decrease) in net assets resulting from operations   1,185    585        547    932 
Changes from principal transactions:                         
Total unit transactions   796    366    1    406    1,104 
Increase (decrease) in net assets derived from principal transactions   796    366    1    406    1,104 
Total increase (decrease) in net assets   1,981    951    1    953    2,036 
Net assets at December 31, 2021  $8,785   $4,329   $1   $4,295   $7,184 

 

 

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, 2021 and 2020

(In thousands)

 

   Voya Index Solution 2055 Portfolio - Service 2 Class   Voya Index Solution 2065 Portfolio - Initial Class   Voya Index Solution 2065 Portfolio - Service Class   Voya Index Solution Income Portfolio - Initial Class   Voya Index Solution Income Portfolio - Service Class 
Net assets at January 1, 2020  $1,618   $   $   $3,374   $1,114 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   14            38    10 
Total realized gain (loss) on investments and capital gains distributions   76            329    59 
Net unrealized appreciation (depreciation) of investments   219            (83)   43 
Net increase (decrease) in net assets resulting from operations   309            284    112 
Changes from principal transactions:                         
Total unit transactions   350    4    9    (2,581)   8 
Increase (decrease) in net assets derived from principal transactions   350    4    9    (2,581)   8 
Total increase (decrease) in net assets   659    4    9    (2,297)   120 
Net assets at December 31, 2020   2,277    4    9    1,077    1,234 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   22    1    1    7    9 
Total realized gain (loss) on investments and capital gains distributions   151    5    6    45    54 
Net unrealized appreciation (depreciation) of investments   235    (1)       (2)   (9)
Net increase (decrease) in net assets resulting from operations   408    5    7    50    54 
Changes from principal transactions:                         
Total unit transactions   375    74    70    (64)   (133)
Increase (decrease) in net assets derived from principal transactions   375    74    70    (64)   (133)
Total increase (decrease) in net assets   783    79    77    (14)   (79)
Net assets at December 31, 2021  $3,060   $83   $86   $1,063   $1,155 

 

 

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, 2021 and 2020

(In thousands)

 

   Voya Index Solution Income Portfolio - Service 2 Class   Voya International High Dividend Low Volatility Portfolio - Adviser Class   Voya International High Dividend Low Volatility Portfolio - Initial Class   Voya International High Dividend Low Volatility Portfolio - Service Class   Voya Solution 2025 Portfolio - Adviser Class 
Net assets at January 1, 2020  $736   $197   $73,467   $59   $468 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   5    4    1,719    2    4 
Total realized gain (loss) on investments and capital gains distributions   19    19    7,323    2    (2)
Net unrealized appreciation (depreciation) of investments   46    (29)   (10,714)   (5)   17 
Net increase (decrease) in net assets resulting from operations   70    (6)   (1,672)   (1)   19 
Changes from principal transactions:                         
Total unit transactions   (26)   (22)   (5,464)   (4)   (200)
Increase (decrease) in net assets derived from principal transactions   (26)   (22)   (5,464)   (4)   (200)
Total increase (decrease) in net assets   44    (28)   (7,136)   (5)   (181)
Net assets at December 31, 2020   780    169    66,331    54    287 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   5    3    1,011    1    7 
Total realized gain (loss) on investments and capital gains distributions   35        442    (2)   14 
Net unrealized appreciation (depreciation) of investments   (6)   15    5,664    7    8 
Net increase (decrease) in net assets resulting from operations   34    18    7,117    6    29 
Changes from principal transactions:                         
Total unit transactions   (103)   (9)   (4,744)       (19)
Increase (decrease) in net assets derived from principal transactions   (103)   (9)   (4,744)       (19)
Total increase (decrease) in net assets   (69)   9    2,373    6    10 
Net assets at December 31, 2021  $711   $178   $68,704   $60   $297 

 

 

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, 2021 and 2020

(In thousands)

 

   Voya Solution 2025 Portfolio - Initial Class   Voya Solution 2025 Portfolio - Service Class   Voya Solution 2025 Portfolio - Service 2 Class   Voya Solution 2030 Portfolio - Service Class   Voya Solution 2035 Portfolio - Adviser Class 
Net assets at January 1, 2020  $11,199   $135,241   $6,734   $   $475 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   188    1,563    67        6 
Total realized gain (loss) on investments and capital gains distributions   516    2,987    133        25 
Net unrealized appreciation (depreciation) of investments   1,116    12,066    217        17 
Net increase (decrease) in net assets resulting from operations   1,820    16,616    417        48 
Changes from principal transactions:                         
Total unit transactions   1,784    (5,190)   (1,605)       (147)
Increase (decrease) in net assets derived from principal transactions   1,784    (5,190)   (1,605)       (147)
Total increase (decrease) in net assets   3,604    11,426    (1,188)       (99)
Net assets at December 31, 2020   14,803    146,667    5,546        376 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   338    2,885    135        7 
Total realized gain (loss) on investments and capital gains distributions   931    6,750    333        17 
Net unrealized appreciation (depreciation) of investments   245    4,510    73    3    27 
Net increase (decrease) in net assets resulting from operations   1,514    14,145    541    3    51 
Changes from principal transactions:                         
Total unit transactions   1,354    (437)   (275)   131    3 
Increase (decrease) in net assets derived from principal transactions   1,354    (437)   (275)   131    3 
Total increase (decrease) in net assets   2,868    13,708    266    134    54 
Net assets at December 31, 2021  $17,671   $160,375   $5,812   $134   $430 

 

 

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, 2021 and 2020

(In thousands)

 

   Voya Solution 2035 Portfolio - Initial Class   Voya Solution 2035 Portfolio - Service Class   Voya Solution 2035 Portfolio - Service 2 Class   Voya Solution 2040 Portfolio - Initial Class   Voya Solution 2040 Portfolio - Service Class 
Net assets at January 1, 2020  $11,644   $154,810   $11,338   $   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   149    1,454    97         
Total realized gain (loss) on investments and capital gains distributions   769    6,426    495         
Net unrealized appreciation (depreciation) of investments   874    12,769    504         
Net increase (decrease) in net assets resulting from operations   1,792    20,649    1,096         
Changes from principal transactions:                         
Total unit transactions   1,465    (4,909)   (2,601)        
Increase (decrease) in net assets derived from principal transactions   1,465    (4,909)   (2,601)        
Total increase (decrease) in net assets   3,257    15,740    (1,505)        
Net assets at December 31, 2020   14,901    170,550    9,833         
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   213    2,345    161         
Total realized gain (loss) on investments and capital gains distributions   997    7,554    706         
Net unrealized appreciation (depreciation) of investments   863    12,710    402         
Net increase (decrease) in net assets resulting from operations   2,073    22,609    1,269         
Changes from principal transactions:                         
Total unit transactions   860    6,775    (912)       2 
Increase (decrease) in net assets derived from principal transactions   860    6,775    (912)       2 
Total increase (decrease) in net assets   2,933    29,384    357        2 
Net assets at December 31, 2021  $17,834   $199,934   $10,190   $   $2 

 

 

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, 2021 and 2020

(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 2050 Portfolio - Initial Class 
Net assets at January 1, 2020  $18   $8,702   $113,924   $5,014   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       95    856    35     
Total realized gain (loss) on investments and capital gains distributions   1    389    4,040    271     
Net unrealized appreciation (depreciation) of investments   1    957    12,596    250     
Net increase (decrease) in net assets resulting from operations   2    1,441    17,492    556     
Changes from principal transactions:                         
Total unit transactions       1,002    (4,609)   (1,240)    
Increase (decrease) in net assets derived from principal transactions       1,002    (4,609)   (1,240)    
Total increase (decrease) in net assets   2    2,443    12,883    (684)    
Net assets at December 31, 2020   20    11,145    126,807    4,330     
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       142    1,359    63     
Total realized gain (loss) on investments and capital gains distributions   2    1,144    10,006    403     
Net unrealized appreciation (depreciation) of investments   1    737    9,485    224     
Net increase (decrease) in net assets resulting from operations   3    2,023    20,850    690     
Changes from principal transactions:                         
Total unit transactions   1    2,543    4,358    (510)    
Increase (decrease) in net assets derived from principal transactions   1    2,543    4,358    (510)    
Total increase (decrease) in net assets   4    4,566    25,208    180     
Net assets at December 31, 2021  $24   $15,711   $152,015   $4,510   $ 

 

 

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, 2021 and 2020

(In thousands)

 

   Voya Solution 2050 Portfolio - Service Class   Voya Solution 2050 Portfolio - Service 2 Class   Voya Solution 2055 Portfolio - Initial Class   Voya Solution 2055 Portfolio - Service Class   Voya Solution 2055 Portfolio - Service 2 Class 
Net assets at January 1, 2020  $   $   $4,029   $30,438   $1,692 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)           35    173    4 
Total realized gain (loss) on investments and capital gains distributions           260    2,156    (85)
Net unrealized appreciation (depreciation) of investments           590    3,349    113 
Net increase (decrease) in net assets resulting from operations           885    5,678    32 
Changes from principal transactions:                         
Total unit transactions           1,237    3,450    (517)
Increase (decrease) in net assets derived from principal transactions           1,237    3,450    (517)
Total increase (decrease) in net assets           2,122    9,128    (485)
Net assets at December 31, 2020           6,151    39,566    1,207 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)           49    569    24 
Total realized gain (loss) on investments and capital gains distributions           1,002    6,319    201 
Net unrealized appreciation (depreciation) of investments           72    (230)   (14)
Net increase (decrease) in net assets resulting from operations           1,123    6,658    211 
Changes from principal transactions:                         
Total unit transactions   11        1,719    2,887    128 
Increase (decrease) in net assets derived from principal transactions   11        1,719    2,887    128 
Total increase (decrease) in net assets   11        2,842    9,545    339 
Net assets at December 31, 2021  $11   $   $8,993   $49,111   $1,546 

 

 

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, 2021 and 2020

(In thousands)

 

   Voya Solution 2060 Portfolio - Initial Class   Voya Solution 2060 Portfolio - Service Class   Voya Solution 2060 Portfolio - Service 2 Class   Voya Solution 2065 Portfolio - Initial Class   Voya Solution 2065 Portfolio - Service Class 
Net assets at January 1, 2020  $   $   $   $   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)                   4 
Total realized gain (loss) on investments and capital gains distributions                   8 
Net unrealized appreciation (depreciation) of investments                   19 
Net increase (decrease) in net assets resulting from operations                   31 
Changes from principal transactions:                         
Total unit transactions                   322 
Increase (decrease) in net assets derived from principal transactions                   322 
Total increase (decrease) in net assets                   353 
Net assets at December 31, 2020                   353 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)                   38 
Total realized gain (loss) on investments and capital gains distributions                   129 
Net unrealized appreciation (depreciation) of investments                   (73)
Net increase (decrease) in net assets resulting from operations                   94 
Changes from principal transactions:                         
Total unit transactions       54    1    1    920 
Increase (decrease) in net assets derived from principal transactions       54    1    1    920 
Total increase (decrease) in net assets       54    1    1    1,014 
Net assets at December 31, 2021  $   $54   $1   $1   $1,367 

 

 

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, 2021 and 2020

(In thousands)

 

   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 
Net assets at January 1, 2020  $5,786   $855   $8,415   $38,441   $3,320 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   58    8    198    581    48 
Total realized gain (loss) on investments and capital gains distributions   295    33    89    612    64 
Net unrealized appreciation (depreciation) of investments   372    12    848    2,717    213 
Net increase (decrease) in net assets resulting from operations   725    53    1,135    3,910    325 
Changes from principal transactions:                         
Total unit transactions   90    (447)   2,299    (4,427)   (400)
Increase (decrease) in net assets derived from principal transactions   90    (447)   2,299    (4,427)   (400)
Total increase (decrease) in net assets   815    (394)   3,434    (517)   (75)
Net assets at December 31, 2020   6,601    461    11,849    37,924    3,245 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   57    10    348    770    81 
Total realized gain (loss) on investments and capital gains distributions   169    24    729    2,392    214 
Net unrealized appreciation (depreciation) of investments   657    (8)   (322)   (1,158)   (110)
Net increase (decrease) in net assets resulting from operations   883    26    755    2,004    185 
Changes from principal transactions:                         
Total unit transactions   634    (44)   672    (5,373)   (480)
Increase (decrease) in net assets derived from principal transactions   634    (44)   672    (5,373)   (480)
Total increase (decrease) in net assets   1,517    (18)   1,427    (3,369)   (295)
Net assets at December 31, 2021  $8,118   $443   $13,276   $34,555   $2,950 

 

 

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, 2021 and 2020

(In thousands)

 

   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 
Net assets at January 1, 2020  $7,654   $51   $34,644   $67,826   $351 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   97        355    362    (1)
Total realized gain (loss) on investments and capital gains distributions   161        (473)   (2,145)   (60)
Net unrealized appreciation (depreciation) of investments   507    1    952    2,608    167 
Net increase (decrease) in net assets resulting from operations   765    1    834    825    106 
Changes from principal transactions:                         
Total unit transactions   (100)   (17)   (2,000)   (6,525)   (80)
Increase (decrease) in net assets derived from principal transactions   (100)   (17)   (2,000)   (6,525)   (80)
Total increase (decrease) in net assets   665    (16)   (1,166)   (5,700)   26 
Net assets at December 31, 2020   8,319    35    33,478    62,126    377 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   106        210    51    (1)
Total realized gain (loss) on investments and capital gains distributions   192    4    1,041    1,393    32 
Net unrealized appreciation (depreciation) of investments   378    4    7,669    14,149    42 
Net increase (decrease) in net assets resulting from operations   676    8    8,920    15,593    73 
Changes from principal transactions:                         
Total unit transactions   (361)   (25)   (1,595)   (6,069)   (5)
Increase (decrease) in net assets derived from principal transactions   (361)   (25)   (1,595)   (6,069)   (5)
Total increase (decrease) in net assets   315    (17)   7,325    9,524    68 
Net assets at December 31, 2021  $8,634   $18   $40,803   $71,650   $445 

 

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, 2021 and 2020

(In thousands)

 

   VY® Baron Growth Portfolio - Service Class   VY® Columbia Contrarian Core Portfolio - Service Class  

VY® Columbia Small Cap Value II

Portfolio - Adviser Class

  

VY® Columbia Small Cap Value II

Portfolio - Service Class

   VY® Invesco Comstock Portfolio - Adviser Class 
Net assets at January 1, 2020  $156,083   $13,169   $145   $5,775   $260 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1,365)   (130)       (7)   3 
Total realized gain (loss) on investments and capital gains distributions   (1,978)   (490)   5    3    7 
Net unrealized appreciation (depreciation) of investments   48,317    3,136    6    472    (13)
Net increase (decrease) in net assets resulting from operations   44,974    2,516    11    468    (3)
Changes from principal transactions:                         
Total unit transactions   (17,187)   (1,452)   (3)   36    (19)
Increase (decrease) in net assets derived from principal transactions   (17,187)   (1,452)   (3)   36    (19)
Total increase (decrease) in net assets   27,787    1,064    8    504    (22)
Net assets at December 31, 2020   183,870    14,233    153    6,279    238 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1,718)   (97)   (1)   (69)   1 
Total realized gain (loss) on investments and capital gains distributions   15,852    1,807    3    516    25 
Net unrealized appreciation (depreciation) of investments   20,144    1,544    48    1,883    42 
Net increase (decrease) in net assets resulting from operations   34,278    3,254    50    2,330    68 
Changes from principal transactions:                         
Total unit transactions   (13,773)   19    (3)   4,237    (113)
Increase (decrease) in net assets derived from principal transactions   (13,773)   19    (3)   4,237    (113)
Total increase (decrease) in net assets   20,505    3,273    47    6,567    (45)
Net assets at December 31, 2021  $204,375   $17,506   $200   $12,846   $193 

 

 

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, 2021 and 2020

(In thousands)

 

   VY® Invesco Comstock Portfolio - Service Class   VY® Invesco Equity and Income Portfolio - Adviser Class   VY® Invesco Equity and Income Portfolio - Initial Class   VY® Invesco Equity and Income Portfolio - Service Class   VY® Invesco Global Portfolio - Adviser Class 
Net assets at January 1, 2020  $60,153   $1,487   $281,505   $1,061   $266 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   582    15    2,280    9    1 
Total realized gain (loss) on investments and capital gains distributions   3,526    56    16,774    7    4 
Net unrealized appreciation (depreciation) of investments   (5,653)   59    2,458    34    54 
Net increase (decrease) in net assets resulting from operations   (1,545)   130    21,512    50    59 
Changes from principal transactions:                         
Total unit transactions   (5,156)   (26)   (26,680)   (111)   (39)
Increase (decrease) in net assets derived from principal transactions   (5,156)   (26)   (26,680)   (111)   (39)
Total increase (decrease) in net assets   (6,701)   104    (5,168)   (61)   20 
Net assets at December 31, 2020   53,452    1,591    276,337    1,000    286 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   324    11    1,270    7    (1)
Total realized gain (loss) on investments and capital gains distributions   2,403    30    7,766    21    29 
Net unrealized appreciation (depreciation) of investments   13,907    240    38,671    152    10 
Net increase (decrease) in net assets resulting from operations   16,634    281    47,707    180    38 
Changes from principal transactions:                         
Total unit transactions   136    (113)   (18,724)   48    (55)
Increase (decrease) in net assets derived from principal transactions   136    (113)   (18,724)   48    (55)
Total increase (decrease) in net assets   16,770    168    28,983    228    (17)
Net assets at December 31, 2021  $70,222   $1,759   $305,320   $1,228   $269 

 

 

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, 2021 and 2020

(In thousands)

 

   VY® Invesco Global Portfolio - Initial Class   VY® Invesco Global 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, 2020  $603,394   $1,758   $270   $21,263   $60,015 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   784    (1)   1    103    73 
Total realized gain (loss) on investments and capital gains distributions   34,002    84    (13)   237    640 
Net unrealized appreciation (depreciation) of investments   109,074    385    6    (697)   (1,950)
Net increase (decrease) in net assets resulting from operations   143,860    468    (6)   (357)   (1,237)
Changes from principal transactions:                         
Total unit transactions   (65,489)   23    (62)   (2,254)   (6,433)
Increase (decrease) in net assets derived from principal transactions   (65,489)   23    (62)   (2,254)   (6,433)
Total increase (decrease) in net assets   78,371    491    (68)   (2,611)   (7,670)
Net assets at December 31, 2020   681,765    2,249    202    18,652    52,345 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (7,328)   (25)       37    (197)
Total realized gain (loss) on investments and capital gains distributions   60,963    152    8    488    598 
Net unrealized appreciation (depreciation) of investments   40,559    194    49    4,711    13,878 
Net increase (decrease) in net assets resulting from operations   94,194    321    57    5,236    14,279 
Changes from principal transactions:                         
Total unit transactions   (53,209)   50    (19)   (1,363)   (5,781)
Increase (decrease) in net assets derived from principal transactions   (53,209)   50    (19)   (1,363)   (5,781)
Total increase (decrease) in net assets   40,985    371    38    3,873    8,498 
Net assets at December 31, 2021  $722,750   $2,620   $240   $22,525   $60,843 

 

 

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, 2021 and 2020

(In thousands)

 

   VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class   VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6   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 
Net assets at January 1, 2020  $388   $   $515,075   $1,259   $1,070 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1)       (4,749)   (9)   (4)
Total realized gain (loss) on investments and capital gains distributions   46        67,490    139    61 
Net unrealized appreciation (depreciation) of investments   60        80,714    185    295 
Net increase (decrease) in net assets resulting from operations   105        143,455    315    352 
Changes from principal transactions:                         
Total unit transactions   (39)       (48,241)   (186)   (160)
Increase (decrease) in net assets derived from principal transactions   (39)       (48,241)   (186)   (160)
Total increase (decrease) in net assets   66        95,214    129    192 
Net assets at December 31, 2020   454        610,289    1,388    1,262 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (2)       (6,492)   (14)   (4)
Total realized gain (loss) on investments and capital gains distributions   86        119,665    266    145 
Net unrealized appreciation (depreciation) of investments   (28)   3    (38,420)   (79)   72 
Net increase (decrease) in net assets resulting from operations   56    3    74,753    173    213 
Changes from principal transactions:                         
Total unit transactions   (30)   389    (46,693)   62    (209)
Increase (decrease) in net assets derived from principal transactions   (30)   389    (46,693)   62    (209)
Total increase (decrease) in net assets   26    392    28,060    235    4 
Net assets at December 31, 2021  $480   $392   $638,349   $1,623   $1,266 

 

 

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, 2021 and 2020

(In thousands)

 

   VY® T. Rowe Price Growth Equity Portfolio - Initial Class   VY® T. Rowe Price Growth Equity Portfolio - Service Class   Voya Target In-Retirement Fund - Class R6  

Voya Target Retirement 2025

Fund - Class R6

  

Voya Target Retirement 2030

Fund - Class R6

 
Net assets at January 1, 2020  $556,786   $3,244   $   $   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (5,252)   (23)            
Total realized gain (loss) on investments and capital gains distributions   49,002    168             
Net unrealized appreciation (depreciation) of investments   145,589    803             
Net increase (decrease) in net assets resulting from operations   189,339    948             
Changes from principal transactions:                         
Total unit transactions   (32,573)   (699)            
Increase (decrease) in net assets derived from principal transactions   (32,573)   (699)            
Total increase (decrease) in net assets   156,766    249             
Net assets at December 31, 2020   713,552    3,493             
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (6,751)   (29)   1    2     
Total realized gain (loss) on investments and capital gains distributions   86,434    422    2    9     
Net unrealized appreciation (depreciation) of investments   53,910    241    (2)   (10)    
Net increase (decrease) in net assets resulting from operations   133,593    634    1    1     
Changes from principal transactions:                         
Total unit transactions   (31,693)   (122)   26    85    2 
Increase (decrease) in net assets derived from principal transactions   (31,693)   (122)   26    85    2 
Total increase (decrease) in net assets   101,900    512    27    86    2 
Net assets at December 31, 2021  $815,452   $4,005   $27   $86   $2 

 

 

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, 2021 and 2020

(In thousands)

 

  

Voya Target Retirement 2035

Fund - Class R6

  

Voya Target Retirement 2040

Fund - Class R6

  

Voya Target Retirement 2045

Fund - Class R6

  

Voya Target Retirement 2050

Fund - Class R6

  

Voya Target Retirement 2055

Fund - Class R6

 
Net assets at January 1, 2020  $   $   $   $   $ 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)                    
Total realized gain (loss) on investments and capital gains distributions                    
Net unrealized appreciation (depreciation) of investments                    
Net increase (decrease) in net assets resulting from operations                    
Changes from principal transactions:                         
Total unit transactions                    
Increase (decrease) in net assets derived from principal transactions                    
Total increase (decrease) in net assets                    
Net assets at December 31, 2020                    
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   3        4        1 
Total realized gain (loss) on investments and capital gains distributions   16        25    2    9 
Net unrealized appreciation (depreciation) of investments   (18)       (27)   (2)   (9)
Net increase (decrease) in net assets resulting from operations   1        2        1 
Changes from principal transactions:                         
Total unit transactions   126        155    11    51 
Increase (decrease) in net assets derived from principal transactions   126        155    11    51 
Total increase (decrease) in net assets   127        157    11    52 
Net assets at December 31, 2021  $127   $   $157   $11   $52 

 

 

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, 2021 and 2020

(In thousands)

 

  

Voya Target Retirement 2060

Fund - Class R6

   Voya Corporate Leaders 100 Fund - Class I   Voya Strategic Allocation Conservative Portfolio - Class I   Voya Strategic Allocation Growth Portfolio - Class I   Voya Strategic Allocation Moderate Portfolio - Class I 
Net assets at January 1, 2020  $   $7,835   $30,351   $71,733   $60,494 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       108    464    748    787 
Total realized gain (loss) on investments and capital gains distributions       1,872    1,019    8,585    4,101 
Net unrealized appreciation (depreciation) of investments       (869)   1,401    (143)   1,611 
Net increase (decrease) in net assets resulting from operations       1,111    2,884    9,190    6,499 
Changes from principal transactions:                         
Total unit transactions       587    499    (2,656)   (3,472)
Increase (decrease) in net assets derived from principal transactions       587    499    (2,656)   (3,472)
Total increase (decrease) in net assets       1,698    3,383    6,534    3,027 
Net assets at December 31, 2020       9,533    33,734    78,267    63,521 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       72    546    769    892 
Total realized gain (loss) on investments and capital gains distributions   1    730    639    5,015    4,275 
Net unrealized appreciation (depreciation) of investments   (1)   1,661    1,487    6,727    2,820 
Net increase (decrease) in net assets resulting from operations       2,463    2,672    12,511    7,987 
Changes from principal transactions:                         
Total unit transactions   5    294    (1,708)   (2,851)   (1,691)
Increase (decrease) in net assets derived from principal transactions   5    294    (1,708)   (2,851)   (1,691)
Total increase (decrease) in net assets   5    2,757    964    9,660    6,296 
Net assets at December 31, 2021  $5   $12,290   $34,698   $87,927   $69,817 

 

 

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, 2021 and 2020

(In thousands)

 

   Voya Growth and Income Portfolio - Class A   Voya Growth and Income Portfolio - Class I   Voya Growth and Income Portfolio - Class S   Voya Global High Dividend Low Volatility Portfolio - Class I   Voya Global High Dividend Low Volatility Portfolio - Class S 
Net assets at January 1, 2020  $1,537   $1,215,091   $236   $86,802   $11,598 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   9    3,165    1    1,265    107 
Total realized gain (loss) on investments and capital gains distributions   154    157,388    26    182    13 
Net unrealized appreciation (depreciation) of investments   64    11,258    15    (3,616)   (489)
Net increase (decrease) in net assets resulting from operations   227    171,811    42    (2,169)   (369)
Changes from principal transactions:                         
Total unit transactions   (177)   (125,246)   20    (9,083)   (1,079)
Increase (decrease) in net assets derived from principal transactions   (177)   (125,246)   20    (9,083)   (1,079)
Total increase (decrease) in net assets   50    46,565    62    (11,252)   (1,448)
Net assets at December 31, 2020   1,587    1,261,656    298    75,550    10,150 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   2    (1,415)   (1)   1,431    122 
Total realized gain (loss) on investments and capital gains distributions   713    627,339    142    1,266    275 
Net unrealized appreciation (depreciation) of investments   (313)   (290,153)   (63)   11,789    1,466 
Net increase (decrease) in net assets resulting from operations   402    335,771    78    14,486    1,863 
Changes from principal transactions:                         
Total unit transactions   (479)   (120,445)   (68)   (5,953)   (800)
Increase (decrease) in net assets derived from principal transactions   (479)   (120,445)   (68)   (5,953)   (800)
Total increase (decrease) in net assets   (77)   215,326    10    8,533    1,063 
Net assets at December 31, 2021  $1,510   $1,476,982   $308   $84,083   $11,213 

 

 

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, 2021 and 2020

(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 
Net assets at January 1, 2020  $386,977   $207   $310,525   $59   $132,714 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   2,089    2    1,375    1    184 
Total realized gain (loss) on investments and capital gains distributions   49,124    35    11,508    (3)   5,848 
Net unrealized appreciation (depreciation) of investments   911    (18)   3,893    5    (2,290)
Net increase (decrease) in net assets resulting from operations   52,124    19    16,776    3    3,742 
Changes from principal transactions:                         
Total unit transactions   (33,977)   (96)   (28,774)   (19)   (10,264)
Increase (decrease) in net assets derived from principal transactions   (33,977)   (96)   (28,774)   (19)   (10,264)
Total increase (decrease) in net assets   18,147    (77)   (11,998)   (16)   (6,522)
Net assets at December 31, 2020   405,124    130    298,527    43    126,192 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (58)       (216)       (488)
Total realized gain (loss) on investments and capital gains distributions   51,023    10    11,884    1    6,193 
Net unrealized appreciation (depreciation) of investments   57,465    26    65,323    10    28,068 
Net increase (decrease) in net assets resulting from operations   108,430    36    76,991    11    33,773 
Changes from principal transactions:                         
Total unit transactions   (34,455)   1    (23,475)   (8)   (6,315)
Increase (decrease) in net assets derived from principal transactions   (34,455)   1    (23,475)   (8)   (6,315)
Total increase (decrease) in net assets   73,975    37    53,516    3    27,458 
Net assets at December 31, 2021  $479,099   $167   $352,043   $46   $153,650 

 

 

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, 2021 and 2020

(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 
Net assets at January 1, 2020  $165   $43,908   $9   $97,199   $2,678 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   1    727        (520)   (2)
Total realized gain (loss) on investments and capital gains distributions       (198)       10,574    472 
Net unrealized appreciation (depreciation) of investments   3    2,280    1    25,669    551 
Net increase (decrease) in net assets resulting from operations   4    2,809    1    35,723    1,021 
Changes from principal transactions:                         
Total unit transactions   (23)   (1,648)   1    7,742    (127)
Increase (decrease) in net assets derived from principal transactions   (23)   (1,648)   1    7,742    (127)
Total increase (decrease) in net assets   (19)   1,161    2    43,465    894 
Net assets at December 31, 2020   146    45,069    11    140,664    3,572 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)       488        (834)   (8)
Total realized gain (loss) on investments and capital gains distributions   2    843        10,439    459 
Net unrealized appreciation (depreciation) of investments   38    2,910    1    30,992    568 
Net increase (decrease) in net assets resulting from operations   40    4,241    1    40,597    1,019 
Changes from principal transactions:                         
Total unit transactions   (10)   (1,432)       (1,155)   (247)
Increase (decrease) in net assets derived from principal transactions   (10)   (1,432)       (1,155)   (247)
Total increase (decrease) in net assets   30    2,809    1    39,442    772 
Net assets at December 31, 2021  $176   $47,878   $12   $180,106   $4,344 

 

 

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, 2021 and 2020

(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 
Net assets at January 1, 2020  $177,976   $489   $536   $19,633   $20,857 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   1,389    1        (1)   (168)
Total realized gain (loss) on investments and capital gains distributions   14,540    40    16    903    2,538 
Net unrealized appreciation (depreciation) of investments   23,483    51    (19)   (919)   4,099 
Net increase (decrease) in net assets resulting from operations   39,412    92    (3)   (17)   6,469 
Changes from principal transactions:                         
Total unit transactions   11,868    (41)   (40)   97    (2,272)
Increase (decrease) in net assets derived from principal transactions   11,868    (41)   (40)   97    (2,272)
Total increase (decrease) in net assets   51,280    51    (43)   80    4,197 
Net assets at December 31, 2020   229,256    540    493    19,713    25,054 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   926        5    184    (247)
Total realized gain (loss) on investments and capital gains distributions   19,513    88    22    688    2,848 
Net unrealized appreciation (depreciation) of investments   40,593    44    80    3,379    30 
Net increase (decrease) in net assets resulting from operations   61,032    132    107    4,251    2,631 
Changes from principal transactions:                         
Total unit transactions   5,561    (103)   (8)   724    (2,487)
Increase (decrease) in net assets derived from principal transactions   5,561    (103)   (8)   724    (2,487)
Total increase (decrease) in net assets   66,593    29    99    4,975    144 
Net assets at December 31, 2021  $295,849   $569   $592   $24,688   $25,198 

 

 

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, 2021 and 2020

(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 U.S. Bond Index Portfolio - Class I 
Net assets at January 1, 2020  $183,792   $89,526   $141,444   $168   $20,131 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   1,227    245    (462)       526 
Total realized gain (loss) on investments and capital gains distributions   14,338    3,274    (3,605)   (16)   544 
Net unrealized appreciation (depreciation) of investments   11,970    13,971    16,720    29    376 
Net increase (decrease) in net assets resulting from operations   27,535    17,490    12,653    13    1,446 
Changes from principal transactions:                         
Total unit transactions   (7,140)   1,884    (13,353)   (51)   9,826 
Increase (decrease) in net assets derived from principal transactions   (7,140)   1,884    (13,353)   (51)   9,826 
Total increase (decrease) in net assets   20,395    19,374    (700)   (38)   11,272 
Net assets at December 31, 2020   204,187    108,900    140,744    130    31,403 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   548    (261)   (1,285)       394 
Total realized gain (loss) on investments and capital gains distributions   18,504    1,684    (46)   1    802 
Net unrealized appreciation (depreciation) of investments   24,260    13,324    20,195    18    (2,013)
Net increase (decrease) in net assets resulting from operations   43,312    14,747    18,864    19    (817)
Changes from principal transactions:                         
Total unit transactions   (3,240)   5,040    (12,799)   (5)   (2,085)
Increase (decrease) in net assets derived from principal transactions   (3,240)   5,040    (12,799)   (5)   (2,085)
Total increase (decrease) in net assets   40,072    19,787    6,065    14    (2,902)
Net assets at December 31, 2021  $244,259   $128,687   $146,809   $144   $28,501 

 

 

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, 2021 and 2020

(In thousands)

 

   Voya MidCap Opportunities Portfolio - Class I   Voya MidCap Opportunities Portfolio - Class R6   Voya MidCap Opportunities Portfolio - Class S   Voya SmallCap Opportunities Portfolio - Class I   Voya SmallCap Opportunities Portfolio - Class S 
Net assets at January 1, 2020  $266,926   $   $1,081   $64,232   $99 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (1,978)       (5)   (580)    
Total realized gain (loss) on investments and capital gains distributions   13,250        120    (1,325)   (6)
Net unrealized appreciation (depreciation) of investments   90,230        295    16,909    20 
Net increase (decrease) in net assets resulting from operations   101,502        410    15,004    14 
Changes from principal transactions:                         
Total unit transactions   (16,199)       (244)   (4,034)   (55)
Increase (decrease) in net assets derived from principal transactions   (16,199)       (244)   (4,034)   (55)
Total increase (decrease) in net assets   85,303        166    10,970    (41)
Net assets at December 31, 2020   352,229        1,247    75,202    58 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (3,053)       (6)   (727)    
Total realized gain (loss) on investments and capital gains distributions   55,372        259    7,136    7 
Net unrealized appreciation (depreciation) of investments   (13,097)       (132)   (3,618)   (4)
Net increase (decrease) in net assets resulting from operations   39,222        121    2,791    3 
Changes from principal transactions:                         
Total unit transactions   (18,074)   50    (327)   (4,695)   (8)
Increase (decrease) in net assets derived from principal transactions   (18,074)   50    (327)   (4,695)   (8)
Total increase (decrease) in net assets   21,148    50    (206)   (1,904)   (5)
Net assets at December 31, 2021  $373,377   $50   $1,041   $73,298   $53 

 

 

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, 2021 and 2020

(In thousands)

 

   Wanger International   Wanger Select   Wanger USA   American Funds® Washington Mutual Investors FundSM - Class R-3   American Funds® Washington Mutual Investors FundSM - Class R-4 
Net assets at January 1, 2020  $40,999   $61,435   $95,744   $1,149   $233,053 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   474    (92)   (635)   10    1,872 
Total realized gain (loss) on investments and capital gains distributions   (918)   2,402    (929)   (1)   12,949 
Net unrealized appreciation (depreciation) of investments   5,288    11,679    21,083    18    (1,043)
Net increase (decrease) in net assets resulting from operations   4,844    13,989    19,519    27    13,778 
Changes from principal transactions:                         
Total unit transactions   (4,263)   (7,218)   (13,176)   (145)   (13,722)
Increase (decrease) in net assets derived from principal transactions   (4,263)   (7,218)   (13,176)   (145)   (13,722)
Total increase (decrease) in net assets   581    6,771    6,343    (118)   56 
Net assets at December 31, 2020   41,580    68,206    102,087    1,031    233,109 
Increase (decrease) in net assets                         
Operations:                         
Net investment income (loss)   (86)   (644)   7    6    1,165 
Total realized gain (loss) on investments and capital gains distributions   648    6,962    4,417    106    23,286 
Net unrealized appreciation (depreciation) of investments   6,391    (2,878)   3,738    148    36,820 
Net increase (decrease) in net assets resulting from operations   6,953    3,440    8,162    260    61,271 
Changes from principal transactions:                         
Total unit transactions   (5,755)   (6,014)   (8,657)   (194)   (14,923)
Increase (decrease) in net assets derived from principal transactions   (5,755)   (6,014)   (8,657)   (194)   (14,923)
Total increase (decrease) in net assets   1,198    (2,574)   (495)   66    46,348 
Net assets at December 31, 2021  $42,778   $65,632   $101,592   $1,097   $279,457 

 

 

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, 2021 and 2020

(In thousands)

 

   American Funds® Washington Mutual Investors FundSM - Class R-6   Allspring Small Company Growth Fund - Administrator Class  

Allspring Small Company Value Fund - Class A

  

Allspring Special Small Cap Value Fund - Class A

 
Net assets at January 1, 2020  $   $7,076   $128   $118,289 
Increase (decrease) in net assets                    
Operations:                    
Net investment income (loss)       (76)       (662)
Total realized gain (loss) on investments and capital gains distributions       891    (1)   6,284 
Net unrealized appreciation (depreciation) of investments       1,168    4    (7,281)
Net increase (decrease) in net assets resulting from operations       1,983    3    (1,659)
Changes from principal transactions:                    
Total unit transactions       328        (9,701)
Increase (decrease) in net assets derived from principal transactions       328        (9,701)
Total increase (decrease) in net assets       2,311    3    (11,360)
Net assets at December 31, 2020       9,387    131    106,929 
Increase (decrease) in net assets                    
Operations:                    
Net investment income (loss)       (136)   (2)   (1,077)
Total realized gain (loss) on investments and capital gains distributions   1    4,810    13    14,030 
Net unrealized appreciation (depreciation) of investments   2    (3,176)   37    14,477 
Net increase (decrease) in net assets resulting from operations   3    1,498    48    27,430 
Changes from principal transactions:                    
Total unit transactions   73    2,249    24    (9,187)
Increase (decrease) in net assets derived from principal transactions   73    2,249    24    (9,187)
Total increase (decrease) in net assets   76    3,747    72    18,243 
Net assets at December 31, 2021  $76   $13,134   $203   $125,172 

 

 

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

158 

 

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”) to support the operations of variable annuity contracts (“Contracts”). The Company is an indirect, wholly owned subsidiary of Voya Financial, Inc. (“Voya Financial”), a holding company domiciled in the State of Delaware.

 

Prior to May 2013, Voya Financial, which together with its subsidiaries, including the Company, was an indirect, wholly-owned subsidiary of ING Groep N.V. (“ING”), a global financial services holding company based in The Netherlands. In May 2013, Voya Financial, Inc. completed its initial public offering of common stock, including the issuance and sale of common stock by Voya Financial, Inc. and the sale of shares of common stock owned indirectly by ING. Between October 2013 and March 2015, ING completed the sale of its remaining shares of common stock of Voya Financial, Inc. in a series of registered public offerings.

 

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, 2021, the Account had 367 investment divisions (the “Divisions”), 196 of which invest in independently managed mutual funds and 171 of which invest in mutual funds managed by an affiliate, Voya Investments, LLC (“VIL”). The assets in each Division are invested in shares of a designated fund (“Fund”) of various investment trusts (“the Trusts”).

 

The Divisions with asset balances at December 31, 2021 and related Trusts are as follows:

 

AB Relative Value Fund, Inc.: AIM Variable Insurance Funds:
AB Relative Value Fund - Class A Invesco V.I. American Franchise Fund - Series I
AB Variable Products Series Fund, Inc.: Invesco V.I. Core Equity Fund - Series I
AB VPS Growth and Income Portfolio - Class A Invesco V.I. Discovery Mid Cap Growth Fund - Series I
Aberdeen Funds: Invesco V.I. Global Fund - Series I
Aberdeen Emerging Markets Sustainable Leaders Fund - Institutional Class Invesco V.I. Global Strategic Income Fund - Series I
AIM Counselor Series Trust: Invesco V.I. Main Street Fund - Series I
Invesco Capital Appreciation Fund - Class A Invesco V.I. Main Street Small Cap Fund - Series I
Invesco Floating Rate ESG Fund - Class R5 Alger Funds:
AIM Equity Funds: Alger Capital Appreciation Fund - Class A
Invesco Main Street Fund - Class A Alger Funds II:
AIM Growth Series: Alger Responsible Investing Fund - Class A
Invesco Main Street Mid Cap Fund® - Class A Amana Mutual Funds Trust:
Invesco Small Cap Growth Fund - Class A Amana Growth Fund - Investor Class
AIM International Mutual Funds: Amana Income Fund - Investor Class
Invesco International Growth Fund - Class R5 American Balanced Fund:
Invesco International Small-Mid Company Fund - Class Y American Funds® American Balanced Fund® - Class R-3
Invesco Oppenheimer International Growth Fund - Class Y American Beacon Funds:
AIM Investment Funds: American Beacon Small Cap Value Fund - Investor Class
Invesco Developing Markets Fund - Class A American Century Capital Portfolios, Inc.:
Invesco Developing Markets Fund - Class R6 American Century Investments® Mid Cap Value Fund - R6 Class
Invesco Developing Markets Fund - Class Y American Century Government Income Trust:
Invesco Health Care Fund - Investor Class American Century Investments® Inflation-Adjusted Bond Fund - Investor Class
Invesco International Bond Fund - Class A American Century Quantitative Equity Funds, Inc.:
AIM Investment Securities Funds: American Century Investments® Disciplined Core Value Fund - A Class
Invesco High Yield Fund - Class R5 American Funds Fundamental Investors:
AIM Sector Funds: American Funds® Fundamental Investors® - Class R-3
Invesco American Value Fund - Class R5 American Funds® Fundamental Investors® - Class R-4
Invesco Energy Fund - Class R5 American Mutual Fund:
Invesco Gold & Special Minerals Fund - Class A American Funds® American Mutual Fund® - Class R-4
Invesco Small Cap Value Fund - Class A American Funds® American Mutual Fund® - Class R-6
159 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

AMG Funds IV: DFA U.S. Large Company Portfolio - Institutional Class
AMG River Road Mid Cap Value Fund - Class N Dodge & Cox Funds:
Ariel Investment Trust: Dodge & Cox International Stock Fund
Ariel Appreciation Fund - Investor Class Dodge & Cox Stock Fund
Ariel Fund - Institutional Class Eaton Vance Special Investment Trust:
Ariel Fund - Investor Class Eaton Vance Large-Cap Value Fund - Class R Shares
Artisan Partners Funds, Inc.: EuroPacific Growth Fund:
Artisan International Fund - Investor Shares American Funds® EuroPacific Growth Fund® - Class R-3
BlackRock Equity Dividend Fund: American Funds® EuroPacific Growth Fund® - Class R-4
BlackRock Equity Dividend Fund - Investor A Shares American Funds® EuroPacific Growth Fund® - Class R-6
BlackRock FundsSM: Federated Hermes World Investment Series, Inc.:
BlackRock Health Sciences Opportunities Portfolio - Institutional Shares Federated Hermes International Leaders Fund - Institutional Shares
BlackRock Health Sciences Opportunities Portfolio - Investor A Shares Fidelity Concord Street Trust:
BlackRock Mid-Cap Value Series, Inc.: Fidelity® 500 Index Fund
BlackRock Mid-Cap Value Fund - Institutional Shares Fidelity Contrafund:
BlackRock Mid-Cap Value Fund - Investor A Shares Fidelity Advisor® New Insights Fund - Class I
Bond Fund of America: Fidelity Salem Street Trust:
American Funds® The Bond Fund of America® - Class R-4 Fidelity® Mid Cap Index Fund
Calvert Responsible Index Series, Inc.: Fidelity® Small Cap Index Fund
Calvert US Large-Cap Core Responsible Index Fund - Class A Fidelity Variable Insurance Products Fund:
Calvert Variable Series, Inc.: Fidelity® VIP Equity-Income Portfolio - Initial Class
Calvert VP SRI Balanced Portfolio Fidelity® VIP Growth Portfolio - Initial Class
Capital Income Builder: Fidelity® VIP High Income Portfolio - Initial Class
American Funds® Capital Income Builder® - Class R-4 Fidelity® VIP Overseas Portfolio - Initial Class
Capital World Bond Fund: Fidelity Variable Insurance Products Fund II:
American Funds® Capital World Bond Fund® - Class R-6 Fidelity® VIP Contrafund® Portfolio - Initial Class
Capital World Growth & Income Fund: Fidelity® VIP Index 500 Portfolio - Initial Class
American Funds® Capital World Growth and Income Fund® - Class R-3 Fidelity Variable Insurance Products Fund V:
Cohen & Steers Real Estate Securities Fund, Inc.: Fidelity® VIP Asset Manager Portfolio - Initial Class
Cohen & Steers Real Estate Securities Fund, Inc. - Class A Franklin Mutual Series Funds:
Cohen & Steers Realty Shares, Inc.: Franklin Mutual Global Discovery Fund - Class R
Cohen & Steers Realty Shares, Inc. Franklin Strategic Series:
Columbia Acorn Trust: Franklin Biotechnology Discovery Fund - Advisor Class
Columbia Acorn® Fund - Class A Shares Franklin Natural Resources Fund - Advisor Class
Columbia Funds Series Trust: Franklin Small-Mid Cap Growth Fund - Class A
Columbia Select Mid Cap Value Fund - Class A Shares Franklin Templeton Variable Insurance Products Trust:
Columbia Select Mid Cap Value Fund - Institutional Class Franklin Small Cap Value VIP Fund - Class 2
Columbia Funds Series Trust II: Franklin Value Investors Trust:
Columbia Large Cap Value Fund - Advisor Class Franklin Small Cap Value Fund - Class R6
CRM Mutual Fund Trust: Goldman Sachs Trust:
CRM Mid Cap Value Fund - Investor Shares Goldman Sachs Growth Opportunities Fund - Investor Shares
Davis Series, Inc.: Growth Fund of America:
Davis Financial Fund - Class Y American Funds® The Growth Fund of America® - Class R-3
Delaware Group® Equity Funds IV: American Funds® The Growth Fund of America® - Class R-4
Delaware Smid Cap Growth Fund - Institutional Class American Funds® The Growth Fund of America® - Class R-6
Delaware Group® Equity Funds V: Hartford Mutual Funds, Inc.:
Delaware Small Cap Value Fund - Class A The Hartford Capital Appreciation Fund - Class R4
Deutsche DWS Institutional Funds: The Hartford Dividend And Growth Fund - Class R4
DWS Equity 500 Index Fund - Class S The Hartford International Opportunities Fund - Class R4
Deutsche DWS Investment Trust: Income Fund of America:
DWS Small Cap Growth Fund - Class S American Funds® The Income Fund of America® - Class R-3
DFA Investment Dimensions Group Inc.: Ivy Funds:
DFA Emerging Markets Core Equity Portfolio - Institutional Class Delaware Ivy Science and Technology Fund - Class Y
DFA Inflation-Protected Securities Portfolio - Institutional Class Janus Aspen Series:
DFA Real Estate Securities Portfolio - Institutional Class Janus Henderson Balanced Portfolio - Institutional Shares
DFA U.S. Targeted Value Portfolio - Institutional Class Janus Henderson Enterprise Portfolio - Institutional Shares
Dimensional Investment Group Inc.: Janus Henderson Flexible Bond Portfolio - Institutional Shares
160 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

Janus Henderson Global Research Portfolio - Institutional Shares Pax Sustainable Allocation Fund - Investor Class
Janus Henderson Research Portfolio - Institutional Shares PIMCO Funds:
JPMorgan Trust II: PIMCO CommodityRealReturn Strategy Fund® - Administrative Class
JPMorgan Equity Income Fund - Class I Shares PIMCO Variable Insurance Trust:
JPMorgan Equity Income Fund - Class R6 Shares PIMCO VIT Real Return Portfolio - Administrative Class
JPMorgan Government Bond Fund - Class I Shares Pioneer Equity Income Fund:
JPMorgan Government Bond Fund - Class R6 Shares Pioneer Equity Income Fund - Class Y Shares
JPMorgan Large Cap Growth Fund - Class R6 Shares Pioneer High Yield Fund:
Lazard Funds, Inc.: Pioneer High Yield Fund - Class A Shares
Lazard International Equity Portfolio - Open Shares Pioneer Series Trust IV:
Legg Mason Partners Investment Trust: Pioneer Balanced ESG Fund - Class K Shares
ClearBridge Aggressive Growth Fund - Class I Pioneer Series Trust XIV:
LKCM Funds: Pioneer Strategic Income Fund - Class A Shares
LKCM Aquinas Catholic Equity Fund Pioneer Variable Contracts Trust:
Loomis Sayles Funds I: Pioneer Equity Income VCT Portfolio - Class I
Loomis Sayles Small Cap Value Fund - Retail Class Pioneer High Yield VCT Portfolio - Class I
Loomis Sayles Funds II: Prudential Investment Portfolios, Inc. :
Loomis Sayles Limited Term Government and Agency Fund - Class Y PGIM High Yield Fund - Class R6
Lord Abbett Developing Growth Fund, Inc.: Prudential Sector Funds, Inc.:
Lord Abbett Developing Growth Fund - Class A PGIM Jennison Utility Fund - Class Z
Lord Abbett Investment Trust: Royce Fund:
Lord Abbett Core Fixed Income Fund - Class A Royce Total Return Fund - Service Class
Lord Abbett Short Duration Income Fund - Class R4 Schwartz Investment Trust:
Lord Abbett Mid Cap Stock Fund, Inc.: Ave Maria Rising Dividend Fund
Lord Abbett Mid Cap Stock Fund - Class A SMALLCAP World Fund, Inc.:
Lord Abbett Research Fund, Inc.: American Funds® SMALLCAP World Fund® - Class R-4
Lord Abbett Small Cap Value Fund - Class A American Funds® SMALLCAP World Fund® - Class R-6
Lord Abbett Securities Trust: T. Rowe Price Equity Funds, Inc.:
Lord Abbett Fundamental Equity Fund - Class A T. Rowe Price Large-Cap Growth Fund - I Class
Lord Abbett Series Fund, Inc.: T. Rowe Price Mid-Cap Value Fund, Inc.:
Lord Abbett Series Fund Mid Cap Stock Portfolio - Class VC T. Rowe Price Mid-Cap Value Fund - R Class
MainStay Funds Trust: T. Rowe Price Value Fund, Inc.:
MainStay CBRE Real Estate Fund - Class A T. Rowe Price Value Fund - Advisor Class
Massachusetts Investors Growth Stock Fund: TCW Funds Inc:
Massachusetts Investors Growth Stock Fund - Class A TCW Total Return Bond Fund - Class N
Metropolitan West Funds: Templeton Funds, Inc.:
Metropolitan West Total Return Bond Fund - Class I Shares Templeton Foreign Fund - Class A
Metropolitan West Total Return Bond Fund - Class M Shares Templeton Income Trust:
MFS Series Trust I: Templeton Global Bond Fund - Advisor Class
MFS® New Discovery Fund - Class R3 Templeton Global Bond Fund - Class A
MFS Series Trust X: Third Avenue Trust:
MFS® International Intrinsic Value Fund - Class R3 Third Avenue Real Estate Value Fund - Institutional Class
Neuberger Berman Equity Funds: Touchstone Strategic Trust - June Funds:
Neuberger Berman Genesis Fund - Trust Class Shares Touchstone Small Company Fund - Class R6
Neuberger Berman Sustainable Equity Fund - Institutional Class Shares Touchstone Value Fund - Institutional Class
Neuberger Berman Sustainable Equity Fund - Trust Class Shares USAA Mutual Funds Trust:
New Perspective Fund: USAA Precious Metals and Minerals Fund - Class A Shares
American Funds® New Perspective Fund® - Class R-3 Vanguard Bond Index Funds:
American Funds® New Perspective Fund® - Class R-4 Vanguard® Total Bond Market Index Fund - Admiral™ Shares
American Funds® New Perspective Fund® - Class R-6 Vanguard Explorer Fund:
New World Fund, Inc.: Vanguard® Explorer™ Fund - Admiral™ Shares
American Funds® New World Fund® - Class R-4 Vanguard Fenway Funds:
Nuveen Investment Funds, Inc.: Vanguard® Equity Income Fund - Admiral™ Shares
Nuveen Global Infrastructure Fund - Class I Vanguard Money Market Reserves:
Parnassus Income Funds: Vanguard® Federal Money Market Fund - Investor Shares
Parnassus Core Equity Fund - Investor Shares Vanguard STAR Funds:
Pax World Funds Series Trust I: Vanguard® Total International Stock Index Fund - Admiral™ Shares
161 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

Vanguard Trustees’ Equity Fund: VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class
Vanguard® International Value Fund - Investor Shares VY® T. Rowe Price Capital Appreciation Portfolio - Class R6
Vanguard Variable Insurance Funds: VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class
Vanguard® Variable Insurance Fund - Diversified Value Portfolio VY® T. Rowe Price Capital Appreciation Portfolio - Service Class
Vanguard® Variable Insurance Fund - Equity Income Portfolio VY® T. Rowe Price Equity Income Portfolio - Adviser Class
Vanguard® Variable Insurance Fund - Small Company Growth Portfolio VY® T. Rowe Price Equity Income Portfolio - Service Class
Vanguard World Fund: VY® T. Rowe Price International Stock Portfolio - Adviser Class
Vanguard® FTSE Social Index Fund - Institutional Shares VY® T. Rowe Price International Stock Portfolio - Service Class
Victory Portfolios: Voya Mutual Funds:
Victory Integrity Small-Cap Value Fund - Class Y Voya Multi-Manager International Small Cap Fund - Class A
Victory Sycamore Established Value Fund - Class A Voya Multi-Manager International Small Cap Fund - Class I
Victory Sycamore Established Value Fund - Class R6 Voya Partners, Inc.:
Victory Sycamore Small Company Opportunity Fund - Class R Voya Global Bond Portfolio - Adviser Class
Virtus Investment Trust: Voya Global Bond Portfolio - Initial Class
Virtus NFJ Dividend Value Fund - Class A Voya Global Bond Portfolio - Service Class
Virtus NFJ Large-Cap Value Fund - Institutional Class Voya Index Solution 2025 Portfolio - Initial Class
Virtus NFJ Small-Cap Value Fund - Class A Voya Index Solution 2025 Portfolio - Service Class
Voya Balanced Portfolio, Inc.: Voya Index Solution 2025 Portfolio - Service 2 Class
Voya Balanced Portfolio - Class I Voya Index Solution 2030 Portfolio - Service 2 Class
Voya Equity Trust: Voya Index Solution 2035 Portfolio - Initial Class
Voya Large Cap Value Fund - Class A Voya Index Solution 2035 Portfolio - Service Class
Voya Large-Cap Growth Fund - Class R6 Voya Index Solution 2035 Portfolio - Service 2 Class
Voya Funds Trust: Voya Index Solution 2040 Portfolio - Initial Class
Voya Floating Rate Fund - Class A Voya Index Solution 2045 Portfolio - Initial Class
Voya GNMA Income Fund - Class A Voya Index Solution 2045 Portfolio - Service Class
Voya Intermediate Bond Fund - Class A Voya Index Solution 2045 Portfolio - Service 2 Class
Voya Intermediate Bond Fund - Class R6 Voya Index Solution 2050 Portfolio - Initial Class
Voya Government Money Market Portfolio: Voya Index Solution 2055 Portfolio - Initial Class
Voya Government Money Market Portfolio - Class I Voya Index Solution 2055 Portfolio - Service Class
Voya Intermediate Bond Portfolio: Voya Index Solution 2055 Portfolio - Service 2 Class
Voya Intermediate Bond Portfolio - Class I Voya Index Solution 2065 Portfolio - Initial Class
Voya Intermediate Bond Portfolio - Class S Voya Index Solution 2065 Portfolio - Service Class
Voya Investors Trust: Voya Index Solution Income Portfolio - Initial Class
Voya Global Perspectives® Portfolio - Class I Voya Index Solution Income Portfolio - Service Class
Voya High Yield Portfolio - Adviser Class Voya Index Solution Income Portfolio - Service 2 Class
Voya High Yield Portfolio - Institutional Class Voya International High Dividend Low Volatility Portfolio - Adviser Class
Voya Large Cap Growth Portfolio - Adviser Class Voya International High Dividend Low Volatility Portfolio - Initial Class
Voya Large Cap Growth Portfolio - Institutional Class Voya International High Dividend Low Volatility Portfolio - Service Class
Voya Large Cap Growth Portfolio - Service Class Voya Solution 2025 Portfolio - Adviser Class
Voya Large Cap Value Portfolio - Adviser Class Voya Solution 2025 Portfolio - Initial Class
Voya Large Cap Value Portfolio - Institutional Class Voya Solution 2025 Portfolio - Service Class
Voya Large Cap Value Portfolio - Service Class Voya Solution 2025 Portfolio - Service 2 Class
Voya Limited Maturity Bond Portfolio - Adviser Class Voya Solution 2030 Portfolio - Service Class
Voya U.S. Stock Index Portfolio - Institutional Class Voya Solution 2035 Portfolio - Adviser Class
VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class Voya Solution 2035 Portfolio - Initial Class
VY® Clarion Global Real Estate Portfolio - Institutional Class Voya Solution 2035 Portfolio - Service Class
VY® Clarion Real Estate Portfolio - Adviser Class Voya Solution 2035 Portfolio - Service 2 Class
VY® Clarion Real Estate Portfolio - Institutional Class Voya Solution 2040 Portfolio - Initial Class
VY® Clarion Real Estate Portfolio - Service Class Voya Solution 2040 Portfolio - Service Class
VY® Invesco Growth and Income Portfolio - Institutional Class Voya Solution 2045 Portfolio - Adviser Class
VY® Invesco Growth and Income Portfolio - Service Class Voya Solution 2045 Portfolio - Initial Class
VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class Voya Solution 2045 Portfolio - Service Class
VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class Voya Solution 2045 Portfolio - Service 2 Class
VY® JPMorgan Emerging Markets Equity Portfolio - Service Class Voya Solution 2050 Portfolio - Initial Class
VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class Voya Solution 2050 Portfolio - Service Class
VY® JPMorgan Small Cap Core Equity Portfolio - Institutional Class Voya Solution 2050 Portfolio - Service 2 Class
VY® JPMorgan Small Cap Core Equity Portfolio - Service Class Voya Solution 2055 Portfolio - Initial Class
162 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

Voya Solution 2055 Portfolio - Service Class Voya Corporate Leaders 100 Fund - Class I
Voya Solution 2055 Portfolio - Service 2 Class Voya Strategic Allocation Portfolios, Inc.:
Voya Solution 2060 Portfolio - Initial Class Voya Strategic Allocation Conservative Portfolio - Class I
Voya Solution 2060 Portfolio - Service Class Voya Strategic Allocation Growth Portfolio - Class I
Voya Solution 2060 Portfolio - Service 2 Class Voya Strategic Allocation Moderate Portfolio - Class I
Voya Solution 2065 Portfolio - Initial Class Voya Variable Funds:
Voya Solution 2065 Portfolio - Service Class Voya Growth and Income Portfolio - Class A
Voya Solution Balanced Portfolio - Service Class Voya Growth and Income Portfolio - Class I
Voya Solution Income Portfolio - Adviser Class Voya Growth and Income Portfolio - Class S
Voya Solution Income Portfolio - Initial Class Voya Variable Portfolios, Inc.:
Voya Solution Income Portfolio - Service Class Voya Global High Dividend Low Volatility Portfolio - Class I
Voya Solution Income Portfolio - Service 2 Class Voya Global High Dividend Low Volatility Portfolio - Class S
Voya Solution Moderately Conservative Portfolio - Service Class Voya Index Plus LargeCap Portfolio - Class I
VY® American Century Small-Mid Cap Value Portfolio - Adviser Class Voya Index Plus LargeCap Portfolio - Class S
VY® American Century Small-Mid Cap Value Portfolio - Initial Class Voya Index Plus MidCap Portfolio - Class I
VY® American Century Small-Mid Cap Value Portfolio - Service Class Voya Index Plus MidCap Portfolio - Class S
VY® Baron Growth Portfolio - Adviser Class Voya Index Plus SmallCap Portfolio - Class I
VY® Baron Growth Portfolio - Service Class Voya Index Plus SmallCap Portfolio - Class S
VY® Columbia Contrarian Core Portfolio - Service Class Voya International Index Portfolio - Class I
VY® Columbia Small Cap Value II Portfolio - Adviser Class Voya International Index Portfolio - Class S
VY® Columbia Small Cap Value II Portfolio - Service Class Voya Russell™ Large Cap Growth Index Portfolio - Class I
VY® Invesco Comstock Portfolio - Adviser Class Voya Russell™ Large Cap Growth Index Portfolio - Class S
VY® Invesco Comstock Portfolio - Service Class Voya Russell™ Large Cap Index Portfolio - Class I
VY® Invesco Equity and Income Portfolio - Adviser Class Voya Russell™ Large Cap Index Portfolio - Class S
VY® Invesco Equity and Income Portfolio - Initial Class Voya Russell™ Large Cap Value Index Portfolio - Class I
VY® Invesco Equity and Income Portfolio - Service Class Voya Russell™ Large Cap Value Index Portfolio - Class S
VY® Invesco Global Portfolio - Adviser Class Voya Russell™ Mid Cap Growth Index Portfolio - Class S
VY® Invesco Global Portfolio - Initial Class Voya Russell™ Mid Cap Index Portfolio - Class I
VY® Invesco Global Portfolio - Service Class Voya Russell™ Small Cap Index Portfolio - Class I
VY® JPMorgan Mid Cap Value Portfolio - Adviser Class Voya Small Company Portfolio - Class I
VY® JPMorgan Mid Cap Value Portfolio - Initial Class Voya Small Company Portfolio - Class S
VY® JPMorgan Mid Cap Value Portfolio - Service Class Voya U.S. Bond Index Portfolio - Class I
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class Voya Variable Products Trust:
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6 Voya MidCap Opportunities Portfolio - Class I
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class Voya MidCap Opportunities Portfolio - Class R6
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class Voya MidCap Opportunities Portfolio - Class S
VY® T. Rowe Price Growth Equity Portfolio - Adviser Class Voya SmallCap Opportunities Portfolio - Class I
VY® T. Rowe Price Growth Equity Portfolio - Initial Class Voya SmallCap Opportunities Portfolio - Class S
VY® T. Rowe Price Growth Equity Portfolio - Service Class Wanger Advisors Trust:
Voya Separate Portfolios Trust: Wanger International
Voya Target In-Retirement Fund - Class R6 Wanger Select
Voya Target Retirement 2025 Fund - Class R6 Wanger USA
Voya Target Retirement 2030 Fund - Class R6 Washington Mutual Investors Fund:
Voya Target Retirement 2035 Fund - Class R6 American Funds® Washington Mutual Investors FundSM - Class R-3
Voya Target Retirement 2040 Fund - Class R6 American Funds® Washington Mutual Investors FundSM - Class R-4
Voya Target Retirement 2045 Fund - Class R6 American Funds® Washington Mutual Investors FundSM - Class R-6
Voya Target Retirement 2050 Fund - Class R6 Wells Fargo Funds Trust:
Voya Target Retirement 2055 Fund - Class R6 Allspring Small Company Growth Fund - Administrator Class
Voya Target Retirement 2060 Fund - Class R6 Allspring Small Company Value Fund - Class A
Voya Series Fund, Inc.: Allspring Special Small Cap Value Fund - Class A
163 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

The names of certain Trusts and Divisions were changed during 2021. The following is a summary of current and former names for those Divisions:

 

Current Name Former Name
AIM Variable Insurance Funds: AIM Variable Insurance Funds:
Invesco V.I. Discovery Mid Cap Growth Fund - Series I Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund - Series I
Invesco V.I. Global Fund - Series I Invesco Oppenheimer V.I. Global Fund - Series I
Invesco V.I. Global Strategic Income Fund - Series I Invesco Oppenheimer V.I. Global Strategic Income Fund - Series I
Invesco V.I. Main Street Fund - Series I Invesco Oppenheimer V.I. Main Street Fund - Series I
Invesco V.I. Main Street Small Cap Fund - Series I Invesco Oppenheimer V.I. Main Street Small Cap Fund - Series I
AMG Funds IV: AMG Funds IV:
AMG River Road Mid Cap Value Fund - Class N AMG Managers Fairpointe Mid Cap Fund - Class N
BlackRock Mid-Cap Value Series, Inc.: BlackRock Mid Cap Dividend Series, Inc.:
BlackRock Mid-Cap Value Fund - Institutional Shares BlackRock Mid Cap Dividend Fund - Institutional Shares
BlackRock Mid-Cap Value Fund - Investor A Shares BlackRock Mid Cap Dividend Fund - Investor A Shares
Ivy Funds: Ivy Funds, Inc.:
Delaware Ivy Science and Technology Fund - Class Y Ivy Science and Technology Fund - Class Y
Virtus Investment Trust: Allianz Funds:
Virtus NFJ Dividend Value Fund - Class A AllianzGI Dividend Value Fund - Class A
Virtus NFJ Large-Cap Value Fund - Institutional Class AllianzGI Large-Cap Value Fund - Institutional Class
Virtus NFJ Small-Cap Value Fund - Class A AllianzGI Small-Cap Value Fund - Class A
Voya Partners, Inc.: Voya Partners, Inc.:
VY® Invesco Global Portfolio - Adviser Class VY® Invesco Oppenheimer Global Portfolio - Adviser Class
VY® Invesco Global Portfolio - Initial Class VY® Invesco Oppenheimer Global Portfolio - Initial Class
VY® Invesco Global Portfolio - Service Class VY® Invesco Oppenheimer Global Portfolio - Service Class
Wells Fargo Funds Trust: Wells Fargo Funds Trust:
Allspring Small Company Growth Fund - Administrator Class Wells Fargo Small Company Growth Fund - Administrator Class
Allspring Small Company Value Fund - Class A Wells Fargo Small Company Value Fund - Class A
Allspring Special Small Cap Value Fund - Class A Wells Fargo Special Small Cap Value Fund - Class A

 

During 2021, the following Divisions were closed to contract owners:

 

AIM Investment Funds: Voya Investors Trust:
Invesco Endeavor Fund - Class A Voya High Yield Portfolio - Service Class

 

164 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

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 those estimates.

 

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. Uncertain tax positions are assessed at the parent level on a consolidated basis, including taxes of the operations of the Separate Account.

 

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 5.5%. 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).

 

Subsequent Events

 

The Account has evaluated all events through the date the financial statements were issued to determine whether any event required either recognition or disclosure in the financial statements. The Account is not aware of any subsequent events that would have a material effect on the financial statements of the Account.

165 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

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 transfer agents or fund companies 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 assets are recorded at fair value on the Statements of Assets and Liabilities and are categorized as Level 1 as of December 31, 2021 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, 2021. The Account had no liabilities as of December 31, 2021.

 

The Account categorizes its financial instruments into a three-level hierarchy based on the priority of 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 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.

 

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 annual rates of up to 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 $75 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.

166 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

Contingent Deferred Sales Charges

 

For certain Contracts, a contingent deferred sales charge (“Surrender Charge”) is imposed as a percentage that ranges up to 8.50% 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 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.

 

Under the Fixed/Variable Premium Immediate Annuity contract, an additional annual charge of 1.00% of the average daily net asset value is deducted daily from the accumulation values for contract owners who select the Guaranteed Minimum Income feature. For certain Contracts, an annual charge up to 1.00% of the average daily net asset value is deducted daily from the accumulation values for contract owners who select the Transfer Asset Benefit option, as specified in the Contract. These charges are assessed through a reduction in unit values.

 

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.

 

5. RELATED PARTY TRANSACTIONS

Management fees were 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 Government Money Market Portfolio, Voya Intermediate Bond Portfolio, Voya Investors Trust, Voya Mutual Funds, Voya Partners, Inc., Voya Separate Portfolios Trust, 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 provide for fees at annual rates ranging from 0.18% to 1.25% of the average net assets of each respective Fund.

167 

 

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, 2021 follow:

 

   Purchases   Sales 
   (In thousands) 
AB Relative Value Fund, Inc.:        
AB Relative Value Fund - Class A  $16   $50 
AB Variable Products Series Fund, Inc.:          
AB VPS Growth and Income Portfolio - Class A   73    36 
Aberdeen Funds:          
Aberdeen Emerging Markets Sustainable Leaders Fund - Institutional Class   1,245    24,883 
AIM Counselor Series Trust:          
Invesco Capital Appreciation Fund - Class A   22    7 
Invesco Floating Rate ESG Fund - Class R5   61    11 
AIM Equity Funds:          
Invesco Main Street Fund - Class A   839    499 
AIM Growth Series:          
Invesco Main Street Mid Cap Fund® - Class A   1,160    914 
Invesco Small Cap Growth Fund - Class A   110    24 
AIM International Mutual Funds:          
Invesco International Growth Fund - Class R5   361    193 
Invesco International Small-Mid Company Fund - Class Y   239    108 
Invesco Oppenheimer International Growth Fund - Class Y   122    39 
AIM Investment Funds:          
Invesco Developing Markets Fund - Class A   11,274    25,734 
Invesco Developing Markets Fund - Class R6   103     
Invesco Developing Markets Fund - Class Y   6,426    5,094 
Invesco Endeavor Fund - Class A   6    31 
Invesco Health Care Fund - Investor Class   63    39 
Invesco International Bond Fund - Class A   4    3 
AIM Investment Securities Funds:          
Invesco High Yield Fund - Class R5   137    53 
AIM Sector Funds:          
Invesco American Value Fund - Class R5   399    202 
Invesco Energy Fund - Class R5   198    7 
Invesco Gold & Special Minerals Fund - Class A   35    97 
Invesco Small Cap Value Fund - Class A   247    181 
AIM Variable Insurance Funds:          
Invesco V.I. American Franchise Fund - Series I   6,662    7,668 
Invesco V.I. Core Equity Fund - Series I   1,647    4,953 
Invesco V.I. Discovery Mid Cap Growth Fund - Series I   3    3 
Invesco V.I. Global Fund - Series I   21    8 
Invesco V.I. Global Strategic Income Fund - Series I   5    1 
Invesco V.I. Main Street Fund - Series I   6    12 
Invesco V.I. Main Street Small Cap Fund - Series I   5,064    3,438 
Alger Funds:          
Alger Capital Appreciation Fund - Class A   121    42 
Alger Funds II:          
Alger Responsible Investing Fund - Class A   3,120    3,151 
Amana Mutual Funds Trust:          
Amana Growth Fund - Investor Class   8,642    9,503 
Amana Income Fund - Investor Class   5,692    9,672 
American Balanced Fund:          
American Funds® American Balanced Fund® - Class R-3   219    554 

American Beacon Funds: 

          
American Beacon Small Cap Value Fund - Investor Class   38    5 
168 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Purchases   Sales 
   (In thousands) 
American Century Capital Portfolios, Inc.:        
American Century Investments® Mid Cap Value Fund - R6 Class  $126   $ 
American Century Government Income Trust:          
American Century Investments® Inflation-Adjusted Bond Fund - Investor Class   12,878    3,994 
American Century Quantitative Equity Funds, Inc.:          
American Century Investments® Disciplined Core Value Fund - A Class   4,495    1,309 
American Funds Fundamental Investors:          
American Funds® Fundamental Investors® - Class R-3   184    122 
American Funds® Fundamental Investors® - Class R-4   18,273    12,972 
American Mutual Fund:          
American Funds® American Mutual Fund® - Class R-4   396    93 
American Funds® American Mutual Fund® - Class R-6   26     
AMG Funds IV:          
AMG River Road Mid Cap Value Fund - Class N   13,277    3,299 
Ariel Investment Trust:          
Ariel Appreciation Fund - Investor Class   39    19 
Ariel Fund - Institutional Class        
Ariel Fund - Investor Class   5,946    4,086 
Artisan Partners Funds, Inc.:          
Artisan International Fund - Investor Shares   2,266    1,906 
BlackRock Equity Dividend Fund:          
BlackRock Equity Dividend Fund - Investor A Shares   295    125 
BlackRock FundsSM:          
BlackRock Health Sciences Opportunities Portfolio - Institutional Shares   3,471    1,308 
BlackRock Health Sciences Opportunities Portfolio - Investor A Shares   7,654    4,792 
BlackRock Mid-Cap Value Series, Inc.:          
BlackRock Mid-Cap Value Fund - Institutional Shares   143    18 
BlackRock Mid-Cap Value Fund - Investor A Shares   5,691    2,866 
Bond Fund of America:          
American Funds® The Bond Fund of America® - Class R-4   4,897    6,265 
Calvert Responsible Index Series, Inc.:          
Calvert US Large-Cap Core Responsible Index Fund - Class A   12     
Calvert Variable Series, Inc.:          
Calvert VP SRI Balanced Portfolio   5,061    7,544 
Capital Income Builder:          
American Funds® Capital Income Builder® - Class R-4   2,134    808 
Capital World Bond Fund:          
American Funds® Capital World Bond Fund® - Class R-6   76     
Capital World Growth & Income Fund:          
American Funds® Capital World Growth and Income Fund® - Class R-3   149    83 
Cohen & Steers Real Estate Securities Fund, Inc.:          
Cohen & Steers Real Estate Securities Fund, Inc. - Class A   3,285    241 
Cohen & Steers Realty Shares, Inc.:          
Cohen & Steers Realty Shares, Inc.   2,104    2,739 
Columbia Acorn Trust:          
Columbia Acorn® Fund - Class A Shares   32    5 
Columbia Funds Series Trust:          
Columbia Select Mid Cap Value Fund - Class A Shares   1,767    1,105 
Columbia Select Mid Cap Value Fund - Institutional Class       1 
Columbia Funds Series Trust II:          
Columbia Large Cap Value Fund - Advisor Class   2,427    1,531 
CRM Mutual Fund Trust:          
CRM Mid Cap Value Fund - Investor Shares   66    61 
Davis Series, Inc.:          
Davis Financial Fund - Class Y   35    33 
169 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Purchases   Sales 
   (In thousands) 
Delaware Group® Equity Funds IV:        
Delaware Smid Cap Growth Fund - Institutional Class  $1,081   $34,475 
Delaware Group® Equity Funds V:          
Delaware Small Cap Value Fund - Class A   3,762    2,614 
Deutsche DWS Institutional Funds:          
DWS Equity 500 Index Fund - Class S   392    51 
Deutsche DWS Investment Trust:          
DWS Small Cap Growth Fund - Class S   19    3 
DFA Investment Dimensions Group Inc.:          
DFA Emerging Markets Core Equity Portfolio - Institutional Class   501    3,963 
DFA Inflation-Protected Securities Portfolio - Institutional Class   1,466    3,630 
DFA Real Estate Securities Portfolio - Institutional Class   87     
DFA U.S. Targeted Value Portfolio - Institutional Class   1,627    27,483 
Dimensional Investment Group Inc.:          
DFA U.S. Large Company Portfolio - Institutional Class   615    308 
Dodge & Cox Funds:          
Dodge & Cox International Stock Fund   19    102 
Dodge & Cox Stock Fund   293    9 
Eaton Vance Special Investment Trust:          
Eaton Vance Large-Cap Value Fund - Class R Shares        
EuroPacific Growth Fund:          
American Funds® EuroPacific Growth Fund® - Class R-3   376    1,330 
American Funds® EuroPacific Growth Fund® - Class R-4   37,380    24,112 
American Funds® EuroPacific Growth Fund® - Class R-6   41     
Federated Hermes World Investment Series, Inc.:          
Federated Hermes International Leaders Fund - Institutional Shares   13    3 
Fidelity Concord Street Trust:          
Fidelity® 500 Index Fund   616     
Fidelity Contrafund:          
Fidelity Advisor® New Insights Fund - Class I   772    430 
Fidelity Salem Street Trust:          
Fidelity® Mid Cap Index Fund   316     
Fidelity® Small Cap Index Fund   215     
Fidelity Variable Insurance Products Fund:          
Fidelity® VIP Equity-Income Portfolio - Initial Class   38,792    23,022 
Fidelity® VIP Growth Portfolio - Initial Class   135,277    47,926 
Fidelity® VIP High Income Portfolio - Initial Class   1,247    843 
Fidelity® VIP Overseas Portfolio - Initial Class   3,816    4,265 
Fidelity Variable Insurance Products Fund II:          
Fidelity® VIP Contrafund® Portfolio - Initial Class   206,530    145,772 
Fidelity® VIP Index 500 Portfolio - Initial Class   23,784    23,202 
Fidelity Variable Insurance Products Fund V:          
Fidelity® VIP Asset Manager Portfolio - Initial Class   1,090    1,504 
Franklin Mutual Series Funds:          
Franklin Mutual Global Discovery Fund - Class R   137    391 
Franklin Strategic Series:          
Franklin Biotechnology Discovery Fund - Advisor Class   84    150 
Franklin Natural Resources Fund - Advisor Class   155    10 
Franklin Small-Mid Cap Growth Fund - Class A   108    51 
Franklin Templeton Variable Insurance Products Trust:          
Franklin Small Cap Value VIP Fund - Class 2   10,935    11,621 
Franklin Value Investors Trust:          
Franklin Small Cap Value Fund - Class R6   58     
Goldman Sachs Trust:          
Goldman Sachs Growth Opportunities Fund - Investor Shares   127    12 
170 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Purchases   Sales 
   (In thousands) 
Growth Fund of America:        
American Funds® The Growth Fund of America® - Class R-3  $1,233   $3,136 
American Funds® The Growth Fund of America® - Class R-4   52,553    49,465 
American Funds® The Growth Fund of America® - Class R-6   21     
Hartford Mutual Funds, Inc.:          
The Hartford Capital Appreciation Fund - Class R4        
The Hartford Dividend And Growth Fund - Class R4        
The Hartford International Opportunities Fund - Class R4   624    556 
Income Fund of America:          
American Funds® The Income Fund of America® - Class R-3   94    439 
Ivy Funds:          
Delaware Ivy Science and Technology Fund - Class Y   13,570    7,548 
Janus Aspen Series:          
Janus Henderson Balanced Portfolio - Institutional Shares   4    7 
Janus Henderson Enterprise Portfolio - Institutional Shares   41    53 
Janus Henderson Flexible Bond Portfolio - Institutional Shares        
Janus Henderson Global Research Portfolio - Institutional Shares   4    13 
Janus Henderson Research Portfolio - Institutional Shares   5    16 
JPMorgan Trust II:          
JPMorgan Equity Income Fund - Class I Shares   2,250    883 
JPMorgan Equity Income Fund - Class R6 Shares   10     
JPMorgan Government Bond Fund - Class I Shares   633    2,822 
JPMorgan Government Bond Fund - Class R6 Shares   54     
JPMorgan Large Cap Growth Fund - Class R6 Shares   349     
Lazard Funds, Inc.:          
Lazard International Equity Portfolio - Open Shares   632    316 
Legg Mason Partners Investment Trust:          
ClearBridge Aggressive Growth Fund - Class I   114    58 
LKCM Funds:          
LKCM Aquinas Catholic Equity Fund   10    1 
Loomis Sayles Funds I:          
Loomis Sayles Small Cap Value Fund - Retail Class   2,738    1,721 
Loomis Sayles Funds II:          
Loomis Sayles Limited Term Government and Agency Fund - Class Y   229    395 
Lord Abbett Developing Growth Fund, Inc.:          
Lord Abbett Developing Growth Fund - Class A   40    130 
Lord Abbett Investment Trust:          
Lord Abbett Core Fixed Income Fund - Class A   4    4 
Lord Abbett Short Duration Income Fund - Class R4   4,432    2,579 
Lord Abbett Mid Cap Stock Fund, Inc.:          
Lord Abbett Mid Cap Stock Fund - Class A   75    50 
Lord Abbett Research Fund, Inc.:          
Lord Abbett Small Cap Value Fund - Class A   45    81 
Lord Abbett Securities Trust:          
Lord Abbett Fundamental Equity Fund - Class A   9    125 
Lord Abbett Series Fund, Inc.:          
Lord Abbett Series Fund Mid Cap Stock Portfolio - Class VC   8,996    7,297 
MainStay Funds Trust:          
MainStay CBRE Real Estate Fund - Class A   87    519 
Massachusetts Investors Growth Stock Fund:          
Massachusetts Investors Growth Stock Fund - Class A   17    68 
Metropolitan West Funds:          
Metropolitan West Total Return Bond Fund - Class I Shares   1,968    33,548 
Metropolitan West Total Return Bond Fund - Class M Shares   3,234    5,030 
171 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Purchases   Sales 
   (In thousands) 
MFS Series Trust I:          
MFS® New Discovery Fund - Class R3  $303   $155 
MFS Series Trust X:          
MFS® International Intrinsic Value Fund - Class R3   120    47 
Neuberger Berman Equity Funds:          
Neuberger Berman Genesis Fund - Trust Class Shares   116    28 
Neuberger Berman Sustainable Equity Fund - Institutional Class Shares   813    6,794 
Neuberger Berman Sustainable Equity Fund - Trust Class Shares   2,919    2,488 
New Perspective Fund:          
American Funds® New Perspective Fund® - Class R-3   249    206 
American Funds® New Perspective Fund® - Class R-4   39,228    17,188 
American Funds® New Perspective Fund® - Class R-6   692     
New World Fund, Inc.:          
American Funds® New World Fund® - Class R-4   192    59 
Nuveen Investment Funds, Inc.:          
Nuveen Global Infrastructure Fund - Class I   350    289 
Parnassus Income Funds:          
Parnassus Core Equity Fund - Investor Shares   9,090    5,028 
Pax World Funds Series Trust I:          
Pax Sustainable Allocation Fund - Investor Class   4,018    4,616 
PIMCO Funds:          
PIMCO CommodityRealReturn Strategy Fund® - Administrative Class   4,537    1,284 
PIMCO Variable Insurance Trust:          
PIMCO VIT Real Return Portfolio - Administrative Class   13,002    9,470 
Pioneer Equity Income Fund:          
Pioneer Equity Income Fund - Class Y Shares   637    1,383 
Pioneer High Yield Fund:          
Pioneer High Yield Fund - Class A Shares   70    88 
Pioneer Series Trust IV:          
Pioneer Balanced ESG Fund - Class K Shares   6     
Pioneer Series Trust XIV:          
Pioneer Strategic Income Fund - Class A Shares   194    33 
Pioneer Variable Contracts Trust:          
Pioneer Equity Income VCT Portfolio - Class I   (1)   5 
Pioneer High Yield VCT Portfolio - Class I   3,546    2,089 
Prudential Investment Portfolios, Inc.:          
PGIM High Yield Fund - Class R6   188     
Prudential Sector Funds, Inc.:          
PGIM Jennison Utility Fund - Class Z   63    12 
Royce Fund:          
Royce Total Return Fund - Service Class   2    4 
Schwartz Investment Trust:          
Ave Maria Rising Dividend Fund   2,316    1,118 
SMALLCAP World Fund, Inc.:          
American Funds® SMALLCAP World Fund® - Class R-4   10,871    4,032 
American Funds® SMALLCAP World Fund® - Class R-6   93     
T. Rowe Price Equity Funds, Inc.:          
T. Rowe Price Large-Cap Growth Fund - I Class   3,654    75,143 
T. Rowe Price Mid-Cap Value Fund, Inc.:          
T. Rowe Price Mid-Cap Value Fund - R Class   130    109 
T. Rowe Price Value Fund, Inc.:          
T. Rowe Price Value Fund - Advisor Class   224    29 
TCW Funds Inc:          
TCW Total Return Bond Fund - Class N   1,614    4,524 
172 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Purchases   Sales 
   (In thousands) 
Templeton Funds, Inc.:        
Templeton Foreign Fund - Class A  $27   $234 
Templeton Income Trust:          
Templeton Global Bond Fund - Advisor Class   2,092    2,994 
Templeton Global Bond Fund - Class A   5,642    10,631 
Third Avenue Trust:          
Third Avenue Real Estate Value Fund - Institutional Class   19    4 
Touchstone Strategic Trust - June Funds:          
Touchstone Small Company Fund - Class R6   192     
Touchstone Value Fund - Institutional Class   1,787    24,394 
USAA Mutual Funds Trust:          
USAA Precious Metals and Minerals Fund - Class A Shares   8,754    7,405 
Vanguard Bond Index Funds:          
Vanguard® Total Bond Market Index Fund - Admiral™ Shares   35    26 
Vanguard Explorer Fund:          
Vanguard® Explorer™ Fund - Admiral™ Shares   19     
Vanguard Fenway Funds:          
Vanguard® Equity Income Fund - Admiral™ Shares   290     
Vanguard Money Market Reserves:          
Vanguard® Federal Money Market Fund - Investor Shares   32    2 
Vanguard STAR Funds:          
Vanguard® Total International Stock Index Fund - Admiral™ Shares   159    20 
Vanguard Trustees’ Equity Fund:          
Vanguard® International Value Fund - Investor Shares   61     
Vanguard Variable Insurance Funds:          
Vanguard® Variable Insurance Fund - Diversified Value Portfolio   5    1 
Vanguard® Variable Insurance Fund - Equity Income Portfolio   18    111 
Vanguard® Variable Insurance Fund - Small Company Growth Portfolio   12    1 
Vanguard World Fund:          
Vanguard® FTSE Social Index Fund - Institutional Shares   124     
Victory Portfolios:          
Victory Integrity Small-Cap Value Fund - Class Y   116    110 
Victory Sycamore Established Value Fund - Class A   4,864    1,771 
Victory Sycamore Established Value Fund - Class R6   775    721 
Victory Sycamore Small Company Opportunity Fund - Class R   2     
Virtus Investment Trust:          
Virtus NFJ Dividend Value Fund - Class A   12    14 
Virtus NFJ Large-Cap Value Fund - Institutional Class       3 
Virtus NFJ Small-Cap Value Fund - Class A   1    18 
Voya Balanced Portfolio, Inc.:          
Voya Balanced Portfolio - Class I   10,183    25,986 
Voya Equity Trust:          
Voya Large Cap Value Fund - Class A   127    150 
Voya Large-Cap Growth Fund - Class R6   445     
Voya Funds Trust:          
Voya Floating Rate Fund - Class A   245    142 
Voya GNMA Income Fund - Class A   976    920 
Voya Intermediate Bond Fund - Class A   136    458 
Voya Intermediate Bond Fund - Class R6   232     
Voya Government Money Market Portfolio:          
Voya Government Money Market Portfolio - Class I   45,679    92,471 
Voya Intermediate Bond Portfolio:          
Voya Intermediate Bond Portfolio - Class I   21,891    45,385 
Voya Intermediate Bond Portfolio - Class S   141    214 
173 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Purchases   Sales 
   (In thousands) 
Voya Investors Trust:        
Voya Global Perspectives® Portfolio - Class I  $2,002   $1,453 
Voya High Yield Portfolio - Adviser Class   1     
Voya High Yield Portfolio - Institutional Class   15,627    7,583 
Voya High Yield Portfolio - Service Class   27    393 
Voya Large Cap Growth Portfolio - Adviser Class   21    8 
Voya Large Cap Growth Portfolio - Institutional Class   141,861    79,287 
Voya Large Cap Growth Portfolio - Service Class   2,148    871 
Voya Large Cap Value Portfolio - Adviser Class   1    2 
Voya Large Cap Value Portfolio - Institutional Class   13,793    27,687 
Voya Large Cap Value Portfolio - Service Class   236    782 
Voya Limited Maturity Bond Portfolio - Adviser Class        
Voya U.S. Stock Index Portfolio - Institutional Class   9,996    3,643 
VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class   1    1 
VY® Clarion Global Real Estate Portfolio - Institutional Class   4,539    7,491 
VY® Clarion Real Estate Portfolio - Adviser Class        
VY® Clarion Real Estate Portfolio - Institutional Class   29    257 
VY® Clarion Real Estate Portfolio - Service Class   2,754    5,873 
VY® Invesco Growth and Income Portfolio - Institutional Class   5,715    4,323 
VY® Invesco Growth and Income Portfolio - Service Class   2,389    2,899 
VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class   10    25 
VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class   3,615    2,882 
VY® JPMorgan Emerging Markets Equity Portfolio - Service Class   6,010    7,249 
VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class        
VY® JPMorgan Small Cap Core Equity Portfolio - Institutional Class   9,038    5,875 
VY® JPMorgan Small Cap Core Equity Portfolio - Service Class   4,803    5,319 
VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class   55    90 
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6   293     
VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class   108,038    27,875 
VY® T. Rowe Price Capital Appreciation Portfolio - Service Class   169,743    79,609 
VY® T. Rowe Price Equity Income Portfolio - Adviser Class   25    167 
VY® T. Rowe Price Equity Income Portfolio - Service Class   7,289    10,848 
VY® T. Rowe Price International Stock Portfolio - Adviser Class   4    2 
VY® T. Rowe Price International Stock Portfolio - Service Class   1,156    1,196 
Voya Mutual Funds:          
Voya Multi-Manager International Small Cap Fund - Class A   20    189 
Voya Multi-Manager International Small Cap Fund - Class I   1,370    605 
Voya Partners, Inc.:          
Voya Global Bond Portfolio - Adviser Class   16    21 
Voya Global Bond Portfolio - Initial Class   8,573    6,105 
Voya Global Bond Portfolio - Service Class   139    179 
Voya Index Solution 2025 Portfolio - Initial Class   1,719    1,698 
Voya Index Solution 2025 Portfolio - Service Class   1,924    1,285 
Voya Index Solution 2025 Portfolio - Service 2 Class   350    654 
Voya Index Solution 2030 Portfolio - Service 2 Class   4     
Voya Index Solution 2035 Portfolio - Initial Class   3,683    535 
Voya Index Solution 2035 Portfolio - Service Class   2,271    819 
Voya Index Solution 2035 Portfolio - Service 2 Class   840    337 
Voya Index Solution 2040 Portfolio - Initial Class   14     
Voya Index Solution 2045 Portfolio - Initial Class   2,337    334 
Voya Index Solution 2045 Portfolio - Service Class   1,665    483 
Voya Index Solution 2045 Portfolio - Service 2 Class   727    158 
Voya Index Solution 2050 Portfolio - Initial Class   1     
Voya Index Solution 2055 Portfolio - Initial Class   1,261    723 
Voya Index Solution 2055 Portfolio - Service Class   2,211    861 
174 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Purchases   Sales 
   (In thousands) 
Voya Partners, Inc.: (continued)        
Voya Index Solution 2055 Portfolio - Service 2 Class  $673   $181 
Voya Index Solution 2065 Portfolio - Initial Class   81     
Voya Index Solution 2065 Portfolio - Service Class   80    4 
Voya Index Solution Income Portfolio - Initial Class   191    223 
Voya Index Solution Income Portfolio - Service Class   175    273 
Voya Index Solution Income Portfolio - Service 2 Class   51    131 
Voya International High Dividend Low Volatility Portfolio - Adviser Class   5    11 
Voya International High Dividend Low Volatility Portfolio - Initial Class   2,890    6,623 
Voya International High Dividend Low Volatility Portfolio - Service Class   6    5 
Voya Solution 2025 Portfolio - Adviser Class   25    23 
Voya Solution 2025 Portfolio - Initial Class   4,440    2,005 
Voya Solution 2025 Portfolio - Service Class   23,769    14,323 
Voya Solution 2025 Portfolio - Service 2 Class   819    684 
Voya Solution 2030 Portfolio - Service Class   131     
Voya Solution 2035 Portfolio - Adviser Class   29    3 
Voya Solution 2035 Portfolio - Initial Class   4,939    3,216 
Voya Solution 2035 Portfolio - Service Class   26,139    9,478 
Voya Solution 2035 Portfolio - Service 2 Class   1,228    1,556 
Voya Solution 2040 Portfolio - Initial Class        
Voya Solution 2040 Portfolio - Service Class   2     
Voya Solution 2045 Portfolio - Adviser Class   3     
Voya Solution 2045 Portfolio - Initial Class   4,836    1,144 
Voya Solution 2045 Portfolio - Service Class   21,287    5,360 
Voya Solution 2045 Portfolio - Service 2 Class   748    852 
Voya Solution 2050 Portfolio - Initial Class        
Voya Solution 2050 Portfolio - Service Class   10     
Voya Solution 2050 Portfolio - Service 2 Class        
Voya Solution 2055 Portfolio - Initial Class   3,212    508 
Voya Solution 2055 Portfolio - Service Class   12,594    3,553 
Voya Solution 2055 Portfolio - Service 2 Class   518    189 
Voya Solution 2060 Portfolio - Initial Class        
Voya Solution 2060 Portfolio - Service Class   54     
Voya Solution 2060 Portfolio - Service 2 Class   1     
Voya Solution 2065 Portfolio - Initial Class   1     
Voya Solution 2065 Portfolio - Service Class   1,172    100 
Voya Solution Balanced Portfolio - Service Class   1,620    929 
Voya Solution Income Portfolio - Adviser Class   28    46 
Voya Solution Income Portfolio - Initial Class   3,655    2,141 
Voya Solution Income Portfolio - Service Class   4,215    7,460 
Voya Solution Income Portfolio - Service 2 Class   442    718 
Voya Solution Moderately Conservative Portfolio - Service Class   1,120    1,374 
VY® American Century Small-Mid Cap Value Portfolio - Adviser Class       25 
VY® American Century Small-Mid Cap Value Portfolio - Initial Class   3,786    5,171 
VY® American Century Small-Mid Cap Value Portfolio - Service Class   2,930    8,947 
VY® Baron Growth Portfolio - Adviser Class   53    24 
VY® Baron Growth Portfolio - Service Class   17,419    18,016 
VY® Columbia Contrarian Core Portfolio - Service Class   3,402    1,725 
VY® Columbia Small Cap Value II Portfolio - Adviser Class   1    5 
VY® Columbia Small Cap Value II Portfolio - Service Class   8,810    4,599 
VY® Invesco Comstock Portfolio - Adviser Class   3    115 
VY® Invesco Comstock Portfolio - Service Class   7,811    7,350 
VY® Invesco Equity and Income Portfolio - Adviser Class   56    136 
VY® Invesco Equity and Income Portfolio - Initial Class   10,942    24,903 
VY® Invesco Equity and Income Portfolio - Service Class   110    42 
175 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Purchases   Sales 
   (In thousands) 
Voya Partners, Inc.: (continued)        
VY® Invesco Global Portfolio - Adviser Class  $15   $58 
VY® Invesco Global Portfolio - Initial Class   32,616    61,838 
VY® Invesco Global Portfolio - Service Class   270    127 
VY® JPMorgan Mid Cap Value Portfolio - Adviser Class   11    21 
VY® JPMorgan Mid Cap Value Portfolio - Initial Class   2,044    2,614 
VY® JPMorgan Mid Cap Value Portfolio - Service Class   4,629    8,511 
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class   83    34 
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6   389     
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class   94,908    54,650 
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class   387    103 
VY® T. Rowe Price Growth Equity Portfolio - Adviser Class   110    212 
VY® T. Rowe Price Growth Equity Portfolio - Initial Class   75,757    52,410 
VY® T. Rowe Price Growth Equity Portfolio - Service Class   635    478 
Voya Separate Portfolios Trust:          
Voya Target In-Retirement Fund - Class R6   30     
Voya Target Retirement 2025 Fund - Class R6   95     
Voya Target Retirement 2030 Fund - Class R6   2     
Voya Target Retirement 2035 Fund - Class R6   147    2 
Voya Target Retirement 2040 Fund - Class R6        
Voya Target Retirement 2045 Fund - Class R6   184     
Voya Target Retirement 2050 Fund - Class R6   13     
Voya Target Retirement 2055 Fund - Class R6   62     
Voya Target Retirement 2060 Fund - Class R6   6     
Voya Series Fund, Inc.:          
Voya Corporate Leaders 100 Fund - Class I   3,098    2,000 
Voya Strategic Allocation Portfolios, Inc.:          
Voya Strategic Allocation Conservative Portfolio - Class I   4,654    5,734 
Voya Strategic Allocation Growth Portfolio - Class I   7,246    7,712 
Voya Strategic Allocation Moderate Portfolio - Class I   7,595    6,357 
Voya Variable Funds:          
Voya Growth and Income Portfolio - Class A   631    485 
Voya Growth and Income Portfolio - Class I   601,881    138,357 
Voya Growth and Income Portfolio - Class S   158    101 
Voya Variable Portfolios, Inc.:          
Voya Global High Dividend Low Volatility Portfolio - Class I   3,120    7,642 
Voya Global High Dividend Low Volatility Portfolio - Class S   902    1,581 
Voya Index Plus LargeCap Portfolio - Class I   36,991    43,151 
Voya Index Plus LargeCap Portfolio - Class S   11    1 
Voya Index Plus MidCap Portfolio - Class I   6,681    29,212 
Voya Index Plus MidCap Portfolio - Class S       8 
Voya Index Plus SmallCap Portfolio - Class I   6,702    13,506 
Voya Index Plus SmallCap Portfolio - Class S   1    11 
Voya International Index Portfolio - Class I   5,118    6,062 
Voya International Index Portfolio - Class S   1     
Voya Russell™ Large Cap Growth Index Portfolio - Class I   15,711    17,019 
Voya Russell™ Large Cap Growth Index Portfolio - Class S   460    696 
Voya Russell™ Large Cap Index Portfolio - Class I   34,947    18,144 
Voya Russell™ Large Cap Index Portfolio - Class S   38    117 
Voya Russell™ Large Cap Value Index Portfolio - Class I   95    98 
Voya Russell™ Large Cap Value Index Portfolio - Class S   3,623    2,715 
Voya Russell™ Mid Cap Growth Index Portfolio - Class S   2,721    4,598 
Voya Russell™ Mid Cap Index Portfolio - Class I   32,425    14,299 
Voya Russell™ Small Cap Index Portfolio - Class I   13,631    8,852 
Voya Small Company Portfolio - Class I   1,857    15,353 
176 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Purchases   Sales 
   (In thousands) 
Voya Variable Portfolios, Inc.: (continued)        
Voya Small Company Portfolio - Class S  $1   $6 
Voya U.S. Bond Index Portfolio - Class I   6,781    8,136 
Voya Variable Products Trust:          
Voya MidCap Opportunities Portfolio - Class I   54,959    27,197 
Voya MidCap Opportunities Portfolio - Class R6   50     
Voya MidCap Opportunities Portfolio - Class S   167    353 
Voya SmallCap Opportunities Portfolio - Class I   10,460    8,754 
Voya SmallCap Opportunities Portfolio - Class S   5    8 
Wanger Advisors Trust:          
Wanger International   2,018    7,223 
Wanger Select   7,979    7,276 
Wanger USA   8,646    13,914 
Washington Mutual Investors Fund:          
American Funds® Washington Mutual Investors FundSM - Class R-3   123    261 
American Funds® Washington Mutual Investors FundSM - Class R-4   19,394    20,384 
American Funds® Washington Mutual Investors FundSM - Class R-6   74     
Wells Fargo Funds Trust:          
Allspring Small Company Growth Fund - Administrator Class   8,994    2,195 
Allspring Small Company Value Fund - Class A   39    6 
Allspring Special Small Cap Value Fund - Class A   9,659    12,719 
177 

 

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 
   2021   2020 
   Units Issued   Units Redeemed   Net Increase
(Decrease)
   Units Issued   Units Redeemed   Net Increase
(Decrease)
 
AB Relative Value Fund, Inc.:                              
AB Relative Value Fund - Class A   5,498    6,892    (1,394)   1,317    1,597    (280)
AB Variable Products Series Fund, Inc.:                              
AB VPS Growth and Income Portfolio - Class A   1,907    795    1,112    899    2,861    (1,962)
Aberdeen Funds:                              
Aberdeen Emerging Markets Sustainable Leaders Fund - Institutional Class   102,579    1,698,762    (1,596,183)   264,032    140,066    123,966 
AIM Counselor Series Trust:                              
Invesco Capital Appreciation Fund - Class A   291    417    (126)   282    770    (488)
Invesco Floating Rate ESG Fund - Class R5   4,343    1,001    3,342    6,052    10,229    (4,177)
AIM Equity Funds:                              
Invesco Main Street Fund - Class A   28,654    26,362    2,292    31,355    49,700    (18,345)
AIM Growth Series:                              
Invesco Main Street Mid Cap Fund® - Class A   63,371    85,961    (22,590)   328,556    53,478    275,078 
Invesco Small Cap Growth Fund - Class A   742    358    384    745    280    465 
AIM International Mutual Funds:                              
Invesco International Growth Fund - Class R5   12,975    13,291    (316)   9,675    7,721    1,954 
Invesco International Small-Mid Company Fund - Class Y   6,903    5,672    1,231    8,574    4,261    4,313 
Invesco Oppenheimer International Growth Fund - Class Y   4,795    2,826    1,969    22,561    60,717    (38,156)
AIM Investment Funds:                              
Invesco Developing Markets Fund - Class A   250,872    509,224    (258,352)   315,848    764,251    (448,403)
Invesco Developing Markets Fund - Class R6   11,623    17    11,606             
Invesco Developing Markets Fund - Class Y   357,980    406,868    (48,888)   318,076    753,578    (435,502)
Invesco Endeavor Fund - Class A   66    1,122    (1,056)   73    88    (15)
Invesco Health Care Fund - Investor Class   516    548    (32)   137    506    (369)
Invesco International Bond Fund - Class A   282    257    25    4,110    7,034    (2,924)
AIM Investment Securities Funds:                              
Invesco High Yield Fund - Class R5   10,111    4,656    5,455    20,748    56,571    (35,823)
AIM Sector Funds:                              
Invesco American Value Fund - Class R5   19,633    14,221    5,412    34,366    47,623    (13,257)
Invesco Energy Fund - Class R5   42,762    1,807    40,955    9,471    7,671    1,800 
Invesco Gold & Special Minerals Fund - Class A   2,963    10,230    (7,267)   8,965    432    8,533 
Invesco Small Cap Value Fund - Class A   4,646    3,689    957    445    399    46 
AIM Variable Insurance Funds:                              
Invesco V.I. American Franchise Fund - Series I   104,840    158,846    (54,006)   184,633    173,985    10,648 
Invesco V.I. Core Equity Fund - Series I   212,988    364,899    (151,911)   257,231    352,192    (94,961)
Invesco V.I. Discovery Mid Cap Growth Fund - Series I   9,431    9,527    (96)   9,741    9,839    (98)
Invesco V.I. Global Fund - Series I   15    72    (57)   37    209    (172)
Invesco V.I. Global Strategic Income Fund - Series I                        
Invesco V.I. Main Street Fund - Series I   36,162    36,527    (365)   37,670    38,050    (380)
Invesco V.I. Main Street Small Cap Fund - Series I   154,213    162,089    (7,876)   127,078    258,294    (131,216)
Alger Funds:                              
Alger Capital Appreciation Fund - Class A   2,276    1,735    541    693    372    321 
Alger Funds II:                              
Alger Responsible Investing Fund - Class A   56,221    76,492    (20,271)   140,151    70,910    69,241 
Amana Mutual Funds Trust:                              
Amana Growth Fund - Investor Class   409,339    349,415    59,924    528,987    556,716    (27,729)
Amana Income Fund - Investor Class   215,304    418,390    (203,086)   262,384    472,081    (209,697)
American Balanced Fund:                              
American Funds® American Balanced Fund® - Class R-3   18,279    30,135    (11,856)   32,507    44,749    (12,242)
178 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Year ended December 31 
   2021   2020 
   Units Issued   Units Redeemed   Net Increase
(Decrease)
   Units Issued   Units Redeemed   Net Increase
(Decrease)
 
American Beacon Funds:                              
American Beacon Small Cap Value Fund - Investor Class   1,364    295    1,069    1,501    28,578    (27,077)
American Century Capital Portfolios, Inc.:                              
American Century Investments® Mid Cap Value Fund - R6 Class   11,778    21    11,757             
American Century Government Income Trust:                              
American Century Investments® Inflation-Adjusted Bond Fund - Investor Class   1,203,544    633,151    570,393    1,250,660    726,494    524,166 
American Century Quantitative Equity Funds, Inc.:                              
American Century Investments® Disciplined Core Value Fund - A Class   58,312    54,736    3,576    54,472    90,648    (36,176)
American Funds Fundamental Investors:                              
American Funds® Fundamental Investors® - Class R-3   5,098    7,000    (1,902)   38,622    45,737    (7,115)
American Funds® Fundamental Investors® - Class R-4   388,932    672,409    (283,477)   528,541    913,736    (385,195)
American Mutual Fund:                              
American Funds® American Mutual Fund® - Class R-4   11,573    4,066    7,507    30,022    67,900    (37,878)
American Funds® American Mutual Fund® - Class R-6   2,354        2,354             
AMG Funds IV:                              
AMG River Road Mid Cap Value Fund - Class N   80,027    184,768    (104,741)   113,141    269,952    (156,811)
Ariel Investment Trust:                              
Ariel Appreciation Fund - Investor Class   997    858    139    633    3,488    (2,855)
Ariel Fund - Institutional Class   26        26             
Ariel Fund - Investor Class   196,609    151,178    45,431    49,073    114,681    (65,608)
Artisan Partners Funds, Inc.:                              
Artisan International Fund - Investor Shares   46,201    138,106    (91,905)   91,797    160,320    (68,523)
BlackRock Equity Dividend Fund:                              
BlackRock Equity Dividend Fund - Investor A Shares   13,300    12,343    957    16,740    14,338    2,402 
BlackRock FundsSM:                              
BlackRock Health Sciences Opportunities Portfolio - Institutional Shares   176,752    117,792    58,960    260,447    148,754    111,693 
BlackRock Health Sciences Opportunities Portfolio - Investor A Shares   446,996    457,035    (10,039)   682,785    533,629    149,156 
BlackRock Mid-Cap Value Series, Inc.:                              
BlackRock Mid-Cap Value Fund - Institutional Shares   5,754    1,227    4,527    3,789    2,309    1,480 
BlackRock Mid-Cap Value Fund - Investor A Shares   118,623    96,784    21,839    63,111    100,950    (37,839)
Bond Fund of America:                              
American Funds® The Bond Fund of America® - Class R-4   550,642    659,681    (109,039)   1,323,851    630,398    693,453 
Calvert Responsible Index Series, Inc.:                              
Calvert US Large-Cap Core Responsible Index Fund - Class A   736        736    490        490 
Calvert Variable Series, Inc.:                              
Calvert VP SRI Balanced Portfolio   231,635    310,649    (79,014)   228,012    270,814    (42,802)
Capital Income Builder:                              
American Funds® Capital Income Builder® - Class R-4   192,869    108,998    83,871    274,154    147,622    126,532 
Capital World Bond Fund:                              
American Funds® Capital World Bond Fund® - Class R-6   7,654        7,654             
Capital World Growth & Income Fund:                              
American Funds® Capital World Growth and Income Fund® - Class R-3   5,946    5,228    718    23,447    25,424    (1,977)
Cohen & Steers Real Estate Securities Fund, Inc.:                              
Cohen & Steers Real Estate Securities Fund, Inc. - Class A   216,607    30,267    186,340    95,036    64,559    30,477 
Cohen & Steers Realty Shares, Inc.:                              
Cohen & Steers Realty Shares, Inc.   102,851    143,716    (40,865)   114,153    210,598    (96,445)
Columbia Acorn Trust:                              
Columbia Acorn® Fund - Class A Shares   2,610    2,638    (28)   2,775    2,583    192 
Columbia Funds Series Trust:                              
Columbia Select Mid Cap Value Fund - Class A Shares   58,862    58,369    493    37,433    73,545    (36,112)
Columbia Select Mid Cap Value Fund - Institutional Class       40    (40)            
179 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Year ended December 31 
   2021   2020 
   Units Issued   Units Redeemed   Net Increase
(Decrease)
   Units Issued   Units Redeemed   Net Increase
(Decrease)
 
Columbia Funds Series Trust II:                              
Columbia Large Cap Value Fund - Advisor Class   151,309    140,880    10,429    153,875    267,064    (113,189)
CRM Mutual Fund Trust:                              
CRM Mid Cap Value Fund - Investor Shares   2,723    2,867    (144)   1,702    3,436    (1,734)
Davis Series, Inc.:                              
Davis Financial Fund - Class Y   3,019    3,153    (134)   3,372    3,829    (457)
Delaware Group® Equity Funds IV:                              
Delaware Smid Cap Growth Fund - Institutional Class   46,823    1,030,411    (983,588)   148,873    102,688    46,185 
Delaware Group® Equity Funds V:                              
Delaware Small Cap Value Fund - Class A   213,666    160,935    52,731    72,017    81,796    (9,779)
Deutsche DWS Institutional Funds:                              
DWS Equity 500 Index Fund - Class S   3,890    976    2,914    3,774    849    2,925 
Deutsche DWS Investment Trust:                              
DWS Small Cap Growth Fund - Class S   845    142    703    581    735    (154)
DFA Investment Dimensions Group Inc.:                              
DFA Emerging Markets Core Equity Portfolio - Institutional Class   35,327    255,076    (219,749)   48,370    40,640    7,730 
DFA Inflation-Protected Securities Portfolio - Institutional Class   123,472    288,280    (164,808)   139,151    63,354    75,797 
DFA Real Estate Securities Portfolio - Institutional Class   7,580        7,580             
DFA U.S. Targeted Value Portfolio - Institutional Class   117,429    1,623,596    (1,506,167)   306,886    179,439    127,447 
Dimensional Investment Group Inc.:                              
DFA U.S. Large Company Portfolio - Institutional Class   54,266    27,191    27,075             
Dodge & Cox Funds:                              
Dodge & Cox International Stock Fund   3,363    7,746    (4,383)   5,951    5,422    529 
Dodge & Cox Stock Fund   7,654    1,117    6,537    2,016    1,515    501 
Eaton Vance Special Investment Trust:                              
Eaton Vance Large-Cap Value Fund - Class R Shares                        
EuroPacific Growth Fund:                              
American Funds® EuroPacific Growth Fund® - Class R-3   49,345    81,073    (31,728)   50,874    58,443    (7,569)
American Funds® EuroPacific Growth Fund® - Class R-4   1,118,681    1,571,882    (453,201)   1,205,452    2,171,460    (966,008)
American Funds® EuroPacific Growth Fund® - Class R-6   4,164    4    4,160             
Federated Hermes World Investment Series, Inc.:                              
Federated Hermes International Leaders Fund - Institutional Shares   603    214    389    1,555    742    813 
Fidelity Concord Street Trust:                              
Fidelity® 500 Index Fund   54,456        54,456             
Fidelity Contrafund:                              
Fidelity Advisor® New Insights Fund - Class I   38,860    34,153    4,707    50,431    150,722    (100,291)
Fidelity Salem Street Trust:                              
Fidelity® Mid Cap Index Fund   29,745    2    29,743             
Fidelity® Small Cap Index Fund   21,519    6    21,513             
Fidelity Variable Insurance Products Fund:                              
Fidelity® VIP Equity-Income Portfolio - Initial Class   1,443,243    1,724,737    (281,494)   1,862,610    2,320,354    (457,744)
Fidelity® VIP Growth Portfolio - Initial Class   1,020,706    1,229,280    (208,574)   1,257,660    1,528,598    (270,938)
Fidelity® VIP High Income Portfolio - Initial Class   68,044    66,358    1,686    82,662    82,935    (273)
Fidelity® VIP Overseas Portfolio - Initial Class   118,504    190,153    (71,649)   153,068    345,859    (192,791)
Fidelity Variable Insurance Products Fund II:                              
Fidelity® VIP Contrafund® Portfolio - Initial Class   3,497,493    4,919,964    (1,422,471)   3,887,687    6,064,667    (2,176,980)
Fidelity® VIP Index 500 Portfolio - Initial Class   442,230    474,600    (32,370)   588,167    873,348    (285,181)
Fidelity Variable Insurance Products Fund V:                              
Fidelity® VIP Asset Manager Portfolio - Initial Class   26,312    39,617    (13,305)   35,974    70,753    (34,779)
Franklin Mutual Series Funds:                              
Franklin Mutual Global Discovery Fund - Class R   12,501    21,620    (9,119)   15,275    18,651    (3,376)
180 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Year ended December 31 
   2021   2020 
   Units Issued   Units Redeemed   Net Increase
(Decrease)
   Units Issued   Units Redeemed   Net Increase
(Decrease)
 
Franklin Strategic Series:                              
Franklin Biotechnology Discovery Fund - Advisor Class   3,326    8,554    (5,228)   7,625    5,181    2,444 
Franklin Natural Resources Fund - Advisor Class   25,404    1,781    23,623    13,440    11,364    2,076 
Franklin Small-Mid Cap Growth Fund - Class A   3,111    2,331    780    2,689    8,237    (5,548)
Franklin Templeton Variable Insurance Products Trust:                              
Franklin Small Cap Value VIP Fund - Class 2   640,356    732,811    (92,455)   637,230    850,971    (213,741)
Franklin Value Investors Trust:                              
Franklin Small Cap Value Fund - Class R6   5,643        5,643             
Goldman Sachs Trust:                              
Goldman Sachs Growth Opportunities Fund - Investor Shares   3,893    531    3,362    2,888    866    2,022 
Growth Fund of America:                              
American Funds® The Growth Fund of America® - Class R-3   52,948    95,492    (42,544)   51,772    78,684    (26,912)
American Funds® The Growth Fund of America® - Class R-4   853,013    1,580,645    (727,632)   1,023,520    2,030,485    (1,006,965)
American Funds® The Growth Fund of America® - Class R-6   1,721        1,721             
Hartford Mutual Funds, Inc.:                              
The Hartford Capital Appreciation Fund - Class R4                        
The Hartford Dividend And Growth Fund - Class R4   5        5    32    206    (174)
The Hartford International Opportunities Fund - Class R4   33,194    41,593    (8,399)   51,587    24,442    27,145 
Income Fund of America:                              
American Funds® The Income Fund of America® - Class R-3   9,322    22,295    (12,973)   23,355    28,113    (4,758)
Ivy Funds:                              
Delaware Ivy Science and Technology Fund - Class Y   325,424    443,695    (118,271)   775,147    609,746    165,401 
Janus Aspen Series:                              
Janus Henderson Balanced Portfolio - Institutional Shares   15    82    (67)   22    16    6 
Janus Henderson Enterprise Portfolio - Institutional Shares   134    474    (340)   132    562    (430)
Janus Henderson Flexible Bond Portfolio - Institutional Shares                   11    (11)
Janus Henderson Global Research Portfolio - Institutional Shares   14    241    (227)   31    417    (386)
Janus Henderson Research Portfolio - Institutional Shares   9    200    (191)   22    31    (9)
JPMorgan Trust II:                              
JPMorgan Equity Income Fund - Class I Shares   150,244    81,913    68,331    566,941    135,003    431,938 
JPMorgan Equity Income Fund - Class R6 Shares   902        902             
JPMorgan Government Bond Fund - Class I Shares   56,170    253,856    (197,686)   551,685    282,743    268,942 
JPMorgan Government Bond Fund - Class R6 Shares   5,379        5,379             
JPMorgan Large Cap Growth Fund - Class R6 Shares   29,649    18    29,631             
Lazard Funds, Inc.:                              
Lazard International Equity Portfolio - Open Shares   35,461    25,910    9,551    40,963    32,141    8,822 
Legg Mason Partners Investment Trust:                              
ClearBridge Aggressive Growth Fund - Class I   1,988    3,204    (1,216)   2,371    2,980    (609)
LKCM Funds:                              
LKCM Aquinas Catholic Equity Fund   129    1    128    336    1    335 
Loomis Sayles Funds I:                              
Loomis Sayles Small Cap Value Fund - Retail Class   49,022    77,199    (28,177)   43,770    97,759    (53,989)
Loomis Sayles Funds II:                              
Loomis Sayles Limited Term Government and Agency Fund - Class Y   23,455    39,134    (15,679)   105,996    42,783    63,213 
Lord Abbett Developing Growth Fund, Inc.:                              
Lord Abbett Developing Growth Fund - Class A   1,185    2,633    (1,448)   1,157    814    343 
Lord Abbett Investment Trust:                              
Lord Abbett Core Fixed Income Fund - Class A   1,045    1,064    (19)   2,690    2,215    475 
Lord Abbett Short Duration Income Fund - Class R4   454,690    297,305    157,385    354,524    236,854    117,670 
Lord Abbett Mid Cap Stock Fund, Inc.:                              
Lord Abbett Mid Cap Stock Fund - Class A   1,052    1,710    (658)   3,190    21,067    (17,877)
181 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Year ended December 31 
   2021   2020 
   Units Issued   Units Redeemed   Net Increase
(Decrease)
   Units Issued   Units Redeemed   Net Increase
(Decrease)
 
Lord Abbett Research Fund, Inc.:                              
Lord Abbett Small Cap Value Fund - Class A   364    2,061    (1,697)   980    3,498    (2,518)
Lord Abbett Securities Trust:                              
Lord Abbett Fundamental Equity Fund - Class A   591    5,190    (4,599)   280    59    221 
Lord Abbett Series Fund, Inc.:                              
Lord Abbett Series Fund Mid Cap Stock Portfolio - Class VC   397,379    567,466    (170,087)   472,526    757,674    (285,148)
MainStay Funds Trust:                              
MainStay CBRE Real Estate Fund - Class A   41,227    74,963    (33,736)   67,427    7,815    59,612 
Massachusetts Investors Growth Stock Fund:                              
Massachusetts Investors Growth Stock Fund - Class A   1,248    2,465    (1,217)   1,940    1,609    331 
Metropolitan West Funds:                              
Metropolitan West Total Return Bond Fund - Class I Shares   185,360    2,764,680    (2,579,320)   622,872    273,081    349,791 
Metropolitan West Total Return Bond Fund - Class M Shares   432,444    592,794    (160,350)   829,286    786,575    42,711 
MFS Series Trust I:                              
MFS® New Discovery Fund - Class R3   9,056    8,106    950    9,210    3,618    5,592 
MFS Series Trust X:                              
MFS® International Intrinsic Value Fund - Class R3   4,484    3,152    1,332    21,927    60,617    (38,690)
Neuberger Berman Equity Funds:                              
Neuberger Berman Genesis Fund - Trust Class Shares   4,734    4,248    486    5,209    5,032    177 
Neuberger Berman Sustainable Equity Fund - Institutional Class Shares   45,698    326,492    (280,794)   75,005    29,429    45,576 
Neuberger Berman Sustainable Equity Fund - Trust Class Shares   54,897    87,284    (32,387)   54,033    84,509    (30,476)
New Perspective Fund:                              
American Funds® New Perspective Fund® - Class R-3   16,258    17,985    (1,727)   10,398    11,804    (1,406)
American Funds® New Perspective Fund® - Class R-4   982,998    972,173    10,825    1,700,576    1,125,631    574,945 
American Funds® New Perspective Fund® - Class R-6   63,004    2    63,002             
New World Fund, Inc.:                              
American Funds® New World Fund® - Class R-4   9,675    4,342    5,333    19,318    37,859    (18,541)
Nuveen Investment Funds, Inc.:                              
Nuveen Global Infrastructure Fund - Class I   18,663    22,992    (4,329)   29,078    55,446    (26,368)
Parnassus Income FundsSM:                              
Parnassus Core Equity Fund - Investor Shares   264,812    232,468    32,344    328,318    305,123    23,195 
Pax World Funds Series Trust I:                              
Pax Sustainable Allocation Fund - Investor Class   181,758    270,475    (88,717)   157,675    227,926    (70,251)
PIMCO Funds:                              
PIMCO CommodityRealReturn Strategy Fund® - Administrative Class   605,574    243,953    361,621    132,709    96,915    35,794 
PIMCO Variable Insurance Trust:                              
PIMCO VIT Real Return Portfolio - Administrative Class   932,423    941,875    (9,452)   1,017,831    961,493    56,338 
Pioneer Equity Income Fund:                              
Pioneer Equity Income Fund - Class Y Shares   15,868    60,991    (45,123)   25,144    333,962    (308,818)
Pioneer High Yield Fund:                              
Pioneer High Yield Fund - Class A Shares   9,821    11,423    (1,602)   10,963    27,187    (16,224)
Pioneer Series Trust IV:                              
Pioneer Balanced ESG Fund - Class K Shares   581        581             
Pioneer Series Trust XIV:                              
Pioneer Strategic Income Fund - Class A Shares   16,156    10,247    5,909    35,422    28,487    6,935 
Pioneer Variable Contracts Trust:                              
Pioneer Equity Income VCT Portfolio - Class I       148    (148)       2    (2)
Pioneer High Yield VCT Portfolio - Class I   165,288    129,622    35,666    90,963    139,217    (48,254)
Prudential Investment Portfolios, Inc.:                              
PGIM High Yield Fund - Class R6   18,268        18,268             
Prudential Sector Funds, Inc.:                              
PGIM Jennison Utility Fund - Class Z   2,458    703    1,755    2,833    4,612    (1,779)
182 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Year ended December 31 
   2021   2020 
   Units Issued   Units Redeemed   Net Increase
(Decrease)
   Units Issued   Units Redeemed   Net Increase
(Decrease)
 
Royce Fund:                              
Royce Total Return Fund - Service Class   54    334    (280)   1,013    687    326 
Schwartz Investment Trust:                              
Ave Maria Rising Dividend Fund   127,956    92,753    35,203    63,072    155,931    (92,859)
SMALLCAP World Fund, Inc.:                              
American Funds® SMALLCAP World Fund® - Class R-4   425,314    282,968    142,346    308,703    262,928    45,775 
American Funds® SMALLCAP World Fund® - Class R-6   9,354        9,354             
T. Rowe Price Equity Funds, Inc.:                              
T. Rowe Price Large-Cap Growth Fund - I Class   174,273    2,261,109    (2,086,836)   326,871    185,131    141,740 
T. Rowe Price Mid-Cap Value Fund, Inc.:                              
T. Rowe Price Mid-Cap Value Fund - R Class   2,400    2,355    45    1,147    1,409    (262)
T. Rowe Price Value Fund, Inc.:                              
T. Rowe Price Value Fund - Advisor Class   4,799    959    3,840    2,877    5,692    (2,815)
TCW Funds Inc:                              
TCW Total Return Bond Fund - Class N   227,584    493,063    (265,479)   835,866    431,380    404,486 
Templeton Funds, Inc.:                              
Templeton Foreign Fund - Class A   2,077    12,251    (10,174)   1,700    1,031    669 
Templeton Income Trust:                              
Templeton Global Bond Fund - Advisor Class   159,059    325,613    (166,554)   192,099    413,660    (221,561)
Templeton Global Bond Fund - Class A   388,983    763,341    (374,358)   490,379    1,012,954    (522,575)
Third Avenue Trust:                              
Third Avenue Real Estate Value Fund - Institutional Class   1,029    347    682    1,048    433    615 
Touchstone Strategic Trust - June Funds:                              
Touchstone Small Company Fund - Class R6   18,363    20    18,343             
Touchstone Value Fund - Institutional Class   116,210    1,332,915    (1,216,705)   233,714    137,487    96,227 
USAA Mutual Funds Trust:                              
USAA Precious Metals and Minerals Fund - Class A Shares   577,263    492,968    84,295    1,450,214    380,998    1,069,216 
Vanguard Bond Index Funds:                              
Vanguard® Total Bond Market Index Fund - Admiral™ Shares   2,955    2,366    589    10,045    13,554    (3,509)
Vanguard Explorer Fund:                              
Vanguard® Explorer™ Fund - Admiral™ Shares   1,613    20    1,593             
Vanguard Fenway Funds:                              
Vanguard® Equity Income Fund - Admiral™ Shares   27,416    41    27,375             
Vanguard Money Market Reserves:                              
Vanguard® Federal Money Market Fund - Investor Shares   3,238    222    3,016             
Vanguard STAR Funds:                              
Vanguard® Total International Stock Index Fund - Admiral™ Shares   14,043    1,530    12,513    6,066    35    6,031 
Vanguard Trustees’ Equity Fund:                              
Vanguard® International Value Fund - Investor Shares   6,413        6,413             
Vanguard Variable Insurance Funds:                              
Vanguard® Variable Insurance Fund - Diversified Value Portfolio   3,856    3,848    8    3,861    3,870    (9)
Vanguard® Variable Insurance Fund - Equity Income Portfolio   250    2,670    (2,420)   402    6    396 
Vanguard® Variable Insurance Fund - Small Company Growth Portfolio   1,727    1,607    120    1,600    1,537    63 
Vanguard World Fund:                              
Vanguard® FTSE Social Index Fund - Institutional Shares   10,847    38    10,809             
Victory Portfolios:                              
Victory Integrity Small-Cap Value Fund - Class Y   6,217    6,346    (129)   7,947    27,251    (19,304)
Victory Sycamore Established Value Fund - Class A   249,235    129,294    119,941    151,676    101,258    50,418 
Victory Sycamore Established Value Fund - Class R6   71,287    70,642    645             
Victory Sycamore Small Company Opportunity Fund - Class R   17        17    227    217    10 
Virtus Investment Trust:                              
Virtus NFJ Dividend Value Fund - Class A   1,549    1,885    (336)   1,589    3,656    (2,067)
183 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Year ended December 31 
   2021   2020 
   Units Issued   Units Redeemed   Net Increase
(Decrease)
   Units Issued   Units Redeemed   Net Increase
(Decrease)
 
Virtus Investment Trust: (continued)                              
Virtus NFJ Large-Cap Value Fund - Institutional Class       153    (153)            
Virtus NFJ Small-Cap Value Fund - Class A   90    568    (478)   310    470    (160)
Voya Balanced Portfolio, Inc.:                              
Voya Balanced Portfolio - Class I   4,854,410    5,298,013    (443,603)   4,248,686    4,781,899    (533,213)
Voya Equity Trust:                              
Voya Large Cap Value Fund - Class A   8,995    10,145    (1,150)   1,960    1,648    312 
Voya Large-Cap Growth Fund - Class R6   37,974        37,974             
Voya Funds Trust:                              
Voya Floating Rate Fund - Class A   21,271    12,818    8,453    35,649    314,841    (279,192)
Voya GNMA Income Fund - Class A   126,704    121,262    5,442    172,299    78,965    93,334 
Voya Intermediate Bond Fund - Class A   35,214    52,737    (17,523)   36,917    42,194    (5,277)
Voya Intermediate Bond Fund - Class R6   23,037        23,037             
Voya Government Money Market Portfolio:                              
Voya Government Money Market Portfolio - Class I   14,294,372    17,063,719    (2,769,347)   25,693,622    19,850,984    5,842,638 
Voya Intermediate Bond Portfolio:                              
Voya Intermediate Bond Portfolio - Class I   7,182,918    8,353,614    (1,170,696)   32,774,297    31,572,536    1,201,761 
Voya Intermediate Bond Portfolio - Class S   4,833    11,731    (6,898)   3,251    16,128    (12,877)
Voya Investors Trust:                              
Voya Global Perspectives® Portfolio - Class I   137,804    115,680    22,124    197,493    40,549    156,944 
Voya High Yield Portfolio - Adviser Class   16    3    13    33    394    (361)
Voya High Yield Portfolio - Institutional Class   2,159,213    1,921,374    237,839    2,456,615    3,034,282    (577,667)
Voya High Yield Portfolio - Service Class   810    15,420    (14,610)   8,210    10,388    (2,178)
Voya Large Cap Growth Portfolio - Adviser Class   7    179    (172)   9    315    (306)
Voya Large Cap Growth Portfolio - Institutional Class   1,287,743    2,793,291    (1,505,548)   1,854,256    3,521,597    (1,667,341)
Voya Large Cap Growth Portfolio - Service Class   25,978    30,549    (4,571)   44,674    52,115    (7,441)
Voya Large Cap Value Portfolio - Adviser Class       121    (121)       159    (159)
Voya Large Cap Value Portfolio - Institutional Class   2,208,570    3,186,495    (977,925)   2,841,938    4,651,419    (1,809,481)
Voya Large Cap Value Portfolio - Service Class   17,364    40,090    (22,726)   18,861    16,132    2,729 
Voya Limited Maturity Bond Portfolio - Adviser Class   37        37    88    58    30 
Voya U.S. Stock Index Portfolio - Institutional Class   343,361    260,169    83,192    435,071    553,921    (118,850)
VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class   17    88    (71)   35    144    (109)
VY® Clarion Global Real Estate Portfolio - Institutional Class   395,375    618,228    (222,853)   395,820    993,299    (597,479)
VY® Clarion Real Estate Portfolio - Adviser Class                   273    (273)
VY® Clarion Real Estate Portfolio - Institutional Class   942,375    951,986    (9,611)   955,114    964,886    (9,772)
VY® Clarion Real Estate Portfolio - Service Class   284,444    438,635    (154,191)   179,540    475,057    (295,517)
VY® Invesco Growth and Income Portfolio - Institutional Class   272,429    230,312    42,117    351,013    343,483    7,530 
VY® Invesco Growth and Income Portfolio - Service Class   115,708    136,326    (20,618)   114,805    224,641    (109,836)
VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class   39    739    (700)   392    4,018    (3,626)
VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class   107,516    120,763    (13,247)   102,398    116,349    (13,951)
VY® JPMorgan Emerging Markets Equity Portfolio - Service Class   193,148    284,132    (90,984)   236,658    272,131    (35,473)
VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class   7    15    (8)   45    65    (20)
VY® JPMorgan Small Cap Core Equity Portfolio - Institutional Class   242,770    239,944    2,826    289,063    355,331    (66,268)
VY® JPMorgan Small Cap Core Equity Portfolio - Service Class   145,166    195,824    (50,658)   157,772    247,765    (89,993)
VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class       2,913    (2,913)   1,811    165    1,646 
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6   26,789        26,789             
VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class   2,077,445    1,638,779    438,666    2,576,272    2,951,646    (375,374)
VY® T. Rowe Price Capital Appreciation Portfolio - Service Class   3,729,337    4,885,007    (1,155,670)   5,163,561    5,826,939    (663,378)
VY® T. Rowe Price Equity Income Portfolio - Adviser Class   86    5,551    (5,465)   1,078    9,022    (7,944)
VY® T. Rowe Price Equity Income Portfolio - Service Class   1,062,671    1,299,134    (236,463)   921,430    1,240,919    (319,489)
VY® T. Rowe Price International Stock Portfolio - Adviser Class   41    98    (57)   159    225    (66)
VY® T. Rowe Price International Stock Portfolio - Service Class   60,749    71,034    (10,285)   55,901    72,959    (17,058)
184 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Year ended December 31 
   2021   2020 
   Units Issued   Units Redeemed   Net Increase
(Decrease)
   Units Issued   Units Redeemed   Net Increase
(Decrease)
 
Voya Mutual Funds:                              
Voya Multi-Manager International Small Cap Fund - Class A   380    5,328    (4,948)   442    873    (431)
Voya Multi-Manager International Small Cap Fund - Class I   68,162    36,980    31,182    42,697    40,464    2,233 
Voya Partners, Inc.:                              
Voya Global Bond Portfolio - Adviser Class   552    1,205    (653)   1,100    11,490    (10,390)
Voya Global Bond Portfolio - Initial Class   2,126,276    2,180,338    (54,062)   1,979,287    2,162,675    (183,388)
Voya Global Bond Portfolio - Service Class   23,819    28,637    (4,818)   25,800    18,733    7,067 
Voya Index Solution 2025 Portfolio - Initial Class   54,911    66,246    (11,335)   149,663    402,319    (252,656)
Voya Index Solution 2025 Portfolio - Service Class   50,357    47,728    2,629    293,497    171,224    122,273 
Voya Index Solution 2025 Portfolio - Service 2 Class   44,832    63,053    (18,221)   62,298    58,304    3,994 
Voya Index Solution 2030 Portfolio - Service 2 Class   381        381             
Voya Index Solution 2035 Portfolio - Initial Class   104,435    26,572    77,863    185,742    570,883    (385,141)
Voya Index Solution 2035 Portfolio - Service Class   56,117    27,803    28,314    160,407    212,882    (52,475)
Voya Index Solution 2035 Portfolio - Service 2 Class   43,970    31,841    12,129    33,406    20,219    13,187 
Voya Index Solution 2040 Portfolio - Initial Class   1,351        1,351             
Voya Index Solution 2045 Portfolio - Initial Class   58,284    14,470    43,814    177,960    559,972    (382,012)
Voya Index Solution 2045 Portfolio - Service Class   36,471    13,975    22,496    122,660    95,366    27,294 
Voya Index Solution 2045 Portfolio - Service 2 Class   37,260    25,149    12,111    23,788    15,554    8,234 
Voya Index Solution 2050 Portfolio - Initial Class   109        109             
Voya Index Solution 2055 Portfolio - Initial Class   43,320    30,660    12,660    229,063    417,839    (188,776)
Voya Index Solution 2055 Portfolio - Service Class   82,421    43,693    38,728    127,947    85,138    42,809 
Voya Index Solution 2055 Portfolio - Service 2 Class   26,522    13,850    12,672    23,410    7,392    16,018 
Voya Index Solution 2065 Portfolio - Initial Class   5,828    20    5,808    486    170    316 
Voya Index Solution 2065 Portfolio - Service Class   5,821    310    5,511    785        785 
Voya Index Solution Income Portfolio - Initial Class   10,116    13,269    (3,153)   73,429    207,852    (134,423)
Voya Index Solution Income Portfolio - Service Class   7,450    14,479    (7,029)   37,831    37,848    (17)
Voya Index Solution Income Portfolio - Service 2 Class   8,810    14,898    (6,088)   11,427    13,107    (1,680)
Voya International High Dividend Low Volatility Portfolio - Adviser Class   117    865    (748)   227    2,479    (2,252)
Voya International High Dividend Low Volatility Portfolio - Initial Class   1,173,715    1,573,020    (399,305)   1,294,557    1,820,068    (525,511)
Voya International High Dividend Low Volatility Portfolio - Service Class   1,827    1,873    (46)   778    1,092    (314)
Voya Solution 2025 Portfolio - Adviser Class   130    913    (783)   352    11,440    (11,088)
Voya Solution 2025 Portfolio - Initial Class   234,355    149,921    84,434    348,844    207,743    141,101 
Voya Solution 2025 Portfolio - Service Class   1,042,235    1,040,621    1,614    1,108,161    1,336,091    (227,930)
Voya Solution 2025 Portfolio - Service 2 Class   137,320    149,464    (12,144)   71,742    161,863    (90,121)
Voya Solution 2030 Portfolio - Service Class   12,602        12,602             
Voya Solution 2035 Portfolio - Adviser Class   205    72    133    304    7,260    (6,956)
Voya Solution 2035 Portfolio - Initial Class   268,114    196,299    71,815    280,317    179,139    101,178 
Voya Solution 2035 Portfolio - Service Class   1,124,122    769,490    354,632    1,077,657    1,230,104    (152,447)
Voya Solution 2035 Portfolio - Service 2 Class   171,237    205,203    (33,966)   167,702    294,191    (126,489)
Voya Solution 2040 Portfolio - Initial Class   10        10             
Voya Solution 2040 Portfolio - Service Class   210        210             
Voya Solution 2045 Portfolio - Adviser Class   34    1    33        34    (34)
Voya Solution 2045 Portfolio - Initial Class   240,366    93,506    146,860    233,789    161,324    72,465 
Voya Solution 2045 Portfolio - Service Class   712,614    525,076    187,538    827,609    960,119    (132,510)
Voya Solution 2045 Portfolio - Service 2 Class   69,860    86,886    (17,026)   73,481    129,931    (56,450)
Voya Solution 2050 Portfolio - Initial Class   42        42             
Voya Solution 2050 Portfolio - Service Class   998    2    996             
Voya Solution 2050 Portfolio - Service 2 Class   31        31             
Voya Solution 2055 Portfolio - Initial Class   126,245    33,795    92,450    139,863    51,250    88,613 
Voya Solution 2055 Portfolio - Service Class   389,412    261,653    127,759    491,476    279,999    211,477 
Voya Solution 2055 Portfolio - Service 2 Class   39,627    35,000    4,627    25,446    54,631    (29,185)
Voya Solution 2060 Portfolio - Initial Class   2        2             
185 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Year ended December 31 
   2021   2020 
   Units Issued   Units Redeemed   Net Increase
(Decrease)
   Units Issued   Units Redeemed   Net Increase
(Decrease)
 
Voya Partners, Inc.: (continued)                              
Voya Solution 2060 Portfolio - Service Class   5,024        5,024             
Voya Solution 2060 Portfolio - Service 2 Class   52        52             
Voya Solution 2065 Portfolio - Initial Class   68        68             
Voya Solution 2065 Portfolio - Service Class   81,050    10,610    70,440    36,567    6,423    30,144 
Voya Solution Balanced Portfolio - Service Class   87,288    54,908    32,380    53,278    46,007    7,271 
Voya Solution Income Portfolio - Adviser Class       2,154    (2,154)       24,961    (24,961)
Voya Solution Income Portfolio - Initial Class   195,255    151,319    43,936    275,945    112,571    163,374 
Voya Solution Income Portfolio - Service Class   165,784    478,562    (312,778)   204,243    461,236    (256,993)
Voya Solution Income Portfolio - Service 2 Class   110,480    134,932    (24,452)   92,480    119,522    (27,042)
Voya Solution Moderately Conservative Portfolio - Service Class   82,671    102,939    (20,268)   82,361    89,287    (6,926)
VY® American Century Small-Mid Cap Value Portfolio - Adviser Class       617    (617)   12    558    (546)
VY® American Century Small-Mid Cap Value Portfolio - Initial Class   148,850    191,256    (42,406)   168,573    243,293    (74,720)
VY® American Century Small-Mid Cap Value Portfolio - Service Class   450,187    638,924    (188,737)   546,373    818,118    (271,745)
VY® Baron Growth Portfolio - Adviser Class   345    444    (99)   2,117    3,980    (1,863)
VY® Baron Growth Portfolio - Service Class   763,940    994,741    (230,801)   778,591    1,194,283    (415,692)
VY® Columbia Contrarian Core Portfolio - Service Class   75,774    78,356    (2,582)   178,875    209,130    (30,255)
VY® Columbia Small Cap Value II Portfolio - Adviser Class       161    (161)       217    (217)
VY® Columbia Small Cap Value II Portfolio - Service Class   376,796    222,756    154,040    59,896    59,749    147 
VY® Invesco Comstock Portfolio - Adviser Class   20    3,752    (3,732)   545    1,344    (799)
VY® Invesco Comstock Portfolio - Service Class   649,720    684,313    (34,593)   591,822    803,640    (211,818)
VY® Invesco Equity and Income Portfolio - Adviser Class   669    4,561    (3,892)   363    1,574    (1,211)
VY® Invesco Equity and Income Portfolio - Initial Class   1,440,196    2,107,416    (667,220)   1,941,859    3,162,461    (1,220,602)
VY® Invesco Equity and Income Portfolio - Service Class   9,345    8,331    1,014    28,399    37,631    (9,232)
VY® Invesco Global Portfolio - Adviser Class   38    1,540    (1,502)   64    1,573    (1,509)
VY® Invesco Global Portfolio - Initial Class   2,071,740    3,317,821    (1,246,081)   2,158,439    4,358,039    (2,199,600)
VY® Invesco Global Portfolio - Service Class   3,912    2,729    1,183    4,836    4,098    738 
VY® JPMorgan Mid Cap Value Portfolio - Adviser Class   17    531    (514)   692    2,917    (2,225)
VY® JPMorgan Mid Cap Value Portfolio - Initial Class   93,527    144,056    (50,529)   74,569    200,019    (125,450)
VY® JPMorgan Mid Cap Value Portfolio - Service Class   774,395    894,635    (120,240)   421,582    595,445    (173,863)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class   6    602    (596)   247    1,330    (1,083)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6   34,769    19    34,750             
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class   1,202,022    2,030,373    (828,351)   1,638,486    2,834,857    (1,196,371)
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class   3,900    2,149    1,751    4,413    9,803    (5,390)
VY® T. Rowe Price Growth Equity Portfolio - Adviser Class   7    3,860    (3,853)   306    3,962    (3,656)
VY® T. Rowe Price Growth Equity Portfolio - Initial Class   1,597,595    1,903,422    (305,827)   1,832,891    2,333,716    (500,825)
VY® T. Rowe Price Growth Equity Portfolio - Service Class   12,784    15,043    (2,259)   20,069    35,510    (15,441)
Voya Separate Portfolios Trust:                              
Voya Target In-Retirement Fund - Class R6   2,638        2,638             
Voya Target Retirement 2025 Fund - Class R6   8,173        8,173             
Voya Target Retirement 2030 Fund - Class R6   152        152             
Voya Target Retirement 2035 Fund - Class R6   12,202    192    12,010             
Voya Target Retirement 2040 Fund - Class R6   12        12             
Voya Target Retirement 2045 Fund - Class R6   14,665        14,665             
Voya Target Retirement 2050 Fund - Class R6   1,029        1,029             
Voya Target Retirement 2055 Fund - Class R6   4,961    58    4,903             
Voya Target Retirement 2060 Fund - Class R6   458        458             
Voya Series Fund, Inc.:                              
Voya Corporate Leaders 100 Fund - Class I   145,140    135,531    9,609    220,141    172,160    47,981 
Voya Strategic Allocation Portfolios, Inc.:                              
Voya Strategic Allocation Conservative Portfolio - Class I   565,795    614,086    (48,291)   580,123    571,187    8,936 
Voya Strategic Allocation Growth Portfolio - Class I   484,022    552,095    (68,073)   491,491    579,979    (88,488)
186 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

   Year ended December 31 
   2021   2020 
   Units Issued   Units Redeemed   Net Increase
(Decrease)
   Units Issued   Units Redeemed   Net Increase
(Decrease)
 
Voya Strategic Allocation Portfolios, Inc.: (continued)                              
Voya Strategic Allocation Moderate Portfolio - Class I   1,059,283    1,114,817    (55,534)   784,968    918,384    (133,416)
Voya Variable Funds:                              
Voya Growth and Income Portfolio - Class A   57    14,427    (14,370)   910    8,053    (7,143)
Voya Growth and Income Portfolio - Class I   6,352,623    7,900,845    (1,548,222)   6,237,376    8,476,083    (2,238,707)
Voya Growth and Income Portfolio - Class S   1,540    2,851    (1,311)   4,940    4,035    905 
Voya Variable Portfolios, Inc.:                              
Voya Global High Dividend Low Volatility Portfolio - Class I   2,143,629    2,571,222    (427,593)   2,382,830    3,152,229    (769,399)
Voya Global High Dividend Low Volatility Portfolio - Class S   67,843    125,214    (57,371)   74,052    165,763    (91,711)
Voya Index Plus LargeCap Portfolio - Class I   1,603,402    2,169,910    (566,508)   1,790,620    2,533,860    (743,240)
Voya Index Plus LargeCap Portfolio - Class S   10    25    (15)   263    3,496    (3,233)
Voya Index Plus MidCap Portfolio - Class I   1,014,555    1,461,286    (446,731)   1,085,495    1,847,842    (762,347)
Voya Index Plus MidCap Portfolio - Class S   2    228    (226)   64    757    (693)
Voya Index Plus SmallCap Portfolio - Class I   576,680    721,567    (144,887)   522,914    846,578    (323,664)
Voya Index Plus SmallCap Portfolio - Class S   6    325    (319)   76    1,110    (1,034)
Voya International Index Portfolio - Class I   1,351,257    1,502,913    (151,656)   1,000,399    1,153,638    (153,239)
Voya International Index Portfolio - Class S   28    3    25    31    1    30 
Voya Russell™ Large Cap Growth Index Portfolio - Class I   1,629,654    1,652,537    (22,883)   14,650,191    14,524,569    125,622 
Voya Russell™ Large Cap Growth Index Portfolio - Class S   18,562    21,946    (3,384)   15,223    17,026    (1,803)
Voya Russell™ Large Cap Index Portfolio - Class I   1,306,057    1,165,652    140,405    1,955,641    1,511,950    443,691 
Voya Russell™ Large Cap Index Portfolio - Class S   184,177    186,038    (1,861)   101,538    102,564    (1,026)
Voya Russell™ Large Cap Value Index Portfolio - Class I   2,421    2,600    (179)   2,510    4,000    (1,490)
Voya Russell™ Large Cap Value Index Portfolio - Class S   154,425    133,775    20,650    197,568    195,430    2,138 
Voya Russell™ Mid Cap Growth Index Portfolio - Class S   66,520    108,439    (41,919)   94,804    143,295    (48,491)
Voya Russell™ Mid Cap Index Portfolio - Class I   1,019,798    1,092,172    (72,374)   1,358,865    1,741,156    (382,291)
Voya Russell™ Small Cap Index Portfolio - Class I   1,182,737    857,833    324,904    1,348,440    1,144,648    203,792 
Voya Small Company Portfolio - Class I   668,262    887,672    (219,410)   655,767    943,745    (287,978)
Voya Small Company Portfolio - Class S   21    153    (132)   662    2,356    (1,694)
Voya U.S. Bond Index Portfolio - Class I   587,443    721,750    (134,307)   1,686,872    982,001    704,871 
Voya Variable Products Trust:                              
Voya MidCap Opportunities Portfolio - Class I   747,523    1,001,433    (253,910)   827,693    1,228,280    (400,587)
Voya MidCap Opportunities Portfolio - Class R6   4,541        4,541             
Voya MidCap Opportunities Portfolio - Class S   7,016    14,086    (7,070)   9,560    15,634    (6,074)
Voya SmallCap Opportunities Portfolio - Class I   398,463    540,065    (141,602)   433,859    641,044    (207,185)
Voya SmallCap Opportunities Portfolio - Class S       185    (185)       1,658    (1,658)
Wanger Advisors Trust:                              
Wanger International   170,287    449,538    (279,251)   259,765    521,716    (261,951)
Wanger Select   61,382    192,220    (130,838)   112,839    320,652    (207,813)
Wanger USA   249,116    416,701    (167,585)   256,199    588,081    (331,882)
Washington Mutual Investors Fund:                              
American Funds® Washington Mutual Investors FundSM - Class R-3   17,633    22,855    (5,222)   14,144    20,044    (5,900)
American Funds® Washington Mutual Investors FundSM - Class R-4   589,202    1,044,238    (455,036)   823,778    1,317,189    (493,411)
American Funds® Washington Mutual Investors FundSM - Class R-6   6,837        6,837             
Wells Fargo Funds Trust:                              
Allspring Small Company Growth Fund - Administrator Class   260,795    156,513    104,282    174,138    154,759    19,379 
Allspring Small Company Value Fund - Class A   2,126    392    1,734    1,118    947    171 
Allspring Special Small Cap Value Fund - Class A   137,383    289,631    (152,248)   149,974    370,353    (220,379)
187 

 

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, 2021, 2020, 2019, 2018, and 2017, follows:

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
AB Relative Value Fund - Class A
  2021   4 $14.52 to $37.15 $160 0.62% 0.60% to 1.25% 1.86% to 26.32%
  2020   6 $11.54 to $28.84 $164 1.21% 0.70% to 1.25% 1.86% to 5.87%
  2019   6 $11.46 to $28.25 $167 1.17% 0.70% to 0.90% 22.02% to 22.09%
  2018   8 $22.43 to $23.46 $174 1.10% 0.60% to 0.90% -6.66% to -6.57%
  2017   8 $24.03 to $24.37 $191 0.81% 0.80% to 0.90% 17.68% to 17.79%
AB VPS Growth and Income Portfolio - Class A
  2021   24 $36.49 to $37.13 $868 0.79% 1.15% to 1.25% 26.57% to 26.68%
  2020   22 $28.83 to $29.31 $653 1.48% 1.15% to 1.25% 1.44% to 1.56%
  2019   24 $28.42 to $28.86 $700 1.26% 1.15% to 1.25% 22.39% to 22.50%
  2018   24 $23.22 to $23.56 $572 1.01% 1.15% to 1.25% -6.82% to -6.69%
  2017   25 $24.91 to $25.25 $622 1.26% 1.15% to 1.25% 17.49% to 17.55%
Aberdeen Emerging Markets Sustainable Leaders Fund - Institutional Class
  2021   3   $13.39   $46 0.00%   0.00%     -6.36%  
  2020   1,600   $14.30   $22,876 0.28%   0.00%     22.96%  
  2019   1,475   $11.63   $17,155 1.47%   0.00%     23.46%  
  2018   1,322   $9.42   $12,452 2.69%   0.00%     -15.14%  
  2017   1,117   $11.10   $12,399 1.56%   0.00%     26.28%  
Invesco Capital Appreciation Fund - Class A
  2021   2 $40.58 to $43.99 $96 0.00% 0.85% to 1.30% 10.18% to 21.32%
  2020   2 $34.18 to $36.26 $83 0.00% 0.85% to 1.20% 34.67% to 35.15%
  2019   3 $25.38 to $26.83 $75 0.00% 0.85% to 1.20% 34.43% to 34.89%
  2018   3 $18.88 to $19.89 $66 0.00% 0.85% to 1.20% -7.09% to -6.75%
  2017   3 $20.32 to $21.33 $74 0.01% 0.85% to 1.20% 25.05% to 25.47%
Invesco Floating Rate ESG Fund - Class R5
  2021   30 $11.82 to $12.86 $370 4.11% 0.30% to 1.40% 1.35% to 6.11%
  2020   27 $11.27 to $12.12 $312 4.17% 0.30% to 1.40% 0.44% to 1.51%
  2019   31 $11.22 to $11.94 $359 5.96% 0.30% to 1.40% 6.13% to 7.28%
  2018   26 $10.57 to $11.13 $279 5.52% 0.30% to 1.40% -1.49% to -0.27%
  2017   14 $10.73 to $11.16 $156 4.09% 0.30% to 1.40% 2.88% to 4.01%
Invesco Main Street Fund - Class A
  2021   96 $21.48 to $21.72 $2,065 0.66% 0.55% to 1.20% 26.06% to 26.43%
  2020   94 $17.04 to $17.18 $1,598 0.80% 0.95% to 1.20% 13.00% to 13.32%
  2019   112 $13.13 to $15.16 $1,650 1.02% 0.75% to 1.20% 30.45% to 30.91%
  2018   81 $10.03 to $11.60 $910 1.17% 0.75% to 1.20% -9.05% to -8.57%
  2017   64 $10.97 to $12.72 $796 1.34% 0.75% to 1.20% 15.34% to 15.43%
Invesco Main Street Mid Cap Fund® - Class A
  2021   252 $16.90 to $17.25 $4,303 0.22% 0.30% to 1.50% 5.06% to 22.62%
  2020 05/15/2020 275 $13.94 to $14.07 $3,850 (d) 0.25% to 1.50%   (d)  
  2019   (d)   (d)   (d) (d)   (d)     (d)  
  2018   (d)   (d)   (d) (d)   (d)     (d)  
  2017   (d)   (d)   (d) (d)   (d)     (d)  
Invesco Small Cap Growth Fund - Class A
  2021   4   $59.36   $238 0.00%   1.00%     6.27%  
  2020   4   $55.86   $203 0.00%   1.00%     55.43%  
  2019   3   $35.94   $114 0.00%   1.00%     23.04%  
  2018   3   $29.21   $91 0.00%   1.00%     9.90%  
  2017   3   $32.42   $102 0.00%   1.00%     23.68%  
 188
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Invesco International Growth Fund - Class R5
  2021   52 $14.32 to $17.83 $870 2.00%   0.55%   4.99% to 5.13%
  2020   52 $13.64 to $16.96 $830 1.17% 0.75% to 0.95% 12.63% to 12.92%
  2019   50 $12.11 to $15.02 $715 2.42% 0.75% to 0.95% 27.21% to 27.40%
  2018   46 $9.52 to $11.79 $523 1.16% 0.75% to 0.95% -15.90% to -15.67%
  2017   50 $11.32 to $13.98 $686 2.17% 0.75% to 0.95%   21.99%  
Invesco International Small-Mid Company Fund - Class Y
  2021   53 $22.75 to $25.03 $1,242 0.26% 0.15% to 1.40% 12.57% to 13.98%
  2020   52 $20.21 to $21.96 $1,074 0.00% 0.15% to 1.40% 23.30% to 24.37%
  2019   48 $16.39 to $17.19 $795 0.45% 0.55% to 1.40% 23.33% to 24.38%
  2018   40 $13.29 to $13.82 $543 0.86% 0.55% to 1.40% -10.51% to -9.73%
  2017   41 $14.85 to $15.31 $616 1.30% 0.55% to 1.40% 36.36% to 37.31%
Invesco Oppenheimer International Growth Fund - Class Y
  2021   31 $14.91 to $16.22 $475 0.45% 0.30% to 1.40% 9.31% to 10.57%
  2020   29 $13.64 to $14.67 $405 0.00% 0.30% to 1.40% 20.49% to 21.70%
  2019   67 $11.32 to $11.98 $770 1.27% 0.40% to 1.40% 27.19% to 28.54%
  2018   55 $8.90 to $9.32 $492 1.45% 0.40% to 1.40% -20.46% to -19.72%
  2017   42 $11.19 to $11.61 $474 1.12% 0.40% to 1.40% 25.17% to 26.47%
Invesco Developing Markets Fund - Class A
  2021   3,068 $13.77 to $128.88 $211,204 0.09% 0.00% to 1.75% -13.99% to -5.55%
  2020   3,326 $15.00 to $139.34 $252,661 0.00% 0.00% to 1.75% 15.18% to 17.26%
  2019   3,775 $12.89 to $118.87 $246,688 0.24% 0.00% to 1.75% 21.86% to 23.99%
  2018   4,037 $10.47 to $95.87 $216,966 0.25% 0.00% to 1.75% -13.67% to -12.14%
  2017   4,354 $12.01 to $109.12 $268,701 0.34% 0.00% to 1.75% 32.45% to 34.81%
Invesco Developing Markets Fund - Class R6
  2021 11/17/2021 12   $8.61   $100 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Invesco Developing Markets Fund - Class Y
  2021   2,820 $14.98 to $16.83 $45,522 0.37% 0.00% to 1.25% -8.38% to -7.27%
  2020   2,869 $16.35 to $18.15 $50,156 0.22% 0.00% to 1.25% 16.04% to 17.48%
  2019   3,305 $14.09 to $15.45 $49,389 0.55% 0.00% to 1.25% 22.74% to 24.30%
  2018   3,523 $11.48 to $12.43 $42,564 0.56% 0.00% to 1.25% -13.03% to -11.91%
  2017   3,726 $13.20 to $14.11 $51,340 0.67% 0.00% to 1.25% 33.47% to 35.15%
Invesco Health Care Fund - Investor Class
  2021   1 $101.99 to $125.33 $100 0.00% 0.35% to 1.60% 5.94% to 11.47%
  2020   1 $93.82 to $107.02 $92 0.00% 0.65% to 1.50% 12.74% to 13.69%
  2019   1 $83.22 to $94.13 $115 0.00% 0.65% to 1.50% 30.01% to 31.14%
  2018   2 $64.01 to $71.78 $132 0.00% 0.65% to 1.50% -1.04% to -0.19%
  2017   2 $64.67 to $71.91 $109 0.00% 0.65% to 1.50% 13.73% to 14.72%
Invesco International Bond Fund - Class A
  2021   1 $10.60 to $12.16 $8 0.00% 0.60% to 1.75% -11.81% to -10.72%
  2020   1 $12.02 to $13.62 $9 3.77% 0.60% to 1.75% 7.13% to 8.53%
  2019   4 $11.70 to $12.54 $44 5.59% 0.70% to 1.40% 8.37% to 8.67%
  2018   12 $10.99 to $11.80 $135 4.75% 0.45% to 1.25% -7.02% to -6.27%
  2017   13 $11.82 to $12.59 $160 3.79% 0.45% to 1.25% 9.44% to 10.34%
 189
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Invesco High Yield Fund - Class R5
  2021   38 $12.13 to $13.19 $475 4.83% 0.30% to 1.40% 2.80% to 3.86%
  2020   33 $11.80 to $12.70 $395 8.54% 0.30% to 1.40% 2.52% to 3.67%
  2019   69 $11.51 to $12.25 $800 6.15% 0.30% to 1.40% 11.96% to 13.22%
  2018   51 $10.28 to $10.82 $533 5.54% 0.30% to 1.40% -4.64% to -3.57%
  2017   37 $10.78 to $11.22 $405 5.31% 0.30% to 1.40% 5.17% to 6.35%
Invesco American Value Fund - Class R5
  2021   69 $16.27 to $17.36 $1,144 0.61% 0.55% to 1.40% 0.24% to 27.18%
  2020   64 $12.90 to $13.65 $834 0.44% 0.55% to 1.40% 0.23% to 1.11%
  2019   77 $12.87 to $13.50 $1,002 0.34% 0.55% to 1.40% 23.39% to 24.42%
  2018   72 $10.43 to $10.85 $754 0.92% 0.55% to 1.40% -13.80% to -13.41%
  2017   62 $12.10 to $12.30 $761 1.02% 0.95% to 1.40% 8.33% to 8.75%
Invesco Energy Fund - Class R5
  2021   53 $4.61 to $5.07 $254 3.44% 0.15% to 1.40% -3.09% to 56.48%
  2020   12 $2.98 to $3.24 $37 2.38% 0.15% to 1.40% -32.81% to 14.34%
  2019   10 $4.43 to $4.72 $47 2.20% 0.30% to 1.40% 3.75% to 5.12%
  2018   10 $4.27 to $4.49 $44 2.41% 0.30% to 1.40% -27.50% to -26.75%
  2017   20 $5.89 to $6.13 $122 4.30% 0.30% to 1.40% -9.10% to -8.51%
Invesco Gold & Special Minerals Fund - Class A
  2021   11 $9.83 to $11.20 $116 2.52% 0.45% to 1.55% -4.38% to -3.36%
  2020   18 $10.28 to $11.59 $202 2.14% 0.45% to 1.55% 22.39% to 37.80%
  2019   10 $7.59 to $8.26 $79 0.00% 0.80% to 1.65% 44.02% to 45.17%
  2018   8 $5.27 to $5.69 $45 0.00% 0.80% to 1.65%   -14.29%  
  2017   8 $6.12 to $6.92 $52 3.12% 0.20% to 1.75% 15.04% to 16.89%
Invesco Small Cap Value Fund - Class A
  2021   2 $48.88 to $54.09 $121 0.00% 0.20% to 1.00% 12.03% to 36.25%
  2020   1 $34.32 to $39.70 $52 0.00% 0.20% to 1.45% 9.71% to 63.51%
  2019   1 $30.76 to $35.90 $45 0.00% 0.20% to 1.65% 29.90% to 31.79%
  2018   2 $23.68 to $27.24 $60 0.00% 0.20% to 1.65% -26.53% to -25.43%
  2017   4 $32.23 to $36.53 $152 0.00% 0.20% to 1.65% 16.35% to 17.46%
Invesco V.I. American Franchise Fund - Series I
  2021   462 $37.30 to $158.32 $44,259 0.00% 0.00% to 1.50% -5.93% to 11.93%
  2020   516 $33.83 to $141.45 $45,196 0.07% 0.00% to 1.50% 40.25% to 42.35%
  2019   505 $24.12 to $99.37 $32,064 0.00% 0.00% to 1.50% 34.67% to 36.76%
  2018   553 $17.91 to $72.66 $26,539 0.00% 0.00% to 1.50% -5.06% to -3.62%
  2017   560 $18.86 to $75.39 $28,558 0.09% 0.00% to 1.50% 25.44% to 27.33%
Invesco V.I. Core Equity Fund - Series I
  2021   1,323 $22.84 to $42.93 $36,852 0.67% 0.25% to 1.95% 6.69% to 27.42%
  2020   1,475 $18.10 to $33.78 $32,553 1.26% 0.10% to 1.95% 11.61% to 13.73%
  2019   1,570 $16.09 to $29.82 $30,828 0.97% 0.10% to 1.95% 26.42% to 28.80%
  2018   1,738 $12.62 to $23.24 $27,039 0.93% 0.00% to 1.95% -11.17% to -9.39%
  2017   1,909 $14.10 to $25.77 $33,267 1.02% 0.00% to 1.95% 11.03% to 13.17%
Invesco V.I. Discovery Mid Cap Growth Fund - Series I
  2021   1 $20.05 to $41.26 $25 0.00% 1.25% to 1.50% 17.32% to 17.62%
  2020   1 $17.09 to $35.08 $23 0.00% 1.25% to 1.50% 38.61% to 38.93%
  2019   1 $12.33 to $25.25 $18 0.00% 1.25% to 1.50% 37.31% to 37.68%
  2018   1 $8.98 to $18.34 $14 0.00% 1.25% to 1.50% -7.52% to -7.28%
  2017   2 $9.71 to $19.78 $16 0.03% 1.25% to 1.50% 26.93% to 27.20%

 

 190
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Invesco V.I. Global Fund - Series I
  2021   5 $70.36 to $84.04 $407 0.00% 0.50% to 1.25% 14.05% to 14.92%
  2020   5 $59.62 to $73.13 $359 0.61% 0.50% to 1.40% 25.86% to 27.01%
  2019   6 $33.47 to $57.58 $292 0.76% 0.50% to 1.40% 29.96% to 31.13%
  2018   6 $25.59 to $43.91 $231 1.17% 0.50% to 1.40% -14.40% to -13.61%
  2017   6 $25.66 to $50.83 $283 0.94% 0.50% to 1.80% 34.21% to 35.98%
Invesco V.I. Global Strategic Income Fund - Series I
  2021   4 $22.11 to $25.50 $97 5.05% 0.65% to 1.25% -4.62% to -4.06%
  2020   4 $23.18 to $27.19 $101 6.03% 0.55% to 1.25% 2.11% to 2.84%
  2019   4 $22.70 to $26.44 $98 4.26% 0.55% to 1.25% 9.40% to 10.21%
  2018   4 $20.75 to $23.99 $90 5.41% 0.55% to 1.25% -5.60% to -4.91%
  2017   4 $21.98 to $25.23 $95 2.30% 0.55% to 1.25% 4.97% to 5.70%
Invesco V.I. Main Street Fund - Series I
  2021   2 $29.82 to $34.77 $63 0.00% 1.25% to 1.50% 25.66% to 25.98%
  2020   2 $23.73 to $27.60 $59 1.67% 1.25% to 1.50% 12.25% to 12.52%
  2019   3 $21.14 to $24.53 $61 1.75% 1.25% to 1.50% 30.09% to 30.48%
  2018   3 $16.25 to $18.80 $53 1.68% 1.25% to 1.50% -9.27% to -9.05%
  2017   4 $17.91 to $20.67 $66 1.26% 1.25% to 1.50% 15.18% to 15.47%
Invesco V.I. Main Street Small Cap Fund - Series I
  2021   1,017 $16.39 to $52.58 $36,267 0.39% 0.25% to 1.50% 2.77% to 22.24%
  2020   1,025 $13.41 to $43.33 $30,180 0.53% 0.25% to 1.50% 18.14% to 28.88%
  2019   1,156 $11.22 to $36.50 $29,094 0.20% 0.00% to 1.50% 24.57% to 26.47%
  2018   1,000 $18.81 to $29.15 $24,778 0.33% 0.00% to 1.50% -11.67% to -10.32%
  2017   1,058 $21.17 to $32.83 $29,512 0.87% 0.00% to 1.50% 12.45% to 14.17%
Alger Capital Appreciation Fund - Class A
  2021   4 $57.33 to $61.21 $253 0.00% 0.60% to 1.15% 13.77% to 16.51%
  2020   4 $49.32 to $51.80 $189 0.00% 0.70% to 1.15% 39.99% to 40.65%
  2019   3 $35.23 to $37.20 $123 0.00% 0.60% to 1.15% 31.60% to 32.34%
  2018   4 $26.77 to $28.11 $115 0.00% 0.60% to 1.15% -2.12% to -1.58%
  2017   4 $27.35 to $28.56 $103 0.00% 0.60% to 1.15% 30.19% to 30.41%
Alger Responsible Investing Fund - Class A
  2021   253 $38.72 to $64.90 $14,467 0.00% 0.00% to 1.50% 4.72% to 23.93%
  2020   274 $31.41 to $52.37 $12,770 0.00% 0.00% to 1.50% 4.67% to 35.78%
  2019   204 $22.32 to $38.57 $7,080 0.00% 0.00% to 1.50% 31.94% to 33.88%
  2018   234 $15.94 to $28.81 $6,124 0.00% 0.00% to 1.50% -3.15% to -1.64%
  2017   206 $16.43 to $29.29 $5,544 0.00% 0.00% to 1.50% 25.51% to 27.40%
Amana Growth Fund - Investor Class
  2021   2,210 $19.75 to $69.46 $100,379 0.08% 0.00% to 1.50% 1.03% to 31.51%
  2020   2,150 $15.05 to $52.35 $77,907 0.24% 0.00% to 1.50% 26.62% to 32.85%
  2019   2,178 $11.37 to $39.56 $62,144 0.40% 0.00% to 1.70% 30.84% to 33.09%
  2018   1,900 $20.93 to $30.28 $46,429 0.46% 0.00% to 1.70% 0.69% to 2.43%
  2017   1,942 $20.74 to $29.64 $46,559 0.49% 0.00% to 1.70% 26.82% to 29.03%
Amana Income Fund - Investor Class
  2021   2,402 $15.73 to $44.33 $86,060 0.76% 0.00% to 1.50% 4.05% to 22.50%
  2020   2,605 $12.88 to $35.87 $77,421 1.10% 0.00% to 1.50% 2.10% to 60.49%
  2019   2,815 $11.34 to $31.61 $74,306 1.25% 0.00% to 1.50% 23.38% to 25.29%
  2018   3,088 $18.69 to $25.70 $66,562 1.19% 0.00% to 1.50% -6.64% to -5.21%
  2017   3,299 $20.01 to $27.18 $75,988 0.55% 0.00% to 1.50% 19.88% to 21.66%

 

 191
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
American Funds® American Balanced Fund® - Class R-3
  2021   50 $29.18 to $36.18 $1,690 0.91% 0.20% to 1.40% 8.00% to 15.15%
  2020   62 $25.65 to $31.42 $1,826 1.05% 0.20% to 1.40% 6.15% to 10.28%
  2019   74 $23.35 to $29.41 $1,969 1.51% 0.00% to 1.45% 17.04% to 18.78%
  2018   124 $19.95 to $24.76 $2,791 1.60% 0.00% to 1.45% -4.45% to -3.05%
  2017   126 $20.59 to $25.54 $2,956 1.39% 0.00% to 1.55% 13.32% to 15.05%
American Beacon Small Cap Value Fund - Investor Class
  2021   9 $14.26 to $18.17 $142 0.84% 0.55% to 1.25% 9.22% to 26.97%
  2020   8 $11.26 to $14.31 $97 0.36% 0.55% to 1.25% 2.48% to 3.17%
  2019   35 $10.96 to $13.87 $463 1.03% 0.55% to 1.25% 21.51% to 22.42%
  2018   28 $8.99 to $11.33 $315 0.32% 0.55% to 1.25% -16.96% to -16.38%
  2017   23 $10.79 to $13.55 $303 0.27% 0.55% to 1.25% 7.05% to 7.46%
American Century Investments® Mid Cap Value Fund - R6 Class
  2021 11/17/2021 12   $10.41   $122 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
American Century Investments® Inflation-Adjusted Bond Fund - Investor Class
  2021   3,321 $12.15 to $16.67 $45,141 4.63% 0.00% to 1.70% 1.77% to 6.38%
  2020   2,750 $11.51 to $15.67 $35,705 1.22% 0.00% to 1.70% 8.38% to 10.27%
  2019   2,226 $10.51 to $14.21 $26,836 2.33% 0.00% to 1.80% 5.96% to 7.90%
  2018   2,568 $9.82 to $13.17 $29,126 2.83% 0.00% to 1.80% -4.20% to -2.52%
  2017   2,734 $10.15 to $13.51 $31,930 2.53% 0.00% to 1.90% 1.15% to 3.05%
American Century Investments® Disciplined Core Value Fund - A Class
  2021   453 $31.89 to $108.31 $14,615 0.82% 0.55% to 1.20% 21.90% to 22.58%
  2020   450 $26.16 to $88.36 $11,886 1.54% 0.65% to 1.20% 10.29% to 10.88%
  2019   486 $23.72 to $79.69 $11,609 1.84% 0.65% to 1.20% 22.21% to 22.90%
  2018   502 $19.41 to $64.84 $9,812 1.69% 0.65% to 1.20% -8.18% to -7.70%
  2017   517 $21.14 to $70.25 $11,002 2.15% 0.65% to 1.20% 18.83% to 19.51%
American Funds® Fundamental Investors® - Class R-3
  2021   36 $29.46 to $35.42 $1,221 0.88% 0.00% to 1.35% 20.44% to 22.05%
  2020   38 $24.46 to $29.02 $1,054 1.21% 0.00% to 1.35% 11.95% to 65.15%
  2019   46 $21.39 to $25.32 $1,090 1.31% 0.00% to 1.45% 25.38% to 27.17%
  2018   47 $17.06 to $19.91 $889 1.25% 0.00% to 1.45% -8.33% to -6.96%
  2017   52 $18.43 to $21.40 $1,037 1.12% 0.00% to 1.55% 21.09% to 22.68%
American Funds® Fundamental Investors® - Class R-4
  2021   4,483 $30.07 to $36.90 $146,196 1.20% 0.00% to 1.50% 3.23% to 22.43%
  2020   4,767 $24.93 to $30.14 $127,998 1.53% 0.00% to 1.50% 11.75% to 18.60%
  2019   5,153 $22.02 to $26.23 $121,394 1.56% 0.00% to 1.50% 25.61% to 27.58%
  2018   5,236 $17.53 to $20.56 $97,554 1.56% 0.00% to 1.50% -8.03% to -6.67%
  2017   5,519 $19.06 to $22.03 $111,597 1.49% 0.00% to 1.50% 21.48% to 23.28%
American Funds® American Mutual Fund® - Class R-4
  2021   85 $29.83 to $34.83 $2,648 1.74% 0.00% to 1.40% 8.00% to 24.93%
  2020   77 $24.22 to $27.88 $1,951 2.20% 0.00% to 1.40% 2.77% to 4.73%
  2019   115 $23.45 to $26.62 $2,782 0.90% 0.00% to 1.40% 19.95% to 21.66%
  2018   430 $19.55 to $21.88 $9,173 2.09% 0.00% to 1.40% -3.46% to -2.15%
  2017   364 $20.25 to $22.36 $7,946 2.01% 0.00% to 1.40% 15.91% to 17.62%
 192
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
American Funds® American Mutual Fund® - Class R-6
  2021 11/18/2021 2   $11.00   $26 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
AMG River Road Mid Cap Value Fund - Class N
  2021   997 $14.08 to $32.56 $23,817 0.20% 0.00% to 1.50% 9.06% to 31.98%
  2020   1,102 $10.70 to $24.67 $20,180 0.07% 0.00% to 1.50% 2.34% to 3.87%
  2019   1,259 $10.33 to $23.75 $22,420 0.87% 0.00% to 1.50% 13.72% to 15.46%
  2018   1,202 $18.07 to $20.57 $22,907 0.34% 0.00% to 1.50% -19.80% to -18.60%
  2017   1,477 $22.53 to $25.27 $34,886 0.00% 0.00% to 1.50% 9.85% to 11.52%
Ariel Appreciation Fund - Investor Class
  2021   4 $31.41 to $39.99 $126 0.90% 0.55% to 1.90% 3.10% to 24.79%
  2020   3 $25.43 to $30.89 $97 0.73% 0.75% to 1.90% 5.34% to 6.55%
  2019   6 $24.14 to $29.69 $177 0.68% 0.60% to 1.90% 22.23% to 23.86%
  2018   18 $19.75 to $23.97 $412 0.85% 0.60% to 1.90% -15.60% to -14.51%
  2017   19 $23.40 to $28.04 $529 0.82% 0.60% to 1.90% 12.93% to 14.40%
Ariel Fund - Institutional Class
  2021 11/24/2021   $10.09   $— (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Ariel Fund - Investor Class
  2021   364 $33.16 to $60.94 $13,561 0.05% 0.15% to 1.90% 3.51% to 30.19%
  2020   318 $25.82 to $46.81 $9,371 0.29% 0.15% to 1.90% 7.41% to 94.29%
  2019   384 $23.82 to $41.45 $10,234 0.88% 0.30% to 1.90% 22.35% to 24.30%
  2018   415 $19.40 to $33.35 $9,051 0.95% 0.00% to 1.90% -15.32% to -13.68%
  2017   432 $22.81 to $38.75 $11,013 0.67% 0.00% to 1.90% 13.71% to 15.90%
Artisan International Fund - Investor Shares
  2021   623 $14.98 to $27.48 $10,176 0.63% 0.25% to 1.80% 1.13% to 8.76%
  2020   715 $13.95 to $25.47 $10,829 0.21% 0.25% to 1.80% 6.00% to 16.43%
  2019   784 $13.16 to $23.93 $11,144 0.92% 0.00% to 1.50% 27.27% to 29.27%
  2018   885 $10.34 to $18.72 $9,892 1.12% 0.00% to 1.50% -12.22% to -10.87%
  2017   1,026 $11.78 to $21.22 $13,001 0.73% 0.00% to 1.50% 29.03% to 30.99%
BlackRock Equity Dividend Fund - Investor A Shares
  2021   38 $30.87 to $35.82 $1,309 1.18% 0.40% to 1.65% 1.01% to 19.60%
  2020   37 $26.13 to $29.95 $1,066 1.58% 0.40% to 1.65% 2.14% to 19.19%
  2019   34 $25.76 to $29.01 $964 1.85% 0.40% to 1.60% 25.31% to 26.74%
  2018   35 $20.48 to $22.89 $769 1.54% 0.40% to 1.65% -8.98% to -7.81%
  2017   37 $22.49 to $25.43 $920 1.21% 0.10% to 1.65% 14.56% to 16.33%
BlackRock Health Sciences Opportunities Portfolio - Institutional Shares
  2021   637 $19.93 to $21.88 $13,697 0.21% 0.00% to 1.40% 10.30% to 12.09%
  2020   578 $18.03 to $19.70 $11,225 0.19% 0.00% to 1.40% 6.57% to 19.75%
  2019   466 $15.26 to $16.60 $7,651 0.48% 0.00% to 1.40% 23.86% to 25.67%
  2018   496 $12.32 to $13.34 $6,535 0.45% 0.00% to 1.40% 6.75% to 8.20%
  2017   300 $11.54 to $12.44 $3,677 0.06% 0.05% to 1.40% 23.42% to 24.26%
 193
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
BlackRock Health Sciences Opportunities Portfolio - Investor A Shares
  2021   1,970 $19.43 to $21.12 $39,626 0.00% 0.25% to 1.50% 2.74% to 11.51%
  2020   1,980 $17.65 to $18.94 $35,936 0.00% 0.25% to 1.50% 12.71% to 19.10%
  2019   1,831 $14.99 to $16.08 $28,072 0.31% 0.00% to 1.50% 23.37% to 25.23%
  2018   2,017 $12.15 to $12.84 $24,939 0.11% 0.00% to 1.50% 6.39% to 7.99%
  2017   1,777 $11.42 to $11.89 $20,564 0.00% 0.00% to 1.50% 22.93% to 24.76%
BlackRock Mid-Cap Value Fund - Institutional Shares
  2021   25 $18.58 to $19.98 $471 1.03% 0.30% to 1.25% 24.78% to 25.98%
  2020   20 $14.89 to $15.86 $308 1.39% 0.30% to 1.25% 5.83% to 6.87%
  2019   19 $13.95 to $14.84 $269 1.75% 0.30% to 1.40% 27.75% to 29.16%
  2018   17 $10.92 to $11.49 $188 2.00% 0.30% to 1.40% -10.78% to -9.81%
  2017   17 $12.24 to $12.74 $213 1.60% 0.30% to 1.40% 7.36% to 8.52%
BlackRock Mid-Cap Value Fund - Investor A Shares
  2021   426 $40.93 to $47.94 $18,663 0.84% 0.25% to 1.50% 1.56% to 25.76%
  2020   404 $32.95 to $38.12 $14,194 1.13% 0.25% to 1.50% 0.40% to 32.14%
  2019   442 $31.31 to $36.34 $14,680 1.42% 0.10% to 1.50% 27.33% to 29.09%
  2018   459 $24.59 to $28.15 $11,923 1.66% 0.10% to 1.50% -11.10% to -9.83%
  2017   500 $27.66 to $31.22 $14,540 1.15% 0.10% to 1.50% 6.96% to 8.44%
American Funds® The Bond Fund of America® - Class R-4
  2021   1,746 $11.19 to $15.85 $23,831 1.39% 0.00% to 1.50% -2.42% to 0.46%
  2020   1,855 $11.33 to $16.00 $25,934 1.91% 0.00% to 1.50% 0.39% to 10.73%
  2019   1,162 $10.27 to $14.45 $14,957 2.18% 0.00% to 1.50% 6.40% to 8.00%
  2018   879 $11.40 to $13.38 $10,636 2.26% 0.00% to 1.50% -1.64% to -0.07%
  2017   857 $11.59 to $13.39 $10,477 1.86% 0.00% to 1.50% 1.67% to 3.16%
Calvert US Large-Cap Core Responsible Index Fund - Class A
  2021   2   $17.24   $33 0.00%   1.00%     24.03%  
  2020   1   $13.90   $16 0.00%   1.00%     24.55%  
  2019 06/04/2019 1   $11.16   $8 (c)   1.00%     (c)  
  2018   (c)   (c)   (c) (c)   (c)     (c)  
  2017   (c)   (c)   (c) (c)   (c)     (c)  
Calvert VP SRI Balanced Portfolio
  2021   1,197 $24.09 to $80.49 $63,038 1.17% 0.00% to 1.50% 3.34% to 15.13%
  2020   1,276 $21.12 to $70.43 $59,393 1.45% 0.00% to 1.50% 12.16% to 30.57%
  2019   1,319 $18.49 to $61.56 $53,468 1.57% 0.00% to 1.50% 22.56% to 24.44%
  2018   1,371 $14.99 to $49.86 $45,323 1.81% 0.00% to 1.50% -4.12% to -2.66%
  2017   1,449 $15.54 to $51.61 $49,710 1.98% 0.00% to 1.50% 10.34% to 11.95%
American Funds® Capital Income Builder® - Class R-4
  2021   715 $13.39 to $14.80 $9,892 3.29% 0.00% to 1.50% 2.28% to 15.00%
  2020   631 $11.82 to $12.87 $7,663 3.57% 0.00% to 1.50% 1.72% to 16.87%
  2019   505 $11.62 to $12.46 $5,991 3.27% 0.00% to 1.50% 15.62% to 17.33%
  2018   448 $10.05 to $10.62 $4,575 3.48% 0.00% to 1.50% -8.47% to -7.09%
  2017   390 $10.98 to $11.43 $4,337 3.57% 0.00% to 1.50% 12.38% to 14.19%
American Funds® Capital World Bond Fund® - Class R-6
  2021 11/17/2021 8   $9.78   $75 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
 194
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
American Funds® Capital World Growth and Income Fund® - Class R-3
  2021   23 $31.58 to $35.84 $786 1.37% 0.25% to 1.25% 4.39% to 14.14%
  2020   22 $27.95 to $31.59 $670 1.07% 0.20% to 1.25% 13.44% to 25.34%
  2019   24 $24.61 to $27.52 $637 1.51% 0.20% to 1.25% 23.42% to 24.69%
  2018   26 $19.94 to $22.07 $557 1.79% 0.20% to 1.25% -11.69% to -10.76%
  2017   27 $22.58 to $25.16 $670 1.59% 0.00% to 1.25% 22.72% to 24.31%
Cohen & Steers Real Estate Securities Fund, Inc. - Class A
  2021   321 $16.24 to $18.48 $5,699 1.76% 0.00% to 1.50% 13.37% to 41.49%
  2020   135 $11.55 to $13.01 $1,706 3.00% 0.10% to 1.50% -4.47% to 14.79%
  2019   104 $13.00 to $13.14 $1,363 1.84% 0.80% to 1.40% 29.59% to 29.96%
  2018 06/04/2018 5 $9.96 to $10.08 $53 (b) 0.95% to 1.25%   (b)  
  2017   (b)   (b)   (b) (b)   (b)     (b)  
Cohen & Steers Realty Shares, Inc.
  2021   399 $26.43 to $31.01 $11,100 1.81% 0.00% to 1.50% 8.30% to 42.64%
  2020   440 $18.81 to $21.74 $8,660 2.36% 0.00% to 1.50% -4.32% to 4.02%
  2019   536 $19.66 to $22.39 $10,992 2.65% 0.00% to 1.50% 30.89% to 32.96%
  2018   475 $15.02 to $16.84 $7,400 3.67% 0.00% to 1.50% -5.59% to -4.21%
  2017   551 $15.91 to $17.58 $9,057 2.60% 0.00% to 1.50% 5.50% to 7.06%
Columbia Acorn® Fund - Class A Shares
  2021   2 $38.49 to $41.35 $101 1.03% 0.60% to 1.20% -4.86% to 8.42%
  2020   3 $35.42 to $37.82 $94 0.00% 0.70% to 1.30% 7.20% to 28.43%
  2019   2 $27.37 to $29.19 $67 0.00% 0.80% to 1.45% 24.41% to 25.23%
  2018   3 $22.00 to $23.31 $58 0.00% 0.80% to 1.45% -6.62% to -6.01%
  2017   3 $23.55 to $24.80 $63 0.00% 0.80% to 1.45%   23.94%  
Columbia Select Mid Cap Value Fund - Class A Shares
  2021   285 $26.44 to $32.88 $8,221 0.32% 0.00% to 1.60% 26.06% to 31.94%
  2020   284 $20.36 to $24.92 $6,276 0.65% 0.00% to 1.60% 1.39% to 23.48%
  2019   320 $19.42 to $23.40 $6,711 0.84% 0.00% to 1.60% 29.21% to 31.31%
  2018   448 $15.03 to $17.82 $7,411 0.50% 0.00% to 1.60% -14.84% to -13.48%
  2017   472 $17.65 to $20.40 $9,051 0.93% 0.05% to 1.60% 11.50% to 13.05%
Columbia Select Mid Cap Value Fund - Institutional Class
  2021     $30.52   $2 0.00%   0.80%     31.21%  
  2020     $23.26   $3 0.00%   0.80%     5.97%  
  2019     $21.95   $2 0.00%   0.80%     30.50%  
  2018     $16.82   $2 0.00%   0.80%     -13.92%  
  2017     $19.54   $2 1.20%   0.80%     12.69%  
Columbia Large Cap Value Fund - Advisor Class
  2021   830 $15.03 to $26.80 $12,738 1.37% 0.00% to 1.50% 5.78% to 23.97%
  2020   819 $12.31 to $21.21 $10,251 1.67% 0.00% to 1.50% 4.06% to 15.37%
  2019   933 $11.83 to $21.20 $11,159 1.78% 0.00% to 1.50% 28.31% to 30.16%
  2018   898 $9.22 to $16.44 $8,331 3.79% 0.00% to 1.50% -11.34% to -11.23%
  2017   $18.25 to $18.52 $5 1.81% 0.35% to 0.50% 16.24% to 16.48%
CRM Mid Cap Value Fund - Investor Shares
  2021   2 $41.16 to $45.84 $70 1.54% 0.60% to 1.45% 8.31% to 28.33%
  2020   2 $31.98 to $35.72 $60 0.00% 0.60% to 1.55% 8.85% to 28.24%
  2019   3 $29.38 to $32.16 $110 0.00% 0.70% to 1.55% 22.79% to 23.69%
  2018   11 $24.18 to $26.00 $296 0.31% 0.70% to 1.45% -8.44% to -7.74%
  2017   12 $26.41 to $28.18 $351 1.24% 0.70% to 1.45% 17.33% to 18.25%
 195
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Davis Financial Fund - Class Y
  2021   4 $18.75 to $19.98 $80 1.40% 0.75% to 1.25% -3.80% to 30.80%
  2020   4 $14.41 to $14.87 $63 1.44% 0.75% to 1.25% -7.44% to -5.82%
  2019   5 $15.51 to $17.26 $76 1.57% 0.30% to 1.25% 24.98% to 26.17%
  2018   4 $12.40 to $13.68 $51 1.98% 0.30% to 1.25% -12.61% to -11.80%
  2017   3 $14.19 to $15.51 $50 0.55% 0.30% to 1.20% 18.24% to 18.70%
Delaware Smid Cap Growth Fund - Institutional Class
  2021   4   $31.89   $119 0.00%   0.00%     -8.20%  
  2020   987   $34.74   $34,304 0.00%   0.00%     94.40%  
  2019   941   $17.87   $16,822 0.00%   0.00%     35.58%  
  2018   870   $13.18   $11,472 0.00%   0.00%     0.46%  
  2017   714   $13.12   $9,364 0.00%   0.00%     35.40%  
Delaware Small Cap Value Fund - Class A
  2021   217 $14.81 to $24.03 $4,498 0.45% 0.15% to 1.50% 7.01% to 33.72%
  2020   164 $11.09 to $18.18 $2,553 0.63% 0.00% to 1.50% -2.94% to 53.44%
  2019   174 $11.30 to $18.45 $2,812 0.95% 0.00% to 1.50% 25.87% to 27.86%
  2018   192 $13.26 to $14.43 $2,656 0.60% 0.00% to 1.50% -18.80% to -17.59%
  2017   238 $16.32 to $17.51 $4,020 0.48% 0.00% to 1.50% 10.04% to 11.40%
DWS Equity 500 Index Fund - Class S
  2021   28   $55.57   $1,541 1.29%   1.00%     27.08%  
  2020   25   $43.73   $1,085 1.47%   1.00%     16.83%  
  2019   22   $37.43   $820 1.77%   1.00%     29.83%  
  2018   22   $28.83   $646 1.74%   1.00%     -5.23%  
  2017   24   $30.42   $737 1.83%   1.00%     20.19%  
DWS Small Cap Growth Fund - Class S
  2021   2 $19.43 to $20.97 $40 0.00% 0.40% to 1.40% 5.15% to 12.44%
  2020   1 $17.45 to $18.65 $24 0.00% 0.40% to 1.40% 25.90% to 27.22%
  2019   1 $13.86 to $14.66 $21 0.00% 0.40% to 1.40% 19.48% to 20.56%
  2018   1 $11.60 to $12.16 $16 0.00% 0.40% to 1.40% -14.45% to -13.51%
  2017   2 $13.56 to $14.06 $31 0.00% 0.40% to 1.40% 19.37% to 20.58%
DFA Emerging Markets Core Equity Portfolio - Institutional Class
  2021     $15.00   $6 0.19%   0.00%     5.78%  
  2020   220   $14.18   $3,121 1.80%   0.00%     13.90%  
  2019   212   $12.45   $2,645 2.62%   0.00%     16.03%  
  2018   188   $10.73   $2,016 2.34%   0.00%     -15.24%  
  2017   138   $12.66   $1,752 2.38%   0.00%     36.57%  
DFA Inflation-Protected Securities Portfolio - Institutional Class
  2021   27   $10.45   $285 0.52%   0.16%     -0.29%  
  2020   192   $12.65   $2,430 1.60%   0.00%     11.65%  
  2019   116   $11.33   $1,318 1.94%   0.00%     8.42%  
  2018   100   $10.45   $1,050 2.33%   0.00%     -1.23%  
  2017   63   $10.58   $670 2.58%   0.00%     3.22%  
DFA Real Estate Securities Portfolio - Institutional Class
  2021 11/17/2021 8   $11.66   $88 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
 196
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
DFA U.S. Targeted Value Portfolio - Institutional Class
  2021   6   $18.49   $117 0.87%   0.00%     38.81%  
  2020   1,512   $13.32   $20,147 1.56%   0.00%     3.74%  
  2019   1,385   $12.84   $17,780 1.47%   0.00%     21.48%  
  2018   1,237   $10.57   $13,073 1.11%   0.00%     -15.78%  
  2017   1,075   $12.55   $13,492 1.25%   0.00%     9.61%  
DFA U.S. Large Company Portfolio - Institutional Class
  2021 11/17/2021 27   $11.44   $310 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Dodge & Cox International Stock Fund
  2021   6 $16.93 to $18.51 $112 2.07% 1.00% to 1.75% 9.16% to 9.92%
  2020   11 $15.51 to $17.78 $178 1.73% 0.50% to 1.75% 0.57% to 34.99%
  2019   10 $15.16 to $17.50 $168 4.08% 0.50% to 1.95% 20.41% to 22.12%
  2018   9 $12.59 to $14.33 $126 2.86% 0.50% to 1.95% -19.60% to -18.39%
  2017   9 $15.65 to $17.56 $154 1.68% 0.50% to 1.95% 21.58% to 23.31%
Dodge & Cox Stock Fund
  2021   12 $38.48 to $43.60 $491 0.92% 0.75% to 1.80% 3.52% to 30.42%
  2020   5 $29.58 to $32.45 $158 2.05% 1.00% to 1.85% 1.30% to 31.81%
  2019   5 $28.12 to $30.59 $135 1.37% 1.00% to 1.85% 22.53% to 23.60%
  2018   7 $22.95 to $24.75 $156 1.27% 1.00% to 1.85% -8.78% to -7.99%
  2017   6 $25.16 to $26.90 $159 1.63% 1.00% to 1.85% 16.48% to 17.11%
Eaton Vance Large-Cap Value Fund - Class R Shares
  2021     $36.35   $1 0.00%   0.70%     23.14%  
  2020     $29.52   $1 0.00%   0.70%     1.30%  
  2019     $29.14   $1 0.00%   0.70%     28.60%  
  2018   $22.66 to $23.78 $2 0.00% 0.20% to 0.70% -7.70% to -7.22%
  2017   $24.55 to $25.63 $2 1.00% 0.20% to 0.70% 13.71% to 14.27%
American Funds® EuroPacific Growth Fund® - Class R-3
  2021   64 $13.02 to $37.99 $2,055 0.88% 0.00% to 1.55% -2.72% to 2.21%
  2020   95 $12.87 to $37.17 $3,147 0.00% 0.00% to 1.55% 22.48% to 79.79%
  2019   103 $10.45 to $29.87 $2,757 0.70% 0.00% to 1.55% 24.67% to 26.57%
  2018   149 $8.34 to $23.60 $3,220 0.88% 0.00% to 1.55% -16.79% to -15.47%
  2017   176 $22.50 to $27.92 $4,540 0.56% 0.00% to 1.55% 28.34% to 30.35%
American Funds® EuroPacific Growth Fund® - Class R-4
  2021   11,282 $14.43 to $39.66 $347,213 1.38% 0.00% to 1.50% -7.63% to 2.53%
  2020   11,735 $14.12 to $38.69 $357,550 0.18% 0.00% to 1.50% 22.06% to 24.81%
  2019   12,700 $11.35 to $31.00 $313,071 1.11% 0.00% to 1.50% 25.11% to 27.01%
  2018   13,659 $10.00 to $24.42 $275,861 1.17% 0.00% to 1.50% -16.50% to -15.21%
  2017   14,398 $11.88 to $28.80 $348,913 0.95% 0.00% to 1.50% 28.75% to 30.77%
American Funds® EuroPacific Growth Fund® - Class R-6
  2021 11/17/2021 4   $9.67   $40 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
 197
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Federated Hermes International Leaders Fund - Institutional Shares
  2021   2 $15.32 to $15.76 $31 0.00% 0.75% to 1.25% 0.79% to 4.23%
  2020   2 $14.78 to $15.12 $24 0.00% 0.75% to 1.25% 14.40% to 15.76%
  2019   1 $12.92 to $13.16 $10 0.00% 0.75% to 1.25% 25.56% to 26.05%
  2018   $10.33 to $10.44 $2 0.00% 0.75% to 1.15%   -21.27%  
  2017 10/04/2017   $13.26   $— (a)   0.75%     (a)  
Fidelity® 500 Index Fund
  2021 11/17/2021 54   $11.44   $623 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Fidelity Advisor® New Insights Fund - Class I
  2021   78 $26.78 to $51.14 $2,797 0.00% 0.15% to 1.70% 7.51% to 24.43%
  2020   74 $21.76 to $42.70 $2,220 0.00% 0.15% to 1.75% 18.83% to 24.00%
  2019   174 $17.63 to $34.58 $3,580 0.40% 0.40% to 1.85% 27.06% to 28.89%
  2018   149 $13.81 to $26.83 $2,475 0.24% 0.40% to 1.85% -5.94% to -4.55%
  2017   125 $14.61 to $28.11 $2,322 0.32% 0.40% to 1.85% 26.04% to 27.83%
Fidelity® Mid Cap Index Fund
  2021 11/16/2021 30   $10.71   $318 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Fidelity® Small Cap Index Fund
  2021 11/16/2021 22   $9.89   $213 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Fidelity® VIP Equity-Income Portfolio - Initial Class
  2021   4,840 $14.92 to $81.40 $280,653 1.94% 0.00% to 1.95% 6.03% to 24.90%
  2020   5,121 $11.98 to $65.93 $241,153 1.61% 0.00% to 1.95% 1.66% to 25.07%
  2019   5,579 $11.26 to $62.51 $250,735 2.00% 0.00% to 1.95% 24.96% to 27.48%
  2018   6,151 $14.53 to $49.61 $220,603 2.25% 0.00% to 1.95% -10.09% to -8.29%
  2017   7,027 $15.98 to $54.73 $276,235 1.67% 0.00% to 1.95% 10.73% to 12.89%
Fidelity® VIP Growth Portfolio - Initial Class
  2021   6,886 $44.22 to $145.25 $616,385 0.00% 0.00% to 1.75% 5.48% to 23.22%
  2020   7,095 $36.21 to $119.24 $529,088 0.07% 0.00% to 1.75% 15.09% to 43.90%
  2019   7,366 $25.39 to $83.83 $387,431 0.26% 0.00% to 1.75% 31.97% to 34.29%
  2018   8,082 $19.08 to $63.13 $319,689 0.26% 0.00% to 1.75% -1.88% to -0.16%
  2017   8,634 $19.28 to $63.97 $345,776 0.22% 0.00% to 1.75% 32.78% to 35.13%
Fidelity® VIP High Income Portfolio - Initial Class
  2021   466 $19.40 to $20.13 $9,049 5.33% 0.55% to 1.50% 2.86% to 3.48%
  2020   464 $18.80 to $19.57 $8,739 4.82% 0.95% to 1.50% 1.19% to 1.77%
  2019   465 $18.52 to $19.34 $8,611 5.31% 0.95% to 1.50% 13.43% to 14.01%
  2018   475 $16.29 to $17.05 $7,738 5.61% 0.95% to 1.50% -4.75% to -4.16%
  2017   512 $17.04 to $17.90 $8,724 4.74% 0.95% to 1.50% 5.36% to 5.70%
 198
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Fidelity® VIP Overseas Portfolio - Initial Class
  2021   964 $16.24 to $43.57 $30,324 0.52% 0.00% to 1.50% 5.57% to 19.66%
  2020   1,036 $13.69 to $36.55 $27,873 0.38% 0.00% to 1.50% 13.87% to 15.61%
  2019   1,228 $11.95 to $31.74 $28,627 1.72% 0.00% to 1.50% 25.88% to 27.78%
  2018   1,349 $9.44 to $27.18 $25,131 1.57% 0.00% to 1.50% -16.09% to -14.77%
  2017   1,508 $11.18 to $31.90 $33,166 1.49% 0.00% to 1.50% 28.35% to 30.24%
Fidelity® VIP Contrafund® Portfolio - Initial Class
  2021   17,986 $18.92 to $154.70 $1,761,258 0.06% 0.00% to 1.95% 7.63% to 27.84%
  2020   19,409 $14.84 to $129.09 $1,504,973 0.24% 0.00% to 1.95% 24.14% to 30.58%
  2019   21,587 $11.40 to $98.92 $1,291,583 0.47% 0.00% to 1.95% 29.04% to 31.60%
  2018   21,154 $17.00 to $75.64 $1,099,134 0.73% 0.00% to 1.95% -8.19% to -6.37%
  2017   24,071 $18.33 to $80.79 $1,337,984 1.00% 0.00% to 1.95% 19.53% to 21.89%
Fidelity® VIP Index 500 Portfolio - Initial Class
  2021   4,100 $106.89 to $109.85 $440,104 1.27% 0.55% to 1.20% 27.05% to 27.64%
  2020   4,132 $84.13 to $86.06 $348,862 1.61% 0.75% to 1.20% 16.83% to 17.36%
  2019   4,417 $72.01 to $73.33 $318,967 2.02% 0.75% to 1.20% 29.77% to 30.36%
  2018   4,372 $55.49 to $56.25 $243,084 2.00% 0.75% to 1.20% -5.63% to -5.21%
  2017   4,314 $58.80 to $59.34 $253,980 1.85% 0.75% to 1.20% 20.27% to 20.71%
Fidelity® VIP Asset Manager Portfolio - Initial Class
  2021   391 $45.73 to $46.24 $17,881 1.64% 0.55% to 1.20% 8.62% to 8.93%
  2020   404 $42.10 to $42.45 $17,022 1.41% 0.95% to 1.20% 13.51% to 13.81%
  2019   439 $37.09 to $37.30 $16,286 1.81% 0.95% to 1.20% 16.82% to 17.11%
  2018   456 $31.75 to $31.85 $14,470 1.72% 0.95% to 1.20% -6.48% to -6.24%
  2017   482 $33.95 to $33.97 $16,375 1.73% 0.95% to 1.20% 12.75% to 12.82%
Franklin Mutual Global Discovery Fund - Class R
  2021   24 $19.24 to $37.69 $802 1.72% 0.00% to 1.55% -0.72% to 19.12%
  2020   33 $16.11 to $31.64 $944 2.25% 0.00% to 1.55% -6.31% to 55.74%
  2019   37 $17.07 to $33.26 $1,099 1.49% 0.00% to 1.55% 22.13% to 24.06%
  2018   54 $13.98 to $26.81 $1,325 1.49% 0.00% to 1.55% -12.61% to -11.41%
  2017   66 $15.65 to $29.37 $1,799 2.01% 0.20% to 1.55% 7.65% to 9.06%
Franklin Biotechnology Discovery Fund - Advisor Class
  2021   20 $12.64 to $17.18 $293 0.79% 0.40% to 1.40% -18.66% to -17.81%
  2020   25 $15.54 to $20.99 $462 0.00% 0.40% to 1.40% 28.11% to 29.68%
  2019   22 $12.10 to $16.24 $323 0.00% 0.40% to 1.40% 33.26% to 34.70%
  2018   25 $9.08 to $12.11 $274 0.00% 0.40% to 1.40% -16.70% to -15.88%
  2017   24 $10.90 to $14.45 $320 0.00% 0.40% to 1.40% 17.46% to 18.63%
Franklin Natural Resources Fund - Advisor Class
  2021   28 $5.93 to $6.26 $174 2.04% 0.55% to 1.25% 1.15% to 35.50%
  2020   5 $4.41 to $4.62 $22 5.26% 0.55% to 1.25% -22.36% to -21.83%
  2019   3 $5.63 to $5.91 $16 0.00% 0.55% to 1.40% 8.69% to 9.65%
  2018   2 $5.18 to $5.39 $12 0.00% 0.55% to 1.40% -24.60% to -23.87%
  2017   4 $6.87 to $7.08 $30 1.43% 0.55% to 1.40% -0.87% to -0.28%
Franklin Small-Mid Cap Growth Fund - Class A
  2021   6 $39.87 to $62.64 $300 0.00% 0.20% to 1.45% 0.67% to 10.52%
  2020   5 $36.44 to $56.15 $254 0.00% 0.30% to 1.45% 12.43% to 55.50%
  2019   11 $30.07 to $36.69 $362 0.00% 0.20% to 1.45% 29.89% to 31.55%
  2018   11 $23.15 to $27.89 $278 0.00% 0.20% to 1.45% -5.97% to -4.78%
  2017   12 $24.62 to $29.29 $335 0.00% 0.20% to 1.45% 19.81% to 21.28%
 199
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Franklin Small Cap Value VIP Fund - Class 2
  2021   2,468 $15.23 to $63.97 $126,948 1.10% 0.00% to 1.75% 1.40% to 25.38%
  2020   2,561 $12.19 to $51.03 $105,930 1.27% 0.00% to 1.75% 3.37% to 40.83%
  2019   2,774 $11.62 to $48.51 $110,535 1.06% 0.00% to 1.75% 24.16% to 26.35%
  2018   2,961 $17.44 to $38.40 $95,726 0.93% 0.00% to 1.75% -14.42% to -12.87%
  2017   3,371 $20.20 to $44.07 $126,589 0.50% 0.00% to 1.75% 8.77% to 10.66%
Franklin Small Cap Value Fund - Class R6
  2021 11/17/2021 6   $9.95   $56 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Goldman Sachs Growth Opportunities Fund - Investor Shares
  2021   8 $25.70 to $28.28 $207 0.00% 0.15% to 1.40% 4.91% to 11.47%
  2020   4 $23.35 to $25.37 $107 0.00% 0.15% to 1.40% 32.41% to 44.11%
  2019   2 $16.37 to $17.32 $40 0.00% 0.40% to 1.40% 33.04% to 34.16%
  2018   1 $12.41 to $12.91 $16 0.00% 0.40% to 1.25% -6.27% to -5.49%
  2017   4 $13.17 to $13.66 $54 0.00% 0.40% to 1.40% 25.50% to 26.60%
American Funds® The Growth Fund of America® - Class R-3
  2021   175 $44.24 to $66.09 $9,239 0.00% 0.00% to 1.55% 17.10% to 18.93%
  2020   218 $37.57 to $55.57 $10,019 0.00% 0.00% to 1.55% 32.90% to 41.49%
  2019   245 $27.62 to $40.45 $8,205 0.32% 0.00% to 1.55% 25.74% to 27.72%
  2018   364 $21.85 to $31.67 $9,942 0.18% 0.00% to 1.55% -4.74% to -3.27%
  2017   418 $22.81 to $32.74 $11,915 0.14% 0.00% to 1.55% 23.78% to 25.73%
American Funds® The Growth Fund of America® - Class R-4
  2021   11,304 $23.03 to $69.58 $649,493 0.03% 0.00% to 1.50% 1.56% to 19.27%
  2020   12,032 $19.45 to $58.34 $586,093 0.23% 0.00% to 1.50% 32.42% to 37.83%
  2019   13,038 $14.22 to $42.34 $466,449 0.69% 0.00% to 1.50% 26.21% to 28.11%
  2018   14,283 $11.19 to $33.05 $402,267 0.53% 0.00% to 1.50% -4.43% to -2.96%
  2017   15,034 $11.61 to $34.06 $445,366 0.47% 0.00% to 1.50% 24.22% to 26.10%
American Funds® The Growth Fund of America® - Class R-6
  2021 11/17/2021 2   $11.26   $19 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
The Hartford Capital Appreciation Fund - Class R4
  2021     $36.53   $— 0.00%   0.65%     14.37%  
  2020     $31.94   $— 0.00%   0.65%     19.98%  
  2019     $26.62   $— 0.00%   0.65%     29.54%  
  2018     $20.55   $— 0.00%   0.65%     -5.52%  
  2017     $21.75   $— 0.48%   0.65%     20.43%  
The Hartford Dividend And Growth Fund - Class R4
  2021     $39.22   $6 0.00%   0.65%     30.04%  
  2020     $30.16   $4 0.00%   0.65%     6.91%  
  2019     $28.21   $9 0.00%   0.65%     26.90%  
  2018     $22.23   $7 0.00%   0.65%     -6.16%  
  2017     $23.69   $7 1.35%   0.65%     16.99%  
 200
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
The Hartford International Opportunities Fund - Class R4
  2021   149 $15.65 to $16.74 $2,398 1.17% 0.30% to 1.50% -0.83% to 6.96%
  2020   157 $14.80 to $15.65 $2,386 0.40% 0.30% to 1.50% 18.49% to 24.82%
  2019   130 $12.49 to $13.05 $1,656 1.21% 0.30% to 1.50% 23.79% to 25.24%
  2018   145 $10.09 to $10.42 $1,479 1.34% 0.25% to 1.50% -20.17% to -19.11%
  2017   106 $12.64 to $12.87 $1,350 2.17% 0.25% to 1.50% 22.36% to 23.82%
American Funds® The Income Fund of America® - Class R-3
  2021   15 $26.35 to $33.56 $473 2.29% 0.20% to 1.55% 7.47% to 16.73%
  2020   28 $22.88 to $28.75 $748 2.79% 0.20% to 1.55% 3.06% to 17.14%
  2019   33 $22.20 to $27.52 $830 2.99% 0.20% to 1.55% 16.66% to 18.21%
  2018   42 $19.03 to $23.98 $907 2.89% 0.00% to 1.55% -6.94% to -5.63%
  2017   56 $20.45 to $24.67 $1,305 2.58% 0.20% to 1.55% 11.20% to 12.70%
Delaware Ivy Science and Technology Fund - Class Y
  2021   1,180 $28.53 to $31.63 $34,909 0.00% 0.15% to 1.50% 0.73% to 15.27%
  2020   1,298 $25.09 to $27.44 $33,598 0.00% 0.15% to 1.50% 28.16% to 74.59%
  2019   1,133 $18.72 to $20.37 $21,764 0.00% 0.00% to 1.50% 47.98% to 49.81%
  2018   941 $12.65 to $13.51 $12,191 0.00% 0.05% to 1.50% -6.50% to -5.13%
  2017   719 $13.53 to $14.24 $9,902 0.00% 0.05% to 1.50% 30.85% to 32.46%
Janus Henderson Balanced Portfolio - Institutional Shares
  2021   2 $64.66 to $96.15 $201 1.06% 0.50% to 1.25% 15.75% to 16.61%
  2020   2 $55.56 to $83.07 $177 2.40% 0.50% to 1.40% 12.72% to 13.74%
  2019   2 $48.94 to $73.58 $157 1.97% 0.50% to 1.40% 20.90% to 21.96%
  2018   2 $40.21 to $60.78 $147 2.01% 0.50% to 1.40% -0.74% to 0.18%
  2017   3 $40.21 to $61.13 $151 1.63% 0.50% to 1.40% 16.80% to 17.86%
Janus Henderson Enterprise Portfolio - Institutional Shares
  2021   3 $87.04 to $132.66 $368 0.28% 0.50% to 1.25% 15.39% to 16.25%
  2020   3 $75.02 to $114.97 $356 0.00% 0.50% to 1.25% 17.99% to 18.88%
  2019   4 $63.24 to $97.44 $344 0.33% 0.50% to 1.25% 33.79% to 34.81%
  2018   4 $47.00 to $72.83 $263 0.35% 0.50% to 1.25% -1.66% to -0.92%
  2017   4 $47.53 to $74.05 $301 0.63% 0.50% to 1.25% 25.85% to 26.79%
Janus Henderson Flexible Bond Portfolio - Institutional Shares
  2021   $28.42 to $37.30 $14 0.00% 0.80% to 1.25% -2.13% to -1.69%
  2020   $28.91 to $38.11 $14 0.00% 0.80% to 1.25% 9.10% to 9.59%
  2019   $26.38 to $34.93 $13 0.00% 0.80% to 1.25% 8.21% to 8.69%
  2018   $24.27 to $32.28 $13 0.00% 0.50% to 1.25% -2.24% to -1.53%
  2017   1 $24.71 to $33.01 $16 2.95% 0.50% to 1.25% 2.36% to 3.11%
Janus Henderson Global Research Portfolio - Institutional Shares
  2021   1 $33.84 to $62.11 $79 0.00% 0.50% to 1.25% 16.64% to 17.50%
  2020   2 $28.85 to $53.25 $78 1.23% 0.50% to 1.25% 18.57% to 19.46%
  2019   2 $24.20 to $44.91 $84 1.33% 0.50% to 1.25% 27.44% to 28.43%
  2018   2 $18.89 to $35.24 $66 1.44% 0.50% to 1.25% -8.04% to -7.34%
  2017   2 $20.42 to $38.32 $73 0.84% 0.50% to 1.25% 25.43% to 26.41%
Janus Henderson Research Portfolio - Institutional Shares
  2021   1 $38.98 to $86.38 $84 0.00% 0.50% to 1.25% 18.83% to 19.73%
  2020   1 $32.69 to $72.69 $83 0.00% 0.50% to 1.25% 31.30% to 32.30%
  2019   1 $24.81 to $55.36 $64 0.00% 0.50% to 1.25% 33.85% to 34.81%
  2018   2 $18.47 to $41.36 $66 0.00% 0.50% to 1.25% -3.79% to -3.06%
  2017   2 $19.13 to $42.99 $68 0.41% 0.50% to 1.25% 26.29% to 27.25%
 201
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
JPMorgan Equity Income Fund - Class I Shares
  2021   729 $16.96 to $22.63 $12,750 1.68% 0.15% to 1.40% 23.41% to 24.96%
  2020   660 $13.68 to $18.11 $9,304 1.96% 0.15% to 1.40% 1.74% to 3.28%
  2019   228 $13.33 to $17.36 $3,454 1.78% 0.30% to 1.40% 24.50% to 25.98%
  2018   116 $10.65 to $13.78 $1,490 2.23% 0.30% to 1.40% -5.76% to -4.77%
  2017   92 $11.26 to $14.47 $1,259 1.72% 0.30% to 1.40% 15.93% to 17.17%
JPMorgan Equity Income Fund - Class R6 Shares
  2021 11/18/2021 1   $10.67   $10 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
JPMorgan Government Bond Fund - Class I Shares
  2021   373 $10.88 to $11.20 $4,169 1.32%   0.55%   -2.94% to -2.78%
  2020   571 $11.21 to $11.52 $6,559 1.81% 0.75% to 0.95% 5.85% to 6.08%
  2019   302 $10.59 to $10.86 $3,274 2.31% 0.75% to 0.95% 5.58% to 5.85%
  2018   127 $10.03 to $10.26 $1,305 1.74% 0.75% to 0.95% -0.10% to 0.10%
  2017   64 $10.04 to $10.25 $653 2.90% 0.75% to 0.95%   1.49%  
JPMorgan Government Bond Fund - Class R6 Shares
  2021 11/19/2021 5   $10.01   $54 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
JPMorgan Large Cap Growth Fund - Class R6 Shares
  2021 11/17/2021 30   $11.43   $339 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Lazard International Equity Portfolio - Open Shares
  2021   101 $13.27 to $14.00 $1,356 5.14% 0.30% to 1.25% 4.48% to 5.42%
  2020   91 $12.55 to $13.28 $1,173 0.83% 0.30% to 1.50% 6.81% to 32.51%
  2019   82 $11.75 to $12.19 $986 1.97% 0.50% to 1.50% 19.05% to 20.34%
  2018   73 $9.87 to $10.13 $736 2.08% 0.50% to 1.50% -14.98% to -14.30%
  2017   77 $11.55 to $11.86 $902 1.56% 0.30% to 1.25% 21.04% to 22.14%
ClearBridge Aggressive Growth Fund - Class I
  2021   27 $17.34 to $18.86 $475 0.00% 0.30% to 1.40% 6.64% to 7.83%
  2020   28 $16.26 to $17.49 $464 0.46% 0.30% to 1.40% 14.44% to 37.22%
  2019   28 $13.87 to $14.64 $400 0.48% 0.30% to 1.25% 22.96% to 24.17%
  2018   37 $11.28 to $11.90 $429 0.39% 0.05% to 1.25% -8.81% to -7.75%
  2017   48 $12.37 to $12.90 $601 0.52% 0.05% to 1.25% 13.28% to 14.29%
LKCM Aquinas Catholic Equity Fund
  2021   3   $22.05   $70 0.00%   1.25%     23.81%  
  2020   3   $17.81   $54 0.00%   1.25%     22.74%  
  2019   3   $14.51   $39 0.00%   1.25%     29.55%  
  2018   2   $11.20   $26 0.00%   1.25%     -9.16%  
  2017   46 $12.33 to $12.39 $569 0.28% 0.90% to 1.25% 19.36% to 19.71%
 202
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 
    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Loomis Sayles Small Cap Value Fund - Retail Class
  2021   396 $27.82 to $32.99 $11,853 0.00% 0.25% to 1.50% 26.80% to 28.37%
  2020   424 $21.94 to $25.70 $9,957 0.21% 0.25% to 1.50% 0.41% to 19.93%
  2019   478 $21.85 to $25.13 $11,127 0.14% 0.30% to 1.50% 22.96% to 24.41%
  2018   535 $17.77 to $20.31 $10,075 0.00% 0.25% to 1.50% -18.04% to -16.97%
  2017   648 $21.68 to $25.05 $14,804 0.00% 0.00% to 1.50% 8.13% to 9.77%
Loomis Sayles Limited Term Government and Agency Fund - Class Y
  2021   93 $10.12 to $10.23 $946 0.77% 0.55% to 1.20% -2.13% to -1.92%
  2020   109 $10.34 to $10.43 $1,129 1.63% 0.95% to 1.20% 2.17% to 2.46%
  2019   46 $10.12 to $10.18 $465 2.50% 0.95% to 1.20% 2.22% to 2.52%
  2018   42 $9.90 to $9.93 $415 2.37% 0.95% to 1.20% 0.20% to 0.40%
  2017   43 $9.88 to $9.89 $429 1.63% 0.95% to 1.20%   0.10%  
Lord Abbett Developing Growth Fund - Class A
  2021   2 $57.90 to $65.22 $122 0.00% 0.50% to 1.50% -7.95% to -3.13%
  2020   3 $60.05 to $69.57 $229 0.00% 0.20% to 1.55% 19.58% to 72.25%
  2019   3 $35.34 to $40.39 $118 0.00% 0.20% to 1.55% 29.88% to 31.65%
  2018   4 $27.21 to $30.68 $108 0.00% 0.20% to 1.55% 3.46% to 4.85%
  2017   4 $26.30 to $29.26 $115 0.00% 0.20% to 1.55% 27.91% to 29.66%
Lord Abbett Core Fixed Income Fund - Class A
  2021   2 $11.68 to $12.45 $27 0.00% 1.20% to 1.75% -2.59% to -0.08%
  2020   2 $11.99 to $12.58 $27 0.00% 1.30% to 1.75% -0.25% to 2.86%
  2019   2 $11.64 to $11.70 $20 5.26% 1.40% to 1.45%   6.30%  
  2018   2 $10.95 to $11.19 $18 4.76% 1.20% to 1.45% -1.88% to -1.67%
  2017   2 $11.16 to $11.38 $24 2.37% 1.20% to 1.45% 1.73% to 2.06%
Lord Abbett Short Duration Income Fund - Class R4
  2021   944 $10.59 to $11.34 $10,295 2.40% 0.30% to 1.50% -0.74% to 0.62%
  2020   787 $10.65 to $11.27 $8,592 2.75% 0.30% to 1.50% 1.33% to 5.42%
  2019   669 $10.51 to $10.98 $7,163 3.60% 0.30% to 1.50% 3.85% to 5.07%
  2018   579 $10.12 to $10.46 $5,944 3.87% 0.25% to 1.50% -0.39% to 0.87%
  2017   387 $10.16 to $10.37 $3,967 3.76% 0.25% to 1.50% 0.99% to 2.27%
Lord Abbett Mid Cap Stock Fund - Class A
  2021   16 $27.85 to $37.87 $608 0.73% 0.35% to 1.75% 26.65% to 28.43%
  2020   17 $21.99 to $29.68 $491 0.83% 0.35% to 1.75% 0.96% to 2.39%
  2019   35 $21.78 to $29.18 $950 0.92% 0.20% to 1.75% 20.80% to 22.67%
  2018   35 $18.03 to $23.98 $790 0.92% 0.20% to 1.75% -16.06% to -14.71%
  2017   36 $21.47 to $28.34 $936 0.90% 0.20% to 1.75% 5.19% to 6.82%
Lord Abbett Small Cap Value Fund - Class A
  2021   6 $36.52 to $43.68 $247 0.00% 0.60% to 1.60% 24.43% to 25.66%
  2020   8 $29.35 to $35.65 $255 1.00% 0.45% to 1.60% -3.04% to 23.91%
  2019   10 $30.27 to $35.49 $348 0.17% 0.60% to 1.60% 18.33% to 19.54%
  2018   29 $25.58 to $29.91 $820 0.00% 0.55% to 1.60% -13.29% to -12.36%
  2017   30 $29.49 to $34.13 $981 0.00% 0.55% to 1.60% 4.65% to 5.73%
Lord Abbett Fundamental Equity Fund - Class A
  2021   1 $32.19 to $33.76 $27 0.00% 0.60% to 1.00% 1.29% to 27.74%
  2020   5 $25.06 to $26.04 $136 1.52% 0.70% to 1.05% 1.28% to 1.61%
  2019   5 $24.68 to $25.29 $128 1.20% 0.80% to 1.05% 21.52% to 21.76%
  2018   10 $20.31 to $20.77 $204 1.49% 0.80% to 1.05% -9.37% to -9.18%
  2017   9 $21.64 to $22.87 $200 1.18% 0.80% to 1.50% 11.82% to 12.05%
 203
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year 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
  2021   2,288 $14.43 to $41.22 $73,545 0.59% 0.10% to 1.50% 0.14% to 28.58%
  2020   2,459 $11.24 to $31.83 $61,685 0.93% 0.10% to 1.50% 0.94% to 2.39%
  2019   2,744 $11.00 to $31.35 $68,398 0.93% 0.10% to 1.50% 20.84% to 22.53%
  2018   2,851 $13.50 to $25.86 $61,697 0.68% 0.10% to 1.50% -16.31% to -15.13%
  2017   3,241 $16.03 to $30.66 $83,700 0.56% 0.10% to 1.50% 5.25% to 6.73%
MainStay CBRE Real Estate Fund - Class A
  2021   26 $15.71 to $16.13 $414 5.36% 0.20% to 1.55% 49.76% to 51.88%
  2020 02/24/2020 60 $10.49 to $10.62 $631 (d) 0.20% to 1.55%   (d)  
  2019   (d)   (d)   (d) (d)   (d)     (d)  
  2018   (d)   (d)   (d) (d)   (d)     (d)  
  2017   (d)   (d)   (d) (d)   (d)     (d)  
Massachusetts Investors Growth Stock Fund - Class A
  2021   2 $49.66 to $61.02 $107 0.00% 0.65% to 1.80% 3.18% to 25.27%
  2020   3 $41.44 to $47.85 $142 0.00% 0.75% to 1.60% 8.92% to 21.51%
  2019   3 $34.40 to $39.38 $104 0.00% 0.75% to 1.60% 37.71% to 38.86%
  2018   3 $24.98 to $28.36 $77 1.33% 0.75% to 1.60% -0.83% to 0.04%
  2017   3 $25.19 to $28.35 $73 0.72% 0.75% to 1.60% 26.65% to 27.70%
Metropolitan West Total Return Bond Fund - Class I Shares
  2021   9   $12.35   $113 1.14%   0.00%     -1.12%  
  2020   2,588   $12.49   $32,327 1.74%   0.00%     9.08%  
  2019   2,238   $11.45   $25,623 2.80%   0.00%     9.15%  
  2018   1,935   $10.49   $20,298 2.72%   0.00%     0.10%  
  2017   1,580   $10.48   $16,550 2.15%   0.00%     3.46%  
Metropolitan West Total Return Bond Fund - Class M Shares
  2021   2,132 $11.01 to $12.77 $24,902 1.06% 0.00% to 1.50% -2.78% to -0.27%
  2020   2,293 $11.19 to $12.94 $27,357 1.51% 0.00% to 1.50% 5.78% to 8.83%
  2019   2,250 $10.32 to $11.89 $24,877 2.58% 0.00% to 1.50% 7.28% to 8.88%
  2018   2,025 $10.03 to $10.92 $21,058 2.50% 0.00% to 1.50%   -1.57%  
  2017   2,014 $10.19 to $10.92 $21,142 1.88% 0.00% to 1.50% 1.59% to 3.02%
MFS® New Discovery Fund - Class R3
  2021   23 $26.24 to $28.55 $599 0.00% 0.15% to 1.25% 0.00% to 1.13%
  2020   22 $26.24 to $28.23 $573 0.00% 0.15% to 1.25% 39.09% to 43.54%
  2019   16 $18.22 to $19.00 $297 0.00% 0.65% to 1.40% 38.77% to 39.69%
  2018   9 $13.13 to $13.53 $116 0.00% 0.75% to 1.40% -2.96% to -2.55%
  2017   8 $13.53 to $13.83 $107 0.00% 0.80% to 1.40% 24.43% to 24.82%
MFS® International Intrinsic Value Fund - Class R3
  2021   39 $18.75 to $20.63 $763 0.70% 0.15% to 1.40% 8.76% to 10.14%
  2020   38 $17.24 to $18.73 $674 0.33% 0.15% to 1.40% 17.87% to 29.12%
  2019   77 $14.55 to $15.48 $1,134 1.01% 0.30% to 1.40% 23.83% to 25.14%
  2018   54 $11.75 to $12.37 $647 1.26% 0.30% to 1.40% -10.51% to -9.51%
  2017   47 $13.13 to $13.67 $621 1.92% 0.30% to 1.40% 25.05% to 25.59%
Neuberger Berman Genesis Fund - Trust Class Shares
  2021   19 $37.01 to $41.01 $769 0.00% 0.75% to 1.65% 0.24% to 17.06%
  2020   19 $31.71 to $34.64 $639 0.00% 0.85% to 1.70% 22.62% to 31.01%
  2019   18 $25.86 to $27.75 $511 0.00% 0.95% to 1.70% 27.14% to 28.12%
  2018   17 $20.34 to $21.66 $373 0.00% 0.95% to 1.70% -8.30% to -7.63%
  2017   13 $22.18 to $24.51 $315 0.08% 0.35% to 1.70% 13.57% to 15.07%
 204
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Neuberger Berman Sustainable Equity Fund - Institutional Class Shares
  2021   1   $23.44   $24 0.00%   0.00%     23.63%  
  2020   282   $18.96   $5,342 0.88%   0.00%     19.62%  
  2019   236   $15.85   $3,744 0.84%   0.00%     26.09%  
  2018   212   $12.57   $2,662 0.78%   0.00%     -5.63%  
  2017   184   $13.32   $2,449 0.99%   0.00%     18.72%  
Neuberger Berman Sustainable Equity Fund - Trust Class Shares
  2021   514 $32.41 to $39.83 $18,255 0.26% 0.00% to 1.60% 2.14% to 22.86%
  2020   546 $26.51 to $32.42 $15,890 0.41% 0.25% to 1.60% 17.33% to 73.75%
  2019   577 $22.41 to $27.26 $14,208 0.49% 0.25% to 1.60% 23.59% to 25.28%
  2018   617 $17.97 to $21.79 $12,231 0.26% 0.25% to 1.60% -7.48% to -6.17%
  2017   654 $19.04 to $23.23 $13,921 0.45% 0.00% to 1.60% 16.55% to 18.40%
American Funds® New Perspective Fund® - Class R-3
  2021   31 $48.98 to $58.58 $1,742 0.00% 0.25% to 1.25% 8.52% to 17.04%
  2020   32 $42.26 to $50.47 $1,548 0.00% 0.20% to 1.25% 29.75% to 32.68%
  2019   34 $32.19 to $39.27 $1,226 0.54% 0.00% to 1.25% 27.99% to 29.60%
  2018   61 $25.15 to $30.30 $1,712 0.64% 0.00% to 1.25% -7.33% to -6.16%
  2017   67 $27.14 to $32.29 $2,010 0.12% 0.00% to 1.25% 26.88% to 28.44%
American Funds® New Perspective Fund® - Class R-4
  2021   7,801 $21.80 to $65.77 $383,047 0.29% 0.00% to 1.50% 0.61% to 17.70%
  2020   7,790 $18.65 to $55.88 $328,125 0.12% 0.00% to 1.50% 25.29% to 33.33%
  2019   7,215 $14.10 to $41.91 $239,015 1.10% 0.00% to 1.50% 28.11% to 30.03%
  2018   6,920 $10.92 to $32.23 $177,548 1.02% 0.00% to 1.50% -7.31% to -5.90%
  2017   6,826 $11.69 to $34.25 $189,193 0.46% 0.00% to 1.50% 26.88% to 28.87%
American Funds® New Perspective Fund® - Class R-6
  2021 11/16/2021 63   $10.95   $690 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
American Funds® New World Fund® - Class R-4
  2021   46 $16.26 to $18.10 $771 0.42% 0.00% to 1.40% 3.30% to 4.75%
  2020   41 $15.74 to $17.28 $657 0.14% 0.00% to 1.40% 21.26% to 24.86%
  2019   59 $12.78 to $13.84 $770 0.86% 0.00% to 1.40% 25.79% to 27.56%
  2018   103 $10.16 to $10.85 $1,095 1.13% 0.00% to 1.40% -13.53% to -12.34%
  2017   86 $11.75 to $12.32 $1,038 1.51% 0.05% to 1.40% 30.78% to 31.88%
Nuveen Global Infrastructure Fund - Class I
  2021   132 $15.50 to $15.74 $2,046 2.20% 0.55% to 1.20% 13.39% to 13.72%
  2020   136 $13.67 to $13.85 $1,863 1.10% 0.95% to 1.20% -3.66% to -3.43%
  2019   163 $14.19 to $14.36 $2,309 2.55% 0.95% to 1.20% 28.07% to 28.44%
  2018   159 $11.08 to $11.18 $1,766 2.47% 0.95% to 1.20% -8.73% to -8.56%
  2017   175 $12.14 to $12.23 $2,125 2.67% 0.95% to 1.20% 18.21% to 18.39%
Parnassus Core Equity FundSM - Investor Shares
  2021   1,751 $21.60 to $65.39 $60,149 0.91% 0.00% to 1.40% 25.78% to 27.54%
  2020   1,719 $17.09 to $51.27 $47,420 0.61% 0.00% to 1.40% 19.51% to 21.62%
  2019   1,695 $14.24 to $42.30 $39,661 0.76% 0.00% to 1.40% 28.87% to 30.68%
  2018   1,677 $11.00 to $32.37 $32,021 1.07% 0.00% to 1.40% -1.58% to -0.25%
  2017   1,606 $11.12 to $32.19 $31,131 1.35% 0.05% to 1.40% 14.93% to 16.23%
 205
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Pax Sustainable Allocation Fund - Investor Class
  2021   1,775 $21.19 to $34.04 $48,593 0.84% 0.00% to 1.50% 4.33% to 15.31%
  2020   1,864 $18.55 to $29.52 $44,694 1.02% 0.00% to 1.50% 10.07% to 16.22%
  2019   1,934 $16.10 to $25.40 $40,352 1.59% 0.00% to 1.50% 19.06% to 20.84%
  2018   2,064 $13.44 to $21.02 $35,911 2.09% 0.00% to 1.50% -5.51% to -4.06%
  2017   2,193 $14.14 to $21.91 $40,220 0.60% 0.00% to 1.50% 11.49% to 13.17%
PIMCO CommodityRealReturn Strategy Fund® - Administrative Class
  2021   662 $7.40 to $8.11 $5,051 16.43% 0.30% to 1.50% 4.05% to 32.52%
  2020   301 $5.65 to $6.12 $1,752 1.39% 0.30% to 1.50% -0.88% to 0.33%
  2019   265 $5.70 to $10.25 $1,561 3.97% 0.30% to 1.50% 10.47% to 11.60%
  2018   257 $5.16 to $9.22 $1,362 5.64% 0.25% to 1.50% -15.50% to -14.40%
  2017   226 $6.10 to $10.82 $1,406 7.39% 0.25% to 1.50% 0.99% to 2.24%
PIMCO VIT Real Return Portfolio - Administrative Class
  2021   4,398 $11.95 to $22.19 $83,327 4.94% 0.00% to 1.80% 1.27% to 5.57%
  2020   4,408 $11.46 to $21.02 $79,381 1.45% 0.00% to 1.80% 2.40% to 11.75%
  2019   4,351 $10.38 to $18.81 $71,157 1.67% 0.00% to 1.60% 6.72% to 8.41%
  2018   4,614 $9.69 to $17.35 $70,080 2.46% 0.00% to 1.60% -3.75% to -2.17%
  2017   5,193 $10.03 to $17.74 $81,690 2.31% 0.00% to 1.60% 2.02% to 3.65%
Pioneer Equity Income Fund - Class Y Shares
  2021   170 $15.53 to $27.00 $4,421 1.61%   0.55%   24.64% to 24.94%
  2020   215 $12.46 to $21.61 $4,510 1.63% 0.75% to 0.95% -0.80% to -0.69%
  2019   523 $12.56 to $21.76 $11,198 2.06% 0.75% to 0.95% 24.48% to 24.84%
  2018   689 $10.09 to $17.43 $11,896 2.51% 0.75% to 0.95% -9.51% to -9.36%
  2017   795 $11.15 to $19.23 $15,188 1.68% 0.75% to 0.95%   14.26%  
Pioneer High Yield Fund - Class A Shares
  2021   17 $19.91 to $25.35 $410 4.56% 0.40% to 1.75% 1.32% to 5.20%
  2020   19 $19.16 to $23.87 $423 4.16% 0.45% to 1.75% 1.27% to 13.09%
  2019   35 $18.92 to $24.21 $780 5.06% 0.20% to 1.75% 12.15% to 13.88%
  2018   37 $16.87 to $21.26 $722 5.26% 0.20% to 1.75% -4.85% to -3.32%
  2017   39 $17.73 to $21.99 $799 5.56% 0.20% to 1.75% 5.66% to 7.27%
Pioneer Balanced ESG Fund - Class K Shares
  2021 11/17/2021 1   $10.66   $6 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Pioneer Strategic Income Fund - Class A Shares
  2021   59 $14.20 to $16.58 $945 3.25% 0.45% to 1.75% -0.41% to 1.59%
  2020   53 $14.16 to $16.32 $838 3.68% 0.45% to 1.75% 1.79% to 6.95%
  2019   46 $13.55 to $15.64 $683 2.89% 0.20% to 1.65% 8.40% to 9.91%
  2018   41 $12.50 to $14.23 $562 3.25% 0.20% to 1.65% -3.55% to -2.06%
  2017   34 $12.86 to $14.53 $483 2.82% 0.20% to 1.75% 3.38% to 4.99%
Pioneer Equity Income VCT Portfolio - Class I
  2021     $39.78   $— 0.00%   1.05%     24.39%  
  2020     $31.98   $5 0.00%   1.05%     -1.11%  
  2019     $32.34   $5 0.00%   1.05%     24.24%  
  2018     $26.03   $— 0.00%   1.05%     -9.52%  
  2017     $28.77   $— 1.70%   1.05%     14.26%  
 206
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Pioneer High Yield VCT Portfolio - Class I
  2021   689 $19.31 to $27.27 $15,950 5.13% 0.10% to 1.50% 1.22% to 5.57%
  2020   654 $18.44 to $25.83 $14,436 5.16% 0.10% to 1.50% 0.94% to 2.38%
  2019   702 $18.15 to $25.23 $15,331 4.93% 0.10% to 1.50% 12.74% to 14.37%
  2018   770 $16.00 to $22.06 $14,827 4.71% 0.10% to 1.50% -4.72% to -3.42%
  2017   991 $16.70 to $22.84 $20,189 4.55% 0.10% to 1.50% 5.60% to 7.13%
PGIM High Yield Fund - Class R6
  2021 11/17/2021 18   $10.27   $188 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
PGIM Jennison Utility Fund - Class Z
  2021   12 $16.49 to $18.38 $209 1.09% 0.15% to 1.25% 9.93% to 15.05%
  2020   10 $14.62 to $16.07 $157 1.80% 0.15% to 1.25% 0.58% to 4.14%
  2019   12 $13.84 to $15.46 $176 1.97% 0.55% to 1.40% 25.48% to 26.37%
  2018   11 $11.03 to $12.24 $128 2.58% 0.75% to 1.40% 0.27% to 0.89%
  2017   9 $11.00 to $12.14 $105 2.14% 0.70% to 1.40% 12.75% to 13.25%
Royce Total Return Fund - Service Class
  2021   1   $13.70   $9 0.00%   0.85%     24.43%  
  2020   1   $11.01   $10 0.00%   0.85%     2.99%  
  2019   1   $10.68   $6 0.00%   1.10%     21.78%  
  2018     $8.77   $3 0.00%   1.10%     -12.21%  
  2017     $23.02   $3 0.36%   1.20%     11.91%  
Ave Maria Rising Dividend Fund
  2021   368 $18.20 to $19.72 $6,903 0.95% 0.30% to 1.50% 5.98% to 24.97%
  2020   333 $14.74 to $15.78 $5,036 1.08% 0.30% to 1.50% 4.84% to 6.12%
  2019   426 $14.06 to $14.87 $6,122 1.23% 0.30% to 1.50% 25.76% to 27.20%
  2018   430 $11.18 to $11.71 $4,894 1.40% 0.25% to 1.50% -6.29% to -5.03%
  2017   387 $11.93 to $12.33 $4,677 1.18% 0.25% to 1.50% 15.15% to 16.54%
American Funds® SMALLCAP World Fund® - Class R-4
  2021   1,590 $20.01 to $35.80 $44,762 0.00% 0.00% to 1.50% -6.50% to 10.29%
  2020   1,447 $18.31 to $32.46 $37,661 0.00% 0.00% to 1.50% 33.26% to 37.48%
  2019   1,401 $13.44 to $23.61 $27,352 0.00% 0.00% to 1.50% 28.85% to 30.80%
  2018   1,366 $10.38 to $18.05 $20,382 0.00% 0.00% to 1.50% -11.04% to -9.70%
  2017   1,385 $11.60 to $19.99 $23,121 0.37% 0.00% to 1.50% 25.00% to 26.84%
American Funds® SMALLCAP World Fund® - Class R-6
  2021 11/16/2021 9   $10.18   $95 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
T. Rowe Price Large-Cap Growth Fund - I Class
  2021   63 $11.38 to $36.36 $1,210 0.00% 0.00% to 0.16% -4.21% to 23.17%
  2020   2,150   $29.52   $63,468 0.00%   0.00%     39.57%  
  2019   2,008   $21.15   $42,479 0.46%   0.00%     28.49%  
  2018   1,833   $16.46   $30,175 0.29%   0.00%     4.31%  
  2017   1,590   $15.78   $25,083 0.29%   0.00%     37.82%  
 207
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
T. Rowe Price Mid-Cap Value Fund - R Class
  2021   6 $40.29 to $50.85 $297 0.37% 0.00% to 1.30% 22.28% to 23.87%
  2020   6 $32.95 to $41.05 $239 0.43% 0.00% to 1.30% 7.93% to 17.96%
  2019   7 $30.53 to $37.55 $227 0.39% 0.00% to 1.30% 17.42% to 18.98%
  2018   27 $26.00 to $31.56 $788 0.42% 0.00% to 1.30% -12.22% to -11.07%
  2017   34 $29.62 to $35.49 $1,113 0.49% 0.00% to 1.30% 10.31% to 10.67%
T. Rowe Price Value Fund - Advisor Class
  2021   21   $35.74   $754 0.49%   1.00%     28.28%  
  2020   17   $27.86   $481 0.60%   1.00%     9.13%  
  2019   20   $25.53   $512 1.54%   1.00%     24.60%  
  2018   19   $20.49   $399 1.22%   1.00%     -10.56%  
  2017   18   $22.91   $418 1.06%   1.00%     17.49%  
TCW Total Return Bond Fund - Class N
  2021   859 $10.84 to $11.98 $9,559 1.73% 0.00% to 1.50% -2.61% to -0.86%
  2020   1,124 $11.13 to $12.12 $12,825 2.55% 0.00% to 1.50% 1.88% to 8.02%
  2019   720 $10.46 to $11.22 $7,674 4.03% 0.00% to 1.50% 5.44% to 7.06%
  2018   614 $9.91 to $10.48 $6,183 3.33% 0.00% to 1.50% -1.00% to 0.48%
  2017   593 $9.97 to $10.43 $6,006 2.58% 0.00% to 1.50% 1.52% to 3.06%
Templeton Foreign Fund - Class A
  2021   9 $12.59 to $20.84 $171 2.64% 0.40% to 1.65% -5.72% to 4.55%
  2020   19 $12.08 to $20.60 $360 1.40% 0.20% to 1.65% -2.13% to 20.28%
  2019   18 $12.24 to $20.74 $352 2.84% 0.20% to 1.65% 10.61% to 12.23%
  2018   25 $10.97 to $18.48 $423 2.43% 0.20% to 1.65% -16.40% to -15.15%
  2017   24 $12.79 to $21.78 $495 1.35% 0.20% to 1.65% 15.20% to 16.85%
Templeton Global Bond Fund - Advisor Class
  2021   1,577 $10.37 to $10.81 $16,354 5.34% 0.00% to 0.45% -5.12% to -4.76%
  2020   1,743 $10.93 to $11.35 $19,065 4.68% 0.00% to 0.45% -4.62% to -4.22%
  2019   1,965 $11.46 to $11.85 $22,530 6.20% 0.00% to 0.45% 0.44% to 0.85%
  2018   2,147 $11.41 to $11.75 $24,501 6.51% 0.00% to 0.45% 0.97% to 1.47%
  2017   2,464 $11.30 to $11.58 $27,852 3.58% 0.00% to 0.45% 2.17% to 2.66%
Templeton Global Bond Fund - Class A
  2021   3,515 $9.42 to $35.08 $72,608 5.09% 0.00% to 1.50% -6.48% to -1.95%
  2020   3,889 $10.06 to $36.95 $85,763 4.37% 0.00% to 1.50% -5.85% to -4.40%
  2019   4,412 $10.68 to $38.65 $103,155 5.83% 0.00% to 1.50% -0.84% to 0.62%
  2018   5,240 $10.76 to $38.41 $118,332 6.18% 0.00% to 1.50% -0.25% to 1.27%
  2017   5,561 $10.77 to $37.93 $127,026 3.29% 0.00% to 1.50% 0.85% to 2.36%
Third Avenue Real Estate Value Fund - Institutional Class
  2021   6 $13.91 to $15.13 $83 0.00% 0.15% to 1.25% 9.92% to 30.43%
  2020   5 $10.79 to $11.60 $57 1.79% 0.15% to 1.25% -11.85% to -8.88%
  2019   5 $11.80 to $12.28 $55 2.06% 0.70% to 1.40% 19.60% to 20.27%
  2018   4 $9.95 to $10.23 $42 1.67% 0.65% to 1.25% -20.91% to -20.42%
  2017   6 $12.58 to $12.83 $78 1.37% 0.70% to 1.25% 20.73% to 21.23%
Touchstone Small Company Fund - Class R6
  2021 11/19/2021 18   $10.58   $194 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
 208
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Touchstone Value Fund - Institutional Class
  2021   1   $19.93   $15 0.70%   0.00%     25.11%  
  2020   1,217   $15.93   $19,391 1.67%   0.00%     3.58%  
  2019   1,122   $15.38   $17,249 1.89%   0.00%     25.96%  
  2018   985   $12.21   $12,022 2.08%   0.00%     -5.35%  
  2017   804   $12.90   $10,377 2.02%   0.00%     14.36%  
USAA Precious Metals and Minerals Fund - Class A Shares
  2021   1,154 $18.16 to $18.55 $21,114 0.68% 0.15% to 1.50% -13.23% to -2.54%
  2020 06/29/2020 1,069 $20.55 to $20.71 $22,035 (d) 0.15% to 1.50%   (d)  
  2019   (d)   (d)   (d) (d)   (d)     (d)  
  2018   (d)   (d)   (d) (d)   (d)     (d)  
  2017   (d)   (d)   (d) (d)   (d)     (d)  
Vanguard® Total Bond Market Index Fund - Admiral™ Shares
  2021   12   $10.92   $132 2.30%   1.00%     -2.67%  
  2020   11   $11.22   $129 3.50%   1.00%     6.65%  
  2019 07/19/2019 15   $10.52   $157 (c)   1.00%     (c)  
  2018   (c)   (c)   (c) (c)   (c)     (c)  
  2017   (c)   (c)   (c) (c)   (c)     (c)  
Vanguard® Explorer™ Fund - Admiral™ Shares
  2021 11/17/2021 2   $10.66   $17 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Vanguard® Equity Income Fund - Admiral™ Shares
  2021 11/17/2021 27   $10.64   $291 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Vanguard® Federal Money Market Fund - Investor Shares
  2021 11/18/2021 3   $9.99   $30 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Vanguard® Total International Stock Index Fund - Admiral™ Shares
  2021   20 $10.29 to $12.68 $233 2.50% 0.16% to 1.00% 0.29% to 7.55%
  2020   7   $11.79   $87 3.92%   1.00%     10.19%  
  2019 07/19/2019 1   $10.70   $15 (c)   1.00%     (c)  
  2018   (c)   (c)   (c) (c)   (c)     (c)  
  2017   (c)   (c)   (c) (c)   (c)     (c)  
Vanguard® International Value Fund - Investor Shares
  2021 11/17/2021 6   $9.50   $61 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
 209
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Vanguard® Variable Insurance Fund - Diversified Value Portfolio
  2021   4 $34.37 to $42.48 $164 1.38% 0.80% to 2.00% 6.31% to 27.91%
  2020   4 $26.87 to $32.55 $125 2.53% 0.85% to 2.00% 9.54% to 20.78%
  2019   4 $24.53 to $28.91 $112 3.57% 0.95% to 2.00% 23.20% to 24.50%
  2018   5 $19.91 to $23.22 $112 2.59% 0.95% to 2.00% -10.92% to -10.00%
  2017   5 $22.35 to $25.80 $120 0.00% 0.95% to 2.00% 10.92% to 12.13%
Vanguard® Variable Insurance Fund - Equity Income Portfolio
  2021   3 $36.37 to $42.63 $143 2.35% 1.10% to 2.00% 22.87% to 23.96%
  2020   6 $29.60 to $34.39 $198 2.64% 1.10% to 2.00% 1.20% to 2.11%
  2019   5 $29.25 to $33.68 $181 2.86% 1.10% to 2.00% 21.98% to 23.05%
  2018   6 $23.98 to $27.37 $169 2.24% 1.10% to 2.00% -7.84% to -7.00%
  2017   6 $26.02 to $29.43 $188 2.40% 1.10% to 2.00% 15.90% to 16.97%
Vanguard® Variable Insurance Fund - Small Company Growth Portfolio
  2021   2 $43.42 to $53.67 $88 0.00% 0.80% to 2.00% 0.02% to 11.96%
  2020   2 $38.78 to $46.97 $72 0.00% 0.85% to 2.00% 20.73% to 28.05%
  2019   1 $32.12 to $37.86 $56 0.00% 0.95% to 2.00% 25.57% to 26.92%
  2018   2 $25.58 to $29.83 $47 0.00% 0.95% to 2.00% -9.10% to -8.16%
  2017   1 $28.14 to $32.48 $46 0.45% 0.95% to 2.00% 21.01% to 22.29%
Vanguard® FTSE Social Index Fund - Institutional Shares
  2021 11/16/2021 11   $11.59   $125 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Victory Integrity Small-Cap Value Fund - Class Y
  2021   2 $17.38 to $19.12 $44 0.00% 0.00% to 1.25% -2.01% to 33.61%
  2020   3 $13.17 to $14.31 $35 0.00% 0.00% to 1.25% -0.08% to 1.20%
  2019   22 $13.18 to $14.14 $289 0.28% 0.00% to 1.25% 21.59% to 23.06%
  2018   39 $10.77 to $11.49 $435 0.52% 0.00% to 1.40% -19.69% to -18.63%
  2017   24 $13.41 to $14.06 $332 0.06% 0.05% to 1.40% 10.83% to 11.47%
Victory Sycamore Established Value Fund - Class A
  2021   617 $17.55 to $20.94 $12,643 1.60% 0.55% to 1.20% 29.92% to 30.48%
  2020   497 $13.45 to $16.07 $7,864 1.12% 0.75% to 1.20% 6.48% to 7.00%
  2019   446 $12.57 to $15.05 $6,605 1.14% 0.75% to 1.20% 26.86% to 27.36%
  2018   366 $9.87 to $11.84 $4,299 1.05% 0.75% to 1.20% -11.34% to -10.84%
  2017   266 $11.07 to $13.31 $3,525 0.68% 0.75% to 1.20%   14.35%  
Victory Sycamore Established Value Fund - Class R6
  2021 11/24/2021 1   $10.43   $7 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Victory Sycamore Small Company Opportunity Fund - Class R
  2021   $38.03 to $40.60 $12 0.00% 0.50% to 1.05% 23.63% to 24.31%
  2020   $30.76 to $32.66 $9 0.00% 0.50% to 1.05% 3.12% to 36.71%
  2019   $29.83 to $31.19 $8 0.00% 0.60% to 1.05% 24.97% to 25.51%
  2018   $23.87 to $24.85 $8 0.00% 0.60% to 1.05% -9.75% to -9.31%
  2017   2 $26.44 to $27.40 $53 0.32% 0.60% to 1.05%   10.12%  
 210
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Virtus NFJ Dividend Value Fund - Class A
  2021   6 $34.90 to $35.79 $215 1.52% 0.80% to 1.00% 10.46% to 27.23%
  2020   6 $27.43 to $28.73 $179 1.42% 0.60% to 1.00% -3.45% to 11.79%
  2019   9 $28.41 to $29.33 $244 1.85% 0.70% to 1.00% 23.41% to 23.76%
  2018   13 $23.02 to $23.70 $297 1.91% 0.70% to 1.00% -11.02% to -10.73%
  2017   13 $25.87 to $26.55 $331 1.88% 0.70% to 1.00% 14.57% to 14.89%
Virtus NFJ Large-Cap Value Fund - Institutional Class
  2021     $23.90   $6 0.00%   0.80%     25.53%  
  2020     $19.04   $8 0.00%   0.80%     1.49%  
  2019     $18.76   $8 0.00%   0.80%     23.99%  
  2018     $15.13   $6 0.00%   0.80%     -10.10%  
  2017     $16.83   $7 2.04%   0.80%     20.39%  
Virtus NFJ Small-Cap Value Fund - Class A
  2021   $34.10 to $37.29 $11 0.00% 0.70% to 1.20% 6.13% to 23.35%
  2020   1 $26.63 to $31.53 $23 0.00% 0.45% to 1.45% -5.97% to 19.21%
  2019   1 $28.32 to $31.91 $29 0.00% 0.70% to 1.45% 22.49% to 23.40%
  2018   9 $23.12 to $26.44 $240 2.88% 0.55% to 1.45% -20.47% to -19.76%
  2017   12 $29.07 to $32.95 $385 0.41% 0.55% to 1.45% 8.35% to 9.07%
Voya Balanced Portfolio - Class I
  2021   4,852 $13.96 to $83.46 $231,526 1.68% 0.00% to 1.50% 4.07% to 15.93%
  2020   5,295 $12.08 to $72.68 $220,908 2.25% 0.00% to 1.95% 2.71% to 25.91%
  2019   5,828 $10.93 to $66.19 $221,428 2.44% 0.00% to 1.95% 16.82% to 19.07%
  2018   6,211 $13.99 to $56.10 $208,684 2.30% 0.00% to 1.95% -8.67% to -6.82%
  2017   7,043 $15.15 to $60.77 $252,764 2.56% 0.00% to 1.95% 12.48% to 14.73%
Voya Large Cap Value Fund - Class A
  2021   2 $21.93 to $24.51 $57 1.61% 0.20% to 1.45% 1.27% to 25.53%
  2020   4 $17.97 to $19.22 $67 1.60% 0.35% to 1.20% 4.36% to 20.68%
  2019   3 $17.22 to $18.26 $58 1.69% 0.35% to 1.20% 23.09% to 24.01%
  2018   4 $13.99 to $14.63 $60 1.05% 0.45% to 1.20% -9.27% to -8.56%
  2017   8 $15.42 to $16.00 $131 2.05% 0.45% to 1.20% 11.98% to 12.83%
Voya Large-Cap Growth Fund - Class R6
  2021 11/17/2021 38   $11.62   $441 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Floating Rate Fund - Class A
  2021   64 $10.95 to $11.07 $698 3.42% 0.55% to 1.20% 2.91% to 3.17%
  2020   55 $10.64 to $10.73 $589 1.63% 0.95% to 1.20% -3.18% to -2.90%
  2019   335 $10.58 to $11.05 $3,571 5.33% 0.75% to 1.20% 5.17% to 5.59%
  2018   229 $10.02 to $10.48 $2,318 4.21% 0.75% to 1.20% -1.42% to -0.99%
  2017   75 $10.12 to $10.61 $775 3.55% 0.75% to 1.20% 1.24% to 1.34%
Voya GNMA Income Fund - Class A
  2021   291 $10.32 to $19.83 $3,701 1.35% 0.25% to 1.55% -2.44% to 0.18%
  2020   285 $10.54 to $20.06 $3,729 2.42% 0.25% to 1.55% 2.20% to 3.51%
  2019   192 $10.29 to $19.38 $2,472 2.79% 0.25% to 1.55% 3.57% to 4.93%
  2018   197 $9.89 to $18.47 $2,539 2.39% 0.20% to 1.55% -0.68% to 0.60%
  2017   228 $9.93 to $18.36 $2,981 2.47% 0.25% to 1.55% -0.08% to 1.27%
 211
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya Intermediate Bond Fund - Class A
  2021   26 $15.33 to $20.24 $469 2.33% 0.00% to 1.55% -2.91% to 0.41%
  2020   44 $15.79 to $20.51 $818 2.99% 0.00% to 1.55% 0.57% to 7.72%
  2019   49 $14.88 to $19.04 $856 3.19% 0.00% to 1.55% 7.83% to 9.55%
  2018   52 $13.80 to $17.38 $836 2.91% 0.00% to 1.55% -2.13% to -0.63%
  2017   50 $14.10 to $17.49 $815 2.92% 0.00% to 1.55% 2.92% to 4.48%
Voya Intermediate Bond Fund - Class R6
  2021 11/17/2021 23   $10.08   $232 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Government Money Market Portfolio - Class I
  2021   21,066 $9.00 to $57.57 $287,347 0.00% 0.00% to 1.80% -1.64% to 0.13%
  2020   23,836 $9.15 to $57.69 $334,139 0.22% 0.00% to 1.80% -1.51% to 0.33%
  2019   17,995 $9.29 to $57.69 $248,617 1.85% 0.00% to 1.80% 0.11% to 1.97%
  2018   16,792 $9.28 to $56.76 $237,575 1.47% 0.00% to 1.80% -0.11% to 1.57%
  2017   15,640 $9.43 to $56.05 $219,152 0.58% 0.00% to 1.70% -0.92% to 0.62%
Voya Intermediate Bond Portfolio - Class I
  2021   14,835 $11.02 to $129.58 $443,284 2.99% 0.00% to 1.95% -2.82% to 0.00%
  2020   16,006 $11.15 to $131.68 $485,083 3.50% 0.00% to 1.95% 5.77% to 7.78%
  2019   14,803 $10.38 to $123.14 $425,547 3.36% 0.00% to 1.95% 7.68% to 9.89%
  2018   14,410 $13.68 to $113.27 $404,454 3.62% 0.00% to 1.95% -2.49% to -0.52%
  2017   16,272 $14.03 to $115.08 $455,985 3.34% 0.00% to 1.95% 2.98% to 5.04%
Voya Intermediate Bond Portfolio - Class S
  2021   112   $17.63   $1,966 2.74%   0.35%     -1.40%  
  2020   118   $17.88   $2,118 3.16%   0.35%     7.19%  
  2019   131   $16.68   $2,191 3.12%   0.35%     9.16%  
  2018   138   $15.28   $2,103 3.42%   0.35%     -1.16%  
  2017   170   $15.46   $2,627 3.16%   0.35%     4.39%  
Voya Global Perspectives® Portfolio - Class I
  2021   373 $13.19 to $16.11 $5,511 3.60% 0.25% to 1.50% -0.51% to 5.85%
  2020   351 $12.47 to $15.22 $4,981 2.65% 0.25% to 1.50% 0.53% to 15.78%
  2019   194 $10.77 to $13.03 $2,415 3.53% 0.35% to 1.50% 16.56% to 17.81%
  2018   181 $10.07 to $11.06 $1,944 3.05% 0.40% to 1.50% -8.58% to -7.53%
  2017   204 $10.93 to $12.03 $2,388 1.65% 0.25% to 1.50% 13.20% to 14.68%
Voya High Yield Portfolio - Adviser Class
  2021   1   $16.62   $24 4.26%   0.35%     4.27%  
  2020   1   $15.94   $23 3.92%   0.35%     4.94%  
  2019   2   $15.19   $28 2.90%   0.35%     14.38%  
  2018   3   $13.28   $41 5.00%   0.35%     -3.84%  
  2017   3   $13.81   $39 6.55%   0.35%     5.42%  
Voya High Yield Portfolio - Institutional Class
  2021   7,057 $11.15 to $24.60 $109,424 5.36% 0.00% to 1.95% 0.63% to 5.31%
  2020   6,819 $10.77 to $23.54 $101,601 5.26% 0.00% to 1.95% 3.93% to 6.03%
  2019   7,396 $10.32 to $22.37 $105,196 4.72% 0.00% to 1.95% 13.99% to 15.36%
  2018   2,437 $12.72 to $19.54 $35,318 6.01% 0.00% to 1.20% -4.12% to -2.97%
  2017   2,630 $13.17 to $20.29 $39,407 7.22% 0.00% to 1.20% 5.29% to 6.56%
 212
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya Large Cap Growth Portfolio - Adviser Class
  2021   2   $48.61   $105 0.00%   0.35%     18.47%  
  2020   2   $41.03   $96 0.00%   0.35%     29.64%  
  2019   3   $31.65   $83 0.00%   0.35%     31.44%  
  2018   3   $24.08   $78 0.00%   0.35%     -2.39%  
  2017   6   $24.67   $143 0.07%   0.35%     28.56%  
Voya Large Cap Growth Portfolio - Institutional Class
  2021   16,448 $17.93 to $65.90 $766,461 0.00% 0.00% to 1.50% 2.86% to 19.54%
  2020   17,954 $15.04 to $55.65 $708,598 0.47% 0.00% to 1.50% 28.93% to 30.89%
  2019   19,621 $11.53 to $42.93 $598,514 0.67% 0.00% to 1.50% 30.75% to 32.77%
  2018   20,013 $22.96 to $32.64 $483,586 0.67% 0.00% to 1.50% -2.97% to -1.48%
  2017   21,642 $23.65 to $33.45 $535,736 0.64% 0.00% to 1.50% 27.82% to 29.71%
Voya Large Cap Growth Portfolio - Service Class
  2021   163 $31.85 to $78.71 $8,582 0.00% 0.00% to 1.50% 17.49% to 21.14%
  2020   168 $26.79 to $65.99 $7,438 0.24% 0.00% to 1.50% 7.35% to 30.60%
  2019   175 $20.59 to $50.53 $5,930 0.26% 0.00% to 1.50% 30.45% to 32.42%
  2018   460 $15.60 to $38.16 $12,694 0.41% 0.00% to 1.50% -3.24% to -1.75%
  2017   422 $15.94 to $38.84 $11,802 0.40% 0.00% to 1.50% 27.53% to 29.42%
Voya Large Cap Value Portfolio - Adviser Class
  2021   1   $20.75   $16 0.00%   0.35%     25.76%  
  2020   1   $16.50   $15 0.00%   0.35%     5.23%  
  2019   1   $15.68   $16 0.00%   0.35%     24.05%  
  2018   1   $12.64   $15 0.00%   0.35%     -8.67%  
  2017   1   $13.84   $21 1.85%   0.35%     12.43%  
Voya Large Cap Value Portfolio - Institutional Class
  2021   13,521 $14.87 to $29.82 $332,731 2.51% 0.00% to 1.95% 6.01% to 27.00%
  2020   14,499 $11.74 to $23.48 $283,899 2.00% 0.00% to 1.95% 4.22% to 6.29%
  2019   16,308 $11.09 to $22.09 $303,689 2.12% 0.00% to 1.95% 22.71% to 25.12%
  2018   17,753 $13.34 to $17.66 $267,860 2.01% 0.00% to 1.95% -9.62% to -7.78%
  2017   20,269 $14.76 to $19.15 $335,852 2.43% 0.00% to 1.95% 11.31% to 13.52%
Voya Large Cap Value Portfolio - Service Class
  2021   49 $20.77 to $25.87 $1,092 1.98% 0.15% to 1.40% 4.95% to 26.34%
  2020   72 $16.63 to $20.82 $1,338 1.95% 0.30% to 1.40% 2.28% to 54.66%
  2019   69 $15.91 to $19.31 $1,231 1.86% 0.10% to 1.40% 23.05% to 24.59%
  2018   85 $12.93 to $16.36 $1,241 1.70% 0.10% to 1.40% -9.33% to -8.06%
  2017   107 $14.26 to $17.09 $1,692 2.17% 0.10% to 1.40% 11.67% to 13.08%
Voya Limited Maturity Bond Portfolio - Adviser Class
  2021   1   $10.69   $5 0.00%   0.35%     -0.93%  
  2020     $10.79   $5 0.00%   0.35%     2.57%  
  2019     $10.52   $5 0.00%   0.35%     3.24%  
  2018   1   $10.19   $15 0.00%   0.35%     0.39%  
  2017   1   $10.15   $11 1.36%   0.35%     0.59%  
Voya U.S. Stock Index Portfolio - Institutional Class
  2021   2,505 $17.36 to $58.74 $55,672 1.16% 0.00% to 1.40% 10.78% to 28.37%
  2020   2,421 $13.56 to $45.76 $42,300 1.80% 0.00% to 1.40% 14.38% to 18.12%
  2019   2,540 $11.52 to $38.74 $39,309 1.71% 0.00% to 1.40% 29.30% to 31.14%
  2018   1,301 $19.90 to $29.54 $28,279 1.86% 0.00% to 1.40% -5.94% to -4.65%
  2017   1,271 $20.95 to $30.98 $29,429 1.95% 0.00% to 1.40% 19.76% to 21.49%
 213
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
VY® BlackRock Inflation Protected Bond Portfolio - Adviser Class
  2021   1   $12.60   $11 0.00%   0.35%     4.13%  
  2020   1   $12.10   $11 0.00%   0.35%     10.20%  
  2019   1   $10.98   $12 0.00%   0.35%     7.23%  
  2018   2   $10.24   $20 0.00%   0.35%     -2.75%  
  2017   3   $10.53   $32 0.90%   0.35%     1.84%  
VY® Clarion Global Real Estate Portfolio - Institutional Class
  2021   3,671 $13.64 to $23.89 $76,166 2.91% 0.00% to 1.50% 9.70% to 34.52%
  2020   3,894 $10.17 to $17.76 $60,878 5.33% 0.00% to 1.50% -6.23% to 9.19%
  2019   4,491 $10.72 to $18.67 $74,592 2.97% 0.00% to 1.50% 22.87% to 24.80%
  2018   4,693 $12.81 to $14.96 $64,343 5.37% 0.00% to 1.50% -9.92% to -8.56%
  2017   5,377 $14.21 to $16.36 $81,417 3.72% 0.00% to 1.50% 9.13% to 10.77%
VY® Clarion Real Estate Portfolio - Adviser Class
  2021   2   $26.54   $54 2.22%   0.35%     50.97%  
  2020   2   $17.58   $36 2.50%   0.35%     -7.23%  
  2019   2   $18.95   $44 2.53%   0.35%     27.27%  
  2018   2   $14.89   $35 2.60%   0.35%     -8.31%  
  2017   3   $16.24   $42 2.55%   0.35%     4.44%  
VY® Clarion Real Estate Portfolio - Institutional Class
  2021   51 $26.52 to $31.09 $1,577 1.84% 0.95% to 1.95% 49.41% to 50.92%
  2020   60 $17.75 to $20.60 $1,243 2.43% 0.95% to 1.95% -8.13% to -7.21%
  2019   70 $19.32 to $22.20 $1,556 2.42% 0.95% to 1.95% 25.95% to 27.22%
  2018   81 $15.34 to $17.45 $1,419 2.96% 0.95% to 1.95% -9.23% to -8.30%
  2017   96 $16.90 to $19.03 $1,820 2.32% 0.95% to 1.95% 3.43% to 4.50%
VY® Clarion Real Estate Portfolio - Service Class
  2021   1,623 $26.31 to $34.71 $48,724 1.70% 0.00% to 1.50% 11.41% to 51.97%
  2020   1,777 $17.47 to $22.84 $35,429 2.17% 0.00% to 1.50% -7.89% to -6.53%
  2019   2,072 $18.86 to $24.44 $44,624 2.14% 0.00% to 1.50% 26.19% to 28.18%
  2018   2,224 $14.85 to $19.07 $37,743 2.60% 0.00% to 1.50% -9.00% to -7.65%
  2017   2,860 $16.22 to $20.65 $53,192 2.07% 0.00% to 1.50% 3.59% to 5.20%
VY® Invesco Growth and Income Portfolio - Institutional Class
  2021   1,398 $28.44 to $29.66 $39,757 1.65% 0.00% to 0.45% 28.63% to 29.18%
  2020   1,355 $22.11 to $22.96 $29,975 2.18% 0.00% to 0.45% 2.74% to 3.24%
  2019   1,348 $21.52 to $22.24 $29,008 2.77% 0.00% to 0.45% 24.47% to 24.94%
  2018   1,580 $17.29 to $17.80 $27,328 1.75% 0.00% to 0.45% -13.72% to -13.30%
  2017   1,642 $20.04 to $20.53 $32,904 2.26% 0.00% to 0.45% 13.61% to 14.12%
VY® Invesco Growth and Income Portfolio - Service Class
  2021   962 $25.62 to $39.24 $32,305 1.37% 0.00% to 1.50% 27.03% to 28.95%
  2020   982 $20.04 to $30.43 $25,845 1.84% 0.00% to 1.50% 1.35% to 2.91%
  2019   1,092 $19.65 to $29.57 $28,186 2.43% 0.00% to 1.50% 22.89% to 24.72%
  2018   1,248 $15.90 to $23.71 $26,073 1.47% 0.00% to 1.50% -14.86% to -13.59%
  2017   1,363 $18.57 to $27.44 $33,274 2.05% 0.00% to 1.50% 12.17% to 13.91%
VY® JPMorgan Emerging Markets Equity Portfolio - Adviser Class
  2021   3   $30.48   $93 0.00%   0.35%     -10.67%  
  2020   4   $34.12   $128 0.00%   0.35%     32.45%  
  2019   7   $25.76   $190 0.00%   0.35%     30.83%  
  2018   8   $19.69   $151 0.57%   0.35%     -17.37%  
  2017   8   $23.83   $202 0.32%   0.35%     41.93%  
 214
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
VY® JPMorgan Emerging Markets Equity Portfolio - Institutional Class
  2021   514 $31.07 to $31.42 $15,994 0.00% 0.55% to 1.20% -10.92% to -10.66%
  2020   527 $34.88 to $35.17 $18,412 0.51% 0.95% to 1.20% 32.12% to 32.52%
  2019   541 $26.40 to $26.54 $14,297 0.14% 0.95% to 1.20% 30.56% to 30.87%
  2018   561 $20.22 to $20.28 $11,355 0.90% 0.95% to 1.20% -17.57% to -17.39%
  2017   655 $24.53 to $24.55 $16,078 0.51% 0.95% to 1.20% 41.63% to 41.74%
VY® JPMorgan Emerging Markets Equity Portfolio - Service Class
  2021   749 $14.93 to $42.37 $26,401 0.00% 0.00% to 1.50% -12.14% to -6.69%
  2020   840 $16.74 to $47.10 $32,983 0.31% 0.00% to 1.50% 31.38% to 33.39%
  2019   875 $12.66 to $35.31 $26,095 0.01% 0.00% to 1.50% 29.78% to 31.73%
  2018   890 $9.70 to $26.81 $20,389 0.62% 0.00% to 1.50% -18.02% to -16.74%
  2017   1,026 $11.76 to $32.20 $28,556 0.46% 0.00% to 1.55% 40.83% to 43.05%
VY® JPMorgan Small Cap Core Equity Portfolio - Adviser Class
  2021     $31.88   $3 0.00%   0.35%     17.55%  
  2020     $27.12   $3 0.00%   0.35%     15.40%  
  2019     $23.50   $3 0.00%   0.35%     25.53%  
  2018   1   $18.72   $24 0.00%   0.35%     -11.15%  
  2017   2   $21.06   $46 0.19%   0.35%     14.82%  
VY® JPMorgan Small Cap Core Equity Portfolio - Institutional Class
  2021   2,043 $33.00 to $34.41 $67,421 0.40% 0.00% to 0.45% 18.19% to 18.70%
  2020   2,040 $27.92 to $28.99 $56,972 0.00% 0.00% to 0.45% 16.00% to 16.52%
  2019   2,106 $24.07 to $24.88 $50,704 1.19% 0.00% to 0.45% 26.22% to 26.74%
  2018   2,187 $19.07 to $19.63 $41,715 0.66% 0.00% to 0.45% -10.76% to -10.32%
  2017   2,118 $21.37 to $21.89 $45,257 0.69% 0.00% to 0.45% 15.33% to 15.88%
VY® JPMorgan Small Cap Core Equity Portfolio - Service Class
  2021   994 $35.00 to $54.82 $46,109 0.19% 0.00% to 1.50% 1.49% to 18.33%
  2020   1,044 $29.85 to $46.33 $41,406 0.00% 0.00% to 1.50% 14.58% to 37.27%
  2019   1,134 $25.90 to $39.84 $39,048 0.68% 0.00% to 1.60% 24.50% to 26.40%
  2018   1,109 $20.68 to $31.52 $30,497 0.40% 0.00% to 1.65% -11.98% to -10.52%
  2017   1,095 $23.32 to $35.23 $33,973 0.46% 0.00% to 1.65% 13.66% to 15.58%
VY® T. Rowe Price Capital Appreciation Portfolio - Adviser Class
  2021   14   $32.24   $460 0.43%   0.35%     17.54%  
  2020   17   $27.43   $471 1.20%   0.35%     17.12%  
  2019   16   $23.42   $363 1.21%   0.35%     23.59%  
  2018   16   $18.95   $298 1.54%   0.35%     -0.26%  
  2017   25   $19.00   $479 0.97%   0.35%     14.32%  
VY® T. Rowe Price Capital Appreciation Portfolio - Class R6
  2021 11/17/2021 27   $10.93   $293 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
VY® T. Rowe Price Capital Appreciation Portfolio - Institutional Class
  2021   18,868 $31.92 to $33.29 $602,323 1.09% 0.00% to 0.45% 18.13% to 18.68%
  2020   18,429 $27.02 to $28.05 $497,984 1.50% 0.00% to 0.45% 17.73% to 18.25%
  2019   18,802 $22.95 to $23.72 $431,537 1.83% 0.00% to 0.45% 24.19% to 24.71%
  2018   17,670 $18.48 to $19.02 $326,569 2.53% 0.00% to 0.45% 0.27% to 0.74%
  2017   17,165 $18.43 to $18.88 $316,392 1.54% 0.00% to 0.45% 14.83% to 15.40%
 215
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
VY® T. Rowe Price Capital Appreciation Portfolio - Service Class
  2021   30,961 $18.43 to $53.60 $1,315,586 0.80% 0.00% to 1.65% 1.32% to 18.40%
  2020   32,116 $15.68 to $45.27 $1,169,756 1.25% 0.00% to 1.50% 16.21% to 17.98%
  2019   32,781 $13.39 to $38.37 $1,030,790 1.54% 0.00% to 1.50% 22.52% to 24.35%
  2018   31,213 $10.85 to $30.86 $806,219 2.19% 0.00% to 1.50% -1.02% to 0.52%
  2017   31,475 $10.88 to $30.70 $827,633 1.25% 0.00% to 1.50% 13.40% to 15.11%
VY® T. Rowe Price Equity Income Portfolio - Adviser Class
  2021   24   $31.31   $757 1.20%   0.35%     24.54%  
  2020   30   $25.14   $746 3.55%   0.35%     0.28%  
  2019   38   $25.07   $942 2.29%   0.35%     25.48%  
  2018   40   $19.98   $803 1.76%   0.35%     -10.00%  
  2017   51   $22.20   $1,125 1.68%   0.35%     15.50%  
VY® T. Rowe Price Equity Income Portfolio - Service Class
  2021   3,556 $14.15 to $53.31 $114,150 1.62% 0.00% to 1.65% 5.13% to 25.29%
  2020   3,792 $11.33 to $42.56 $97,378 3.50% 0.00% to 1.65% -0.74% to 22.34%
  2019   4,111 $11.26 to $42.16 $105,540 2.52% 0.00% to 1.65% 24.30% to 26.43%
  2018   3,572 $15.48 to $33.35 $90,169 2.17% 0.00% to 1.65% -10.81% to -9.31%
  2017   3,794 $17.23 to $36.78 $106,982 2.03% 0.00% to 1.65% 14.34% to 16.25%
VY® T. Rowe Price International Stock Portfolio - Adviser Class
  2021   7   $15.67   $108 0.00%   0.35%     0.51%  
  2020   7   $15.59   $108 1.96%   0.35%     13.71%  
  2019   7   $13.71   $96 0.00%   0.35%     26.83%  
  2018   8   $10.81   $91 1.06%   0.35%     -14.81%  
  2017   8   $12.69   $98 0.84%   0.35%     27.03%  
VY® T. Rowe Price International Stock Portfolio - Service Class
  2021   369 $13.29 to $27.42 $8,973 0.65% 0.25% to 1.50% -6.80% to 0.96%
  2020   379 $13.25 to $27.16 $9,191 2.22% 0.25% to 1.50% 12.78% to 20.60%
  2019   396 $11.68 to $24.68 $8,458 0.73% 0.00% to 1.50% 25.71% to 27.68%
  2018   412 $9.23 to $19.33 $6,957 1.82% 0.00% to 1.50% -15.38% to -14.13%
  2017   452 $10.85 to $22.51 $8,970 1.16% 0.00% to 1.50% 25.91% to 27.90%
Voya Multi-Manager International Small Cap Fund - Class A
  2021   4 $32.62 to $39.72 $128 1.01% 0.00% to 1.10% -1.03% to 15.50%
  2020   9 $28.55 to $34.39 $270 1.16% 0.00% to 1.10% 14.11% to 29.72%
  2019   9 $25.02 to $29.81 $247 1.97% 0.00% to 1.10% 23.12% to 24.26%
  2018   12 $20.67 to $23.99 $260 1.23% 0.00% to 1.00% -22.82% to -22.06%
  2017   14 $26.59 to $30.78 $388 0.99% 0.00% to 1.05% 33.53% to 34.94%
Voya Multi-Manager International Small Cap Fund - Class I
  2021   138 $16.64 to $17.80 $2,364 1.97% 0.30% to 1.50% 0.54% to 15.51%
  2020   107 $14.57 to $15.41 $1,595 1.69% 0.30% to 1.50% 14.01% to 15.43%
  2019   105 $12.78 to $13.35 $1,361 2.32% 0.30% to 1.50% 22.77% to 24.30%
  2018   133 $10.41 to $10.74 $1,402 1.70% 0.25% to 1.50% -22.95% to -22.02%
  2017   113 $13.50 to $13.78 $1,543 2.44% 0.25% to 1.50% 33.86% to 35.10%
Voya Global Bond Portfolio - Adviser Class
  2021   8   $16.42   $130 2.15%   0.35%     -5.58%  
  2020   9   $17.39   $149 2.65%   0.35%     8.21%  
  2019   19   $16.07   $304 2.42%   0.35%     6.99%  
  2018   18   $15.02   $275 3.32%   0.35%     -2.78%  
  2017   17   $15.45   $267 2.28%   0.35%     8.73%  
 216
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya Global Bond Portfolio - Initial Class
  2021   4,280 $10.64 to $18.79 $67,239 2.93% 0.00% to 1.95% -6.63% to -2.03%
  2020   4,334 $11.21 to $19.74 $72,287 2.83% 0.00% to 1.95% 7.03% to 9.24%
  2019   4,517 $10.29 to $18.07 $69,980 2.87% 0.00% to 1.95% 5.81% to 7.91%
  2018   4,774 $12.91 to $16.96 $70,474 3.78% 0.00% to 1.95% -3.94% to -1.97%
  2017   5,031 $13.32 to $17.30 $76,778 2.56% 0.00% to 1.95% 7.61% to 9.69%
Voya Global Bond Portfolio - Service Class
  2021   37 $13.59 to $15.28 $552 2.49% 0.25% to 1.50% -6.43% to 1.07%
  2020   42 $14.46 to $16.13 $654 2.42% 0.25% to 1.50% 5.50% to 8.62%
  2019   35 $13.42 to $14.85 $503 2.56% 0.25% to 1.50% 6.03% to 7.21%
  2018   27 $12.38 to $13.59 $356 3.06% 0.40% to 1.50% -3.63% to -2.58%
  2017   41 $12.68 to $14.56 $559 2.19% 0.00% to 1.50% 7.67% to 9.31%
Voya Index Solution 2025 Portfolio - Initial Class
  2021   258 $23.17 to $33.08 $7,315 2.19% 0.00% to 1.40% 9.15% to 10.71%
  2020   269 $21.19 to $29.88 $7,023 2.63% 0.00% to 1.40% 10.86% to 13.05%
  2019   522 $18.98 to $26.43 $12,222 1.77% 0.00% to 1.40% 17.12% to 18.79%
  2018   545 $16.18 to $22.25 $11,069 1.75% 0.00% to 1.40% -6.27% to -4.99%
  2017   510 $17.24 to $23.24 $10,973 1.86% 0.05% to 1.40% 13.23% to 14.53%
Voya Index Solution 2025 Portfolio - Service Class
  2021   384 $22.45 to $29.69 $11,122 1.92% 0.00% to 1.25% 2.08% to 10.42%
  2020   382 $20.59 to $27.07 $10,089 1.83% 0.00% to 1.25% 11.42% to 12.86%
  2019   259 $18.48 to $24.14 $6,057 1.81% 0.00% to 1.25% 17.20% to 18.41%
  2018   216 $17.60 to $20.51 $4,318 1.55% 0.00% to 1.10% -6.23% to -5.17%
  2017   203 $16.86 to $21.77 $4,318 1.55% 0.00% to 1.25% 13.15% to 14.64%
Voya Index Solution 2025 Portfolio - Service 2 Class
  2021   81 $22.05 to $25.74 $1,935 1.95% 0.25% to 1.55% 2.53% to 9.92%
  2020   99 $20.31 to $23.54 $2,167 1.69% 0.20% to 1.55% 2.48% to 12.52%
  2019   95 $18.40 to $20.92 $1,859 2.01% 0.20% to 1.50% 16.56% to 17.99%
  2018   150 $15.72 to $17.73 $2,527 1.08% 0.20% to 1.55% -6.76% to -5.49%
  2017   239 $16.86 to $19.06 $4,336 1.34% 0.00% to 1.55% 12.63% to 14.41%
Voya Index Solution 2030 Portfolio - Service 2 Class
  2021 12/22/2021   $10.61   $4 (e)   1.00%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Index Solution 2035 Portfolio - Initial Class
  2021   392 $27.00 to $39.10 $13,438 1.97% 0.00% to 1.40% 1.24% to 14.16%
  2020   314 $26.28 to $34.25 $9,524 2.77% 0.00% to 1.40% 11.73% to 14.40%
  2019   699 $23.15 to $29.94 $18,659 1.76% 0.00% to 1.40% 20.91% to 22.60%
  2018   668 $18.99 to $24.42 $14,903 1.58% 0.00% to 1.40% -8.18% to -6.92%
  2017   529 $20.45 to $26.03 $12,725 1.76% 0.05% to 1.40% 17.01% to 18.28%
Voya Index Solution 2035 Portfolio - Service Class
  2021   313 $26.17 to $35.11 $10,742 1.74% 0.00% to 1.25% 2.82% to 13.84%
  2020   284 $23.27 to $31.03 $8,622 1.37% 0.00% to 1.25% 12.69% to 14.12%
  2019   337 $20.65 to $27.37 $8,925 1.65% 0.00% to 1.25% 20.83% to 22.37%
  2018   281 $17.09 to $22.51 $6,123 1.36% 0.00% to 1.25% -8.27% to -7.12%
  2017   246 $18.63 to $24.40 $5,806 1.56% 0.00% to 1.25% 16.95% to 18.36%
 217
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya Index Solution 2035 Portfolio - Service 2 Class
  2021   114 $25.75 to $30.96 $3,260 1.75% 0.00% to 1.55% 0.94% to 13.66%
  2020   102 $23.39 to $27.24 $2,571 1.50% 0.00% to 1.40% 12.34% to 13.93%
  2019   88 $20.51 to $23.91 $1,970 1.55% 0.00% to 1.55% 20.22% to 22.05%
  2018   83 $17.06 to $19.59 $1,514 0.93% 0.00% to 1.55% -8.57% to -7.11%
  2017   118 $18.66 to $21.09 $2,373 1.20% 0.00% to 1.55% 16.33% to 18.15%
Voya Index Solution 2040 Portfolio - Initial Class
  2021 12/21/2021 1   $10.81   $15 (e)   1.05%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Index Solution 2045 Portfolio - Initial Class
  2021   263 $31.24 to $43.67 $10,133 1.67% 0.00% to 1.40% 16.21% to 17.87%
  2020   219 $26.72 to $37.05 $7,236 2.73% 0.00% to 1.40% 12.91% to 15.78%
  2019   601 $23.27 to $32.00 $17,160 1.60% 0.00% to 1.40% 23.14% to 24.85%
  2018   595 $18.78 to $25.63 $13,991 1.38% 0.00% to 1.40% -9.44% to -8.14%
  2017   544 $19.92 to $27.90 $14,017 1.57% 0.00% to 1.40% 18.79% to 20.47%
Voya Index Solution 2045 Portfolio - Service Class
  2021   228 $28.82 to $39.16 $8,785 1.49% 0.00% to 1.25% 3.80% to 17.56%
  2020   206 $24.82 to $33.53 $6,804 1.38% 0.00% to 1.25% 14.06% to 15.52%
  2019   179 $21.76 to $29.22 $5,102 1.53% 0.00% to 1.25% 23.01% to 24.56%
  2018   159 $17.69 to $23.62 $3,653 1.23% 0.00% to 1.25% -9.61% to -8.45%
  2017   124 $19.57 to $25.96 $3,154 1.43% 0.00% to 1.25% 18.75% to 20.21%
Voya Index Solution 2045 Portfolio - Service 2 Class
  2021   135 $28.32 to $34.06 $4,329 1.48% 0.00% to 1.55% 4.10% to 17.29%
  2020   123 $24.53 to $29.04 $3,378 1.37% 0.00% to 1.55% 3.64% to 16.04%
  2019   115 $21.70 to $25.18 $2,745 1.52% 0.00% to 1.50% 22.53% to 24.35%
  2018   97 $17.64 to $20.25 $1,856 0.78% 0.00% to 1.55% -9.91% to -8.50%
  2017   131 $19.58 to $22.13 $2,783 1.05% 0.00% to 1.55% 18.09% to 19.95%
Voya Index Solution 2050 Portfolio - Initial Class
  2021 11/30/2021   $10.87   $1 (e)   0.95%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Index Solution 2055 Portfolio - Initial Class
  2021   141 $29.29 to $34.48 $4,295 1.39% 0.00% to 1.40% 16.32% to 17.96%
  2020   128 $25.18 to $29.23 $3,342 2.78% 0.00% to 1.40% 13.83% to 19.92%
  2019   317 $22.12 to $25.33 $7,159 1.38% 0.00% to 1.40% 23.44% to 25.21%
  2018   277 $17.92 to $20.23 $5,203 1.19% 0.00% to 1.40% -9.73% to -8.53%
  2017   197 $19.85 to $21.93 $4,069 1.35% 0.05% to 1.40% 19.29% to 20.85%
Voya Index Solution 2055 Portfolio - Service Class
  2021   237 $28.12 to $33.50 $7,184 1.36% 0.00% to 1.50% 4.10% to 17.67%
  2020   198 $24.27 to $28.47 $5,148 1.38% 0.00% to 1.50% 13.41% to 18.77%
  2019   155 $21.40 to $24.73 $3,535 1.21% 0.00% to 1.50% 23.06% to 24.90%
  2018   122 $17.39 to $19.80 $2,235 1.03% 0.00% to 1.50% -10.04% to -8.63%
  2017   101 $19.32 to $21.67 $2,038 1.14% 0.00% to 1.50% 18.88% to 20.59%
 218
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya Index Solution 2055 Portfolio - Service 2 Class
  2021   99 $27.48 to $32.93 $3,060 1.35% 0.00% to 1.55% 4.04% to 17.44%
  2020   86 $23.77 to $28.04 $2,277 1.23% 0.00% to 1.55% 3.68% to 14.97%
  2019   70 $21.00 to $24.39 $1,618 1.30% 0.00% to 1.55% 22.81% to 24.69%
  2018   62 $17.10 to $19.56 $1,152 0.74% 0.00% to 1.55% -10.19% to -8.77%
  2017   62 $19.04 to $21.44 $1,296 1.13% 0.00% to 1.55% 18.63% to 20.52%
Voya Index Solution 2065 Portfolio - Initial Class
  2021   6 $13.53 to $13.83 $83 2.30% 0.00% to 1.40% 0.58% to 17.63%
  2020 08/24/2020 $11.60 to $11.63 $4 (d) 0.70% to 1.25%   (d)  
  2019   (d)   (d)   (d) (d)   (d)     (d)  
  2018   (d)   (d)   (d) (d)   (d)     (d)  
  2017   (d)   (d)   (d) (d)   (d)     (d)  
Voya Index Solution 2065 Portfolio - Service Class
  2021   6 $13.51 to $13.64 $86 2.11% 0.65% to 1.25% 0.30% to 17.28%
  2020 10/22/2020 1   $11.63   $9 (d)   0.65%     (d)  
  2019   (d)   (d)   (d) (d)   (d)     (d)  
  2018   (d)   (d)   (d) (d)   (d)     (d)  
  2017   (d)   (d)   (d) (d)   (d)     (d)  
Voya Index Solution Income Portfolio - Initial Class
  2021   53 $17.39 to $23.71 $1,063 1.78% 0.00% to 1.40% 4.62% to 6.09%
  2020   56 $16.60 to $22.35 $1,077 3.50% 0.00% to 1.40% 9.79% to 11.30%
  2019   190 $15.10 to $20.08 $3,374 2.05% 0.00% to 1.40% 11.56% to 13.19%
  2018   230 $13.51 to $17.74 $3,732 1.98% 0.00% to 1.40% -4.37% to -3.08%
  2017   270 $14.11 to $18.16 $4,533 2.11% 0.05% to 1.40% 7.86% to 9.06%
Voya Index Solution Income Portfolio - Service Class
  2021   57 $16.86 to $21.27 $1,155 1.34% 0.00% to 1.25% 1.14% to 5.80%
  2020   64 $16.14 to $20.23 $1,234 1.62% 0.00% to 1.25% 9.72% to 11.08%
  2019   64 $14.71 to $18.34 $1,114 2.04% 0.00% to 1.25% 11.63% to 12.85%
  2018   60 $14.71 to $16.35 $948 2.37% 0.00% to 1.10% -4.26% to -3.22%
  2017   60 $15.20 to $17.01 $990 1.82% 0.00% to 1.10% 7.81% to 9.04%
Voya Index Solution Income Portfolio - Service 2 Class
  2021   40 $16.66 to $19.68 $711 1.61% 0.00% to 1.40% 1.57% to 5.69%
  2020   46 $15.98 to $18.62 $780 1.58% 0.00% to 1.40% 1.56% to 10.77%
  2019   48 $14.56 to $16.81 $736 1.98% 0.00% to 1.45% 11.06% to 12.74%
  2018   71 $12.99 to $14.91 $980 1.53% 0.00% to 1.55% -4.90% to -3.43%
  2017   86 $13.66 to $15.44 $1,245 1.70% 0.00% to 1.55% 7.22% to 8.89%
Voya International High Dividend Low Volatility Portfolio - Adviser Class
  2021   14   $12.70   $178 2.31%   0.35%     11.11%  
  2020   15   $11.43   $169 2.73%   0.35%     -1.55%  
  2019   17   $11.61   $197 1.55%   0.35%     15.75%  
  2018   19   $10.03   $190 1.87%   0.35%     -15.64%  
  2017   20   $11.89   $238 1.60%   0.35%     21.20%  
Voya International High Dividend Low Volatility Portfolio - Initial Class
  2021   5,517 $11.54 to $14.28 $68,704 2.48% 0.00% to 1.50% 1.47% to 12.09%
  2020   5,917 $10.45 to $12.74 $66,331 3.33% 0.00% to 1.50% -2.23% to -0.70%
  2019   6,442 $10.68 to $12.83 $73,467 2.15% 0.00% to 1.50% 14.96% to 16.74%
  2018   6,988 $9.29 to $10.99 $69,069 2.19% 0.00% to 1.50% -16.23% to -14.94%
  2017   7,762 $11.09 to $12.92 $91,104 2.03% 0.00% to 1.50% 20.52% to 22.35%
 219
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya International High Dividend Low Volatility Portfolio - Service Class
  2021   4 $14.36 to $15.78 $60 1.75% 0.40% to 1.00% 0.83% to 10.92%
  2020   4 $12.97 to $13.96 $54 3.54% 0.50% to 1.00% -1.97% to 3.51%
  2019   4 $13.05 to $14.16 $59 1.46% 0.50% to 1.10% 15.18% to 15.65%
  2018   6 $11.26 to $13.03 $78 1.46% 0.00% to 1.15% -16.16% to -15.78%
  2017   13 $13.19 to $15.18 $196 1.45% 0.10% to 1.30% 20.66% to 21.93%
Voya Solution 2025 Portfolio - Adviser Class
  2021   12   $23.96   $297 2.74%   0.35%     10.01%  
  2020   13   $21.78   $287 1.32%   0.35%     12.91%  
  2019   24   $19.29   $468 1.95%   0.35%     17.41%  
  2018   28   $16.43   $457 1.88%   0.35%     -6.33%  
  2017   29 $17.54 to $17.89 $501 1.70% 0.35% to 0.70% 14.24% to 14.64%
Voya Solution 2025 Portfolio - Initial Class
  2021   1,073 $15.09 to $22.22 $17,671 2.93% 0.00% to 1.20% 9.64% to 10.99%
  2020   988 $13.69 to $20.02 $14,803 2.25% 0.00% to 1.20% 12.49% to 13.81%
  2019   847 $12.12 to $17.59 $11,199 2.58% 0.00% to 1.20% 16.97% to 18.37%
  2018   760 $10.32 to $14.86 $8,566 2.34% 0.00% to 1.20% -6.62% to -5.47%
  2017   725 $11.00 to $15.72 $8,717 2.90% 0.00% to 1.20% 14.18% to 15.59%
Voya Solution 2025 Portfolio - Service Class
  2021   6,795 $13.53 to $28.26 $160,375 2.82% 0.00% to 1.50% 1.87% to 10.68%
  2020   6,794 $12.26 to $25.54 $146,667 1.99% 0.00% to 1.50% 11.86% to 13.59%
  2019   7,022 $10.83 to $22.49 $135,241 2.31% 0.00% to 1.50% 16.38% to 18.12%
  2018   7,484 $13.10 to $19.04 $124,074 2.03% 0.00% to 1.50% -7.13% to -5.71%
  2017   8,100 $14.02 to $20.20 $145,817 1.88% 0.00% to 1.50% 13.61% to 15.31%
Voya Solution 2025 Portfolio - Service 2 Class
  2021   229 $22.41 to $26.94 $5,812 2.91% 0.00% to 1.55% 7.76% to 10.27%
  2020   241 $20.59 to $24.12 $5,546 1.56% 0.10% to 1.55% 11.66% to 17.59%
  2019   332 $18.44 to $21.29 $6,734 1.80% 0.10% to 1.55% 16.12% to 17.82%
  2018   455 $15.88 to $18.23 $7,854 1.68% 0.00% to 1.55% -7.35% to -6.08%
  2017   471 $17.14 to $19.07 $8,664 1.83% 0.20% to 1.55% 13.28% to 14.88%
Voya Solution 2030 Portfolio - Service Class
  2021 11/22/2021 13 $10.58 to $10.68 $134 (e) 0.50% to 1.25%   (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Solution 2035 Portfolio - Adviser Class
  2021   16   $26.80   $430 1.99%   0.35%     13.32%  
  2020   16   $23.65   $376 1.65%   0.35%     13.81%  
  2019   23   $20.78   $475 2.05%   0.35%     21.10%  
  2018   23   $17.16   $401 1.63%   0.35%     -8.87%  
  2017   24   $18.83   $460 1.33%   0.35%     18.80%  
Voya Solution 2035 Portfolio - Initial Class
  2021   973 $16.11 to $24.99 $17,834 2.19% 0.00% to 1.20% 12.93% to 14.32%
  2020   901 $14.19 to $21.86 $14,901 1.86% 0.00% to 1.20% 13.30% to 14.63%
  2019   800 $12.47 to $19.07 $11,644 2.52% 0.00% to 1.20% 20.81% to 22.24%
  2018   635 $10.28 to $15.60 $7,686 2.14% 0.00% to 1.20% -9.25% to -8.07%
  2017   517 $11.27 to $16.97 $6,878 2.29% 0.00% to 1.20% 18.48% to 19.84%
 220
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya Solution 2035 Portfolio - Service Class
  2021   7,636 $14.32 to $31.96 $199,934 2.20% 0.00% to 1.50% 2.63% to 14.09%
  2020   7,282 $12.59 to $28.02 $170,550 1.74% 0.00% to 1.50% 12.78% to 14.46%
  2019   7,433 $11.03 to $24.48 $154,810 2.22% 0.00% to 1.50% 20.12% to 21.98%
  2018   7,670 $13.30 to $20.07 $134,108 1.80% 0.00% to 1.50% -9.72% to -8.31%
  2017   8,035 $14.65 to $21.90 $156,617 1.53% 0.00% to 1.50% 17.67% to 19.47%
Voya Solution 2035 Portfolio - Service 2 Class
  2021   355 $25.77 to $30.62 $10,190 2.16% 0.00% to 1.45% 12.29% to 13.91%
  2020   389 $22.95 to $26.88 $9,833 1.39% 0.00% to 1.45% 12.67% to 22.33%
  2019   515 $20.37 to $23.52 $11,338 1.95% 0.00% to 1.45% 19.89% to 21.61%
  2018   614 $16.99 to $19.34 $11,164 1.73% 0.00% to 1.45% -9.77% to -8.38%
  2017   618 $18.83 to $21.11 $12,339 1.49% 0.00% to 1.45% 17.61% to 19.27%
Voya Solution 2040 Portfolio - Initial Class
  2021 12/27/2021   $9.92   $— (e)   1.20%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Solution 2040 Portfolio - Service Class
  2021 11/24/2021 $10.67 to $10.79 $2 (e) 0.50% to 1.50%   (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Solution 2045 Portfolio - Adviser Class
  2021   1   $28.54   $24 0.00%   0.35%     16.54%  
  2020   1   $24.49   $20 0.00%   0.35%     15.63%  
  2019   1   $21.18   $18 0.00%   0.35%     23.21%  
  2018   1 $16.68 to $17.19 $15 0.00% 0.35% to 1.25% -11.61% to -10.84%
  2017   1 $18.87 to $19.28 $29 0.97% 0.35% to 1.25% 19.43% to 20.50%
Voya Solution 2045 Portfolio - Initial Class
  2021   818 $16.94 to $27.13 $15,711 1.88% 0.00% to 1.20% 16.11% to 17.50%
  2020   671 $14.52 to $23.09 $11,145 1.62% 0.00% to 1.20% 15.24% to 16.56%
  2019   598 $12.55 to $19.81 $8,702 2.28% 0.00% to 1.20% 22.79% to 24.28%
  2018   517 $10.18 to $15.94 $6,196 1.82% 0.00% to 1.20% -11.16% to -10.05%
  2017   473 $11.40 to $17.72 $6,333 1.66% 0.00% to 1.20% 20.06% to 21.54%
Voya Solution 2045 Portfolio - Service Class
  2021   5,355 $15.13 to $34.59 $152,015 1.92% 0.00% to 1.50% 3.33% to 17.25%
  2020   5,167 $12.94 to $29.50 $126,807 1.55% 0.00% to 1.50% 14.54% to 16.29%
  2019   5,299 $11.16 to $25.37 $113,924 1.98% 0.00% to 1.50% 22.06% to 23.93%
  2018   5,356 $13.13 to $20.48 $94,948 1.44% 0.00% to 1.50% -11.56% to -10.19%
  2017   5,993 $14.75 to $22.81 $122,145 1.07% 0.00% to 1.50% 19.44% to 21.27%
Voya Solution 2045 Portfolio - Service 2 Class
  2021   145 $27.77 to $33.39 $4,510 2.04% 0.00% to 1.55% 5.52% to 16.88%
  2020   162 $24.08 to $28.21 $4,330 1.26% 0.10% to 1.55% 14.34% to 26.03%
  2019   219 $21.06 to $24.31 $5,014 1.49% 0.10% to 1.55% 21.80% to 23.44%
  2018   278 $17.29 to $19.85 $5,179 1.34% 0.00% to 1.55% -11.74% to -10.34%
  2017   274 $19.59 to $22.14 $5,732 1.18% 0.00% to 1.55% 19.16% to 20.98%
 221
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya Solution 2050 Portfolio - Initial Class
  2021 12/06/2021   $9.90   $— (e)   1.20%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Solution 2050 Portfolio - Service Class
  2021 12/02/2021 1 $10.70 to $10.83 $11 (e) 0.35% to 1.50%   (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Solution 2050 Portfolio - Service 2 Class
  2021 11/19/2021   $10.75   $— (e) 0.60% to 0.65%   (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Solution 2055 Portfolio - Initial Class
  2021   438 $16.95 to $33.44 $8,993 1.56% 0.00% to 1.20% 16.14% to 17.50%
  2020   345 $14.53 to $28.46 $6,151 1.47% 0.00% to 1.20% 14.99% to 16.40%
  2019   257 $12.58 to $24.45 $4,029 1.81% 0.00% to 1.20% 23.32% to 24.74%
  2018   179 $10.16 to $19.60 $2,280 1.76% 0.00% to 1.20% -11.40% to -10.30%
  2017   144 $11.41 to $21.85 $2,039 1.41% 0.00% to 1.20% 20.46% to 21.93%
Voya Solution 2055 Portfolio - Service Class
  2021   1,779 $15.17 to $32.52 $49,111 2.20% 0.00% to 1.50% -1.38% to 17.32%
  2020   1,651 $12.97 to $27.72 $39,566 1.32% 0.00% to 1.50% 14.27% to 16.03%
  2019   1,440 $11.21 to $23.89 $30,438 1.71% 0.00% to 1.50% 22.67% to 24.49%
  2018   1,264 $16.85 to $19.19 $22,428 1.21% 0.00% to 1.50% -11.92% to -10.54%
  2017   1,256 $19.12 to $21.45 $25,364 0.92% 0.00% to 1.50% 19.86% to 21.67%
Voya Solution 2055 Portfolio - Service 2 Class
  2021   52 $27.61 to $31.93 $1,546 2.32% 0.00% to 1.25% 3.52% to 16.85%
  2020   47 $23.75 to $26.99 $1,207 0.69% 0.10% to 1.30% 1.31% to 26.59%
  2019   76 $20.76 to $23.32 $1,692 1.16% 0.10% to 1.30% 22.62% to 24.01%
  2018   89 $16.93 to $18.94 $1,581 1.20% 0.00% to 1.30% -11.69% to -10.87%
  2017   71 $19.35 to $20.88 $1,429 0.97% 0.20% to 1.20% 20.22% to 21.31%
Voya Solution 2060 Portfolio - Initial Class
  2021 12/27/2021   $9.90   $— (e)   1.20%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Solution 2060 Portfolio - Service Class
  2021 10/08/2021 5 $10.72 to $10.79 $54 (e) 0.35% to 1.25%   (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
 222
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya Solution 2060 Portfolio - Service 2 Class
  2021 09/02/2021 $10.73 to $10.75 $1 (e) 0.60% to 0.80%   (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Solution 2065 Portfolio - Initial Class
  2021 12/13/2021   $13.59   $1 (e)   1.20%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Solution 2065 Portfolio - Service Class
  2021   101 $13.47 to $13.74 $1,367 5.23% 0.25% to 1.50% -0.80% to 16.72%
  2020 08/12/2020 30 $11.66 to $11.74 $353 (d) 0.30% to 1.50%   (d)  
  2019   (d)   (d)   (d) (d)   (d)     (d)  
  2018   (d)   (d)   (d) (d)   (d)     (d)  
  2017   (d)   (d)   (d) (d)   (d)     (d)  
Voya Solution Balanced Portfolio - Service Class
  2021   405 $18.92 to $22.44 $8,118 1.86% 0.25% to 1.50% 1.66% to 13.68%
  2020   372 $16.85 to $19.74 $6,601 1.97% 0.25% to 1.50% 11.22% to 44.88%
  2019   365 $15.15 to $17.42 $5,786 2.23% 0.30% to 1.50% 17.72% to 19.15%
  2018   377 $12.87 to $14.62 $5,049 1.83% 0.30% to 1.50% -8.07% to -7.00%
  2017   436 $14.00 to $15.80 $6,414 1.43% 0.25% to 1.50% 12.99% to 14.49%
Voya Solution Income Portfolio - Adviser Class
  2021   21   $20.79   $443 2.65%   0.35%     5.80%  
  2020   23   $19.65   $461 1.52%   0.35%     11.21%  
  2019   48   $17.67   $855 2.68%   0.35%     12.48%  
  2018   50   $15.71   $785 2.22%   0.35%     -3.56%  
  2017   51   $16.29   $836 1.92%   0.35%     8.67%  
Voya Solution Income Portfolio - Initial Class
  2021   830 $13.56 to $17.65 $13,276 3.33% 0.00% to 1.20% 5.38% to 6.65%
  2020   786 $12.80 to $16.55 $11,849 2.44% 0.00% to 1.20% 10.86% to 12.20%
  2019   623 $11.50 to $14.75 $8,415 3.09% 0.00% to 1.20% 12.08% to 13.37%
  2018   654 $10.22 to $13.01 $7,904 2.83% 0.00% to 1.20% -4.04% to -2.84%
  2017   697 $10.59 to $13.39 $8,750 2.82% 0.00% to 1.20% 8.37% to 9.66%
Voya Solution Income Portfolio - Service Class
  2021   1,771 $12.47 to $23.38 $34,555 2.98% 0.00% to 1.50% 0.57% to 6.38%
  2020   2,084 $11.76 to $21.98 $37,924 2.34% 0.00% to 1.50% 2.99% to 11.97%
  2019   2,341 $10.54 to $19.63 $38,441 2.77% 0.00% to 1.50% 11.39% to 13.14%
  2018   2,857 $13.44 to $17.35 $43,388 2.37% 0.00% to 1.50% -4.50% to -3.03%
  2017   3,498 $13.99 to $17.90 $55,737 2.17% 0.00% to 1.50% 7.64% to 9.29%
Voya Solution Income Portfolio - Service 2 Class
  2021   155 $16.86 to $20.27 $2,950 3.13% 0.00% to 1.55% 2.39% to 6.24%
  2020   179 $16.11 to $19.08 $3,245 1.92% 0.00% to 1.55% 0.68% to 15.34%
  2019   206 $14.65 to $17.08 $3,320 2.48% 0.00% to 1.55% 11.24% to 12.96%
  2018   259 $13.17 to $15.12 $3,691 2.09% 0.00% to 1.55% -4.70% to -3.20%
  2017   320 $13.82 to $15.62 $4,736 1.96% 0.00% to 1.55% 7.55% to 9.23%
 223
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya Solution Moderately Conservative Portfolio - Service Class
  2021   482 $16.83 to $19.97 $8,634 2.27% 0.25% to 1.50% 1.52% to 9.19%
  2020   502 $15.62 to $18.29 $8,319 2.19% 0.25% to 1.50% 9.69% to 10.99%
  2019   509 $14.24 to $16.38 $7,654 1.97% 0.30% to 1.50% 13.20% to 14.63%
  2018   467 $12.58 to $14.37 $6,159 2.02% 0.25% to 1.50% -5.63% to -4.45%
  2017   529 $13.33 to $15.04 $7,396 2.24% 0.25% to 1.50% 8.64% to 10.02%
VY® American Century Small-Mid Cap Value Portfolio - Adviser Class
  2021     $42.14   $18 0.00%   0.35%     26.51%  
  2020   1   $33.31   $35 0.00%   0.35%     3.00%  
  2019   2   $32.34   $51 0.00%   0.35%     29.72%  
  2018   2   $24.93   $39 1.79%   0.35%     -14.80%  
  2017   3   $29.26   $73 0.89%   0.35%     10.50%  
VY® American Century Small-Mid Cap Value Portfolio - Initial Class
  2021   1,122 $15.43 to $39.53 $40,803 1.07% 0.00% to 1.40% 25.79% to 27.56%
  2020   1,164 $12.21 to $30.99 $33,478 1.45% 0.00% to 1.40% 2.41% to 3.85%
  2019   1,239 $11.87 to $29.84 $34,644 1.44% 0.00% to 1.40% 29.12% to 30.93%
  2018   1,535 $9.15 to $22.79 $33,150 1.30% 0.00% to 1.40% -15.34% to -14.13%
  2017   1,550 $10.76 to $26.54 $39,257 1.29% 0.00% to 1.40% 9.92% to 11.42%
VY® American Century Small-Mid Cap Value Portfolio - Service Class
  2021   2,011 $14.75 to $65.52 $71,650 0.85% 0.00% to 1.50% 3.59% to 27.30%
  2020   2,200 $11.62 to $51.47 $62,126 1.22% 0.00% to 1.50% 1.99% to 40.10%
  2019   2,472 $11.26 to $49.72 $67,826 1.22% 0.00% to 1.50% 28.73% to 30.67%
  2018   1,924 $20.50 to $38.05 $57,494 1.06% 0.00% to 1.50% -15.64% to -14.34%
  2017   2,082 $24.15 to $44.42 $73,631 1.08% 0.00% to 1.50% 9.48% to 11.11%
VY® Baron Growth Portfolio - Adviser Class
  2021   8   $56.80   $445 0.00%   0.35%     19.73%  
  2020   8   $47.44   $377 0.00%   0.35%     32.40%  
  2019   10   $35.83   $351 0.00%   0.35%     37.75%  
  2018   11   $26.01   $277 0.00%   0.35%     -2.47%  
  2017   15   $26.67   $393 0.60%   0.35%     27.42%  
VY® Baron Growth Portfolio - Service Class
  2021   3,319 $17.77 to $97.81 $204,375 0.00% 0.00% to 1.50% 2.54% to 20.43%
  2020   3,550 $14.80 to $81.22 $183,870 0.00% 0.00% to 1.50% 27.93% to 100.55%
  2019   3,965 $11.14 to $60.95 $156,083 0.00% 0.00% to 1.50% 36.46% to 38.55%
  2018   3,388 $13.26 to $44.00 $122,163 0.00% 0.00% to 1.50% -3.36% to -1.90%
  2017   3,498 $13.69 to $44.85 $130,478 0.74% 0.00% to 1.50% 26.29% to 28.22%
VY® Columbia Contrarian Core Portfolio - Service Class
  2021   274 $31.43 to $81.83 $17,506 0.40% 0.00% to 1.50% 3.82% to 23.95%
  2020   277 $25.59 to $66.02 $14,233 0.00% 0.00% to 1.50% 19.63% to 31.34%
  2019   307 $21.26 to $54.36 $13,169 1.82% 0.00% to 1.50% 31.09% to 33.07%
  2018   345 $16.12 to $40.85 $11,187 0.91% 0.00% to 1.50% -10.36% to -9.00%
  2017   401 $17.88 to $44.89 $14,546 0.98% 0.00% to 1.50% 19.78% to 21.60%
VY® Columbia Small Cap Value II Portfolio - Adviser Class
  2021   7   $28.26   $200 0.00%   0.35%     33.43%  
  2020   7   $21.18   $153 0.00%   0.35%     8.89%  
  2019   7   $19.45   $145 0.00%   0.35%     19.47%  
  2018   8   $16.28   $125 0.00%   0.35%     -18.27%  
  2017   8   $19.92   $167 0.16%   0.35%     10.30%  
 224
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
VY® Columbia Small Cap Value II Portfolio - Service Class
  2021   437 $26.73 to $32.52 $12,846 0.29% 0.25% to 1.50% 0.22% to 33.88%
  2020   283 $20.21 to $24.29 $6,279 0.56% 0.25% to 1.50% 7.90% to 27.11%
  2019   283 $18.73 to $22.08 $5,775 0.34% 0.30% to 1.50% 18.39% to 19.87%
  2018   321 $15.82 to $18.56 $5,486 0.27% 0.25% to 1.50% -19.00% to -17.98%
  2017   334 $19.53 to $22.63 $7,003 0.28% 0.25% to 1.50% 9.29% to 10.66%
VY® Invesco Comstock Portfolio - Adviser Class
  2021   6   $32.57   $193 0.93%   0.35%     32.24%  
  2020   10   $24.63   $238 1.61%   0.35%     -1.08%  
  2019   10   $24.90   $260 2.05%   0.35%     24.44%  
  2018   11   $20.01   $228 0.90%   0.35%     -12.89%  
  2017   19   $22.97   $438 0.97%   0.35%     16.90%  
VY® Invesco Comstock Portfolio - Service Class
  2021   1,983 $14.88 to $44.35 $70,222 1.56% 0.00% to 1.95% 0.59% to 32.95%
  2020   2,018 $11.23 to $33.39 $53,452 1.87% 0.00% to 1.95% -2.39% to 70.99%
  2019   2,230 $11.32 to $33.58 $60,153 2.39% 0.00% to 1.95% 22.76% to 25.26%
  2018   2,329 $15.99 to $26.84 $54,176 1.35% 0.00% to 1.95% -14.10% to -12.38%
  2017   2,571 $18.42 to $30.79 $68,978 1.16% 0.00% to 1.95% 15.37% to 17.67%
VY® Invesco Equity and Income Portfolio - Adviser Class
  2021   59   $29.62   $1,759 1.01%   0.35%     17.87%  
  2020   63   $25.13   $1,591 1.30%   0.35%     9.02%  
  2019   65   $23.05   $1,487 1.62%   0.35%     19.06%  
  2018   70   $19.36   $1,346 1.51%   0.35%     -10.20%  
  2017   72   $21.56   $1,561 1.28%   0.35%     9.94%  
VY® Invesco Equity and Income Portfolio - Initial Class
  2021   10,551 $14.17 to $35.98 $305,320 1.46% 0.00% to 1.95% 3.82% to 18.84%
  2020   11,219 $11.96 to $30.28 $276,337 1.72% 0.00% to 1.95% 7.81% to 9.99%
  2019   12,440 $10.91 to $27.53 $281,505 2.08% 0.00% to 1.95% 17.77% to 20.11%
  2018   13,640 $11.22 to $23.79 $259,611 1.98% 0.00% to 1.95% -11.21% to -9.44%
  2017   15,337 $12.49 to $26.27 $326,650 2.18% 0.00% to 1.95% 8.71% to 10.91%
VY® Invesco Equity and Income Portfolio - Service Class
  2021   47 $17.39 to $95.71 $1,228 1.26% 0.15% to 1.00% 5.14% to 18.32%
  2020   46 $14.56 to $81.51 $1,000 1.46% 0.00% to 1.15% 8.41% to 9.63%
  2019   55 $13.43 to $77.81 $1,061 1.70% 0.00% to 1.15% 18.43% to 19.82%
  2018   75 $11.34 to $65.44 $1,169 1.63% 0.00% to 1.15% -10.71% to -9.67%
  2017   98 $12.70 to $72.99 $1,649 1.60% 0.00% to 1.15% 9.51% to 10.61%
VY® Invesco Global Portfolio - Adviser Class
  2021   7   $38.86   $269 0.00%   0.35%     14.40%  
  2020   8   $33.97   $286 0.72%   0.35%     26.75%  
  2019   10   $26.80   $266 0.00%   0.35%     30.60%  
  2018   11   $20.52   $219 1.49%   0.35%     -13.89%  
  2017   19   $23.83   $453 0.74%   0.35%     35.32%  
VY® Invesco Global Portfolio - Initial Class
  2021   17,589 $16.78 to $50.61 $722,750 0.00% 0.00% to 1.80% 0.24% to 15.38%
  2020   18,835 $14.58 to $43.94 $681,765 1.04% 0.00% to 1.80% 19.68% to 84.17%
  2019   21,035 $11.45 to $33.95 $603,394 0.50% 0.00% to 1.80% 29.47% to 31.81%
  2018   22,797 $15.32 to $26.86 $512,694 1.64% 0.00% to 1.80% -14.76% to -13.20%
  2017   24,766 $17.81 to $30.95 $649,773 1.10% 0.00% to 1.80% 34.07% to 36.54%
 225
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
VY® Invesco Global Portfolio - Service Class
  2021   54 $45.98 to $48.30 $2,620 0.00% 1.00% to 1.25% 13.70% to 14.00%
  2020   53 $40.44 to $42.37 $2,249 0.85% 1.00% to 1.25% 25.86% to 26.14%
  2019   52 $32.13 to $33.59 $1,758 0.19% 1.00% to 1.25% 29.82% to 30.14%
  2018   53 $24.75 to $25.81 $1,362 1.39% 1.00% to 1.25% -14.48% to -14.25%
  2017   55 $28.94 to $30.10 $1,667 0.94% 1.00% to 1.25% 34.42% to 34.80%
VY® JPMorgan Mid Cap Value Portfolio - Adviser Class
  2021   6   $38.85   $240 0.45%   0.35%     28.68%  
  2020   7   $30.19   $202 0.85%   0.35%     -0.26%  
  2019   9   $30.27   $270 0.78%   0.35%     25.34%  
  2018   10   $24.15   $244 1.01%   0.35%     -12.66%  
  2017   13   $27.65   $351 0.37%   0.35%     13.00%  
VY® JPMorgan Mid Cap Value Portfolio - Initial Class
  2021   886 $15.28 to $26.39 $22,525 0.94%   0.55%   28.62% to 28.86%
  2020   937 $11.88 to $20.48 $18,652 1.17% 0.75% to 0.95% -0.42% to -0.19%
  2019   1,062 $11.93 to $20.52 $21,263 1.20% 0.75% to 0.95% 25.32% to 25.50%
  2018   1,206 $9.52 to $16.35 $19,362 1.40% 0.75% to 0.95% -12.82% to -12.61%
  2017   1,300 $10.92 to $18.71 $24,121 1.24% 0.75% to 0.95%   13.12%  
VY® JPMorgan Mid Cap Value Portfolio - Service Class
  2021   1,149 $30.20 to $65.30 $60,843 0.67% 0.00% to 1.55% 1.26% to 29.51%
  2020   1,269 $23.53 to $50.42 $52,345 0.97% 0.00% to 1.50% -1.22% to 0.28%
  2019   1,443 $23.68 to $50.28 $60,015 0.95% 0.00% to 1.50% 24.34% to 26.20%
  2018   1,639 $18.93 to $39.84 $54,651 1.12% 0.00% to 1.50% -13.50% to -12.18%
  2017   1,852 $21.75 to $45.37 $70,926 0.60% 0.00% to 1.50% 12.03% to 13.73%
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class
  2021   9   $55.60   $480 0.00%   0.35%     12.85%  
  2020   9   $49.27   $454 0.00%   0.35%     30.79%  
  2019   10   $37.67   $388 0.29%   0.35%     36.09%  
  2018   11   $27.68   $292 0.00%   0.35%     -4.12%  
  2017   11   $28.87   $331 0.25%   0.35%     23.69%  
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Class R6
  2021 11/17/2021 35   $11.27   $392 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class
  2021   11,242 $16.69 to $70.71 $638,349 0.00% 0.00% to 1.50% 1.49% to 13.81%
  2020   12,071 $14.70 to $62.13 $610,289 0.09% 0.00% to 1.50% 22.49% to 31.85%
  2019   13,267 $11.19 to $47.13 $515,075 0.30% 0.00% to 1.50% 35.15% to 37.21%
  2018   13,886 $21.35 to $34.35 $403,457 0.19% 0.00% to 1.50% -4.67% to -3.21%
  2017   15,001 $22.26 to $35.50 $456,024 0.63% 0.00% to 1.50% 22.95% to 24.82%
VY® T. Rowe Price Diversified Mid Cap Growth Portfolio - Service Class
  2021   37 $39.66 to $63.45 $1,623 0.00% 0.25% to 1.25% 12.16% to 13.30%
  2020   35 $35.36 to $56.00 $1,388 0.08% 0.25% to 1.25% 8.35% to 31.09%
  2019   41 $27.25 to $42.72 $1,259 0.24% 0.25% to 1.25% 35.24% to 36.53%
  2018   49 $20.15 to $31.29 $1,206 0.00% 0.25% to 1.25% -4.68% to -3.66%
  2017   53 $21.14 to $32.48 $1,378 0.44% 0.25% to 1.25% 22.91% to 24.11%
 226
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
VY® T. Rowe Price Growth Equity Portfolio - Adviser Class
  2021   21   $61.21   $1,266 0.00%   0.35%     19.04%  
  2020   25   $51.42   $1,262 0.00%   0.35%     35.53%  
  2019   28   $37.94   $1,070 0.00%   0.35%     29.71%  
  2018   32   $29.25   $928 0.00%   0.35%     -1.91%  
  2017   56   $29.82   $1,656 0.00%   0.35%     32.42%  
VY® T. Rowe Price Growth Equity Portfolio - Initial Class
  2021   9,453 $18.62 to $147.88 $815,452 0.00% 0.00% to 1.50% -0.25% to 20.08%
  2020   9,759 $15.55 to $124.05 $713,552 0.00% 0.00% to 1.50% 29.53% to 36.70%
  2019   10,261 $11.41 to $91.45 $556,786 0.20% 0.00% to 1.50% 28.88% to 30.84%
  2018   8,845 $22.50 to $72.09 $449,287 0.25% 0.00% to 1.50% -2.60% to -1.08%
  2017   9,153 $23.10 to $72.88 $469,719 0.05% 0.00% to 1.50% 31.59% to 33.60%
VY® T. Rowe Price Growth Equity Portfolio - Service Class
  2021   57 $56.73 to $74.88 $4,005 0.00% 0.00% to 1.55% 14.46% to 19.77%
  2020   59 $48.11 to $62.52 $3,493 0.00% 0.00% to 1.55% 18.03% to 36.36%
  2019   75 $36.40 to $45.85 $3,244 0.00% 0.00% to 1.45% 28.58% to 30.48%
  2018   102 $28.31 to $35.14 $3,407 0.05% 0.00% to 1.45% -2.75% to -1.32%
  2017   118 $29.11 to $35.61 $3,994 0.00% 0.00% to 1.45% 31.30% to 33.22%
Voya Target In-Retirement Fund - Class R6
  2021 11/18/2021 3   $10.35   $27 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Target Retirement 2025 Fund - Class R6
  2021 11/17/2021 8   $10.49   $86 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Target Retirement 2030 Fund - Class R6
  2021 12/06/2021   $10.56   $2 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Target Retirement 2035 Fund - Class R6
  2021 11/17/2021 12   $10.61   $127 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Target Retirement 2040 Fund - Class R6
  2021 12/28/2021   $10.68   $— (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
 227
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya Target Retirement 2045 Fund - Class R6
  2021 11/17/2021 15   $10.71   $157 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Target Retirement 2050 Fund - Class R6
  2021 12/03/2021 1   $10.70   $11 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Target Retirement 2055 Fund - Class R6
  2021 11/17/2021 5   $10.70   $52 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Target Retirement 2060 Fund - Class R6
  2021 12/08/2021   $10.73   $5 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya Corporate Leaders 100 Fund - Class I
  2021   589 $18.60 to $21.81 $12,290 1.56% 0.25% to 1.50% 1.66% to 27.47%
  2020   579 $14.69 to $17.11 $9,533 2.11% 0.25% to 1.50% 10.24% to 26.09%
  2019   531 $13.25 to $15.30 $7,835 2.12% 0.30% to 1.50% 26.62% to 28.25%
  2018   539 $10.40 to $11.95 $6,239 2.21% 0.25% to 1.50% -8.13% to -7.00%
  2017   468 $11.26 to $12.85 $5,878 2.18% 0.25% to 1.50% 17.60% to 19.09%
Voya Strategic Allocation Conservative Portfolio - Class I
  2021   1,065 $18.83 to $38.78 $34,698 2.60% 0.00% to 1.50% 3.29% to 9.13%
  2020   1,114 $17.41 to $35.67 $33,734 2.37% 0.00% to 1.50% 8.79% to 10.45%
  2019   1,105 $15.90 to $32.43 $30,351 2.72% 0.00% to 1.50% 13.11% to 14.84%
  2018   1,103 $13.98 to $32.37 $26,327 2.75% 0.00% to 1.50% -5.49% to -4.02%
  2017   1,151 $14.69 to $33.73 $28,660 2.48% 0.00% to 1.50% 8.87% to 10.54%
Voya Strategic Allocation Growth Portfolio - Class I
  2021   2,232 $21.81 to $53.86 $87,927 1.92% 0.00% to 1.95% 1.28% to 17.37%
  2020   2,300 $18.76 to $46.11 $78,267 1.90% 0.00% to 1.95% 12.15% to 14.40%
  2019   2,388 $16.54 to $40.49 $71,733 2.64% 0.00% to 1.95% 20.43% to 22.86%
  2018   2,476 $13.59 to $35.34 $60,918 2.13% 0.00% to 1.95% -10.09% to -8.32%
  2017   2,690 $14.96 to $38.55 $72,444 1.73% 0.00% to 1.95% 15.60% to 17.92%
Voya Strategic Allocation Moderate Portfolio - Class I
  2021   1,974 $20.56 to $47.48 $69,817 2.30% 0.00% to 1.60% 5.40% to 13.86%
  2020   2,029 $18.22 to $41.89 $63,521 2.16% 0.00% to 1.50% 8.95% to 12.77%
  2019   2,163 $16.31 to $37.33 $60,494 2.83% 0.00% to 1.50% 17.49% to 19.27%
  2018   2,310 $13.80 to $33.56 $54,755 2.42% 0.00% to 1.50% -7.49% to -6.05%
  2017   2,560 $14.82 to $35.72 $64,749 1.97% 0.00% to 1.50% 12.79% to 14.53%
 228
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya Growth and Income Portfolio - Class A
  2021   42   $36.17   $1,510 0.52%   0.35%     27.94%  
  2020   56   $28.27   $1,587 0.90%   0.35%     16.34%  
  2019   63   $24.30   $1,537 1.28%   0.35%     27.83%  
  2018   67   $19.01   $1,271 1.39%   0.35%     -5.19%  
  2017   73   $20.05   $1,456 1.38%   0.35%     19.35%  
Voya Growth and Income Portfolio - Class I
  2021   18,167 $17.02 to $1,140.41 $1,476,982 1.03% 0.00% to 1.95% 8.04% to 29.01%
  2020   19,715 $13.23 to $892.37 $1,261,656 1.27% 0.00% to 1.95% 14.94% to 25.35%
  2019   21,954 $11.32 to $768.20 $1,215,091 1.65% 0.00% to 1.95% 26.38% to 28.90%
  2018   24,740 $17.26 to $601.68 $1,069,882 1.82% 0.00% to 1.95% -6.30% to -4.45%
  2017   27,824 $18.23 to $635.67 $1,266,962 1.81% 0.00% to 1.95% 17.98% to 20.37%
Voya Growth and Income Portfolio - Class S
  2021   8 $33.98 to $53.87 $308 0.66% 0.30% to 1.35% 8.01% to 28.15%
  2020   10 $26.66 to $41.49 $298 1.12% 0.40% to 1.35% 15.34% to 25.27%
  2019   9 $23.03 to $35.44 $236 1.41% 0.45% to 1.35% 26.82% to 27.99%
  2018   9 $18.10 to $27.69 $190 1.10% 0.45% to 1.35% -5.96% to -5.11%
  2017   14 $19.18 to $29.18 $355 1.56% 0.10% to 1.35% 18.66% to 19.94%
Voya Global High Dividend Low Volatility Portfolio - Class I
  2021   5,556 $13.05 to $16.49 $84,083 2.58% 0.00% to 1.55% 5.12% to 20.89%
  2020   5,984 $10.82 to $13.64 $75,550 2.29% 0.00% to 1.55% -2.80% to 16.67%
  2019   6,754 $10.95 to $13.75 $86,802 2.82% 0.00% to 1.55% 19.83% to 21.68%
  2018   6,855 $10.61 to $11.30 $74,924 5.37% 0.00% to 1.55% -10.31% to -8.87%
  2017   7,484 $11.83 to $12.43 $90,478 2.27% 0.00% to 1.55% 21.83% to 23.75%
Voya Global High Dividend Low Volatility Portfolio - Class S
  2021   728 $15.38 to $16.33 $11,213 2.30% 0.35% to 1.20% 9.06% to 20.16%
  2020   785 $12.91 to $13.59 $10,150 2.02% 0.35% to 1.20% -2.27% to -1.45%
  2019   877 $13.21 to $13.79 $11,598 2.60% 0.35% to 1.20% 19.98% to 20.96%
  2018   965 $10.99 to $11.56 $10,636 4.58% 0.00% to 1.25% -10.21% to -9.12%
  2017   1,049 $12.24 to $12.72 $12,878 2.08% 0.00% to 1.25% 21.91% to 23.50%
Voya Index Plus LargeCap Portfolio - Class I
  2021   6,973 $16.99 to $89.44 $479,099 1.03% 0.00% to 1.95% 7.68% to 29.25%
  2020   7,540 $13.18 to $69.47 $405,124 1.48% 0.00% to 1.95% 1.57% to 15.94%
  2019   8,283 $11.41 to $60.18 $386,977 1.55% 0.00% to 1.95% 27.51% to 30.03%
  2018   9,223 $16.17 to $48.43 $334,558 1.53% 0.00% to 1.95% -8.64% to -6.80%
  2017   9,566 $17.62 to $51.97 $377,022 1.58% 0.00% to 1.95% 22.20% to 24.64%
Voya Index Plus LargeCap Portfolio - Class S
  2021   4   $42.87   $167 0.67%   0.35%     28.47%  
  2020   4   $33.37   $130 1.78%   0.35%     15.23%  
  2019   7   $28.96   $207 1.55%   0.35%     29.29%  
  2018   8   $22.40   $181 1.05%   0.35%     -7.36%  
  2017   8   $24.18   $201 0.88%   0.35%     23.87%  
Voya Index Plus MidCap Portfolio - Class I
  2021   5,944 $15.37 to $91.47 $352,043 0.91% 0.00% to 1.95% 5.68% to 27.75%
  2020   6,390 $12.07 to $71.61 $298,527 1.26% 0.00% to 1.95% 6.15% to 8.25%
  2019   7,153 $11.18 to $66.15 $310,525 1.35% 0.00% to 1.95% 24.66% to 27.09%
  2018   6,970 $17.16 to $52.05 $271,771 1.11% 0.00% to 1.95% -16.01% to -14.32%
  2017   7,743 $20.22 to $60.77 $357,140 1.28% 0.00% to 1.95% 11.36% to 13.57%
 229
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya Index Plus MidCap Portfolio - Class S
  2021   1   $36.85   $46 0.00%   0.35%     27.07%  
  2020   1   $29.00   $43 1.96%   0.35%     7.61%  
  2019   2   $26.95   $59 1.69%   0.35%     26.29%  
  2018   3   $21.34   $59 1.54%   0.35%     -14.84%  
  2017   3   $25.06   $71 0.84%   0.35%     12.93%  
Voya Index Plus SmallCap Portfolio - Class I
  2021   3,139 $27.79 to $63.84 $153,650 0.73% 0.00% to 1.95% 2.97% to 28.45%
  2020   3,284 $21.83 to $49.70 $126,192 0.99% 0.00% to 1.95% -0.43% to 32.65%
  2019   3,608 $20.90 to $47.16 $132,714 1.04% 0.00% to 1.95% 19.46% to 21.85%
  2018   4,022 $17.32 to $38.72 $122,776 0.96% 0.00% to 1.95% -14.10% to -12.38%
  2017   4,378 $19.95 to $44.20 $154,397 0.86% 0.00% to 1.95% 7.83% to 9.92%
Voya Index Plus SmallCap Portfolio - Class S
  2021   5   $32.82   $176 0.62%   0.35%     27.70%  
  2020   6   $25.70   $146 0.64%   0.35%     4.73%  
  2019   7   $24.54   $165 0.63%   0.35%     21.13%  
  2018   8   $20.26   $155 0.57%   0.35%     -12.94%  
  2017   8   $23.27   $193 0.50%   0.35%     9.25%  
Voya International Index Portfolio - Class I
  2021   3,357 $12.24 to $24.08 $47,878 1.98% 0.00% to 1.65% 0.16% to 10.93%
  2020   3,509 $11.22 to $21.93 $45,069 2.48% 0.00% to 1.65% 6.11% to 8.28%
  2019   3,662 $10.57 to $20.52 $43,908 3.01% 0.00% to 1.65% 19.44% to 21.42%
  2018   3,694 $8.85 to $17.06 $37,196 2.96% 0.00% to 1.65% -15.15% to -13.74%
  2017   3,510 $10.43 to $19.96 $41,414 2.37% 0.00% to 1.65% 22.85% to 24.92%
Voya International Index Portfolio - Class S
  2021   1   $23.93   $12 0.00%   0.35%     10.23%  
  2020     $21.71   $11 0.00%   0.35%     7.26%  
  2019     $20.24   $9 0.00%   0.35%     20.62%  
  2018     $16.78   $7 0.00%   0.35%     -14.17%  
  2017   1   $19.55   $10 2.40%   0.35%     24.05%  
Voya Russell™ Large Cap Growth Index Portfolio - Class I
  2021   2,210 $76.95 to $93.02 $180,106 0.50% 0.00% to 1.50% 6.19% to 30.66%
  2020   2,233 $59.78 to $71.19 $140,664 0.54% 0.00% to 1.50% 25.39% to 60.74%
  2019   2,107 $43.83 to $51.41 $97,199 0.91% 0.00% to 1.50% 33.83% to 35.83%
  2018   1,942 $32.75 to $37.85 $66,554 1.11% 0.00% to 1.50% -2.44% to -0.97%
  2017   1,801 $33.57 to $38.22 $63,047 1.12% 0.00% to 1.50% 29.31% to 31.25%
Voya Russell™ Large Cap Growth Index Portfolio - Class S
  2021   52 $76.52 to $87.38 $4,344 0.33% 0.00% to 1.30% 14.60% to 30.37%
  2020   55 $59.12 to $66.81 $3,572 0.48% 0.00% to 1.35% 32.44% to 38.11%
  2019   57 $43.38 to $48.52 $2,678 0.69% 0.00% to 1.35% 33.64% to 35.49%
  2018   48 $32.46 to $36.27 $1,671 0.89% 0.00% to 1.35% -2.55% to -1.22%
  2017   41 $33.30 to $37.43 $1,474 0.92% 0.00% to 1.35% 29.37% to 30.93%
Voya Russell™ Large Cap Index Portfolio - Class I
  2021   7,324 $36.44 to $44.78 $295,849 1.10% 0.00% to 1.55% 1.33% to 27.40%
  2020   7,183 $28.87 to $35.15 $229,256 1.38% 0.00% to 1.60% 3.92% to 21.84%
  2019   6,740 $24.07 to $28.85 $177,976 1.61% 0.00% to 1.60% 29.27% to 31.38%
  2018   6,414 $18.62 to $21.96 $130,188 1.65% 0.00% to 1.60% -5.00% to -3.47%
  2017   5,837 $19.60 to $22.75 $123,610 1.60% 0.00% to 1.60% 20.62% to 22.57%
 230
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya Russell™ Large Cap Index Portfolio - Class S
  2021   10   $59.85   $569 0.90%   0.95%     25.92%  
  2020   11   $47.53   $540 1.17%   0.95%     20.42%  
  2019   12   $39.47   $489 1.54%   0.95%     29.71%  
  2018   14   $30.43   $423 1.39%   0.95%     -4.58%  
  2017   14   $31.89   $441 1.38%   0.95%     21.12%  
Voya Russell™ Large Cap Value Index Portfolio - Class I
  2021   16 $36.67 to $37.13 $592 2.21% 1.15% to 1.25% 21.46% to 21.58%
  2020   16 $30.19 to $30.54 $493 0.97% 1.15% to 1.25% 0.23% to 0.33%
  2019   18 $30.12 to $30.44 $536 2.38% 1.15% to 1.25% 24.36% to 24.45%
  2018   23 $24.22 to $24.46 $558 2.28% 1.15% to 1.25% -7.80% to -7.70%
  2017   25 $26.27 to $26.84 $672 2.20% 1.00% to 1.25% 12.07% to 12.19%
Voya Russell™ Large Cap Value Index Portfolio - Class S
  2021   676 $34.41 to $41.60 $24,688 1.89% 0.00% to 1.50% 3.88% to 22.71%
  2020   656 $28.46 to $33.90 $19,713 0.91% 0.00% to 1.50% -0.32% to 10.61%
  2019   654 $28.55 to $33.50 $19,633 2.17% 0.00% to 1.50% 23.75% to 25.61%
  2018   620 $23.07 to $26.67 $14,982 2.02% 0.00% to 1.50% -8.27% to -6.85%
  2017   612 $25.15 to $28.63 $16,042 1.91% 0.00% to 1.50% 11.53% to 13.21%
Voya Russell™ Mid Cap Growth Index Portfolio - Class S
  2021   410 $57.58 to $69.61 $25,198 0.02% 0.00% to 1.50% -2.93% to 12.02%
  2020   452 $52.18 to $62.14 $25,054 0.16% 0.00% to 1.50% 27.91% to 34.53%
  2019   501 $39.37 to $46.19 $20,857 0.57% 0.00% to 1.50% 32.51% to 34.51%
  2018   492 $29.71 to $34.34 $15,370 0.43% 0.00% to 1.50% -6.78% to -5.37%
  2017   487 $31.87 to $36.29 $16,225 0.66% 0.00% to 1.50% 22.48% to 24.37%
Voya Russell™ Mid Cap Index Portfolio - Class I
  2021   8,112 $15.69 to $39.69 $244,259 0.97% 0.00% to 1.50% 2.08% to 22.16%
  2020   8,185 $12.88 to $32.49 $204,187 1.26% 0.00% to 1.60% 13.37% to 22.35%
  2019   8,567 $11.08 to $27.85 $183,792 1.55% 0.00% to 1.60% 27.88% to 29.96%
  2018   8,181 $10.05 to $21.43 $140,564 1.48% 0.00% to 1.60% -10.72% to -9.31%
  2017   8,340 $11.16 to $23.63 $159,494 1.56% 0.00% to 1.60% 16.11% to 17.97%
Voya Russell™ Small Cap Index Portfolio - Class I
  2021   5,503 $15.13 to $36.50 $128,687 0.65% 0.00% to 1.50% -3.45% to 14.35%
  2020   5,179 $13.27 to $31.92 $108,900 0.94% 0.00% to 1.50% 6.52% to 31.52%
  2019   4,975 $11.13 to $26.70 $89,526 1.13% 0.00% to 1.50% 23.32% to 25.18%
  2018   4,174 $9.77 to $21.33 $67,456 1.16% 0.00% to 1.55% -12.65% to -11.27%
  2017   3,853 $11.09 to $24.04 $70,922 1.15% 0.00% to 1.55% 12.55% to 14.26%
Voya Small Company Portfolio - Class I
  2021   2,284 $13.35 to $100.88 $146,809 0.15% 0.00% to 1.50% -1.66% to 14.77%
  2020   2,504 $11.75 to $88.26 $140,744 0.51% 0.00% to 1.50% 10.19% to 12.28%
  2019   2,792 $10.57 to $78.92 $141,444 0.42% 0.00% to 1.50% 24.32% to 26.26%
  2018   3,081 $26.63 to $65.49 $127,882 0.57% 0.00% to 1.50% -17.12% to -15.84%
  2017   3,514 $21.78 to $77.82 $178,760 0.33% 0.00% to 1.50% 9.62% to 11.30%
Voya Small Company Portfolio - Class S
  2021   4   $38.52   $144 0.00%   0.35%     14.07%  
  2020   4   $33.77   $130 0.67%   0.35%     11.64%  
  2019   6   $30.25   $168 0.00%   0.35%     25.41%  
  2018   5   $24.12   $129 0.00%   0.35%     -16.34%  
  2017   5   $28.83   $146 0.19%   0.35%     10.63%  
 231
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Voya U.S. Bond Index Portfolio - Class I
  2021   2,069 $10.80 to $15.91 $28,501 2.09% 0.00% to 1.80% -3.63% to -0.28%
  2020   2,203 $11.04 to $16.21 $31,403 2.93% 0.00% to 1.80% 0.14% to 7.21%
  2019   1,499 $10.33 to $15.12 $20,131 2.44% 0.00% to 1.80% 6.41% to 8.31%
  2018   1,292 $11.54 to $13.96 $16,449 2.27% 0.00% to 1.80% -2.12% to -0.36%
  2017   1,221 $11.79 to $14.01 $15,746 2.35% 0.00% to 1.80% 1.38% to 3.17%
Voya MidCap Opportunities Portfolio - Class I
  2021   6,705 $17.21 to $76.93 $373,377 0.00% 0.00% to 1.60% -0.87% to 12.06%
  2020   6,959 $15.40 to $68.98 $352,229 0.11% 0.00% to 1.55% 35.49% to 41.14%
  2019   7,360 $10.94 to $49.12 $266,926 0.28% 0.00% to 1.55% 27.36% to 29.38%
  2018   7,662 $15.24 to $38.17 $226,057 0.00% 0.00% to 1.55% -8.91% to -7.48%
  2017   7,897 $16.73 to $41.46 $255,230 0.11% 0.00% to 1.55% 23.24% to 25.12%
Voya MidCap Opportunities Portfolio - Class R6
  2021 11/24/2021 5   $11.02   $50 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Voya MidCap Opportunities Portfolio - Class S
  2021   21 $41.85 to $61.70 $1,041 0.00% 0.20% to 1.55% 1.24% to 11.49%
  2020   28 $38.01 to $55.37 $1,247 0.09% 0.30% to 1.55% 38.62% to 40.34%
  2019   34 $27.42 to $39.47 $1,081 0.10% 0.30% to 1.55% 27.06% to 28.65%
  2018   41 $21.58 to $30.69 $1,008 0.00% 0.30% to 1.55% -9.14% to -7.96%
  2017   41 $23.75 to $33.37 $1,104 0.00% 0.30% to 1.55% 22.87% to 24.37%
Voya SmallCap Opportunities Portfolio - Class I
  2021   2,838 $14.39 to $53.31 $73,298 0.00% 0.00% to 1.50% -2.90% to 4.67%
  2020   2,980 $13.78 to $51.04 $75,202 0.00% 0.00% to 1.50% 22.42% to 26.40%
  2019   3,187 $10.94 to $40.47 $64,232 0.00% 0.00% to 1.50% 23.83% to 25.71%
  2018   3,223 $11.82 to $32.26 $55,777 0.00% 0.00% to 1.55% -17.17% to -15.85%
  2017   3,289 $14.22 to $38.42 $69,587 0.08% 0.00% to 1.55% 16.96% to 18.73%
Voya SmallCap Opportunities Portfolio - Class S
  2021   1   $41.88   $53 0.00%   0.35%     4.00%  
  2020   1   $40.27   $58 0.00%   0.35%     25.65%  
  2019   3   $32.05   $99 0.00%   0.35%     24.95%  
  2018   4   $25.65   $104 0.00%   0.35%     -16.40%  
  2017   4   $30.68   $109 0.00%   0.35%     18.05%  
Wanger International
  2021   1,919 $19.73 to $24.90 $42,778 0.55% 0.00% to 1.50% -1.67% to 18.80%
  2020   2,199 $16.76 to $20.96 $41,580 1.80% 0.00% to 1.50% 12.67% to 85.96%
  2019   2,460 $14.79 to $18.32 $40,999 0.82% 0.00% to 1.50% 28.06% to 29.93%
  2018   2,737 $11.48 to $14.10 $35,293 2.21% 0.00% to 1.50% -18.97% to -17.69%
  2017   2,935 $14.07 to $17.13 $46,316 1.20% 0.00% to 1.50% 30.94% to 32.89%
Wanger Select
  2021   1,469 $26.65 to $52.74 $65,632 0.00% 0.00% to 1.55% -3.91% to 5.84%
  2020   1,599 $25.41 to $49.83 $68,206 0.69% 0.00% to 1.55% 23.56% to 26.63%
  2019   1,807 $20.24 to $39.35 $61,435 0.07% 0.00% to 1.65% 27.17% to 29.32%
  2018   2,040 $15.80 to $30.43 $54,081 0.18% 0.00% to 1.65% -13.71% to -12.41%
  2017   2,337 $18.20 to $34.74 $71,676 0.18% 0.00% to 1.75% 24.48% to 26.65%
 232
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

    Fund         Net Investment            
    Inception Units Unit Fair Value Assets Income Expense RatioC Total ReturnD
Division Year DateA (000's) (lowest to highest) (000's) RatioB (lowest to highest) (lowest to highest)
Wanger USA
  2021   1,983 $19.17 to $59.88 $101,592 0.77% 0.00% to 1.50% -3.64% to 8.92%
  2020   2,151 $17.76 to $54.98 $102,087 0.00% 0.00% to 1.55% 22.32% to 28.43%
  2019   2,483 $14.43 to $44.26 $95,744 0.27% 0.00% to 1.55% 29.07% to 31.10%
  2018   2,601 $11.11 to $33.76 $77,471 0.11% 0.00% to 1.55% -2.96% to -1.42%
  2017   2,586 $11.39 to $34.26 $79,557 0.00% 0.00% to 1.75% 17.50% to 19.58%
American Funds® Washington Mutual Investors FundSM - Class R-3
  2021   25 $35.84 to $45.64 $1,097 1.13% 0.20% to 1.55% 3.20% to 27.73%
  2020   31 $28.42 to $35.41 $1,031 1.47% 0.25% to 1.55% 5.69% to 8.57%
  2019   37 $26.89 to $34.41 $1,149 1.38% 0.00% to 1.55% 23.24% to 25.13%
  2018   98 $21.82 to $27.50 $2,484 1.50% 0.00% to 1.55% -4.80% to -3.53%
  2017   113 $22.92 to $27.46 $2,965 1.54% 0.25% to 1.55% 17.90% to 19.44%
American Funds® Washington Mutual Investors FundSM - Class R-4
  2021   7,221 $15.51 to $49.42 $279,457 1.47% 0.00% to 1.50% 7.92% to 28.45%
  2020   7,676 $12.11 to $38.52 $233,109 1.73% 0.00% to 1.50% 6.12% to 7.69%
  2019   8,170 $11.28 to $35.80 $233,053 1.90% 0.00% to 1.50% 23.61% to 25.48%
  2018   8,042 $11.02 to $28.56 $189,561 1.90% 0.00% to 1.50% -4.48% to -2.98%
  2017   7,659 $11.44 to $29.47 $191,542 1.88% 0.00% to 1.50% 18.33% to 20.13%
American Funds® Washington Mutual Investors FundSM - Class R-6
  2021 11/17/2021 7   $11.09   $76 (e)   0.16%     (e)  
  2020   (e)   (e)   (e) (e)   (e)     (e)  
  2019   (e)   (e)   (e) (e)   (e)     (e)  
  2018   (e)   (e)   (e) (e)   (e)     (e)  
  2017   (e)   (e)   (e) (e)   (e)     (e)  
Allspring Small Company Growth Fund - Administrator Class
  2021   560 $23.12 to $24.75 $13,134 0.00% 0.30% to 1.50% 3.07% to 15.01%
  2020   456 $20.33 to $21.52 $9,387 0.00% 0.30% to 1.50% 21.29% to 54.63%
  2019   437 $16.02 to $16.81 $7,076 0.00% 0.30% to 1.50% 24.27% to 25.69%
  2018   461 $12.85 to $13.37 $6,008 0.00% 0.25% to 1.50% -5.34% to -4.39%
  2017   46 $13.53 to $13.94 $636 0.00% 0.30% to 1.50% 18.87% to 19.72%
Allspring Small Company Value Fund - Class A
  2021   14   $14.87   $203 0.00%   1.00%     35.43%  
  2020   12   $10.98   $131 0.77%   1.00%     1.01%  
  2019 09/20/2019 12   $10.87   $128 (c)   1.00%     (c)  
  2018   (c)   (c)   (c) (c)   (c)     (c)  
  2017   (c)   (c)   (c) (c)   (c)     (c)  
Allspring Special Small Cap Value Fund - Class A
  2021   1,919 $29.16 to $80.80 $125,172 0.26% 0.00% to 1.55% 5.48% to 27.69%
  2020   2,071 $23.04 to $63.33 $106,929 0.34% 0.00% to 1.55% -0.39% to 28.20%
  2019   2,292 $22.98 to $62.67 $118,289 0.86% 0.00% to 1.55% 26.07% to 27.99%
  2018   2,450 $18.11 to $49.00 $99,804 0.46% 0.00% to 1.55% -15.07% to -13.71%
  2017   2,664 $21.18 to $56.85 $127,478 0.92% 0.00% to 1.55% 9.40% to 11.07%
 233
 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

Notes to Financial Statements

 

 

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.
   
(a) As investment Division had no investments until 2017, this data is not meaningful and is therefore not presented.
(b) As investment Division had no investments until 2018, this data is not meaningful and is therefore not presented.
(c) As investment Division had no investments until 2019, this data is not meaningful and is therefore not presented.
(d) As investment Division had no investments until 2020, this data is not meaningful and is therefore not presented.
(e) As investment Division had no investments until 2021, this data is not meaningful and is therefore not presented.

 

 234
 
Item 8.        Financial Statements and Supplementary Data
Page
C-2
Consolidated Financial Statements as of December 31, 2021 and 2020 and for the Years Ended December 31,
2021, 2020 and 2019:
C-5
C-7
C-8
C-9
C-10
C-12
C-12
C-28
C-42
C-47
C-57
C-58
C-58
C-60
C-61
C-65
C-67
C-70
C-72

C-1
 
Report of Independent Registered Public Accounting Firm


To the Shareholder and the Board of Directors of Voya Retirement Insurance and Annuity Company

Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Voya Retirement Insurance and Annuity Company (the Company) as of December 31, 2021 and 2020, the related consolidated statements of comprehensive income, shareholder’s equity and cash flows for each of the three years in the period ended December 31, 2021, and the related notes and financial statement schedules listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
C-2
 

  Deferred policy acquisition costs and Value of business acquired
Description of the Matter As disclosed in Note 1 and Note 5 to the consolidated financial statements, the Company’s deferred policy acquisition costs and value of business acquired (“DAC/VOBA”) totaled $409 million at December 31, 2021, net of unrealized gains and losses, which represented deferred acquisition costs and value of business acquired related to fixed and variable deferred annuity contracts. The carrying amount of the DAC related to fixed and variable deferred annuity contracts is the total of costs deferred, less amortization net of interest. The carrying amount of the VOBA related to fixed and variable deferred annuity contracts is the outstanding value of in-force business acquired, based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition, less amortization net of interest. DAC and VOBA related to fixed and variable deferred annuity contracts are amortized over the estimated lives of the contracts in relation to the emergence of estimated gross profits.

As described in Note 1 to the consolidated financial statements, there is a significant amount of uncertainty inherent in calculating estimated gross profits as the calculation includes significant management judgment in developing certain assumptions such as persistency, interest crediting rates, fee income, returns associated with separate account performance, expenses to administer the business, and certain economic variables. Management’s assumptions are adjusted, known as unlocking, over time for emerging experience and expected changes in trends. The unlocking results in DAC/VOBA amortization being recalculated, using the new assumptions for estimated gross profits, that results either in additional or less cumulative amortization expense.

Auditing management’s estimate of DAC/VOBA related to fixed and variable deferred annuity contracts was complex due to the highly judgmental nature of assumptions included in the projection of estimated gross profits used in the valuation of DAC/VOBA.
How We Addressed the Matter in Our Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of the controls over the DAC/VOBA estimation process, including, among others, controls related to management’s evaluation of the need to update assumptions based on the comparison of actual Company experience to previous assumptions and updating investment margins for current and expected future market conditions.

We utilized actuarial specialists to assist with our audit procedures, which included, among others, reviewing the methodology applied by management by comparing to the methodology used in prior periods as well as industry practice. To assess the assumptions used in measuring estimated gross profits, we compared the significant assumptions noted above with historical experience, observable market data and management’s estimates of prospective changes in these assumptions. We also independently recalculated estimated gross profits for a sample of policies for comparison with the actuarial result developed by management.
C-3
 

Accounting for Reinsurance Transaction on January 4, 2021
Description of the Matter As discussed in Note 7 to the consolidated financial statements, on January 4, 2021, the Company entered into a reinsurance agreement with Resolution Life U.S. Holdings, Inc (Resolution Life US). As a result of the reinsurance transaction, the Company reinsured $3.5 billion of policyholder liabilities under indemnity coinsurance and modified coinsurance arrangements and recorded a reinsurance recoverable of $2.5 billion. The Company ceded $2.4 billion in premiums and $2.5 billion in policyholder benefits. The Company transferred invested assets with a fair market value of $3.7 billion as consideration for the reinsurance arrangements. The Company also recognized non-cash assets of $73 million and $1.5 billion relating to a cost of reinsurance asset and deposit asset, respectively.

Auditing the reinsurance transaction on January 4, 2021 was complex due to multiple elements of the transaction including the assessment of risk transfer, determination of the cost of reinsurance asset, accounting for transfers of assets and liabilities and recording of the reinsurance recoverable and deposit asset amounts.
How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design, and tested the operating effectiveness of the controls over the reinsurance agreement process including, among others, controls related to whether the agreement passes risk transfer, the determination of the cost of reinsurance, and the accounting for transfers of assets and liabilities and recording of the reinsurance recoverable and deposit asset amounts.

Our audit procedures included, among others, assessing the terms of the reinsurance agreement with certain subsidiaries of Resolution Life US, evaluating management’s risk transfer conclusion, testing the calculation of the cost of reinsurance and the recognized investments gains and benefit expense amounts, and testing the reinsurance recoverable and deposit asset recorded.

/s/ Ernst and Young LLP
We have served as the Company's auditor since 2001
San Antonio, Texas
March 11, 2022
C-4
 
Voya Retirement Insurance and Annuity Company and Subsidiaries
(A wholly owned subsidiary of Voya Holdings Inc.)
Consolidated Balance Sheets
December 31, 2021 and 2020
(In millions, except share and per share data)
As of December 31,
2021 2020
Assets
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $23,074 as of 2021 and $24,667 as of 2020; allowance for credit losses of $48 as of 2021 and $14 as of 2020) $ 24,360  $ 28,043 
Fixed maturities, at fair value using the fair value option 1,253  1,730 
Equity securities, at fair value (cost of $141 as of 2021 and $116 as of 2020) 141  116 
Short-term investments —  17 
Mortgage loans on real estate 4,233  4,694 
Less: Allowance for credit losses
11  67 
Mortgage loans on real estate, net 4,222  4,627 
Policy loans 171  187 
Limited partnerships/corporations 980  815 
Derivatives 149  145 
Securities pledged (amortized cost of $725 as of 2021 and $169 as of 2020) 799  220 
Other investments 143  43 
Total investments 32,218  35,943 
Cash and cash equivalents 436  360 
Short-term investments under securities loan agreements, including collateral delivered 808  249 
Accrued investment income 285  304 
Premiums receivable and reinsurance recoverable 3,598  1,219 
Deferred policy acquisition costs, Value of business acquired and Sales inducements to contract owners 422  173 
Short-term loan to affiliate 130  653 
Current income tax recoverable — 
Due from affiliates 70  118 
Property and equipment 72  63 
Other assets 1,635  242 
Assets held in separate accounts 96,964  87,319 
Total assets $ 136,638  $ 126,648 
C-5
 
Voya Retirement Insurance and Annuity Company and Subsidiaries
(A wholly owned subsidiary of Voya Holdings Inc.)
Consolidated Balance Sheets
December 31, 2021 and 2020
(In millions, except share and per share data)
As of December 31,
2021 2020
Liabilities and Shareholder's Equity
Future policy benefits and contract owner account balances $ 32,926  $ 33,127 
Payable for securities purchased —  26 
Payables under securities loan agreements, including collateral held 811  208 
Due to affiliates 110  125 
Derivatives 144  216 
Current income taxes 42  — 
Deferred income taxes 227  439 
Other liabilities 384  291 
Liabilities related to separate accounts 96,964  87,319 
Total liabilities 131,608  121,751 
Commitments and Contingencies (Note 12)
Shareholder's equity:
Common stock (100,000 shares authorized, 55,000 issued and outstanding as of 2021 and 2020, respectively; $50 par value per share)
Additional paid-in capital 3,191  2,873 
Accumulated other comprehensive income (loss) 1,423  1,882 
Retained earnings 413  139 
Total shareholder's equity 5,030  4,897 
Total liabilities and shareholder's equity $ 136,638  $ 126,648 
C-6
 
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, 2021, 2020 and 2019
(In millions)
Year Ended December 31,
2021 2020 2019
Revenues:
Net investment income $ 1,949  $ 1,858  $ 1,689 
Fee income 1,088  905  877 
Premiums (2,425) 32  31 
Broker-dealer commission revenue
Net gains (losses):
Total impairments (2) (37) (41)
Less: Portion of impairments recognized in Other comprehensive income (loss) —  — 
Net impairments recognized in earnings (2) (37) (43)
Other net gains (losses) 168  (273) (101)
Total net gains (losses) 166  (310) (144)
Other revenue 38  (1) 14 
Total revenues 818  2,486  2,469 
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders
(1,483) 1,049  1,013 
Operating expenses 1,213  1,090  1,056 
Broker-dealer commission expense
Net amortization of Deferred policy acquisition costs and Value of business acquired
97  192  65 
Interest expense — 
Total benefits and expenses (171) 2,334  2,137 
Income (loss) before income taxes 989  152  332 
Income tax expense (benefit) 163  (14) 32 
Net income (loss) $ 826  $ 166  $ 300 
C-7
 
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, 2021, 2020 and 2019
(In millions)
Year Ended December 31,
2021 2020 2019
Net income (loss) $ 826  $ 166  $ 300 
Other comprehensive income (loss), before tax:
Unrealized gains (losses) on securities (580) 748  1,324 
Pension and other postretirement benefits liability (1) (1) (1)
Other comprehensive income (loss), before tax (581) 747  1,323 
Income tax expense (benefit) related to items of other comprehensive income (loss)
(122) 157  276 
Other comprehensive income (loss), after tax (459) 590  1,047 
Comprehensive income (loss) $ 367  $ 756  $ 1,347 
C-8
 
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, 2021, 2020 and 2019
(In millions)
Common Stock Additional Paid-In Capital Accumulated Other Comprehensive Income (Loss) Retained Earnings (Deficit) Total Shareholder's Equity
Balance at January 1, 2019 $ $ 2,816  $ 108  $ 508  $ 3,435 
Adjustment for adoption of ASU 2018-02 —  —  137  (137) — 
Comprehensive income (loss):
Net income (loss) —  —  —  300  300 
Other comprehensive income (loss), after tax —  —  1,047  —  1,047 
Total comprehensive income (loss) 1,347 
Dividends paid and distributions of capital —  —  —  (396) (396)
Contribution of capital —  57  —  —  57 
Balance as of December 31, 2019 2,873  1,292  275  4,443 
Adjustment for adoption of ASU 2016-13 —  —  —  (8) (8)
Comprehensive income (loss):
Net income (loss) —  —  —  166  166 
Other comprehensive income (loss), after tax —  —  590  —  590 
Total comprehensive income (loss) 756 
Dividends paid and distributions of capital —  —  —  (294) (294)
Balance as of December 31, 2020 2,873  1,882  139  4,897 
Net income (loss) —  —  —  826  826 
Other comprehensive income (loss), after tax —  —  (459) —  (459)
Total comprehensive income (loss) 367 
Dividends paid and distributions of capital —  —  —  (552) (552)
Contribution of capital —  318  —  —  318 
Balance as of December 31, 2021 $ $ 3,191  $ 1,423  $ 413  $ 5,030 
C-9
 
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, 2021, 2020 and 2019
(In millions)

Year Ended December 31,
2021 2020 2019
Cash Flows from Operating Activities:
Net income (loss) $ 826  $ 166  $ 300 
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 (60) (59) (49)
Net amortization of deferred policy acquisition costs, value of business acquired and sales inducements 99  194  65 
Net accretion/amortization of discount/premium (21) (7)
Future policy benefits, claims reserves and interest credited 705  757  568 
Deferred income tax (benefit) expense 208  (20) 23 
Net (gains) losses (166) 310  144 
Depreciation and amortization 10  21 
(Gains) losses on limited partnerships/corporations (147) (23) (35)
Change in:
Accrued investment income 19  (11)
Premiums receivable and reinsurance recoverable (83) 85  105 
Other receivables and asset accruals (5) 21  55 
Due to/from affiliates 33  (21)
Other payables and accruals 61  (84) 158 
Other, net (13) (12) (8)
Net cash provided by operating activities 1,464  1,306  1,363 
C-10
 
Year Ended December 31,
2021 2020 2019
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities $ 4,832  $ 3,487  $ 3,956 
Fixed maturities, trading 33  —  — 
Equity securities 158  145 
Mortgage loans on real estate 606  403  803 
Limited partnerships/corporations 318  104  70 
Acquisition of:
Fixed maturities (5,743) (4,988) (4,582)
Fixed maturities, trading (33) —  — 
Equity securities (178) (178) (12)
Mortgage loans on real estate (690) (433) (555)
Limited partnerships/corporations (238) (158) (190)
Derivatives, net (54) 46  23 
Policy loans, net 16  18 
Short-term investments, net 15  (15) 50 
Short-term loan to affiliate, net 523  (584) (69)
Collateral received (delivered), net 44  11  (86)
Receipts on deposit asset contracts 70  —  — 
Other, net (110) (5) (3)
Net cash used in investing activities (431) (2,147) (587)
Cash Flows from Financing Activities:
Deposits received for investment contracts $ 4,281  $ 5,197  $ 3,395 
Maturities and withdrawals from investment contracts (4,718) (4,220) (3,686)
Settlements on deposit liability contracts —  (1) (5)
Proceeds from loans with affiliates, net 12  — 
Dividends paid and distributions of capital (552) (294) (396)
Capital contribution from parent 20  —  57 
Net cash (used in) provided by financing activities (957) 689  (635)
Net increase (decrease) in cash and cash equivalents 76  (152) 141 
Cash and cash equivalents, beginning of period 360  512  371 
Cash and cash equivalents, end of period $ 436  $ 360  $ 512 
Supplemental cash flow information:
Income taxes paid (received), net $ (92) $ $ (13)
Noncash capital contribution from parent 298  —  — 
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)

1.    Business, Basis of Presentation and Significant Accounting Policies

Business

Voya Retirement Insurance and Annuity Company ("VRIAC") 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 and in Guam, Puerto Rico and the Virgin Islands.

VRIAC is a direct, wholly owned subsidiary of Voya Holdings Inc. ("Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc.

The Company derives its revenue mainly from (a) Investment income earned on investments, (b) Fee income generated from separate account assets supporting variable options under variable annuity contract investments, as designated by contract owners, (c) Premiums, (d) Net gains (losses) on investments and changes in fair value of embedded derivatives on product guarantees, and (e) Other revenue which includes certain other fees. The Company's benefits and expenses primarily consist of (a) Interest credited and other benefits to contract owners/policyholders, (b) Operating expenses, which include expenses related to the selling and servicing of the various products offered by us and other general business expenses, and (c) Amortization of DAC and VOBA. In addition, the Company collects broker-dealer commission revenues through Voya Financial Partners, LLC ("VFP"), which are, in turn, paid to broker-dealers and expensed.

The Company offers qualified and non-qualified 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 non-qualified deferred compensation plans and related services. The Company's products are offered primarily to public and private school systems, higher education institutions, hospitals and healthcare facilities, not-for-profit organizations, state and local governments, small to mid-sized corporations and individuals. The Company also provides stable value investment options, including separate account guaranteed investment contracts (e.g., GICs) and synthetic GICs, to institutional clients. Pension risk transfer group annuity solutions were previously offered to institutional plan sponsors who needed to transfer their defined benefit plan obligations to the Company. The Company discontinued sales of these solutions to better align business activities to the Company's priorities. This business was transferred as part of the Individual Life Transaction described below. The Company's products are generally distributed through independent brokers and advisors, third-party administrators and consultants.

Products offered by the Company include deferred and immediate (i.e., payout) annuity contracts. The Company's products also include programs offered to qualified plans and non-qualified deferred compensation plans that package administrative and record-keeping services, participant education, and retirement readiness planning tools along with a variety of investment options, including proprietary and non-proprietary 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. Stable value products are also provided to institutional plan sponsors where the Company may or may not be providing other employer sponsored products and services.

The Company has one operating segment.

Effective December 31, 2019, VRIAC’s sole shareholder, Voya Holdings, Inc., transferred ownership of Voya Institutional Plan Services, LLC (“VIPS”) and Voya Retirement Advisors, LLC (“VRA”) to VRIAC for no cash consideration. VIPS and VRA provide retirement recordkeeping and investment advisory services, respectively, and the transfer was made to more closely align recordkeeping and related activities of VRIAC’s retirement business. It also had the effect of reducing VRIAC's tax liability. In addition to these non-insurance subsidiaries, VRIAC owns the wholly-owned non-insurance subsidiary, VFP.

On January 4, 2021, VRIAC's ultimate parent, Voya Financial, Inc. ("Voya Financial"), completed a series of transactions pursuant to a Master Transaction Agreement (the “Resolution MTA”) entered into on December 18, 2019 with Resolution Life U.S. Holdings Inc., a Delaware corporation (“Resolution Life US”), pursuant to which Resolution Life US acquired all of the
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)
shares of the capital stock of Security Life of Denver Company ("SLD") and Security Life of Denver International Limited ("SLDI"), including the capital stock of several subsidiaries of SLD and SLDI. Refer to the Reinsurance Note for additional information on the reinsurance transactions associated with the Resolution MTA.

Effective as of March 1, 2021, VRIAC acquired 49.9% of the issued and outstanding common stock of Voya Special Investments, Inc. from Voya Financial. The investment has been accounted for as an equity method investment and recognized within Other investments in Consolidated Balance Sheets. Also, effective as of March 1, 2021, the Company acquired $80 of SLD issued surplus notes and $73 of Resolution (Life U.S. Intermediate Holdings Ltd.) issued preferred shares from affiliated entities, which were received in connection with the Individual Life Transaction.

On June 9, 2021, Voya Financial completed the sale of the independent financial planning channel of Voya Financial Advisors, Inc. ("VFA") to Cetera Financial Group, Inc. (“Cetera”), one of the nation’s largest networks of independently managed broker-dealers. VFA is one of the channels through which VRIAC distributes its products. In connection with this transaction, VFA transferred more than 800 independent financial professionals serving retail customers with approximately $38 billion in assets under advisement to Cetera, while retaining approximately 500 field and phone-based financial professionals who support our business.

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, VFP, VIPS, and VRA. Intercompany transactions and balances have been eliminated.

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 as of 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, and the differences may be material to the Consolidated Financial Statements.

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.

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, including the Company's own credit risk. 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.
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)
Investments

The accounting policies for the Company's principal investments are as follows:

Fixed Maturities and Equity Securities: The Company measures its equity securities at fair value and recognizes any changes in fair value in net income.

The Company's fixed maturities are generally designated as available-for-sale. In addition, the Company has fixed maturities accounted for using the fair value option ("FVO"), and in the second quarter of 2021, the Company established a trading portfolio of fixed maturity debt securities. Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in AOCI and presented net of related changes in DAC, VOBA and Deferred income taxes. Trading securities are valued at fair value, with the changes in fair value recorded in Other net gains (losses) and interest income recorded in Net investment income in the Consolidated Statements of Operations. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets.

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 gains (losses). Changes in fair value associated with derivatives purchased to hedge CMOs are also recorded in Other net gains (losses).

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 ("FIFO") 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.

Mortgage Loans on Real Estate: The Company's mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, net of allowance for credit losses. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Accrued interest receivable is reported in Accrued investment income 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.

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)
Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of debt type, capital market factors, and market vacancy rates, and loan-specific risk characteristics such as debt service coverage ratios (“DSC”), loan-to-value (“LTV”), collateral size, seniority of the loan, segmentation, and property types.

The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The change in the allowance for credit losses is recorded in Other net gains (losses). Loans are written off against the allowance when management believes the uncollectability of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously written-off and expected to be written-off.

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.

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow, number of days past due, or various other circumstances. Based on an assessment as to the collectability of the principal, a determination is made either to apply against the book value or apply according to the contractual terms of the loan. Funds recovered in excess of book value would then be applied to recover expenses, impairments, and then interest. Accrual of interest resumes after factors resulting in doubts about collectability have improved.

For those mortgages that are determined to require foreclosure, expected credit losses are based on the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets.

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 consist primarily of private equity and hedge funds. Generally, the Company records its share of earnings using a lag methodology, relying on 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.

Other Investments: Other investments are comprised primarily of the Company's investment in outstanding common stock of an affiliate, Voya Special Investments, Inc., which is accounted for as an equity method investment. Other investments also include Federal Home Loan Bank ("FHLB") stock and property obtained from foreclosed mortgage loans, as well as other miscellaneous investments. The Company is a member of the FHLB system and is required to own a certain amount of FHLB stock based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value.

Securities Pledged: The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Initial collateral, primarily cash, is required at a minimum rate of 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in short-term 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. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss.

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)
Impairments

The Company evaluates its available-for-sale general account investments quarterly to determine whether a decline in fair value below the amortized cost basis has resulted from credit loss or other factors. This evaluation process entails considerable judgment and estimation. Factors considered in this analysis include, but are not limited to, 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. A 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.

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 gains (losses) as impairments in the Consolidated Statements of Operations.

For available-for-sale securities that do not meet the intent impairment criteria but the Company has determined that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss allowance is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in Other comprehensive income (loss).

The Company uses the following methodology and significant inputs in determining whether a credit loss exists:

•    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.
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)
•    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.

Changes in the allowance for credit losses are recorded in Net gains (losses) as impairments. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met.

Accrued interest receivable on available-for-sale securities is excluded from the estimate of credit losses. The Company evaluates the collectability of accrued interest receivable as part of its quarterly impairment evaluation of available-for-sale investments. Losses are recorded in Net investment income when the Company believes the uncollectability of the accrued interest receivable is confirmed.

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. However, in accordance with the Chicago Mercantile Exchange ("CME") rules related to the variation margin payments, the Company is required to adjust the derivative balances with the variation margin payments related to its cleared derivatives executed through CME.

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. 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 Other net 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 entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in the same line item in the Consolidated Statements of Operations as impacted by the hedged item.
•    Cash Flow Hedge: For derivative instruments that are designated and qualify as a cash flow hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is reported as a component of AOCI. Those amounts are subsequently reclassified to earnings when the hedged item affects earnings, and are reported in the same line item in the Consolidated Statements of Operations as impacted by the hedged item.

Even if a derivative qualifies for hedge accounting treatment, there may be an element of ineffectiveness of the hedge. The ineffective portion of a hedging relationship subject to hedge accounting is recognized in Net gains (losses) in the Consolidated Statements of Operations.

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)
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 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 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 gains (losses).

The Company also has investments in certain fixed maturities and has issued certain annuity products that contain embedded derivatives for which 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 the fair value of the embedded derivatives are recorded in Other net gains (losses). Embedded 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 gains (losses).

In addition, the Company previously had coinsurance with funds withheld reinsurance arrangements that were recaptured in March 2020, accounted for under the deposit method, that contained embedded derivatives, the fair value of which was based on the change in the fair value of the underlying assets held in trust. 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.

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 other 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. DAC and VOBA are adjusted for the impact of unrealized capital gains (losses) on investments, as if such gains (losses) have been realized, with corresponding adjustments included in AOCI.

Amortization Methodologies
The Company amortizes DAC and VOBA related to deferred annuity contracts over the estimated lives of the contracts in relation to the emergence of estimated gross profits. 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").

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)
Recoverability testing is performed for current issue year products to determine if gross profits are sufficient to cover DAC and VOBA, estimated benefits and related expenses. In subsequent years, the Company performs testing to assess the recoverability of DAC and VOBA 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.

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 may have a significant impact on DAC and VOBA balances, amortization rates, reserve levels, 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 deferred annuity 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 uses a reversion to the mean approach, which assumes that the market returns over the entire mean reversion period are consistent with a long-term level of equity market appreciation. The Company monitors market events and only changes the assumption when sustained deviations are expected. This methodology incorporates an 8% 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 include general account investment returns, crediting rates, expense and fees as well as policyholder behavior assumptions such as premiums, surrenders and lapses.

Contract Costs Associated with Certain Financial Services Contracts

Contract cost assets represent costs incurred to obtain or fulfill a non-insurance contract that are expected to be recovered and, thus, have been capitalized and are subject to amortization. Capitalized contract costs include incremental costs of obtaining a contract and fulfillment costs that relate directly to a contract and generate or enhance resources of the Company that are used to satisfy performance obligations. Capitalized contract costs are amortized on a straight-line basis over the estimated lives of the contracts, which typically range from 5 to 15 years.

Capitalized contract costs are included in Other assets on the Consolidated Balance Sheets, and costs expensed as incurred are included in Operating expenses in the Consolidated Statements of Operations.

As of December 31, 2021 and 2020, contract cost assets were $104 and $105, respectively. For the years ended December 31, 2021, 2020 and 2019, amortization expenses of $23, $23 and $23, respectively, were recorded in Operating expenses in the Consolidated Statements of Operations. There was no impairment loss in relation to the contract costs capitalized.

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)
Future Policy Benefits and Contract Owner Account Balances

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 estimates of anticipated 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 3.4% to 5.3%.

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, as follows:

•    Account balances for funding agreements with fixed maturities are calculated using the amount deposited with the Company, less withdrawals, plus interest accrued to the ending valuation date. Interest on these contracts is accrued by a predetermined index, plus a spread or a fixed rate, established at the issue date of the contract.
•    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 4.3% for the year 2021, 4.3% for the year 2020 and 5.3% for the year 2019. 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 ("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 the purpose 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 owners/policyholders in the Consolidated Statements of Operations.

FIA: The Company issued FIA contracts that 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.
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)
Changes in estimated fair value, that are not related to attributed fees or premiums collected or payments made, are reported in Other net gains (losses) in the Consolidated Statements of Operations.

The estimated fair value of the embedded derivative in 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: Guaranteed credited rates give rise to an embedded derivative in the stabilizer ("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. Changes in estimated fair value, that are not related to attributed fees collected or payments made, are reported in Other net gains (losses).

The estimated fair value of the Stabilizer embedded derivative and MCG stand-alone derivative 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 (collectively, "guaranteed benefit derivatives") 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").

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. The underlying investments include mutual funds, short term investments, cash and fixed maturities. 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.

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)
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 generally invested in Short-term investments, with the offsetting obligation to repay the loan included within Payables under securities loan agreements, including collateral held on the Consolidated Balance Sheets. The carrying value of the securities pledged in dollar rolls and repurchase agreement transactions is included in Securities pledged on the Consolidated Balance Sheets.

Recognition of Revenue

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/policyholders 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.

Financial Services Revenue
Revenue for various financial services is measured based on consideration specified in a contract with a customer and is recognized when the Company has satisfied a performance obligation. For advisory, recordkeeping and administration services of $514, $423 and $405 for the years ended December 31, 2021, 2020 and 2019, respectively, the Company recognizes revenue as services are provided, generally over time. For distribution and shareholder servicing revenue of $180, $158 and $82 for the years ended December 31, 2021, 2020 and 2019, respectively, the Company recognizes revenue as related consideration is received and provides distribution services at a point in time and shareholder services over time. Contract terms are typically less than one year, and consideration is variable.

For a description of principal activities from which the Company generates revenue, see the Business section above for further information.

For the years ended December 31, 2021, 2020 and 2019, such revenue represents approximately 21.2%, 23.4% and 19.7% respectively, of total revenues. In calculating the percentage for the year ended December 31, 2021, the Company excluded the
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)
day one impact of ceded premiums from the Reinsurance transaction entered into pursuant to the close of the Resolution MTA For the years ended December 31, 2021, 2020 and 2019, a portion of the revenue recognized in the current period from distribution services is related to performance obligations satisfied in previous periods. Revenue for various financial services is recorded in Fee income or Other revenue in the Consolidated Statements of Operations. Receivables of $107 and $88 are included in Other assets on the Consolidated Balance Sheets as of December 31, 2021 and 2020, respectively.

Income Taxes

The Company uses certain assumptions and estimates in determining (a) the income taxes payable or refundable to/from Voya Financial, Inc. for the current year, (b) the provision for income taxes and (c) the deferred income tax assets and liabilities.

The provision for income taxes is based on income and expense reported in the financial statements after adjustments for permanent differences between our financial statements and consolidated federal income tax return. Permanent differences include the dividends received deduction. As a result of permanent differences, the effective tax rate reflected in the financial statements may be different than the actual rate in the income tax return.

Temporary differences between our financial statements and income tax return create deferred tax assets and liabilities. Deferred tax assets represent the tax benefit of future deductible temporary differences, net operating loss carryforwards and tax credit carryforwards. The Company's deferred tax 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. 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 and character of the deferred tax assets and liabilities, the amount and character of book income or losses in recent years, projected future taxable income and future reversals of temporary differences, tax planning strategies we would employ to avoid a tax benefit from expiring unused, and the length of time carryforwards can be utilized.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not to be sustained under examination by the applicable taxing authority. The Company also considers positions that have been reviewed and agreed to as part of an examination by the applicable taxing authority. For items that meet the more-likely-than-not recognition threshold, the Company measures the tax position as the largest amount of benefit that is more than 50% likely to be realized upon ultimate resolution with the applicable tax authority that has full knowledge of all relevant information.

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 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.

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.
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)
As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as Other revenues or Operating 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 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.

Reinsurance recoverable balances are reported net of the allowance for credit losses in the Company’s Consolidated Balance Sheets. Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of capital market factors, counterparty financial information and ratings, and reinsurance agreement-specific risk characteristics such as collateral type, collateral size, and covenant strength.

The allowance for credit losses is a valuation account that is deducted from the reinsurance recoverable balance to present the net amount expected to be collected on the reinsurance recoverable. The change in the allowance for credit losses is recorded in Policyholder benefits in the Consolidated Statements of Operations.

Current reinsurance recoverable balances deemed probable of recovery and payable balances under reinsurance agreements are included in Premiums receivable and 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 in the Consolidated Statements of Operations.

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.

Employee Benefits Plans

The Company, in conjunction with Voya Services Company, sponsors non-qualified defined benefit pension plans covering eligible employees, sales representatives and other individuals.

A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in respect of non-qualified defined benefit pension plans is the present value of the projected pension benefit obligation ("PBO") at the balance sheet date, together with adjustments for unrecognized past service costs. This liability is included in Other liabilities on the Consolidated Balance Sheets. The PBO is defined as the actuarially calculated present value of vested and non-vested pension benefits accrued based on future salary levels. The Company recognizes the funded status of the PBO for pension plans on the Consolidated Balance Sheets.

Net periodic benefit cost for the non-qualified defined benefit pension plans is determined using management estimates and actuarial assumptions to derive service cost and interest cost for a particular year and is included in Operating expenses in the Consolidated Statements of Operations. The obligations and expenses associated with these plans require use of assumptions, such as discount rate and rate of future compensation increases and healthcare cost trend rates, as well as assumptions regarding participant demographics, such as age of retirement, withdrawal rates and mortality. Management determines these assumptions based on a variety of factors, such as currently available market and industry data and expected benefit payout streams. Actual results could vary significantly from assumptions based on changes, such as economic and market conditions, demographics of participants in the plans and amendments to benefits provided under the plans. These differences may have a significant effect
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)
on the Company's Consolidated Financial Statements and liquidity. Actuarial gains (losses) are immediately recognized in Operating expenses in the Consolidated Statements of Operations.

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.

Adoption of New Pronouncements

The following table provides a description of the Company's adoption of new Accounting Standard Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements:
Standard Description of Requirements Effective Date and Method of Adoption Effect on the Financial Statements or Other Significant Matters
ASU 2019-12,
Simplifying the Accounting for Income Taxes
This standard, issued in December 2019, simplifies the accounting for income taxes by eliminating certain exceptions to the general principles and simplifying several aspects of ASC 740, Income taxes, including requirements related to the following:
•   The intraperiod tax allocation exception to the incremental approach,
•   The tax basis step-up in goodwill obtained in a transaction that is not a business combination,
•   Hybrid tax regimes,
•   Ownership changes in investments - changes from a subsidiary to an equity method investment,
•   Separate financial statements of entities not subject to tax,
•   Interim-period accounting for enacted changes in tax law, and
•   The year-to-date loss limitation in interim-period tax accounting.
January 1, 2021 on a prospective basis, except for those provisions that required retrospective or modified retrospective
method.
Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows.
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)
Standard Description of Requirements Effective Date and Method of Adoption Effect on the Financial Statements or Other Significant Matters
ASU 2016-13, Measurement of Credit Losses on Financial Instruments
This standard, issued in June 2016:
•    Introduces a new current expected credit loss ("CECL") model to measure impairment on certain types of financial instruments,
•    Requires an entity to estimate lifetime expected credit losses, under the new CECL model, based on relevant information about historical events, current conditions, and reasonable and supportable forecasts,
•    Modifies the impairment model for available-for-sale debt securities, and
•    Provides a simplified accounting model for purchased financial assets with credit deterioration since their origination.
In addition, the FASB issued various amendments during 2018, 2019, and 2020 to clarify the provisions of ASU 2016-13.
January 1, 2020, using the modified retrospective method for financial assets measured at amortized cost and the prospective method for available-for-sale debt securities.
The Company recorded a $8 decrease, net of tax, to Unappropriated retained earnings as of January 1, 2020 for the cumulative effect of adopting ASU 2016-13. The
transition adjustment includes recognition of an allowance for credit losses of $12 related to mortgage loans, net of the effect of DAC/VOBA and other intangibles of $2 and deferred income taxes of $2.

The provisions that required prospective adoption had no effect on the Company's
financial condition, results of operations, or cash flows.

In addition, disclosures have been updated to reflect accounting policy changes made as a result of the implementation of ASU
2016-13. (See the Significant Accounting Policies section.)

Comparative information has not been adjusted and continues to be reported under
previously applicable U.S. GAAP.
ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income This standard, issued in February 2018, permits a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 ("Tax Reform"). Stranded tax effects arise because U.S. GAAP requires that the impact of a change in tax laws or rates on deferred tax liabilities and assets be reported in net income, even if related to items recognized within accumulated other comprehensive income. The amount of the reclassification would be based on the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate, applied to deferred tax liabilities and assets reported within accumulated other comprehensive income. January 1, 2019 with the change reported in the period of adoption.
The impact to the January 1, 2019 Consolidated Balance Sheet was an increase to AOCI of $137, with a corresponding decrease to Retained earnings. The ASU did not have a material impact on the Company's results of operations, cash flows, or disclosures.
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)
Future Adoption of Accounting Pronouncements

The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted:
Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters
ASU 2020-04, Reference Rate Reform
This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met.

In January, 2021, the FASB issued ASU 2021-01 which clarified the scope of relief related to ASU 2020-04.
The amendments are effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The Company expects that it may elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating its options under this guidance as the reference rate reform adoption process continues. To date, adoption of the ASU has not had an impact on the Company’s financial condition and results of operations. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships as transition progresses.
ASU 2018-12, Targeted Improvements to the Accounting for Long- Duration Contracts This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and DAC for long-duration contracts issued by insurers. In November, 2020, the FASB released ASU 2020-11, which deferred the effective date of the amendments in ASU 2018-12 for SEC filers to fiscal years ending after December 15, 2022, including interim periods within those fiscal years. Initial adoption for the liability for future policy benefits and DAC is required to be reported using either a full retrospective or modified retrospective approach. For market risk benefits, full retrospective application is required. Evaluation of the implications of these requirements and related potential financial statement impacts is continuing. The Company does not plan to early adopt the ASU and expects to apply a modified retrospective transition method for the liability of future policy benefits and DAC. While it is not possible to estimate the expected impact of adoption at this time, the Company believes there is a reasonable possibility that implementation of ASU 2018-12 may result in a significant impact on Shareholder’s equity and future earnings patterns.
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)
2.    Investments

Fixed Maturities

Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of December 31, 2021:
Amortized
Cost
Gross
Unrealized
Capital
Gains
Gross
Unrealized
Capital
Losses
Embedded Derivatives(2)
Fair
Value
Allowance for credit losses
Fixed maturities:
U.S. Treasuries $ 554  $ 137  $ —  $ —  $ 691  $ — 
U.S. Government agencies and authorities 20  —  —  —  20  — 
State, municipalities and political subdivisions 716  88  —  803  — 
U.S. corporate public securities 7,314  994  39  —  8,269  — 
U.S. corporate private securities 3,620  334  15  —  3,939  — 
Foreign corporate public securities and foreign governments(1)
2,352  253  14  —  2,591  — 
Foreign corporate private securities(1)
2,563  188  —  2,703  47 
Residential mortgage-backed securities 3,081  97  20  3,164 
Commercial mortgage-backed securities 2,766  130  15  —  2,881  — 
Other asset-backed securities 1,341  16  —  1,351  — 
Total fixed maturities, including securities pledged 24,327  2,237  111  26,412  48 
Less: Securities pledged 725  74  —  —  799  — 
Total fixed maturities $ 23,602  $ 2,163  $ 111  $ $ 25,613  $ 48 
(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 gains (losses) in the Consolidated Statements of Operations.
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)
Available-for-sale and FVO fixed maturities were as follows as of December 31, 2020:
Amortized
Cost
Gross
Unrealized
Capital
Gains
Gross
Unrealized
Capital
Losses
Embedded Derivatives(2)
Fair
Value
Allowance for credit losses
Fixed maturities:
U.S. Treasuries $ 535  $ 186  $ —  $ —  $ 721  $ — 
U.S. Government agencies and authorities 18  —  —  19  — 
State, municipalities and political subdivisions 698  116  —  —  814  — 
U.S. corporate public securities 7,632  1,531  —  9,156  — 
U.S. corporate private securities 3,870  536  27  —  4,379  — 
Foreign corporate public securities and foreign governments(1)
2,539  413  —  2,951  — 
Foreign corporate private securities(1)
2,991  348  25  —  3,303  11 
Residential mortgage-backed securities 4,071  171  15  11  4,237 
Commercial mortgage-backed securities 2,712  207  26  —  2,893  — 
Other asset-backed securities 1,500  28  —  1,520 
Total fixed maturities, including securities pledged 26,566  3,537  107  11  29,993  14 
Less: Securities pledged 169  52  —  220  — 
Total fixed maturities $ 26,397  $ 3,485  $ 106  $ 11  $ 29,773  $ 14 
(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 gains (losses) in the Consolidated Statements of Operations.

The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2021, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("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 $ 334  $ 339 
After one year through five years 3,324  3,476 
After five years through ten years 4,058  4,429 
After ten years 9,423  10,772 
Mortgage-backed securities 5,847  6,045 
Other asset-backed securities 1,341  1,351 
Fixed maturities, including securities pledged $ 24,327  $ 26,412 

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.

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)
As of December 31, 2021 and 2020, 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 Total Shareholder's Equity.

The following tables present 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, 2021
Communications $ 883  $ 154  $ $ 1,035 
Financial 2,713  275  13  2,975 
Industrial and other companies 7,004  713  26  7,691 
Energy 1,385  216  14  1,587 
Utilities 2,658  310  10  2,958 
Transportation 854  71  924 
Total $ 15,497  $ 1,739  $ 66  $ 17,170 
December 31, 2020
Communications $ 950  $ 231  $ $ 1,180 
Financial 2,921  472  3,391 
Industrial and other companies 7,284  1,155  13  8,426 
Energy 1,571  259  22  1,808 
Utilities 3,025  530  3,554 
Transportation 929  128  20  1,037 
Total $ 16,680  $ 2,775  $ 59  $ 19,396 

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 reported at fair value with changes in the fair value recorded in Other net 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, 2021 and 2020, approximately 45.1% and 48.2%, respectively, of the Company's CMO holdings, were invested in the above mentioned types of CMOs such as interest-only or principal-only strips, that are subject to more prepayment and extension risk than traditional CMOs.

Public corporate fixed maturity securities are distinguished from private corporate fixed maturity securities based upon the manner in which they are transacted. Public corporate fixed maturity securities are issued initially through market intermediaries on a registered basis or pursuant to Rule 144A under the Securities Act of 1933 (the "Securities Act") and are traded on the secondary market through brokers acting as principal. Private corporate fixed maturity securities are originally issued by borrowers directly to investors pursuant to Section 4(a)(2) of the Securities Act, and are traded in the secondary market directly with counterparties, either without the participation of a broker or in agency transactions.

Repurchase Agreements
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)
As of December 31, 2021 and 2020, the Company did not have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements.



Securities Lending

The Company engages in securities lending whereby the initial collateral is required at a minimum rate of 102% of the market value of the loaned securities.  The lending agent retains the collateral and invests it in high quality 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. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. As of December 31, 2021 and 2020, the fair value of loaned securities was $739 and $143, respectively, and is included in Securities pledged on the Consolidated Balance Sheets.

If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. As of December 31, 2021 and 2020, cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $677 and $74, respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Consolidated Balance Sheets. As of December 31, 2021 and 2020, liabilities to return collateral of $677 and $74, respectively, are included in Payables under securities loan agreements, including collateral held, on the Consolidated Balance Sheets.

The Company accepts non-cash collateral in the form of securities. The securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. As of December 31, 2021 and 2020, the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $87 and $70, respectively.

The following table presents borrowings under securities lending transactions by asset class pledged as of the dates indicated:
December 31, 2021 December 31, 2020
U.S. Treasuries $ 42  $ 70 
U.S. corporate public securities 479  54 
Foreign corporate public securities and foreign governments 243  20 
Payables under securities loan agreements $ 764  $ 144 

The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.

Variable Interest Entities ("VIEs")

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 and ownership interest of these investments are 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.
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)
Securitizations

The Company invests in various tranches of securitization entities, including Residential mortgage-backed securities ("RMBS"), Commercial mortgage-backed securities ("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 does 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 Fair Value Measurements Note to these Consolidated Financial Statements and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS that are accounted for under the FVO, for which changes in fair value are reflected in Other net 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.

Allowance for credit losses

The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented:
Year Ended December 31, 2021
Residential mortgage-backed securities Commercial mortgage-backed securities Foreign corporate private securities Other asset-backed securities Total
Balance as of January 1, 2021 $ $ —  $ 11  $ $ 14 
Credit losses on securities for which credit losses were not previously recorded —  35  —  36 
Initial allowance for credit losses recognized on financial assets accounted for as PCD
—  —  —  —  — 
Reductions for securities sold during the period —  —  —  —  — 
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost —  —  —  —  — 
Increase (decrease) on securities with allowance recorded in previous period (1) —  (2) (2)
Write-offs —  —  —  —  — 
Recoveries of amounts previously written off —  —  —  —  — 
Balance as of December 31, 2021 $ $ —  $ 47  $ —  $ 48 
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)
Year Ended December 31, 2020
Residential mortgage-backed securities Commercial mortgage-backed securities Foreign corporate private securities Other asset-backed securities Total
Balance as of January 1, 2020 $ —  $ —  $ —  $ —  $ — 
Credit losses on securities for which credit losses were not previously recorded —  11  14 
Initial allowance for credit losses recognized on financial assets accounted for as PCD
—  —  —  —  — 
Reductions for securities sold during the period —  —  —  —  — 
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost —  —  —  —  — 
Increase (decrease) on securities with allowance recorded in previous period —  —  —  —  — 
Write-offs —  —  —  —  — 
Recoveries of amounts previously written off —  —  —  —  — 
Balance as of December 31, 2020 $ $ —  $ 11  $ $ 14 

Unrealized Capital Losses

The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2021:

Twelve Months or Less
Below Amortized Cost
More Than Twelve
Months Below
Amortized Cost
Total
Fair
Value
Unrealized
Capital 
Losses
Number of securities Fair
Value
Unrealized
Capital 
Losses
Number of securities Fair
Value
Unrealized
Capital 
Losses
Number of securities
U.S. Treasuries $ $ —  $ $ —  $ 14  $ — 
State, municipalities and political subdivisions 33  21  —  —  —  33  21 
U.S. corporate public securities 1,237  32  290  110  138  1,347  39  428 
U.S. corporate private securities 325  35  94  13  419  15  43 
Foreign corporate public securities and foreign governments 425  13  90  21  17  446  14  107 
Foreign corporate private securities 54  10  —  64 
Residential mortgage-backed 400  11  181  241  96  641  20  277 
Commercial mortgage-backed 780  178  155  27  935  15  205 
Other asset-backed 577  183    70  48  647  231 
Total $ 3,838  $ 72  989  $ 708  $ 39  337  $ 4,546  $ 111  1,326 
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 Company concluded that an allowance for credit losses was unnecessary for these securities because the unrealized losses are not credit related.

The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2020:
Twelve Months or Less
Below Amortized Cost
More Than Twelve
Months Below
Amortized Cost
Total
Fair
Value
Unrealized
Capital 
Losses
Number of Securities Fair
Value
Unrealized
Capital 
Losses
Number of Securities Fair
Value
Unrealized
Capital 
Losses
Number of Securities
U.S. Treasuries $ $ —  $ —  $ —  —  $ $ — 
State, municipalities and political subdivisions —  —  —  —  — 
U.S. corporate public securities 199  182  22  221  186 
U.S. corporate private securities 316  10  29  71  17  387  27  36 
Foreign corporate public securities and foreign governments 32  22  —  38  24 
Foreign corporate private securities 176  25  20  —  179  25  21 
Residential mortgage-backed 613  11  134  119  54  732  15  188 
Commercial mortgage-backed 579  25  105  33  612  26  112 
Other asset-backed 206  59  265  88  471  147 
Total $ 2,134  $ 78  555  $ 519  $ 29  163  $ 2,653  $ 107  718 

Based on the Company's quarterly evaluation of its securities in a unrealized loss position, described below, the Company concluded that these securities were not impaired as of December 31, 2021. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases.

Gross unrealized capital losses on fixed maturities, including securities pledged, increased $4 from $107 to $111 for the year ended December 31, 2021. The change in gross unrealized capital losses was primarily due to higher interest rates in the front end of the yield curve. As of December 31, 2021, $4 of the total $111 of gross unrealized losses were from 4 available-for-sale fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for 12 months or greater.

Evaluating Securities for Impairments

The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities in accordance with its impairment policy in order to evaluate whether such investments are impaired.

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 identifies the Company's 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,
2021 2020 2019
Impairment No. of Securities Impairment No. of Securities Impairment No. of Securities
State municipalities, and political subdivisions $ —  —  $ —  * $ —  *
U.S. corporate public securities —  —  12  43  11  25 
U.S. corporate private securities —  —  —  * 16 
Foreign corporate public securities and foreign governments(1)
—  —  22  15 
Foreign corporate private securities(1)
—  * 18  11 
Residential mortgage-backed 13  44  71 
Commercial mortgage-backed —  * 20  106  —  * 18 
Other asset-backed —  —  61  73 
Total $ 14  $ 37  291  $ 40  235 
(1) Primarily U.S. dollar denominated.
*Less than $1.

The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. 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.

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 credit allowance recorded in connection with the troubled debt restructuring. A credit 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 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, 2021, the Company did not have any new commercial mortgage loan troubled debt restructurings or new private placement troubled debt restructurings. As of December 31, 2020, the Company had eight commercial mortgage loan troubled debt restructurings with a pre-modification carrying value and post-modification carrying value of $45. For the year ended December 31, 2020, the Company had no new private placement troubled debt restructurings.

For the years ended December 31, 2021 and 2020, the Company did not have any private placements modified in a troubled debt restructuring with a subsequent payment default or commercial mortgage loans modified in a troubled debt restructuring with a subsequent payment default.
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)
Mortgage Loans on Real Estate

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 performance, 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.
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 a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above.
The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of December 31, 2021 and 2020, respectively.
As of December 31, 2021
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2021 $ 215  $ 273  $ 182  $ —  $ —  $ 670 
2020 114  202  69  —  —  385 
2019 150  145  61  —  —  356 
2018 127  43  —  —  173 
2017 543  202  —  —  748 
2016 290  227  —  —  518 
2015 and prior 1,161  207  15  —  —  1,383 
Total $ 2,600  $ 1,299  $ 334  $ —  $ —  $ 4,233 
As of December 31, 2020
Loan-to-Value Ratios
Year of Origination
0% - 50%
>50% - 60%
>60% - 70%
>70% - 80%
>80% and above
Total
2020 $ 164  $ 206  $ 39  $ —  $ —  $ 409 
2019 209  165  107  —  —  481 
2018 124  91  73  —  —  288 
2017 499  356  —  —  861 
2016 399  275  —  —  675 
2015 and prior 1,574  391  15  —  —  1,980 
Total $ 2,969  $ 1,484  $ 241  $ —  $ —  $ 4,694 
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 tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of December 31, 2021 and 2020, respectively.
As of December 31, 2021
Debt Service Coverage Ratios
Year of Origination
>1.5x
>1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Commercial mortgage loans secured by land or construction loans Total
2021 $ 556  $ 23  $ 34  $ 57  $ —  $ 670 
2020 342  15  23  —  385 
2019 206  43  84  23  —  356 
2018 96  49  25  —  173 
2017 355  139  93  161  —  748 
2016 440  17  44  17  —  518 
2015 and prior 1,065  137  122  59  —  1,383 
Total $ 3,060  $ 377  $ 449  $ 347  $ —  $ 4,233 
As of December 31, 2020
Debt Service Coverage Ratios
Year of Origination
>1.5x
>1.25x - 1.5x
>1.0x - 1.25x
<1.0x
Commercial mortgage loans secured by land or construction loans Total
2020 $ 298  $ 93  $ 18  $ —  $ —  $ 409 
2019 319  77  36  49  —  481 
2018 102  79  60  47  —  288 
2017 494  204  103  60  —  861 
2016 591  53  31  —  —  675 
2015 and prior 1,676  178  72  54  —  1,980 
Total $ 3,480  $ 684  $ 320  $ 210  $ —  $ 4,694 
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 tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of December 31, 2021 and 2020, respectively.
As of December 31, 2021
U.S. Region
Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total
2021 $ 79  $ 58  $ 120  $ 132  $ 96  $ 118  $ $ 36  $ 22  $ 670 
2020 70  159  25  33  34  30  12  21  385 
2019 48  106  10  103  34  12  15  11  17  356 
2018 32  60  53  —  —  173 
2017 87  82  311  129  44  55  36  —  748 
2016 74  120  162  28  44  63  14  518 
2015 and prior 364  317  252  64  135  102  45  85  19  1,383 
Total $ 754  $ 902  $ 933  $ 497  $ 393  $ 389  $ 81  $ 199  $ 85  $ 4,233 
As of December 31, 2020
U.S. Region
Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total
2020 $ 84  $ 159  $ 35  $ 37  $ 32  $ 29  $ $ 12  $ 20  $ 409 
2019 63  122  11  137  54  39  17  11  27  481 
2018 49  98  57  34  26  11  —  13  —  288 
2017 99  98  352  136  74  60  37  —  861 
2016 156  127  180  32  72  72  21  675 
2015 and prior 526  423  326  141  198  180  49  108  29  1,980 
Total $ 977  $ 1,027  $ 961  $ 517  $ 456  $ 391  $ 81  $ 202  $ 82  $ 4,694 
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)
The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of December 31, 2021 and 2020, respectively.
As of December 31, 2021
Property Type
Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total
2021 $ 24  $ 159  $ 368  $ 104  $ —  $ $ $ 670 
2020 51  72  124  138  —  —  —  385 
2019 30  66  173  67  20  —  —  356 
2018 35  72  31  15  17  —  173 
2017 90  355  184  116  —  —  748 
2016 103  212  68  127  —  518 
2015 and prior 528  196  267  153  63  139  37  1,383 
Total $ 861  $ 1,132  $ 1,215  $ 720  $ 89  $ 168  $ 48  $ 4,233 
As of December 31, 2020
Property Type
Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total
2020 $ 51  $ 73  $ 141  $ 144  $ —  $ —  $ —  $ 409 
2019 32  73  283  71  22  —  —  481 
2018 49  78  124  17  17  —  288 
2017 102  415  204  136  —  —  861 
2016 129  244  138  144  675 
2015 and prior 792  305  338  261  79  166  39  1,980 
Total $ 1,155  $ 1,188  $ 1,228  $ 773  $ 117  $ 190  $ 43  $ 4,694 

The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:
December 31, 2021 December 31, 2020
Allowance for credit losses, balance at January 1 $ 67  $ 12 
(1)
Credit losses on mortgage loans for which credit losses were not previously recorded
Change in allowance due to transfer of loans from Voya Reinsurance
portfolios to Resolution
(7) — 
Increase (decrease) on mortgage loans with allowance recorded in previous period (50) 52 
Provision for expected credit losses 11  69 
Write-offs —  (2)
Recoveries of amounts previously written-off —  — 
Allowance for credit losses, balance at December 31 $ 11  $ 67 
(1) On January 1, 2020, as a result of implementing ASU 2016-13 Measurement of Credit Losses of Financial Instruments, the Company recorded a transition adjustment for Allowance for credit losses on mortgage loans on real estate of $12.

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)
The following table presents past due commercial mortgage loans as of the dates indicated:
December 31, 2021 December 31, 2020
Delinquency:
Current $ 4,233  $ 4,691 
30-59 days past due —  — 
60-89 days past due —  — 
Greater than 90 days past due — 
Total $ 4,233  $ 4,694 

Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of December 31, 2021, the Company had no commercial mortgage loan in non-accrual status. As of December 31, 2020, the Company had one commercial mortgage loan in non-accrual status. There was no interest income recognized on loans in non-accrual status for the years ended December 31, 2021 and 2020.

Net Investment Income

The following table summarizes Net investment income for the periods indicated:
Year Ended December 31,
2021 2020 2019
Fixed maturities $ 1,453  $ 1,603  $ 1,432 
Equity securities 12 
Mortgage loans on real estate 179  200  224 
Policy loans 12 
Short-term investments and cash equivalents
Limited partnerships and other 364  107  91 
Gross investment income 2,019  1,933  1,763 
Less: investment expenses 70  75  74 
Net investment income $ 1,949  $ 1,858  $ 1,689 

As of December 31, 2021, the Company had no investments in fixed maturities that did not produce net investment income. For the year ended December 31, 2020, the Company had $1 of 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 Gains (Losses)

Net 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 impairment of investments. Net gains and losses are also primarily generated from changes in fair value of embedded derivatives within products 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. Net gains (losses) also include changes in fair value of trading debt securities and changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology.

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)
Net gains (losses) were as follows for the periods indicated:
Year Ended December 31,
2021 2020 2019
Fixed maturities, available-for-sale, including securities pledged $ 515  $ (23) $ 11 
Fixed maturities, at fair value option (562) (257) (47)
Equity securities, at fair value (16)
Derivatives (18) 49  (82)
Embedded derivatives - fixed maturities (4) — 
Guaranteed benefit derivatives 35  (27) (11)
Mortgage loans 99  (56) — 
Other investments 95  (1)
Net gains (losses) $ 166  $ (310) $ (144)

On June 1, 2021, the Company fully disposed of a 9.99% equity interest in VA Capital which was originally acquired as part of a Master Transaction Agreement dated December 20, 2017, related to the sale of substantially all of our Closed Block Variable Annuity (CBVA) and Annuity business. The disposition resulted in a net realized gain of $95 reported as Other net gains (losses) in the Consolidated Statements of Operations.

Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax were as follows for the periods indicated:
Year Ended December 31,
2021 2020 2019
Proceeds on sales $ 5,275  $ 1,512  $ 2,418 
Gross gains 538  85  30 
Gross losses 59  25 
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)
3.    Derivative Financial Instruments

The Company primarily enters into the following types of derivatives:

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.

Futures: The Company uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. 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. The Company may also use futures contracts as a hedge against an increase in certain equity indices.

Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which 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.
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)
The notional amounts and fair values of derivatives were as follows as of the dates indicated:
December 31, 2021 December 31, 2020
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 $ 18  $ —  $ —  $ 18  $ —  $ — 
Foreign exchange contracts 567  14  15  628  36 
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts 10,514  135  129  14,155  137  171 
Foreign exchange contracts 34  —  —  83  — 
Equity contracts —  —  —  55 
Credit contracts 110  —  —  188  — 
Embedded derivatives and Managed custody guarantees:            
Within fixed maturity investments N/A —  N/A 11  — 
Within products N/A —  28  N/A —  59 
Managed custody guarantees N/A —  N/A — 
Total $ 156  $ 173  $ 156  $ 279 
(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value.
N/A - Not Applicable

Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of December 31, 2021 and 2020. 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-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)
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 are presented in the tables below as of the dates indicated:
December 31, 2021
Notional Amount Asset Fair Value Liability Fair Value
Credit contracts $ 110  $ —  $ — 
Equity contracts —  —  — 
Foreign exchange contracts 601  14  15 
Interest rate contracts 9,576  135  129 
149  144 
Counterparty netting(1)
(140) (140)
Cash collateral netting(1)
(7) (2)
Securities collateral netting(1)
(2) (1)
Net receivables/payables $ —  $
(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

December 31, 2020
Notional Amount Asset Fair Value Liability Fair Value
Credit contracts $ 188  $ —  $
Equity contracts 55 
Foreign exchange contracts 711  39 
Interest rate contracts 12,567  137  171 
145  216 
Counterparty netting(1)
(141) (141)
Cash collateral netting(1)
(1) (43)
Securities collateral netting(1)
—  (28)
Net receivables/payables $ $
(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, 2021, the Company held $8 and pledged $2 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2020, the Company held $5 and delivered $43 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of December 31, 2021, the Company delivered $60 of securities and held $2 securities as collateral. As of December 31, 2020, the Company delivered $77 of securities and held no securities as collateral.

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 location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated:

Year Ended December 31
2021 2020 2019
Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts
Derivatives: Qualifying for hedge accounting
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Other net gains/(losses) Net investment income Net investment income and Other net gains/(losses) Net investment income Net investment income and Other net gains/(losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (1) $ 33  $ $ (23) $ $ — 
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income —  —  —  10 

Interest Rate Contracts Foreign Exchange Contracts
The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated:
Year Ended December 31,
2021 2020 2019
Net investment income Other net gains/(losses) Net investment income Other net gains/(losses) Net investment income Other net gains/(losses)
Total amounts of line items presented in the statement of operations in which the effects of cash flow hedges are recorded
$ 1,949  $ 168  $ 1,858  $ (273) 1,689  (101)
Derivatives: Qualifying for hedge accounting
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income
(5) 10  (3) 10  — 

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 location and effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations are as follows for the periods indicated:
Location of Gain or (Loss) Recognized in Income on Derivative Year Ended December 31,
2021 2020 2019
Derivatives: Non-qualifying for hedge accounting
Interest rate contracts Other net gains (losses) $ (16) $ 51  $ (85)
Foreign exchange contracts
Other net gains (losses) (2)
Equity contracts Other net gains (losses) —  — 
Credit contracts
Other net gains (losses)
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments
Other net gains (losses) (4) — 
Within products
Other net gains (losses) 31  (23) (11)
Within reinsurance agreements
Policyholder benefits —  23  (102)
Managed custody guarantees Other net gains (losses) (4) — 
Total
$ 18  $ 48  $ (193)

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)
4.    Fair Value Measurements

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, 2021:
Level 1 Level 2 Level 3 Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries $ 510  $ 181  $ —  $ 691 
U.S. Government agencies and authorities —  20  —  20 
State, municipalities and political subdivisions —  803  —  803 
U.S. corporate public securities —  8,264  8,269 
U.S. corporate private securities —  2,560  1,379  3,939 
Foreign corporate public securities and foreign governments(1)
—  2,591  —  2,591 
Foreign corporate private securities (1)
—  2,431  272  2,703 
Residential mortgage-backed securities —  3,130  34  3,164 
Commercial mortgage-backed securities —  2,881  —  2,881 
Other asset-backed securities —  1,318  33  1,351 
Total fixed maturities, including securities pledged 510  24,179  1,723  26,412 
Equity securities 27  —  114  141 
Derivatives:
Interest rate contracts —  135  —  135 
Foreign exchange contracts —  14  —  14 
Equity contracts —  —  —  — 
Credit contracts —  —  —  — 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,244  —  —  1,244 
Assets held in separate accounts 91,474  5,174  316  96,964 
Total assets $ 93,255  $ 29,502  $ 2,153  $ 124,910 
Percentage of Level to total 74  % 24  % % 100  %
Liabilities:
Derivatives:
Guaranteed benefit derivatives:
FIA $ —  $ —  $ $
Stabilizer and MCGs —  —  20  20 
Other derivatives:
Interest rate contracts —  129  —  129 
Foreign exchange contracts —  15  —  15 
Equity contracts —  —  —  — 
Credit contracts —  —  —  — 
Total liabilities $ —  $ 144  $ 29  $ 173 
(1) Primarily U.S. dollar denominated.
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)
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, 2020:
Level 1 Level 2 Level 3 Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries $ 548  $ 173  $ —  $ 721 
U.S. Government agencies and authorities —  19  —  19 
State, municipalities and political subdivisions —  814  —  814 
U.S. corporate public securities —  9,099  57  9,156 
U.S. corporate private securities —  3,093  1,286  4,379 
Foreign corporate public securities and foreign governments(1)
—  2,951  —  2,951 
Foreign corporate private securities (1)
—  3,008  295  3,303 
Residential mortgage-backed securities —  4,204  33  4,237 
Commercial mortgage-backed securities —  2,893  —  2,893 
Other asset-backed securities —  1,483  37  1,520 
Total fixed maturities, including securities pledged 548  27,737  1,708  29,993 
Equity securities 17  —  99  116 
Derivatives:
Interest rate contracts 130  —  137 
Foreign exchange contracts —  — 
Equity contracts —  — 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 610  16  —  626 
Assets held in separate accounts 81,096  6,001  222  87,319 
Total assets $ 82,278  $ 33,892  $ 2,029  $ 118,199 
Percentage of Level to total 69  % 29  % % 100  %
Liabilities:
Derivatives:
Guaranteed benefit derivatives:
FIA $ —  $ —  $ 10  $ 10 
Stabilizer and MCGs —  —  53  53 
Other derivatives:
Interest rate contracts —  171  —  171 
Foreign exchange contracts —  39  —  39 
Equity contracts —  — 
Credit contracts —  — 
Total liabilities $ —  $ 216  $ 63  $ 279 
(1) Primarily U.S. dollar denominated.

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)
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 approaches 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 approaches 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 valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below.

For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows:

U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve.

U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings.

U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields.

U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities.

RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security.
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)
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.

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: Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers.

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. The Company uses OIS 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. The Company also has certain credit default swaps and options that are priced by third party vendors or by 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. The remaining derivative instruments are valued based on market observable inputs and are classified as Level 2.

Guaranteed benefit derivatives: The index-crediting feature in the Company's FIA contract is an embedded derivative that 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.

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 includes an adjustment for nonperformance risk. The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit spreads, adjusted to reflect the credit quality of the Company, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims.
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)
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-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)
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 period indicated:
Year Ended December 31, 2021
Fair Value
as of
January 1
Total
Realized/Unrealized
Gains (Losses) Included in:
Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of December 31
Change in Unrealized Gains (Losses) Included in Earnings(3)
Change in Unrealized Gains (Losses) Included in OCI(3)
Net Income OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities $ 57  $ —  $ —  $ $ —  $ —  $ (3) $ —  $ (54) $ $ —  $ — 
U.S. Corporate private securities 1,286  13  (46) 201  —  (103) (161) 283  (94) 1,379  —  (33)
Foreign corporate private securities(1)
295  (31) 22  38  —  (22) (30) —  —  272  19 
Residential mortgage-backed securities 33  (12) —  21  —  (7) —  (2) 34  (12) — 
Other asset-backed securities 37  —  (2) 14  —  —  (34) 18  —  33  —  (1)
Total fixed maturities, including securities pledged 1,708  (30) (26) 279  —  (132) (228) 302  (150) 1,723  (9) (15)
Fixed maturities, trading, at fair value —  —  —  33  —  (33) —  —  —  —  —  — 
Equity securities, at fair value 99  —  75  —  (30) (37) —  —  114  —  — 
Derivatives:
Guaranteed benefit derivatives:
Stabilizer and MCGs(2)
(53) 33  —  —  (1) —  —  —  (20) —  — 
FIA(2)
(10) —  —  (2) —  —  —  (9) —  — 
Assets held in separate accounts(4)
222  —  225  —  (13) —  —  (119) 316  —  — 
(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 gains (losses) in the Consolidated Statements of Operations.
(3) For financial instruments still held as of December 31, amounts are included in Net investment income and Total net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
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 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 period indicated:
Year Ended December 31, 2020
Fair Value
as of
January 1
Total
Realized/Unrealized
Gains (Losses) Included in:
Purchases Issuances Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of December 31
Change in Unrealized Gains (Losses) Included in Earnings(3)
Change in Unrealized Gains (Losses) Included in OCI(3)
Net Income OCI
Fixed maturities, including securities pledged:
U.S. Corporate public securities $ 47  $ —  $ $ —  $ —  $ (10) $ (11) $ 27  $ —  $ 57  $ —  $
U.S. Corporate private securities 1,002  —  33  255  —  (9) (89) 294  (200) 1,286  —  33 
Foreign corporate private securities(1)
190  (9) (21) 190  —  (11) (4) (44) 295  (21)
Residential mortgage-backed securities 16  (7) —  32  —  —  —  —  (8) 33  (7) — 
Other asset-backed securities 48  —  —  —  —  (15) —  —  37  —  — 
Total fixed maturities, including securities pledged 1,303  (16) 16  481  —  (30) (119) 325  (252) 1,708  (5) 16 
Equity securities, at fair value 63  —  35  —  —  (1) —  —  99  — 
Derivatives:
Guaranteed benefit derivatives:
Stabilizer and MCGs(2)
(22) (29) —  —  (2) —  —  —  —  (53) —  — 
FIA(2)
(11) —  —  (2) —  —  —  (10) —  — 
Assets held in separate accounts(4)
115  —  —  161  —  (2) —  (55) 222  —  — 
(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 gains (losses) in the Consolidated Statements of Operations.
(3) For financial instruments still held as of December 31, amounts are included in Net investment income and Total net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Consolidated Statements of Comprehensive Income.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income (loss) for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company.
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)
For the years ended December 31, 2021 and 2020, the transfers in and out of Level 3 for fixed maturities and 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

The Company's Level 3 fair value measurements of its fixed maturities, equity securities 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.

Other Financial Instruments

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.

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.
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)
The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated:
December 31, 2021 December 31, 2020
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
Assets:
Fixed maturities, including securities pledged $ 26,412  $ 26,412  $ 29,993  $ 29,993 
Equity securities 141  141  116  116 
Mortgage loans on real estate 4,233  4,495  4,694  5,013 
Policy loans 171  171  187  187 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,244  1,244  626  626 
Deposit assets(2)
1,407  1,425  —  — 
Derivatives 149  149  145  145 
Short-term loan to affiliate 130  130  653  653 
Other investments 143  143  43  43 
Assets held in separate accounts 96,964  96,964  87,319  87,319 
Liabilities:
Investment contract liabilities:
Funding agreements without fixed maturities and deferred annuities(1)
28,128  35,256  28,169  36,741 
Funding agreements with fixed maturities 925  925  795  796 
Supplementary contracts, immediate annuities and other 257  267  288  345 
Derivatives:
Guaranteed benefit derivatives:
FIA 10  10 
Stabilizer and MCGs 20  20  53  53 
Other derivatives 144  144  216  216 
Short-term debt(3)
19  19 
Long-term debt(3)
(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above.
(2) Included in Other Assets on the Consolidated Balance Sheets.
(3) Included in Other Liabilities on the Consolidated Balance Sheets.
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)

The following table presents the classification of financial instruments which are not carried at fair value on the Consolidated Balance Sheets:
Financial Instrument Classification
Mortgage loans on real estate Level 3
Policy loans Level 2
Deposit assets Level 3
Other investments Level 2
Funding agreements without fixed maturities and deferred annuities Level 3
Funding agreements with fixed maturities Level 2
Supplementary contracts, immediate annuities and other Level 3
Short-term debt and Long-term debt Level 2
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)
5.    Deferred Policy Acquisition Costs and Value of Business Acquired

The following table presents a rollforward of DAC and VOBA for the periods indicated:
DAC VOBA Total
Balance at January 1, 2019 $ 536  $ 551  $ 1,087 
Deferrals of commissions and expenses 43  49 
Amortization:
Amortization, excluding unlocking (72) (66) (138)
Unlocking (1)
(2) — 
Interest accrued 35  38  (2) 73 
Net amortization included in the Consolidated Statements of Operations (35) (30) (65)
Change in unrealized capital gains/losses on available-for-sale securities (256) (222) (478)
Balance as of December 31, 2019 288  305  593 
Impact of ASU 2016-13 — 
2
Deferrals of commissions and expenses 56  59 
Amortization:
Amortization, excluding unlocking (84) (76) (160)
Unlocking (1)
(5) (94) (99)
Interest accrued 35  32  (2) 67 
Net amortization included in the Consolidated Statements of Operations (54) (138) (192)
Change in unrealized capital gains/losses on available-for-sale securities (170) (130) (300)
Balance as of December 31, 2020 122  40  162 
Deferrals of commissions and expenses 55  59 
Amortization:
Amortization, excluding unlocking (94) (86) (180)
Unlocking (1)
17  23 
Interest accrued 35  25  (2) 60 
Net amortization included in the Consolidated Statements of Operations (53) (44) (97)
Change in unrealized capital gains/losses on available-for-sale securities 146  139  285 
Balance as of December 31, 2021 $ 270  $ 139  $ 409 
(1) DAC/VOBA unlocking includes the impact of annual review of assumptions which typically occurs in the third quarter; and retrospective and prospective unlocking.
(2)     Interest accrued at the following rates for VOBA: 5.5% to 7.0% during 2021, 2020 and 2019.

The estimated amount of VOBA amortization expense, net of interest, during the next five years 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
2022 $ 27 
2023 22 
2024 17 
2025 15 
2026 12 


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)
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.

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, 2021 and 2020, the account value for the separate account contracts with guaranteed minimum benefits was $44.2 billion and $46.9 billion, respectively. The additional liability related to minimum guarantees as of December 31, 2021 and 2020 was $25 and $57, respectively.

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, 2021 and 2020 was $9.0 billion and $9.2 billion, respectively.

7.    Reinsurance

As of December 31, 2021, the Company has reinsurance treaties with 3 unaffiliated reinsurers covering a significant portion of the mortality risks and guaranteed death benefits under its variable contracts. The Company previously had an agreement with one of its affiliates, Security Life of Denver International ("SLDI"), which was accounted for under the deposit method of accounting. This agreement was recaptured in Q1 2020. Refer to the Related Party Transactions Note for further detail.

Premiums receivable and reinsurance recoverable was comprised of the following as of the dates indicated:
December 31,
2021 2020
Premiums receivable $ (3) $ — 
Reinsurance recoverable, net of allowance for credit losses 3,601  1,219 
Total $ 3,598  $ 1,219 

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)
Information regarding the effect of reinsurance on the Consolidated Statement of Operations is as follows for the periods indicated:
Year ended December 31,
2021 2020 2019
Premiums:
Direct premiums $ 34  $ 32  $ 31 
Reinsurance assumed —  —  — 
Reinsurance ceded (2,459) —  — 
Net premiums $ (2,425) $ 32  $ 31 
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders $ 1,138  $ 1,088  $ 1,051 
Reinsurance assumed
Reinsurance ceded (2,629) (46) (44)
Net interest credited and other benefits to contract owners / policyholders $ (1,483) $ 1,049  $ 1,013 

Concurrently with the sale of SLD by Resolution Life US disclosed in the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements, SLD entered into reinsurance agreements with ReliaStar Life Insurance Company ("RLI"), ReliaStar Life Insurance Company of New York (“RLNY”), and VRIAC, each of which is a direct or indirect wholly owned subsidiary of Voya Financial. Pursuant to these agreements, RLI and VRIAC reinsured to SLD a 100% quota share, and RLNY reinsured to SLD a 75% quota share, of their respective individual life insurance and annuities businesses. The reinsurance agreements along with the sale of the legal entities noted above (referred to as the "Individual Life Transaction") resulted in the disposition of substantially all of Voya Financial's life insurance and legacy non-retirement annuity businesses and related assets. Pursuant to the Individual Life Transaction, VRIAC's reserves related to legacy non-retirement annuity business as well as pension risk transfer products were ceded to SLD and related assets transferred. The reinsurance obligation with counterparty SLD are secured by collateralized assets held in a trust. RLI, RLNY, and VRIAC continue to be subsidiaries of Voya Financial. The reinsurance transaction does not extinguish the Company’s primary liability to its policyholders. As a result of the reinsurance transactions on January 4, 2021, the Company reinsured $3.5 billion of policyholder liabilities under indemnity coinsurance and modified coinsurance arrangements. As of January 4, 2021, reinsurance recoverable associated with these transactions was $2.5 billion. The Company ceded $2.4 billion in premiums and $2.5 billion in policyholder benefits. The Company transferred assets with a fair market value of $3.7 billion as consideration for the reinsurance arrangements. As a result of the transfer of invested assets the Company recognized $0.5 billion in pre-tax realized gains. The Company also recognized a non-cash liability of $73 relating to the pretax net cost of reinsurance liability and $1.5 billion deposit asset, respectively, on January 4, 2021 as a result of entering into the reinsurance agreements. The aggregate deferred intangibles will be amortized as a charge to earnings over the life of the underlying policies. The deposit relates to liabilities related to Contract owner account balances that currently exist for the related underlying policies.

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. As of December 31, 2021 and 2020, the Company had $1.1 billion and $1.2 billion, respectively, related to Reinsurance recoverable from the subsidiary of Lincoln.
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)
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%) 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, 2021, VRIAC declared and paid ordinary dividends to its Parent in the aggregate amount of $78, as well as an extraordinary dividend in the aggregate amount of $474. During the year ended December 31, 2020 and December 31, 2019 , VRIAC paid an ordinary dividend in the amount of $294 and $396 to its Parent, respectively.

During the year ended December 31, 2021, VRIAC received $318 capital contributions from its Parent, comprised of cash and non-cash assets. During the year ended December 31, 2020, VRIAC did not receive capital contributions from its Parent. During the year ended December 31, 2019, VRIAC received capital contributions of $57 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 RBC requirements, 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. Statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities 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 a portion of deferred tax assets in excess of prescribed thresholds.

Statutory net income was $794, $299 and $325 for the years ended December 31, 2021, 2020 and 2019, respectively. Statutory capital and surplus was $2.2 billion and $2.0 billion for the years ended December 31, 2021 and 2020, respectively.
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)
9.    Accumulated Other Comprehensive Income (Loss)

Shareholder's equity included the following components of AOCI as of the dates indicated.
December 31,
2021 2020 2019
Fixed maturities, net of impairment $ 2,126  $ 3,430  $ 2,113 
Derivatives(1)
77  73  117 
DAC/VOBA and Sales inducements adjustments on available-for-sale securities (567) (855) (551)
Premium deficiency reserve adjustment
—  (434) (211)
Other
—  — 
Unrealized capital gains (losses), before tax 1,636  2,216  1,468 
Deferred income tax asset (liability) (215) (337) (180)
Unrealized capital gains (losses), after tax 1,421  1,879  1,288 
Pension and other postretirement benefits liability, net of tax
AOCI $ 1,423  $ 1,882  $ 1,292 
(1) Gains and losses reported in AOCI from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of December 31, 2021, the portion of the AOCI that is expected to be reclassified into earnings within the next twelve months is $20.
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)
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, 2021
Before-Tax Amount Income Tax After-Tax Amount
Available-for-sale securities:
Fixed maturities $ (756) $ 160  $ (596)
Other (1) —  (1)
Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations (549) 115  (434)
DAC/VOBA and Sales inducements 288 
(1)
(61) 227 
Premium deficiency reserve adjustment 434  (91) 343 
Change in unrealized gains (losses) on available-for-sale securities (584) 123  (461)
Derivatives:
Derivatives 25 
(2)
(5) 20 
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (21) (17)
Change in unrealized gains (losses) on derivatives (1)
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (1)
(3)
—  (1)
Change in pension and other postretirement benefits liability (1) —  (1)
Change in Accumulated other comprehensive income (loss) $ (581) $ 122  $ (459)
(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-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)
Year Ended December 31, 2020
Before-Tax Amount Income Tax After-Tax Amount
Available-for-sale securities:
Fixed maturities $ 1,309  $ (275) $ 1,034 
Other — 
Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations (2)
DAC/VOBA and Sales inducements (302)
(1)
63  (239)
Premium deficiency reserve adjustment (224) 47  (177)
Change in unrealized gains (losses) on available-for-sale securities 793  (167) 626 
Derivatives:
Derivatives (22)
(2)
(17)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (23) (18)
Change in unrealized gains (losses) on derivatives (45) 10  (35)
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (1)
(3)
—  (1)
Change in pension and other postretirement benefits liability (1) —  (1)
Change in Accumulated other comprehensive income (loss) $ 747  $ (157) $ 590 
(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-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)
Year Ended December 31, 2019
Before-Tax Amount Income Tax After-Tax Amount
Available-for-sale securities:
Fixed maturities $ 1,996  $ (419) $ 1,577 
Other —  —  — 
Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations (11) (9)
DAC/VOBA and Sales inducements (479)
(1)
100  (379)
Premium deficiency reserve adjustment (160) 33  (127)
Change in unrealized gains (losses) on available-for-sale securities 1,346  (284) 1,062 
Derivatives:
Derivatives
(2)
— 
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (23) (18)
Change in unrealized gains (losses) on derivatives (22) (17)
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (1)
(3)
Change in pension and other postretirement benefits liability (1)
Change in Accumulated other comprehensive income (loss) $ 1,323  $ (276) $ 1,047 
(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-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)
10.    Income Taxes

Income tax expense (benefit) consisted of the following for the periods indicated:
Year Ended December 31,
2021 2020 2019
Current tax expense (benefit):
Federal $ (45) $ $
Total current tax expense (benefit) (45)
Deferred tax expense (benefit):
Federal 208  (20) 23 
Total deferred tax expense (benefit) 208  (20) 23 
Total income tax expense (benefit) $ 163  $ (14) $ 32 

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,
2021 2020 2019
Income (loss) before income taxes $ 989  $ 152  $ 332 
Tax rate 21.0  % 21.0  % 21.0  %
Income tax expense (benefit) at federal statutory rate 208  32  70 
Tax effect of:
Dividends received deduction (33) (37) (35)
Tax attributes (11) (8) (4)
Other (1) (1)
Income tax expense (benefit) $ 163  $ (14) $ 32 
Effective tax rate 16.5  % (9.2) % 9.6  %
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)
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,
2021 2020
Deferred tax assets
Insurance reserves $ —  $ 112 
Investments 57 
Compensation and benefits 63  60 
Loss carryforwards 211  — 
Other assets —  35 
Total gross assets 331  216 
Deferred tax liabilities
Net unrealized investment (gains) losses (463) (645)
Insurance reserves (23) — 
Deferred policy acquisition costs (71) (10)
Other liabilities (1) — 
Total gross liabilities (558) (655)
Net deferred income tax asset (liability) $ (227) $ (439)

Due to the Individual Life Transaction, $1,668 of federal net operating loss ("NOL") carryforwards were contributed to VRIAC in 2021. The following table sets forth the NOLs as of the dates indicated.
December 31,
2021 2020
Federal net operating loss carryforward $ 1,006  (1) $ — 
(1) NOL not subject to expiration.

Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. As of December 31, 2021 and 2020, the Company had no valuation allowance. However, the application of intra-period tax allocation rules to benefits associated with capital deferred tax assets resulted in a valuation allowance as of December 31, 2021 and 2020 of $128 and $128, respectively, in continuing operations, offset by a corresponding benefit in Other comprehensive income.

Tax Sharing Agreement

As of December 31, 2021 and 2020, the Company had a (payable)/receivable from Voya Financial of $(42) and $5, respectively, 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. 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 740) as if the Company were a separate taxpayer rather than a member of Voya Financial'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. If the Company instead were to follow a separate taxpayer approach without any exceptions, there would be no impact to income tax expense (benefit) for the periods indicated above. However, any current tax benefit related to the Company's tax attributes realized by virtue of its inclusion in the consolidated tax return of Voya Financial would have been
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)
recorded directly to equity rather than income. Under the tax sharing agreement, Voya Financial 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, 2021 and December 31, 2020.

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, 2021 and December 31, 2020.

Tax Regulatory Matters

For the tax years 2019 through 2021, the Company participated in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2019 and 2020 tax years, the Company was in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did conduct any review or provide any letters of assurance for those tax years.

11.    Benefit Plans

Defined Benefit Plan

Voya Services Company 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.

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.

The costs allocated to the Company for its employees' participation in the Retirement Plan were $13, $11 and $11 for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in Operating expenses in the Consolidated Statements of Operations.
 
Defined Contribution Plan

Voya Services Company sponsors the Voya Savings Plan (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 ("Career Agents"). The Savings Plan is a tax qualified defined contribution plan. 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% of eligible compensation. Matching contributions are subject to a 4.0-year graded vesting schedule. Contributions made to the Savings Plan are subject to certain limits imposed by applicable law. The costs allocated to the Company for the Savings Plan were $18, $17 and $15, for the years ended December 31, 2021, 2020 and 2019, respectively, and are included in Operating expenses in the Consolidated Statements of Operations.

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)
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 (the "Agents Non-Qualified Plan"). This plan covers 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.
 
Obligations and Funded Status
 
The following table summarizes the benefit obligations for the SERPs and Agents Non-Qualified Plan as of December 31, 2021 and 2020:
Year Ended December 31,
2021 2020
Change in benefit obligation:
Benefit obligation, January 1 $ 84  $ 82 
Interest cost
Benefits paid (6) (6)
Actuarial (gains) losses on obligation (3)
Benefit obligation, December 31 $ 78  $ 84 

Amounts recognized on the Consolidated Balance Sheets in Other liabilities and in AOCI were as follows as of December 31, 2021 and 2020:
December 31,
2021 2020
Accrued benefit cost $ (78) $ (84)
Accumulated other comprehensive income (loss):
Prior service cost (credit) —  — 
Net amount recognized $ (78) $ (84)

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)
Assumptions

The discount rate used in the measurement of the December 31, 2021 and 2020 benefit obligation for the SERPs and Agents Non-Qualified Plan, were as follows:
2021 2020
Discount rate 3.00  % 2.67  %
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 SERPs and Agents Non-Qualified Plan.
 
The weighted-average discount rate used in calculating the net pension cost was as follows:
2021 2020 2019
Discount rate 2.67  % 3.36  % 4.46  %
 
Since the benefit plans of the Company are unfunded, an assumption for return on plan assets is not required.

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, 2021, 2020 and 2019:
Year Ended December 31,
2021 2020 2019
Interest cost $ $ $
Net (gain) loss recognition (3)
Net periodic (benefit) cost $ (1) $ $
 
Expected Future Benefit Payments

The following table summarizes the expected benefit payments related to the SERPs and Agents Non-Qualified Plan for the years indicated:
2022 $
2023
2024
2025
2026
2027-2031 24 

In 2022, the Company is expected to contribute $6 to the SERPs and Agents Non-Qualified Plan. 

Share Based Compensation Plans
 
Certain employees of the Company participate in the 2013, 2014 and 2019 Omnibus Employee Incentive Plans ("the Omnibus Plans") sponsored by Voya Financial. The Omnibus Plans each permit the granting of a wide range of equity-based awards, including restricted stock units ("RSUs"), performance share units ("PSUs"), and stock options.

The Company was allocated compensation expense from Voya Financial of $34, $27 and $31 for the years ended December 31, 2021, 2020 and 2019, respectively.
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)
 The Company recognized tax benefits of $8, $6 and $7 for the years ended 2021, 2020 and 2019, respectively.

All excess tax benefits and tax deficiencies related to share-based compensation are reported in Net Income.
 
Other Benefit Plans

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, 2014. A favorable determination letter was received dated August 28, 2014.
•    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. Prior to April 1, 2017, coverage for Medicare eligible retirees was provided through a fully insured Medicare Advantage plan. Effective April 1, 2017, the fully insured Medicare Advantage Plan was replaced with access to individual coverage through a private exchange. The Company's premium subsidy ended and was replaced with a monthly HRA contribution. The Company continues to 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 Deferred Compensation Savings Plan, which is a non-qualified deferred compensation plan that includes a 401(k) excess component.

The benefit charges incurred by the Company related to these plans were immaterial for the years ended December 31, 2021, 2020, and 2019.

12.    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, 2021, 2020 and 2019, rent expense for leases was $3, $5 and $5, 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, 2021 the Company had off-balance sheet commitments to acquire mortgage loans of $73 and purchase limited partnerships and private placement investments of $590.
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)
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,
2021 2020
Fixed maturity collateral pledged to FHLB(1)
$ 1,124  $ 997 
FHLB restricted stock(2)
47  44 
Other fixed maturities-state deposits 14  14 
Cash and cash equivalents
Securities pledged(3)
799  220 
Total restricted assets $ 1,987  $ 1,279 
(1) Included in Fixed maturities, available for sale, at fair value, on the Consolidated Balance Sheets.
(2) Included in Other investments on the Consolidated Balance Sheets.
(3) Includes the fair value of loaned securities of $739 and $143 as of December 31, 2021 and 2020, respectively. In addition, as of December 31, 2021 and 2020, the Company delivered securities as collateral of $60 and $77, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Consolidated Balance Sheets.

Federal Home Loan Bank Funding

On January 18, 2018, the Company became a member of the Federal Home Loan Bank of Boston (“FHLB”). The Company is required to pledge collateral to back funding agreements issued to the FHLB. As of December 31, 2021, the Company had $925 in non-putable funding agreements, which are included in Future policy benefits and contract owner account balances on the Consolidated Balance sheets. As of December 31, 2021, assets with a market value of approximately $1,124 collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available for sale, at fair value on the Consolidated Balance Sheets.

Litigation, Regulatory Matters and Loss Contingencies

Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. 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 reasonably 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.

The outcome of a litigation or regulatory matter is difficult to predict and the amount or range of potential losses associated with these or other loss contingencies 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, litigation and other loss contingencies.
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)
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 neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, 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. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of December 31, 2021, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, 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 includes Ravarino, et al. v. Voya Financial, Inc., et al. (USDC District of Connecticut, No. 3:21-cv-01658)(filed December 14, 2021). In this putative class action, the plaintiffs allege that the named defendants, which include VRIAC, breached their fiduciary duties of prudence and loyalty in the administration of the Voya 401(k) Savings Plan. The plaintiffs claim that the named defendants did not exercise proper prudence in their management of allegedly poorly performing investment options, including proprietary funds, and passed excessive investment-management and other administrative fees for proprietary and non-proprietary funds onto plan participants. The plaintiffs also allege that the defendants engaged in self-dealing through the inclusion of the Voya Stable Value Option into the plan offerings and by setting the “crediting rate” for participants’ investment in the Stable Value Fund artificially low in relation to Voya’s general account investment returns in order to maximize the spread and Voya’s profits at the participants’ expense. The complaint seeks disgorgement of unjust profits as well as costs incurred. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously.

Finally, industry wide, life insurers continue to be exposed to class action litigation related to the cost of insurance rates and periodic deductions from cash value. Common allegations include that insurance companies have breached the terms of their universal life insurance policies by establishing or increasing the cost of insurance rates using cost factors not permitted by the contract, thereby unjustly enriching themselves. This litigation is generally known as cost of insurance litigation.

13.    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"), 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, 2021, 2020 and 2019, expenses were incurred in the amounts of $69, $73 and $68, respectively.

C-72
 
 
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)
•     Services agreements with Voya Services Company and other insurance and non-insurance company affiliates for administrative, management, financial and information technology services. For the years ended December 31, 2021, 2020 and 2019, expenses were incurred in the amounts of $505, $458 and $443, respectively.
•     Intercompany agreement with VIM, as amended 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, 2021, 2020 and 2019, revenue under the VIM intercompany agreement was $67, $57 and $59, respectively.

•     Variable annuity, fixed insurance and mutual fund products issued by VRIAC are sold by Voya Financial Advisors, an affiliate of VRIAC. For the years ended December 31, 2021, 2020 and 2019 commission expenses incurred by VRIAC were $84, $81 and $82, 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.

Reinsurance Agreements

In March 2020, the Company recaptured an automatic reinsurance agreement entered into in 2012 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 reinsured to SLDI, on an indemnity reinsurance basis, a quota share of its liabilities on certain contracts. The agreement was accounted for under the deposit method. The recapture resulted in a loss of $20 that was recorded in the Consolidated Statements of Operations for the year ended December 31, 2020.

Investment Advisory and Other Fees

VFP acts as a distributor of insurance products issued by its affiliates, which may in turn invest in mutual fund products issued by certain of its affiliates. For each of the years ended December 31, 2021, 2020 and 2019, distribution revenues received by VFP related to affiliated mutual fund products were $31, $26, and $27.

Financing Agreements

Reciprocal Loan Agreement

The Company maintains a reciprocal loan agreement with Voya Financial, 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, 2026, either party can borrow from the other up to 3.0% of the Company's statutory admitted assets as of the preceding December 31. During the years ended December 31, 2021, 2020, and 2019, interest on any borrowing by either the Company or Voya Financial was charged at a rate based on the prevailing market rate for similar third-party borrowings for securities.

Under this agreement, the Company incurred immaterial interest expense and earned interest income of $1, $5 and $2 for the years ended December 31, 2021, 2020 and 2019. Interest expense and income are included in Operating expenses and Net investment income, respectively, in the Consolidated Statements of Operations. As of December 31, 2021, the Company had an outstanding receivable of $130 and VIPS had a $19 outstanding payable. As of December 31, 2020, the Company had an outstanding receivable of $653 and VIPS had a $7 outstanding payable from/to Voya Financial under the reciprocal loan agreement.

C-73
 

PART C

OTHER INFORMATION

 

Item 27. Exhibits

 

(a)   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.  
(b)   Not applicable  
(c) (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.  
  (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.  
(d) (1) Variable Annuity Contract G-CDA-10 · Incorporated by reference to Post-Effective Amendment No. 16 to Registration Statement on Form N-4 (File No. 333-109860), as filed on September 17, 2010.
  (2) Variable Annuity Contract Certificate C-CDA-10 · Incorporated by reference to Post-Effective Amendment No. 16 to Registration Statement on Form N-4 (File No. 333-109860), as filed on September 17, 2010.
  (3) Endorsement E-MMLOAN-10 to Contract G-CDA-10 and Contract Certificate C-CDA-10 · Incorporated by reference to Initial Registration Statement on Form N-4 (File No. 333-167680), as filed on June 22, 2010.
  (4) Endorsement E-MMGDB-10 to Contract G-CDA-10 and Contract Certificate C-CDA-10 · Incorporated by reference to Initial Registration Statement on Form N-4 (File No. 333-167680), as filed on June 22, 2010.
  (5) Endorsement E-MMGDBP-10 to Contract G-CDA-10 and Contract Certificate C-CDA-10 · Incorporated by reference to Initial Registration Statement on Form N-4 (File No. 333-167680), as filed on June 22, 2010.
  (6) Endorsement E-MMTC-10 to Contract G-CDA-10 and Contract Certificate C-CDA-10 · Incorporated by reference to Initial Registration Statement on Form N-4 (File No. 333-167680), as filed on June 22, 2010.
  (7) Endorsement E-MMFA-10 to Contract G-CDA-10 and Contract Certificate C-CDA-10 · Incorporated by reference to Initial Registration Statement on Form N-4 (File No. 333-167680), as filed on June 22, 2010.
  (8) Endorsement E-EQWA-10 to Contract G-CDA-10 and Contract Certificate C-CDA-10 · Incorporated by reference to Initial Registration Statement on Form N-4 (File No. 333-167680), as filed on June 22, 2010.
  (9) Endorsement E-LIF-10(XC) to Contracts G-CDA(12/99) and G-CDA-10 and Contract Certificates C-CDA(12/99) and C-CDA-10 · Incorporated by reference to Post-Effective Amendment No. 59 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 15, 2011.
  (10) Endorsement E-RO457-11 to Contracts G-CDA-10 and Contract Certificate C-CDA-10 · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-105479), as filed on April 5, 2011.
  (11) Endorsement EVNMCHG (09/14) to Contracts G-CDA-10 and G-CDA(12/99) and Certificates C-CDA-10 and C-CDA(12/99) · Incorporated by reference to Post-Effective Amendment No. 8 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 10, 2015.
  (12) Endorsement E-MMPSLOAN-19 to Contracts G-CDA-10 and Certificates C-CDA-10) · Incorporated by reference to Post-Effective Amendment No. 15 to Registration Statement on Form N-4 (File No. 333-167680), as filed on October 15, 2019.
   

 

  (13) Endorsement E-DCSECURE-20 · Incorporated by reference to Post-Effective Amendment No. 18 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 6, 2021.
  (14) Endorsement E-MMLOAN-21.
(e) (1) Variable Annuity Contract Application (155634 (01/14)) · Incorporated by reference to Post-Effective Amendment No. 10 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 4, 2016.
(f) (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.
  (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.
(g)   Not applicable
(h) (1)  Amended and Restated Shareholder Services and Fund Participation Agreement dated May 22, 2018, by and between Voya Retirement Insurance and Annuity Company, Voya Institutional Plan Services, LLC, Voya Financial Partners, AMG Funds LLC and AMG Distributors, Inc. · Incorporated by reference to Post-Effective Amendment No. 71 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 23, 2019.
  (2)  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 Initial Registration Statement on Form N-4 (File No. 333-167680), as filed on June 22, 2010.
  (3)  (Retail) Amended and Restated Selling and Services Agreement and Fund Participation Agreement entered into as of May 1, 2008 between ING Life Insurance and Annuity Company, ING Financial Advisers, LLC and Fred Alger & Company, Incorporated · Incorporated by reference to Post-Effective Amendment No. 54 to Registration Statement on Form N-4 (File No. 033-75962), as filed on April 9, 2009.
  (4)  Rule 22c-2 Agreement dated no later than April 16, 2007 and is effective as of October 16, 2007 between Fred Alger & Company, Incorporated, 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. 54 to Registration Statement on Form N-4 (File No. 033-75962), as filed on April 9, 2009.
  (5)  (Retail) Selling and Services Agreement and Fund Participation Agreement dated May 1, 2008 between ING Life Insurance and Annuity Company and Saturna Brokerage Services Inc. (Amana Funds) · 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.
  (6)  Rule 22c-2 Agreement dated May 1, 2008 between Saturna Brokerage Services, Inc. (Amana Funds), 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. 53 to Registration Statement on Form N-4 (File No. 333-01107), as filed on August 18, 2008.
  (7)  (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 9, 2014.
  (8)  (Retail) American Beacon Advisors, Inc. 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 9, 2014.  
   

 

  (9)  (Retail) American Beacon Advisors, Inc. 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 9, 2014.  
  (10)  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 9, 2014.  
  (11)  (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.  
  (12)  (Retail) Selling and Services Agreement dated as of July 1, 2000 by and among Aetna Investment Services, Inc., Aetna Life Insurance and annuity Company, American Century Services Corporation and American Century Investment Services, Inc. · Incorporated by reference to Post-Effective Amendment No. 56 to Registration Statement on Form N-4 (File No. 033-81216), as filed on February 15, 2017.
  (13)  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.
  (14)  (Retail) Participation Agreement dated as of January 1, 2003 by and among ING Life Insurance and Annuity Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, American Funds Distributors, Inc. and American Funds Service Company · Incorporated by reference to Post-Effective Amendment No. 42 to Registration Statement on Form N-4 (File No. 333-01107), as filed on December 16, 2005.
  (15)  (Retail) Selling Group Agreement among American Funds Distributors, Inc. and Aetna Investment Services, Inc. dated June 30, 2000 · Incorporated by reference to Post-Effective Amendment No. 42 to Registration Statement on Form N-4 (File No. 333-01107), as filed on December 16, 2005.
  (16)  (Retail) Supplemental Selling Group Agreement by and among American Funds Distributors, Inc. and Aetna Investment Services, Inc. dated June 30, 2000 · Incorporated by reference to Post-Effective Amendment No. 42 to Registration Statement on Form N-4 (File No. 333-01107), as filed on December 16, 2005.
  (17)  Rule 22c-2 Agreement dated and effective as of April 16, 2007 and operational on October 16, 2007 between American Funds Service Company, 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.
  (18)  (Retail) Fund Participation Agreement dated as of April 1, 1998 between Ariel Growth Fund and such other Ariel funds as may be listed on Schedule A attached hereto in the Agreement, Ariel Distributors, Inc. and Aetna Life Insurance and Annuity Company · 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.
   

 

  (19)  Rule 22c-2 Agreement dated April 16, 2007 and is effective as of October 16, 2007 between Ariel 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 Post-Effective Amendment No. 10 to Registration Statement on Form N-4 (File No. 333-109860), as filed on April 15, 2008.
  (20)  (Retail) Selling and Services Agreement and Fund Participation Agreement dated November 30, 2006 by and among ING Life Insurance and Annuity Company, ING Financial Advisers, LLC, Artisan Partners Limited Partnership and Artisan Distributors LLC · 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.
  (21)  (Retail) Letter Agreement dated October 28, 2011 to the Selling and Services Agreement and Fund Participation Agreement dated November 30, 2006 by and among Artisan Partners, Distributors LLC, Artisan Partners Limited Partnership, Artisan Partners Funds, Inc., ING Institutional Plan Services, LLC, ING Investment Advisors, LLC, ING Life Insurance and Annuity Company and ING Financial Advisers, LLC · Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 4, 2012.
  (22)  Rule 22c-2 Agreement dated as of April 16, 2007 and is effective as of October 16, 2007 between Artisan 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 Post-Effective Amendment No. 3 to Registration Statement on Form N-4 (File No. 333-130822), as filed on April 11, 2008. 
  (23)  (Retail) Selling and Services Agreement and Fund Participation Agreement dated March 11, 2014 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLC, ING Financial Advisers, LLC, and Schwartz Investment Counsel, Inc. (Adviser for Ave Maria) · Incorporated by reference to Post-Effective Amendment No. 8 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 10, 2015.
  (24)  Rule 22c-2 Agreement made and entered into as of March 11, 2014 between Schwartz Investment Counsel, Inc. (Ave Maria), 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. 8 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 10, 2015.
  (25)  (Retail) Selling and Services Agreement and Fund Participation Agreement dated October 5, 2006 among ING Life Insurance and Annuity Company, ING Financial Advisers, LLC and BlackRock Distributors, Inc. · Incorporated by reference to Post-Effective Amendment No. 54 to Registration Statement on Form N-4 (File No. 033-75962), as filed on April 9, 2009.
  (26)  Rule 22c-2 Agreement dated April 16, 2007 and is effective as of October 16, 2007 between BlackRock 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. 54 to Registration Statement on Form N-4 (File No. 033-75962), as filed on April 9, 2009.
  (27)  First Amendment to Rule 22c-2 Agreement dated April 29, 2013 and effective January 1, 2013 by and among 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, Systematized Benefits Administrators Inc., ING Institutional Plan Services, LLC and BlackRock Investments, LLC · Incorporated by reference to Post-Effective Amendment No. 63 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 9, 2014.
   

 

  (28)  Fund Participation Agreement dated August 29, 2019, by and between Voya Retirement insurance and Annuity Company, Voya Financial Partners, LLC, Calvert Variable Series, Inc., Calvert Variable Products, Inc. and Eaton Vance Distributors, Inc. · Incorporated by reference to Post-Effective Amendment No. 15 to Registration Statement on Form N-4 (File No. 333-167680), as filed on October 15, 2019.
  (29)  Shareholder Servicing Agreement entered into as of August 29, 2019 between Calvert Variable Series, Inc., Calvert Variable Products, Inc. and Voya Retirement Insurance and Annuity Company. · Incorporated by reference to Post-Effective Amendment No. 15 to Registration Statement on Form N-4 (File No. 333-167680), as filed on October 15, 2019.
  (30)  Rule 22C-2 Agreement made and entered into as of August 29, 2019, between Eaton Vance Distributors, Voya Retirement Insurance and Annuity Company and Voya Institutional Trust Company. · Incorporated by reference to Post-Effective Amendment No. 15 to Registration Statement on Form N-4 (File No. 333-167680), as filed on October 15, 2019.
  (31)  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.
  (32)  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.
  (33)  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.
  (34)  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 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.
  (35)  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 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 4, 2012.
  (36)  (Retail) Fund Participation Agreement effective October 1, 2000 between Aetna Life Insurance and Annuity Company and Bankers Trust Company (Scudder) · Incorporated by reference to Registration Statement on Form N-4 (File No. 333-105479), as filed on May 22, 2003.
  (37)  (Retail) Services Agreement made and entered into as of March 7, 2000 by and among Aetna Investment Services, Inc., Aetna Life Insurance and Annuity Company and Bankers Trust Company · Incorporated by reference to Post-Effective Amendment No. 8 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 10, 2015.
  (38)  Rule 22c-2 Agreement dated March 19, 2007 and effective as of October 16, 2007 between DWS Scudder 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. 12 to Registration Statement on Form N-4 (File No. 333-105479), as filed on April 9, 2010.
   

 

  (39)  (Retail) Selling and Services Agreement and Fund Participation Agreement dated May 26, 2006 by and among ING Life Insurance and Annuity Company, ING Financial Advisers, LLC and Davis Distributors, 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 9, 2014.
  (40)  Rule 22c-2 Agreement dated no later than April 16, 2007 and is effective as of October 16, 2007 between Davis 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 Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 9, 2014.
  (41)  (Retail) Selling and Services Agreement and Fund Participation Agreement made and entered into as of 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. 9 to Registration Statement on Form N-4 (File No. 333-167680), as filed on May 21, 2015.
  (42)  Rule 22c-2 Agreement made and entered into March 17, 2009 between Delaware Service Company, Inc., ING Life Insurance and Annuity Company and ING National Trust · Incorporated by reference to Post-Effective Amendment No. 9 to Registration Statement on Form N-4 (File No. 333-167680), as filed on May 21, 2015.
  (43)  Fund Participation Agreement dated January 6, 2011 by and between ING Life Insurance and Annuity Company and Federated Securities Corp. · Incorporated by reference to Post-Effective Amendment No. 43 to Registration Statement on Form N-4 (File No. 033-75996), as filed on April 10, 2012.
  (44)  Rule 22c-2 Shareholder Information Agreement dated April 16, 2007, to become operational on October 16, 2007 by and between Federated Securities 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 Insurance Company and Systematized Benefits Administrators Inc. · Incorporated by reference to Post-Effective Amendment No. 45 to Registration Statement on Form N-4 (File No. 033-75996), as filed on April 15, 2013.
  (45)  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.
  (46)  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, and by reference to Post-Effective Amendment No. 47 (File No. 033-75962), as filed on November 21, 2006.
  (47)  Service Contract dated June 20, 2003 and effective as of June 1, 2002 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.
   

 

  (48)  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.
  (49)  Amended and Restated Participation Agreement as of June 1, 2018 by and among Franklin Templeton Variable Insurance Products Trust, Franklin/Templeton Distributors, Inc., Voya Retirement Insurance and Annuity Company, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York and Voya Financial Partners, LLC. · Incorporated by reference to Post-Effective Amendment No. 71 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 23, 2019.
  (50)  Amended and Restated Administrative Services Agreement dated June 1, 2018, between Franklin Templeton Services, LLC, Voya Retirement Insurance and Annuity Company, ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York. · Incorporated by reference to Post-Effective Amendment No. 71 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 23, 2019.
  (51)  (Retail) Master Shareholder Services Agreement effective as of August 28, 2000 among Franklin Templeton Distributors, Inc., Franklin Templeton Investor Services, Inc., and Aetna Life Insurance and Annuity Company · 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.
  (52)  Rule 22c-2 Shareholder Information Agreement entered into as of June 1, 2018 among Franklin/Templeton Distributors, Inc., Voya Retirement Insurance and Annuity Company, ReliaStar Life Insurance Company and ReliaStar Life Insurance Company of New York. · Incorporated by reference to Post-Effective Amendment No. 71 to Registration Statement on Form N-4 (File No. 333-01107), as filed on April 23, 2019.
  (53)  (Retail) Fund Participation Agreement dated October 1, 2000 between Aetna Life Insurance and Annuity Company and Goldman, Sachs & Co. · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 9, 2014.
  (54)  (Retail) Services Agreement dated May 1, 1999 by and among Aetna Investment Services, Inc., Aetna Life Insurance and Annuity Company and Goldman, Sachs & Co. · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 9, 2014.
  (55)  Rule 22c-2 Agreement entered into as of April 16, 2007 and is effective as of October 16, 2007 between Goldman, Sachs & Co., 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. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 9, 2014.
  (56)  (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.
  (57)  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.
   

 

  (58)  (Retail) Selling, Services and Fund Participation Agreement dated July 30, 2009 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLC, ING Financial Advisers, LLC and Ivy Funds Distributor, 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 9, 2014.
  (59)  Rule 22c-2 Agreement made and entered into July 15, 2009 between Ivy Funds Distributor, 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. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 9, 2014.
  (60)  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.
  (61)  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.
  (62)  (Retail) Fund Participation Agreement dated as of October 23, 2000 between Aetna Life Insurance and Annuity Company, The Lazard Funds, Inc. and Lazard Freres & Co. LLC · Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 (File No. 333-134760), as filed on April 11, 2007.
  (63)  (Retail) Selling and Services Agreement entered into as of July 1, 1998 by and among Aetna Investment Services, Inc., Aetna Life Insurance and Annuity Company and Lazard Freres & Co. LLC · Incorporated by reference to Post-Effective Amendment No. 11 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 10, 2017.
  (64)  Rule 22c-2 Agreement dated no later than April 16, 2007 and is effective as of October 16, 2007 between Lazard (and its affiliates), 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 Administrator 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.
  (65)  (Retail) Fund Participation Agreement dated February 1, 2001 by and between Aetna Life Insurance and Annuity Company and Legg Mason Wood Walker, 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 9, 2014.
  (66)  (Retail) Selling and Services Agreement dated February 1, 2001 by and among Aetna Investment Services, LLC, Aetna Life Insurance and Annuity Company and Legg Mason Wood Walker, 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 9, 2014.
  (67)  Rule 22c-2 Agreement dated April 16, 2007 and is effective as of October 16, 2007 between Legg Mason Investor 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. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 9, 2014.
   

 

  (68)  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.
  (69)  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, and by reference to Post-Effective Amendment No. 56 (File No. 333-01107), as filed on December 18, 2009.
  (70)  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.
  (71)  (Retail) Participation Agreement dated September 15, 2000 by and between MFS Fund Distributors, Inc. and Aetna 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 9, 2014.
  (72)  (Retail) Service Agreement dated April 1, 1998 by and among Aetna Life Insurance and Annuity Company, Aetna Investment Services, Inc. and MFS Fund Distributors, 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 9, 2014.
  (73)  Rule 22c-2 Agreement dated April 16, 2007, is effective as of October 16, 2007 between MFS Fund 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. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 9, 2014.
  (74)  (Retail) Selling and Services Agreement and Fund Participation Agreement dated August 15, 2010 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLC, ING Financial Advisers, LLC, Metropolitan West Asset Management, LLC, Metropolitan West Funds and BNY Mellon Distributors Inc. · Incorporated by reference to Post-Effective Amendment No. 9 to Registration Statement on Form N-4 (File No. 333-167680), as filed on May 21, 2015.
  (75)  Rule 22c-2 Agreement made and entered into as of August 15, 2010 between Metropolitan West Funds, BNY Mellon 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. 9 to Registration Statement on Form N-4 (File No. 333-167680), as filed on May 21, 2015.
  (76)  (Retail) Fund Participation Agreement dated August 15, 2000 between Oppenheimer and Aetna Life Insurance and Annuity Company · 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.
  (77)  Rule 22c-2 Agreement dated no later than April 16, 2007 and is effective as of October 16, 2007 between Oppenheimer Funds Services, 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.
   

 

  (78)  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.
  (79)  Services Agreement dated as of May 1, 2004 between PIMCO Variable Insurance Trust (the “Trust”), ING Life Insurance and Annuity Company and ReliaStar Life Insurance Company (Administrative) · 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.
  (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.
  (81)  (Retail) Parnassus Selling and Services Agreement and Fund Participation Agreement dated as of September 1, 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.
  (82)  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.
  (83)  (Retail) Fund Participation Agreement dated May 1, 2002 by and between ING Life Insurance and Annuity Company, Prudential Investment Management Services LLC and Prudential Mutual 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 9, 2014.
  (84)  (Retail) Service Agreement dated May 1, 2002 by and among ING Financial Advisers, LLC, ING Life Insurance and Annuity Company and Prudential Investment Management Services LLC and Prudential Mutual 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 9, 2014.
  (85)  Rule 22c-2 Agreement dated March 26, 2007, is effective as of October 16, 2007 between Prudential Investment Management 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. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 9, 2014.
  (86)  (Retail) Selling and Services Agreement and Fund Participation Agreement made and entered into as of May 1, 2004 by and among ING Life Insurance and Annuity Company, ING Insurance Company of America, ReliaStar Life Insurance Company, ReliaStar Life Insurance Company of New York, ING Financial Advisers, LLC, and TCW Brokerage Services · Incorporated by reference to Post-Effective Amendment No. 8 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 10, 2015.
  (87)  Rule 22c-2 Agreement dated March 1, 2007 and is effective as of October 16, 2007 between TCW Brokerage Services, 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. 8 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 10, 2015.
   

 

  (88)  (Retail) Selling and Services Agreement and Fund Participation Agreement dated January 7, 2010 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLC, ING Financial Advisers, LLC and M. J. Whitman LLC (Third Avenue) · Incorporated by reference to Post-Effective Amendment No. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 9, 2014.
  (89)  Rule 22c-2 Agreement dated January 7, 2010 between M.J. Whitman LLC (Third Avenue), 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. 6 to Registration Statement on Form N-4 (File No. 333-167680), as filed on April 9, 2014.
  (90)  Selling and Services Agreement and Fund Participation Agreement dated January 17, 2011 by and between ING Life Insurance and Annuity Company, ING Institutional Plan Services, LLC, ING Financial Advisers, LLC and USAA Investment Management 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.
  (91)  Rule 22c-2 Agreement dated January 17, 2011 among USAA Mutual Funds Trust, 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. 1 to Registration Statement on Form N-4 (File No. 333-167680), as filed on February 11, 2011.
  (92)  (Retail) Selling and Services Agreement and Fund Participation Agreement dated as of September 15, 2008 by and between ING Life Insurance and Annuity Company, ING Financial Advisers, LLC, Victory Capital Advisers, Inc., Victory Capital Management and The Victory Portfolios and amended on March 18, 2009 · Incorporated by reference to Post-Effective Amendment No. 13 to Registration Statement on Form N-4 (File No. 333-109860), as filed on December 18, 2009.
  (93)  Rule 22c-2 Agreement dated April 16, 2007, is effective as of October 16, 2007 between Munder Series Trust and Munder Series Trust II 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, Security Life of Denver Insurance Company 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 9, 2014.
  (94)  Fund Participation, Administrative and Shareholder Service Agreement made and entered into as of July 25, 2016 by and between Voya Retirement Insurance and Annuity Company, Voya Financial Partners, LLC and Voya Investments Distributor, LLC · Incorporated by reference to Post-Effective Amendment No. 56 to Registration Statement on Form N-4 (File No. 033-81216), as filed on February 15, 2017.
  (95)  Rule 22c-2 Agreement dated no later than April 16, 2007and effective October 16, 2007 between ING Funds 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.
  (96)  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.
  (97)  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.
   

 

  (98)  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.
(i)   Not applicable
(j) (1) Intercompany Agreement dated December 22, 2010 (effective January1, 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.
  (2) 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 9, 2014.
  (3) 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) Amendment No. 4, effective March 1, 2016, to the Intercompany Agreement dated as of December 22, 2010 (effective January 1, 2010) between ING Investment Management LLC (IIM) (now known as Voya Investment Management LLC or VIM) and ING Life Insurance and Annuity Company (ILIAC) (now known as Voya Retirement Insurance and Annuity Company or VRIAC) · Incorporated by reference to Post-Effective Amendment No. 12 to Registration Statement on Form N-4 (File No. 333-167182), as filed on June 24, 2016.
  (5) Amendment No. 5, effective as of May 1, 2017, to the Intercompany Agreement between Voya Investment Management LLC and Voya Retirement Insurance and Annuity Company on September 28, 2017·· Incorporated by reference herein to the Initial Registration Statement on Form N-4 (File No. 333-220690), as filed on September 28, 2017.
  (6) Amendment No. 6, effective as of July 1, 2017, to the Intercompany Agreement between Voya Investment Management LLC and Voya Retirement Insurance and Annuity Company on September 28, 2017·· Incorporated by reference herein to the Initial Registration Statement on Form N-4 (File No. 333-220690), as filed on September 28, 2017.
(k)   Opinion and Consent of Counsel
(l)   Consent of Independent Registered Public Accounting Firm.
(m)   Not applicable
(n)   Not applicable
(o) (1) Form of Initial Summary Prospectus Contracts other than those in the Texas K-12 Market.
  (2) Form of Initial Summary Prospectus for Texas K-12 Market.
99.16   Powers of Attorney

 

Item 28. Directors and Officers of the Depositor*

 

Name and Principal Business Address Positions and Offices with Depositor
Charles P. Nelson, One Orange Way, Windsor, CT 06095-4774 Director and President
Michael S. Smith, 230 Park Avenue, New York, NY 10169 Director, Chairman and Executive Vice President
Robert L. Grubka, 20 Washington Avenue South, Minneapolis, MN 55401 Director and Senior Vice President
Michael R. Katz, One Orange Way, Windsor, CT 06095-4774 Director, Senior Vice President and Chief Financial Officer
Heather H. Lavallee, One Orange Way, Windsor, CT 06095-4774 Director and Senior Vice President
   

 

Francis G. O’Neill, One Orange Way, Windsor, CT 06095-4774 Director, Senior Vice President and Chief Risk Officer
Mona M. Zielke, One Orange Way, Windsor, CT 06095-4774 Director and Vice President
C. Landon Cobb, Jr., 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-4390 Senior Vice President and Chief Accounting Officer
William S. Harmon, One Orange Way, Windsor, CT 06095-4774 Senior Vice President
Rachel M. Reid, 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-4390 Senior Vice President and Assistant Secretary
Matthew Toms, 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-4390 Senior Vice President
Michele White, One Orange Way, Windsor, CT 06095-4774 Senior Vice President
Marino Monti, Jr., One Orange Way, Windsor, CT 06095-4774 Chief Information Security Officer
Brian J. Baranowski, One Orange Way, Windsor, CT 06095-4774 Vice President, Compliance
Monalisa Chowdhury, 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-4390 Vice President
Regina A. Gordon, One Orange Way, Windsor, CT 06095-4774 Vice President and Chief Compliance Officer
Carol B. Keen, One Orange Way, Windsor, CT 06095-4774 Vice President
Kyle A. Puffer, One Orange Way, Windsor, CT 06095-4774 Vice President and Appointed Actuary
John Thistle, One Orange Way, Windsor, CT 06095-4774 Vice President
Melissa A. O’Donnell, 20 Washington Avenue South, Minneapolis, MN 545401 Secretary

 

* These individuals may also be directors and/or officers of other affiliates of the Company.
   

 

Item 29. Persons Controlled by or Under Common Control with the Depositor or Registrant

 

Voya Financial, Inc.  
HOLDING COMPANY SYSTEM  
   
03-31-2022      
     
 

Voya Financial, Inc.

Non-Insurer (Delaware) 52-1222820

NAIC 4832

     
   
     
 

Pen-Cal Administrators, Inc.

Non-Insurer (California) 94-2695108

   
       
 

Voya Services Company

Non-Insurer (Delaware) 52-1317217

   
     
 

Voya Payroll Management, Inc.

Non-Insurer (Delaware) 52-2197204

   
       
 

Voya Holdings Inc.

Non-Insurer (Connecticut) 02-0488491

   
       
03/31/22   Voya Benefits Company, LLC
Non-Insurer (Delaware) 83-0965809
   
         
Page 1    

Benefit Strategies, LLC

Non-Insurer (New Hampshire) 26-0003294

   
       
   

Voya Financial Advisors, Inc.

Non-Insurer (Minnesota) 41-0945505

   
       
   

Voya Investment Management LLC

Non-Insurer (Delaware) 58-2361003

   
         
     

Voya Investment Management Co. LLC

Non-Insurer (Delaware) 06-0888148

   
           
       

Voya Investment Trust Co.

Non-Insurer (Connecticut) 06-1440627

   
           
       

Voya Investment Management (UK) Limited

Non-Insurer (United Kingdom)

   
           
       

Voya Investment Management Services (UK) Limited

Non-Insurer (United Kingdom)

   
         
     

Voya Investment Management Alternative Assets LLC

Non Insurer (Delaware) 13-4038444

   
           
       

Voya Alternative Asset Management LLC

Non-Insurer (Delaware) 13-3863170

   
           
       

Voya Realty Group LLC

Non-Insurer (Delaware) 13-4003969

   
           
       

Voya Pomona Holdings LLC

Non-Insurer (Delaware) 13-4152011

   
             
         

Pomona G. P. Holdings LLC (*a)

Non-Insurer (Delaware) 13-4150600

   
             
         

Pomona Management LLC

Non-Insurer (Delaware) 13-4149700

   
           
       

Voya Alternative Asset Management Ireland Limited

Non-Insurer (Ireland)

   
         
03/31/22    

Voya Capital, LLC

Non-Insurer (Delaware) 86-1020892

   
           
Page 2      

Voya Funds Services, LLC

Non-Insurer (Delaware) 86-1020893

   
           
       

Voya Investments Distributor, LLC

Non-Insurer (Delaware) 03-0485744

   
           
       

Voya Investments, LLC

Non-Insurer (Arizona) 03-0402099

   
         
     

RiverRoch LLC (*b)

Non-Insurer (Delaware) 84-3548142

   
         
     

Oconee Real Estate Holdings LLC (*c)

Non-Insurer (Delaware ) 85-1578755

   
       
   

Voya Retirement Insurance and Annuity Company

Insurer (Connecticut) 71-0294708 NAIC 86509

   
         
     

Voya Financial Partners, LLC

Non-Insurer (Delaware) 06-1375177

 
       

03/31/22
   

Voya Institutional Plan Services, LLC

Non-Insurer (Delaware) 04-3516284

 
       
                                                     
   

 


Page 3
   

Voya Retirement Advisors, LLC

Non-Insurer (New Jersey) 22-1862786

 
       
    Voya Institutional Trust Company
Non-Insurer (Connecticut) 46-5416028
 
       
    ReliaStar Life Insurance Company
Insurer (Minnesota) 41-0451140 NAIC 67105
 
       
     

ReliaStar Life Insurance Company of New York

Insurer (New York) 53-0242530 NAIC 61360

 
       
   

ILICA LLC

Non-Insurer (Connecticut) 06-1067464

 
       
   

Voya International Nominee Holdings, Inc.

Non-Insurer (Connecticut) 06-0952776

 
       
   

Voya Insurance Solutions, LLC

Non-Insurer (Connecticut) 06-1465377

 
           
    Voya Custom Investments LLC
Non-Insurer (Delaware) 02-0488491
   
       
   

Rancho Mountain Properties, Inc.

Non-Insurer (Delaware) 27-2987157

   
           
 

Security Life Assignment Corporation

Non-Insurer (Colorado) 84-1437826

   
       
03/31/22

Voya Special Investments, Inc. (*d)

Non-Insurer (Delaware) 85-1775946

   
       
Page 4

VFI SLK Global Services Private Limited (*e)

Non-Insurer (India)

   
                               

 

*aPomona G. P. Holdings LLC owned 50% by Voya Pomona Holdings LLC and 50% by Third Party Shareholder.
*bRiverRoch LLC owned 53.7% by Voya Retirement Insurance and Annuity Company, owned 10.8% by ReliaStar Life Insurance Company, owned 10.8% by Security Life of Denver Insurance Company and owned 24.7% by Non-Affiliate Member.
*cOconee Real Estate Holdings LLC owned 30.4% by Voya Retirement Insurance and Annuity Company, owned 19% by ReliaStar Life Insurance Company, owned 8.6% by Security Life of Denver Insurance Company and owned 42% by Non-Affiliate Member.
*dVoya Special Investments, Inc. owned 0.2% by Voya Financial, Inc., 49.9% by Voya Retirement Insurance and Annuity Company and 49.9% by ReliaStar Life Insurance Company.
*eVFI SLK Global Services Private Limited owned 49% by Voya Financial, Inc. and owned 51% by SLK Software Services Private Limited.

 

   

 

Item 30. 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. 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”).

 

Item 31. 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 B 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 (1) Separate Account N of ReliaStar Life Insurance Company (RLIC) (a separate account of RLIC registered as a unit investment trust under the 1940 Act); (2) ReliaStar Select Variable Account of ReliaStar Life Insurance Company (a separate account of RLIC registered as a unit investment trust under the 1940 Act); (3) MFS ReliaStar Variable Account (a separate account of RLIC registered as a unit investment trust under the 1940 Act); (4) Northstar Variable Account (a separate account of RLIC registered as a unit investment trust under the 1940 Act); (5) 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); (6) ReliaStar Life Insurance Company of New York Variable Annuity Funds M, P and Q (a management investment company registered under the1940 Act); and (7) 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 and Principal Business Address Positions and Offices with Underwriter
William P. Elmslie, One Orange Way, Windsor, CT 06095-4774 Director and Managing Director
Andre D. Robinson, One Orange Way, Windsor, CT 06095-4774 Director
Bridget J. A. Witzeman, One Orange Way, Windsor, CT 06095-4774 Managing Director
Marino Monti, Jr., One Orange Way, Windsor, CT 06095-4774 Chief Information Security Officer
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
Frederick H. Bohn, One Orange Way, Windsor, CT 06095-4774 Assistant Chief Financial Officer
Francis G. O’Neill, One Orange Way, Windsor, CT 06095-4774 Senior Vice President and Chief Risk Officer
Melissa A. O’Donnell, 20 Washington Avenue South, Minneapolis, MN 54401 Secretary
M. Bishop Bastien, One Orange Way, Windsor, CT 06095-4774 Vice President
Lisa S. Gilarde, One Orange Way, Windsor, CT 06095-4774 Vice President
Gavin T. Gruenberg, One Orange Way, Windsor, CT 06095-4774 Vice President
Mark E. Jackowitz, 22 Century Hill Drive, Suite 101, Latham, NY 12110 Vice President
Andrew M. Kallenberg, 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-43490 Vice President, Corporate Tax
Carol B. Keen, One Orange Way, Windsor, CT 06095-4774 Vice President
George D. Lessner, Jr.,15455 North Dallas Parkway, Suite 1250, Addition, TX 75001 Vice President
David J. Linney, 2925 Richmond Avenue, Suite 1200, Houston, TX 77098 Vice President
Laurie A. Lombardo, One Orange Way, Windsor, CT 06095-4774 Vice President
Benjamin Moy, One Orange Way, Windsor, CT 06095-4774 Vice President
Niccole A. Peck, 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-4390 Vice President and Assistant Treasurer
Justina Richards, 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-43490 Vice President and Assistant Treasurer
Frank W. Snodgrass, 9020 Overlook Blvd., Brentwood, TN 37027 Vice President
Brian Stevens, 7337 E. Doubletree Ranch Road, Scottsdale, AZ 84258 Vice President
Katrina Walker, 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-4390 Vice President and Assistant Treasurer
Tina M. Schultz, 20 Washington Avenue South, Minneapolis, MN 55401 Assistant Secretary
Judson Bryant, 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-43490 Tax Officer
Cindy S. Craytor, 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-43490 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       $72,250,740.95

 

* 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 2021.

 

Item 32. 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, on behalf of Registrant, is provided in our most recent report filed on Form N-CEN.

 

Item 33. Management Services

 

Not applicable

 

Item 34. Fee Representation

 

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.

 

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 Voya Retirement Insurance and Annuity Company. 

   

 

SIGNATURES

 

As required by the Securities Act of 1933, and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act 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 22nd day of April, 2022.

 

 

VARIABLE ANNUITY ACCOUNT C OF

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY

(Registrant)

 

  By: Charles P. Nelson*
   

Charles P. Nelson

President

(principal executive officer)

    VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
 

(Depositor)

 

  By:

Charles P. Nelson*

   

Charles P. Nelson

President

(principal executive officer)

 

As required by the Securities Act of 1933, this Post-Effective Amendment No. 19 to the Registration Statement has been signed by the following persons in the capacities and on the date indicated.

 

Signature Title Date
     

Charles P. Nelson*

Director and President  
Charles P. Nelson (principal executive officer)  
     

Robert L. Grubka*

Director  
Robert L. Grubka    
     

Michael R. Katz*

Director and Chief Financial Officer  
Michael R. Katz (principal financial officer)  
     

Heather H. Lavallee*

Director April 22, 2022
Heather H. Lavallee    
     

Francis G. O’Neill*

Director  
Francis G. O’Neill    
     

 

Director  
Mona Zielke    
     

Michael S. Smith*

Director  
Michael S. Smith    
     

C. Landon Cobb, Jr.*

Chief Accounting Officer  
C. Landon Cobb, Jr. (principal accounting officer)  

 

By: /s/ Peter M. Scavongelli  

 

Peter M. Scavongelli

*Attorney-in-Fact

 

 

 
*Executed by Peter M. Scavongelli on behalf of those indicated pursuant to Powers of Attorney filed as an exhibit to this Registration Statement.
   

 

Exhibit Index

 

Exhibit No. Exhibit
   
27(d)(14) Endorsement E-MMLOAN-21
   
27(k) Opinion and Consent of Counsel
   
27(l) Consent of Independent Registered Public Accounting Firm
   
27(o)(1) Form of Initial Summary Prospectus Contracts other than those in the Texas K-12 Market
   
27(o)(2) Form of Initial Summary Prospectus for Texas K-12 Market
   
99.16 Powers of Attorney